Financials

Rakuten Group: FYE Dec 2025 and ten years of results (41 metrics)

FYE Dec 2025 · Revenue¥2.50tnYoY +9.5%

FYE Dec 2025 · Operating profit¥14bnYoY −72.9%

FYE Dec 2025 · Net profit-¥178bn

FYE Dec 2025 · Equity ratio2.2%YoY −0.1pp

FYE Dec 2025 · Group employees29,419YoY +85

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥782bn	n/a	¥78bn	n/a	10.0%	¥38bn	Mikitani Hiroshi	—
FYE Dec 2017Consolidated	¥944bn	+20.8%	¥149bn	+91.5%	15.8%	¥111bn	Mikitani Hiroshi	Board resolves to enter mobile as the fourth MNO in December
FYE Dec 2018Consolidated	¥1.10tn	+16.6%	¥170bn	+14.1%	15.5%	¥142bn	Mikitani Hiroshi	Asahi Fire and Marine Insurance made a subsidiary
FYE Dec 2019Consolidated	¥1.26tn	+14.7%	¥73bn	−57.3%	5.8%	-¥32bn	Mikitani Hiroshi	Rakuten Mobile begins carrier service in October
FYE Dec 2020Consolidated	¥1.46tn	+15.2%	-¥94bn	−229.0%	-6.4%	-¥114bn	Mikitani Hiroshi	5G service launched in September
FYE Dec 2021Consolidated	¥1.68tn	+15.5%	-¥195bn	n/a	-11.6%	-¥134bn	Mikitani Hiroshi	Renamed Rakuten Group, Inc.; Rakuten Symphony launched in August
FYE Dec 2022Consolidated	¥1.92tn	+14.2%	-¥372bn	n/a	-19.3%	-¥377bn	Mikitani Hiroshi	Population coverage passes 96 per cent; move to the TSE Prime Market
FYE Dec 2023Consolidated	¥2.07tn	+7.8%	-¥213bn	n/a	-10.3%	-¥339bn	Mikitani Hiroshi	Rakuten Bank listed separately on the TSE Prime Market
FYE Dec 2024Consolidated	¥2.28tn	+10.0%	¥53bn	n/a	2.3%	-¥162bn	Mikitani Hiroshi	Rakuten Card and Mizuho Financial Group enter a capital and business alliance
FYE Dec 2025Consolidated	¥2.50tn	+9.5%	¥14bn	−72.9%	0.6%	-¥178bn	Mikitani Hiroshi	Rakuten Mobile reaches EBITDA profitability in the first quarter

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 Other operating costs Operating profit

Margins

Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.50tn

CAGR · 10 yrs +13.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	782	n/a	Cons. · IFRS
FYE Dec 2017	944	+20.8%	Cons. · IFRS
FYE Dec 2018	1,101	+16.6%	Cons. · IFRS
FYE Dec 2019	1,264	+14.7%	Cons. · IFRS
FYE Dec 2020	1,456	+15.2%	Cons. · IFRS
FYE Dec 2021	1,682	+15.5%	Cons. · IFRS
FYE Dec 2022	1,921	+14.2%	Cons. · IFRS
FYE Dec 2023	2,071	+7.8%	Cons. · IFRS
FYE Dec 2024	2,279	+10.0%	Cons. · IFRS
FYE Dec 2025	2,497	+9.5%	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 ¥2.48tn

CAGR · 10 yrs +15.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	704	n/a	Cons. · IFRS
FYE Dec 2017	795	+13.0%	Cons. · IFRS
FYE Dec 2018	931	+17.1%	Cons. · IFRS
FYE Dec 2019	1,191	+27.9%	Cons. · IFRS
FYE Dec 2020	1,549	+30.1%	Cons. · IFRS
FYE Dec 2021	1,876	+21.1%	Cons. · IFRS
FYE Dec 2022	2,285	+21.8%	Cons. · IFRS
FYE Dec 2023	2,284	−0.0%	Cons. · IFRS
FYE Dec 2024	2,226	−2.5%	Cons. · IFRS
FYE Dec 2025	2,482	+11.5%	Cons. · IFRS

