Financials

ENEOS Holdings: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥11.8tnYoY −4.5%

FYE Mar 2026 · Operating profit¥467bnYoY +339.8%

FYE Mar 2026 · Net profit¥259bnYoY +14.4%

FYE Mar 2026 · Equity ratio32.8%YoY +1.7pp

FYE Mar 2026 · Group employees34,099YoY −139

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥7.03tn	n/a	¥271bn	n/a	3.9%	¥160bn	Uchida Yukio	Operating companies renamed JX Energy, JX Nippon Oil & Gas, JX Metals
FYE Mar 2018Consolidated	¥10.3tn	+46.6%	¥488bn	+79.8%	4.7%	¥362bn	Uchida Yukio	TonenGeneral Sekiyu acquired by share exchange; renamed JXTG Holdings
FYE Mar 2019Consolidated	¥11.1tn	+8.0%	¥537bn	+10.2%	4.8%	¥322bn	Uchida Yukio	Operating profit ¥487.5bn, out of two years of losses
FYE Mar 2020Consolidated	¥10.0tn	−10.0%	-¥113bn	−121.1%	-1.1%	-¥188bn	Sugimori Tsutomu	Operating profit ¥537.0bn; energy is 89% of revenue
FYE Mar 2021Consolidated	¥7.66tn	−23.5%	¥254bn	n/a	3.3%	¥114bn	Sugimori Tsutomu	Covid-19 demand collapse: operating loss ¥113.0bn
FYE Mar 2022Consolidated	¥10.9tn	+42.6%	¥786bn	+209.2%	7.2%	¥537bn	Ota Katsuyuki	—
FYE Mar 2023Consolidated	¥15.0tn	+37.5%	¥281bn	−64.2%	1.9%	¥144bn	Ota Katsuyuki	Japan Renewable Energy acquired for about ¥200bn
FYE Mar 2024Consolidated	¥12.3tn	−17.8%	¥381bn	+35.6%	3.1%	¥288bn	Saito Takeshi	Refining halted at the Wakayama refinery; capacity down 290,000 b/d
FYE Mar 2025Consolidated	¥12.3tn	−0.2%	¥106bn	−72.2%	0.9%	¥226bn	Saito Takeshi	Electricity, city gas and functional materials split into ENEOS Power and ENEOS Materials
FYE Mar 2026Consolidated	¥11.8tn	−4.5%	¥467bn	+339.8%	4.0%	¥259bn	Miyata Tomohide	JX Nippon Oil & Gas Exploration renamed ENEOS Xplora

How it compares

ENEOS Holdings¥11.8tnFY2025Operating margin 4.0%

Idemitsu Kosan¥8.11tnFY2025Operating margin 2.6%

Nippon Oil CorporationDelisted 2010

Japan Energy CorporationDelisted 2002

Cosmo Energy Holdings¥2.68tnFY2025Operating margin 5.4%

TonenGeneral Sekiyu K.K.Delisted 2017

INPEX¥2.01tnFY2025Operating margin 56.5%

Mitsubishi Oil Co., Ltd.Delisted 1999

Japan Petroleum Exploration (JAPEX)¥340bnFY2025Operating margin 11.4%

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 ¥11.8tn

CAGR · 10 yrs +5.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	7,025	n/a	Cons. · IFRS
FYE Mar 2018	10,301	+46.6%	Cons. · IFRS
FYE Mar 2019	11,130	+8.0%	Cons. · IFRS
FYE Mar 2020	10,012	−10.0%	Cons. · IFRS
FYE Mar 2021	7,658	−23.5%	Cons. · IFRS
FYE Mar 2022	10,922	+42.6%	Cons. · IFRS
FYE Mar 2023	15,017	+37.5%	Cons. · IFRS
FYE Mar 2024	12,345	−17.8%	Cons. · IFRS
FYE Mar 2025	12,322	−0.2%	Cons. · IFRS
FYE Mar 2026	11,765	−4.5%	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 Mar 2026 ¥10.5tn

CAGR · 10 yrs +6.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	6,083	n/a	Cons. · IFRS
FYE Mar 2018	9,014	+48.2%	Cons. · IFRS
FYE Mar 2019	9,910	+9.9%	Cons. · IFRS
FYE Mar 2020	9,246	−6.7%	Cons. · IFRS
FYE Mar 2021	6,574	−28.9%	Cons. · IFRS
FYE Mar 2022	9,339	+42.1%	Cons. · IFRS
FYE Mar 2023	13,803	+47.8%	Cons. · IFRS
FYE Mar 2024	11,182	−19.0%	Cons. · IFRS
FYE Mar 2025	11,219	+0.3%	Cons. · IFRS
FYE Mar 2026	10,542	−6.0%	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 ¥1.22tn

