Financials

Kubota: FYE Dec 2025 and ten years of results (48 metrics)

FYE Dec 2025 · Revenue¥3.02tnYoY +0.1%

FYE Dec 2025 · Operating profit¥265bnYoY −15.9%

FYE Dec 2025 · Net profit¥187bnYoY −19.0%

FYE Dec 2025 · Equity ratio38.2%YoY +1.4pp

FYE Dec 2025 · Group employees52,503YoY +409

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.60tn	n/a	¥197bn	n/a	12.3%	¥132bn	Kimata Masatoshi	Great Plains Manufacturing acquired
FYE Dec 2017Consolidated	¥1.75tn	+9.7%	¥213bn	+8.1%	12.2%	¥134bn	Kimata Masatoshi	—
FYE Dec 2018Consolidated	¥1.85tn	+5.7%	¥189bn	−11.1%	10.2%	¥139bn	Kimata Masatoshi	—
FYE Dec 2019Consolidated	¥1.92tn	+3.8%	¥202bn	+6.5%	10.5%	¥149bn	Kimata Masatoshi	The overhaul of the core IT systems begins
FYE Dec 2020Consolidated	¥1.85tn	−3.5%	¥175bn	−13.1%	9.5%	¥129bn	Kimata Masatoshi	—
FYE Dec 2021Consolidated	¥2.20tn	+18.5%	¥245bn	+39.5%	11.1%	¥175bn	Kitao Yuichi	—
FYE Dec 2022Consolidated	¥2.68tn	+21.9%	¥214bn	−12.3%	8.0%	¥156bn	Kitao Yuichi	Escorts of India acquired; the Global Technology Research Centre opens
FYE Dec 2023Consolidated	¥3.02tn	+12.8%	¥329bn	+53.4%	10.9%	¥238bn	Kitao Yuichi	—
FYE Dec 2024Consolidated	¥3.02tn	−0.1%	¥316bn	−4.0%	10.5%	¥230bn	Kitao Yuichi	—
FYE Dec 2025Consolidated	¥3.02tn	+0.1%	¥265bn	−15.9%	8.8%	¥187bn	Kitao Yuichi	—

How it compares

Komatsu¥4.13tnFY2025Operating margin 13.7%

Kubota¥3.02tnFY2025Operating margin 8.8%

Hitachi Construction Machinery¥1.41tnFY2025Operating margin 9.3%TADANO LTD.¥349bnFY2025Operating margin 5.3%Takeuchi Mfg.¥225bnFY2025Operating margin 16.7%

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 Dec 2025 ¥3.02tn

CAGR · 10 yrs +7.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,596	n/a	Cons. · US GAAP
FYE Dec 2017	1,751	+9.7%	Cons. · US GAAP
FYE Dec 2018	1,850	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1,920	+3.8%	Cons. · IFRS
FYE Dec 2020	1,853	−3.5%	Cons. · IFRS
FYE Dec 2021	2,197	+18.5%	Cons. · IFRS
FYE Dec 2022	2,677	+21.9%	Cons. · IFRS
FYE Dec 2023	3,021	+12.8%	Cons. · IFRS
FYE Dec 2024	3,016	−0.1%	Cons. · IFRS
FYE Dec 2025	3,019	+0.1%	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 ¥2.13tn

CAGR · 10 yrs +7.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	1,123	n/a	Cons. · US GAAP
FYE Dec 2017	1,241	+10.5%	Cons. · US GAAP
FYE Dec 2018	1,323	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1,360	+2.8%	Cons. · IFRS
FYE Dec 2020	1,318	−3.1%	Cons. · IFRS
FYE Dec 2021	1,565	+18.7%	Cons. · IFRS
FYE Dec 2022	1,991	+27.2%	Cons. · IFRS
FYE Dec 2023	2,144	+7.7%	Cons. · IFRS
FYE Dec 2024	2,088	−2.6%	Cons. · IFRS
FYE Dec 2025	2,135	+2.2%	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 Dec 2025 ¥884bn

