Financials

LY Corporation: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥2.04tnYoY +6.2%

FYE Mar 2026 · Operating profit¥341bnYoY +8.3%

FYE Mar 2026 · Net profit¥194bnYoY +26.2%

FYE Mar 2026 · Equity ratio20.4%YoY −7.8pp

FYE Mar 2026 · Group employees29,863YoY +2,860

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥854bn	n/a	¥192bn	n/a	22.5%	¥137bn	Miyasaka Manabu	Head office moves to Kioicho, Chiyoda, Tokyo
FYE Mar 2018Consolidated	¥897bn	+5.1%	¥186bn	−3.2%	20.7%	¥131bn	Miyasaka Manabu	—
FYE Mar 2019Consolidated	¥955bn	+6.4%	¥141bn	−24.4%	14.7%	¥79bn	Miyasaka Manabu	PayPay launched; the US Yahoo sells its entire stake
FYE Mar 2020Consolidated	¥1.05tn	+10.3%	¥152bn	+8.4%	14.5%	¥82bn	Kawabe Kentaro	Renamed Z Holdings; ZOZO taken over (<span class="en-history_money" data-yen="400700000000" data-year="2019">$3.7B (¥401bn)</span>); LINE merger agreed
FYE Mar 2021Consolidated	¥1.21tn	+14.5%	¥162bn	+6.5%	13.4%	¥70bn	Kawabe Kentaro	—
FYE Mar 2022Consolidated	¥1.57tn	+30.0%	¥190bn	+16.9%	12.1%	¥77bn	Kawabe Kentaro	Merger with LINE completed
FYE Mar 2023Consolidated	¥1.67tn	+6.7%	¥315bn	+66.0%	18.8%	¥179bn	Kawabe Kentaro	—
FYE Mar 2024Consolidated	¥1.81tn	+8.5%	¥208bn	−33.8%	11.5%	¥113bn	Kawabe Kentaro	Three-way merger forms LINE Yahoo (now LY Corporation)
FYE Mar 2025Consolidated	¥1.92tn	+5.7%	¥315bn	+51.3%	16.4%	¥153bn	Idezawa Takeshi	Government guidances over the LINE data leak and NAVER ties
FYE Mar 2026Consolidated	¥2.04tn	+6.2%	¥341bn	+8.3%	16.8%	¥194bn	Idezawa Takeshi	—

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 Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.04tn

CAGR · 10 yrs +10.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	854	n/a	Cons. · IFRS
FYE Mar 2018	897	+5.1%	Cons. · IFRS
FYE Mar 2019	955	+6.4%	Cons. · IFRS
FYE Mar 2020	1,053	+10.3%	Cons. · IFRS
FYE Mar 2021	1,206	+14.5%	Cons. · IFRS
FYE Mar 2022	1,567	+30.0%	Cons. · IFRS
FYE Mar 2023	1,672	+6.7%	Cons. · IFRS
FYE Mar 2024	1,815	+8.5%	Cons. · IFRS
FYE Mar 2025	1,917	+5.7%	Cons. · IFRS
FYE Mar 2026	2,036	+6.2%	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 Mar 2026 ¥530bn

CAGR · 10 yrs +4.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	374	n/a	Cons. · IFRS
FYE Mar 2018	382	+2.4%	Cons. · IFRS
FYE Mar 2019	409	+6.9%	Cons. · IFRS
FYE Mar 2020	424	+3.8%	Cons. · IFRS
FYE Mar 2021	432	+1.9%	Cons. · IFRS
FYE Mar 2022	497	+14.9%	Cons. · IFRS
FYE Mar 2023	511	+2.8%	Cons. · IFRS
FYE Mar 2024	520	+1.8%	Cons. · IFRS
FYE Mar 2025	530	+1.7%	Cons. · IFRS
FYE Mar 2026	530	+0.1%	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 Mar 2026 ¥1.51tn

