SWOT Analysis of Toyota 2026: Strengths, Weaknesses, Opportunities and Threats

This is a SWOT analysis of Toyota Motor Corporation, written in September 2026 as a sample for an MBA strategic management module. Toyota's figures come from its documents for the year ended 31 March 2026, which Toyota calls FY2026: the Financial Summary and results presentation of 8 May 2026, the annual report on Form 20-F filed with the SEC on 10 June 2026, and the Integrated Report 2025. The forecasts and first-quarter figures come from Toyota's results for April to June 2026, published on 4 August 2026. The tariff rates come from the United States proclamation, executive order and Commerce Department notice that set them. Figures are in yen unless another currency is given.

Toyota's FY2026 is worth a SWOT because the headline numbers point in opposite directions. The company sold more vehicles and earned more revenue than in FY2025, and its operating income fell by more than a fifth. The reason sits in one line of the results: a tariff cost that Toyota puts at 1,380.0 billion yen. A SWOT built on FY2024 or FY2025 figures, which is what most published examples still use, describes a company before that line existed.

Each quadrant below carries at least one dated fact with its source. Toyota's internationalisation, production system and marketing mix are analysed in our Toyota case study and are not repeated here.

How Big Is Toyota in 2026, and What Does It Sell?

Toyota sold 9,595 thousand vehicles in FY2026, 2.5 per cent more than the year before, and reported sales revenues of 50,684.9 billion yen, up 5.5 per cent. It reports three business segments: automotive, with 45,417.7 billion yen of revenue, financial services with 4,857.1 billion, and all other businesses with 1,651.4 billion (Toyota, 2026a).

Toyota and Lexus retail sales by powertrain, FY2026

Chart data

Item	Value (thousand vehicles)
Non-electrified (our subtraction)	5,437 thousand vehicles
Hybrid (HEV)	4,620 thousand vehicles
Battery electric (BEV)	243 thousand vehicles
Plug-in hybrid (PHEV)	175 thousand vehicles
Fuel cell (FCEV)	1 thousand vehicles

The vehicles are spread across five regions, and the spread matters for everything that follows. North America took 2,934 thousand, 30.6 per cent of the total and up 8.5 per cent on the year; Japan 2,082 thousand (21.7 per cent, up 4.6 per cent); Asia 1,759 thousand (18.3 per cent, down 4.3 per cent); Europe 1,183 thousand (12.3 per cent, up 1.0 per cent); and the other regions, which Toyota defines as Central and South America, Oceania, Africa and the Middle East, 1,637 thousand (17.1 per cent, down 1.3 per cent) (Toyota, 2026c; Toyota, 2026b). Toyota's largest market by units is not its home market.

The powertrain mix is the figure to take from this section, and Toyota's headline figure hides it. On a retail basis Toyota and Lexus sold 10,477 thousand vehicles, of which 5,040 thousand, or 48.1 per cent, were electrified. But the electrified total is mostly a hybrid total: 4,620 thousand were hybrids, 175 thousand plug-in hybrids, 243 thousand battery electric and about one thousand fuel cell vehicles (Toyota, 2026b). Dividing by the 10,477 total, which the presentation does not do, gives hybrids 44.1 per cent of retail sales and battery electric vehicles 2.3 per cent. Those two percentages are our calculation, and they carry most of the analysis below.

What Does a SWOT Analysis of Toyota Show in 2026?

It shows a company that sold more and made less profit; the US tariff alone cost more than the fall. Volume, share and cash are the strengths. A 21.5 per cent fall in operating income and a loss in North America head the weaknesses. The FY2027 plan supplies the opportunities, and the tariff leads the threats (Toyota, 2026a).