CAGR · 10 yrs +7.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	474	n/a	Cons. · US GAAP
FYE Dec 2017	511	+7.9%	Cons. · US GAAP
FYE Dec 2018	527	moved to IFRS	Cons. · IFRS
FYE Dec 2019	560	+6.2%	Cons. · IFRS
FYE Dec 2020	535	−4.5%	Cons. · IFRS
FYE Dec 2021	632	+18.1%	Cons. · IFRS
FYE Dec 2022	686	+8.5%	Cons. · IFRS
FYE Dec 2023	876	+27.8%	Cons. · IFRS
FYE Dec 2024	928	+5.9%	Cons. · IFRS
FYE Dec 2025	884	−4.7%	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 Dec 2025 ¥609bn

CAGR · 10 yrs +8.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	284	n/a	Cons. · US GAAP
FYE Dec 2017	312	+9.8%	Cons. · US GAAP
FYE Dec 2018	333	moved to IFRS	Cons. · IFRS
FYE Dec 2019	352	+5.8%	Cons. · IFRS
FYE Dec 2020	356	+1.2%	Cons. · IFRS
FYE Dec 2021	392	+10.1%	Cons. · IFRS
FYE Dec 2022	479	+22.3%	Cons. · IFRS
FYE Dec 2023	539	+12.4%	Cons. · IFRS
FYE Dec 2024	597	+10.8%	Cons. · IFRS
FYE Dec 2025	609	+2.0%	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 Dec 2025 ¥265bn

CAGR · 10 yrs +3.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	197	n/a	Cons. · US GAAP
FYE Dec 2017	213	+8.1%	Cons. · US GAAP
FYE Dec 2018	189	moved to IFRS	Cons. · IFRS
FYE Dec 2019	202	+6.5%	Cons. · IFRS
FYE Dec 2020	175	−13.1%	Cons. · IFRS
FYE Dec 2021	245	+39.5%	Cons. · IFRS
FYE Dec 2022	214	−12.3%	Cons. · IFRS
FYE Dec 2023	329	+53.4%	Cons. · IFRS
FYE Dec 2024	316	−4.0%	Cons. · IFRS
FYE Dec 2025	265	−15.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥29bn

CAGR · 8 yrs +16.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · US GAAP
FYE Dec 2017	n/a	n/a	Cons. · US GAAP
FYE Dec 2018	9.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	8.9	−9.7%	Cons. · IFRS
FYE Dec 2020	12.3	+38.7%	Cons. · IFRS
FYE Dec 2021	9.3	−24.0%	Cons. · IFRS
FYE Dec 2022	18.8	+100.8%	Cons. · IFRS
FYE Dec 2023	18.7	−0.3%	Cons. · IFRS
FYE Dec 2024	26.3	+40.6%	Cons. · IFRS
FYE Dec 2025	29.0	+10.2%	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 ¥12bn

CAGR · 10 yrs +33.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · US GAAP
FYE Dec 2017	0.3	−71.2%	Cons. · US GAAP
FYE Dec 2018	1.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1.5	−21.2%	Cons. · IFRS
FYE Dec 2020	1.7	+12.1%	Cons. · IFRS
FYE Dec 2021	3.0	+78.0%	Cons. · IFRS
FYE Dec 2022	2.0	−33.2%	Cons. · IFRS
FYE Dec 2023	5.3	+163.0%	Cons. · IFRS
FYE Dec 2024	6.6	+26.5%	Cons. · IFRS
FYE Dec 2025	12.3	+85.4%	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 ¥187bn

CAGR · 10 yrs +3.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	132	n/a	Cons. · US GAAP
FYE Dec 2017	134	+1.3%	Cons. · US GAAP
FYE Dec 2018	139	moved to IFRS	Cons. · IFRS
FYE Dec 2019	149	+7.6%	Cons. · IFRS
FYE Dec 2020	129	−13.8%	Cons. · IFRS
FYE Dec 2021	175	+36.0%	Cons. · IFRS
FYE Dec 2022	156	−10.5%	Cons. · IFRS
FYE Dec 2023	238	+52.4%	Cons. · IFRS
FYE Dec 2024	230	−3.4%	Cons. · IFRS
FYE Dec 2025	187	−19.0%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 29.3%

Average · 10 yrs 28.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	29.7	n/a	Cons. · US GAAP
FYE Dec 2017	29.2	−0.5pp	Cons. · US GAAP
FYE Dec 2018	28.5	moved to IFRS	Cons. · IFRS
FYE Dec 2019	29.2	+0.7pp	Cons. · IFRS
FYE Dec 2020	28.9	−0.3pp	Cons. · IFRS
FYE Dec 2021	28.8	−0.1pp	Cons. · IFRS
FYE Dec 2022	25.6	−3.1pp	Cons. · IFRS
FYE Dec 2023	29.0	+3.4pp	Cons. · IFRS
FYE Dec 2024	30.8	+1.8pp	Cons. · IFRS
FYE Dec 2025	29.3	−1.5pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 8.8%