CAGR · 10 yrs +13.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	480	n/a	Cons. · IFRS
FYE Mar 2018	515	+7.2%	Cons. · IFRS
FYE Mar 2019	546	+6.0%	Cons. · IFRS
FYE Mar 2020	628	+15.1%	Cons. · IFRS
FYE Mar 2021	773	+23.1%	Cons. · IFRS
FYE Mar 2022	1,070	+38.4%	Cons. · IFRS
FYE Mar 2023	1,161	+8.5%	Cons. · IFRS
FYE Mar 2024	1,294	+11.5%	Cons. · IFRS
FYE Mar 2025	1,388	+7.2%	Cons. · IFRS
FYE Mar 2026	1,506	+8.5%	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 Mar 2026 ¥1.22tn

CAGR · 10 yrs +17.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	277	n/a	Cons. · IFRS
FYE Mar 2018	340	+22.4%	Cons. · IFRS
FYE Mar 2019	413	+21.7%	Cons. · IFRS
FYE Mar 2020	468	+13.3%	Cons. · IFRS
FYE Mar 2021	612	+30.7%	Cons. · IFRS
FYE Mar 2022	896	+46.4%	Cons. · IFRS
FYE Mar 2023	1,002	+11.8%	Cons. · IFRS
FYE Mar 2024	1,091	+8.9%	Cons. · IFRS
FYE Mar 2025	1,116	+2.3%	Cons. · IFRS
FYE Mar 2026	1,221	+9.4%	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 Mar 2026 ¥341bn

CAGR · 10 yrs +6.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	192	n/a	Cons. · IFRS
FYE Mar 2018	186	−3.2%	Cons. · IFRS
FYE Mar 2019	141	−24.4%	Cons. · IFRS
FYE Mar 2020	152	+8.4%	Cons. · IFRS
FYE Mar 2021	162	+6.5%	Cons. · IFRS
FYE Mar 2022	190	+16.9%	Cons. · IFRS
FYE Mar 2023	315	+66.0%	Cons. · IFRS
FYE Mar 2024	208	−33.8%	Cons. · IFRS
FYE Mar 2025	315	+51.3%	Cons. · IFRS
FYE Mar 2026	341	+8.3%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥194bn

CAGR · 10 yrs +4.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	137	n/a	Cons. · IFRS
FYE Mar 2018	131	−4.0%	Cons. · IFRS
FYE Mar 2019	78.7	−40.0%	Cons. · IFRS
FYE Mar 2020	81.7	+3.8%	Cons. · IFRS
FYE Mar 2021	70.1	−14.1%	Cons. · IFRS
FYE Mar 2022	77.3	+10.2%	Cons. · IFRS
FYE Mar 2023	179	+131.3%	Cons. · IFRS
FYE Mar 2024	113	−36.7%	Cons. · IFRS
FYE Mar 2025	153	+35.6%	Cons. · IFRS
FYE Mar 2026	194	+26.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 74.0%

Average · 10 yrs 65.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	56.2	n/a	Cons. · IFRS
FYE Mar 2018	57.4	+1.1pp	Cons. · IFRS
FYE Mar 2019	57.2	−0.2pp	Cons. · IFRS
FYE Mar 2020	59.7	+2.5pp	Cons. · IFRS
FYE Mar 2021	64.1	+4.4pp	Cons. · IFRS
FYE Mar 2022	68.3	+4.2pp	Cons. · IFRS
FYE Mar 2023	69.4	+1.1pp	Cons. · IFRS
FYE Mar 2024	71.3	+1.9pp	Cons. · IFRS
FYE Mar 2025	72.4	+1.1pp	Cons. · IFRS
FYE Mar 2026	74.0	+1.6pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 16.8%

Average · 10 yrs 16.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	22.5	n/a	Cons. · IFRS
FYE Mar 2018	20.7	−1.8pp	Cons. · IFRS
FYE Mar 2019	14.7	−6.0pp	Cons. · IFRS
FYE Mar 2020	14.5	−0.3pp	Cons. · IFRS
FYE Mar 2021	13.4	−1.0pp	Cons. · IFRS
FYE Mar 2022	12.1	−1.4pp	Cons. · IFRS
FYE Mar 2023	18.8	+6.7pp	Cons. · IFRS
FYE Mar 2024	11.5	−7.3pp	Cons. · IFRS
FYE Mar 2025	16.4	+5.0pp	Cons. · IFRS
FYE Mar 2026	16.8	+0.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 9.5%

