Toyota Motor Corporation (TM) Cash Flow Statement
Where TM’s cash came from and went, FY2026
March 31, 2026 · Japanese yen- Cash from operations
- ¥5.47T +48.0% vs FY2025
- Capital expenditures
- ¥5.29T 10.4% of revenue
- Free cash flow
- ¥179.57B 0.4% margin
- Returned to shareholders
- ¥1.28T 712% of free cash flow
- Change in cash
- ¥3.68T cash at year-end ¥12.66T
Drawn to scale: where the cash came from and how it was used. Hover for values.
TM operating cash flow, capex and free cash flow
TM cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ¥3.57TFY2017 | ¥5.47TFY2026 | +4.9%/yr | |
| Capital expenditures | ¥3.54TFY2017 | ¥5.29TFY2026 | +4.6%/yr | |
| Free cash flow | ¥27.05BFY2017 | ¥179.57BFY2026 | +23.4%/yr | |
| Free cash flow margin | 0.1%FY2017 | 0.4%FY2026 | +0.3 pts | |
| Operating cash flow / net income | 1.85FY2017 | 1.37FY2026 | −0.48 | |
| Stock-based compensation | −¥95.88BFY2017 | ¥1.86BFY2024 | — | |
| Dividends paid | ¥638.17BFY2017 | ¥1.24TFY2026 | +7.6%/yr | |
| Share buybacks (net) | ¥703.99BFY2017 | ¥39.98BFY2026 | −27.3%/yr | |
| Capex / revenue | 12.8%FY2017 | 10.4%FY2026 | −2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TM cash flow by activity
TM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TM cash flow statement in Japanese yen
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ¥3.99T | ¥4.79T | ¥5.07T | ¥2.49T | ¥2.87T | ¥2.28T | ¥2.14T | ¥1.99T | ¥2.59T | ¥1.93T |
| Depreciation & amortization | ¥2.39T | ¥2.25T | ¥2.09T | ¥2.04T | ¥1.82T | ¥1.64T | ¥1.61T | ¥1.79T | ¥1.73T | ¥1.61T |
| Stock-based compensation | — | — | ¥1.86B | ¥808.0M | ¥772.0M | −¥549.06B | ¥477.0M | −¥102.71B | −¥92.12B | −¥95.88B |
| Change in working capital | −¥976.56B | −¥2.82T | −¥3.98T | −¥1.50T | −¥1.13T | −¥1.06T | −¥313.74B | −¥51.79B | ¥494.54B | ¥286.25B |
| Other non-cash items | ¥71.20B | −¥528.50B | ¥1.02T | −¥76.12B | ¥156.02B | ¥413.12B | ¥156.19B | ¥143.14B | −¥499.43B | −¥159.82B |
| Cash from operating activities | ¥5.47T | ¥3.70T | ¥4.21T | ¥2.96T | ¥3.72T | ¥2.73T | ¥3.59T | ¥3.77T | ¥4.22T | ¥3.57T |
| Investing activities | ||||||||||
| Capital expenditures | −¥5.29T | −¥5.26T | −¥5.05T | −¥3.71T | −¥3.83T | −¥3.77T | −¥3.60T | −¥3.74T | −¥3.60T | −¥3.54T |
| Investments (net) | ¥1.23T | −¥4.19T | −¥5.00T | −¥1.60T | −¥577.50B | −¥667.25B | ¥233.43B | ¥616.64B | −¥3.66T | −¥2.97T |
| Acquisitions & other investing | ¥2.55T | ¥5.26T | ¥5.05T | ¥3.71T | ¥3.83T | −¥248.98B | ¥210.84B | ¥425.00B | ¥3.60T | ¥3.54T |
| Cash from investing activities | −¥1.52T | −¥4.19T | −¥5.00T | −¥1.60T | −¥577.50B | −¥4.68T | −¥3.15T | −¥2.70T | −¥3.66T | −¥2.97T |
| Financing activities | ||||||||||
| Dividends paid | −¥1.24T | −¥1.13T | −¥880.20B | −¥727.98B | −¥709.87B | −¥625.51B | −¥629.99B | −¥644.81B | −¥626.89B | −¥638.17B |
| Share repurchases & issuance (net) | −¥39.98B | −¥1.18T | −¥231.07B | −¥431.10B | −¥1.02T | −¥1.02T | −¥476.13B | −¥549.64B | −¥447.82B | −¥703.99B |