Average · 10 yrs 10.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	12.3	n/a	Cons. · US GAAP
FYE Dec 2017	12.2	−0.2pp	Cons. · US GAAP
FYE Dec 2018	10.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	10.5	+0.3pp	Cons. · IFRS
FYE Dec 2020	9.5	−1.0pp	Cons. · IFRS
FYE Dec 2021	11.1	+1.7pp	Cons. · IFRS
FYE Dec 2022	8.0	−3.1pp	Cons. · IFRS
FYE Dec 2023	10.9	+2.9pp	Cons. · IFRS
FYE Dec 2024	10.5	−0.4pp	Cons. · IFRS
FYE Dec 2025	8.8	−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 6.2%

Average · 10 yrs 7.4%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	8.3	n/a	Cons. · US GAAP
FYE Dec 2017	7.7	−0.6pp	Cons. · US GAAP
FYE Dec 2018	7.5	moved to IFRS	Cons. · IFRS
FYE Dec 2019	7.8	+0.3pp	Cons. · IFRS
FYE Dec 2020	6.9	−0.8pp	Cons. · IFRS
FYE Dec 2021	8.0	+1.0pp	Cons. · IFRS
FYE Dec 2022	5.8	−2.1pp	Cons. · IFRS
FYE Dec 2023	7.9	+2.0pp	Cons. · IFRS
FYE Dec 2024	7.6	−0.3pp	Cons. · IFRS
FYE Dec 2025	6.2	−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 Dec 2025 70.7%

Average · 10 yrs 71.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	70.3	n/a	Cons. · US GAAP
FYE Dec 2017	70.9	+0.5pp	Cons. · US GAAP
FYE Dec 2018	71.5	moved to IFRS	Cons. · IFRS
FYE Dec 2019	70.8	−0.7pp	Cons. · IFRS
FYE Dec 2020	71.1	+0.3pp	Cons. · IFRS
FYE Dec 2021	71.2	+0.1pp	Cons. · IFRS
FYE Dec 2022	74.4	+3.1pp	Cons. · IFRS
FYE Dec 2023	71.0	−3.4pp	Cons. · IFRS
FYE Dec 2024	69.2	−1.8pp	Cons. · IFRS
FYE Dec 2025	70.7	+1.5pp	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 Dec 2025 20.2%

Average · 10 yrs 18.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	17.8	n/a	Cons. · US GAAP
FYE Dec 2017	17.8	−0.0pp	Cons. · US GAAP
FYE Dec 2018	18.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	18.3	+0.4pp	Cons. · IFRS
FYE Dec 2020	19.2	+0.9pp	Cons. · IFRS
FYE Dec 2021	17.8	−1.4pp	Cons. · IFRS
FYE Dec 2022	17.9	+0.1pp	Cons. · IFRS
FYE Dec 2023	17.8	−0.1pp	Cons. · IFRS
FYE Dec 2024	19.8	+2.0pp	Cons. · IFRS
FYE Dec 2025	20.2	+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 Dec 2025 ¥6.20tn

CAGR · 10 yrs +10.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	2,634	n/a	Cons. · US GAAP
FYE Dec 2017	2,832	+7.5%	Cons. · US GAAP
FYE Dec 2018	2,896	moved to IFRS	Cons. · IFRS
FYE Dec 2019	3,139	+8.4%	Cons. · IFRS
FYE Dec 2020	3,189	+1.6%	Cons. · IFRS
FYE Dec 2021	3,774	+18.3%	Cons. · IFRS
FYE Dec 2022	4,765	+26.3%	Cons. · IFRS
FYE Dec 2023	5,359	+12.5%	Cons. · IFRS
FYE Dec 2024	6,019	+12.3%	Cons. · IFRS
FYE Dec 2025	6,205	+3.1%	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 ¥2.37tn