Average · 10 yrs 9.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · IFRS
FYE Mar 2018	14.6	−1.4pp	Cons. · IFRS
FYE Mar 2019	8.2	−6.4pp	Cons. · IFRS
FYE Mar 2020	7.8	−0.5pp	Cons. · IFRS
FYE Mar 2021	5.8	−1.9pp	Cons. · IFRS
FYE Mar 2022	4.9	−0.9pp	Cons. · IFRS
FYE Mar 2023	10.7	+5.8pp	Cons. · IFRS
FYE Mar 2024	6.2	−4.5pp	Cons. · IFRS
FYE Mar 2025	8.0	+1.8pp	Cons. · IFRS
FYE Mar 2026	9.5	+1.5pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 26.0%

Average · 10 yrs 35.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	43.8	n/a	Cons. · IFRS
FYE Mar 2018	42.6	−1.1pp	Cons. · IFRS
FYE Mar 2019	42.8	+0.2pp	Cons. · IFRS
FYE Mar 2020	40.3	−2.5pp	Cons. · IFRS
FYE Mar 2021	35.9	−4.4pp	Cons. · IFRS
FYE Mar 2022	31.7	−4.2pp	Cons. · IFRS
FYE Mar 2023	30.6	−1.1pp	Cons. · IFRS
FYE Mar 2024	28.7	−1.9pp	Cons. · IFRS
FYE Mar 2025	27.6	−1.1pp	Cons. · IFRS
FYE Mar 2026	26.0	−1.6pp	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 Mar 2026 60.0%

Average · 10 yrs 50.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	32.5	n/a	Cons. · IFRS
FYE Mar 2018	37.8	+5.4pp	Cons. · IFRS
FYE Mar 2019	43.3	+5.4pp	Cons. · IFRS
FYE Mar 2020	44.4	+1.2pp	Cons. · IFRS
FYE Mar 2021	50.7	+6.3pp	Cons. · IFRS
FYE Mar 2022	57.2	+6.4pp	Cons. · IFRS
FYE Mar 2023	59.9	+2.7pp	Cons. · IFRS
FYE Mar 2024	60.1	+0.2pp	Cons. · IFRS
FYE Mar 2025	58.2	−1.9pp	Cons. · IFRS
FYE Mar 2026	60.0	+1.8pp	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 Mar 2026 ¥11.2tn

CAGR · 10 yrs +24.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,534	n/a	Cons. · IFRS
FYE Mar 2018	2,517	+64.0%	Cons. · IFRS
FYE Mar 2019	2,430	−3.5%	Cons. · IFRS
FYE Mar 2020	3,934	+61.9%	Cons. · IFRS
FYE Mar 2021	6,691	+70.1%	Cons. · IFRS
FYE Mar 2022	7,110	+6.3%	Cons. · IFRS
FYE Mar 2023	8,589	+20.8%	Cons. · IFRS
FYE Mar 2024	9,044	+5.3%	Cons. · IFRS
FYE Mar 2025	9,158	+1.3%	Cons. · IFRS
FYE Mar 2026	11,205	+22.3%	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 Mar 2026 ¥2.28tn

CAGR · 10 yrs +10.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	931	n/a	Cons. · IFRS
FYE Mar 2018	905	−2.8%	Cons. · IFRS
FYE Mar 2019	726	−19.8%	Cons. · IFRS
FYE Mar 2020	495	−31.8%	Cons. · IFRS
FYE Mar 2021	2,375	+379.5%	Cons. · IFRS
FYE Mar 2022	2,387	+0.5%	Cons. · IFRS
FYE Mar 2023	2,521	+5.6%	Cons. · IFRS
FYE Mar 2024	2,627	+4.2%	Cons. · IFRS
FYE Mar 2025	2,577	−1.9%	Cons. · IFRS
FYE Mar 2026	2,284	−11.4%	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 Mar 2026 ¥1.96tn