CAGR · 10 yrs +2.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	942	n/a	Cons. · IFRS
FYE Mar 2018	1,287	+36.5%	Cons. · IFRS
FYE Mar 2019	1,220	−5.2%	Cons. · IFRS
FYE Mar 2020	766	−37.2%	Cons. · IFRS
FYE Mar 2021	1,084	+41.5%	Cons. · IFRS
FYE Mar 2022	1,582	+46.0%	Cons. · IFRS
FYE Mar 2023	1,214	−23.3%	Cons. · IFRS
FYE Mar 2024	1,163	−4.2%	Cons. · IFRS
FYE Mar 2025	1,104	−5.1%	Cons. · IFRS
FYE Mar 2026	1,223	+10.8%	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 ¥872bn

CAGR · 10 yrs +3.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	645	n/a	Cons. · IFRS
FYE Mar 2018	784	+21.5%	Cons. · IFRS
FYE Mar 2019	816	+4.1%	Cons. · IFRS
FYE Mar 2020	829	+1.6%	Cons. · IFRS
FYE Mar 2021	803	−3.2%	Cons. · IFRS
FYE Mar 2022	872	+8.6%	Cons. · IFRS
FYE Mar 2023	957	+9.7%	Cons. · IFRS
FYE Mar 2024	847	−11.5%	Cons. · IFRS
FYE Mar 2025	860	+1.7%	Cons. · IFRS
FYE Mar 2026	872	+1.4%	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 ¥467bn

CAGR · 10 yrs +6.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	271	n/a	Cons. · IFRS
FYE Mar 2018	488	+79.8%	Cons. · IFRS
FYE Mar 2019	537	+10.2%	Cons. · IFRS
FYE Mar 2020	-113	−121.1%	Cons. · IFRS
FYE Mar 2021	254	n/a	Cons. · IFRS
FYE Mar 2022	786	+209.2%	Cons. · IFRS
FYE Mar 2023	281	−64.2%	Cons. · IFRS
FYE Mar 2024	381	+35.6%	Cons. · IFRS
FYE Mar 2025	106	−72.2%	Cons. · IFRS
FYE Mar 2026	467	+339.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥21bn

CAGR · 10 yrs +21.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · IFRS
FYE Mar 2018	8.3	+126.4%	Cons. · IFRS
FYE Mar 2019	7.0	−15.5%	Cons. · IFRS
FYE Mar 2020	12.1	+72.6%	Cons. · IFRS
FYE Mar 2021	6.4	−46.9%	Cons. · IFRS
FYE Mar 2022	14.7	+128.0%	Cons. · IFRS
FYE Mar 2023	19.0	+29.4%	Cons. · IFRS
FYE Mar 2024	26.7	+40.9%	Cons. · IFRS
FYE Mar 2025	23.7	−11.4%	Cons. · IFRS
FYE Mar 2026	20.8	−12.3%	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 Mar 2026 ¥39bn

CAGR · 10 yrs +4.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	25.7	n/a	Cons. · IFRS
FYE Mar 2018	28.4	+10.6%	Cons. · IFRS
FYE Mar 2019	35.5	+24.9%	Cons. · IFRS
FYE Mar 2020	34.8	−1.9%	Cons. · IFRS
FYE Mar 2021	29.7	−14.7%	Cons. · IFRS
FYE Mar 2022	28.8	−3.1%	Cons. · IFRS
FYE Mar 2023	42.8	+48.8%	Cons. · IFRS
FYE Mar 2024	40.3	−5.9%	Cons. · IFRS
FYE Mar 2025	41.6	+3.1%	Cons. · IFRS
FYE Mar 2026	38.7	−7.0%	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 Mar 2026 ¥259bn

