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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 1-9961

TOYOTA MOTOR CREDIT CORPORATION

(Exact name of registrant as specified in its charter)


California		95-3775816
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6565 Headquarters Drive Plano, Texas		75024
(Address of principal executive offices)		(Zip Code)

(469) 486-9300

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading 
Symbol(s)

     Name of each exchange on which registered

     Medium-Term Notes, Series B
Stated Maturity Date January 11, 2028

     TM/28

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of January 31, 2026, the number of outstanding shares of capital stock, no par value per share, of the registrant was 91,500, all of which shares were held by Toyota Financial Services International Corporation.

Reduced Disclosure Format

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.

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TOYOTA MOTOR CREDIT CORPORATION

FORM 10-Q

For the quarter ended December 31, 2025


INDEX
PART I. FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Consolidated Statements of Income	3
Consolidated Statements of Comprehensive Income	3
Consolidated Balance Sheets	4
Consolidated Statements of Shareholder’s Equity	5
Consolidated Statements of Cash Flows	6
Notes to Consolidated Financial Statements	7
Note 1. Interim Financial Data	7
Note 2. Investments in Marketable Securities	9
Note 3. Finance Receivables, Net	12
Note 4. Allowance for Credit Losses	17
Note 5. Investments in Operating Leases, Net	19
Note 6. Derivatives, Hedging Activities and Interest Expense	20
Note 7. Debt and Credit Facilities	22
Note 8. Variable Interest Entities	24
Note 9. Commitments and Contingencies	26
Note 10. Income Taxes	28
Note 11. Related Party Transactions	29
Note 12. Fair Value Measurements	31
Note 13. Segment Information	34
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3. Quantitative and Qualitative Disclosures About Market Risk	59
Item 4. Controls and Procedures	59
PART II. OTHER INFORMATION	60
Item 1. Legal Proceedings	60
Item 1A. Risk Factors	60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3. Defaults Upon Senior Securities	60
Item 4. Mine Safety Disclosures	60
Item 5. Other Information	60
Item 6. Exhibits	61
Signatures	63

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions)

(Unaudited)


	Three months ended				Nine months ended
	December 31,				December 31,
	2025		2024		2025		2024
Financing revenues:
Operating lease	$	1,638	$	1,589	$	4,883	$	4,649
Retail		1,498		1,511		4,501		4,418
Dealer		269		268		772		807
Total financing revenues		3,405		3,368		10,156		9,874
Depreciation on operating leases		1,105		1,012		3,188		3,061
Interest expense		1,448		1,414		4,171		4,441
Net financing revenues		852		942		2,797		2,372

Voluntary protection contract revenues and insurance earned premiums		334		303		982		898
Investment and other income, net		253		111		965		722
Net financing revenues and other revenues		1,439		1,356		4,744		3,992

Expenses:
Provision for credit losses		152		181		328		576
Operating and administrative		484		451		1,400		1,344
Voluntary protection contract expenses and insurance losses		173		159		526		479
Total expenses		809		791		2,254		2,399

Income before income taxes		630		565		2,490		1,593
Provision for income taxes		151		136		594		378

Net income	$	479	$	429	$	1,896	$	1,215

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(Unaudited)


	Three months ended					Nine months ended
	December 31,					December 31,
	2025		2024			2025		2024
Net income	$	479	$	429		$	1,896	$	1,215
Other comprehensive income, net of tax
Net unrealized gains (losses) on available-for-sale debt securities [net of tax benefit (provision) of $0, $6, ($2) and $1, respectively]		1		(21	)		9		(4	)
Reclassification of net gains realized on available-for-sale debt securities included in investment and other income, net [net of tax benefit (provision) of $0, $0, $0 and ($1), respectively]		-		-			1		2
Other comprehensive income (loss)		1		(21	)		10		(2	)
Comprehensive income	$	480	$	408		$	1,906	$	1,213

Refer to the accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in millions except share data)

(Unaudited)