CAGR · 10 yrs +38.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	105	n/a	Cons. · IFRS
FYE Mar 2018	191	+82.3%	Cons. · IFRS
FYE Mar 2019	215	+12.9%	Cons. · IFRS
FYE Mar 2020	1,086	+404.8%	Cons. · IFRS
FYE Mar 2021	1,390	+27.9%	Cons. · IFRS
FYE Mar 2022	1,667	+19.9%	Cons. · IFRS
FYE Mar 2023	1,914	+14.8%	Cons. · IFRS
FYE Mar 2024	1,883	−1.6%	Cons. · IFRS
FYE Mar 2025	1,694	−10.0%	Cons. · IFRS
FYE Mar 2026	1,962	+15.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 n/a

CAGR · 9 yrs +61.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	36.9	n/a	Cons. · IFRS
FYE Mar 2018	191	+416.6%	Cons. · IFRS
FYE Mar 2019	215	+12.9%	Cons. · IFRS
FYE Mar 2020	1,086	+404.8%	Cons. · IFRS
FYE Mar 2021	1,390	+27.9%	Cons. · IFRS
FYE Mar 2022	1,667	+19.9%	Cons. · IFRS
FYE Mar 2023	1,914	+14.8%	Cons. · IFRS
FYE Mar 2024	1,883	−1.6%	Cons. · IFRS
FYE Mar 2025	1,694	−10.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs +41.6%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	105	n/a	Cons. · IFRS
FYE Mar 2018	191	+82.3%	Cons. · IFRS
FYE Mar 2019	215	+12.9%	Cons. · IFRS
FYE Mar 2020	1,086	+404.8%	Cons. · IFRS
FYE Mar 2021	1,390	+27.9%	Cons. · IFRS
FYE Mar 2022	1,667	+19.9%	Cons. · IFRS
FYE Mar 2023	1,914	+14.8%	Cons. · IFRS
FYE Mar 2024	1,883	−1.6%	Cons. · IFRS
FYE Mar 2025	1,694	−10.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥1.31tn

CAGR · 10 yrs +28.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	139	n/a	Cons. · IFRS
FYE Mar 2018	167	+20.5%	Cons. · IFRS
FYE Mar 2019	165	−1.1%	Cons. · IFRS
FYE Mar 2020	679	+311.0%	Cons. · IFRS
FYE Mar 2021	1,062	+56.3%	Cons. · IFRS
FYE Mar 2022	1,216	+14.6%	Cons. · IFRS
FYE Mar 2023	1,268	+4.2%	Cons. · IFRS
FYE Mar 2024	1,249	−1.5%	Cons. · IFRS
FYE Mar 2025	1,233	−1.2%	Cons. · IFRS
FYE Mar 2026	1,310	+6.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥2.19tn

CAGR · 10 yrs +33.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	160	n/a	Cons. · IFRS
FYE Mar 2018	162	+1.6%	Cons. · IFRS
FYE Mar 2019	175	+8.2%	Cons. · IFRS
FYE Mar 2020	400	+128.2%	Cons. · IFRS
FYE Mar 2021	1,790	+347.6%	Cons. · IFRS
FYE Mar 2022	1,788	−0.1%	Cons. · IFRS
FYE Mar 2023	2,075	+16.0%	Cons. · IFRS
FYE Mar 2024	2,068	−0.3%	Cons. · IFRS
FYE Mar 2025	2,073	+0.3%	Cons. · IFRS
FYE Mar 2026	2,192	+5.7%	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 Mar 2026 20.4%

Average · 10 yrs 31.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	60.7	n/a	Cons. · IFRS
FYE Mar 2018	36.0	−24.7pp	Cons. · IFRS
FYE Mar 2019	29.9	−6.1pp	Cons. · IFRS
FYE Mar 2020	12.6	−17.3pp	Cons. · IFRS
FYE Mar 2021	35.5	+22.9pp	Cons. · IFRS
FYE Mar 2022	33.6	−1.9pp	Cons. · IFRS
FYE Mar 2023	29.4	−4.2pp	Cons. · IFRS
FYE Mar 2024	29.0	−0.3pp	Cons. · IFRS
FYE Mar 2025	28.1	−0.9pp	Cons. · IFRS
FYE Mar 2026	20.4	−7.8pp	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 Mar 2026 85.9%