CAGR · 10 yrs +5.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	160	n/a	Cons. · IFRS
FYE Mar 2018	362	+126.1%	Cons. · IFRS
FYE Mar 2019	322	−10.9%	Cons. · IFRS
FYE Mar 2020	-188	−158.3%	Cons. · IFRS
FYE Mar 2021	114	n/a	Cons. · IFRS
FYE Mar 2022	537	+371.2%	Cons. · IFRS
FYE Mar 2023	144	−73.2%	Cons. · IFRS
FYE Mar 2024	288	+100.4%	Cons. · IFRS
FYE Mar 2025	226	−21.5%	Cons. · IFRS
FYE Mar 2026	259	+14.4%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 10.4%

Average · 10 yrs 11.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · IFRS
FYE Mar 2018	12.5	−0.9pp	Cons. · IFRS
FYE Mar 2019	11.0	−1.5pp	Cons. · IFRS
FYE Mar 2020	7.7	−3.3pp	Cons. · IFRS
FYE Mar 2021	14.2	+6.5pp	Cons. · IFRS
FYE Mar 2022	14.5	+0.3pp	Cons. · IFRS
FYE Mar 2023	8.1	−6.4pp	Cons. · IFRS
FYE Mar 2024	9.4	+1.3pp	Cons. · IFRS
FYE Mar 2025	9.0	−0.5pp	Cons. · IFRS
FYE Mar 2026	10.4	+1.4pp	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 4.0%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · IFRS
FYE Mar 2018	4.7	+0.9pp	Cons. · IFRS
FYE Mar 2019	4.8	+0.1pp	Cons. · IFRS
FYE Mar 2020	-1.1	−6.0pp	Cons. · IFRS
FYE Mar 2021	3.3	+4.4pp	Cons. · IFRS
FYE Mar 2022	7.2	+3.9pp	Cons. · IFRS
FYE Mar 2023	1.9	−5.3pp	Cons. · IFRS
FYE Mar 2024	3.1	+1.2pp	Cons. · IFRS
FYE Mar 2025	0.9	−2.2pp	Cons. · IFRS
FYE Mar 2026	4.0	+3.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 2.2%

Average · 10 yrs 2.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · IFRS
FYE Mar 2018	3.5	+1.2pp	Cons. · IFRS
FYE Mar 2019	2.9	−0.6pp	Cons. · IFRS
FYE Mar 2020	-1.9	−4.8pp	Cons. · IFRS
FYE Mar 2021	1.5	+3.4pp	Cons. · IFRS
FYE Mar 2022	4.9	+3.4pp	Cons. · IFRS
FYE Mar 2023	1.0	−4.0pp	Cons. · IFRS
FYE Mar 2024	2.3	+1.4pp	Cons. · IFRS
FYE Mar 2025	1.8	−0.5pp	Cons. · IFRS
FYE Mar 2026	2.2	+0.4pp	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 89.6%

Average · 10 yrs 89.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	86.6	n/a	Cons. · IFRS
FYE Mar 2018	87.5	+0.9pp	Cons. · IFRS
FYE Mar 2019	89.0	+1.5pp	Cons. · IFRS
FYE Mar 2020	92.3	+3.3pp	Cons. · IFRS
FYE Mar 2021	85.8	−6.5pp	Cons. · IFRS
FYE Mar 2022	85.5	−0.3pp	Cons. · IFRS
FYE Mar 2023	91.9	+6.4pp	Cons. · IFRS
FYE Mar 2024	90.6	−1.3pp	Cons. · IFRS
FYE Mar 2025	91.0	+0.5pp	Cons. · IFRS
FYE Mar 2026	89.6	−1.4pp	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 7.4%

Average · 10 yrs 7.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · IFRS
FYE Mar 2018	7.6	−1.6pp	Cons. · IFRS
FYE Mar 2019	7.3	−0.3pp	Cons. · IFRS
FYE Mar 2020	8.3	+0.9pp	Cons. · IFRS
FYE Mar 2021	10.5	+2.2pp	Cons. · IFRS
FYE Mar 2022	8.0	−2.5pp	Cons. · IFRS
FYE Mar 2023	6.4	−1.6pp	Cons. · IFRS
FYE Mar 2024	6.9	+0.5pp	Cons. · IFRS
FYE Mar 2025	7.0	+0.1pp	Cons. · IFRS
FYE Mar 2026	7.4	+0.4pp	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 ¥9.09tn

