Financials

Japan Tobacco: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥3.47tnYoY +13.4%

FYE Dec 2025 · Operating profit¥867bnYoY +175.9%

FYE Dec 2025 · Net profit¥510bnYoY +184.6%

FYE Dec 2025 · Equity ratio48.9%YoY +2.9pp

FYE Dec 2025 · Group employees52,867YoY −726

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥2.14tn	n/a	¥593bn	n/a	27.7%	¥422bn	Koizumi Mitsuomi	—
FYE Dec 2017Consolidated	¥2.14tn	−0.2%	¥561bn	−5.4%	26.2%	¥392bn	Koizumi Mitsuomi	—
FYE Dec 2018Consolidated	¥2.22tn	+3.6%	¥565bn	+0.7%	25.5%	¥386bn	Koizumi Mitsuomi	Launches heated-tobacco products
FYE Dec 2019Consolidated	¥2.18tn	−1.8%	¥502bn	−11.1%	23.1%	¥348bn	Terabatake Masamichi	—
FYE Dec 2020Consolidated	¥2.09tn	−3.8%	¥469bn	−6.6%	22.4%	¥310bn	Terabatake Masamichi	Head office moves to Toranomon, Tokyo
FYE Dec 2021Consolidated	¥2.32tn	+11.1%	¥499bn	+6.4%	21.5%	¥338bn	Terabatake Masamichi	—
FYE Dec 2022Consolidated	¥2.66tn	+14.3%	¥654bn	+31.0%	24.6%	¥443bn	Terabatake Masamichi	Tobacco HQ consolidated in Geneva
FYE Dec 2023Consolidated	¥2.84tn	+6.9%	¥672bn	+2.9%	23.7%	¥482bn	Terabatake Masamichi	—
FYE Dec 2024Consolidated	¥3.06tn	+7.6%	¥314bn	−53.3%	10.3%	¥179bn	Terabatake Masamichi	Acquires Vector Group (US)
FYE Dec 2025Consolidated	¥3.47tn	+13.4%	¥867bn	+175.9%	25.0%	¥510bn	Terabatake Masamichi	Sells pharmaceutical business to Shionogi

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥3.47tn

CAGR · 10 yrs +5.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	2,143	n/a	Cons. · IFRS
FYE Dec 2017	2,140	−0.2%	Cons. · IFRS
FYE Dec 2018	2,216	+3.6%	Cons. · IFRS
FYE Dec 2019	2,176	−1.8%	Cons. · IFRS
FYE Dec 2020	2,093	−3.8%	Cons. · IFRS
FYE Dec 2021	2,325	+11.1%	Cons. · IFRS
FYE Dec 2022	2,658	+14.3%	Cons. · IFRS
FYE Dec 2023	2,841	+6.9%	Cons. · IFRS
FYE Dec 2024	3,057	+7.6%	Cons. · IFRS
FYE Dec 2025	3,468	+13.4%	Cons. · IFRS

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 ¥1.52tn

CAGR · 10 yrs +6.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	872	n/a	Cons. · IFRS
FYE Dec 2017	844	−3.3%	Cons. · IFRS
FYE Dec 2018	933	+10.6%	Cons. · IFRS
FYE Dec 2019	942	+1.0%	Cons. · IFRS
FYE Dec 2020	898	−4.7%	Cons. · IFRS
FYE Dec 2021	957	+6.6%	Cons. · IFRS
FYE Dec 2022	1,091	+14.0%	Cons. · IFRS
FYE Dec 2023	1,226	+12.4%	Cons. · IFRS
FYE Dec 2024	1,379	+12.5%	Cons. · IFRS
FYE Dec 2025	1,519	+10.1%	Cons. · IFRS

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 ¥1.95tn

CAGR · 10 yrs +4.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	1,271	n/a	Cons. · IFRS
FYE Dec 2017	1,296	+2.0%	Cons. · IFRS
FYE Dec 2018	1,283	−1.0%	Cons. · IFRS
FYE Dec 2019	1,233	−3.9%	Cons. · IFRS
FYE Dec 2020	1,195	−3.1%	Cons. · IFRS
FYE Dec 2021	1,368	+14.5%	Cons. · IFRS
FYE Dec 2022	1,567	+14.5%	Cons. · IFRS
FYE Dec 2023	1,615	+3.1%	Cons. · IFRS
FYE Dec 2024	1,677	+3.9%	Cons. · IFRS
FYE Dec 2025	1,949	+16.2%	Cons. · IFRS

