Financials

ZOZO: FYE Mar 2026 and ten years of results (52 metrics)

FYE Mar 2026 · Revenue¥228bnYoY +7.2%

FYE Mar 2026 · Operating profit¥69bnYoY +7.1%

FYE Mar 2026 · Net profit¥48bnYoY +5.7%

FYE Mar 2026 · Equity ratio53.9%YoY +1.3pp

FYE Mar 2026 · Group employees1,894YoY +133

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥76bn	n/a	¥26bn	n/a	34.4%	¥17bn	Maezawa Yusaku	Launches the “pay-later” Tsukebarai service
FYE Mar 2018Consolidated	¥98bn	+28.8%	¥33bn	+24.3%	33.2%	¥20bn	Maezawa Yusaku	—
FYE Mar 2019Consolidated	¥118bn	+20.3%	¥26bn	−21.5%	21.7%	¥16bn	Maezawa Yusaku	Renamed <strong>ZOZO</strong>; the ZOZOSUIT / private-brand bet; a full system rebuild is decided
FYE Mar 2020Consolidated	¥126bn	+6.0%	¥28bn	+8.7%	22.2%	¥19bn	Maezawa Yusaku	Z Holdings takes 50.1% by tender offer; Maezawa steps down and Kotaro Sawada becomes president
FYE Mar 2021Consolidated	¥147bn	+17.4%	¥44bn	+58.3%	29.9%	¥31bn	Sawada Kotaro	—
FYE Mar 2022Consolidated	¥166bn	+12.8%	¥50bn	+12.5%	29.9%	¥34bn	Sawada Kotaro	ZOZOCOSME launches; head office moves within Chiba
FYE Mar 2023Consolidated	¥183bn	+10.4%	¥56bn	+13.6%	30.8%	¥40bn	Sawada Kotaro	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥197bn	+7.4%	¥60bn	+6.5%	30.5%	¥44bn	Sawada Kotaro	ZOZOBASE Tsukuba 3 opens
FYE Mar 2025Consolidated	¥213bn	+8.2%	¥65bn	+7.8%	30.4%	¥45bn	Sawada Kotaro	Launches ZOZOMETRY, a business-to-business measurement service
FYE Mar 2026Consolidated	¥228bn	+7.2%	¥69bn	+7.1%	30.4%	¥48bn	Sawada Kotaro	Three-for-one stock split; raises the payout target above 70% and buys back shares

How it compares

SoftBank Group¥7.80tnFY2025Operating margin 78.7%Rakuten Group¥2.50tnFY2025Operating margin 0.6%LY Corporation¥2.04tnFY2025Operating margin 16.8%CyberAgent¥874bnFY2025Operating margin 8.2%U-NEXT HOLDINGS¥390bnFY2025Operating margin 8.1%M3¥351bnFY2025Operating margin 20.9%MonotaRO¥334bnFY2025Operating margin 13.8%Mercari¥229bnFY2026Operating margin 19.1%

ZOZO¥228bnFY2025Operating margin 30.4%

LINE CorporationDelisted 2020

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 Mar 2026 ¥228bn

CAGR · 10 yrs +12.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	76.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	98.4	+28.8%	Cons. · Japanese GAAP
FYE Mar 2019	118	+20.3%	Cons. · Japanese GAAP
FYE Mar 2020	126	+6.0%	Cons. · Japanese GAAP
FYE Mar 2021	147	+17.4%	Cons. · Japanese GAAP
FYE Mar 2022	166	+12.8%	Cons. · Japanese GAAP
FYE Mar 2023	183	+10.4%	Cons. · Japanese GAAP
FYE Mar 2024	197	+7.4%	Cons. · Japanese GAAP
FYE Mar 2025	213	+8.2%	Cons. · Japanese GAAP
FYE Mar 2026	228	+7.2%	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 Mar 2026 ¥15bn