	December 31,			March 31,
	2025			2025
ASSETS
Cash and cash equivalents	$	6,808		$	10,769
Restricted cash and cash equivalents		2,428			2,490
Investments in marketable securities		5,056			4,581
Finance receivables, net of allowance for credit losses of $1,476 and $1,644, respectively		101,192			101,749
Investments in operating leases, net		31,051			30,090
Other assets		6,342			5,615
Total assets	$	152,877		$	155,294

LIABILITIES AND SHAREHOLDER’S EQUITY
Debt	$	122,278		$	127,745
Deferred income taxes		3,638			2,973
Other liabilities		7,812			7,333
Total liabilities		133,728			138,051

Commitments and contingencies (Refer to Note 9)

Shareholder’s equity:
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at December 31, 2025 and March 31, 2025		915			915
Additional paid-in capital		2			2
Accumulated other comprehensive loss		(46	)		(56	)
Retained earnings		18,278			16,382
Total shareholder's equity		19,149			17,243
Total liabilities and shareholder's equity	$	152,877		$	155,294

The following table presents the assets and liabilities of our consolidated variable interest entities (Refer to Note 8).


	December 31,		March 31,
	2025		2025
ASSETS
Finance receivables, net	$	33,258	$	33,958
Investments in operating leases, net		10,184		10,722
Other assets		164		167
Total assets	$	43,606	$	44,847

LIABILITIES
Debt	$	36,562	$	37,717
Other liabilities		61		72
Total liabilities	$	36,623	$	37,789

Refer to the accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(Dollars in millions)

(Unaudited)


	Three months ended December 31, 2025
			Additional		Accumulated other
	Capital		paid-in		comprehensive			Retained
	stock		capital		(loss) income			earnings		Total
Balance at September 30, 2025	$	915	$	2	$	(47	)	$	17,799	$	18,669

Net income		-		-		-			479		479
Other comprehensive income, net of tax		-		-		1			-		1
Balance at December 31, 2025	$	915	$	2	$	(46	)	$	18,278	$	19,149

	Nine months ended December 31, 2025
			Additional		Accumulated other
	Capital		paid-in		comprehensive			Retained
	stock		capital		(loss) income			earnings		Total
Balance at March 31, 2025	$	915	$	2	$	(56	)	$	16,382	$	17,243

Net income		-		-		-			1,896		1,896
Other comprehensive income, net of tax		-		-		10			-		10
Balance at December 31, 2025	$	915	$	2	$	(46	)	$	18,278	$	19,149


	Three months ended December 31, 2024
			Additional		Accumulated other
	Capital		paid-in		comprehensive			Retained
	stock		capital		loss			earnings		Total
Balance at September 30, 2024	$	915	$	2	$	(46	)	$	16,916	$	17,787

Net income		-		-		-			429		429
Other comprehensive loss, net of tax		-		-		(21	)		-		(21	)
Balance at December 31, 2024	$	915	$	2	$	(67	)	$	17,345	$	18,195

	Nine months ended December 31, 2024
			Additional		Accumulated other
	Capital		paid-in		comprehensive			Retained
	stock		capital		loss			earnings		Total
Balance at March 31, 2024	$	915	$	2	$	(65	)	$	16,130	$	16,982

Net income		-		-		-			1,215		1,215
Other comprehensive loss, net of tax		-		-		(2	)		-		(2	)
Balance at December 31, 2024	$	915	$	2	$	(67	)	$	17,345	$	18,195

Refer to the accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)


	Nine months ended December 31,
	2025			2024
Cash flows from operating activities:
Net income	$	1,896		$	1,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,256			3,128
Recognition of deferred income and fees		(1,334	)		(1,165	)
Provision for credit losses		328			576
Amortization of deferred costs		759			790
Foreign currency and other adjustments to the carrying value of financial instruments, net		744			(219	)
Net gains from investments in marketable securities		(287	)		(45	)
Net change in:
Derivative assets		3			1
Other assets and accrued interest		(122	)		(291	)
Deferred income taxes		663			68
Derivative liabilities		(16	)		17
Other liabilities		370			423
Net cash provided by operating activities		6,260			4,498