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 ¥1.18tn

CAGR · 10 yrs +5.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	754	n/a	Cons. · IFRS
FYE Dec 2017	787	+4.3%	Cons. · IFRS
FYE Dec 2018	770	−2.1%	Cons. · IFRS
FYE Dec 2019	832	+8.0%	Cons. · IFRS
FYE Dec 2020	784	−5.7%	Cons. · IFRS
FYE Dec 2021	889	+13.3%	Cons. · IFRS
FYE Dec 2022	942	+6.0%	Cons. · IFRS
FYE Dec 2023	981	+4.2%	Cons. · IFRS
FYE Dec 2024	1,407	+43.4%	Cons. · IFRS
FYE Dec 2025	1,178	−16.3%	Cons. · IFRS

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 ¥867bn

CAGR · 10 yrs +4.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	593	n/a	Cons. · IFRS
FYE Dec 2017	561	−5.4%	Cons. · IFRS
FYE Dec 2018	565	+0.7%	Cons. · IFRS
FYE Dec 2019	502	−11.1%	Cons. · IFRS
FYE Dec 2020	469	−6.6%	Cons. · IFRS
FYE Dec 2021	499	+6.4%	Cons. · IFRS
FYE Dec 2022	654	+31.0%	Cons. · IFRS
FYE Dec 2023	672	+2.9%	Cons. · IFRS
FYE Dec 2024	314	−53.3%	Cons. · IFRS
FYE Dec 2025	867	+175.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥68bn

CAGR · 10 yrs +29.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · IFRS
FYE Dec 2017	4.8	−27.8%	Cons. · IFRS
FYE Dec 2018	5.8	+20.4%	Cons. · IFRS
FYE Dec 2019	8.4	+46.0%	Cons. · IFRS
FYE Dec 2020	12.4	+47.0%	Cons. · IFRS
FYE Dec 2021	19.0	+53.9%	Cons. · IFRS
FYE Dec 2022	31.1	+63.8%	Cons. · IFRS
FYE Dec 2023	44.4	+42.6%	Cons. · IFRS
FYE Dec 2024	69.0	+55.4%	Cons. · IFRS
FYE Dec 2025	67.9	−1.5%	Cons. · IFRS

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 ¥195bn

CAGR · 10 yrs +27.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	21.7	n/a	Cons. · IFRS
FYE Dec 2017	27.3	+26.0%	Cons. · IFRS
FYE Dec 2018	39.3	+43.5%	Cons. · IFRS
FYE Dec 2019	45.5	+16.0%	Cons. · IFRS
FYE Dec 2020	61.3	+34.7%	Cons. · IFRS
FYE Dec 2021	45.6	−25.6%	Cons. · IFRS
FYE Dec 2022	91.3	+100.0%	Cons. · IFRS
FYE Dec 2023	95.2	+4.3%	Cons. · IFRS
FYE Dec 2024	159	+66.9%	Cons. · IFRS
FYE Dec 2025	195	+22.8%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥510bn

CAGR · 10 yrs +2.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	422	n/a	Cons. · IFRS
FYE Dec 2017	392	−6.9%	Cons. · IFRS
FYE Dec 2018	386	−1.7%	Cons. · IFRS
FYE Dec 2019	348	−9.7%	Cons. · IFRS
FYE Dec 2020	310	−10.9%	Cons. · IFRS
FYE Dec 2021	338	+9.1%	Cons. · IFRS
FYE Dec 2022	443	+30.8%	Cons. · IFRS
FYE Dec 2023	482	+8.9%	Cons. · IFRS
FYE Dec 2024	179	−62.8%	Cons. · IFRS
FYE Dec 2025	510	+184.6%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 56.2%

Average · 10 yrs 57.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	59.3	n/a	Cons. · IFRS
FYE Dec 2017	60.6	+1.3pp	Cons. · IFRS
FYE Dec 2018	57.9	−2.7pp	Cons. · IFRS
FYE Dec 2019	56.7	−1.2pp	Cons. · IFRS
FYE Dec 2020	57.1	+0.4pp	Cons. · IFRS
FYE Dec 2021	58.8	+1.8pp	Cons. · IFRS
FYE Dec 2022	59.0	+0.1pp	Cons. · IFRS
FYE Dec 2023	56.8	−2.1pp	Cons. · IFRS
FYE Dec 2024	54.9	−2.0pp	Cons. · IFRS
FYE Dec 2025	56.2	+1.3pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 25.0%

