Financials
Nomura Research Institute: 30 fiscal years of results, 1997–2026
- Revenue · FYE Mar 2026
- ¥815bn
- Operating profit · FYE Mar 2026
- ¥58bn
- Net profit · FYE Mar 2026
- ¥15bn
- Total assets
- ¥960bn
- Equity ratio
- 44.8%
- Fiscal years on record
- 30 · 1997–2026
This page carries 30 fiscal years of results, from 1997 to 2026. Revenue is at its highest on record in the latest year filed. No year on record closed in a net loss.
Nomura Research Institute: long-term performance & turning pointsSales (revenue) and profit-margin ratio
Sales (¥ bn)Net margin (%)| Fiscal year | Unit | 1997 *1 FYE Mar | 1998 *1 FYE Mar | 1999 *1 FYE Mar | 2000 *1 FYE Mar | 2001 *1 FYE Mar | 2002 *1 FYE Mar | 2003 *1 FYE Mar | 2004 *1 FYE Mar | 2005 *1 FYE Mar | 2006 *1 FYE Mar | 2007 *1 FYE Mar | 2008 *1 FYE Mar | 2009 *1 FYE Mar | 2010 *1 FYE Mar | 2011 *1 FYE Mar | 2012 *1 FYE Mar | 2013 *1 FYE Mar | 2014 *1 FYE Mar | 2015 *1 FYE Mar | 2016 *1 FYE Mar | 2017 *1 FYE Mar | 2018 *1 FYE Mar | 2019 *1 FYE Mar | 2020 *1 FYE Mar | 2021 *1 FYE Mar | 2022 *1 FYE Mar | 2023 *1 FYE Mar | 2024 *1 FYE Mar | 2025 *1 FYE Mar | 2026 *1 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | JPY | ¥167bn | ¥158bn | ¥175bn | ¥184bn | ¥218bn | ¥237bn | ¥233bn | ¥238bn | ¥253bn | ¥286bn | ¥323bn | ¥342bn | ¥341bn | ¥339bn | ¥326bn | ¥336bn | ¥364bn | ¥386bn | ¥406bn | ¥421bn | ¥425bn | ¥471bn | ¥501bn | ¥529bn | ¥550bn | ¥612bn | ¥692bn | ¥737bn | ¥765bn | ¥815bn |
| YoY | % | — | -5.8% | +11.0% | +4.9% | +18.7% | +8.5% | -1.6% | +2.3% | +6.3% | +12.9% | +13.0% | +6.1% | -0.3% | -0.8% | -3.6% | +2.8% | +8.4% | +6.1% | +5.2% | +3.8% | +0.7% | +11.0% | +6.3% | +5.5% | +4.1% | +11.1% | +13.2% | +6.4% | +3.8% | +6.5% |
| Operating profit | JPY | — | — | — | — | — | — | — | — | — | ¥37bn | ¥44bn | ¥53bn | ¥50bn | ¥40bn | ¥38bn | ¥43bn | ¥44bn | ¥50bn | ¥52bn | ¥58bn | ¥59bn | ¥65bn | ¥71bn | ¥86bn | ¥81bn | ¥106bn | ¥112bn | ¥120bn | ¥135bn | ¥58bn |
| YoY | % | — | — | — | — | — | — | — | — | — | — | +20.3% | +20.0% | -5.7% | -19.3% | -4.2% | +12.5% | +1.9% | +13.2% | +3.4% | +13.2% | +0.3% | +11.3% | +9.7% | +19.9% | -5.7% | +31.6% | +5.3% | +7.7% | +12.0% | -56.8% |
| Ordinary profit | JPY | — | — | — | — | — | — | — | — | ¥31bn | ¥38bn | ¥46bn | ¥56bn | ¥52bn | ¥41bn | ¥40bn | ¥45bn | ¥46bn | ¥52bn | ¥53bn | ¥61bn | — | — | — | — | — | — | — | — | — | — |
| Net profit | JPY | ¥5.7bn | ¥4.8bn | ¥8.1bn | ¥5.1bn | ¥25bn | ¥22bn | ¥15bn | ¥18bn | ¥16bn | ¥23bn | ¥27bn | ¥28bn | ¥25bn | ¥22bn | ¥23bn | ¥33bn | ¥29bn | ¥32bn | ¥39bn | ¥43bn | ¥45bn | ¥55bn | ¥51bn | ¥69bn | ¥68bn | ¥71bn | ¥76bn | ¥80bn | ¥94bn | ¥15bn |
