Financials

Hitachi: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥10.6tnYoY +8.2%

FYE Mar 2026 · Operating profit¥1.27tnYoY +32.2%

FYE Mar 2026 · Net profit¥802bnYoY +30.3%

FYE Mar 2026 · Equity ratio42.3%YoY −0.3pp

FYE Mar 2026 · Group employees287,901YoY +5,158

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥9.16tn	n/a	¥587bn	n/a	6.4%	¥231bn	Higashihara Toshiaki	—
FYE Mar 2018Consolidated	¥9.37tn	+2.3%	¥639bn	+8.7%	6.8%	¥363bn	Higashihara Toshiaki	—
FYE Mar 2019Consolidated	¥9.48tn	+1.2%	¥517bn	−19.1%	5.4%	¥223bn	Higashihara Toshiaki	—
FYE Mar 2020Consolidated	¥8.77tn	−7.5%	¥180bn	−65.1%	2.1%	¥88bn	Higashihara Toshiaki	Horizon nuclear project frozen; ¥300bn loss booked
FYE Mar 2021Consolidated	¥8.73tn	−0.4%	¥844bn	+368.4%	9.7%	¥502bn	Higashihara Toshiaki	ABB's power grids business acquired for about ¥720bn
FYE Mar 2022Consolidated	¥10.3tn	+17.6%	¥839bn	−0.6%	8.2%	¥583bn	Higashihara Toshiaki	GlobalLogic acquired for about ¥1 trillion
FYE Mar 2023Consolidated	¥10.9tn	+6.0%	¥820bn	−2.3%	7.5%	¥649bn	Kojima Keiji	Thales's rail signalling systems business acquired
FYE Mar 2024Consolidated	¥9.73tn	−10.6%	¥826bn	+0.7%	8.5%	¥590bn	Kojima Keiji	Hitachi Metals shares transferred; the parent-child listings unwound
FYE Mar 2025Consolidated	¥9.78tn	+0.6%	¥963bn	+16.6%	9.8%	¥616bn	Kojima Keiji	—
FYE Mar 2026Consolidated	¥10.6tn	+8.2%	¥1.27tn	+32.2%	12.0%	¥802bn	Kojima Keiji	—

How it compares

Sony Group¥12.5tnFY2025Operating margin 11.6%

Hitachi¥10.6tnFY2025Operating margin 12.0%

Panasonic Holdings¥8.05tnFY2025Operating margin 2.9%Mitsubishi Electric¥5.89tnFY2025Operating margin 7.3%NEC¥3.58tnFY2025Operating margin 10.0%ToshibaDelisted 2023 Sharp¥1.89tnFY2025Operating margin 2.6%Sanyo ElectricDelisted 2011 Oki Electric Industry¥422bnFY2025Operating margin 4.5%

NOHMI BOSAI LTD.¥140bnFY2025Operating margin 13.1%

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 ¥10.6tn

CAGR · 10 yrs +1.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	9,162	n/a	Cons. · IFRS
FYE Mar 2018	9,369	+2.3%	Cons. · IFRS
FYE Mar 2019	9,481	+1.2%	Cons. · IFRS
FYE Mar 2020	8,767	−7.5%	Cons. · IFRS
FYE Mar 2021	8,729	−0.4%	Cons. · IFRS
FYE Mar 2022	10,265	+17.6%	Cons. · IFRS
FYE Mar 2023	10,881	+6.0%	Cons. · IFRS
FYE Mar 2024	9,729	−10.6%	Cons. · IFRS
FYE Mar 2025	9,783	+0.6%	Cons. · IFRS
FYE Mar 2026	10,587	+8.2%	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 ¥7.41tn

CAGR · 10 yrs +1.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	6,783	n/a	Cons. · IFRS
FYE Mar 2018	6,867	+1.2%	Cons. · IFRS
FYE Mar 2019	6,965	+1.4%	Cons. · IFRS
FYE Mar 2020	6,397	−8.2%	Cons. · IFRS
FYE Mar 2021	6,534	+2.1%	Cons. · IFRS
FYE Mar 2022	7,706	+17.9%	Cons. · IFRS
FYE Mar 2023	8,192	+6.3%	Cons. · IFRS
FYE Mar 2024	7,147	−12.8%	Cons. · IFRS
FYE Mar 2025	6,963	−2.6%	Cons. · IFRS
FYE Mar 2026	7,407	+6.4%	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 ¥3.18tn