Toyota SWOT analysis, on FY2026 figures and the August 2026 forecast

Helpful Harmful Internal

Strengths Internal, helpful

• 9,595 thousand vehicles and 50,684.9bn yen of revenue in FY2026, both up on FY2025
• Japan retail share 50.9 per cent; North America 15.1 per cent in calendar 2025
• Hybrids 4,620 thousand, 44.1 per cent of Toyota and Lexus retail sales (our calculation)
• Operating cash flow 5,472.9bn yen, up from 3,696.9bn

Weaknesses Internal, harmful

• Operating income down 21.5 per cent to 3,766.2bn yen; margin 7.4 from 10.0 per cent
• North America in FY2026: revenue up 9.2 per cent, operating loss of 192.5bn yen
• BEVs 243 thousand, 2.3 per cent of retail sales (our calculation), against a 3.5 million target for 2030
• Certification failures: MLIT correction order to Toyota Motor Corporation, July 2024

External

Opportunities External, helpful

• FY2027 plan revised in August 2026: hybrids 5,088 thousand, BEVs 533 thousand, cut from 598
• All-solid-state batteries targeted for commercialisation in 2027 to 2028
• Wholly owned Lexus BEV and battery company in Shanghai; bZ3X the top-selling joint-venture BEV in China in 2025
• Value-chain operating income 2.1 trillion yen in 2025, from 1.4 trillion in 2021 (Toyota's management accounts)

Threats External, harmful

• US tariffs cost 1,380.0bn yen in FY2026: 25 per cent from April 2025, 15 per cent inclusive from September
• Revised FY2027 forecast (August 2026): operating income 3,400.0bn yen, down 9.7 per cent
• Middle East impact of 510.0bn yen in the revised FY2027 forecast (Toyota's two items, our sum)
• China retail sales 324 thousand in April to June 2026, 72.0 per cent of a year earlier

Read the grid as a set of connections, not four lists. North America is Toyota's largest region by units, with a rising retail share, and in FY2026 the only one to lose money. Toyota gives the same cause for that loss and for Japan's fall, "the increase in expenses and others", and the largest item it lists under expenses is the 1,380.0 billion yen tariff (Toyota, 2026a; Toyota, 2026b). Toyota does not split the tariff by region, so the link is an inference; say that it is yours. A SWOT that lists the North American share as a strength and the loss as a weakness without connecting them has sorted the facts but not analysed them.

The same test applies to the electrified figures. Hybrids at 44.1 per cent of sales is a strength because Toyota has a high-volume product that sells where charging is scarce; battery electric vehicles at 2.3 per cent is a weakness against a target of 3.5 million a year by 2030 that Toyota set itself. One strategy, which Toyota calls multi-pathway, produces both entries, and a good analysis says so rather than treating them as unrelated. For the same four quadrants applied outside the car industry, read our SWOT analysis of Apple.

What Are Toyota's Strengths?

Toyota's strengths are scale, share, the hybrid range and money. It sold 9,595 thousand vehicles, held 50.9 per cent of the Japanese market excluding mini-vehicles and 15.1 per cent of North America, sold 4,620 thousand hybrids, and ended FY2026 with 12,659.6 billion yen of cash (Toyota, 2026a; Toyota, 2026b; Toyota, 2026c).

Toyota in FY2026 against FY2025

Vehicles sold, consolidated

9,595 thousand 9,362 thousand in FY2025, up 2.5 per cent.

Sales revenues

50,684.9 bn yen 48,036.7bn in FY2025, up 5.5 per cent.

Cash and cash equivalents

12,659.6 bn yen 8,982.4bn a year earlier, up 40.9 per cent.

Japan retail share, excluding mini-vehicles

50.9% 50.4 per cent in FY2025.

Net cash from operating activities

5,472.9 bn yen 3,696.9bn in FY2025.