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

Operating profit

FYE Dec 2025 ¥14bn

CAGR · 10 yrs −17.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	78.0	n/a	Cons. · IFRS
FYE Dec 2017	149	+91.5%	Cons. · IFRS
FYE Dec 2018	170	+14.1%	Cons. · IFRS
FYE Dec 2019	72.7	−57.3%	Cons. · IFRS
FYE Dec 2020	-93.8	−229.0%	Cons. · IFRS
FYE Dec 2021	-195	n/a	Cons. · IFRS
FYE Dec 2022	-372	n/a	Cons. · IFRS
FYE Dec 2023	-213	n/a	Cons. · IFRS
FYE Dec 2024	53.0	n/a	Cons. · IFRS
FYE Dec 2025	14.4	−72.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥63bn

CAGR · 10 yrs +84.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	0.3	n/a	Cons. · IFRS
FYE Dec 2017	0.4	+60.2%	Cons. · IFRS
FYE Dec 2018	1.0	+132.7%	Cons. · IFRS
FYE Dec 2019	3.6	+281.8%	Cons. · IFRS
FYE Dec 2020	60.2	+1551.6%	Cons. · IFRS
FYE Dec 2021	18.9	−68.6%	Cons. · IFRS
FYE Dec 2022	115	+510.6%	Cons. · IFRS
FYE Dec 2023	73.4	−36.4%	Cons. · IFRS
FYE Dec 2024	82.3	+12.1%	Cons. · IFRS
FYE Dec 2025	63.4	−23.0%	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 ¥99bn

CAGR · 10 yrs +45.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	3.5	n/a	Cons. · IFRS
FYE Dec 2017	3.3	−5.1%	Cons. · IFRS
FYE Dec 2018	4.1	+24.3%	Cons. · IFRS
FYE Dec 2019	9.0	+118.5%	Cons. · IFRS
FYE Dec 2020	79.6	+781.9%	Cons. · IFRS
FYE Dec 2021	38.6	−51.5%	Cons. · IFRS
FYE Dec 2022	157	+306.0%	Cons. · IFRS
FYE Dec 2023	64.6	−58.8%	Cons. · IFRS
FYE Dec 2024	110	+70.3%	Cons. · IFRS
FYE Dec 2025	99.4	−9.6%	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 -¥178bn

Average · 10 yrs -¥105bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	38.0	n/a	Cons. · IFRS
FYE Dec 2017	111	+191.1%	Cons. · IFRS
FYE Dec 2018	142	+28.7%	Cons. · IFRS
FYE Dec 2019	-31.9	−122.4%	Cons. · IFRS
FYE Dec 2020	-114	n/a	Cons. · IFRS
FYE Dec 2021	-134	n/a	Cons. · IFRS
FYE Dec 2022	-377	n/a	Cons. · IFRS
FYE Dec 2023	-339	n/a	Cons. · IFRS
FYE Dec 2024	-162	n/a	Cons. · IFRS
FYE Dec 2025	-178	n/a	Cons. · IFRS

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

Operating margin

FYE Dec 2025 0.6%

Average · 10 yrs 0.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	10.0	n/a	Cons. · IFRS
FYE Dec 2017	15.8	+5.8pp	Cons. · IFRS
FYE Dec 2018	15.5	−0.3pp	Cons. · IFRS
FYE Dec 2019	5.8	−9.7pp	Cons. · IFRS
FYE Dec 2020	-6.4	−12.2pp	Cons. · IFRS
FYE Dec 2021	-11.6	−5.1pp	Cons. · IFRS
FYE Dec 2022	-19.3	−7.8pp	Cons. · IFRS
FYE Dec 2023	-10.3	+9.1pp	Cons. · IFRS
FYE Dec 2024	2.3	+12.6pp	Cons. · IFRS
FYE Dec 2025	0.6	−1.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 -7.1%

Average · 10 yrs -3.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · IFRS
FYE Dec 2017	11.7	+6.8pp	Cons. · IFRS
FYE Dec 2018	12.9	+1.2pp	Cons. · IFRS
FYE Dec 2019	-2.5	−15.4pp	Cons. · IFRS
FYE Dec 2020	-7.8	−5.3pp	Cons. · IFRS
FYE Dec 2021	-8.0	−0.1pp	Cons. · IFRS
FYE Dec 2022	-19.6	−11.7pp	Cons. · IFRS
FYE Dec 2023	-16.4	+3.2pp	Cons. · IFRS
FYE Dec 2024	-7.1	+9.3pp	Cons. · IFRS
FYE Dec 2025	-7.1	−0.0pp	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 99.4%