CAGR · 10 yrs +7.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	1,194	n/a	Cons. · US GAAP
FYE Dec 2017	1,291	+8.2%	Cons. · US GAAP
FYE Dec 2018	1,253	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1,348	+7.6%	Cons. · IFRS
FYE Dec 2020	1,378	+2.2%	Cons. · IFRS
FYE Dec 2021	1,571	+14.0%	Cons. · IFRS
FYE Dec 2022	1,646	+4.8%	Cons. · IFRS
FYE Dec 2023	1,935	+17.6%	Cons. · IFRS
FYE Dec 2024	2,215	+14.4%	Cons. · IFRS
FYE Dec 2025	2,373	+7.1%	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 ¥2.24tn

CAGR · 10 yrs +14.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	673	n/a	Cons. · US GAAP
FYE Dec 2017	655	−2.7%	Cons. · US GAAP
FYE Dec 2018	839	moved to IFRS	Cons. · IFRS
FYE Dec 2019	903	+7.6%	Cons. · IFRS
FYE Dec 2020	874	−3.2%	Cons. · IFRS
FYE Dec 2021	1,095	+25.2%	Cons. · IFRS
FYE Dec 2022	1,611	+47.2%	Cons. · IFRS
FYE Dec 2023	1,990	+23.5%	Cons. · IFRS
FYE Dec 2024	2,278	+14.5%	Cons. · IFRS
FYE Dec 2025	2,242	−1.6%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥860bn

CAGR · 10 yrs +18.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	194	n/a	Cons. · US GAAP
FYE Dec 2017	182	−5.9%	Cons. · US GAAP
FYE Dec 2018	349	moved to IFRS	Cons. · IFRS
FYE Dec 2019	387	+10.7%	Cons. · IFRS
FYE Dec 2020	366	−5.3%	Cons. · IFRS
FYE Dec 2021	504	+37.8%	Cons. · IFRS
FYE Dec 2022	641	+27.1%	Cons. · IFRS
FYE Dec 2023	663	+3.5%	Cons. · IFRS
FYE Dec 2024	903	+36.2%	Cons. · IFRS
FYE Dec 2025	860	−4.7%	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 Dec 2025 ¥1.38tn

CAGR · 10 yrs +12.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	479	n/a	Cons. · US GAAP
FYE Dec 2017	472	−1.4%	Cons. · US GAAP
FYE Dec 2018	490	moved to IFRS	Cons. · IFRS
FYE Dec 2019	516	+5.4%	Cons. · IFRS
FYE Dec 2020	508	−1.6%	Cons. · IFRS
FYE Dec 2021	590	+16.1%	Cons. · IFRS
FYE Dec 2022	970	+64.4%	Cons. · IFRS
FYE Dec 2023	1,327	+36.8%	Cons. · IFRS
FYE Dec 2024	1,375	+3.6%	Cons. · IFRS
FYE Dec 2025	1,382	+0.5%	Cons. · IFRS

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

Bonds

FYE Dec 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · US GAAP
FYE Dec 2017	n/a	Cons. · US GAAP
FYE Dec 2018	moved to IFRS	Cons. · IFRS
FYE Dec 2019	n/a	Cons. · IFRS
FYE Dec 2020	n/a	Cons. · IFRS
FYE Dec 2021	n/a	Cons. · IFRS
FYE Dec 2022	n/a	Cons. · IFRS
FYE Dec 2023	n/a	Cons. · IFRS
FYE Dec 2024	n/a	Cons. · IFRS
FYE Dec 2025	n/a	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥208bn

CAGR · 8 yrs +22.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · US GAAP
FYE Dec 2017	n/a	n/a	Cons. · US GAAP
FYE Dec 2018	49.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	61.0	+22.1%	Cons. · IFRS
FYE Dec 2020	72.5	+18.9%	Cons. · IFRS
FYE Dec 2021	85.5	+17.9%	Cons. · IFRS
FYE Dec 2022	184	+115.5%	Cons. · IFRS
FYE Dec 2023	187	+1.5%	Cons. · IFRS
FYE Dec 2024	204	+9.0%	Cons. · IFRS
FYE Dec 2025	208	+2.1%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥140bn

CAGR · 10 yrs +13.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	46.1	n/a	Cons. · US GAAP
FYE Dec 2017	47.8	+3.8%	Cons. · US GAAP
FYE Dec 2018	49.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	49.9	−0.0%	Cons. · IFRS
FYE Dec 2020	72.5	+45.2%	Cons. · IFRS
FYE Dec 2021	10.4	−85.7%	Cons. · IFRS
FYE Dec 2022	135	+1199.8%	Cons. · IFRS
FYE Dec 2023	146	+8.3%	Cons. · IFRS
FYE Dec 2024	143	−1.6%	Cons. · IFRS
FYE Dec 2025	140	−2.4%	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 38.2%

