When Buzz sees Jessie in action, he looks in awe as his wings pop out, symbolizing an erection.
When a Barbie doll joins the other toys in a car, Mr. Potato Head repeatedly says to himself, "I'm a married spud."
During the outtakes that play during the end credits of some versions, Stinky Pete is caught secretly flirting with two Barbie dolls in his box. This outtake has been removed in the 2019 4K UHD release as well as the digital versions, likely in response to the MeToo movement that led to director John Lassester's resignation from Disney and Pixar after allegations of inappropriate sexual conduct.
When Hamm is flipping through the channels to find the Al's Toy Barn commercial, one of the channels shows a Knick-knack of a woman in a bathing suit with unusually large breasts. However, it's only shown for a fraction of a second and can only be seen when viewed frame by frame.