1. Volume and share. Consolidated sales rose from 9,362 thousand to 9,595 thousand vehicles. Toyota's retail share of the Japanese market excluding mini-vehicles was 50.9 per cent in FY2026, up from 50.4 per cent; in the United States and Canada it sold 2,767 thousand vehicles in calendar 2025 for a 15.1 per cent share, up from 14.4 per cent (Toyota, 2026c). Half of its home market and a rising share of its largest overseas market are the base the rest of the analysis stands on.
2. The hybrid position. Hybrids were 4,620 thousand of the 10,477 thousand Toyota and Lexus retail sales, 44.1 per cent on our calculation, and grew 4.4 per cent in the year (Toyota, 2026b). The 20-F calls BEVs "just one pillar of Toyota's multi-pathway strategy for becoming carbon neutral" (Toyota, 2026c). The strength is narrower than the strategy: a product sold at volume in markets where charging infrastructure is thin.
3. Cash and cash generation. Cash and cash equivalents rose by 3,677.2 billion yen to 12,659.6 billion, and net cash from operating activities was 5,472.9 billion yen against 3,696.9 billion the year before (Toyota, 2026a). Not all of that cash was free: in April to June 2026, 3,656.8 billion yen of it went on buying back Toyota's shares through a tender offer that was part of taking Toyota Industries private (Toyota, 2026b; Toyota, 2026d). The operating cash flow is the strength to cite, earned in a year that carried a 1,380.0 billion yen tariff bill.
4. Financial services. The segment's operating income rose 24.6 per cent to 851.7 billion yen, on revenue of 4,857.1 billion. Read the note before crediting it: the Financial Summary attributes the increase mainly to valuation gains on interest rate swaps at the United States sales finance subsidiaries, and on the presentation's basis excluding those gains the segment earned 709.8 billion yen against 673.7 billion (Toyota, 2026a; Toyota, 2026b). That is still growth, but about 5 per cent on our calculation, against 25.
5. Pricing and mix. In the bridge from FY2025 to FY2026 operating income, "marketing efforts" added 710.0 billion yen: 210.0 billion from volume and model mix, 165.0 billion of value-chain income from financial services, parts, used vehicles and connected services, and 335.0 billion under "Other" (Toyota, 2026b). Toyota describes the effect as "price revisions underpinned by strong product competitiveness". A carmaker that can raise prices in a tariff year has pricing power, which is the strength a reputation for reliability actually earns.
6. Building where it sells. Toyota manufactures in each of the regions it sells in, and the Toyota Production System is the cost engine behind that; the supply chain section of our Toyota case study explains how, so it is not repeated here.

What Are Toyota's Weaknesses?

Most of the weaknesses sit in the profit line. Operating income fell 21.5 per cent to 3,766.2 billion yen and the operating margin fell from 10.0 to 7.4 per cent. North America, the largest region by units, grew revenue 9.2 per cent to 21,079.6 billion yen and reported an operating loss of 192.5 billion yen (Toyota, 2026a).

Toyota operating income by region, FY2026

Chart data

Item	Value (bn yen)
Japan	2,321 bn yen
Asia	869.8 bn yen
Europe	357.7 bn yen
Other	328.9 bn yen
North America	-192.5 bn yen

1. Profit fell while everything above it grew. Revenue up 5.5 per cent, volume up 2.5 per cent, operating income down 1,029.3 billion yen. The bridge explains where it went: "increase in expenses and others" cost 2,030.0 billion yen, and inside that line the tariff impact was 1,380.0 billion, labour costs 170.0 billion, depreciation 75.0 billion and research and development expenses 180.0 billion; exchange rates cost a further 195.0 billion (Toyota, 2026b). The tariff item alone is larger than the whole year-on-year fall in operating income.
2. A loss in the biggest market. North America sold 2,934 thousand vehicles, more than any other region, and was the only region with an operating loss in FY2026 (Toyota, 2026a). Toyota does not split the tariff cost by region, so an assignment that blames the loss on the tariff should label that as its own reading. In April to June 2026 North America earned 185.4 billion yen, "mainly due to the decrease in expenses and expense reduction efforts" (Toyota, 2026d).
3. A quarter held up by currency. In the final quarter of FY2026, January to March, operating income was 569.4 billion yen against 1,116.0 billion a year earlier, a 4.5 per cent margin (Toyota, 2026b). April to June 2026 came back to 1,063.4 billion yen and a 7.9 per cent margin, still 8.8 per cent below the same quarter a year earlier. Against that quarter, exchange rates added 345.0 billion yen; excluding currency and swap valuation effects, Toyota's bridge shows a fall of 205.0 billion (Toyota, 2026d; Toyota, 2026e).
4. A higher break-even. In Toyota's words: "we have recently seen a significant rise in our break-even volume due to a combination of increases in investments in human resources and future-oriented investments and the impact of U.S. tariffs" (Toyota, 2026a). A rising break-even at higher volume means the next fall in volume costs more profit than the last one did.
5. Battery electric vehicles at 2.3 per cent. Toyota sold 243 thousand BEVs at retail in FY2026, up 68.4 per cent from 145 thousand, which is 2.3 per cent of Toyota and Lexus sales on our calculation (Toyota, 2026b). Its target is "global BEV sales of 3.5 million units by 2030" (Toyota, 2025; Toyota, 2026c), roughly fourteen times the FY2026 figure on our calculation, in four years. Whether that gap is a failing or a choice is argued in the recommendations; "behind on EVs" is a judgement, not a figure.
6. Quality-system failures. Hino and Daihatsu, both consolidated subsidiaries at the time, announced vehicle certification problems in March 2022 and April 2023. Toyota Motor Corporation itself reported to Japan's Ministry of Land, Infrastructure, Transport and Tourism on 31 May 2024 that seven models had been tested with methods that differed from government standards, received a correction order in July 2024 and submitted a recurrence-prevention report in August 2024 (Toyota, 2026c). The Financial Summary says the issues were faced and production has stabilised. A company whose reputation is quality still needed a correction order.