Average · 10 yrs 99.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	90.0	n/a	Cons. · IFRS
FYE Dec 2017	84.2	−5.8pp	Cons. · IFRS
FYE Dec 2018	84.5	+0.3pp	Cons. · IFRS
FYE Dec 2019	94.2	+9.7pp	Cons. · IFRS
FYE Dec 2020	106.4	+12.2pp	Cons. · IFRS
FYE Dec 2021	111.6	+5.1pp	Cons. · IFRS
FYE Dec 2022	118.9	+7.4pp	Cons. · IFRS
FYE Dec 2023	110.3	−8.7pp	Cons. · IFRS
FYE Dec 2024	97.7	−12.6pp	Cons. · IFRS
FYE Dec 2025	99.4	+1.7pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ 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 ¥28.8tn

CAGR · 10 yrs +22.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	4,605	n/a	Cons. · IFRS
FYE Dec 2017	6,184	+34.3%	Cons. · IFRS
FYE Dec 2018	7,345	+18.8%	Cons. · IFRS
FYE Dec 2019	9,166	+24.8%	Cons. · IFRS
FYE Dec 2020	12,524	+36.6%	Cons. · IFRS
FYE Dec 2021	16,831	+34.4%	Cons. · IFRS
FYE Dec 2022	20,402	+21.2%	Cons. · IFRS
FYE Dec 2023	22,626	+10.9%	Cons. · IFRS
FYE Dec 2024	26,515	+17.2%	Cons. · IFRS
FYE Dec 2025	28,804	+8.6%	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 ¥631bn

CAGR · 10 yrs −0.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	682	n/a	Cons. · IFRS
FYE Dec 2017	683	+0.1%	Cons. · IFRS
FYE Dec 2018	773	+13.1%	Cons. · IFRS
FYE Dec 2019	734	−5.0%	Cons. · IFRS
FYE Dec 2020	588	−19.8%	Cons. · IFRS
FYE Dec 2021	1,070	+81.9%	Cons. · IFRS
FYE Dec 2022	734	−31.4%	Cons. · IFRS
FYE Dec 2023	585	−20.2%	Cons. · IFRS
FYE Dec 2024	617	+5.4%	Cons. · IFRS
FYE Dec 2025	631	+2.2%	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 ¥1.60tn

CAGR · 10 yrs +9.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	711	n/a	Cons. · IFRS
FYE Dec 2017	1,016	+42.8%	Cons. · IFRS
FYE Dec 2018	1,234	+21.5%	Cons. · IFRS
FYE Dec 2019	1,727	+39.9%	Cons. · IFRS
FYE Dec 2020	2,487	+44.0%	Cons. · IFRS
FYE Dec 2021	1,355	−45.5%	Cons. · IFRS
FYE Dec 2022	1,761	+29.9%	Cons. · IFRS
FYE Dec 2023	1,638	−7.0%	Cons. · IFRS
FYE Dec 2024	2,053	+25.3%	Cons. · IFRS
FYE Dec 2025	1,598	−22.2%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥1.60tn

CAGR · 10 yrs +9.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	711	n/a	Cons. · IFRS
FYE Dec 2017	1,016	+42.8%	Cons. · IFRS
FYE Dec 2018	1,234	+21.5%	Cons. · IFRS
FYE Dec 2019	1,727	+39.9%	Cons. · IFRS
FYE Dec 2020	2,487	+44.0%	Cons. · IFRS
FYE Dec 2021	3,403	+36.8%	Cons. · IFRS
FYE Dec 2022	1,761	−48.3%	Cons. · IFRS
FYE Dec 2023	1,638	−7.0%	Cons. · IFRS
FYE Dec 2024	2,053	+25.3%	Cons. · IFRS
FYE Dec 2025	1,598	−22.2%	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥1.08tn