| YoY | % | — | -15.8% | +68.7% | -37.0% | +396.1% | -11.9% | -30.9% | +18.2% | -10.4% | +38.0% | +20.0% | +4.1% | -12.8% | -11.0% | +6.0% | +42.4% | -13.1% | +10.1% | +23.2% | +9.8% | +5.6% | +22.4% | -7.6% | +36.0% | -1.6% | +4.8% | +6.9% | +4.3% | +17.7% | -83.7% |
| Operating margin | % | — | — | — | — | — | — | — | — | — | 12.8% | 13.6% | 15.4% | 14.6% | 11.8% | 11.8% | 12.9% | 12.1% | 12.9% | 12.7% | 13.8% | 13.8% | 13.8% | 14.2% | 16.2% | 14.7% | 17.4% | 16.2% | 16.3% | 17.6% | 7.2% |
| Net margin | % | 3.4% | 3.0% | 4.6% | 2.8% | 11.6% | 9.4% | 6.6% | 7.6% | 6.4% | 7.9% | 8.4% | 8.2% | 7.2% | 6.4% | 7.1% | 9.8% | 7.9% | 8.2% | 9.6% | 10.1% | 10.6% | 11.7% | 10.2% | 13.1% | 12.4% | 11.7% | 11.0% | 10.8% | 12.3% | 1.9% |
| Standard | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | |
| Basis | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
- *1 Securities report
Cost structure Cost of sales SG&A Other operating costs Operating profit Operating margin
Where each yen of revenue goes — cost of sales, SG&A and what is left as operating profit (¥ bn, stacked)
| Fiscal year | Unit | 2006 *1 FYE Mar | 2007 *1 FYE Mar | 2008 *1 FYE Mar | 2009 *1 FYE Mar | 2010 *1 FYE Mar | 2011 *1 FYE Mar | 2012 *1 FYE Mar | 2013 *1 FYE Mar | 2014 *1 FYE Mar | 2015 *1 FYE Mar | 2016 *1 FYE Mar | 2017 *1 FYE Mar | 2018 *1 FYE Mar | 2019 *1 FYE Mar | 2020 *1 FYE Mar | 2021 *1 FYE Mar | 2022 *1 FYE Mar | 2023 *1 FYE Mar | 2024 *1 FYE Mar | 2025 *1 FYE Mar | 2026 *1 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | JPY | ¥286bn | ¥323bn | ¥342bn | ¥341bn | ¥339bn | ¥326bn | ¥336bn | ¥364bn | ¥386bn | ¥406bn | ¥421bn | ¥425bn | ¥471bn | ¥501bn | ¥529bn | ¥550bn | ¥612bn | ¥692bn | ¥737bn | ¥765bn | ¥815bn |
| YoY | % | — | +12.9% | +6.1% | -0.3% | -0.8% | -3.6% | +2.8% | +8.4% | +6.1% | +5.2% | +3.8% | +0.7% | +11.1% | +6.3% | +5.5% | +4.1% | +11.1% | +13.2% | +6.4% | +3.8% | +6.5% |
| Cost of sales | JPY | ¥214bn | ¥235bn | ¥239bn | ¥241bn | ¥246bn | ¥233bn | ¥236bn | ¥262bn | ¥277bn | ¥289bn | ¥287bn | ¥281bn | ¥312bn | ¥337bn | ¥346bn | ¥365bn | ¥396bn | ¥452bn | ¥476bn | ¥490bn | ¥515bn |
| SG&A | JPY | ¥35bn | ¥44bn | ¥51bn | ¥51bn | ¥53bn | ¥55bn | ¥57bn | ¥58bn | ¥59bn | ¥65bn | ¥76bn | ¥85bn | ¥94bn | ¥93bn | ¥97bn | ¥98bn | ¥114bn | ¥132bn | ¥142bn | ¥144bn | ¥146bn |
| Other operating costs | JPY | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ¥6.8bn | — | — | — | — | ¥96bn |
