Financials

McDonald's Japan: FYE Dec 2025 and ten years of results (48 metrics)

FYE Dec 2025 · Revenue¥417bnYoY +2.7%

FYE Dec 2025 · Operating profit¥53bnYoY +10.9%

FYE Dec 2025 · Net profit¥34bnYoY +6.1%

FYE Dec 2025 · Equity ratio77.0%YoY +1.9pp

FYE Dec 2025 · Group employees2,454YoY −63

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥227bn	n/a	¥6.9bn	n/a	3.1%	¥5.4bn	Sarah Casanova	—
FYE Dec 2017Consolidated	¥254bn	+11.9%	¥19bn	+172.9%	7.5%	¥24bn	Sarah Casanova	U.S. parent freezes the planned sale of its stake
FYE Dec 2018Consolidated	¥272bn	+7.3%	¥25bn	+32.4%	9.2%	¥22bn	Sarah Casanova	—
FYE Dec 2019Consolidated	¥282bn	+3.5%	¥28bn	+11.9%	9.9%	¥17bn	Sarah Casanova	—
FYE Dec 2020Consolidated	¥288bn	+2.3%	¥31bn	+11.7%	10.9%	¥20bn	Hiiro Tamotsu	Store investment and marketing drive a recovery
FYE Dec 2021Consolidated	¥318bn	+10.2%	¥35bn	+10.3%	10.9%	¥24bn	Hiiro Tamotsu	—
FYE Dec 2022Consolidated	¥352bn	+10.9%	¥34bn	−2.1%	9.6%	¥20bn	Hiiro Tamotsu	Moves to the TSE Standard Market
FYE Dec 2023Consolidated	¥382bn	+8.4%	¥41bn	+20.9%	10.7%	¥25bn	Hiiro Tamotsu	Introduces <em>urban pricing</em>, ending nationwide uniform prices
FYE Dec 2024Consolidated	¥405bn	+6.1%	¥48bn	+17.5%	11.8%	¥32bn	Hiiro Tamotsu	—
FYE Dec 2025Consolidated	¥417bn	+2.7%	¥53bn	+10.9%	12.8%	¥34bn	Thomas Ko	2025–2027 plan targets net store growth for the first time since the 1990s

How it compares

Zensho Holdings¥1.26tnFY2025Operating margin 6.4%Skylark Holdings¥458bnFY2025Operating margin 6.5%Food & Life Companies (Sushiro)¥430bnFY2025Operating margin 8.4%

McDonald's Japan¥417bnFY2025Operating margin 12.8%

Colowide¥300bnFY2025Operating margin 3.1%トリドールホールディングス¥279bnFY2025Operating margin 3.8%Saizeriya¥257bnFY2025Operating margin 6.0%吉野家ホールディングス¥226bnFY2025Operating margin 3.6%ROYAL HOLDINGS¥165bnFY2025Operating margin 4.6%

create restaurants holdings inc.¥165bnFY2025Operating margin 4.8%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥417bn

CAGR · 10 yrs +7.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	227	n/a	Cons. · Japanese GAAP
FYE Dec 2017	254	+11.9%	Cons. · Japanese GAAP
FYE Dec 2018	272	+7.3%	Cons. · Japanese GAAP
FYE Dec 2019	282	+3.5%	Cons. · Japanese GAAP
FYE Dec 2020	288	+2.3%	Cons. · Japanese GAAP
FYE Dec 2021	318	+10.2%	Cons. · Japanese GAAP
FYE Dec 2022	352	+10.9%	Cons. · Japanese GAAP
FYE Dec 2023	382	+8.4%	Cons. · Japanese GAAP
FYE Dec 2024	405	+6.1%	Cons. · Japanese GAAP
FYE Dec 2025	417	+2.7%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥330bn