CAGR · 10 yrs +3.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	2,380	n/a	Cons. · IFRS
FYE Mar 2018	2,502	+5.1%	Cons. · IFRS
FYE Mar 2019	2,516	+0.6%	Cons. · IFRS
FYE Mar 2020	2,370	−5.8%	Cons. · IFRS
FYE Mar 2021	2,195	−7.4%	Cons. · IFRS
FYE Mar 2022	2,559	+16.5%	Cons. · IFRS
FYE Mar 2023	2,689	+5.1%	Cons. · IFRS
FYE Mar 2024	2,582	−4.0%	Cons. · IFRS
FYE Mar 2025	2,821	+9.2%	Cons. · IFRS
FYE Mar 2026	3,180	+12.7%	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 Mar 2026 ¥1.98tn

CAGR · 10 yrs +1.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	1,792	n/a	Cons. · IFRS
FYE Mar 2018	1,787	−0.3%	Cons. · IFRS
FYE Mar 2019	1,761	−1.5%	Cons. · IFRS
FYE Mar 2020	1,708	−3.0%	Cons. · IFRS
FYE Mar 2021	1,700	−0.5%	Cons. · IFRS
FYE Mar 2022	1,820	+7.1%	Cons. · IFRS
FYE Mar 2023	1,941	+6.6%	Cons. · IFRS
FYE Mar 2024	1,826	−5.9%	Cons. · IFRS
FYE Mar 2025	1,849	+1.3%	Cons. · IFRS
FYE Mar 2026	1,980	+7.1%	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 ¥1.27tn

CAGR · 10 yrs +9.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	587	n/a	Cons. · IFRS
FYE Mar 2018	639	+8.7%	Cons. · IFRS
FYE Mar 2019	517	−19.1%	Cons. · IFRS
FYE Mar 2020	180	−65.1%	Cons. · IFRS
FYE Mar 2021	844	+368.4%	Cons. · IFRS
FYE Mar 2022	839	−0.6%	Cons. · IFRS
FYE Mar 2023	820	−2.3%	Cons. · IFRS
FYE Mar 2024	826	+0.7%	Cons. · IFRS
FYE Mar 2025	963	+16.6%	Cons. · IFRS
FYE Mar 2026	1,273	+32.2%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥107bn

CAGR · 9 yrs +40.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	7.0	n/a	Cons. · IFRS
FYE Mar 2019	13.7	+95.5%	Cons. · IFRS
FYE Mar 2020	5.8	−57.9%	Cons. · IFRS
FYE Mar 2021	14.0	+142.2%	Cons. · IFRS
FYE Mar 2022	27.9	+100.0%	Cons. · IFRS
FYE Mar 2023	7.9	−71.8%	Cons. · IFRS
FYE Mar 2024	17.4	+120.7%	Cons. · IFRS
FYE Mar 2025	53.9	+210.2%	Cons. · IFRS
FYE Mar 2026	107	+98.0%	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 Mar 2026 ¥8.9bn

CAGR · 9 yrs −2.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	11.2	n/a	Cons. · IFRS
FYE Mar 2019	3.5	−69.2%	Cons. · IFRS
FYE Mar 2020	9.0	+161.1%	Cons. · IFRS
FYE Mar 2021	1.5	−83.9%	Cons. · IFRS
FYE Mar 2022	0.1	−93.3%	Cons. · IFRS
FYE Mar 2023	20.4	+20948.5%	Cons. · IFRS
FYE Mar 2024	10.0	−50.9%	Cons. · IFRS
FYE Mar 2025	12.9	+28.9%	Cons. · IFRS
FYE Mar 2026	8.9	−31.3%	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 ¥802bn

CAGR · 10 yrs +14.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	231	n/a	Cons. · IFRS
FYE Mar 2018	363	+57.0%	Cons. · IFRS
FYE Mar 2019	223	−38.7%	Cons. · IFRS
FYE Mar 2020	87.6	−60.6%	Cons. · IFRS
FYE Mar 2021	502	+472.6%	Cons. · IFRS
FYE Mar 2022	583	+16.3%	Cons. · IFRS
FYE Mar 2023	649	+11.3%	Cons. · IFRS
FYE Mar 2024	590	−9.1%	Cons. · IFRS
FYE Mar 2025	616	+4.4%	Cons. · IFRS
FYE Mar 2026	802	+30.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 30.0%