| Operating profit | JPY | ¥36bn | ¥44bn | ¥53bn | ¥50bn | ¥40bn | ¥38bn | ¥43bn | ¥44bn | ¥50bn | ¥51bn | ¥58bn | ¥59bn | ¥65bn | ¥71bn | ¥86bn | ¥81bn | ¥106bn | ¥112bn | ¥120bn | ¥135bn | ¥58bn |
| YoY | % | — | +20.4% | +20.0% | -5.6% | -19.4% | -4.1% | +12.3% | +2.0% | +13.2% | +3.4% | +13.2% | +0.4% | +11.3% | +9.7% | +19.9% | -5.7% | +31.5% | +5.3% | +7.7% | +12.0% | -56.8% |
| Operating margin | % | 12.8% | 13.6% | 15.4% | 14.6% | 11.8% | 11.8% | 12.9% | 12.1% | 12.9% | 12.7% | 13.8% | 13.8% | 13.8% | 14.3% | 16.2% | 14.7% | 17.4% | 16.2% | 16.3% | 17.6% | 7.2% |
| Change | pp | — | +0.8pp | +1.8pp | -0.8pp | -2.8pp | 0.0pp | +1.1pp | -0.8pp | +0.8pp | -0.2pp | +1.1pp | 0.0pp | 0.0pp | +0.5pp | +1.9pp | -1.5pp | +2.7pp | -1.2pp | +0.1pp | +1.3pp | -10.4pp |
- *1 Securities report (yuka shoken hokokusho), as filed
Balance sheet Total assets Equity Interest-bearing debt Equity ratio
Total assets, equity and interest-bearing debt (¥ bn), with the equity ratio (%)
| Fiscal year | Unit | 2005 *1 FYE Mar | 2006 *1 FYE Mar | 2007 *1 FYE Mar | 2008 *1 FYE Mar | 2009 *1 FYE Mar | 2010 *1 FYE Mar | 2011 *1 FYE Mar | 2012 *1 FYE Mar | 2013 *1 FYE Mar | 2014 *1 FYE Mar | 2015 *1 FYE Mar | 2016 *1 FYE Mar | 2017 *1 FYE Mar | 2018 *1 FYE Mar | 2019 *1 FYE Mar | 2020 *1 FYE Mar | 2021 *1 FYE Mar | 2022 *1 FYE Mar | 2023 *1 FYE Mar | 2024 *1 FYE Mar | 2025 *1 FYE Mar | 2026 *1 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | JPY | ¥317bn | ¥312bn | ¥371bn | ¥362bn | ¥354bn | ¥363bn | ¥380bn | ¥403bn | ¥432bn | ¥469bn | ¥593bn | ¥622bn | ¥629bn | ¥643bn | ¥612bn | ¥533bn | ¥630bn | ¥790bn | ¥838bn | ¥923bn | ¥929bn | ¥960bn |
| YoY | % | — | -1.8% | +19.1% | -2.4% | -2.2% | +2.5% | +4.6% | +6.0% | +7.3% | +8.5% | +26.5% | +4.8% | +1.2% | +2.3% | -4.8% | -12.9% | +18.2% | +25.3% | +6.2% | +10.1% | +0.6% | +3.4% |
| Equity | JPY | ¥232bn | ¥209bn | ¥216bn | ¥207bn | ¥205bn | ¥219bn | ¥230bn | ¥258bn | ¥291bn | ¥331bn | ¥390bn | ¥413bn | ¥436bn | ¥420bn | ¥412bn | ¥272bn | ¥354bn | ¥336bn | ¥396bn | ¥396bn | ¥430bn | ¥430bn |
| YoY | % | — | -9.7% | +3.2% | -4.3% | -1.0% | +7.1% | +4.9% | +12.4% | +12.6% | +14.0% | +17.8% | +5.7% | +5.6% | -3.5% | -2.0% | -34.0% | +30.1% | -4.9% | +17.7% | +0.1% | +8.6% | -0.1% |
| Interest-bearing debt | JPY | — | — | — | — | ¥50bn | ¥50bn | ¥62bn | ¥59bn | ¥57bn | ¥54bn | ¥32bn | ¥30bn | ¥27bn | ¥6.5bn | ¥20bn | ¥103bn | ¥117bn | ¥208bn | ¥203bn | ¥267bn | ¥246bn | ¥204bn |