Cash flows from investing activities:
Purchase of investments in marketable securities		(599	)		(544	)
Proceeds from sales of investments in marketable securities		311			312
Proceeds from maturities of investments in marketable securities		114			93
Acquisition of finance receivables		(38,329	)		(40,559	)
Collection of finance receivables		39,504			37,754
Net change in certain wholesale receivables		(725	)		247
Acquisition of investments in operating leases		(10,854	)		(13,858	)
Proceeds from disposals of investments in operating leases		7,030			9,138
Long-term loans to affiliates		(1,231	)		(853	)
Payments on long-term loans from affiliates		671			410
Net change in financing support provided to affiliates		-			39
Other, net		(59	)		(41	)
Net cash used in investing activities		(4,167	)		(7,862	)

Cash flows from financing activities:
Proceeds from issuance of debt		25,503			34,934
Payments on debt		(32,068	)		(31,818	)
Net change in commercial paper and other short-term financing		333			25
Net change in financing support provided by affiliates		116			(8	)
Net cash (used in) provided by financing activities		(6,116	)		3,133
Net decrease in cash and cash equivalents and restricted cash and cash equivalents		(4,023	)		(231	)
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period		13,259			10,821
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	$	9,236		$	10,590
Supplemental disclosures:
Interest paid, net	$	3,907		$	3,612
Income taxes (received) paid, net	$	(120	)	$	388

Refer to the accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 1 – Interim Financial Data

Basis of Presentation

The information furnished in these unaudited interim consolidated financial statements as of and for the three and nine months ended December 31, 2025 and 2024 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2025, do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2026 (“fiscal 2026”).

These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2025 ("fiscal 2025"), which was filed with the Securities and Exchange Commission on June 3, 2025. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries.

Recently Adopted Accounting Guidance

On March 31, 2025, we adopted ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosure requirements. This ASU enhances disclosure requirements for reportable segments primarily through enhanced disclosures about significant segment expenses. The adoption of this guidance did not have a material impact on our consolidated financial statements or related disclosures. Refer to Note 13 - Segment Information for additional information.

Accounting Guidance Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), requiring more granular disclosure of the components of income taxes. This ASU is effective for us on March 31, 2026, with early adoption permitted. The guidance is only related to Income Taxes disclosure and will not have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. In January 2025, the FASB issued ASU 2025-01, clarifying the effective date of ASU 2024-03. This ASU is effective for us on March 31, 2028, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), providing a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. This ASU is effective for us on April 1, 2026, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles and Other - Internal-Use Software (Subtopic 350-40). This ASU improves the operability of the guidance by removing all references to software development project stages so that guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. This ASU is effective for us on April 1, 2028, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). This ASU establishes accounting requirements for contracts that meet the characteristics-based definition of a derivative and are not otherwise excluded from the Topic 815’s scope. This ASU is effective for us on April 1, 2027, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for us on April 1, 2028. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 1 – Interim Financial Data (Continued)

Other Matters

In fiscal 2025, as it was deemed to be in the best interests of the Company and its sole shareholder, Toyota Financial Services International Corporation, the Board of Directors of TMCC approved transition of the origination and financing of new automotive finance and lease contracts under the Mazda Financial Services (“MFS”) Agreement to Toyota Financial Savings Bank, an unconsolidated affiliate of TMCC (the “MFS Transition”). The MFS Transition commenced and was substantially completed during the fourth quarter of fiscal 2025.

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 2 – Investments in Marketable Securities

Investments in marketable securities consist of debt securities and equity investments. We classify all of our debt securities as available-for-sale (“AFS”). Except when the fair value option is elected, AFS debt securities are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. Interest income is recognized on an accrual basis and determined using the effective interest method. Realized gains and losses from sales of AFS debt securities are determined using the specific identification method or first in first out method. Dividend income, interest income, and realized gains and losses from the sales of AFS debt securities are included in Investment and other income, net in our Consolidated Statements of Income.