CAGR · 10 yrs +3.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	6,659	n/a	Cons. · IFRS
FYE Mar 2018	8,458	+27.0%	Cons. · IFRS
FYE Mar 2019	8,478	+0.2%	Cons. · IFRS
FYE Mar 2020	8,011	−5.5%	Cons. · IFRS
FYE Mar 2021	8,059	+0.6%	Cons. · IFRS
FYE Mar 2022	9,648	+19.7%	Cons. · IFRS
FYE Mar 2023	9,955	+3.2%	Cons. · IFRS
FYE Mar 2024	10,137	+1.8%	Cons. · IFRS
FYE Mar 2025	8,789	−13.3%	Cons. · IFRS
FYE Mar 2026	9,094	+3.5%	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 ¥2.98tn

CAGR · 10 yrs +4.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,042	n/a	Cons. · IFRS
FYE Mar 2018	2,159	+5.7%	Cons. · IFRS
FYE Mar 2019	2,316	+7.3%	Cons. · IFRS
FYE Mar 2020	1,914	−17.3%	Cons. · IFRS
FYE Mar 2021	1,898	−0.9%	Cons. · IFRS
FYE Mar 2022	2,488	+31.1%	Cons. · IFRS
FYE Mar 2023	2,432	−2.2%	Cons. · IFRS
FYE Mar 2024	2,751	+13.1%	Cons. · IFRS
FYE Mar 2025	2,731	−0.7%	Cons. · IFRS
FYE Mar 2026	2,981	+9.2%	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 Mar 2026 ¥2.19tn

CAGR · 10 yrs −1.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	2,433	n/a	Cons. · IFRS
FYE Mar 2018	2,260	−7.1%	Cons. · IFRS
FYE Mar 2019	2,218	−1.9%	Cons. · IFRS
FYE Mar 2020	2,301	+3.7%	Cons. · IFRS
FYE Mar 2021	2,037	−11.5%	Cons. · IFRS
FYE Mar 2022	2,735	+34.3%	Cons. · IFRS
FYE Mar 2023	3,109	+13.7%	Cons. · IFRS
FYE Mar 2024	2,820	−9.3%	Cons. · IFRS
FYE Mar 2025	2,337	−17.1%	Cons. · IFRS
FYE Mar 2026	2,191	−6.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥589bn

CAGR · 10 yrs −4.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	863	n/a	Cons. · IFRS
FYE Mar 2018	529	−38.7%	Cons. · IFRS
FYE Mar 2019	644	+21.8%	Cons. · IFRS
FYE Mar 2020	915	+42.0%	Cons. · IFRS
FYE Mar 2021	617	−32.6%	Cons. · IFRS
FYE Mar 2022	859	+39.3%	Cons. · IFRS
FYE Mar 2023	1,060	+23.4%	Cons. · IFRS
FYE Mar 2024	704	−33.6%	Cons. · IFRS
FYE Mar 2025	535	−23.9%	Cons. · IFRS
FYE Mar 2026	589	+9.9%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥1.60tn

CAGR · 10 yrs +0.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,570	n/a	Cons. · IFRS
FYE Mar 2018	1,731	+10.2%	Cons. · IFRS
FYE Mar 2019	1,574	−9.1%	Cons. · IFRS
FYE Mar 2020	1,386	−11.9%	Cons. · IFRS
FYE Mar 2021	1,420	+2.5%	Cons. · IFRS
FYE Mar 2022	1,877	+32.1%	Cons. · IFRS
FYE Mar 2023	2,049	+9.2%	Cons. · IFRS
FYE Mar 2024	2,117	+3.3%	Cons. · IFRS
FYE Mar 2025	1,801	−14.9%	Cons. · IFRS
FYE Mar 2026	1,603	−11.0%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥400bn

CAGR · 9 yrs +2.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	334	n/a	Cons. · IFRS
FYE Mar 2019	346	+3.4%	Cons. · IFRS
FYE Mar 2020	345	−0.1%	Cons. · IFRS
FYE Mar 2021	342	−0.9%	Cons. · IFRS
FYE Mar 2022	519	+51.6%	Cons. · IFRS
FYE Mar 2023	517	−0.4%	Cons. · IFRS
FYE Mar 2024	491	−5.0%	Cons. · IFRS
FYE Mar 2025	432	−12.0%	Cons. · IFRS
FYE Mar 2026	400	−7.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥74bn