| Equity ratio | % | 73.0% | 67.1% | 58.1% | 57.0% | 57.7% | 60.3% | 60.5% | 64.1% | 67.3% | 70.7% | 65.8% | 66.4% | 69.3% | 65.4% | 67.3% | 51.0% | 56.1% | 42.6% | 47.2% | 42.9% | 46.3% | 44.8% |
| Change | pp | — | -5.9pp | -9.0pp | -1.1pp | +0.7pp | +2.6pp | +0.2pp | +3.6pp | +3.2pp | +3.4pp | -4.9pp | +0.6pp | +2.9pp | -3.9pp | +1.9pp | -16.3pp | +5.1pp | -13.5pp | +4.6pp | -4.3pp | +3.4pp | -1.5pp |
- *1 Securities report (yuka shoken hokokusho), as filed
Cash flow Operating CF Investing CF Financing CF
Cash generated by operations, spent on investment and raised or repaid in financing (¥ bn)
| Fiscal year | Unit | 2005 *1 FYE Mar | 2006 *1 FYE Mar | 2007 *1 FYE Mar | 2008 *1 FYE Mar | 2009 *1 FYE Mar | 2010 *1 FYE Mar | 2011 *1 FYE Mar | 2012 *1 FYE Mar | 2013 *1 FYE Mar | 2014 *1 FYE Mar | 2015 *1 FYE Mar | 2016 *1 FYE Mar | 2017 *1 FYE Mar | 2018 *1 FYE Mar | 2019 *1 FYE Mar | 2020 *1 FYE Mar | 2021 *1 FYE Mar | 2022 *1 FYE Mar | 2023 *1 FYE Mar | 2024 *1 FYE Mar | 2025 *1 FYE Mar | 2026 *1 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | JPY | ¥28bn | ¥49bn | ¥40bn | ¥32bn | ¥46bn | ¥58bn | ¥49bn | ¥53bn | ¥69bn | ¥34bn | ¥59bn | ¥81bn | ¥61bn | ¥73bn | ¥56bn | ¥103bn | ¥74bn | ¥98bn | ¥119bn | ¥142bn | ¥130bn | ¥148bn |
| YoY | % | — | +77.3% | -19.0% | -19.6% | +45.2% | +25.7% | -16.0% | +8.8% | +29.3% | -50.7% | +73.5% | +38.8% | -24.9% | +20.2% | -23.3% | +82.4% | -28.1% | +32.7% | +21.2% | +19.7% | -8.5% | +13.4% |
| Investing CF | JPY | -¥82bn | ¥18bn | -¥19bn | -¥48bn | -¥71bn | -¥16bn | -¥28bn | -¥48bn | -¥36bn | -¥32bn | -¥1.1bn | -¥75bn | -¥30bn | -¥18bn | -¥17bn | ¥18bn | -¥21bn | -¥131bn | -¥61bn | -¥53bn | -¥48bn | -¥97bn |
| Financing CF | JPY | -¥3.9bn | -¥55bn | ¥44bn | -¥24bn | -¥22bn | -¥10bn | ¥1.6bn | -¥10bn | -¥11bn | -¥8.8bn | -¥11bn | ¥9.3bn | -¥34bn | -¥47bn | -¥73bn | -¥140bn | -¥2.5bn | -¥8.0bn | -¥45bn | -¥48bn | -¥87bn | -¥91bn |
| Cash & equivalents | JPY | ¥39bn | ¥51bn | ¥116bn | ¥76bn | ¥28bn | ¥60bn | ¥82bn | ¥77bn | ¥100bn | ¥93bn | ¥141bn | ¥155bn | ¥152bn | ¥158bn | ¥123bn | ¥101bn | ¥153bn | ¥116bn | ¥129bn | ¥174bn | ¥169bn | ¥133bn |
| YoY | % | — | +31.2% | +128.3% | -34.8% | -62.6% | +111.8% | +37.3% | -6.1% | +29.3% | -6.9% | +51.5% | +10.2% | -1.9% | +4.1% | -22.2% | -18.2% | +52.0% | -24.5% | +11.8% | +34.6% | -3.1% | -21.3% |
- *1 Securities report (yuka shoken hokokusho), as filed
Key ratios Operating margin Net margin ROE Equity ratio
Profitability and balance-sheet strength (%). ROE uses year-end equity.