Average · 10 yrs 70.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · IFRS
FYE Mar 2018	21.1	+9.8pp	Cons. · IFRS
FYE Mar 2019	29.6	+8.6pp	Cons. · IFRS
FYE Mar 2020	219.4	+189.7pp	Cons. · IFRS
FYE Mar 2021	58.5	−160.9pp	Cons. · IFRS
FYE Mar 2022	69.8	+11.3pp	Cons. · IFRS
FYE Mar 2023	75.9	+6.1pp	Cons. · IFRS
FYE Mar 2024	71.7	−4.3pp	Cons. · IFRS
FYE Mar 2025	65.7	−5.9pp	Cons. · IFRS
FYE Mar 2026	85.9	+20.2pp	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 Mar 2026 8.5%

Average · 10 yrs 8.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	14.7	n/a	Cons. · IFRS
FYE Mar 2018	14.5	−0.2pp	Cons. · IFRS
FYE Mar 2019	10.8	−3.7pp	Cons. · IFRS
FYE Mar 2020	16.5	+5.7pp	Cons. · IFRS
FYE Mar 2021	3.0	−13.5pp	Cons. · IFRS
FYE Mar 2022	3.2	+0.3pp	Cons. · IFRS
FYE Mar 2023	7.1	+3.9pp	Cons. · IFRS
FYE Mar 2024	4.3	−2.8pp	Cons. · IFRS
FYE Mar 2025	6.0	+1.6pp	Cons. · IFRS
FYE Mar 2026	8.5	+2.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.7%

Average · 10 yrs 2.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · IFRS
FYE Mar 2018	5.2	−3.7pp	Cons. · IFRS
FYE Mar 2019	3.2	−2.0pp	Cons. · IFRS
FYE Mar 2020	2.1	−1.2pp	Cons. · IFRS
FYE Mar 2021	1.0	−1.0pp	Cons. · IFRS
FYE Mar 2022	1.1	−0.0pp	Cons. · IFRS
FYE Mar 2023	2.1	+1.0pp	Cons. · IFRS
FYE Mar 2024	1.3	−0.8pp	Cons. · IFRS
FYE Mar 2025	1.7	+0.4pp	Cons. · IFRS
FYE Mar 2026	1.7	+0.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.18×

CAGR · 10 yrs −11.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.56	n/a	Cons. · IFRS
FYE Mar 2018	0.36	−35.9%	Cons. · IFRS
FYE Mar 2019	0.39	+10.2%	Cons. · IFRS
FYE Mar 2020	0.27	−31.9%	Cons. · IFRS
FYE Mar 2021	0.18	−32.7%	Cons. · IFRS
FYE Mar 2022	0.22	+22.3%	Cons. · IFRS
FYE Mar 2023	0.19	−11.7%	Cons. · IFRS
FYE Mar 2024	0.20	+3.0%	Cons. · IFRS
FYE Mar 2025	0.21	+4.3%	Cons. · IFRS
FYE Mar 2026	0.18	−13.2%	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 Mar 2026 ¥663bn

CAGR · 10 yrs +20.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	127	n/a	Cons. · IFRS
FYE Mar 2018	75.5	−40.6%	Cons. · IFRS
FYE Mar 2019	150	+98.7%	Cons. · IFRS
FYE Mar 2020	242	+61.1%	Cons. · IFRS
FYE Mar 2021	208	−13.9%	Cons. · IFRS
FYE Mar 2022	266	+28.1%	Cons. · IFRS
FYE Mar 2023	93.1	−65.1%	Cons. · IFRS
FYE Mar 2024	316	+240.1%	Cons. · IFRS
FYE Mar 2025	520	+64.2%	Cons. · IFRS
FYE Mar 2026	663	+27.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥809bn

Average · 10 yrs -¥230bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-57.0	n/a	Cons. · IFRS
FYE Mar 2018	233	n/a	Cons. · IFRS
FYE Mar 2019	-212	−191.2%	Cons. · IFRS
FYE Mar 2020	-504	n/a	Cons. · IFRS
FYE Mar 2021	-12.3	n/a	Cons. · IFRS
FYE Mar 2022	-304	n/a	Cons. · IFRS
FYE Mar 2023	320	n/a	Cons. · IFRS
FYE Mar 2024	-444	−238.9%	Cons. · IFRS
FYE Mar 2025	-506	n/a	Cons. · IFRS
FYE Mar 2026	-809	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 Mar 2026 ¥153bn

