Toyota Q2 Operating Profit Rises 34% to ¥1.13 Trillion, Expands Buyback to ¥1.3 Trillion

The split between a strong operating beat and a double-digit net profit decline points to items below the operating line, not core performance, doing the damage — a distinction that matters more than the headline beat. The raised full-year guidance and larger buyback signal management confidence in the operating trajectory despite that net-line weakness. Whether the gap between operating and net profit persists, and whether the expanded buyback is read as confidence or as a way to support the share price, is the open question.