Toyota expects a fiscal 2026 operating profit of about $26 billion, short of the Wall Street estimate for about $34 billion.

The automaker’s somber forecast for the fiscal year underscored how quickly fortunes have turned for many companies reckoning with President Trump’s tariffs.

President Trump’s tariffs will cost Japan's largest carmaker an estimated $1.2 billion for April and May alone. Beyond that, Toyota Chief Executive Koji Sato said Thursday, it was “very difficult to forecast” because details of the tariffs were still fluid,