CAGR · 10 yrs +22.9%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	24.0	n/a	Cons. · IFRS
FYE Mar 2018	21.3	−11.3%	Cons. · IFRS
FYE Mar 2019	-263	−1336.8%	Cons. · IFRS
FYE Mar 2020	596	n/a	Cons. · IFRS
FYE Mar 2021	-12.1	−102.0%	Cons. · IFRS
FYE Mar 2022	91.6	n/a	Cons. · IFRS
FYE Mar 2023	106	+15.5%	Cons. · IFRS
FYE Mar 2024	-81.5	−177.0%	Cons. · IFRS
FYE Mar 2025	-417	n/a	Cons. · IFRS
FYE Mar 2026	153	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 Mar 2026 ¥1.07tn

CAGR · 10 yrs +7.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	543	n/a	Cons. · IFRS
FYE Mar 2018	868	+59.9%	Cons. · IFRS
FYE Mar 2019	547	−37.0%	Cons. · IFRS
FYE Mar 2020	880	+61.0%	Cons. · IFRS
FYE Mar 2021	1,066	+21.1%	Cons. · IFRS
FYE Mar 2022	1,128	+5.8%	Cons. · IFRS
FYE Mar 2023	1,652	+46.5%	Cons. · IFRS
FYE Mar 2024	1,420	−14.0%	Cons. · IFRS
FYE Mar 2025	1,044	−26.5%	Cons. · IFRS
FYE Mar 2026	1,068	+2.3%	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 Mar 2026 -¥146bn

Average · 10 yrs ¥36bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	70.0	n/a	Cons. · IFRS
FYE Mar 2018	308	+340.2%	Cons. · IFRS
FYE Mar 2019	-62.2	−120.2%	Cons. · IFRS
FYE Mar 2020	-262	n/a	Cons. · IFRS
FYE Mar 2021	196	n/a	Cons. · IFRS
FYE Mar 2022	-37.6	−119.2%	Cons. · IFRS
FYE Mar 2023	413	n/a	Cons. · IFRS
FYE Mar 2024	-128	−130.9%	Cons. · IFRS
FYE Mar 2025	14.0	n/a	Cons. · IFRS
FYE Mar 2026	-146	−1148.9%	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 Mar 2026 32.6%

Average · 10 yrs 17.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · IFRS
FYE Mar 2018	8.4	−6.5pp	Cons. · IFRS
FYE Mar 2019	15.7	+7.3pp	Cons. · IFRS
FYE Mar 2020	22.9	+7.2pp	Cons. · IFRS
FYE Mar 2021	17.2	−5.7pp	Cons. · IFRS
FYE Mar 2022	17.0	−0.3pp	Cons. · IFRS
FYE Mar 2023	5.6	−11.4pp	Cons. · IFRS
FYE Mar 2024	17.4	+11.9pp	Cons. · IFRS
FYE Mar 2025	27.1	+9.7pp	Cons. · IFRS
FYE Mar 2026	32.6	+5.5pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥894bn

Average · 10 yrs -¥189bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	439	n/a	Cons. · IFRS
FYE Mar 2018	678	+54.6%	Cons. · IFRS
FYE Mar 2019	332	−51.1%	Cons. · IFRS
FYE Mar 2020	-206	−162.2%	Cons. · IFRS
FYE Mar 2021	-324	n/a	Cons. · IFRS
FYE Mar 2022	-539	n/a	Cons. · IFRS
FYE Mar 2023	-262	n/a	Cons. · IFRS
FYE Mar 2024	-462	n/a	Cons. · IFRS
FYE Mar 2025	-650	n/a	Cons. · IFRS
FYE Mar 2026	-894	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 Mar 2026 ¥2.63tn