CAGR · 10 yrs +6.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	195	n/a	Cons. · Japanese GAAP
FYE Dec 2017	208	+6.6%	Cons. · Japanese GAAP
FYE Dec 2018	219	+5.3%	Cons. · Japanese GAAP
FYE Dec 2019	226	+3.0%	Cons. · Japanese GAAP
FYE Dec 2020	230	+2.0%	Cons. · Japanese GAAP
FYE Dec 2021	254	+10.5%	Cons. · Japanese GAAP
FYE Dec 2022	288	+13.3%	Cons. · Japanese GAAP
FYE Dec 2023	310	+7.5%	Cons. · Japanese GAAP
FYE Dec 2024	324	+4.8%	Cons. · Japanese GAAP
FYE Dec 2025	330	+1.7%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥87bn

CAGR · 10 yrs +11.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	31.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.5	+45.2%	Cons. · Japanese GAAP
FYE Dec 2018	53.2	+16.8%	Cons. · Japanese GAAP
FYE Dec 2019	56.1	+5.4%	Cons. · Japanese GAAP
FYE Dec 2020	58.3	+3.9%	Cons. · Japanese GAAP
FYE Dec 2021	63.4	+8.9%	Cons. · Japanese GAAP
FYE Dec 2022	64.3	+1.4%	Cons. · Japanese GAAP
FYE Dec 2023	72.3	+12.4%	Cons. · Japanese GAAP
FYE Dec 2024	81.0	+12.0%	Cons. · Japanese GAAP
FYE Dec 2025	86.6	+6.9%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥33bn

CAGR · 10 yrs +3.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	24.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.6	+9.0%	Cons. · Japanese GAAP
FYE Dec 2018	28.2	+5.8%	Cons. · Japanese GAAP
FYE Dec 2019	28.1	−0.3%	Cons. · Japanese GAAP
FYE Dec 2020	27.0	−4.0%	Cons. · Japanese GAAP
FYE Dec 2021	28.9	+7.2%	Cons. · Japanese GAAP
FYE Dec 2022	30.5	+5.6%	Cons. · Japanese GAAP
FYE Dec 2023	31.4	+2.9%	Cons. · Japanese GAAP
FYE Dec 2024	33.0	+4.9%	Cons. · Japanese GAAP
FYE Dec 2025	33.3	+1.1%	Cons. · Japanese GAAP

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Dec 2025 ¥53bn

CAGR · 10 yrs +25.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	6.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.9	+172.9%	Cons. · Japanese GAAP
FYE Dec 2018	25.0	+32.4%	Cons. · Japanese GAAP
FYE Dec 2019	28.0	+11.9%	Cons. · Japanese GAAP
FYE Dec 2020	31.3	+11.7%	Cons. · Japanese GAAP
FYE Dec 2021	34.5	+10.3%	Cons. · Japanese GAAP
FYE Dec 2022	33.8	−2.1%	Cons. · Japanese GAAP
FYE Dec 2023	40.9	+20.9%	Cons. · Japanese GAAP
FYE Dec 2024	48.0	+17.5%	Cons. · Japanese GAAP
FYE Dec 2025	53.3	+10.9%	Cons. · Japanese GAAP

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥1.3bn

CAGR · 10 yrs +8.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	0.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.0	+228.5%	Cons. · Japanese GAAP
FYE Dec 2018	1.4	−29.7%	Cons. · Japanese GAAP
FYE Dec 2019	1.3	−10.4%	Cons. · Japanese GAAP
FYE Dec 2020	1.4	+11.6%	Cons. · Japanese GAAP
FYE Dec 2021	1.1	−19.6%	Cons. · Japanese GAAP
FYE Dec 2022	0.8	−33.7%	Cons. · Japanese GAAP
FYE Dec 2023	1.6	+115.5%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+4.6%	Cons. · Japanese GAAP
FYE Dec 2025	1.3	−23.3%	Cons. · Japanese GAAP

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥2.5bn

CAGR · 10 yrs +11.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.2	+30.4%	Cons. · Japanese GAAP
FYE Dec 2018	0.8	−32.3%	Cons. · Japanese GAAP
FYE Dec 2019	1.8	+119.5%	Cons. · Japanese GAAP
FYE Dec 2020	1.3	−28.7%	Cons. · Japanese GAAP
FYE Dec 2021	2.0	+58.8%	Cons. · Japanese GAAP
FYE Dec 2022	1.8	−14.2%	Cons. · Japanese GAAP
FYE Dec 2023	1.8	+1.3%	Cons. · Japanese GAAP
FYE Dec 2024	2.3	+31.8%	Cons. · Japanese GAAP
FYE Dec 2025	2.5	+7.6%	Cons. · Japanese GAAP

