"Our commitment to electrification will not only meet regulatory requirements but also enhance our competitiveness in the affluent automotive market, adapting swiftly to consumer preferences."
— Akio Toyoda, CEO
03Detailed Report
TM
Toyota Motor Corporation
Period
Q3 2024
CurrencyJPY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q3 2024, Toyota Motor Corporation delivered impressive financial results, showcasing a robust recovery trajectory post-pandemic. The company reported revenue of JPY 12.04 trillion, marking a substantial 23.44% increase year-over-year and a 5.30% increase sequentially. Profitability metrics are equally encouraging, with net income rising to JPY 1.36 trillion, an 86.53% year-over-year increase, demonstrating the company's operational resilience and efficient cost management strategies.
Management emphasized a strong focus on electric vehicle (EV) expansion and sustainability initiatives, which are expected to bolster long-term growth. With the automotive industry rapidly shifting towards electrification, Toyota's advanced technological capabilities and brand reputation position it well for future challenges and opportunities in the evolving marketplace.
Key Performance Indicators
Revenue
Increasing
12,041.10B
QoQ: 5.30% | YoY: 23.44%
Gross Profit
Increasing
2,685.29B
22.30% margin
QoQ: 13.31% | YoY: 38.90%
Operating Income
Increasing
1,680.94B
QoQ: 16.86% | YoY: 75.71%
Net Income
Increasing
1,357.81B
QoQ: 6.24% | YoY: 86.53%
EPS
Increasing
100.62
QoQ: 6.46% | YoY: 88.43%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance:
- Q3 2024 revenue: JPY 12.04 trillion (YoY: +23.44%, QoQ: +5.30%)
- Net Income: JPY 1.36 trillion (YoY: +86.53%, QoQ: +6.24%)
- EPS: JPY 100.62 (YoY: +88.43%, QoQ: +6.46%)
- Operating Income was significantly improved, reaching JPY 1.68 trillion with a margin of 13.96%.
Cost Management:
- Cost of revenue increased to JPY 9.36 trillion, but gross profit margin improved to 22.30% alongside stringent operating expense controls.
Cash Flow and Financial Position:
- Operating cash flow stood at JPY 508 billion, reflecting healthy cash generation despite capital expenditures of JPY 1.23 trillion. Free cash flow was negative at JPY -722 billion, primarily due to heavy investment in property and equipment, aligning with the company’s strategic growth initiatives.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
12,041.10B
23.44%
5.30%
Gross Profit
2,685.29B
38.90%
13.31%
Operating Income
1,680.94B
75.71%
16.86%
Net Income
1,357.81B
86.53%
6.24%
EPS
100.62
88.43%
6.46%
Key Financial Ratios
Gross Profit Margin
Fair
22.30%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Fair
14.00%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Good
11.30%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
1.61%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.17%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.18
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
1.04
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
6.44x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.07x
Price-to-book ratio reasonable for profitable companies
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