Change · 10 yrs −¥293bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,927	n/a
FYE Mar 2018	2,815	n/a
FYE Mar 2019	1,396	n/a
FYE Mar 2020	1,679	n/a
FYE Mar 2021	4,216	n/a
FYE Mar 2022	4,075	n/a
FYE Mar 2023	2,846	n/a
FYE Mar 2024	2,961	n/a
FYE Mar 2025	3,622	n/a
FYE Mar 2026	2,634	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 383¥

Change · 10 yrs −131¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	514	n/a
FYE Mar 2018	494	n/a
FYE Mar 2019	271	n/a
FYE Mar 2020	348	n/a
FYE Mar 2021	551	n/a
FYE Mar 2022	536	n/a
FYE Mar 2023	373	n/a
FYE Mar 2024	388	n/a
FYE Mar 2025	506	n/a
FYE Mar 2026	383	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 6,884,244,000shares

Change · 10 yrs +1,188,667,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	5,695,577,000	Parent
FYE Mar 2018	5,696,866,000	Parent
FYE Mar 2019	5,151,629,000	Parent
FYE Mar 2020	4,822,507,000	Parent
FYE Mar 2021	7,655,201,000	Parent
FYE Mar 2022	7,596,161,000	Parent
FYE Mar 2023	7,633,501,000	Parent
FYE Mar 2024	7,637,068,000	Parent
FYE Mar 2025	7,154,182,000	Parent
FYE Mar 2026	6,884,244,000	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 Mar 2026 27.97¥

Change · 10 yrs +3.98¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	23.99	Cons.
FYE Mar 2018	23.04	Cons.
FYE Mar 2019	14.74	Cons.
FYE Mar 2020	16.88	Cons.
FYE Mar 2021	14.02	Cons.
FYE Mar 2022	10.20	Cons.
FYE Mar 2023	23.87	Cons.
FYE Mar 2024	15.10	Cons.
FYE Mar 2025	21.00	Cons.
FYE Mar 2026	27.97	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 331.79¥

Change · 10 yrs +168.36¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	163.43	Cons. · IFRS
FYE Mar 2018	158.83	Cons. · IFRS
FYE Mar 2019	140.94	Cons. · IFRS
FYE Mar 2020	102.70	Cons. · IFRS
FYE Mar 2021	310.25	Cons. · IFRS
FYE Mar 2022	314.18	Cons. · IFRS
FYE Mar 2023	330.24	Cons. · IFRS
FYE Mar 2024	344.01	Cons. · IFRS
FYE Mar 2025	360.27	Cons. · IFRS
FYE Mar 2026	331.79	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 13.68×

Average · 10 yrs 25.28×

Fiscal year	PER ×	Basis
FYE Mar 2017	21.42	Cons.
FYE Mar 2018	21.45	Cons.
FYE Mar 2019	18.39	Cons.
FYE Mar 2020	20.62	Cons.
FYE Mar 2021	39.28	Cons.
FYE Mar 2022	52.59	Cons.
FYE Mar 2023	15.62	Cons.
FYE Mar 2024	25.68	Cons.
FYE Mar 2025	24.11	Cons.
FYE Mar 2026	13.68	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 0.88×

Average · 10 yrs 1.68×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.14	Cons.
FYE Mar 2018	2.78	Cons.
FYE Mar 2019	1.68	Cons.
FYE Mar 2020	2.15	Cons.
FYE Mar 2021	1.56	Cons.
FYE Mar 2022	1.50	Cons.
FYE Mar 2023	0.96	Cons.
FYE Mar 2024	0.96	Cons.
FYE Mar 2025	1.20	Cons.
FYE Mar 2026	0.88	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 29,863people

Change · 10 yrs +18,632 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	11,231	n/a	Cons.
FYE Mar 2018	12,244	+9.0%	Cons.
FYE Mar 2019	12,874	+5.1%	Cons.
FYE Mar 2020	14,168	+10.1%	Cons.
FYE Mar 2021	22,531	+59.0%	Cons.
FYE Mar 2022	23,705	+5.2%	Cons.
FYE Mar 2023	28,385	+19.7%	Cons.
FYE Mar 2024	28,196	−0.7%	Cons.
FYE Mar 2025	27,003	−4.2%	Cons.
FYE Mar 2026	29,863	+10.6%	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 10,577people