CAGR · 10 yrs +8.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.9	+11.2%	Cons. · Japanese GAAP
FYE Mar 2019	13.5	+69.4%	Cons. · Japanese GAAP
FYE Mar 2020	11.8	−12.5%	Cons. · Japanese GAAP
FYE Mar 2021	7.3	−37.7%	Cons. · Japanese GAAP
FYE Mar 2022	10.0	+36.6%	Cons. · Japanese GAAP
FYE Mar 2023	12.1	+20.5%	Cons. · Japanese GAAP
FYE Mar 2024	13.9	+14.8%	Cons. · Japanese GAAP
FYE Mar 2025	14.8	+6.8%	Cons. · Japanese GAAP
FYE Mar 2026	15.4	+3.7%	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 Mar 2026 ¥213bn

CAGR · 10 yrs +13.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	69.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	90.5	+30.7%	Cons. · Japanese GAAP
FYE Mar 2019	105	+16.0%	Cons. · Japanese GAAP
FYE Mar 2020	114	+8.4%	Cons. · Japanese GAAP
FYE Mar 2021	140	+23.1%	Cons. · Japanese GAAP
FYE Mar 2022	156	+11.5%	Cons. · Japanese GAAP
FYE Mar 2023	171	+9.7%	Cons. · Japanese GAAP
FYE Mar 2024	183	+6.9%	Cons. · Japanese GAAP
FYE Mar 2025	198	+8.3%	Cons. · Japanese GAAP
FYE Mar 2026	213	+7.4%	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 Mar 2026 ¥144bn

CAGR · 10 yrs +14.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	42.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.8	+34.6%	Cons. · Japanese GAAP
FYE Mar 2019	79.3	+37.2%	Cons. · Japanese GAAP
FYE Mar 2020	85.8	+8.2%	Cons. · Japanese GAAP
FYE Mar 2021	95.9	+11.7%	Cons. · Japanese GAAP
FYE Mar 2022	107	+11.1%	Cons. · Japanese GAAP
FYE Mar 2023	115	+7.9%	Cons. · Japanese GAAP
FYE Mar 2024	123	+7.1%	Cons. · Japanese GAAP
FYE Mar 2025	134	+8.5%	Cons. · Japanese GAAP
FYE Mar 2026	144	+7.5%	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 Mar 2026 ¥69bn

CAGR · 10 yrs +11.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	26.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.7	+24.3%	Cons. · Japanese GAAP
FYE Mar 2019	25.7	−21.5%	Cons. · Japanese GAAP
FYE Mar 2020	27.9	+8.7%	Cons. · Japanese GAAP
FYE Mar 2021	44.1	+58.3%	Cons. · Japanese GAAP
FYE Mar 2022	49.7	+12.5%	Cons. · Japanese GAAP
FYE Mar 2023	56.4	+13.6%	Cons. · Japanese GAAP
FYE Mar 2024	60.1	+6.5%	Cons. · Japanese GAAP
FYE Mar 2025	64.8	+7.8%	Cons. · Japanese GAAP
FYE Mar 2026	69.4	+7.1%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥450m

CAGR · 10 yrs +10.1%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	190	n/a	Cons. · Japanese GAAP
FYE Mar 2018	155	−18.4%	Cons. · Japanese GAAP
FYE Mar 2019	283	+82.6%	Cons. · Japanese GAAP
FYE Mar 2020	208	−26.5%	Cons. · Japanese GAAP
FYE Mar 2021	632	+203.8%	Cons. · Japanese GAAP
FYE Mar 2022	473	−25.2%	Cons. · Japanese GAAP
FYE Mar 2023	461	−2.5%	Cons. · Japanese GAAP
FYE Mar 2024	386	−16.3%	Cons. · Japanese GAAP
FYE Mar 2025	309	−19.9%	Cons. · Japanese GAAP
FYE Mar 2026	450	+45.6%	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 Mar 2026 ¥555m

