Toyota Tsusho (8015) Q4 2026 earnings summary

Executive summary

• Achieved record profit of ¥370.5 billion for FY2025, up 2.2% year-over-year, driven by robust global automobile production and higher sales in emerging markets.

• Revenue rose 12.1% year-over-year to ¥11,561.9 billion, with gross profit up 13% to ¥1,264.4 billion, supported by higher automotive sales and trading volume.

• Operating profit increased 10% to ¥545.2 billion, surpassing revised forecasts by 3%.

• Shareholder returns included a dividend increase to ¥125 per share and significant share repurchases, with a total payout ratio of 195.2%.

• Total assets grew by ¥1,466.2 billion to ¥8,523.6 billion, and free cash flow reached ¥433.0 billion, up ¥45.0 billion year-over-year.

Financial highlights

• Revenue: ¥11,561.9 billion (+12.1% YoY); Gross profit: ¥1,264.4 billion (+13% YoY).

• Operating profit: ¥545.2 billion (+10% YoY); Net profit: ¥370.5 billion (+2.2% YoY).

• Free cash flow after dividends: ¥313.7 billion (+¥33.0 billion YoY); total free cash flow: ¥433.0 billion.

• Net DER improved to 0.30; ROE at 12.8%.

• Cash and cash equivalents at year-end were ¥1,403.7 billion, up ¥451.9 billion.

Outlook and guidance

• FY2026 forecasts: Revenue ¥1,332.0 billion (+5%), Operating profit ¥587.0 billion (+8%), Net profit ¥400.0 billion (+8%).

• Dividend per share targeted at ¥125, with a total payout ratio goal of 40% or more through FY2027, including share repurchases.

• Forecast for FY ending March 31, 2027: profit attributable to owners of ¥400 billion (up 8.0%), basic EPS of ¥426.58, reflecting share repurchase and cancellation.

• Continued focus on progressive dividends and share repurchases.