Average · 10 yrs 23.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	27.7	n/a	Cons. · IFRS
FYE Dec 2017	26.2	−1.5pp	Cons. · IFRS
FYE Dec 2018	25.5	−0.7pp	Cons. · IFRS
FYE Dec 2019	23.1	−2.4pp	Cons. · IFRS
FYE Dec 2020	22.4	−0.7pp	Cons. · IFRS
FYE Dec 2021	21.5	−1.0pp	Cons. · IFRS
FYE Dec 2022	24.6	+3.1pp	Cons. · IFRS
FYE Dec 2023	23.7	−0.9pp	Cons. · IFRS
FYE Dec 2024	10.3	−13.4pp	Cons. · IFRS
FYE Dec 2025	25.0	+14.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 14.7%

Average · 10 yrs 15.5%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	19.7	n/a	Cons. · IFRS
FYE Dec 2017	18.3	−1.3pp	Cons. · IFRS
FYE Dec 2018	17.4	−0.9pp	Cons. · IFRS
FYE Dec 2019	16.0	−1.4pp	Cons. · IFRS
FYE Dec 2020	14.8	−1.2pp	Cons. · IFRS
FYE Dec 2021	14.6	−0.3pp	Cons. · IFRS
FYE Dec 2022	16.7	+2.1pp	Cons. · IFRS
FYE Dec 2023	17.0	+0.3pp	Cons. · IFRS
FYE Dec 2024	5.9	−11.1pp	Cons. · IFRS
FYE Dec 2025	14.7	+8.8pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 43.8%

Average · 10 yrs 42.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	40.7	n/a	Cons. · IFRS
FYE Dec 2017	39.4	−1.3pp	Cons. · IFRS
FYE Dec 2018	42.1	+2.7pp	Cons. · IFRS
FYE Dec 2019	43.3	+1.2pp	Cons. · IFRS
FYE Dec 2020	42.9	−0.4pp	Cons. · IFRS
FYE Dec 2021	41.2	−1.8pp	Cons. · IFRS
FYE Dec 2022	41.0	−0.1pp	Cons. · IFRS
FYE Dec 2023	43.2	+2.1pp	Cons. · IFRS
FYE Dec 2024	45.1	+2.0pp	Cons. · IFRS
FYE Dec 2025	43.8	−1.3pp	Cons. · IFRS

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 34.0%

Average · 10 yrs 37.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	35.2	n/a	Cons. · IFRS
FYE Dec 2017	36.8	+1.6pp	Cons. · IFRS
FYE Dec 2018	34.8	−2.0pp	Cons. · IFRS
FYE Dec 2019	38.2	+3.5pp	Cons. · IFRS
FYE Dec 2020	37.5	−0.7pp	Cons. · IFRS
FYE Dec 2021	38.2	+0.7pp	Cons. · IFRS
FYE Dec 2022	35.4	−2.8pp	Cons. · IFRS
FYE Dec 2023	34.5	−0.9pp	Cons. · IFRS
FYE Dec 2024	46.0	+11.5pp	Cons. · IFRS
FYE Dec 2025	34.0	−12.1pp	Cons. · IFRS

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 ¥8.42tn

CAGR · 10 yrs +6.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	4,744	n/a	Cons. · IFRS
FYE Dec 2017	5,221	+10.1%	Cons. · IFRS
FYE Dec 2018	5,461	+4.6%	Cons. · IFRS
FYE Dec 2019	5,553	+1.7%	Cons. · IFRS
FYE Dec 2020	5,381	−3.1%	Cons. · IFRS
FYE Dec 2021	5,774	+7.3%	Cons. · IFRS
FYE Dec 2022	6,548	+13.4%	Cons. · IFRS
FYE Dec 2023	7,282	+11.2%	Cons. · IFRS
FYE Dec 2024	8,371	+14.9%	Cons. · IFRS
FYE Dec 2025	8,419	+0.6%	Cons. · IFRS