CAGR · 10 yrs +37.8%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	31.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	85.0	+174.2%	Cons. · Japanese GAAP
FYE Mar 2019	219	+157.6%	Cons. · Japanese GAAP
FYE Mar 2020	453	+106.8%	Cons. · Japanese GAAP
FYE Mar 2021	390	−13.9%	Cons. · Japanese GAAP
FYE Mar 2022	474	+21.5%	Cons. · Japanese GAAP
FYE Mar 2023	166	−65.0%	Cons. · Japanese GAAP
FYE Mar 2024	701	+322.3%	Cons. · Japanese GAAP
FYE Mar 2025	177	−74.8%	Cons. · Japanese GAAP
FYE Mar 2026	555	+213.6%	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 Mar 2026 ¥69bn

CAGR · 10 yrs +11.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	26.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.7	+23.8%	Cons. · Japanese GAAP
FYE Mar 2019	25.7	−21.5%	Cons. · Japanese GAAP
FYE Mar 2020	27.6	+7.5%	Cons. · Japanese GAAP
FYE Mar 2021	44.4	+60.6%	Cons. · Japanese GAAP
FYE Mar 2022	49.7	+11.9%	Cons. · Japanese GAAP
FYE Mar 2023	56.7	+14.2%	Cons. · Japanese GAAP
FYE Mar 2024	59.8	+5.4%	Cons. · Japanese GAAP
FYE Mar 2025	64.9	+8.6%	Cons. · Japanese GAAP
FYE Mar 2026	69.3	+6.7%	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 Mar 2026 ¥1.0m

CAGR · 10 yrs −50.7%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	585	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.0	−99.3%	Cons. · Japanese GAAP
FYE Mar 2019	178	+4350.0%	Cons. · Japanese GAAP
FYE Mar 2020	196	+10.1%	Cons. · Japanese GAAP
FYE Mar 2021	33.0	−83.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2023	42.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	880	+1995.2%	Cons. · Japanese GAAP
FYE Mar 2025	68.0	−92.3%	Cons. · Japanese GAAP
FYE Mar 2026	1.0	−98.5%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 4 yrs −47.8%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−56.4%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.2	+12.8%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥48bn

CAGR · 10 yrs +12.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.2	+18.3%	Cons. · Japanese GAAP
FYE Mar 2019	16.0	−20.7%	Cons. · Japanese GAAP
FYE Mar 2020	18.8	+17.6%	Cons. · Japanese GAAP
FYE Mar 2021	30.9	+64.5%	Cons. · Japanese GAAP
FYE Mar 2022	34.5	+11.5%	Cons. · Japanese GAAP
FYE Mar 2023	39.5	+14.6%	Cons. · Japanese GAAP
FYE Mar 2024	44.3	+12.2%	Cons. · Japanese GAAP
FYE Mar 2025	45.3	+2.3%	Cons. · Japanese GAAP
FYE Mar 2026	47.9	+5.7%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 93.3%

Average · 10 yrs 92.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	90.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	91.9	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	88.6	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	90.6	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	95.0	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2022	94.0	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	93.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	93.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	93.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	93.3	+0.2pp	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 Mar 2026 30.4%

Average · 10 yrs 29.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	34.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	21.7	−11.5pp	Cons. · Japanese GAAP
FYE Mar 2020	22.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	29.9	+7.7pp	Cons. · Japanese GAAP
FYE Mar 2022	29.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	30.8	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	30.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	30.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	30.4	−0.0pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 30.3%

Average · 10 yrs 29.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	34.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.3	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	21.7	−11.5pp	Cons. · Japanese GAAP
FYE Mar 2020	22.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	30.1	+8.1pp	Cons. · Japanese GAAP
FYE Mar 2022	29.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	30.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	30.3	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	30.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	30.3	−0.1pp	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 Mar 2026 21.0%

Average · 10 yrs 19.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.5	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	13.5	−7.0pp	Cons. · Japanese GAAP
FYE Mar 2020	15.0	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	21.0	+6.0pp	Cons. · Japanese GAAP
FYE Mar 2022	20.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	21.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	22.5	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	21.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	21.0	−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 Mar 2026 6.7%