CAGR · 8 yrs +10.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	554	n/a	Cons. · IFRS
FYE Dec 2019	609	+10.0%	Cons. · IFRS
FYE Dec 2020	640	+4.9%	Cons. · IFRS
FYE Dec 2021	859	+34.3%	Cons. · IFRS
FYE Dec 2022	955	+11.1%	Cons. · IFRS
FYE Dec 2023	1,024	+7.3%	Cons. · IFRS
FYE Dec 2024	1,083	+5.8%	Cons. · IFRS
FYE Dec 2025	1,079	−0.4%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥647bn

CAGR · 8 yrs +9.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	354	n/a	Cons. · IFRS
FYE Dec 2019	355	+0.5%	Cons. · IFRS
FYE Dec 2020	356	+0.3%	Cons. · IFRS
FYE Dec 2021	478	+34.1%	Cons. · IFRS
FYE Dec 2022	559	+17.0%	Cons. · IFRS
FYE Dec 2023	594	+6.3%	Cons. · IFRS
FYE Dec 2024	647	+8.9%	Cons. · IFRS
FYE Dec 2025	647	−0.0%	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 2.2%

Average · 10 yrs 6.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	14.8	n/a	Cons. · IFRS
FYE Dec 2017	11.0	−3.8pp	Cons. · IFRS
FYE Dec 2018	10.5	−0.5pp	Cons. · IFRS
FYE Dec 2019	8.0	−2.5pp	Cons. · IFRS
FYE Dec 2020	4.7	−3.3pp	Cons. · IFRS
FYE Dec 2021	6.4	+1.7pp	Cons. · IFRS
FYE Dec 2022	3.6	−2.8pp	Cons. · IFRS
FYE Dec 2023	2.6	−1.0pp	Cons. · IFRS
FYE Dec 2024	2.3	−0.3pp	Cons. · IFRS
FYE Dec 2025	2.2	−0.1pp	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 253.4%

Average · 10 yrs 230.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	104.2	n/a	Cons. · IFRS
FYE Dec 2017	148.7	+44.5pp	Cons. · IFRS
FYE Dec 2018	159.7	+11.0pp	Cons. · IFRS
FYE Dec 2019	235.3	+75.5pp	Cons. · IFRS
FYE Dec 2020	422.7	+187.5pp	Cons. · IFRS
FYE Dec 2021	126.6	−296.1pp	Cons. · IFRS
FYE Dec 2022	239.9	+113.2pp	Cons. · IFRS
FYE Dec 2023	279.8	+39.9pp	Cons. · IFRS
FYE Dec 2024	332.6	+52.8pp	Cons. · IFRS
FYE Dec 2025	253.4	−79.2pp	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 Dec 2025 -28.2%

Average · 10 yrs -16.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.6	n/a	Cons. · IFRS
FYE Dec 2017	16.2	+10.6pp	Cons. · IFRS
FYE Dec 2018	18.4	+2.2pp	Cons. · IFRS
FYE Dec 2019	-4.3	−22.8pp	Cons. · IFRS
FYE Dec 2020	-19.4	−15.1pp	Cons. · IFRS
FYE Dec 2021	-12.5	+6.9pp	Cons. · IFRS
FYE Dec 2022	-51.4	−38.9pp	Cons. · IFRS
FYE Dec 2023	-58.0	−6.6pp	Cons. · IFRS
FYE Dec 2024	-26.3	+31.7pp	Cons. · IFRS
FYE Dec 2025	-28.2	−1.9pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 -0.6%

Average · 10 yrs -0.2%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	0.8	n/a	Cons. · IFRS
FYE Dec 2017	1.8	+1.0pp	Cons. · IFRS
FYE Dec 2018	1.9	+0.1pp	Cons. · IFRS
FYE Dec 2019	-0.3	−2.3pp	Cons. · IFRS
FYE Dec 2020	-0.9	−0.6pp	Cons. · IFRS
FYE Dec 2021	-0.8	+0.1pp	Cons. · IFRS
FYE Dec 2022	-1.8	−1.1pp	Cons. · IFRS
FYE Dec 2023	-1.5	+0.3pp	Cons. · IFRS
FYE Dec 2024	-0.6	+0.9pp	Cons. · IFRS
FYE Dec 2025	-0.6	−0.0pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.09×