What Opportunities Does Toyota Have?

Toyota has put a number on each opportunity below. Its August 2026 plan for FY2027 has electrified vehicles at 56.2 per cent of retail sales and 533 thousand BEVs, cut from 598 thousand. All-solid-state batteries are targeted for 2027 to 2028, and a wholly owned Lexus company in Shanghai is to build BEVs (Toyota, 2026e; Toyota, 2026c).

1. The FY2027 volume plan, revised. Toyota still plans 10,500 thousand Toyota and Lexus retail sales. On 4 August it raised hybrids to 5,088 thousand and cut BEVs from 598 thousand to 533 thousand, with plug-in hybrids at 284 thousand (Toyota, 2026e). First-quarter BEV sales grew from a small base, to 114 thousand from 47 thousand. On our calculation 533 thousand is about 2.2 times the FY2026 figure and 5.1 per cent of the planned total. Within one quarter Toyota nudged its hybrid forecast up and cut its BEV forecast to 89.1 per cent of the May figure.
2. Batteries. The 20-F reports that Toyota has reduced the size of its all-solid-state batteries by one-third while maintaining performance, and that they are "targeted for commercialization between 2027 and 2028" (Toyota, 2026c). Read this as an option with a date, not a product: the filing gives no volume, cost or model.
3. China, on a new footing. Toyota's sales in China were 1.78 million vehicles in 2025, 100.4 per cent of 2024, in a market of 27.73 million. In 2025 Toyota set up Lexus (Shanghai) New Energy Co., Ltd., a wholly owned company in Jinshan District, to develop and produce BEVs and batteries, with mass production "in 2027 or later" (Toyota, 2026c). The bZ3X, launched in March 2025 under a Chinese chief engineer, became the top-selling BEV among joint-venture brands in China (Toyota, 2025). A wholly owned BEV company and a local model that sells are the opportunity; the first-quarter fall in Chinese sales, under threats, is why Toyota needs it.
4. India. Toyota names India among its four principal Asian markets, and the 20-F says the revised Goods and Services Tax of the second half of 2025 "boosted automobile demand" (Toyota, 2026c). Toyota is adding capacity there: a third plant due to start in 2026 and a fourth, announced on 11 May 2026, to build 100,000 vehicles a year from 2029 (Toyota, 2026e).
5. The value chain and the return target. On Toyota's management accounts, value-chain operating income from financial services, parts, used vehicles and connected services rose from 1.4 trillion yen in 2021 to 2.1 trillion in 2025, and the presentation sets a return on equity target of 20 per cent against about 10 per cent today (Toyota, 2026b). Value-chain income added 165.0 billion yen in the FY2026 bridge, and the August forecast has it adding 125.0 billion more in FY2027 (Toyota, 2026e).
6. Hydrogen in commercial vehicles. Toyota works with Daimler Truck Holding AG on hydrogen for commercial vehicles and with BMW for passenger cars, and has begun introducing light-duty fuel-cell trucks for logistics in Fukushima and Tokyo (Toyota, 2026c). With about one thousand fuel cell vehicles sold in FY2026, it has no volume yet.