Average · 10 yrs 7.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	11.4	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	9.4	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	5.0	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2022	6.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	6.6	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	7.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	7.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	6.7	−0.2pp	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 Mar 2026 62.9%

Average · 10 yrs 63.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	56.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.7	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	67.0	+8.3pp	Cons. · Japanese GAAP
FYE Mar 2020	68.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	65.1	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	64.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	62.7	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	62.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	62.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	62.9	+0.2pp	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 Mar 2026 ¥198bn

CAGR · 10 yrs +15.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	55.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.7	+26.9%	Cons. · Japanese GAAP
FYE Mar 2019	79.0	+11.7%	Cons. · Japanese GAAP
FYE Mar 2020	94.2	+19.3%	Cons. · Japanese GAAP
FYE Mar 2021	126	+33.4%	Cons. · Japanese GAAP
FYE Mar 2022	127	+1.3%	Cons. · Japanese GAAP
FYE Mar 2023	156	+22.4%	Cons. · Japanese GAAP
FYE Mar 2024	162	+3.9%	Cons. · Japanese GAAP
FYE Mar 2025	188	+16.0%	Cons. · Japanese GAAP
FYE Mar 2026	198	+5.6%	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 Mar 2026 ¥107bn

CAGR · 10 yrs +15.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	29.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.8	+38.7%	Cons. · Japanese GAAP
FYE Mar 2019	22.7	−44.5%	Cons. · Japanese GAAP
FYE Mar 2020	34.5	+52.4%	Cons. · Japanese GAAP
FYE Mar 2021	55.4	+60.5%	Cons. · Japanese GAAP
FYE Mar 2022	55.0	−0.9%	Cons. · Japanese GAAP
FYE Mar 2023	76.6	+39.3%	Cons. · Japanese GAAP
FYE Mar 2024	84.7	+10.7%	Cons. · Japanese GAAP
FYE Mar 2025	98.7	+16.5%	Cons. · Japanese GAAP
FYE Mar 2026	107	+8.2%	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 Mar 2026 ¥20bn

Average · 10 yrs ¥16bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	22.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	20.0	−9.1%	Cons. · Japanese GAAP
FYE Mar 2022	20.2	+1.0%	Cons. · Japanese GAAP
FYE Mar 2023	20.4	+1.0%	Cons. · Japanese GAAP
FYE Mar 2024	20.0	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	20.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	20.0	−0.0%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥20bn

Average · 10 yrs ¥16bn

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	22.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	20.0	−9.1%	Cons. · Japanese GAAP
FYE Mar 2022	20.2	+1.0%	Cons. · Japanese GAAP
FYE Mar 2023	20.4	+1.0%	Cons. · Japanese GAAP
FYE Mar 2024	20.0	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	20.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	20.0	−0.0%	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 Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	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 Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥29bn

CAGR · 10 yrs +44.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	+199.7%	Cons. · Japanese GAAP
FYE Mar 2019	3.1	−3.4%	Cons. · Japanese GAAP
FYE Mar 2020	3.0	−4.6%	Cons. · Japanese GAAP
FYE Mar 2021	2.9	−1.8%	Cons. · Japanese GAAP
FYE Mar 2022	2.6	−10.1%	Cons. · Japanese GAAP
FYE Mar 2023	2.4	−9.2%	Cons. · Japanese GAAP
FYE Mar 2024	2.6	+9.7%	Cons. · Japanese GAAP
FYE Mar 2025	3.4	+31.6%	Cons. · Japanese GAAP
FYE Mar 2026	28.6	+731.8%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥22bn

CAGR · 10 yrs +50.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	+390.1%	Cons. · Japanese GAAP
FYE Mar 2019	2.3	−17.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.1	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	2.2	+2.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.8	−18.0%	Cons. · Japanese GAAP
FYE Mar 2023	1.7	−5.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.9	−45.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.7	−27.4%	Cons. · Japanese GAAP
FYE Mar 2026	21.8	+3165.3%	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 Mar 2026 53.9%