| Fiscal year | Unit | 2002 *1 FYE Mar | 2003 *1 FYE Mar | 2004 *1 FYE Mar | 2005 *1 FYE Mar | 2006 *1 FYE Mar | 2007 *1 FYE Mar | 2008 *1 FYE Mar | 2009 *1 FYE Mar | 2010 *1 FYE Mar | 2011 *1 FYE Mar | 2012 *1 FYE Mar | 2013 *1 FYE Mar | 2014 *1 FYE Mar | 2015 *1 FYE Mar | 2016 *1 FYE Mar | 2017 *1 FYE Mar | 2018 *1 FYE Mar | 2019 *1 FYE Mar | 2020 *1 FYE Mar | 2021 *1 FYE Mar | 2022 *1 FYE Mar | 2023 *1 FYE Mar | 2024 *1 FYE Mar | 2025 *1 FYE Mar | 2026 *1 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | % | — | — | — | — | 12.8% | 13.6% | 15.4% | 14.6% | 11.8% | 11.8% | 12.9% | 12.1% | 12.9% | 12.7% | 13.8% | 13.8% | 13.8% | 14.3% | 16.2% | 14.7% | 17.4% | 16.2% | 16.3% | 17.6% | 7.2% |
| Change | pp | — | — | — | — | — | +0.8pp | +1.8pp | -0.8pp | -2.8pp | 0.0pp | +1.1pp | -0.8pp | +0.8pp | -0.2pp | +1.1pp | 0.0pp | 0.0pp | +0.5pp | +1.9pp | -1.5pp | +2.7pp | -1.2pp | +0.1pp | +1.3pp | -10.4pp |
| Net margin | % | 9.4% | 6.6% | 7.6% | 6.4% | 7.9% | 8.4% | 8.2% | 7.2% | 6.5% | 7.1% | 9.8% | 7.9% | 8.2% | 9.6% | 10.1% | 10.6% | 11.7% | 10.2% | 13.1% | 12.4% | 11.7% | 11.0% | 10.8% | 12.3% | 1.9% |
| Change | pp | — | -2.8pp | +1.0pp | -1.2pp | +1.5pp | +0.5pp | -0.2pp | -1.0pp | -0.7pp | +0.6pp | +2.7pp | -1.9pp | +0.3pp | +1.4pp | +0.5pp | +0.5pp | +1.1pp | -1.5pp | +2.9pp | -0.7pp | -0.7pp | -0.7pp | -0.2pp | +1.5pp | -10.4pp |
| ROE | % | — | — | — | 7.0% | 10.8% | 12.5% | 13.6% | 12.0% | 10.0% | 10.1% | 12.7% | 9.8% | 9.5% | 10.0% | 10.3% | 10.3% | 13.1% | 12.4% | 25.5% | 19.3% | 21.2% | 19.3% | 20.1% | 21.8% | 3.5% |
| Change | pp | — | — | — | — | +3.8pp | +1.7pp | +1.1pp | -1.6pp | -2.0pp | +0.1pp | +2.6pp | -2.9pp | -0.3pp | +0.5pp | +0.3pp | 0.0pp | +2.8pp | -0.7pp | +13.1pp | -6.2pp | +1.9pp | -1.9pp | +0.8pp | +1.7pp | -18.3pp |
| Equity ratio | % | — | — | — | 73.0% | 67.1% | 58.1% | 57.0% | 57.7% | 60.3% | 60.5% | 64.1% | 67.3% | 70.7% | 65.8% | 66.4% | 69.3% | 65.4% | 67.3% | 51.0% | 56.1% | 42.6% | 47.2% | 42.9% | 46.3% | 44.8% |
| Change | pp | — | — | — | — | -5.9pp | -9.0pp | -1.1pp | +0.7pp | +2.6pp | +0.2pp | +3.6pp | +3.2pp | +3.4pp | -4.9pp | +0.6pp | +2.9pp | -3.9pp | +1.9pp | -16.3pp | +5.1pp | -13.5pp | +4.6pp | -4.3pp | +3.4pp | -1.5pp |
- *1 Securities report (yuka shoken hokokusho), as filed
Revenue in US dollars Revenue (US$m)
The revenue line above, converted at the average ¥/US$ rate of each figure’s own year — never today’s.
Between 1997–2026, Nomura Research Institute’s revenue grew 4.9-fold in yen (5.6% a year). Converted at each year’s own average rate, the same span is 3.7-fold in dollars (4.6% a year), from $1.4bn to $5.2bn. The dollar figure grew more slowly because the yen weakened over the period: part of the growth an investor sees in yen does not survive translation into dollars.