CAGR · 10 yrs +17.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	17.1	n/a	Cons. · IFRS
FYE Mar 2018	177	+938.7%	Cons. · IFRS
FYE Mar 2019	196	+10.9%	Cons. · IFRS
FYE Mar 2020	186	−5.5%	Cons. · IFRS
FYE Mar 2021	182	−2.3%	Cons. · IFRS
FYE Mar 2022	251	+38.4%	Cons. · IFRS
FYE Mar 2023	256	+2.1%	Cons. · IFRS
FYE Mar 2024	257	+0.1%	Cons. · IFRS
FYE Mar 2025	74.2	−71.1%	Cons. · IFRS
FYE Mar 2026	74.2	−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 Mar 2026 32.8%

Average · 10 yrs 27.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	30.7	n/a	Cons. · IFRS
FYE Mar 2018	25.5	−5.1pp	Cons. · IFRS
FYE Mar 2019	27.3	+1.8pp	Cons. · IFRS
FYE Mar 2020	23.9	−3.4pp	Cons. · IFRS
FYE Mar 2021	23.5	−0.3pp	Cons. · IFRS
FYE Mar 2022	25.8	+2.2pp	Cons. · IFRS
FYE Mar 2023	24.4	−1.4pp	Cons. · IFRS
FYE Mar 2024	27.1	+2.7pp	Cons. · IFRS
FYE Mar 2025	31.1	+3.9pp	Cons. · IFRS
FYE Mar 2026	32.8	+1.7pp	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 73.5%

Average · 10 yrs 104.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	119.1	n/a	Cons. · IFRS
FYE Mar 2018	104.7	−14.5pp	Cons. · IFRS
FYE Mar 2019	95.8	−8.9pp	Cons. · IFRS
FYE Mar 2020	120.2	+24.4pp	Cons. · IFRS
FYE Mar 2021	107.3	−12.9pp	Cons. · IFRS
FYE Mar 2022	110.0	+2.6pp	Cons. · IFRS
FYE Mar 2023	127.8	+17.9pp	Cons. · IFRS
FYE Mar 2024	102.5	−25.3pp	Cons. · IFRS
FYE Mar 2025	85.6	−17.0pp	Cons. · IFRS
FYE Mar 2026	73.5	−12.1pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 8.7%

Average · 10 yrs 9.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · IFRS
FYE Mar 2018	16.8	+8.9pp	Cons. · IFRS
FYE Mar 2019	13.9	−2.8pp	Cons. · IFRS
FYE Mar 2020	-9.8	−23.7pp	Cons. · IFRS
FYE Mar 2021	6.0	+15.8pp	Cons. · IFRS
FYE Mar 2022	21.6	+15.6pp	Cons. · IFRS
FYE Mar 2023	5.9	−15.7pp	Cons. · IFRS
FYE Mar 2024	10.5	+4.6pp	Cons. · IFRS
FYE Mar 2025	8.3	−2.2pp	Cons. · IFRS
FYE Mar 2026	8.7	+0.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.8%

Average · 10 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · IFRS
FYE Mar 2018	4.3	+1.9pp	Cons. · IFRS
FYE Mar 2019	3.8	−0.5pp	Cons. · IFRS
FYE Mar 2020	-2.3	−6.1pp	Cons. · IFRS
FYE Mar 2021	1.4	+3.8pp	Cons. · IFRS
FYE Mar 2022	5.6	+4.2pp	Cons. · IFRS
FYE Mar 2023	1.4	−4.1pp	Cons. · IFRS
FYE Mar 2024	2.8	+1.4pp	Cons. · IFRS
FYE Mar 2025	2.6	−0.3pp	Cons. · IFRS
FYE Mar 2026	2.8	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.29×

CAGR · 10 yrs +2.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.06	n/a	Cons. · IFRS
FYE Mar 2018	1.22	+15.4%	Cons. · IFRS
FYE Mar 2019	1.31	+7.8%	Cons. · IFRS
FYE Mar 2020	1.25	−4.8%	Cons. · IFRS
FYE Mar 2021	0.95	−24.0%	Cons. · IFRS
FYE Mar 2022	1.13	+19.1%	Cons. · IFRS
FYE Mar 2023	1.51	+33.3%	Cons. · IFRS
FYE Mar 2024	1.22	−19.3%	Cons. · IFRS
FYE Mar 2025	1.40	+15.1%	Cons. · IFRS
FYE Mar 2026	1.29	−7.7%	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 ¥620bn

