Segment information

12 Months Ended

Mar. 31, 2025

5. Segment information

(1) Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

(2) Segment information

As of and for the year ended March 31, 2023


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated

Sales revenues
Revenues from external customers		33,776,870		2,786,679		590,749		—			37,154,298
Inter-segment revenues and transfers		43,131		22,968		634,194		(700,293	)		—

Total		33,820,000		2,809,647		1,224,943		(700,293	)		37,154,298
Operating expenses		31,639,363		2,372,131		1,121,492		(703,713	)		34,429,273

Operating income		2,180,637		437,516		103,451		3,420			2,725,025

Total assets		26,321,858		35,525,441		2,946,994		9,508,887			74,303,180
Investments accounted for using the equity method		4,717,231		92,903		272,752		144,460			5,227,345
Depreciation and amortization		1,205,687		799,156		35,062		—			2,039,904
Capital expenditures		1,688,114		1,786,373		38,748		(17,015	)		3,496,219

As of and for the year ended March 31, 2024


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated

Sales revenues

Revenues from external customers		41,080,731		3,447,195		567,399		—			45,095,325
Inter-segment revenues and transfers		185,473		37,003		800,766		(1,023,242	)		—

Total		41,266,204		3,484,198		1,368,164		(1,023,242	)		45,095,325
Operating expenses		36,644,729		2,914,175		1,192,923		(1,009,437	)		39,742,390

Operating income		4,621,475		570,023		175,241		(13,805	)		5,352,934

Total assets		29,351,344		43,834,183		3,011,363		13,917,406			90,114,296
Investments accounted for using the equity method		5,114,364		110,308		282,888		202,546			5,710,106
Depreciation and amortization		1,268,479		784,013		34,574		—			2,087,066
Capital expenditures		2,011,361		2,763,931		103,242		(30,492	)		4,848,042

As of and for the year ended March 31, 2025


	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated

Sales revenues
Revenues from external customers		42,996,299		4,437,827		602,578		—			48,036,704
Inter-segment revenues and transfers		203,566		43,353		844,536		(1,091,455	)		—

Total		43,199,865		4,481,180		1,447,114		(1,091,455	)		48,036,704
Operating expenses		39,259,587		3,797,661		1,265,920		(1,082,050	)		43,241,118

Operating income		3,940,278		683,519		181,194		(9,405	)		4,795,586

Total assets		30,117,987		46,770,786		2,884,421		13,828,157			93,601,350
Investments accounted for using the equity method		5,201,784		112,640		309,121		174,505			5,798,051
Depreciation and amortization		1,378,107		838,167		34,958		—			2,251,233
Capital expenditures		2,193,872		3,687,890		100,941		8,565			5,991,268

Accounting policies applied by each segment are in conformity with those of Toyota’s consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business.

Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2023, 2024 and 2025 are ¥11,101,175 million, ¥15,790,074 million and ¥15,643,613 million, respectively.

(3) Consolidated Financial Statements on

Non-Financial

Services Businesses and Financial Services Business

The financial data below presents separately Toyota’s

non-financial

services and financial services businesses.

(i) Consolidated Statement of Financial Position on

Non-Financial

Services Businesses and Financial Services Business


	Yen in millions
	March 31, 2024			March 31, 2025

Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		6,892,817			6,090,957
Trade accounts and other receivable		3,768,520			3,689,021
Other financial assets		3,864,242			6,198,376
Inventories		4,605,368			4,588,755
Other current assets		805,940			1,034,507

Total current assets		19,936,887			21,601,616

Non-current assets
Property, plant and equipment		8,680,731			9,134,857
Other		19,123,829			17,556,285

Total non-current assets		27,804,560			26,691,142

Total assets		47,741,447			48,292,758

(Financial Services Business)
Current assets
Cash and cash equivalents		2,519,244			2,891,447
Trade accounts and other receivable		382,007			410,958
Receivables related to financial services		11,057,269			11,453,249
Other financial assets		1,575,059			1,443,042
Other current assets		352,918			414,216

Total current assets		15,886,497			16,612,912

Non-current assets
Receivables related to financial services		20,637,090			22,171,786
Property, plant and equipment		5,577,058			6,198,838
Other		1,733,539			1,787,250

Total non-current assets		27,947,687			30,157,874

Total assets		43,834,183			46,770,786

(Elimination)
Elimination of assets		(1,461,335	)		(1,462,194	)

(Consolidated)

Total assets		90,114,296			93,601,350

Note: Assets in

non-financial

services include unallocated corporate assets.