We elected the fair value option for certain debt securities held within one of our investment portfolios for operational ease given the size and composition of this portfolio. All debt securities within this specific portfolio are recorded at fair value with changes in fair value included in Investment and other income, net in our Consolidated Statements of Income. AFS debt securities for which the fair value option is elected are not subject to credit loss impairment evaluation. As of December 31, 2025 and March 31, 2025, we held AFS debt securities for which the fair value option was elected of $910 million and $829 million, respectively. The difference between the aggregate fair value and the aggregate unpaid principal balance of AFS debt securities for which the fair value option was elected was an unrealized loss of $50 million and $61 million as of December 31, 2025 and March 31, 2025, respectively.

All equity investments are recorded at fair value with changes in fair value included in Investment and other income, net in our Consolidated Statements of Income. Realized gains and losses from sales of equity investments are determined using the first in first out method and are included in Investment and other income, net in our Consolidated Statements of Income.

Investments in marketable securities consisted of the following:


	December 31, 2025
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale debt securities:
U.S. government and agency obligations	$	918	$	4	$	(81	)	$	841
Foreign government and agency obligations		22		1		(1	)		22
Municipal debt securities		7		1		(1	)		7
Corporate debt securities		475		5		(30	)		450
Mortgage-backed securities:
U.S. government agency		150		2		(3	)		149
Non-agency residential		40		-		(1	)		39
Non-agency commercial		50		-		(5	)		45
Asset-backed securities		164		1		(2	)		163
Total available-for-sale debt securities	$	1,826	$	14	$	(124	)	$	1,716
Equity investments									3,340
Total investments in marketable securities								$	5,056

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 2 – Investments in Marketable Securities (Continued)


	March 31, 2025
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale debt securities:
U.S. government and agency obligations	$	824	$	2	$	(83	)	$	743
Foreign government and agency obligations		21		-		(1	)		20
Municipal debt securities		8		1		(1	)		8
Commercial paper		15		-		-			15
Corporate debt securities		488		2		(40	)		450
Mortgage-backed securities:
U.S. government agency		146		-		(5	)		141
Non-agency residential		12		-		(1	)		11
Non-agency commercial		50		-		(5	)		45
Asset-backed securities		136		1		(3	)		134
Total available-for-sale debt securities	$	1,700	$	6	$	(139	)	$	1,567
Equity investments									3,014
Total investments in marketable securities								$	4,581

A portion of our equity investments are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period.

We also invest in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus.

Unrealized Losses on Securities

The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position:


	December 31, 2025
	Less than 12 months					12 months or longer					Total
Available-for-sale debt securities:	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. government and agency obligations	$	111	$	-		$	513	$	(81	)	$	624	$	(81	)
Foreign government and agency obligations		2		-			5		(1	)		7		(1	)
Municipal debt securities		-		-			2		(1	)		2		(1	)
Corporate debt securities		24		(1	)		245		(29	)		269		(30	)
Mortgage-backed securities
U.S. government agency		6		-			37		(3	)		43		(3	)
Non-agency residential		-		-			7		(1	)		7		(1	)
Non-agency commercial		1		-			42		(5	)		43		(5	)
Asset-backed securities		7		-			32		(2	)		39		(2	)
Total available-for-sale debt securities	$	151	$	(1	)	$	883	$	(123	)	$	1,034	$	(124	)

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 2 – Investments in Marketable Securities (Continued)


	March 31, 2025
	Less than 12 months					12 months or longer					Total
Available-for-sale debt securities:	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. government and agency obligations	$	104	$	(1	)	$	534	$	(82	)	$	638	$	(83	)
Foreign government and agency obligations		7		-			6		(1	)		13		(1	)
Municipal debt securities		-		-			2		(1	)		2		(1	)
Corporate debt securities		42		(1	)		288		(39	)		330		(40	)
Mortgage-backed securities
U.S. government agency		68		(1	)		37		(4	)		105		(5	)
Non-agency residential		1		-			7		(1	)		8		(1	)
Non-agency commercial		3		-			41		(5	)		44		(5	)
Asset-backed securities		37		-			41		(3	)		78		(3	)
Total available-for-sale debt securities	$	262	$	(3	)	$	956	$	(136	)	$	1,218	$	(139	)

An allowance for credit losses is established when it is determined that a credit loss has occurred. As of December 31, 2025 and March 31, 2025, management determined credit losses for securities in an unrealized loss position were not significant. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information.