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 ¥4.12tn

CAGR · 10 yrs +5.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	2,528	n/a	Cons. · IFRS
FYE Dec 2017	2,842	+12.4%	Cons. · IFRS
FYE Dec 2018	2,700	−5.0%	Cons. · IFRS
FYE Dec 2019	2,744	+1.6%	Cons. · IFRS
FYE Dec 2020	2,599	−5.3%	Cons. · IFRS
FYE Dec 2021	2,886	+11.0%	Cons. · IFRS
FYE Dec 2022	3,617	+25.3%	Cons. · IFRS
FYE Dec 2023	3,912	+8.2%	Cons. · IFRS
FYE Dec 2024	3,849	−1.6%	Cons. · IFRS
FYE Dec 2025	4,115	+6.9%	Cons. · IFRS

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 ¥1.68tn

CAGR · 10 yrs +13.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	548	n/a	Cons. · IFRS
FYE Dec 2017	745	+36.1%	Cons. · IFRS
FYE Dec 2018	978	+31.2%	Cons. · IFRS
FYE Dec 2019	975	−0.3%	Cons. · IFRS
FYE Dec 2020	959	−1.6%	Cons. · IFRS
FYE Dec 2021	919	−4.2%	Cons. · IFRS
FYE Dec 2022	958	+4.3%	Cons. · IFRS
FYE Dec 2023	1,142	+19.2%	Cons. · IFRS
FYE Dec 2024	1,727	+51.2%	Cons. · IFRS
FYE Dec 2025	1,679	−2.8%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥80bn

CAGR · 10 yrs −10.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	209	n/a	Cons. · IFRS
FYE Dec 2017	398	+91.0%	Cons. · IFRS
FYE Dec 2018	250	−37.1%	Cons. · IFRS
FYE Dec 2019	284	+13.4%	Cons. · IFRS
FYE Dec 2020	141	−50.2%	Cons. · IFRS
FYE Dec 2021	143	+1.0%	Cons. · IFRS
FYE Dec 2022	137	−3.9%	Cons. · IFRS
FYE Dec 2023	233	+69.9%	Cons. · IFRS
FYE Dec 2024	179	−23.4%	Cons. · IFRS
FYE Dec 2025	79.6	−55.4%	Cons. · IFRS

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 ¥1.60tn

CAGR · 10 yrs +18.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	339	n/a	Cons. · IFRS
FYE Dec 2017	347	+2.3%	Cons. · IFRS
FYE Dec 2018	727	+109.6%	Cons. · IFRS
FYE Dec 2019	690	−5.1%	Cons. · IFRS
FYE Dec 2020	817	+18.4%	Cons. · IFRS
FYE Dec 2021	776	−5.1%	Cons. · IFRS
FYE Dec 2022	821	+5.8%	Cons. · IFRS
FYE Dec 2023	909	+10.7%	Cons. · IFRS
FYE Dec 2024	1,548	+70.3%	Cons. · IFRS
FYE Dec 2025	1,599	+3.3%	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥396bn

CAGR · 10 yrs −0.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	424	n/a	Cons. · IFRS
FYE Dec 2017	479	+13.0%	Cons. · IFRS
FYE Dec 2018	503	+5.0%	Cons. · IFRS
FYE Dec 2019	440	−12.5%	Cons. · IFRS
FYE Dec 2020	364	−17.4%	Cons. · IFRS
FYE Dec 2021	307	−15.5%	Cons. · IFRS
FYE Dec 2022	246	−19.8%	Cons. · IFRS
FYE Dec 2023	201	−18.5%	Cons. · IFRS
FYE Dec 2024	486	+142.2%	Cons. · IFRS
FYE Dec 2025	396	−18.7%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥2.92tn

CAGR · 10 yrs +6.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	1,602	n/a	Cons. · IFRS
FYE Dec 2017	1,891	+18.1%	Cons. · IFRS
FYE Dec 2018	2,008	+6.2%	Cons. · IFRS
FYE Dec 2019	2,003	−0.3%	Cons. · IFRS
FYE Dec 2020	1,909	−4.7%	Cons. · IFRS
FYE Dec 2021	2,061	+7.9%	Cons. · IFRS
FYE Dec 2022	2,446	+18.7%	Cons. · IFRS
FYE Dec 2023	2,616	+7.0%	Cons. · IFRS
FYE Dec 2024	2,914	+11.4%	Cons. · IFRS
FYE Dec 2025	2,923	+0.3%	Cons. · IFRS