	Yen in millions
	March 31, 2024			March 31, 2025

Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		4,890,913			5,195,204
Short-term and current portion of long-term debt		929,662			1,188,430
Accrued expenses		1,750,221			1,729,279
Income taxes payable		1,185,678			454,252
Other current liabilities		3,583,929			3,495,075

Total current liabilities		12,340,403			12,062,240

Non-current liabilities
Long-term debt		1,938,535			1,547,461
Retirement benefit liabilities		1,058,742			1,001,227
Other non-current liabilities		2,545,491			2,442,382

Total non-current liabilities		5,542,768			4,991,070

Total liabilities		17,883,171			17,053,309

(Financial Services Business)
Current liabilities
Trade accounts and other payables		651,381			674,347
Short-term and current portion of long-term debt		14,890,892			15,111,977
Accrued expenses		148,767			137,836
Income taxes payable		38,864			51,248
Other current liabilities		2,219,104			2,535,501

Total current liabilities		17,949,008			18,510,910

Non-current liabilities
Long-term debt		19,356,672			21,515,873
Retirement benefit liabilities		19,220			18,341
Other non-current liabilities		1,131,501			1,089,654

Total non-current liabilities		20,507,393			22,623,868

Total liabilities		38,456,401			41,134,778

(Elimination)
Elimination of liabilities		(1,464,614	)		(1,465,650	)

(Consolidated)

Total liabilities		54,874,958			56,722,437

Shareholders’ equity

(Consolidated) Total Toyota Motor Corporation shareholders’ equity		34,220,991			35,924,826

(Consolidated) Non-controlling interests		1,018,347			954,088

(Consolidated) Total shareholders’ equity		35,239,338			36,878,913

(Consolidated) Total liabilities and shareholders’ equity		90,114,296			93,601,350

(ii) Consolidated Statement of Income on

Non-Financial

Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024			For the year ended March 31, 2025
(Non-Financial Services Businesses)
Sales revenues		34,409,011			41,832,663			43,787,709
Cost of revenues		29,132,715			33,763,076			35,684,332
Selling, general and administrative		2,990,316			3,278,135			3,984,469

Operating income		2,285,980			4,791,453			4,118,908

Other income (loss), net		943,777			1,608,345			1,622,539

Income before income taxes		3,229,757			6,399,798			5,741,447

Income tax expense		1,040,864			1,741,885			1,446,627

Net income		2,188,893			4,657,913			4,294,820

Net income attributable to
Toyota Motor Corporation		2,152,509			4,540,311			4,281,231
Non-controlling interests		36,384			117,602			13,589

(Financial Services Business)
Sales revenues		2,809,647			3,484,198			4,481,180
Cost of revenues		1,741,117			2,145,694			2,960,227
Selling, general and administrative		631,014			768,481			837,435

Operating income		437,516			570,023			683,519

Other income (loss), net		(5,013	)		1,762			(10,309	)

Income before income taxes		432,503			571,786			673,210

Income tax expense		134,903			151,785			178,000

Net income		297,600			420,000			495,210

Net income attributable to
Toyota Motor Corporation		292,334			411,114			484,129
Non-controlling interests		5,266			8,886			11,081

(Elimination)
Elimination of net income		6,475			(6,492	)		(274	)
(Consolidated)

Net income		2,492,967			5,071,421			4,789,755

Net income attributable to
Toyota Motor Corporation		2,451,318			4,944,933			4,765,086
Non-controlling interests		41,650			126,488			24,670

(iii) Consolidated Statement of Cash Flows on

Non-Financial

Services Businesses and Financial Services Business


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024			For the year ended March 31, 2025

(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		2,188,893			4,657,913			4,294,820
Depreciation and amortization		1,240,749			1,303,053			1,413,066
Share of profit (loss) of investments accounted for using the equity method		(633,324	)		(752,779	)		(579,619	)
Income tax expense		1,040,864			1,741,885			1,446,627
Changes in operating assets and liabilities, and other		463,871			120,731			(370,839	)
Interest received		234,945			454,713			363,304
Dividends received		454,752			582,022			617,644
Interest paid		(28,206	)		(104,008	)		(100,770	)
Income taxes paid, net of refunds		(1,280,341	)		(1,033,448	)		(2,347,622	)