CAGR · 10 yrs +11.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	231	n/a	Cons. · IFRS
FYE Mar 2018	707	+206.3%	Cons. · IFRS
FYE Mar 2019	344	−51.3%	Cons. · IFRS
FYE Mar 2020	511	+48.4%	Cons. · IFRS
FYE Mar 2021	679	+33.0%	Cons. · IFRS
FYE Mar 2022	210	−69.1%	Cons. · IFRS
FYE Mar 2023	-110	−152.6%	Cons. · IFRS
FYE Mar 2024	1,010	n/a	Cons. · IFRS
FYE Mar 2025	577	−42.9%	Cons. · IFRS
FYE Mar 2026	620	+7.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥252bn

Average · 10 yrs -¥205bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-238	n/a	Cons. · IFRS
FYE Mar 2018	-95.1	n/a	Cons. · IFRS
FYE Mar 2019	-207	n/a	Cons. · IFRS
FYE Mar 2020	-371	n/a	Cons. · IFRS
FYE Mar 2021	-307	n/a	Cons. · IFRS
FYE Mar 2022	-350	n/a	Cons. · IFRS
FYE Mar 2023	-116	n/a	Cons. · IFRS
FYE Mar 2024	-241	n/a	Cons. · IFRS
FYE Mar 2025	131	n/a	Cons. · IFRS
FYE Mar 2026	-252	−292.7%	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 -¥361bn

Average · 10 yrs -¥245bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-161	n/a	Cons. · IFRS
FYE Mar 2018	-508	n/a	Cons. · IFRS
FYE Mar 2019	-197	n/a	Cons. · IFRS
FYE Mar 2020	-120	n/a	Cons. · IFRS
FYE Mar 2021	-355	n/a	Cons. · IFRS
FYE Mar 2022	226	n/a	Cons. · IFRS
FYE Mar 2023	-13.3	−105.9%	Cons. · IFRS
FYE Mar 2024	-331	n/a	Cons. · IFRS
FYE Mar 2025	-630	n/a	Cons. · IFRS
FYE Mar 2026	-361	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 ¥877bn

CAGR · 10 yrs +12.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	296	n/a	Cons. · IFRS
FYE Mar 2018	437	+47.9%	Cons. · IFRS
FYE Mar 2019	379	−13.3%	Cons. · IFRS
FYE Mar 2020	393	+3.8%	Cons. · IFRS
FYE Mar 2021	412	+4.8%	Cons. · IFRS
FYE Mar 2022	524	+27.1%	Cons. · IFRS
FYE Mar 2023	312	−40.5%	Cons. · IFRS
FYE Mar 2024	776	+149.1%	Cons. · IFRS
FYE Mar 2025	847	+9.1%	Cons. · IFRS
FYE Mar 2026	877	+3.6%	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 ¥368bn

Average · 10 yrs ¥273bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-6.7	n/a	Cons. · IFRS
FYE Mar 2018	612	n/a	Cons. · IFRS
FYE Mar 2019	137	−77.6%	Cons. · IFRS
FYE Mar 2020	139	+1.5%	Cons. · IFRS
FYE Mar 2021	372	+167.1%	Cons. · IFRS
FYE Mar 2022	-140	−137.7%	Cons. · IFRS
FYE Mar 2023	-226	n/a	Cons. · IFRS
FYE Mar 2024	769	n/a	Cons. · IFRS
FYE Mar 2025	708	−8.0%	Cons. · IFRS
FYE Mar 2026	368	−48.0%	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 5.3%

Average · 10 yrs 4.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · IFRS
FYE Mar 2018	6.9	+3.6pp	Cons. · IFRS
FYE Mar 2019	3.1	−3.8pp	Cons. · IFRS
FYE Mar 2020	5.1	+2.0pp	Cons. · IFRS
FYE Mar 2021	8.9	+3.8pp	Cons. · IFRS
FYE Mar 2022	1.9	−6.9pp	Cons. · IFRS
FYE Mar 2023	-0.7	−2.7pp	Cons. · IFRS
FYE Mar 2024	8.2	+8.9pp	Cons. · IFRS
FYE Mar 2025	4.7	−3.5pp	Cons. · IFRS
FYE Mar 2026	5.3	+0.6pp	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 -¥1.31tn

Average · 10 yrs -¥1.92tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-2,137	n/a	Cons. · IFRS
FYE Mar 2018	-1,823	n/a	Cons. · IFRS
FYE Mar 2019	-1,839	n/a	Cons. · IFRS
FYE Mar 2020	-1,908	n/a	Cons. · IFRS
FYE Mar 2021	-1,625	n/a	Cons. · IFRS
FYE Mar 2022	-2,211	n/a	Cons. · IFRS
FYE Mar 2023	-2,798	n/a	Cons. · IFRS
FYE Mar 2024	-2,044	n/a	Cons. · IFRS
FYE Mar 2025	-1,490	n/a	Cons. · IFRS
FYE Mar 2026	-1,314	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 ¥3.82tn