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Ordinary profit keijo rieki

FYE Dec 2025 ¥52bn

CAGR · 10 yrs +25.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.7	+198.1%	Cons. · Japanese GAAP
FYE Dec 2018	25.6	+30.1%	Cons. · Japanese GAAP
FYE Dec 2019	27.5	+7.2%	Cons. · Japanese GAAP
FYE Dec 2020	31.4	+14.3%	Cons. · Japanese GAAP
FYE Dec 2021	33.6	+7.0%	Cons. · Japanese GAAP
FYE Dec 2022	32.8	−2.4%	Cons. · Japanese GAAP
FYE Dec 2023	40.7	+24.1%	Cons. · Japanese GAAP
FYE Dec 2024	47.4	+16.3%	Cons. · Japanese GAAP
FYE Dec 2025	52.1	+9.8%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Dec 2025 ¥0.1bn

CAGR · 8 yrs −17.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	0.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.5	+325.3%	Cons. · Japanese GAAP
FYE Dec 2018	2.2	−10.9%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	0.0	−83.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.1	+85.4%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+2084.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.1	−91.1%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥34bn

CAGR · 10 yrs +22.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	24.0	+347.7%	Cons. · Japanese GAAP
FYE Dec 2018	21.9	−8.7%	Cons. · Japanese GAAP
FYE Dec 2019	16.9	−23.0%	Cons. · Japanese GAAP
FYE Dec 2020	20.2	+19.5%	Cons. · Japanese GAAP
FYE Dec 2021	23.9	+18.6%	Cons. · Japanese GAAP
FYE Dec 2022	19.9	−16.7%	Cons. · Japanese GAAP
FYE Dec 2023	25.2	+26.2%	Cons. · Japanese GAAP
FYE Dec 2024	32.0	+27.0%	Cons. · Japanese GAAP
FYE Dec 2025	33.9	+6.1%	Cons. · Japanese GAAP

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Dec 2025 20.8%

Average · 10 yrs 18.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	13.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.9	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2018	19.5	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2019	19.9	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	20.2	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	20.0	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2022	18.3	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	18.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	20.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	20.8	+0.8pp	Cons. · Japanese GAAP

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Dec 2025 12.8%

Average · 10 yrs 9.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.5	+4.4pp	Cons. · Japanese GAAP
FYE Dec 2018	9.2	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	9.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	10.9	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	10.9	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2022	9.6	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	10.7	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	11.8	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2025	12.8	+0.9pp	Cons. · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Dec 2025 12.5%

Average · 10 yrs 9.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.8	+4.9pp	Cons. · Japanese GAAP
FYE Dec 2018	9.4	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2019	9.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	10.9	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	10.6	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	9.3	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	10.7	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	11.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	12.5	+0.8pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Dec 2025 8.1%

Average · 10 yrs 6.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	2.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.5	+7.1pp	Cons. · Japanese GAAP
FYE Dec 2018	8.1	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2019	6.0	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2020	7.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	7.5	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	5.7	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	6.6	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2024	7.9	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	8.1	+0.3pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 79.2%

Average · 10 yrs 81.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	86.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	82.0	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2018	80.5	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2019	80.1	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	79.8	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	80.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2022	81.7	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	81.1	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	80.0	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	79.2	−0.8pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Dec 2025 8.0%

Average · 10 yrs 9.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	10.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.5	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	10.3	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	10.0	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	9.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2021	9.1	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	8.7	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	8.2	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	8.1	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	8.0	−0.1pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥364bn