What Threats Does Toyota Face in 2026?

The largest threat is US tariffs, which cost Toyota 1,380.0 billion yen in FY2026 (Toyota, 2026a). Even after the August revision, Toyota forecasts FY2027 operating income down 9.7 per cent (Toyota, 2026d). Next comes battery electric competition in China, where Toyota and Lexus retail sales fell to 72.0 per cent of a year earlier in April to June 2026 (Toyota, 2026e), and then open class actions (Toyota, 2026c).

1. The tariff. Toyota's 1,380.0 billion yen covers all US tariffs in FY2026 (Toyota, 2026a). Japanese cars paid a 25 per cent tariff from 3 April 2025 (Proclamation 10908, 2025), and from 16 September 2025 an all-in rate at which the ordinary and additional duties together "shall be 15 percent" (Executive Order 14345, 2025; Department of Commerce, 2025). In August Toyota cut its FY2027 tariff estimate by about 70 billion yen from 1.38 trillion, with refunds of the separate IEEPA tariffs in its first-quarter results (Toyota, 2026f). The 20-F says Toyota cannot predict "any future changes to such tariffs" (Toyota, 2026c).
2. A forecast that moved in three months. Toyota's May forecast had FY2027 operating income at 3,000.0 billion yen, down 20.3 per cent (Toyota, 2026a). On 4 August it raised the figure to 3,400.0 billion, down 9.7 per cent; exchange rates add 480.0 billion, more than the whole rise, and without currency and swap effects the rise is 60.0 billion. Toyota also credits "the establishment of alternative logistics routes to the Middle East" (Toyota, 2026e). What Toyota labels "Middle East impact" is now 510.0 billion on our addition, against 670.0 billion in May: 345.0 billion inside the materials-prices line and 165.0 billion inside marketing efforts (Toyota, 2026e; Toyota, 2026b). Both forecasts exclude Hino, deconsolidated on 1 April 2026, so the two years are not on the same basis (Toyota, 2026c), and the August forecast leaves out the 2026 Kumamoto earthquake (Toyota, 2026e).
3. Chinese battery electric competition. China is the world's largest car market, 29 per cent of world sales on Toyota's estimate (Toyota, 2026c), and new-energy vehicles passed half of its sales in 2025 (Toyota, 2025). In April to June 2026 Toyota and Lexus retail sales there fell to 324 thousand from 450 thousand, in a passenger-car market Toyota puts at about 80 per cent of a year earlier (Toyota, 2026e; Toyota, 2026f). Our BYD marketing strategy analysis covers BYD's side, and our SWOT analysis of Tesla the tariffs from an American carmaker's side.
4. Legal proceedings. Toyota is a defendant in Takata airbag class actions in Brazil and Argentina and in an Australian class action over diesel particulate filters, which the High Court sent back to calculate the loss in vehicle value; Toyota calls the probable outflow from the Australian case immaterial (Toyota, 2026c).

What Should Toyota Do, Based on This SWOT Analysis?

Toyota should treat FY2027 as the year the multi-pathway strategy is tested in public. Three recommendations follow from the quadrants: restate the BEV path after the cut to 533 thousand, plan North America as if the tariff stays until local production grows, and report hybrid and BEV profitability separately so the choice can be judged (Toyota, 2026e).

Each comes from a pair of quadrants. The first pairs the weakness (2.3 per cent) with the opportunity (the FY2027 plan), and the test has had a first reading: in August Toyota cut the plan from 598 to 533 thousand BEVs and booked a provision for "the review of BEV development projects", while first-quarter BEV sales more than doubled (Toyota, 2026e; Toyota, 2026f). The Integrated Report promises "a flexible approach toward sales" (Toyota, 2025); Toyota should now say what 533 thousand means for the 3.5 million target. The second pairs a strength (Toyota builds where it sells and can raise prices) with a threat (the tariff). Toyota has started: on 7 July 2026 it announced Tacoma production in Texas, 150,000 a year from 2030 (Toyota, 2026e). Until then, its North American product and pricing plan should assume, in the 20-F's words, that "elevated tariff rates remain in effect" (Toyota, 2026c). The third pairs a weakness of disclosure with the opportunity. Toyota reports operating income by region and by segment but not by powertrain, and it declined to give the size of the BEV provision (Toyota, 2026f), so nobody outside the company can say whether hybrids subsidise BEVs. The recommendation is to report it.