Change · 10 yrs +¥2.46tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,364	n/a
FYE Mar 2018	2,207	n/a
FYE Mar 2019	1,715	n/a
FYE Mar 2020	1,196	n/a
FYE Mar 2021	1,621	n/a
FYE Mar 2022	1,481	n/a
FYE Mar 2023	1,411	n/a
FYE Mar 2024	2,219	n/a
FYE Mar 2025	2,372	n/a
FYE Mar 2026	3,819	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 1,411¥

Change · 10 yrs +864¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	547	n/a
FYE Mar 2018	644	n/a
FYE Mar 2019	506	n/a
FYE Mar 2020	370	n/a
FYE Mar 2021	502	n/a
FYE Mar 2022	458	n/a
FYE Mar 2023	465	n/a
FYE Mar 2024	732	n/a
FYE Mar 2025	782	n/a
FYE Mar 2026	1,411	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 2,706,767,000shares

Change · 10 yrs +211,281,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,495,486,000	Parent
FYE Mar 2018	3,426,917,000	Parent
FYE Mar 2019	3,385,994,000	Parent
FYE Mar 2020	3,230,283,000	Parent
FYE Mar 2021	3,230,283,000	Parent
FYE Mar 2022	3,230,283,000	Parent
FYE Mar 2023	3,032,851,000	Parent
FYE Mar 2024	3,032,851,000	Parent
FYE Mar 2025	3,032,851,000	Parent
FYE Mar 2026	2,706,767,000	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 96.18¥

Change · 10 yrs +35.85¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	60.33	Cons.
FYE Mar 2018	105.92	Cons.
FYE Mar 2019	95.36	Cons.
FYE Mar 2020	-57.86	Cons.
FYE Mar 2021	35.48	Cons.
FYE Mar 2022	167.27	Cons.
FYE Mar 2023	46.57	Cons.
FYE Mar 2024	95.64	Cons.
FYE Mar 2025	79.96	Cons.
FYE Mar 2026	96.18	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 1,101.44¥

Change · 10 yrs +283.27¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	818.18	Cons. · IFRS
FYE Mar 2018	630.04	Cons. · IFRS
FYE Mar 2019	683.95	Cons. · IFRS
FYE Mar 2020	592.57	Cons. · IFRS
FYE Mar 2021	587.46	Cons. · IFRS
FYE Mar 2022	770.06	Cons. · IFRS
FYE Mar 2023	801.91	Cons. · IFRS
FYE Mar 2024	906.94	Cons. · IFRS
FYE Mar 2025	900.39	Cons. · IFRS
FYE Mar 2026	1,101.44	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 14.67×

Average · 10 yrs 7.30×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.06	Cons.
FYE Mar 2018	6.08	Cons.
FYE Mar 2019	5.31	Cons.
FYE Mar 2020	-6.40	Cons.
FYE Mar 2021	14.14	Cons.
FYE Mar 2022	2.74	Cons.
FYE Mar 2023	9.99	Cons.
FYE Mar 2024	7.65	Cons.
FYE Mar 2025	9.78	Cons.
FYE Mar 2026	14.67	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 1.13×

Average · 10 yrs 0.70×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.80	Cons.
FYE Mar 2018	0.87	Cons.
FYE Mar 2019	0.62	Cons.
FYE Mar 2020	0.52	Cons.
FYE Mar 2021	0.69	Cons.
FYE Mar 2022	0.51	Cons.
FYE Mar 2023	0.49	Cons.
FYE Mar 2024	0.68	Cons.
FYE Mar 2025	0.68	Cons.
FYE Mar 2026	1.13	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 34,099people

Change · 10 yrs −986 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	35,085	n/a	Cons.
FYE Mar 2018	39,784	+13.4%	Cons.
FYE Mar 2019	40,695	+2.3%	Cons.
FYE Mar 2020	40,983	+0.7%	Cons.
FYE Mar 2021	40,753	−0.6%	Cons.
FYE Mar 2022	41,852	+2.7%	Cons.
FYE Mar 2023	44,617	+6.6%	Cons.
FYE Mar 2024	43,683	−2.1%	Cons.
FYE Mar 2025	34,238	−21.6%	Cons.
FYE Mar 2026	34,099	−0.4%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 1,207people