CAGR · 10 yrs −7.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.17	n/a	Cons. · IFRS
FYE Dec 2017	0.15	−10.1%	Cons. · IFRS
FYE Dec 2018	0.15	−1.8%	Cons. · IFRS
FYE Dec 2019	0.14	−8.0%	Cons. · IFRS
FYE Dec 2020	0.12	−15.7%	Cons. · IFRS
FYE Dec 2021	0.10	−14.0%	Cons. · IFRS
FYE Dec 2022	0.09	−5.8%	Cons. · IFRS
FYE Dec 2023	0.09	−2.8%	Cons. · IFRS
FYE Dec 2024	0.09	−6.1%	Cons. · IFRS
FYE Dec 2025	0.09	+0.8%	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 ¥424bn

CAGR · 10 yrs +33.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	30.7	n/a	Cons. · IFRS
FYE Dec 2017	162	+427.9%	Cons. · IFRS
FYE Dec 2018	146	−10.1%	Cons. · IFRS
FYE Dec 2019	318	+118.6%	Cons. · IFRS
FYE Dec 2020	1,041	+227.2%	Cons. · IFRS
FYE Dec 2021	583	−44.0%	Cons. · IFRS
FYE Dec 2022	-262	−145.0%	Cons. · IFRS
FYE Dec 2023	724	n/a	Cons. · IFRS
FYE Dec 2024	1,191	+64.4%	Cons. · IFRS
FYE Dec 2025	424	−64.4%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥780bn

Average · 10 yrs -¥475bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-26.8	n/a	Cons. · IFRS
FYE Dec 2017	-204	n/a	Cons. · IFRS
FYE Dec 2018	-67.6	n/a	Cons. · IFRS
FYE Dec 2019	-286	n/a	Cons. · IFRS
FYE Dec 2020	-303	n/a	Cons. · IFRS
FYE Dec 2021	-612	n/a	Cons. · IFRS
FYE Dec 2022	-948	n/a	Cons. · IFRS
FYE Dec 2023	-597	n/a	Cons. · IFRS
FYE Dec 2024	-922	n/a	Cons. · IFRS
FYE Dec 2025	-780	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 ¥14bn

CAGR · 10 yrs −12.1%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	45.2	n/a	Cons. · IFRS
FYE Dec 2017	194	+330.2%	Cons. · IFRS
FYE Dec 2018	208	+7.2%	Cons. · IFRS
FYE Dec 2019	458	+119.9%	Cons. · IFRS
FYE Dec 2020	808	+76.3%	Cons. · IFRS
FYE Dec 2021	1,402	+73.5%	Cons. · IFRS
FYE Dec 2022	1,487	+6.0%	Cons. · IFRS
FYE Dec 2023	292	−80.4%	Cons. · IFRS
FYE Dec 2024	757	+159.4%	Cons. · IFRS
FYE Dec 2025	14.1	−98.1%	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 ¥5.84tn

CAGR · 10 yrs +30.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	548	n/a	Cons. · IFRS
FYE Dec 2017	701	+27.8%	Cons. · IFRS
FYE Dec 2018	990	+41.3%	Cons. · IFRS
FYE Dec 2019	1,479	+49.3%	Cons. · IFRS
FYE Dec 2020	3,021	+104.3%	Cons. · IFRS
FYE Dec 2021	4,410	+46.0%	Cons. · IFRS
FYE Dec 2022	4,694	+6.4%	Cons. · IFRS
FYE Dec 2023	5,128	+9.2%	Cons. · IFRS
FYE Dec 2024	6,171	+20.3%	Cons. · IFRS
FYE Dec 2025	5,838	−5.4%	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 -¥356bn

Average · 10 yrs -¥39bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	3.9	n/a	Cons. · IFRS
FYE Dec 2017	-41.7	−1179.6%	Cons. · IFRS
FYE Dec 2018	78.0	n/a	Cons. · IFRS
FYE Dec 2019	32.0	−59.0%	Cons. · IFRS
FYE Dec 2020	738	+2204.2%	Cons. · IFRS
FYE Dec 2021	-29.1	−103.9%	Cons. · IFRS
FYE Dec 2022	-1,210	n/a	Cons. · IFRS
FYE Dec 2023	127	n/a	Cons. · IFRS
FYE Dec 2024	269	+112.3%	Cons. · IFRS
FYE Dec 2025	-356	−232.2%	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 17.0%