Change · 10 yrs +4,751 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,826	n/a	Parent
FYE Mar 2018	6,330	+8.7%	Parent
FYE Mar 2019	6,515	+2.9%	Parent
FYE Mar 2020	63	−99.0%	Parent
FYE Mar 2021	243	+285.7%	Parent
FYE Mar 2022	281	+15.6%	Parent
FYE Mar 2023	339	+20.6%	Parent
FYE Mar 2024	11,176	+3196.8%	Parent
FYE Mar 2025	11,035	−1.3%	Parent
FYE Mar 2026	10,577	−4.2%	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 ¥9.0m

Change · 10 yrs +¥2.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.8	n/a	Parent
FYE Mar 2018	7.7	+12.4%	Parent
FYE Mar 2019	7.7	−0.2%	Parent
FYE Mar 2020	11.1	+44.5%	Parent
FYE Mar 2021	10.8	−2.3%	Parent
FYE Mar 2022	10.7	−0.4%	Parent
FYE Mar 2023	9.1	−15.1%	Parent
FYE Mar 2024	8.2	−10.3%	Parent
FYE Mar 2025	8.8	+8.0%	Parent
FYE Mar 2026	9.0	+2.0%	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 39.0years

Change · 8 yrs +3.4 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	35.6	n/a	Parent
FYE Mar 2020	41.6	+16.9%	Parent
FYE Mar 2021	42.0	+1.0%	Parent
FYE Mar 2022	42.9	+2.1%	Parent
FYE Mar 2023	43.5	+1.4%	Parent
FYE Mar 2024	37.3	−14.3%	Parent
FYE Mar 2025	38.4	+2.9%	Parent
FYE Mar 2026	39.0	+1.6%	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 9.6years

Change · 10 yrs +3.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	6.3	n/a	Parent
FYE Mar 2018	6.5	+3.2%	Parent
FYE Mar 2019	6.8	+4.6%	Parent
FYE Mar 2020	8.6	+26.5%	Parent
FYE Mar 2021	9.8	+14.0%	Parent
FYE Mar 2022	10.6	+8.2%	Parent
FYE Mar 2023	10.1	−4.7%	Parent
FYE Mar 2024	7.4	−26.7%	Parent
FYE Mar 2025	8.8	+18.9%	Parent
FYE Mar 2026	9.6	+9.1%	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 11,490people

Change · 8 yrs +6,309 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	5,181	n/a	n/a
FYE Mar 2020	6,966	+34.5%	n/a
FYE Mar 2021	11,801	+69.4%	n/a
FYE Mar 2022	12,352	+4.7%	n/a
FYE Mar 2023	12,780	+3.5%	n/a
FYE Mar 2024	12,447	−2.6%	n/a
FYE Mar 2025	11,868	−4.7%	n/a
FYE Mar 2026	11,490	−3.2%	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 Mar 2026 ¥68.2m

Change · 10 yrs −¥7.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	76.0	n/a	Cons.
FYE Mar 2018	73.3	−3.6%	Cons.
FYE Mar 2019	74.2	+1.2%	Cons.
FYE Mar 2020	74.3	+0.2%	Cons.
FYE Mar 2021	53.5	−28.0%	Cons.
FYE Mar 2022	66.1	+23.5%	Cons.
FYE Mar 2023	58.9	−10.9%	Cons.
FYE Mar 2024	64.4	+9.2%	Cons.
FYE Mar 2025	71.0	+10.3%	Cons.
FYE Mar 2026	68.2	−4.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥11.4m

Change · 10 yrs −¥5.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	17.1	n/a	Cons.
FYE Mar 2018	15.2	−11.3%	Cons.
FYE Mar 2019	10.9	−28.1%	Cons.
FYE Mar 2020	10.7	−1.5%	Cons.
FYE Mar 2021	7.2	−33.1%	Cons.
FYE Mar 2022	8.0	+11.1%	Cons.
FYE Mar 2023	11.1	+38.6%	Cons.
FYE Mar 2024	7.4	−33.4%	Cons.
FYE Mar 2025	11.7	+58.0%	Cons.
FYE Mar 2026	11.4	−2.0%	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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