Toyota Motor Corporation
CorpDigest
Toyota Motor Corporation
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$321.8B
Market Cap
$300.0B
Net Income
$32.1B
Employees
380,000
Toyota's revenue has grown from $272.4 billion in fiscal 2022 to $321.8 billion in fiscal 2025 — a 18% increase over three years that reflects both volume growth and favorable currency translation from the weak yen against dollar and euro denominated revenues. Net income of $32.09 billion in fiscal 2025 represents a net margin of approximately 10%, which is the highest in Toyota's public history and reflects the operating leverage from the production system running at high use. The revenue trajectory shows consistent upward movement: $272.4 billion in fiscal 2022, $271.2 billion in fiscal 2023, $302.1 billion in fiscal 2024, and $321.8 billion in fiscal 2025. The fiscal 2023 figure was essentially flat compared to fiscal 2022, a period when supply chain constraints limited production volume despite strong demand. The subsequent acceleration reflects both normalizing supply and the continued strength of Toyota's hybrid lineup in markets where battery EV adoption has been slower than projected. The $300 billion market capitalization against $321.8 billion in revenue is a 0.93 times multiple — lower than most companies with comparable profitability, reflecting the automotive sector discount applied by investors uncertain about EV transition dynamics. Toyota's 10% net margin and consistent free cash flow generation suggest the business is healthier than the multiple implies, particularly given the company's net cash position and the financial services division that provides consumer financing for vehicle purchases. Toyota Financial Services, which provides retail and wholesale financing for Toyota and Lexus dealers and customers, generates a meaningful revenue and income contribution that often receives insufficient attention in analyses focused on vehicle production and delivery counts. The financing business creates a recurring revenue stream tied to the installed base of Toyota vehicles rather than to new production volume, providing income stability through periods of production volatility.
Revenue Trend Analysis
YoY Change
+0%
9-Year CAGR
+6.4%
Peak Year
2025
Trend
Consistent Growth
Toyota Motor Corporation has reported revenue across 10 fiscal years, compounding at +6.4% annually over 9 years. The most recent year saw a 0% increase versus the prior year. Revenue peaked in 2025 at $321.8B. Out of 8 reported periods, 6 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2026 | $321.8B | $32.1B | +0.0% |
| FY2025 | $321.8B | — | +6.5% |
| FY2024 | $302.1B | — | +21.4% |
| FY2023 | $248.9B | — | +18.4% |
| FY2022 | $210.2B | — | +15.3% |
| FY2021 | $182.3B | — | -9.1% |
| FY2020 | $200.5B | — | -1.0% |
| FY2019 | $202.5B | — | +2.9% |
| FY2018 | $196.8B | — | +6.5% |
| FY2017 | $184.9B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Toyota Motor Corporation reported revenue of ¥45.1 trillion (approximately $321.8 billion at then-prevailing rates) for the fiscal year ended 31 March 2024, up 21 percent from ¥37.2 trillion in fiscal 2023. Operating income reached a record ¥5.35 trillion ($38.1 billion), more than double the ¥2.73 trillion of the prior year, and net income attributable to Toyota Motor Corporation shareholders was ¥4.94 trillion ($35.2 billion), the highest profit ever earned by a Japanese company in a single year. Operating margin expanded to 11.9 percent, well above Toyota's long-term average of around 8 to 9 percent. Three principal factors drove the record result: the weaker yen against the dollar and euro added roughly ¥685 billion of incremental operating profit, hybrid vehicle sales surged as the global EV slowdown of 2023 redirected customer demand and supply-chain normalization after the 2020-2022 chip shortage permitted higher plant utilization. Global retail vehicle sales for the Toyota and Lexus brands reached 10.31 million units, with consolidated group sales including Daihatsu and Hino of approximately 11.09 million.
Toyota Motor Corporation's market capitalization stood at approximately ¥45 trillion (roughly $300 billion) at the end of 2024, making it the largest Japanese company by market value and the largest traditional automaker globally by market capitalization. By comparison, Tesla traded at roughly $1.3 trillion in late 2024 (with substantial volatility), Volkswagen Group at approximately €45 billion (about $48 billion), General Motors at $58 billion, Ford at $40 billion, Stellantis at $44 billion, Honda at $44 billion and BYD at approximately $90 billion. Among the traditional automakers Toyota's valuation reflects two factors: superior operating margins and consistent profitability, including the record fiscal 2024 result, plus a perceived strategic optionality from the hybrid-and-multi-pathway portfolio. Toyota trades on the Tokyo Stock Exchange under ticker 7203 and via American depositary receipts on the New York Stock Exchange. The dividend yield of roughly 3 percent and the share-buyback program of more than ¥1 trillion in fiscal 2024 have supported the stock. Toyota's free float is relatively small because of cross-holdings with Denso, Aisin and other keiretsu members, plus the Toyoda family and Toyota Industries holdings.
Toyota's North American operations are the company's largest single regional profit contributor and the most strategically important market outside Japan. Toyota Motor North America, headquartered in Plano, Texas since the consolidated relocation completed in 2017, generates roughly one-third of consolidated revenue and a comparable share of operating profit. The region sold approximately 2.5 million Toyota and Lexus vehicles in calendar 2023, making the U.S. and Canada the company's largest single combined market. Manufacturing is anchored at the Georgetown, Kentucky plant (Camry and Avalon), Princeton, Indiana (Highlander, Sienna), Blue Springs, Mississippi (Corolla), San Antonio, Texas (Tundra, Tacoma) and Buffalo, West Virginia (engines and transmissions), with significant additional capacity in Cambridge and Woodstock, Ontario (RAV4) and Baja California, Mexico. The Greensboro, North Carolina battery plant (Toyota Battery Manufacturing North Carolina) opened in 2025 to supply U.S. hybrid and BEV production. North American operating margins typically run in the high-single-digits to low-double-digits range, helped by a favorable model mix toward trucks, SUVs and Lexus and by relatively low import exposure compared with Korean and German competitors.
Toyota maintains substantial equity cross-holdings with its principal suppliers and affiliated companies, a structure rooted in the traditional Japanese keiretsu model but more disciplined than the cross-holdings of many Japanese conglomerates. Toyota owns roughly 24 percent of Denso, the world's second-largest auto supplier (which itself produces electronics, fuel-injection systems and air-conditioning systems for Toyota and other automakers); roughly 25 percent of Aisin, the major transmission and brake-systems supplier; about 23 percent of JTEKT, the steering and bearing supplier; and minority stakes in Subaru (about 20 percent), Mazda (about 5 percent), Suzuki (about 4 percent) and several other listed companies. Toyota Industries, the original Toyoda Automatic Loom Works, holds roughly 9 percent of Toyota Motor and produces materials handling equipment under the Toyota and Raymond brands. The combined cross-holdings reinforce supplier-customer alignment, support joint investment in shared R&D such as the Toyota-Subaru BEV platform, but reduce Toyota's free float and have drawn criticism from Western investors who argue capital is locked up inefficiently. Periodic divestitures have reduced the cross-holdings since the early 2000s but the structure remains intact.
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CorpDigest. "Toyota Motor Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/toyota/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Toyota Motor Corporation reported $322B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/toyota/financials" target="_blank" rel="noopener">CorpDigest — Toyota Motor Corporation financials</a></div>