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 48.9%

Average · 10 yrs 50.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	53.3	n/a	Cons. · IFRS
FYE Dec 2017	54.4	+1.1pp	Cons. · IFRS
FYE Dec 2018	49.4	−5.0pp	Cons. · IFRS
FYE Dec 2019	49.4	−0.0pp	Cons. · IFRS
FYE Dec 2020	48.3	−1.1pp	Cons. · IFRS
FYE Dec 2021	50.0	+1.7pp	Cons. · IFRS
FYE Dec 2022	55.2	+5.3pp	Cons. · IFRS
FYE Dec 2023	53.7	−1.5pp	Cons. · IFRS
FYE Dec 2024	46.0	−7.7pp	Cons. · IFRS
FYE Dec 2025	48.9	+2.9pp	Cons. · IFRS

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 40.8%

Average · 10 yrs 33.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	21.7	n/a	Cons. · IFRS
FYE Dec 2017	26.2	+4.6pp	Cons. · IFRS
FYE Dec 2018	36.2	+10.0pp	Cons. · IFRS
FYE Dec 2019	35.5	−0.7pp	Cons. · IFRS
FYE Dec 2020	36.9	+1.4pp	Cons. · IFRS
FYE Dec 2021	31.8	−5.1pp	Cons. · IFRS
FYE Dec 2022	26.5	−5.3pp	Cons. · IFRS
FYE Dec 2023	29.2	+2.7pp	Cons. · IFRS
FYE Dec 2024	44.9	+15.7pp	Cons. · IFRS
FYE Dec 2025	40.8	−4.1pp	Cons. · IFRS

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 12.4%

Average · 10 yrs 12.3%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	16.7	n/a	Cons. · IFRS
FYE Dec 2017	13.8	−2.9pp	Cons. · IFRS
FYE Dec 2018	14.3	+0.5pp	Cons. · IFRS
FYE Dec 2019	12.7	−1.6pp	Cons. · IFRS
FYE Dec 2020	11.9	−0.8pp	Cons. · IFRS
FYE Dec 2021	11.7	−0.2pp	Cons. · IFRS
FYE Dec 2022	12.2	+0.5pp	Cons. · IFRS
FYE Dec 2023	12.3	+0.1pp	Cons. · IFRS
FYE Dec 2024	4.7	−7.7pp	Cons. · IFRS
FYE Dec 2025	12.4	+7.7pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 6.1%

Average · 10 yrs 6.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	8.9	n/a	Cons. · IFRS
FYE Dec 2017	7.5	−1.4pp	Cons. · IFRS
FYE Dec 2018	7.1	−0.5pp	Cons. · IFRS
FYE Dec 2019	6.3	−0.8pp	Cons. · IFRS
FYE Dec 2020	5.8	−0.5pp	Cons. · IFRS
FYE Dec 2021	5.9	+0.1pp	Cons. · IFRS
FYE Dec 2022	6.8	+0.9pp	Cons. · IFRS
FYE Dec 2023	6.6	−0.1pp	Cons. · IFRS
FYE Dec 2024	2.1	−4.5pp	Cons. · IFRS
FYE Dec 2025	6.1	+3.9pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.41×

CAGR · 10 yrs −1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.45	n/a	Cons. · IFRS
FYE Dec 2017	0.41	−9.3%	Cons. · IFRS
FYE Dec 2018	0.41	−1.0%	Cons. · IFRS
FYE Dec 2019	0.39	−3.4%	Cons. · IFRS
FYE Dec 2020	0.39	−0.7%	Cons. · IFRS
FYE Dec 2021	0.40	+3.5%	Cons. · IFRS
FYE Dec 2022	0.41	+0.8%	Cons. · IFRS
FYE Dec 2023	0.39	−3.9%	Cons. · IFRS
FYE Dec 2024	0.37	−6.4%	Cons. · IFRS
FYE Dec 2025	0.41	+12.8%	Cons. · IFRS

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 ¥514bn

CAGR · 10 yrs +3.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	377	n/a	Cons. · IFRS
FYE Dec 2017	419	+11.3%	Cons. · IFRS
FYE Dec 2018	461	+10.1%	Cons. · IFRS
FYE Dec 2019	540	+17.1%	Cons. · IFRS
FYE Dec 2020	520	−3.8%	Cons. · IFRS
FYE Dec 2021	599	+15.2%	Cons. · IFRS
FYE Dec 2022	484	−19.2%	Cons. · IFRS
FYE Dec 2023	566	+17.1%	Cons. · IFRS
FYE Dec 2024	630	+11.2%	Cons. · IFRS
FYE Dec 2025	514	−18.4%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥265bn