Net cash provided by (used in) operating activities		3,682,203			6,970,082			4,736,610

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,439,724	)		(1,815,239	)		(1,878,342	)
Additions to equipment leased to others		(147,792	)		(153,324	)		(24,855	)
Proceeds from sales of fixed assets excluding equipment leased to others		54,572			152,830			68,266
Proceeds from sales of equipment leased to others		44,195			47,557			6,035
Additions to intangible assets		(333,295	)		(317,606	)		(341,131	)
Additions to public and corporate bonds and stocks		(503,977	)		(2,639,166	)		(3,446,017	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		892,814			1,757,282			3,423,102
Other, net		236,351			(1,386,377	)		(618,309	)

Net cash provided by (used in) investing activities		(1,196,856	)		(4,354,045	)		(2,811,251	)

Cash flows from financing activities
Increase (decrease) in short-term debt		142,688			66,953			(116,549	)
Proceeds from long-term debt		474,535			533,333			162,735
Payments of long-term debt		(637,982	)		(634,215	)		(306,768	)
Dividends paid to Toyota Motor Corporation common shareholders		(727,980	)		(880,197	)		(1,132,329	)
Dividends paid to non-controlling interests		(79,782	)		(85,991	)		(122,565	)
Reissuance (repurchase) of treasury stock		(431,099	)		(231,069	)		(1,179,043	)
Other, net		21,458			(7,570	)		55,560

Net cash provided by (used in) financing activities		(1,238,161	)		(1,238,756	)		(2,638,959	)

Effect of exchange rate changes on cash and cash equivalents		1,690			(32,862	)		(88,260	)

Net increase (decrease) in cash and cash equivalents		1,248,876			1,344,419			(801,860	)

Cash and cash equivalents at beginning of year		4,299,522			5,548,398			6,892,817

Cash and cash equivalents at end of year		5,548,398			6,892,817			6,090,957


	Yen in millions
	For the year ended March 31, 2023			For the year ended March 31, 2024			For the year ended March 31, 2025

(Financial Services Business)
Cash flows from operating activities
Net income		297,600			420,000			495,210
Depreciation and amortization		799,156			784,013			838,167
Interest income and interest costs related to financial services, net		(703,971	)		(734,880	)		(769,800	)
Share of profit (loss) of investments accounted for using the equity method		(9,739	)		(10,357	)		(11,600	)
Income tax expense		134,903			151,785			178,000
Changes in operating assets and liabilities, and other		(1,958,779	)		(4,100,301	)		(2,405,422	)
Interest received		1,291,100			1,858,816			2,332,296
Dividends received		5,599			5,236			5,651
Interest paid		(574,650	)		(1,065,757	)		(1,531,190	)
Income taxes paid, net of refunds		(16,883	)		(90,874	)		(153,692	)

Net cash provided by (used in) operating activities		(735,664	)		(2,782,318	)		(1,022,379	)

Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(10,472	)		(31,208	)		(28,469	)
Additions to equipment leased to others		(1,759,564	)		(2,714,336	)		(2,972,065	)
Proceeds from sales of fixed assets excluding equipment leased to others		1,865			2,155			2,555
Proceeds from sales of equipment leased to others		1,614,965			1,961,077			1,701,864
Additions to intangible assets		(14,985	)		(16,680	)		(13,064	)
Additions to public and corporate bonds and stocks		(646,237	)		(333,613	)		(519,533	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		440,915			494,085			326,469
Other, net		(30,385	)		14,732			89,633

Net cash provided by (used in) investing activities		(403,898	)		(623,788	)		(1,412,610	)

Cash flows from financing activities
Increase (decrease) in short-term debt		171,293			339,666			229,903
Proceeds from long-term debt		8,892,261			11,620,147			13,251,352
Payments of long-term debt		(7,868,820	)		(8,221,432	)		(10,618,851	)
Dividends paid to non-controlling interests		(5,204	)		(4,318	)		(4,667	)
Other, net		2,853			(57	)		(4,716	)

Net cash provided by (used in) financing activities		1,192,382			3,734,005			2,853,022

Effect of exchange rate changes on cash and cash equivalents		101,615			222,776			(45,829	)