Average · 10 yrs 47.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	52.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.7	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2019	28.7	−29.0pp	Cons. · Japanese GAAP
FYE Mar 2020	36.7	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2021	44.1	+7.5pp	Cons. · Japanese GAAP
FYE Mar 2022	43.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	49.2	+6.0pp	Cons. · Japanese GAAP
FYE Mar 2024	52.4	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	52.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	53.9	+1.3pp	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 Mar 2026 18.7%

Average · 10 yrs 32.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	97.1	+97.1pp	Cons. · Japanese GAAP
FYE Mar 2020	63.7	−33.4pp	Cons. · Japanese GAAP
FYE Mar 2021	36.1	−27.6pp	Cons. · Japanese GAAP
FYE Mar 2022	36.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	26.6	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2024	23.6	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2025	20.3	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2026	18.7	−1.5pp	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 Mar 2026 44.9%

Average · 10 yrs 54.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	57.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.4	−8.5pp	Cons. · Japanese GAAP
FYE Mar 2019	70.6	+21.2pp	Cons. · Japanese GAAP
FYE Mar 2020	54.5	−16.1pp	Cons. · Japanese GAAP
FYE Mar 2021	55.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	62.8	+7.0pp	Cons. · Japanese GAAP
FYE Mar 2023	51.6	−11.1pp	Cons. · Japanese GAAP
FYE Mar 2024	52.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	45.9	−6.4pp	Cons. · Japanese GAAP
FYE Mar 2026	44.9	−1.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 24.2%

Average · 10 yrs 25.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	30.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.5	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	20.2	−8.3pp	Cons. · Japanese GAAP
FYE Mar 2020	20.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	24.6	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2022	27.1	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	25.4	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	27.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	24.1	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2026	24.2	−0.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.15×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.37	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.39	+1.5%	Cons. · Japanese GAAP
FYE Mar 2019	1.50	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.33	−11.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.17	−12.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.31	+11.3%	Cons. · Japanese GAAP
FYE Mar 2023	1.18	−9.8%	Cons. · Japanese GAAP
FYE Mar 2024	1.22	+3.3%	Cons. · Japanese GAAP
FYE Mar 2025	1.13	−6.8%	Cons. · Japanese GAAP
FYE Mar 2026	1.15	+1.5%	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 Mar 2026 ¥53bn

CAGR · 10 yrs +12.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.9	+8.7%	Cons. · Japanese GAAP
FYE Mar 2019	14.8	−25.5%	Cons. · Japanese GAAP
FYE Mar 2020	24.8	+67.4%	Cons. · Japanese GAAP
FYE Mar 2021	44.8	+80.7%	Cons. · Japanese GAAP
FYE Mar 2022	39.9	−10.9%	Cons. · Japanese GAAP
FYE Mar 2023	36.7	−8.1%	Cons. · Japanese GAAP
FYE Mar 2024	42.6	+16.1%	Cons. · Japanese GAAP
FYE Mar 2025	60.1	+41.1%	Cons. · Japanese GAAP
FYE Mar 2026	52.5	−12.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥29bn

Average · 10 yrs -¥8.5bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-9.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-28.9	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 Mar 2026 -¥46bn

Average · 10 yrs -¥21bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-12.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-12.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-34.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-37.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-32.1	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-45.8	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 Mar 2026 ¥69bn

CAGR · 10 yrs +13.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	22.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.6	+10.9%	Cons. · Japanese GAAP
FYE Mar 2019	21.6	−12.3%	Cons. · Japanese GAAP
FYE Mar 2020	33.6	+55.9%	Cons. · Japanese GAAP
FYE Mar 2021	61.6	+83.5%	Cons. · Japanese GAAP
FYE Mar 2022	65.5	+6.3%	Cons. · Japanese GAAP
FYE Mar 2023	74.1	+13.2%	Cons. · Japanese GAAP
FYE Mar 2024	69.7	−5.9%	Cons. · Japanese GAAP
FYE Mar 2025	91.5	+31.2%	Cons. · Japanese GAAP
FYE Mar 2026	69.4	−24.1%	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 Mar 2026 ¥24bn