| Net borrowing (repayment) | ¥832.99B | ¥2.58T | ¥3.71T | ¥1.16T | −¥1.30T | ¥3.20T | ¥1.56T | ¥722.97B | ¥689.34B | ¥1.03T |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥90.70B | −¥76.39B | −¥97.94B | −¥60.67B | ¥564.09B | ¥1.18T | −¥54.95B | −¥69.37B | −¥63.76B | −¥63.94B |
| Cash from financing activities | −¥536.66B | ¥197.24B | ¥2.50T | −¥56.18B | −¥2.47T | ¥2.74T | ¥397.14B | −¥540.84B | −¥449.13B | −¥375.17B |
| Summary | ||||||||||
| Net change in cash | ¥3.68T | −¥429.66B | ¥1.90T | ¥1.40T | ¥1.01T | ¥1.00T | ¥705.67B | ¥486.88B | ¥70.31B | ¥209.90B |
| Cash at end of period | ¥12.66T | ¥8.98T | ¥9.41T | ¥7.52T | ¥6.11T | ¥5.10T | ¥4.41T | ¥3.71T | ¥3.22T | ¥3.15T |
| Free cash flow | ¥179.57B | −¥1.56T | −¥842.02B | −¥750.76B | −¥107.63B | −¥1.04T | −¥4.49B | ¥27.71B | ¥624.42B | ¥27.05B |
| Free cash flow margin | 0.4% | −3.2% | −1.9% | −2.0% | −0.3% | −3.8% | −0.0% | 0.1% | 2.1% | 0.1% |
| Capex / revenue | 10.4% | 10.9% | 11.2% | 10.0% | 12.2% | 13.8% | 12.0% | 12.4% | 12.2% | 12.8% |
| Operating cash flow / net income | 1.37 | 0.77 | 0.83 | 1.19 | 1.29 | 1.19 | 1.68 | 1.90 | 1.63 | 1.85 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ¥1.55T | ¥841.47B | ¥1.30T | ¥972.94B | ¥872.19B | ¥710.41B | ¥2.21T | ¥501.83B | ¥1.36T | ¥710.41B | ¥2.21T | ¥501.83B |
| Depreciation & amortization | ¥642.14B | ¥647.03B | ¥614.08B | ¥579.59B | ¥551.82B | ¥565.48B | ¥557.78B | ¥552.69B | ¥575.28B | ¥565.48B | ¥557.78B | ¥552.69B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | ¥1.86B | −¥204.74B | −¥105.46B |
| Change in working capital | −¥1.43T | ¥285.01B | −¥1.03T | −¥370.29B | ¥138.03B | −¥324.99B | −¥1.48T | ¥13.44B | −¥1.02T | −¥324.99B | −¥1.48T | ¥13.44B |
| Other non-cash items | −¥225.40B | −¥70.33B | −¥58.79B | −¥114.12B | ¥314.43B | −¥77.69B | −¥285.83B | ¥65.56B | −¥230.54B | −¥79.56B | −¥81.09B | ¥171.02B |
| Cash from operating activities | ¥536.55B | ¥1.70T | ¥825.13B | ¥1.07T | ¥1.88T | ¥873.21B | ¥1.01T | ¥1.13T | ¥683.66B | ¥873.21B | ¥1.01T | ¥1.13T |
| Investing activities | ||||||||||||
| Capital expenditures | −¥1.31T | −¥1.46T | −¥1.31T | −¥1.27T | −¥1.24T | −¥778.68B | −¥1.55T | −¥1.43T | −¥1.50T | −¥778.68B | −¥1.55T | −¥1.43T |
| Investments (net) | ¥1.81T | ¥682.21B | −¥141.86B | −¥1.72T | −¥1.80T | −¥666.48B | −¥437.50B | −¥686.15B | −¥2.40T | −¥768.62B | −¥1.58T | −¥1.53T |
| Acquisitions & other investing | ¥921.67B | ¥3.61T | ¥621.56B | ¥1.27T | ¥1.24T | ¥778.68B | ¥1.55T | ¥1.43T | ¥1.50T | ¥880.82B | ¥2.69T | ¥2.28T |
| Cash from investing activities | ¥1.43T | ¥2.83T | −¥834.33B | −¥1.72T | −¥1.80T | −¥666.48B | −¥437.50B | −¥686.15B | −¥2.40T | −¥666.48B | −¥437.50B | −¥686.15B |
| Financing activities | ||||||||||||
| Dividends paid | −¥651.70B | −¥31.71B | −¥586.53B | −¥2.29B | −¥652.45B | −¥1.13T | −¥525.99B | −¥606.34B | −¥606.34B | −¥22.3M | −¥525.99B | −¥474.78B |