The trade-off has to be admitted. On Toyota's revised bridge from FY2026 to FY2027, the "Cost Reduction Efforts" line takes 1,105.0 billion yen off operating income, because "Materials Prices/Strengthening Foundation of Suppliers" costs 1,325.0 billion and cost reduction saves only 220.0 billion. "Marketing Efforts" add 560.0 billion and "Effects of FOREX Rates" 715.0 billion, the expenses line ("Increase or Decrease in Expenses and Expense Reduction Efforts") costs 240.0 billion, "Other", mostly an unrealised-profit adjustment of 165.0 billion and swap valuation losses of 95.0 billion, takes 296.2 billion, so operating income ends 366.2 billion yen below FY2026 (Toyota, 2026e). Cash fell to 10,343.0 billion yen by 30 June 2026 after the Toyota Industries tender offer, and Toyota then authorised a buyback of up to 1 trillion yen, saying it will still hold net liquid assets of about 11 trillion (Toyota, 2026d; Toyota, 2026e; Toyota, 2026f). More BEV investment and faster localisation would compete with that buyback for the same money, and a strong answer names the choice.

A marker will also look for what the recommendations leave alone. This sample does not recommend changing the multi-pathway strategy itself, because the evidence in the filings does not yet say it is wrong; it recommends the disclosure that would let someone say so. For lean manufacturing analysed from the supply-chain side, our Samsung supply chain case study is the nearest sample; more strategy samples are in business assignment samples.

How Do You Write a SWOT Analysis of Toyota for Your Own Assignment?

Start from Toyota's latest Financial Summary and Form 20-F and check for a later quarterly result. Put one dated figure with its source in every quadrant, keep the figures in yen, and label every percentage you calculate yourself. Then write recommendations that name the pair of quadrants each one comes from, and admit what each one costs.

This SWOT analysis versus the Toyota case study

Point of comparison	This SWOT analysis	Toyota case study
What it answers	This SWOT analysis Where Toyota stands in FY2026: four quadrants, each with a sourced fact	Toyota case study How Toyota built and defends its position: internationalisation, production, marketing
Frameworks	This SWOT analysis SWOT only	Toyota case study Uppsala model, OLI, resource-based view, BCG matrix, STP and the 4Ps
Figures	This SWOT analysis FY2026 results, the powertrain mix, regional profit, the tariff regimes, the August 2026 forecast	Toyota case study FY2026 results as one section inside a strategy report
When a brief asks for it	This SWOT analysis Analyse strengths and weaknesses; evaluate the current position; apply SWOT	Toyota case study Critically evaluate the global strategy; explain competitive advantage; assess the marketing mix

1. Get the documents, then check for a later quarter. Toyota's fiscal year ends on 31 March; the Financial Summary and the results presentation appear in early May on global.toyota, and the Form 20-F follows in June on the SEC's EDGAR site. Toyota can revise its full-year forecast with each quarterly result, in early August, November and February, as it did in August 2026, so read the latest one before you submit. Name the year the documents cover (FY2026 is April 2025 to March 2026) in your first paragraph.
2. Fill the internal quadrants from the numbers. Revenue, operating income and margin, the regional lines, cash, and retail sales by powertrain. Where you divide two of Toyota's numbers, as this sample does for 44.1 and 2.3 per cent, say that the division is yours.
3. Fill the external quadrants from the Risk Factors and from the law itself. The 20-F's tariff sentence is the threat in Toyota's words. The rates are in the proclamation and the executive order, so cite the Federal Register pages.
4. Stay in yen. Converting to dollars from a remembered rate adds an error the filing did not make. If a conversion is unavoidable, use the average rate the presentation states, 151 yen per dollar for FY2026, and say so.
5. Pair the quadrants in the recommendations and admit the trade-off, as the section above does. Stating what the filings do not tell you is analysis; guessing is not.