Average · 10 yrs 40.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	45.3	n/a	Cons. · US GAAP
FYE Dec 2017	45.6	+0.3pp	Cons. · US GAAP
FYE Dec 2018	43.3	moved to IFRS	Cons. · IFRS
FYE Dec 2019	43.0	−0.3pp	Cons. · IFRS
FYE Dec 2020	43.2	+0.2pp	Cons. · IFRS
FYE Dec 2021	41.6	−1.6pp	Cons. · IFRS
FYE Dec 2022	34.6	−7.1pp	Cons. · IFRS
FYE Dec 2023	36.1	+1.6pp	Cons. · IFRS
FYE Dec 2024	36.8	+0.7pp	Cons. · IFRS
FYE Dec 2025	38.2	+1.4pp	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 94.5%

Average · 10 yrs 77.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	56.4	n/a	Cons. · US GAAP
FYE Dec 2017	50.7	−5.6pp	Cons. · US GAAP
FYE Dec 2018	67.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	67.0	−0.0pp	Cons. · IFRS
FYE Dec 2020	63.5	−3.5pp	Cons. · IFRS
FYE Dec 2021	69.7	+6.2pp	Cons. · IFRS
FYE Dec 2022	97.9	+28.2pp	Cons. · IFRS
FYE Dec 2023	102.8	+5.0pp	Cons. · IFRS
FYE Dec 2024	102.9	−0.0pp	Cons. · IFRS
FYE Dec 2025	94.5	−8.4pp	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 7.9%

Average · 10 yrs 10.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	11.1	n/a	Cons. · US GAAP
FYE Dec 2017	10.4	−0.7pp	Cons. · US GAAP
FYE Dec 2018	11.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	11.1	−0.0pp	Cons. · IFRS
FYE Dec 2020	9.3	−1.7pp	Cons. · IFRS
FYE Dec 2021	11.1	+1.8pp	Cons. · IFRS
FYE Dec 2022	9.5	−1.6pp	Cons. · IFRS
FYE Dec 2023	12.3	+2.8pp	Cons. · IFRS
FYE Dec 2024	10.4	−1.9pp	Cons. · IFRS
FYE Dec 2025	7.9	−2.5pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 3.0%

Average · 10 yrs 4.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · US GAAP
FYE Dec 2017	4.7	−0.3pp	Cons. · US GAAP
FYE Dec 2018	4.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	4.7	−0.0pp	Cons. · IFRS
FYE Dec 2020	4.0	−0.7pp	Cons. · IFRS
FYE Dec 2021	4.6	+0.6pp	Cons. · IFRS
FYE Dec 2022	3.3	−1.3pp	Cons. · IFRS
FYE Dec 2023	4.4	+1.2pp	Cons. · IFRS
FYE Dec 2024	3.8	−0.6pp	Cons. · IFRS
FYE Dec 2025	3.0	−0.8pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.49×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.61	n/a	Cons. · US GAAP
FYE Dec 2017	0.62	+2.0%	Cons. · US GAAP
FYE Dec 2018	0.64	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.61	−4.3%	Cons. · IFRS
FYE Dec 2020	0.58	−5.0%	Cons. · IFRS
FYE Dec 2021	0.58	+0.2%	Cons. · IFRS
FYE Dec 2022	0.56	−3.5%	Cons. · IFRS
FYE Dec 2023	0.56	+0.3%	Cons. · IFRS
FYE Dec 2024	0.50	−11.1%	Cons. · IFRS
FYE Dec 2025	0.49	−2.9%	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 ¥328bn

CAGR · 10 yrs +6.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	185	n/a	Cons. · US GAAP
FYE Dec 2017	137	−25.8%	Cons. · US GAAP
FYE Dec 2018	89.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	82.4	−7.6%	Cons. · IFRS
FYE Dec 2020	143	+73.4%	Cons. · IFRS
FYE Dec 2021	92.5	−35.3%	Cons. · IFRS
FYE Dec 2022	-7.7	−108.3%	Cons. · IFRS
FYE Dec 2023	-17.3	n/a	Cons. · IFRS
FYE Dec 2024	282	n/a	Cons. · IFRS
FYE Dec 2025	328	+16.2%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥164bn