Change · 10 yrs +1,099 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	108	n/a	Parent
FYE Mar 2018	160	+48.1%	Parent
FYE Mar 2019	110	−31.2%	Parent
FYE Mar 2020	104	−5.5%	Parent
FYE Mar 2021	818	+686.5%	Parent
FYE Mar 2022	905	+10.6%	Parent
FYE Mar 2023	873	−3.5%	Parent
FYE Mar 2024	888	+1.7%	Parent
FYE Mar 2025	1,339	+50.8%	Parent
FYE Mar 2026	1,207	−9.9%	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 ¥11.4m

Change · 10 yrs +¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	11.1	n/a	Parent
FYE Mar 2018	12.1	+9.7%	Parent
FYE Mar 2019	12.0	−0.6%	Parent
FYE Mar 2020	11.3	−6.2%	Parent
FYE Mar 2021	10.4	−8.3%	Parent
FYE Mar 2022	10.1	−2.8%	Parent
FYE Mar 2023	9.9	−1.4%	Parent
FYE Mar 2024	9.5	−4.5%	Parent
FYE Mar 2025	10.7	+12.7%	Parent
FYE Mar 2026	11.4	+6.5%	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 43.0years

Change · 8 yrs −0.0 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	43.0	n/a	Parent
FYE Mar 2020	42.0	−2.3%	Parent
FYE Mar 2021	44.0	+4.8%	Parent
FYE Mar 2022	45.0	+2.3%	Parent
FYE Mar 2023	44.0	−2.2%	Parent
FYE Mar 2024	44.0	−0.0%	Parent
FYE Mar 2025	44.0	−0.0%	Parent
FYE Mar 2026	43.0	−2.3%	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 17.0years

Change · 10 yrs −3.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	20.1	n/a	Parent
FYE Mar 2018	19.2	−4.5%	Parent
FYE Mar 2019	17.0	−11.5%	Parent
FYE Mar 2020	16.0	−5.9%	Parent
FYE Mar 2021	19.0	+18.8%	Parent
FYE Mar 2022	19.0	−0.0%	Parent
FYE Mar 2023	19.0	−0.0%	Parent
FYE Mar 2024	18.0	−5.3%	Parent
FYE Mar 2025	17.0	−5.6%	Parent
FYE Mar 2026	17.0	−0.0%	Parent

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

Temporary employees

FYE Mar 2026 12,461people

Change · 10 yrs −231 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	12,692	n/a	n/a
FYE Mar 2018	15,172	+19.5%	n/a
FYE Mar 2019	14,283	−5.9%	n/a
FYE Mar 2020	14,376	+0.7%	n/a
FYE Mar 2021	14,361	−0.1%	n/a
FYE Mar 2022	13,430	−6.5%	n/a
FYE Mar 2023	13,008	−3.1%	n/a
FYE Mar 2024	13,172	+1.3%	n/a
FYE Mar 2025	12,035	−8.6%	n/a
FYE Mar 2026	12,461	+3.5%	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 ¥345m

Change · 10 yrs +¥145m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	200	n/a	Cons.
FYE Mar 2018	259	+29.3%	Cons.
FYE Mar 2019	273	+5.6%	Cons.
FYE Mar 2020	244	−10.7%	Cons.
FYE Mar 2021	188	−23.1%	Cons.
FYE Mar 2022	261	+38.9%	Cons.
FYE Mar 2023	337	+29.0%	Cons.
FYE Mar 2024	283	−16.0%	Cons.
FYE Mar 2025	360	+27.4%	Cons.
FYE Mar 2026	345	−4.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥13.7m

Change · 10 yrs +¥6.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons.
FYE Mar 2018	12.3	+58.6%	Cons.
FYE Mar 2019	13.2	+7.7%	Cons.
FYE Mar 2020	-2.8	−120.9%	Cons.
FYE Mar 2021	6.2	n/a	Cons.
FYE Mar 2022	18.8	+201.1%	Cons.
FYE Mar 2023	6.3	−66.4%	Cons.
FYE Mar 2024	8.7	+38.5%	Cons.
FYE Mar 2025	3.1	−64.5%	Cons.
FYE Mar 2026	13.7	+341.6%	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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