CAGR · 10 yrs +4.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.7	−25.1%	Cons. · Japanese GAAP
FYE Mar 2019	8.7	−25.6%	Cons. · Japanese GAAP
FYE Mar 2020	18.8	+116.6%	Cons. · Japanese GAAP
FYE Mar 2021	40.1	+113.5%	Cons. · Japanese GAAP
FYE Mar 2022	38.6	−3.8%	Cons. · Japanese GAAP
FYE Mar 2023	26.1	−32.4%	Cons. · Japanese GAAP
FYE Mar 2024	32.7	+25.4%	Cons. · Japanese GAAP
FYE Mar 2025	53.8	+64.6%	Cons. · Japanese GAAP
FYE Mar 2026	23.6	−56.1%	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 Mar 2026 23.0%

Average · 10 yrs 22.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	23.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.2	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	12.5	−7.7pp	Cons. · Japanese GAAP
FYE Mar 2020	19.7	+7.2pp	Cons. · Japanese GAAP
FYE Mar 2021	30.4	+10.6pp	Cons. · Japanese GAAP
FYE Mar 2022	24.0	−6.4pp	Cons. · Japanese GAAP
FYE Mar 2023	20.0	−4.0pp	Cons. · Japanese GAAP
FYE Mar 2024	21.6	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	28.2	+6.6pp	Cons. · Japanese GAAP
FYE Mar 2026	23.0	−5.2pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥49bn

CAGR · 10 yrs +9.3%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	22.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.6	+10.9%	Cons. · Japanese GAAP
FYE Mar 2019	-0.4	−101.8%	Cons. · Japanese GAAP
FYE Mar 2020	11.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	41.6	+259.0%	Cons. · Japanese GAAP
FYE Mar 2022	45.3	+8.8%	Cons. · Japanese GAAP
FYE Mar 2023	53.7	+18.6%	Cons. · Japanese GAAP
FYE Mar 2024	49.7	−7.4%	Cons. · Japanese GAAP
FYE Mar 2025	71.5	+43.7%	Cons. · Japanese GAAP
FYE Mar 2026	49.4	−30.9%	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 Mar 2026 ¥985bn

Change · 10 yrs +¥190bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	795	n/a
FYE Mar 2018	885	n/a
FYE Mar 2019	651	n/a
FYE Mar 2020	453	n/a
FYE Mar 2021	1,020	n/a
FYE Mar 2022	1,025	n/a
FYE Mar 2023	941	n/a
FYE Mar 2024	1,144	n/a
FYE Mar 2025	1,294	n/a
FYE Mar 2026	985	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 Mar 2026 1,104¥

Change · 10 yrs −1,361¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,465	n/a
FYE Mar 2018	2,839	n/a
FYE Mar 2019	2,088	n/a
FYE Mar 2020	1,454	n/a
FYE Mar 2021	3,272	n/a
FYE Mar 2022	3,290	n/a
FYE Mar 2023	3,019	n/a
FYE Mar 2024	3,809	n/a
FYE Mar 2025	4,306	n/a
FYE Mar 2026	1,104	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 Mar 2026 892,032,372shares

Change · 10 yrs +569,679,972 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	322,352,400	Parent
FYE Mar 2018	311,644,285	Parent
FYE Mar 2019	311,644,285	Parent
FYE Mar 2020	311,644,285	Parent
FYE Mar 2021	311,644,285	Parent
FYE Mar 2022	311,644,285	Parent
FYE Mar 2023	311,644,285	Parent
FYE Mar 2024	300,474,181	Parent
FYE Mar 2025	300,474,181	Parent
FYE Mar 2026	892,032,372	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 Mar 2026 54.11¥

Change · 10 yrs −0.55¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	54.66	Cons.
FYE Mar 2018	64.68	Cons.
FYE Mar 2019	52.20	Cons.
FYE Mar 2020	61.60	Cons.
FYE Mar 2021	33.77	Cons.
FYE Mar 2022	38.34	Cons.
FYE Mar 2023	43.94	Cons.
FYE Mar 2024	49.40	Cons.
FYE Mar 2025	50.90	Cons.
FYE Mar 2026	54.11	Cons.