Average · 10 yrs -¥140bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-168	n/a	Cons. · US GAAP
FYE Dec 2017	-46.0	n/a	Cons. · US GAAP
FYE Dec 2018	-58.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-91.5	n/a	Cons. · IFRS
FYE Dec 2020	-47.1	n/a	Cons. · IFRS
FYE Dec 2021	-127	n/a	Cons. · IFRS
FYE Dec 2022	-318	n/a	Cons. · IFRS
FYE Dec 2023	-173	n/a	Cons. · IFRS
FYE Dec 2024	-209	n/a	Cons. · IFRS
FYE Dec 2025	-164	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 -¥184bn

Average · 10 yrs ¥17bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	11.4	n/a	Cons. · US GAAP
FYE Dec 2017	-32.6	−386.7%	Cons. · US GAAP
FYE Dec 2018	-27.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-21.5	n/a	Cons. · IFRS
FYE Dec 2020	-68.4	n/a	Cons. · IFRS
FYE Dec 2021	60.6	n/a	Cons. · IFRS
FYE Dec 2022	283	+366.4%	Cons. · IFRS
FYE Dec 2023	178	−36.9%	Cons. · IFRS
FYE Dec 2024	-26.3	−114.7%	Cons. · IFRS
FYE Dec 2025	-184	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 Dec 2025 ¥277bn

CAGR · 10 yrs +5.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	169	n/a	Cons. · US GAAP
FYE Dec 2017	231	+36.2%	Cons. · US GAAP
FYE Dec 2018	229	moved to IFRS	Cons. · IFRS
FYE Dec 2019	200	−12.9%	Cons. · IFRS
FYE Dec 2020	223	+11.6%	Cons. · IFRS
FYE Dec 2021	259	+16.0%	Cons. · IFRS
FYE Dec 2022	226	−12.7%	Cons. · IFRS
FYE Dec 2023	222	−1.6%	Cons. · IFRS
FYE Dec 2024	295	+32.9%	Cons. · IFRS
FYE Dec 2025	277	−6.2%	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 ¥164bn

CAGR · 10 yrs +28.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	17.5	n/a	Cons. · US GAAP
FYE Dec 2017	91.2	+422.6%	Cons. · US GAAP
FYE Dec 2018	30.4	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-9.1	−129.8%	Cons. · IFRS
FYE Dec 2020	95.8	n/a	Cons. · IFRS
FYE Dec 2021	-34.9	−136.4%	Cons. · IFRS
FYE Dec 2022	-326	n/a	Cons. · IFRS
FYE Dec 2023	-191	n/a	Cons. · IFRS
FYE Dec 2024	73.2	n/a	Cons. · IFRS
FYE Dec 2025	164	+124.3%	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 10.9%

Average · 10 yrs 6.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	11.6	n/a	Cons. · US GAAP
FYE Dec 2017	7.8	−3.8pp	Cons. · US GAAP
FYE Dec 2018	4.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	4.3	−0.5pp	Cons. · IFRS
FYE Dec 2020	7.7	+3.4pp	Cons. · IFRS
FYE Dec 2021	4.2	−3.5pp	Cons. · IFRS
FYE Dec 2022	-0.3	−4.5pp	Cons. · IFRS
FYE Dec 2023	-0.6	−0.3pp	Cons. · IFRS
FYE Dec 2024	9.4	+9.9pp	Cons. · IFRS
FYE Dec 2025	10.9	+1.5pp	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 -¥1.97tn

Average · 10 yrs -¥1.08tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-503	n/a	Cons. · US GAAP
FYE Dec 2017	-424	n/a	Cons. · US GAAP
FYE Dec 2018	-610	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-703	n/a	Cons. · IFRS
FYE Dec 2020	-652	n/a	Cons. · IFRS
FYE Dec 2021	-836	n/a	Cons. · IFRS
FYE Dec 2022	-1,385	n/a	Cons. · IFRS
FYE Dec 2023	-1,768	n/a	Cons. · IFRS
FYE Dec 2024	-1,983	n/a	Cons. · IFRS
FYE Dec 2025	-1,965	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 Dec 2025 ¥2.52tn