| Fiscal year | Unit | 1997 *4 FYE Mar | 1998 *4 FYE Mar | 1999 *4 FYE Mar | 2000 *4 FYE Mar | 2001 *4 FYE Mar | 2002 *4 FYE Mar | 2003 *4 FYE Mar | 2004 *4 FYE Mar | 2005 *4 FYE Mar | 2006 *4 FYE Mar | 2007 *4 FYE Mar | 2008 *4 FYE Mar | 2009 *4 FYE Mar | 2010 *4 FYE Mar | 2011 *4 FYE Mar | 2012 *4 FYE Mar | 2013 *4 FYE Mar | 2014 *4 FYE Mar | 2015 *4 FYE Mar | 2016 *4 FYE Mar | 2017 *4 FYE Mar | 2018 *4 FYE Mar | 2019 *4 FYE Mar | 2020 *4 FYE Mar | 2021 *4 FYE Mar | 2022 *4 FYE Mar | 2023 *4 FYE Mar | 2024 *4 FYE Mar | 2025 *4 FYE Mar | 2026 *4,5 FYE Mar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | USD | $1.4bn | $1.2bn | $1.5bn | $1.7bn | $1.8bn | $1.9bn | $2.0bn | $2.2bn | $2.3bn | $2.5bn | $2.7bn | $3.3bn | $3.6bn | $3.9bn | $4.1bn | $4.2bn | $3.7bn | $3.6bn | $3.4bn | $3.9bn | $3.8bn | $4.3bn | $4.6bn | $5.0bn | $5.0bn | $4.7bn | $4.9bn | $4.9bn | $5.1bn | $5.2bn |
| YoY | % | — | -12.9% | +27.6% | +10.9% | +5.2% | +5.3% | +6.3% | +9.6% | +4.3% | +6.9% | +11.5% | +20.9% | +10.2% | +5.8% | +6.0% | +2.8% | -11.4% | -2.2% | -8.0% | +15.4% | -2.2% | +12.8% | +7.7% | +7.7% | +1.2% | -7.1% | +5.8% | -1.3% | +5.1% | +0.8% |
| Revenue as filed | JPY | ¥167bn | ¥158bn | ¥175bn | ¥184bn | ¥218bn | ¥237bn | ¥233bn | ¥238bn | ¥253bn | ¥286bn | ¥323bn | ¥342bn | ¥341bn | ¥339bn | ¥326bn | ¥336bn | ¥364bn | ¥386bn | ¥406bn | ¥421bn | ¥425bn | ¥471bn | ¥501bn | ¥529bn | ¥550bn | ¥612bn | ¥692bn | ¥737bn | ¥765bn | ¥815bn |
| Rate applied | ¥/US$ | ¥121.02 | ¥130.89 | ¥113.84 | ¥107.74 | ¥121.52 | ¥125.28 | ¥115.92 | ¥108.16 | ¥110.15 | ¥116.28 | ¥117.77 | ¥103.33 | ¥93.53 | ¥87.77 | ¥79.78 | ¥79.79 | ¥97.60 | ¥105.84 | ¥121.02 | ¥108.84 | ¥112.16 | ¥110.40 | ¥109.01 | ¥106.78 | ¥109.78 | ¥131.37 | ¥140.51 | ¥151.50 | ¥149.65 | ¥158.16 |
- *1 1949-1971: Fixed Bretton Woods peg ¥360/$ (Dodge Line 1949; Smithsonian ¥308 from Dec 1971).
- *2 1972: Smithsonian peg ¥308/$ (held until Feb 1973 float).
- *3 1973-1979: JIL (Japan Institute for Labour Policy and Training) g0001.xlsx — fiscal-year (Apr–Mar) basis, integer-rounded. PROVISIONAL; upgrade to BOJ FXERM07 calendar-year later.
- *4 1980-2026: Bank of Japan stat-search FM08'FXERM07 (Tokyo market, USD/JPY spot, 17:00 fixing, monthly average) — calendar-year average of monthly averages.
- *5 Provisional — part-year average, not a full calendar year.
Reporting basis
Which accounting standard each stretch of the series was filed under, and whether the accounts are consolidated.
The series crosses 2 reporting regimes — consolidated Japanese GAAP for 1997–2016; and consolidated IFRS for 2017–2026. Figures are not strictly comparable across a change of basis: consolidation in particular adds subsidiaries that were previously outside the accounts.
| Fiscal years | Standard | Basis | Years |
|---|---|---|---|
| 1997–2016 | Japanese GAAP | consolidated | 20 |
| 2017–2026 | IFRS | consolidated | 10 |
All figures are in Japanese yen as filed. Where a foreign-currency comparison is needed elsewhere on this site, yen amounts are converted at the average rate of each figure's own year — not today's rate. Exchange rates & sources →
Read the company history → 日本語版（詳細）— full financial data in Japanese →
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