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

BPS book value per share

FYE Mar 2026 119.71¥

Change · 10 yrs +28.46¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	91.25	Cons. · Japanese GAAP
FYE Mar 2018	130.95	Cons. · Japanese GAAP
FYE Mar 2019	72.70	Cons. · Japanese GAAP
FYE Mar 2020	110.81	Cons. · Japanese GAAP
FYE Mar 2021	177.89	Cons. · Japanese GAAP
FYE Mar 2022	176.34	Cons. · Japanese GAAP
FYE Mar 2023	245.72	Cons. · Japanese GAAP
FYE Mar 2024	282.03	Cons. · Japanese GAAP
FYE Mar 2025	328.54	Cons. · Japanese GAAP
FYE Mar 2026	119.71	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 20.40×

Average · 10 yrs 31.07×

Fiscal year	PER ×	Basis
FYE Mar 2017	45.10	Cons.
FYE Mar 2018	43.90	Cons.
FYE Mar 2019	40.00	Cons.
FYE Mar 2020	23.60	Cons.
FYE Mar 2021	32.30	Cons.
FYE Mar 2022	28.60	Cons.
FYE Mar 2023	22.90	Cons.
FYE Mar 2024	25.70	Cons.
FYE Mar 2025	28.20	Cons.
FYE Mar 2026	20.40	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 Mar 2026 9.14×

Average · 10 yrs 17.22×

Fiscal year	PBR ×	Basis
FYE Mar 2017	26.12	Cons.
FYE Mar 2018	21.68	Cons.
FYE Mar 2019	28.27	Cons.
FYE Mar 2020	12.85	Cons.
FYE Mar 2021	18.03	Cons.
FYE Mar 2022	17.95	Cons.
FYE Mar 2023	11.82	Cons.
FYE Mar 2024	13.35	Cons.
FYE Mar 2025	12.95	Cons.
FYE Mar 2026	9.14	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 Mar 2026 1,894people

Change · 10 yrs +1,094 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	800	n/a	Cons.
FYE Mar 2018	904	+13.0%	Cons.
FYE Mar 2019	1,094	+21.0%	Cons.
FYE Mar 2020	1,158	+5.9%	Cons.
FYE Mar 2021	1,297	+12.0%	Cons.
FYE Mar 2022	1,435	+10.6%	Cons.
FYE Mar 2023	1,555	+8.4%	Cons.
FYE Mar 2024	1,693	+8.9%	Cons.
FYE Mar 2025	1,761	+4.0%	Cons.
FYE Mar 2026	1,894	+7.6%	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 Mar 2026 1,662people

Change · 10 yrs +1,213 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	449	n/a	Parent
FYE Mar 2018	471	+4.9%	Parent
FYE Mar 2019	551	+17.0%	Parent
FYE Mar 2020	689	+25.0%	Parent
FYE Mar 2021	838	+21.6%	Parent
FYE Mar 2022	1,338	+59.7%	Parent
FYE Mar 2023	1,418	+6.0%	Parent
FYE Mar 2024	1,604	+13.1%	Parent
FYE Mar 2025	1,664	+3.7%	Parent
FYE Mar 2026	1,662	−0.1%	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 Mar 2026 ¥8.6m