The comparison in this section shows which of our two Toyota pages a brief wants; the internationalisation, production and marketing-mix frameworks are in our Toyota global strategy case study. More MBA assignment samples use the structure of this page, and our MBA assignment help page lists the frameworks we work with most.

Need a SWOT analysis or strategy case study on Toyota or another carmaker? Message us on WhatsApp with the brief, the frameworks it names, the word count and the deadline, and we will tell you what we can do.

Sources

• Toyota Motor Corporation (2026a) Financial Summary FY2026 (April 1, 2025 through March 31, 2026). Consolidated financial results, 8 May 2026. global.toyota (PDF) (accessed 24 September 2026). Source for the FY2026 results, segment and regional lines, the tariff figure, the break-even sentence and the May forecast.
• Toyota Motor Corporation (2026b) FY2026 Financial Results. Results presentation, 8 May 2026. global.toyota (PDF) (accessed 24 September 2026). Source for retail sales by powertrain, the FY2026 bridge, the fourth quarter, the planned buyback, the May Middle East figure and the value-chain and return targets.
• Toyota Motor Corporation (2026c) Annual Report on Form 20-F for the fiscal year ended March 31, 2026. Filed 10 June 2026. SEC EDGAR (accessed 24 September 2026). Source for the tariff sentences, units and market share by region, China, India, certification, batteries, hydrogen, legal proceedings and Hino.
• Toyota Motor Corporation (2026d) Financial Summary FY2027 First Quarter (April 1, 2026 through June 30, 2026). 4 August 2026. global.toyota (PDF) (accessed 24 September 2026). Source for the revised forecast, first-quarter results, cash at 30 June 2026 and the buyback.
• Toyota Motor Corporation (2026e) FY2027 First Quarter Financial Results. Results presentation, 4 August 2026. global.toyota (PDF) (accessed 24 September 2026). Source for the revised volume plan and bridges, first-quarter sales, China, the Texas and India plants, the Kumamoto note and the buyback authorisation.
• Toyota Motor Corporation (2026f) Q&A Summary of the First-Quarter Financial Results Briefing for Investors for FY2027. 4 August 2026. global.toyota (PDF) (accessed 24 September 2026). Source for the FY2027 tariff estimate, IEEPA refunds, the BEV provision and the Chinese market.
• Toyota Motor Corporation (2025) Integrated Report 2025. global.toyota (PDF) (accessed 24 September 2026). Source for the 3.5 million BEV target and its flexible approach, the 2024 global market by powertrain (S&P Global data), China and the bZ3X.
• Proclamation 10908 (2025) Adjusting Imports of Automobiles and Automobile Parts Into the United States. Signed 26 March 2025. Federal Register, 90(63), pp. 14705 to 14714, 3 April 2025. govinfo.gov (accessed 24 September 2026). Source for the 25 per cent tariff from 3 April 2025, clause 1.
• Executive Order 14345 (2025) Implementing the United States-Japan Agreement. Signed 4 September 2025. Federal Register, 90(172), pp. 43535 to 43538, 9 September 2025. govinfo.gov (accessed 24 September 2026). Source for the 15 per cent inclusive rate on Japanese automobiles and parts that replaced the Proclamation 10908 duty for Japan, section 4.
• Department of Commerce, International Trade Administration (2025) Implementing Certain Tariff-Related Elements of the United States-Japan Agreement. Notice. Federal Register, 90(177), pp. 44638 to 44643, 16 September 2025. govinfo.gov (accessed 24 September 2026). Source for the effective date of the automobile tariff change.

Filings checked for currency on 24 September 2026: Toyota's filings on SEC EDGAR after the Form 20-F, up to the Schedule 13G/A of 14 September 2026 (the first-quarter results of 4 August, a 7 August amendment that corrects only the net-income analysis, and the share-repurchase status report of 3 September); none changes a figure used here.