| Share repurchases & issuance (net) | −¥3.66T | −¥8.0M | −¥8.0M | −¥6.0M | −¥39.95B | −¥133.28B | −¥142.30B | −¥884.49B | −¥18.97B | −¥133.28B | −¥142.30B | −¥884.49B |
| Net borrowing (repayment) | ¥145.91B | ¥126.25B | ¥298.81B | ¥484.62B | −¥76.69B | ¥795.81B | ¥490.06B | ¥957.00B | — | — | — | ¥759.89B |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥176.43B | ¥43.90B | −¥25.29B | −¥41.10B | −¥34.20B | ¥1.14T | −¥4.11B | ¥562.87B | ¥306.52B | ¥802.63B | ¥485.95B | ¥628.42B |
| Cash from financing activities | −¥4.34T | ¥138.43B | −¥313.02B | ¥441.22B | −¥803.28B | ¥669.33B | −¥182.34B | ¥29.04B | −¥318.79B | ¥669.33B | −¥182.34B | ¥29.04B |
| Summary | ||||||||||||
| Net change in cash | −¥2.32T | ¥4.74T | −¥194.01B | −¥97.93B | −¥771.55B | ¥697.25B | ¥653.70B | ¥34.36B | −¥1.81T | ¥697.25B | ¥653.70B | ¥34.36B |
| Cash at end of period | ¥10.34T | ¥12.66T | ¥7.92T | ¥8.11T | ¥8.21T | ¥8.98T | ¥8.29T | ¥7.63T | ¥7.60T | ¥8.98T | ¥8.29T | ¥7.63T |
| Free cash flow | −¥768.98B | ¥238.99B | −¥488.90B | −¥204.08B | ¥633.56B | ¥94.53B | −¥540.05B | −¥301.47B | −¥814.00B | ¥94.53B | −¥540.05B | −¥301.47B |
| Free cash flow margin | −5.6% | 1.9% | −3.6% | −1.6% | 5.2% | 0.8% | −4.4% | −2.6% | −6.9% | 0.9% | −4.5% | −2.6% |
| Capex / revenue | 9.5% | 11.4% | 9.6% | 10.3% | 10.1% | 6.3% | 12.5% | 12.5% | 12.7% | 7.0% | 12.8% | 12.5% |
| Operating cash flow / net income | 0.35 | 2.02 | 0.64 | 1.10 | 2.15 | 1.23 | 0.45 | 2.26 | 0.50 | 1.23 | 0.45 | 2.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.
TM cash generation
In fiscal 2026 (ended March 31, 2026), Toyota Motor generated ¥5.47 trillion of cash from operations (up 48.0%) and spent ¥5.29 trillion on capital expenditures, leaving free cash flow of ¥179.6 billion, 0.4% of revenue. It returned ¥1.28 trillion to shareholders through dividends (¥1.24 trillion) and net share buybacks (¥40.0 billion). Cash and equivalents rose by ¥3.68 trillion over the year.
Related: TM income statement, TM balance sheet, TM dividend history. See the TM stock overview for the latest quote and news.
TM cash flow FAQ
What is Toyota Motor's free cash flow?
Toyota Motor's free cash flow was ¥179.6 billion in fiscal 2026: ¥5.47 trillion of operating cash flow minus ¥5.29 trillion of capital expenditures It was -¥1.56 trillion a year earlier..
How much cash does Toyota Motor generate from operations?
Toyota Motor generated ¥5.47 trillion of cash from operating activities in fiscal 2026, 1.37 times its net income of ¥3.99 trillion.
How much does Toyota Motor spend on capital expenditures?
Toyota Motor spent ¥5.29 trillion on capital expenditures in fiscal 2026, 10.4% of revenue, compared with ¥5.26 trillion the year before.
How much stock does Toyota Motor buy back?
Toyota Motor spent ¥40.0 billion on net share repurchases in fiscal 2026.
How much does Toyota Motor pay in dividends?
Toyota Motor paid ¥1.24 trillion in dividends in fiscal 2026, 690.0% of free cash flow.