Change · 10 yrs +¥454bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	2,070	n/a
FYE Dec 2017	2,726	n/a
FYE Dec 2018	1,925	n/a
FYE Dec 2019	2,107	n/a
FYE Dec 2020	2,721	n/a
FYE Dec 2021	3,050	n/a
FYE Dec 2022	2,168	n/a
FYE Dec 2023	2,497	n/a
FYE Dec 2024	2,117	n/a
FYE Dec 2025	2,524	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 2,216¥

Change · 10 yrs +548¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,668	n/a
FYE Dec 2017	2,209	n/a
FYE Dec 2018	1,562	n/a
FYE Dec 2019	1,727	n/a
FYE Dec 2020	2,251	n/a
FYE Dec 2021	2,541	n/a
FYE Dec 2022	1,820	n/a
FYE Dec 2023	2,122	n/a
FYE Dec 2024	1,840	n/a
FYE Dec 2025	2,216	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 1,138,716,000shares

Change · 10 yrs −102,403,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	1,241,119,000	Parent
FYE Dec 2017	1,234,024,000	Parent
FYE Dec 2018	1,232,556,000	Parent
FYE Dec 2019	1,220,576,000	Parent
FYE Dec 2020	1,208,576,000	Parent
FYE Dec 2021	1,200,246,000	Parent
FYE Dec 2022	1,191,006,000	Parent
FYE Dec 2023	1,176,666,000	Parent
FYE Dec 2024	1,150,896,000	Parent
FYE Dec 2025	1,138,716,000	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 Dec 2025 163.44¥

Change · 10 yrs +56.86¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	106.58	Cons.
FYE Dec 2017	108.45	Cons.
FYE Dec 2018	112.44	Cons.
FYE Dec 2019	121.59	Cons.
FYE Dec 2020	105.85	Cons.
FYE Dec 2021	144.80	Cons.
FYE Dec 2022	131.06	Cons.
FYE Dec 2023	201.74	Cons.
FYE Dec 2024	197.61	Cons.
FYE Dec 2025	163.44	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 2,083.88¥

Change · 10 yrs +1,122.03¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	961.85	Cons. · US GAAP
FYE Dec 2017	1,046.25	Cons. · US GAAP
FYE Dec 2018	1,016.80	Cons. · IFRS
FYE Dec 2019	1,104.77	Cons. · IFRS
FYE Dec 2020	1,140.10	Cons. · IFRS
FYE Dec 2021	1,308.87	Cons. · IFRS
FYE Dec 2022	1,382.44	Cons. · IFRS
FYE Dec 2023	1,644.88	Cons. · IFRS
FYE Dec 2024	1,924.47	Cons. · IFRS
FYE Dec 2025	2,083.88	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 13.56×

Average · 10 yrs 15.02×

Fiscal year	PER ×	Basis
FYE Dec 2016	15.65	Cons.
FYE Dec 2017	20.37	Cons.
FYE Dec 2018	13.89	Cons.
FYE Dec 2019	14.20	Cons.
FYE Dec 2020	21.27	Cons.
FYE Dec 2021	17.55	Cons.
FYE Dec 2022	13.89	Cons.
FYE Dec 2023	10.52	Cons.
FYE Dec 2024	9.31	Cons.
FYE Dec 2025	13.56	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 0.96×

Average · 10 yrs 1.45×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.73	Cons.
FYE Dec 2017	2.11	Cons.
FYE Dec 2018	1.44	Cons.
FYE Dec 2019	1.46	Cons.
FYE Dec 2020	1.84	Cons.
FYE Dec 2021	1.82	Cons.
FYE Dec 2022	1.15	Cons.
FYE Dec 2023	1.15	Cons.
FYE Dec 2024	0.85	Cons.
FYE Dec 2025	0.96	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 52,503people

Change · 10 yrs +14,212 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	38,291	n/a	Cons.
FYE Dec 2017	39,410	+2.9%	Cons.
FYE Dec 2018	40,202	+2.0%	Cons.
FYE Dec 2019	41,027	+2.1%	Cons.
FYE Dec 2020	41,605	+1.4%	Cons.
FYE Dec 2021	43,293	+4.1%	Cons.
FYE Dec 2022	50,352	+16.3%	Cons.
FYE Dec 2023	52,608	+4.5%	Cons.
FYE Dec 2024	52,094	−1.0%	Cons.
FYE Dec 2025	52,503	+0.8%	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 15,897people