CAGR · 10 yrs +8.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	180	n/a	Cons. · Japanese GAAP
FYE Dec 2017	196	+8.7%	Cons. · Japanese GAAP
FYE Dec 2018	210	+7.0%	Cons. · Japanese GAAP
FYE Dec 2019	222	+5.6%	Cons. · Japanese GAAP
FYE Dec 2020	233	+5.1%	Cons. · Japanese GAAP
FYE Dec 2021	260	+11.6%	Cons. · Japanese GAAP
FYE Dec 2022	277	+6.6%	Cons. · Japanese GAAP
FYE Dec 2023	311	+12.3%	Cons. · Japanese GAAP
FYE Dec 2024	337	+8.3%	Cons. · Japanese GAAP
FYE Dec 2025	364	+8.1%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥280bn

CAGR · 10 yrs +11.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	110	n/a	Cons. · Japanese GAAP
FYE Dec 2017	130	+17.9%	Cons. · Japanese GAAP
FYE Dec 2018	146	+12.8%	Cons. · Japanese GAAP
FYE Dec 2019	159	+8.9%	Cons. · Japanese GAAP
FYE Dec 2020	175	+9.9%	Cons. · Japanese GAAP
FYE Dec 2021	194	+10.9%	Cons. · Japanese GAAP
FYE Dec 2022	207	+6.4%	Cons. · Japanese GAAP
FYE Dec 2023	227	+9.7%	Cons. · Japanese GAAP
FYE Dec 2024	253	+11.6%	Cons. · Japanese GAAP
FYE Dec 2025	280	+10.8%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Dec 2025 ¥0.0bn

Average · 10 yrs ¥4.9bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	23.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.6	−41.1%	Cons. · Japanese GAAP
FYE Dec 2018	11.1	−18.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.5	−95.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.5	−0.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.0	−100.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.0	n/a	Cons. · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Dec 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	Cons. · Japanese GAAP
FYE Dec 2019	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	Cons. · Japanese GAAP
FYE Dec 2022	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 ¥0.0bn

Average · 10 yrs ¥4.9bn

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	23.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.6	−41.1%	Cons. · Japanese GAAP
FYE Dec 2018	11.1	−18.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.5	−95.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.5	−0.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.0	−100.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.0	n/a	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Dec 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	Cons. · Japanese GAAP
FYE Dec 2019	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	Cons. · Japanese GAAP
FYE Dec 2022	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥11bn

CAGR · 10 yrs +4.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	7.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.0	+3.4%	Cons. · Japanese GAAP
FYE Dec 2018	7.9	−0.9%	Cons. · Japanese GAAP
FYE Dec 2019	8.2	+3.3%	Cons. · Japanese GAAP
FYE Dec 2020	9.2	+13.0%	Cons. · Japanese GAAP
FYE Dec 2021	9.9	+7.1%	Cons. · Japanese GAAP
FYE Dec 2022	11.3	+14.3%	Cons. · Japanese GAAP
FYE Dec 2023	11.2	−1.2%	Cons. · Japanese GAAP
FYE Dec 2024	10.9	−2.9%	Cons. · Japanese GAAP
FYE Dec 2025	11.1	+2.6%	Cons. · Japanese GAAP

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Dec 2025 ¥920m

CAGR · 10 yrs +0.2%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Dec 2016	907	n/a	Cons. · Japanese GAAP
FYE Dec 2017	558	−38.5%	Cons. · Japanese GAAP
FYE Dec 2018	412	−26.2%	Cons. · Japanese GAAP
FYE Dec 2019	210	−49.0%	Cons. · Japanese GAAP
FYE Dec 2020	467	+122.4%	Cons. · Japanese GAAP
FYE Dec 2021	518	+10.9%	Cons. · Japanese GAAP
FYE Dec 2022	596	+15.1%	Cons. · Japanese GAAP
FYE Dec 2023	435	−27.0%	Cons. · Japanese GAAP
FYE Dec 2024	640	+47.1%	Cons. · Japanese GAAP
FYE Dec 2025	920	+43.8%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 77.0%

Average · 10 yrs 71.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	60.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	66.1	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2018	69.6	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2019	71.9	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2020	75.1	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2021	74.7	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	74.5	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	72.8	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	75.1	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2025	77.0	+1.9pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Dec 2025 0.0%