Average · 10 yrs 25.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	3.9	n/a	Cons. · IFRS
FYE Dec 2017	17.2	+13.2pp	Cons. · IFRS
FYE Dec 2018	13.2	−3.9pp	Cons. · IFRS
FYE Dec 2019	25.2	+12.0pp	Cons. · IFRS
FYE Dec 2020	71.5	+46.4pp	Cons. · IFRS
FYE Dec 2021	34.6	−36.9pp	Cons. · IFRS
FYE Dec 2022	-13.6	−48.3pp	Cons. · IFRS
FYE Dec 2023	35.0	+48.6pp	Cons. · IFRS
FYE Dec 2024	52.2	+17.3pp	Cons. · IFRS
FYE Dec 2025	17.0	−35.3pp	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 ¥4.24tn

Average · 10 yrs ¥1.74tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-163	n/a	Cons. · IFRS
FYE Dec 2017	-315	n/a	Cons. · IFRS
FYE Dec 2018	-244	n/a	Cons. · IFRS
FYE Dec 2019	-249	n/a	Cons. · IFRS
FYE Dec 2020	534	n/a	Cons. · IFRS
FYE Dec 2021	3,055	+472.3%	Cons. · IFRS
FYE Dec 2022	2,934	−4.0%	Cons. · IFRS
FYE Dec 2023	3,490	+19.0%	Cons. · IFRS
FYE Dec 2024	4,118	+18.0%	Cons. · IFRS
FYE Dec 2025	4,240	+2.9%	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 n/a

Change · 3 yrs −¥583bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,641	n/a
FYE Dec 2017	1,481	n/a
FYE Dec 2018	1,059	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	n/a	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 n/a

Change · 3 yrs −408¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,146	n/a
FYE Dec 2017	1,032	n/a
FYE Dec 2018	738	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	n/a	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 2,169,972,100shares

Change · 10 yrs +737,549,500 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	1,432,422,600	Parent
FYE Dec 2017	1,434,573,900	Parent
FYE Dec 2018	1,434,573,900	Parent
FYE Dec 2019	1,434,573,900	Parent
FYE Dec 2020	1,434,573,900	Parent
FYE Dec 2021	1,581,735,100	Parent
FYE Dec 2022	1,590,463,000	Parent
FYE Dec 2023	2,142,140,300	Parent
FYE Dec 2024	2,154,483,600	Parent
FYE Dec 2025	2,169,972,100	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 -82.24¥

Change · 10 yrs −109.20¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	26.96	Cons.
FYE Dec 2017	80.03	Cons.
FYE Dec 2018	105.43	Cons.
FYE Dec 2019	-23.55	Cons.
FYE Dec 2020	-84.00	Cons.
FYE Dec 2021	-87.62	Cons.
FYE Dec 2022	-237.73	Cons.
FYE Dec 2023	-177.27	Cons.
FYE Dec 2024	-75.61	Cons.
FYE Dec 2025	-82.24	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 290.59¥

Change · 10 yrs −185.80¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	476.39	Cons. · IFRS
FYE Dec 2017	476.23	Cons. · IFRS
FYE Dec 2018	538.65	Cons. · IFRS
FYE Dec 2019	511.75	Cons. · IFRS
FYE Dec 2020	410.20	Cons. · IFRS
FYE Dec 2021	676.57	Cons. · IFRS
FYE Dec 2022	461.50	Cons. · IFRS
FYE Dec 2023	273.29	Cons. · IFRS
FYE Dec 2024	286.48	Cons. · IFRS
FYE Dec 2025	290.59	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 n/a

Average · 3 yrs 20.80×

Fiscal year	PER ×	Basis
FYE Dec 2016	42.50	Cons.
FYE Dec 2017	12.90	Cons.
FYE Dec 2018	7.00	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	n/a	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 n/a

Average · 3 yrs 1.91×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.40	Cons.
FYE Dec 2017	2.03	Cons.
FYE Dec 2018	1.29	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	n/a	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 29,419people