Net increase (decrease) in cash and cash equivalents		154,436			550,675			372,203

Cash and cash equivalents at beginning of year		1,814,133			1,968,568			2,519,244

Cash and cash equivalents at end of year		1,968,568			2,519,244			2,891,447

(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		103,305			189,914			(134,089	)

Net increase (decrease) in cash and cash equivalents		1,403,311			1,895,094			(429,656	)

Cash and cash equivalents at beginning of year		6,113,655			7,516,966			9,412,060

Cash and cash equivalents at end of year		7,516,966			9,412,060			8,982,404

(4) Geographic information

As of and for the year ended March 31, 2023


	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		9,122,282		13,509,027			4,097,537		7,076,922		3,348,530		—			37,154,298
Inter-segment revenues and transfers		8,460,914		334,874			176,198		967,984		123,663		(10,063,633	)		—

Total		17,583,196		13,843,901			4,273,735		8,044,906		3,472,193		(10,063,633	)		37,154,298
Operating expenses		15,681,733		13,918,637			4,216,276		7,330,455		3,240,832		(9,958,659	)		34,429,273

Operating income (loss)		1,901,463		(74,736	)		57,460		714,451		231,362		(104,974	)		2,725,025

Total assets		23,241,334		26,024,734			6,813,474		7,908,520		4,726,373		5,588,745			74,303,180
Non-current assets		5,658,859		6,255,561			1,042,726		1,031,057		565,377		—			14,553,580

As of and for the year ended March 31, 2024


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,193,556		17,624,268		5,503,738		7,604,269		4,169,494		—			45,095,325
Inter-segment revenues and transfers		10,827,165		318,805		178,026		1,126,479		220,292		(12,670,767	)		—

Total		21,020,721		17,943,072		5,681,764		8,730,749		4,389,785		(12,670,767	)		45,095,325
Operating expenses		17,536,451		17,436,753		5,293,668		7,865,158		4,191,441		(12,581,079	)		39,742,390

Operating income		3,484,270		506,319		388,096		865,591		198,345		(89,687	)		5,352,934

Total assets		24,711,142		31,886,959		8,749,680		9,096,282		6,167,902		9,502,332			90,114,296
Non-current assets		5,827,404		7,374,724		1,407,680		1,190,348		686,104		—			16,486,260

As of and for the year ended March 31, 2025


	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,719,120		18,930,253		6,110,052		7,903,360		4,373,919		—			48,036,704
Inter-segment revenues and transfers		11,139,974		370,074		203,437		1,084,702		147,338		(12,945,525	)		—

Total		21,859,094		19,300,327		6,313,489		8,988,062		4,521,257		(12,945,525	)		48,036,704
Operating expenses		18,707,971		19,191,519		5,897,936		8,091,552		4,268,632		(12,916,492	)		43,241,118

Operating income		3,151,123		108,808		415,553		896,510		252,626		(29,033	)		4,795,586

Total assets		26,347,925		33,423,938		9,463,797		9,467,913		6,010,880		8,886,897			93,601,350
Non-current assets		6,246,879		7,887,494		1,589,830		1,225,158		754,669		—			17,704,029

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts.

The above amounts are aggregated by region based on the location of the country where TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

Revenues from external customers in North America includes amounts related to consolidated subsidiaries located in the United States, totaling

¥12,211,120 million, ¥15,784,361

million and

¥16,981,710

million for the years ended March 31, 2023, 2024 and 2025, respectively. Non-current assets in North America include amounts related to consolidated subsidiaries located in the United States, totaling

¥5,793,572 million, ¥6,679,478

million and

¥7,242,318

million as of March 31, 2023, 2024 and 2025, respectively.

Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as March 31, 2023, 2024 and 2025 are ¥11,101,175 million, ¥15,790,074 million and ¥15,643,613 million, respectively.

(5) Sales revenues by location of external customers


	Yen in millions
	For the years ended March 31,
	2023		2024		2025
Japan		6,742,304		7,399,192		7,723,171
North America		13,578,084		17,694,375		18,985,399
Europe		3,970,857		5,396,610		5,979,720
Asia		7,150,555		7,742,141		7,944,206
Other		5,712,497		6,863,007		7,404,208

Total		37,154,298		45,095,325		48,036,704

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.