Average · 10 yrs 4.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	21.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.5	−10.5pp	Cons. · Japanese GAAP
FYE Dec 2018	7.6	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2019	0.3	−7.3pp	Cons. · Japanese GAAP
FYE Dec 2020	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	0.0	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	0.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2023	0.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2024	0.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2025	0.0	−0.0pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Dec 2025 12.1%

Average · 10 yrs 11.8%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.5	+13.6pp	Cons. · Japanese GAAP
FYE Dec 2018	15.0	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2019	10.6	−4.4pp	Cons. · Japanese GAAP
FYE Dec 2020	11.5	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	12.3	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2022	9.6	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2023	11.1	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	12.6	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2025	12.1	−0.5pp	Cons. · Japanese GAAP

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Dec 2025 9.3%

Average · 10 yrs 8.5%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.2	+9.3pp	Cons. · Japanese GAAP
FYE Dec 2018	10.4	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	7.6	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2020	8.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	9.2	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	7.2	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2023	8.1	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2024	9.5	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	9.3	−0.2pp	Cons. · Japanese GAAP

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Dec 2025 1.14×

CAGR · 10 yrs −1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.26	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.29	+2.9%	Cons. · Japanese GAAP
FYE Dec 2018	1.30	+0.3%	Cons. · Japanese GAAP
FYE Dec 2019	1.27	−2.0%	Cons. · Japanese GAAP
FYE Dec 2020	1.24	−2.6%	Cons. · Japanese GAAP
FYE Dec 2021	1.22	−1.3%	Cons. · Japanese GAAP
FYE Dec 2022	1.27	+4.0%	Cons. · Japanese GAAP
FYE Dec 2023	1.23	−3.4%	Cons. · Japanese GAAP
FYE Dec 2024	1.20	−1.9%	Cons. · Japanese GAAP
FYE Dec 2025	1.14	−5.0%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥53bn

CAGR · 10 yrs +11.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	19.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.0	+61.8%	Cons. · Japanese GAAP
FYE Dec 2018	34.8	+8.9%	Cons. · Japanese GAAP
FYE Dec 2019	45.0	+29.1%	Cons. · Japanese GAAP
FYE Dec 2020	27.9	−38.0%	Cons. · Japanese GAAP
FYE Dec 2021	38.9	+39.4%	Cons. · Japanese GAAP
FYE Dec 2022	23.8	−38.8%	Cons. · Japanese GAAP
FYE Dec 2023	48.5	+103.9%	Cons. · Japanese GAAP
FYE Dec 2024	52.7	+8.7%	Cons. · Japanese GAAP
FYE Dec 2025	53.2	+1.0%	Cons. · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥42bn

Average · 10 yrs -¥25bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-11.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-12.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-10.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-14.6	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-44.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-20.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-32.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-14.2	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-44.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-42.5	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥6.7bn

Average · 10 yrs -¥7.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-7.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-14.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-15.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-4.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-5.6	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-5.5	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-5.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-6.7	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥71bn

CAGR · 10 yrs +14.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	21.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.0	+22.2%	Cons. · Japanese GAAP
FYE Dec 2018	43.3	+66.8%	Cons. · Japanese GAAP
FYE Dec 2019	58.6	+35.3%	Cons. · Japanese GAAP
FYE Dec 2020	37.7	−35.6%	Cons. · Japanese GAAP
FYE Dec 2021	50.3	+33.2%	Cons. · Japanese GAAP
FYE Dec 2022	36.4	−27.7%	Cons. · Japanese GAAP
FYE Dec 2023	65.2	+79.4%	Cons. · Japanese GAAP
FYE Dec 2024	67.3	+3.2%	Cons. · Japanese GAAP
FYE Dec 2025	71.4	+6.1%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Dec 2025 ¥11bn

CAGR · 10 yrs +2.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.6	+124.9%	Cons. · Japanese GAAP
FYE Dec 2018	24.7	+25.8%	Cons. · Japanese GAAP
FYE Dec 2019	30.4	+23.0%	Cons. · Japanese GAAP
FYE Dec 2020	-16.2	−153.2%	Cons. · Japanese GAAP
FYE Dec 2021	18.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-8.4	−146.7%	Cons. · Japanese GAAP
FYE Dec 2023	34.3	n/a	Cons. · Japanese GAAP
FYE Dec 2024	7.9	−76.9%	Cons. · Japanese GAAP
FYE Dec 2025	10.8	+35.8%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 12.8%