Average · 10 yrs -¥257bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-688	n/a	Cons. · IFRS
FYE Dec 2017	-353	n/a	Cons. · IFRS
FYE Dec 2018	-383	n/a	Cons. · IFRS
FYE Dec 2019	-124	n/a	Cons. · IFRS
FYE Dec 2020	5.4	n/a	Cons. · IFRS
FYE Dec 2021	-97.5	−1921.0%	Cons. · IFRS
FYE Dec 2022	-102	n/a	Cons. · IFRS
FYE Dec 2023	-125	n/a	Cons. · IFRS
FYE Dec 2024	-440	n/a	Cons. · IFRS
FYE Dec 2025	-265	n/a	Cons. · IFRS

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

Financing cash flow

FYE Dec 2025 -¥475bn

Average · 10 yrs -¥218bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	91.3	n/a	Cons. · IFRS
FYE Dec 2017	-77.0	−184.4%	Cons. · IFRS
FYE Dec 2018	-62.4	n/a	Cons. · IFRS
FYE Dec 2019	-334	n/a	Cons. · IFRS
FYE Dec 2020	-297	n/a	Cons. · IFRS
FYE Dec 2021	-353	n/a	Cons. · IFRS
FYE Dec 2022	-306	n/a	Cons. · IFRS
FYE Dec 2023	-271	n/a	Cons. · IFRS
FYE Dec 2024	-94.9	n/a	Cons. · IFRS
FYE Dec 2025	-475	n/a	Cons. · IFRS

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 ¥831bn

CAGR · 10 yrs +12.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	294	n/a	Cons. · IFRS
FYE Dec 2017	285	−2.9%	Cons. · IFRS
FYE Dec 2018	282	−1.2%	Cons. · IFRS
FYE Dec 2019	357	+26.6%	Cons. · IFRS
FYE Dec 2020	539	+50.9%	Cons. · IFRS
FYE Dec 2021	722	+33.9%	Cons. · IFRS
FYE Dec 2022	867	+20.1%	Cons. · IFRS
FYE Dec 2023	1,040	+20.0%	Cons. · IFRS
FYE Dec 2024	1,085	+4.3%	Cons. · IFRS
FYE Dec 2025	831	−23.4%	Cons. · IFRS

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 ¥249bn

Average · 10 yrs ¥254bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-311	n/a	Cons. · IFRS
FYE Dec 2017	66.6	n/a	Cons. · IFRS
FYE Dec 2018	78.1	+17.3%	Cons. · IFRS
FYE Dec 2019	417	+433.8%	Cons. · IFRS
FYE Dec 2020	525	+26.0%	Cons. · IFRS
FYE Dec 2021	501	−4.5%	Cons. · IFRS
FYE Dec 2022	382	−23.8%	Cons. · IFRS
FYE Dec 2023	441	+15.4%	Cons. · IFRS
FYE Dec 2024	190	−56.8%	Cons. · IFRS
FYE Dec 2025	249	+30.9%	Cons. · IFRS

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 14.8%

Average · 10 yrs 20.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	17.6	n/a	Cons. · IFRS
FYE Dec 2017	19.6	+2.0pp	Cons. · IFRS
FYE Dec 2018	20.8	+1.2pp	Cons. · IFRS
FYE Dec 2019	24.8	+4.0pp	Cons. · IFRS
FYE Dec 2020	24.8	−0.0pp	Cons. · IFRS
FYE Dec 2021	25.8	+0.9pp	Cons. · IFRS
FYE Dec 2022	18.2	−7.6pp	Cons. · IFRS
FYE Dec 2023	19.9	+1.7pp	Cons. · IFRS
FYE Dec 2024	20.6	+0.7pp	Cons. · IFRS
FYE Dec 2025	14.8	−5.8pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥848bn

Average · 10 yrs -¥433bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-253	n/a	Cons. · IFRS
FYE Dec 2017	-460	n/a	Cons. · IFRS
FYE Dec 2018	-696	n/a	Cons. · IFRS
FYE Dec 2019	-617	n/a	Cons. · IFRS
FYE Dec 2020	-420	n/a	Cons. · IFRS
FYE Dec 2021	-197	n/a	Cons. · IFRS
FYE Dec 2022	-91.4	n/a	Cons. · IFRS
FYE Dec 2023	-102	n/a	Cons. · IFRS
FYE Dec 2024	-642	n/a	Cons. · IFRS
FYE Dec 2025	-848	n/a	Cons. · IFRS