Change · 10 yrs +4,774 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	11,123	n/a	Parent
FYE Dec 2017	11,266	+1.3%	Parent
FYE Dec 2018	11,226	−0.4%	Parent
FYE Dec 2019	11,396	+1.5%	Parent
FYE Dec 2020	11,356	−0.4%	Parent
FYE Dec 2021	11,711	+3.1%	Parent
FYE Dec 2022	12,474	+6.5%	Parent
FYE Dec 2023	14,638	+17.3%	Parent
FYE Dec 2024	15,472	+5.7%	Parent
FYE Dec 2025	15,897	+2.7%	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 ¥8.6m

Change · 10 yrs +¥0.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	8.1	n/a	Parent
FYE Dec 2017	7.9	−2.5%	Parent
FYE Dec 2018	7.9	+0.2%	Parent
FYE Dec 2019	8.0	+0.9%	Parent
FYE Dec 2020	8.0	−0.2%	Parent
FYE Dec 2021	7.9	−0.6%	Parent
FYE Dec 2022	8.1	+2.2%	Parent
FYE Dec 2023	8.0	−1.6%	Parent
FYE Dec 2024	8.2	+3.2%	Parent
FYE Dec 2025	8.6	+4.4%	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 39.9years

Change · 7 yrs −0.6 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	40.5	n/a	Parent
FYE Dec 2020	40.7	+0.5%	Parent
FYE Dec 2021	40.4	−0.7%	Parent
FYE Dec 2022	40.1	−0.7%	Parent
FYE Dec 2023	40.0	−0.2%	Parent
FYE Dec 2024	39.9	−0.3%	Parent
FYE Dec 2025	39.9	−0.0%	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 14.3years

Change · 10 yrs −1.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	15.5	n/a	Parent
FYE Dec 2017	15.5	−0.0%	Parent
FYE Dec 2018	15.5	−0.0%	Parent
FYE Dec 2019	15.2	−1.9%	Parent
FYE Dec 2020	15.3	+0.7%	Parent
FYE Dec 2021	14.9	−2.6%	Parent
FYE Dec 2022	14.2	−4.7%	Parent
FYE Dec 2023	13.8	−2.8%	Parent
FYE Dec 2024	13.5	−2.2%	Parent
FYE Dec 2025	14.3	+5.9%	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 Dec 2025 14,090people

Change · 10 yrs +10,810 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	3,280	n/a	n/a
FYE Dec 2017	3,031	−7.6%	n/a
FYE Dec 2018	3,004	−0.9%	n/a
FYE Dec 2019	2,880	−4.1%	n/a
FYE Dec 2020	2,699	−6.3%	n/a
FYE Dec 2021	3,356	+24.3%	n/a
FYE Dec 2022	12,213	+263.9%	n/a
FYE Dec 2023	12,924	+5.8%	n/a
FYE Dec 2024	14,120	+9.3%	n/a
FYE Dec 2025	14,090	−0.2%	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 Dec 2025 ¥57.5m

Change · 10 yrs +¥15.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	41.7	n/a	Cons.
FYE Dec 2017	44.4	+6.6%	Cons.
FYE Dec 2018	46.0	n/a	Cons.
FYE Dec 2019	46.8	+1.7%	Cons.
FYE Dec 2020	44.5	−4.8%	Cons.
FYE Dec 2021	50.7	+13.9%	Cons.
FYE Dec 2022	53.2	+4.8%	Cons.
FYE Dec 2023	57.4	+8.0%	Cons.
FYE Dec 2024	57.9	+0.8%	Cons.
FYE Dec 2025	57.5	−0.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.1m

Change · 10 yrs −¥0.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.1	n/a	Cons.
FYE Dec 2017	5.4	+5.0%	Cons.
FYE Dec 2018	4.7	n/a	Cons.
FYE Dec 2019	4.9	+4.4%	Cons.
FYE Dec 2020	4.2	−14.3%	Cons.
FYE Dec 2021	5.6	+34.1%	Cons.
FYE Dec 2022	4.3	−24.6%	Cons.
FYE Dec 2023	6.3	+46.8%	Cons.
FYE Dec 2024	6.1	−3.1%	Cons.
FYE Dec 2025	5.1	−16.5%	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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