Average · 10 yrs 11.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.6	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2018	12.8	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	16.0	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	9.7	−6.3pp	Cons. · Japanese GAAP
FYE Dec 2021	12.2	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2022	6.7	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2023	12.7	+5.9pp	Cons. · Japanese GAAP
FYE Dec 2024	13.0	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	12.8	−0.2pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Dec 2025 ¥71bn

Average · 10 yrs ¥43bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	32.2	+160.9%	Cons. · Japanese GAAP
FYE Dec 2019	58.1	+80.5%	Cons. · Japanese GAAP
FYE Dec 2020	37.2	−35.9%	Cons. · Japanese GAAP
FYE Dec 2021	50.3	+35.0%	Cons. · Japanese GAAP
FYE Dec 2022	36.4	−27.7%	Cons. · Japanese GAAP
FYE Dec 2023	65.2	+79.4%	Cons. · Japanese GAAP
FYE Dec 2024	67.3	+3.2%	Cons. · Japanese GAAP
FYE Dec 2025	71.4	+6.1%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥851bn

Change · 10 yrs +¥444bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	407	n/a
FYE Dec 2017	658	n/a
FYE Dec 2018	619	n/a
FYE Dec 2019	697	n/a
FYE Dec 2020	664	n/a
FYE Dec 2021	678	n/a
FYE Dec 2022	664	n/a
FYE Dec 2023	813	n/a
FYE Dec 2024	821	n/a
FYE Dec 2025	851	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 6,402¥

Change · 10 yrs +3,341¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,060	n/a
FYE Dec 2017	4,951	n/a
FYE Dec 2018	4,653	n/a
FYE Dec 2019	5,245	n/a
FYE Dec 2020	4,995	n/a
FYE Dec 2021	5,097	n/a
FYE Dec 2022	4,994	n/a
FYE Dec 2023	6,113	n/a
FYE Dec 2024	6,178	n/a
FYE Dec 2025	6,402	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 132,960,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	132,960,000	Parent
FYE Dec 2017	132,960,000	Parent
FYE Dec 2018	132,960,000	Parent
FYE Dec 2019	132,960,000	Parent
FYE Dec 2020	132,960,000	Parent
FYE Dec 2021	132,960,000	Parent
FYE Dec 2022	132,960,000	Parent
FYE Dec 2023	132,960,000	Parent
FYE Dec 2024	132,960,000	Parent
FYE Dec 2025	132,960,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 255.04¥

Change · 10 yrs +214.67¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	40.37	Cons.
FYE Dec 2017	180.69	Cons.
FYE Dec 2018	165.01	Cons.
FYE Dec 2019	127.00	Cons.
FYE Dec 2020	151.83	Cons.
FYE Dec 2021	180.10	Cons.
FYE Dec 2022	149.96	Cons.
FYE Dec 2023	189.26	Cons.
FYE Dec 2024	240.39	Cons.
FYE Dec 2025	255.04	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 2,109.41¥

Change · 10 yrs +1,282.09¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	827.32	Cons. · Japanese GAAP
FYE Dec 2017	975.41	Cons. · Japanese GAAP
FYE Dec 2018	1,099.77	Cons. · Japanese GAAP
FYE Dec 2019	1,198.07	Cons. · Japanese GAAP
FYE Dec 2020	1,316.79	Cons. · Japanese GAAP
FYE Dec 2021	1,460.76	Cons. · Japanese GAAP
FYE Dec 2022	1,554.78	Cons. · Japanese GAAP
FYE Dec 2023	1,704.82	Cons. · Japanese GAAP
FYE Dec 2024	1,903.16	Cons. · Japanese GAAP
FYE Dec 2025	2,109.41	Cons. · Japanese GAAP