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 ¥11.3tn

Change · 10 yrs +¥3.60tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	7,686	n/a
FYE Dec 2017	7,261	n/a
FYE Dec 2018	5,232	n/a
FYE Dec 2019	4,864	n/a
FYE Dec 2020	4,204	n/a
FYE Dec 2021	4,643	n/a
FYE Dec 2022	5,323	n/a
FYE Dec 2023	7,292	n/a
FYE Dec 2024	8,161	n/a
FYE Dec 2025	11,282	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 5,641¥

Change · 10 yrs +1,798¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,843	n/a
FYE Dec 2017	3,630	n/a
FYE Dec 2018	2,616	n/a
FYE Dec 2019	2,432	n/a
FYE Dec 2020	2,102	n/a
FYE Dec 2021	2,322	n/a
FYE Dec 2022	2,662	n/a
FYE Dec 2023	3,646	n/a
FYE Dec 2024	4,080	n/a
FYE Dec 2025	5,641	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 2,000,000,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	2,000,000,000	Parent
FYE Dec 2017	2,000,000,000	Parent
FYE Dec 2018	2,000,000,000	Parent
FYE Dec 2019	2,000,000,000	Parent
FYE Dec 2020	2,000,000,000	Parent
FYE Dec 2021	2,000,000,000	Parent
FYE Dec 2022	2,000,000,000	Parent
FYE Dec 2023	2,000,000,000	Parent
FYE Dec 2024	2,000,000,000	Parent
FYE Dec 2025	2,000,000,000	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 287.36¥

Change · 10 yrs +51.89¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	235.47	Cons.
FYE Dec 2017	219.10	Cons.
FYE Dec 2018	215.31	Cons.
FYE Dec 2019	195.97	Cons.
FYE Dec 2020	174.88	Cons.
FYE Dec 2021	190.76	Cons.
FYE Dec 2022	249.45	Cons.
FYE Dec 2023	271.69	Cons.
FYE Dec 2024	100.95	Cons.
FYE Dec 2025	287.36	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 2,057.69¥

Change · 10 yrs +793.67¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,264.02	Cons. · IFRS
FYE Dec 2017	1,421.01	Cons. · IFRS
FYE Dec 2018	1,350.22	Cons. · IFRS
FYE Dec 2019	1,371.81	Cons. · IFRS
FYE Dec 2020	1,299.75	Cons. · IFRS
FYE Dec 2021	1,443.04	Cons. · IFRS
FYE Dec 2022	1,808.38	Cons. · IFRS
FYE Dec 2023	1,956.25	Cons. · IFRS
FYE Dec 2024	1,924.36	Cons. · IFRS
FYE Dec 2025	2,057.69	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 19.63×

Average · 10 yrs 16.58×

Fiscal year	PER ×	Basis
FYE Dec 2016	16.32	Cons.
FYE Dec 2017	16.57	Cons.
FYE Dec 2018	12.15	Cons.
FYE Dec 2019	12.41	Cons.
FYE Dec 2020	12.02	Cons.
FYE Dec 2021	12.17	Cons.
FYE Dec 2022	10.67	Cons.
FYE Dec 2023	13.42	Cons.
FYE Dec 2024	40.42	Cons.
FYE Dec 2025	19.63	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 2.45×

Average · 10 yrs 1.89×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.80	Cons.
FYE Dec 2017	2.35	Cons.
FYE Dec 2018	1.78	Cons.
FYE Dec 2019	1.62	Cons.
FYE Dec 2020	1.48	Cons.
FYE Dec 2021	1.47	Cons.
FYE Dec 2022	1.33	Cons.
FYE Dec 2023	1.69	Cons.
FYE Dec 2024	1.92	Cons.
FYE Dec 2025	2.45	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 52,867people

Change · 10 yrs +8,200 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	44,667	n/a	Cons.
FYE Dec 2017	57,963	+29.8%	Cons.
FYE Dec 2018	63,968	+10.4%	Cons.
FYE Dec 2019	61,975	−3.1%	Cons.
FYE Dec 2020	58,300	−5.9%	Cons.
FYE Dec 2021	55,381	−5.0%	Cons.
FYE Dec 2022	52,640	−4.9%	Cons.
FYE Dec 2023	53,239	+1.1%	Cons.
FYE Dec 2024	53,593	+0.7%	Cons.
FYE Dec 2025	52,867	−1.4%	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 5,303people