Change · 10 yrs +15,285 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	14,134	n/a	Cons.
FYE Dec 2017	14,845	+5.0%	Cons.
FYE Dec 2018	17,214	+16.0%	Cons.
FYE Dec 2019	20,053	+16.5%	Cons.
FYE Dec 2020	23,841	+18.9%	Cons.
FYE Dec 2021	28,261	+18.5%	Cons.
FYE Dec 2022	32,079	+13.5%	Cons.
FYE Dec 2023	30,830	−3.9%	Cons.
FYE Dec 2024	29,334	−4.9%	Cons.
FYE Dec 2025	29,419	+0.3%	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 9,989people

Change · 10 yrs +4,440 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	5,549	n/a	Parent
FYE Dec 2017	5,831	+5.1%	Parent
FYE Dec 2018	6,528	+12.0%	Parent
FYE Dec 2019	7,288	+11.6%	Parent
FYE Dec 2020	7,390	+1.4%	Parent
FYE Dec 2021	7,744	+4.8%	Parent
FYE Dec 2022	8,409	+8.6%	Parent
FYE Dec 2023	10,350	+23.1%	Parent
FYE Dec 2024	9,885	−4.5%	Parent
FYE Dec 2025	9,989	+1.1%	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 Dec 2025 ¥8.5m

Change · 10 yrs +¥1.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	6.9	n/a	Parent
FYE Dec 2017	7.1	+2.7%	Parent
FYE Dec 2018	7.2	+1.7%	Parent
FYE Dec 2019	7.6	+4.9%	Parent
FYE Dec 2020	7.5	−1.4%	Parent
FYE Dec 2021	7.7	+3.9%	Parent
FYE Dec 2022	8.0	+3.0%	Parent
FYE Dec 2023	7.9	−0.3%	Parent
FYE Dec 2024	8.2	+3.3%	Parent
FYE Dec 2025	8.5	+3.7%	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 36.0years

Change · 7 yrs +1.6 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	34.4	n/a	Parent
FYE Dec 2020	34.2	−0.6%	Parent
FYE Dec 2021	34.3	+0.3%	Parent
FYE Dec 2022	34.4	+0.3%	Parent
FYE Dec 2023	34.4	−0.0%	Parent
FYE Dec 2024	35.3	+2.6%	Parent
FYE Dec 2025	36.0	+2.0%	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 6.3years

Change · 10 yrs +1.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	4.6	n/a	Parent
FYE Dec 2017	4.9	+6.5%	Parent
FYE Dec 2018	4.7	−4.1%	Parent
FYE Dec 2019	4.6	−2.1%	Parent
FYE Dec 2020	4.5	−2.2%	Parent
FYE Dec 2021	4.7	+4.4%	Parent
FYE Dec 2022	4.7	−0.0%	Parent
FYE Dec 2023	5.1	+8.5%	Parent
FYE Dec 2024	5.8	+13.7%	Parent
FYE Dec 2025	6.3	+8.6%	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)

Revenue per employee

FYE Dec 2025 ¥84.9m

Change · 10 yrs +¥29.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	55.3	n/a	Cons.
FYE Dec 2017	63.6	+15.0%	Cons.
FYE Dec 2018	64.0	+0.6%	Cons.
FYE Dec 2019	63.0	−1.5%	Cons.
FYE Dec 2020	61.1	−3.1%	Cons.
FYE Dec 2021	59.5	−2.5%	Cons.
FYE Dec 2022	59.9	+0.6%	Cons.
FYE Dec 2023	67.2	+12.2%	Cons.
FYE Dec 2024	77.7	+15.6%	Cons.
FYE Dec 2025	84.9	+9.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥0.5m

Change · 10 yrs −¥5.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.5	n/a	Cons.
FYE Dec 2017	10.1	+82.4%	Cons.
FYE Dec 2018	9.9	−1.6%	Cons.
FYE Dec 2019	3.6	−63.4%	Cons.
FYE Dec 2020	-3.9	−208.5%	Cons.
FYE Dec 2021	-6.9	n/a	Cons.
FYE Dec 2022	-11.6	n/a	Cons.
FYE Dec 2023	-6.9	n/a	Cons.
FYE Dec 2024	1.8	n/a	Cons.
FYE Dec 2025	0.5	−72.9%	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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