Change · 10 yrs +¥2.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	5.9	n/a	Parent
FYE Mar 2018	5.2	−11.5%	Parent
FYE Mar 2019	5.2	−1.7%	Parent
FYE Mar 2020	5.5	+5.7%	Parent
FYE Mar 2021	5.5	+0.3%	Parent
FYE Mar 2022	5.7	+4.8%	Parent
FYE Mar 2023	6.5	+12.6%	Parent
FYE Mar 2024	6.9	+7.2%	Parent
FYE Mar 2025	6.6	−5.3%	Parent
FYE Mar 2026	8.6	+30.5%	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 Mar 2026 34.7years

Change · 8 yrs +2.0 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	32.7	n/a	Parent
FYE Mar 2020	33.3	+1.8%	Parent
FYE Mar 2021	33.0	−0.9%	Parent
FYE Mar 2022	33.3	+0.9%	Parent
FYE Mar 2023	33.6	+0.9%	Parent
FYE Mar 2024	33.9	+0.9%	Parent
FYE Mar 2025	34.3	+1.2%	Parent
FYE Mar 2026	34.7	+1.2%	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 Mar 2026 7.5years

Change · 10 yrs +1.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	5.8	n/a	Parent
FYE Mar 2018	6.0	+3.4%	Parent
FYE Mar 2019	5.4	−10.0%	Parent
FYE Mar 2020	4.8	−11.1%	Parent
FYE Mar 2021	5.5	+14.6%	Parent
FYE Mar 2022	6.3	+14.5%	Parent
FYE Mar 2023	6.2	−1.6%	Parent
FYE Mar 2024	6.2	−0.0%	Parent
FYE Mar 2025	6.8	+9.7%	Parent
FYE Mar 2026	7.5	+10.3%	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 Mar 2026 5,434people

Change · 10 yrs +3,679 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,755	n/a	n/a
FYE Mar 2018	1,860	+6.0%	n/a
FYE Mar 2019	2,298	+23.5%	n/a
FYE Mar 2020	3,005	+30.8%	n/a
FYE Mar 2021	3,339	+11.1%	n/a
FYE Mar 2022	3,373	+1.0%	n/a
FYE Mar 2023	5,527	+63.9%	n/a
FYE Mar 2024	5,953	+7.7%	n/a
FYE Mar 2025	5,912	−0.7%	n/a
FYE Mar 2026	5,434	−8.1%	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 Mar 2026 ¥121m

Change · 10 yrs +¥25.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	95.5	n/a	Cons.
FYE Mar 2018	109	+14.0%	Cons.
FYE Mar 2019	108	−0.6%	Cons.
FYE Mar 2020	108	+0.1%	Cons.
FYE Mar 2021	114	+4.9%	Cons.
FYE Mar 2022	116	+1.9%	Cons.
FYE Mar 2023	118	+1.8%	Cons.
FYE Mar 2024	116	−1.3%	Cons.
FYE Mar 2025	121	+4.0%	Cons.
FYE Mar 2026	121	−0.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥36.6m

Change · 10 yrs +¥3.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	32.9	n/a	Cons.
FYE Mar 2018	36.1	+10.0%	Cons.
FYE Mar 2019	23.4	−35.1%	Cons.
FYE Mar 2020	24.1	+2.7%	Cons.
FYE Mar 2021	34.0	+41.3%	Cons.
FYE Mar 2022	34.6	+1.7%	Cons.
FYE Mar 2023	36.3	+4.9%	Cons.
FYE Mar 2024	35.5	−2.2%	Cons.
FYE Mar 2025	36.8	+3.6%	Cons.
FYE Mar 2026	36.6	−0.4%	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 →

Data API

ZOZO’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/3092/company.json ·/api/3092/history.json ·/api/3092/ceo.json ·/api/3092/financials.json ·/api/3092/financials/segment.json ·/api/3092/financials/pl.json ·/api/3092/financials/cf.json ·/api/3092/financials/bs.json ·/api/3092/financials/employee.json ·/api/3092/financials/stock.json ·/api/3092/financials.csv ·/api/3092/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json