Gains and Losses on Securities

The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income:


	Three months ended						Nine months ended
	December 31,						December 31,
	2025			2024			2025			2024
Available-for-sale debt securities:
Unrealized (losses) gains on securities for which the fair value option was elected	$	(1	)	$	(34	)	$	11		$	(7	)
Realized gains (losses) on sales, net	$	1		$	(1	)	$	(4	)	$	(5	)

Equity investments:
Unrealized gains (losses)	$	30		$	(109	)	$	281		$	75
Realized losses on sales, net	$	-		$	(2	)	$	(1	)	$	(18	)

Contractual Maturities

The amortized cost and fair value by contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.


	December 31, 2025
	Amortized cost		Fair value
Available-for-sale debt securities:
Due within 1 year	$	78	$	77
Due after 1 year through 5 years		403		396
Due after 5 years through 10 years		513		512
Due after 10 years		428		335
Mortgage-backed and asset-backed securities 1		404		396
Total	$	1,826	$	1,716

1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 3 – Finance Receivables, Net

Finance receivables, net consists of the retail loan and dealer products portfolio segments and includes deferred origination costs, deferred income, and allowance for credit losses. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

Finance receivables, net consisted of the following:


	December 31,			March 31,
	2025			2025
Retail receivables 1	$	84,753		$	87,418
Dealer financing		18,648			16,521
		103,401			103,939

Deferred origination costs		1,090			1,227
Deferred income		(1,823	)		(1,773	)
Allowance for credit losses
Retail receivables		(1,350	)		(1,544	)
Dealer financing		(126	)		(100	)
Total allowance for credit losses		(1,476	)		(1,644	)
Finance receivables, net	$	101,192		$	101,749

1 Includes gross securitized retail receivables of $33.9 billion and $34.4 billion as of December 31, 2025 and March 31, 2025, respectively.

Accrued interest related to finance receivables is presented in Other assets on the Consolidated Balance Sheets and was $404 million and $383 million as of December 31, 2025 and March 31, 2025, respectively.

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TOYOTA MOTOR CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(Unaudited)

Note 3 – Finance Receivables, Net (Continued)

Credit Quality Indicators

We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed.

Retail Loan Portfolio Segment

The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs.

Individual borrower accounts within the retail loan portfolio segment are segregated into aging categories based on the number of days past due. The aging of finance receivables is updated monthly.

The following tables present the amortized cost basis of our retail loan portfolio by origination fiscal year by credit quality indicator based on number of days past due:


	Amortized Cost Basis by Origination Fiscal Year at December 31, 2025
	2026		2025		2024		2023		2022		2021 and Prior		Total
Aging of finance receivables:
Current	$	23,519	$	24,401	$	16,947	$	9,423	$	5,500	$	2,009	$	81,799
30-59 days past due		137		321		368		317		231		124		1,498
60-89 days past due		42		106		122		108		74		41		493
90 days or greater past due		20		53		54		48		33		22		230
Total	$	23,718	$	24,881	$	17,491	$	9,896	$	5,838	$	2,196	$	84,020
Gross Charge-Offs	$	9	$	151	$	186	$	157	$	84	$	41	$	628


	Amortized Cost Basis by Origination Fiscal Year at March 31, 2025
	2025		2024		2023		2022		2021	2020 and Prior	Total
Aging of finance receivables:
Current	$	32,049	$	24,235	$	14,395	$	9,095

TOYOTA MOTOR CREDIT CORP 10-Q