Change · 10 yrs −1,995 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	7,298	n/a	Parent
FYE Dec 2017	7,336	+0.5%	Parent
FYE Dec 2018	7,457	+1.6%	Parent
FYE Dec 2019	7,464	+0.1%	Parent
FYE Dec 2020	7,366	−1.3%	Parent
FYE Dec 2021	7,154	−2.9%	Parent
FYE Dec 2022	5,819	−18.7%	Parent
FYE Dec 2023	5,940	+2.1%	Parent
FYE Dec 2024	5,994	+0.9%	Parent
FYE Dec 2025	5,303	−11.5%	Parent

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

Average annual pay parent company

FYE Dec 2025 ¥10.0m

Change · 10 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	9.0	n/a	Parent
FYE Dec 2017	8.6	−4.6%	Parent
FYE Dec 2018	8.2	−4.1%	Parent
FYE Dec 2019	8.6	+4.0%	Parent
FYE Dec 2020	8.3	−3.1%	Parent
FYE Dec 2021	9.0	+8.2%	Parent
FYE Dec 2022	9.0	+0.7%	Parent
FYE Dec 2023	9.3	+2.6%	Parent
FYE Dec 2024	9.5	+2.7%	Parent
FYE Dec 2025	10.0	+5.5%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 41.0years

Change · 7 yrs −2.0 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	43.0	n/a	Parent
FYE Dec 2020	43.2	+0.5%	Parent
FYE Dec 2021	43.4	+0.5%	Parent
FYE Dec 2022	41.1	−5.3%	Parent
FYE Dec 2023	41.4	+0.7%	Parent
FYE Dec 2024	41.3	−0.2%	Parent
FYE Dec 2025	41.0	−0.7%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Dec 2025 14.7years

Change · 10 yrs −3.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	18.6	n/a	Parent
FYE Dec 2017	18.5	−0.5%	Parent
FYE Dec 2018	18.3	−1.1%	Parent
FYE Dec 2019	18.3	−0.0%	Parent
FYE Dec 2020	18.1	−1.1%	Parent
FYE Dec 2021	18.3	+1.1%	Parent
FYE Dec 2022	15.4	−15.8%	Parent
FYE Dec 2023	15.2	−1.3%	Parent
FYE Dec 2024	15.0	−1.3%	Parent
FYE Dec 2025	14.7	−2.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Dec 2025 5,407people

Change · 10 yrs −2,497 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	7,904	n/a	n/a
FYE Dec 2017	6,744	−14.7%	n/a
FYE Dec 2018	6,618	−1.9%	n/a
FYE Dec 2019	7,116	+7.5%	n/a
FYE Dec 2020	6,681	−6.1%	n/a
FYE Dec 2021	6,942	+3.9%	n/a
FYE Dec 2022	6,726	−3.1%	n/a
FYE Dec 2023	8,193	+21.8%	n/a
FYE Dec 2024	5,704	−30.4%	n/a
FYE Dec 2025	5,407	−5.2%	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 ¥65.6m

Change · 10 yrs +¥17.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	48.0	n/a	Cons.
FYE Dec 2017	36.9	−23.1%	Cons.
FYE Dec 2018	34.6	−6.2%	Cons.
FYE Dec 2019	35.1	+1.3%	Cons.
FYE Dec 2020	35.9	+2.2%	Cons.
FYE Dec 2021	42.0	+17.0%	Cons.
FYE Dec 2022	50.5	+20.3%	Cons.
FYE Dec 2023	53.4	+5.7%	Cons.
FYE Dec 2024	57.0	+6.9%	Cons.
FYE Dec 2025	65.6	+15.0%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥16.4m

Change · 10 yrs +¥3.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	13.3	n/a	Cons.
FYE Dec 2017	9.7	−27.1%	Cons.
FYE Dec 2018	8.8	−8.8%	Cons.
FYE Dec 2019	8.1	−8.2%	Cons.
FYE Dec 2020	8.0	−0.7%	Cons.
FYE Dec 2021	9.0	+12.0%	Cons.
FYE Dec 2022	12.4	+37.8%	Cons.
FYE Dec 2023	12.6	+1.7%	Cons.
FYE Dec 2024	5.9	−53.6%	Cons.
FYE Dec 2025	16.4	+179.7%	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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