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 25.10×

Average · 10 yrs 35.03×

Fiscal year	PER ×	Basis
FYE Dec 2016	75.80	Cons.
FYE Dec 2017	27.40	Cons.
FYE Dec 2018	28.20	Cons.
FYE Dec 2019	41.30	Cons.
FYE Dec 2020	32.90	Cons.
FYE Dec 2021	28.30	Cons.
FYE Dec 2022	33.30	Cons.
FYE Dec 2023	32.30	Cons.
FYE Dec 2024	25.70	Cons.
FYE Dec 2025	25.10	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 3.03×

Average · 10 yrs 3.78×

Fiscal year	PBR ×	Basis
FYE Dec 2016	3.70	Cons.
FYE Dec 2017	5.08	Cons.
FYE Dec 2018	4.23	Cons.
FYE Dec 2019	4.38	Cons.
FYE Dec 2020	3.79	Cons.
FYE Dec 2021	3.49	Cons.
FYE Dec 2022	3.21	Cons.
FYE Dec 2023	3.59	Cons.
FYE Dec 2024	3.25	Cons.
FYE Dec 2025	3.03	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 2,454people

Change · 10 yrs +215 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	2,239	n/a	Cons.
FYE Dec 2017	2,194	−2.0%	Cons.
FYE Dec 2018	2,145	−2.2%	Cons.
FYE Dec 2019	2,085	−2.8%	Cons.
FYE Dec 2020	2,083	−0.1%	Cons.
FYE Dec 2021	2,272	+9.1%	Cons.
FYE Dec 2022	2,475	+8.9%	Cons.
FYE Dec 2023	2,566	+3.7%	Cons.
FYE Dec 2024	2,517	−1.9%	Cons.
FYE Dec 2025	2,454	−2.5%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 2people

Change · 10 yrs +2 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	0	n/a	Parent
FYE Dec 2017	0	n/a	Parent
FYE Dec 2018	0	n/a	Parent
FYE Dec 2019	0	n/a	Parent
FYE Dec 2020	0	n/a	Parent
FYE Dec 2021	0	n/a	Parent
FYE Dec 2022	0	n/a	Parent
FYE Dec 2023	0	n/a	Parent
FYE Dec 2024	0	n/a	Parent
FYE Dec 2025	2	n/a	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Dec 2025 14,476people

Change · 10 yrs +2,531 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	11,945	n/a	n/a
FYE Dec 2017	12,877	+7.8%	n/a
FYE Dec 2018	13,270	+3.1%	n/a
FYE Dec 2019	13,588	+2.4%	n/a
FYE Dec 2020	13,665	+0.6%	n/a
FYE Dec 2021	15,084	+10.4%	n/a
FYE Dec 2022	15,369	+1.9%	n/a
FYE Dec 2023	15,879	+3.3%	n/a
FYE Dec 2024	16,034	+1.0%	n/a
FYE Dec 2025	14,476	−9.7%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Dec 2025 ¥170m

Change · 10 yrs +¥68.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	101	n/a	Cons.
FYE Dec 2017	116	+14.2%	Cons.
FYE Dec 2018	127	+9.8%	Cons.
FYE Dec 2019	135	+6.5%	Cons.
FYE Dec 2020	138	+2.4%	Cons.
FYE Dec 2021	140	+1.0%	Cons.
FYE Dec 2022	142	+1.8%	Cons.
FYE Dec 2023	149	+4.6%	Cons.
FYE Dec 2024	161	+8.2%	Cons.
FYE Dec 2025	170	+5.4%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥21.7m

Change · 10 yrs +¥18.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons.
FYE Dec 2017	8.6	+178.5%	Cons.
FYE Dec 2018	11.7	+35.5%	Cons.
FYE Dec 2019	13.4	+15.1%	Cons.
FYE Dec 2020	15.0	+11.8%	Cons.
FYE Dec 2021	15.2	+1.1%	Cons.
FYE Dec 2022	13.7	−10.1%	Cons.
FYE Dec 2023	15.9	+16.6%	Cons.
FYE Dec 2024	19.1	+19.8%	Cons.
FYE Dec 2025	21.7	+13.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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