Average · 10 yrs 26.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	26.0	n/a	Cons. · IFRS
FYE Mar 2018	26.7	+0.7pp	Cons. · IFRS
FYE Mar 2019	26.5	−0.2pp	Cons. · IFRS
FYE Mar 2020	27.0	+0.5pp	Cons. · IFRS
FYE Mar 2021	25.1	−1.9pp	Cons. · IFRS
FYE Mar 2022	24.9	−0.2pp	Cons. · IFRS
FYE Mar 2023	24.7	−0.2pp	Cons. · IFRS
FYE Mar 2024	26.5	+1.8pp	Cons. · IFRS
FYE Mar 2025	28.8	+2.3pp	Cons. · IFRS
FYE Mar 2026	30.0	+1.2pp	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 12.0%

Average · 10 yrs 7.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · IFRS
FYE Mar 2018	6.8	+0.4pp	Cons. · IFRS
FYE Mar 2019	5.4	−1.4pp	Cons. · IFRS
FYE Mar 2020	2.1	−3.4pp	Cons. · IFRS
FYE Mar 2021	9.7	+7.6pp	Cons. · IFRS
FYE Mar 2022	8.2	−1.5pp	Cons. · IFRS
FYE Mar 2023	7.5	−0.6pp	Cons. · IFRS
FYE Mar 2024	8.5	+1.0pp	Cons. · IFRS
FYE Mar 2025	9.8	+1.4pp	Cons. · IFRS
FYE Mar 2026	12.0	+2.2pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 7.6%

Average · 10 yrs 4.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · IFRS
FYE Mar 2018	3.9	+1.4pp	Cons. · IFRS
FYE Mar 2019	2.3	−1.5pp	Cons. · IFRS
FYE Mar 2020	1.0	−1.3pp	Cons. · IFRS
FYE Mar 2021	5.7	+4.7pp	Cons. · IFRS
FYE Mar 2022	5.7	−0.1pp	Cons. · IFRS
FYE Mar 2023	6.0	+0.3pp	Cons. · IFRS
FYE Mar 2024	6.1	+0.1pp	Cons. · IFRS
FYE Mar 2025	6.3	+0.2pp	Cons. · IFRS
FYE Mar 2026	7.6	+1.3pp	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 70.0%

Average · 10 yrs 73.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	74.0	n/a	Cons. · IFRS
FYE Mar 2018	73.3	−0.7pp	Cons. · IFRS
FYE Mar 2019	73.5	+0.2pp	Cons. · IFRS
FYE Mar 2020	73.0	−0.5pp	Cons. · IFRS
FYE Mar 2021	74.9	+1.9pp	Cons. · IFRS
FYE Mar 2022	75.1	+0.2pp	Cons. · IFRS
FYE Mar 2023	75.3	+0.2pp	Cons. · IFRS
FYE Mar 2024	73.5	−1.8pp	Cons. · IFRS
FYE Mar 2025	71.2	−2.3pp	Cons. · IFRS
FYE Mar 2026	70.0	−1.2pp	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 18.7%

Average · 10 yrs 18.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	19.6	n/a	Cons. · IFRS
FYE Mar 2018	19.1	−0.5pp	Cons. · IFRS
FYE Mar 2019	18.6	−0.5pp	Cons. · IFRS
FYE Mar 2020	19.5	+0.9pp	Cons. · IFRS
FYE Mar 2021	19.5	−0.0pp	Cons. · IFRS
FYE Mar 2022	17.7	−1.7pp	Cons. · IFRS
FYE Mar 2023	17.8	+0.1pp	Cons. · IFRS
FYE Mar 2024	18.8	+0.9pp	Cons. · IFRS
FYE Mar 2025	18.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	18.7	−0.2pp	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 ¥15.0tn

CAGR · 10 yrs +5.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	9,664	n/a	Cons. · IFRS
FYE Mar 2018	10,107	+4.6%	Cons. · IFRS
FYE Mar 2019	9,627	−4.7%	Cons. · IFRS
FYE Mar 2020	9,930	+3.2%	Cons. · IFRS
FYE Mar 2021	11,853	+19.4%	Cons. · IFRS
FYE Mar 2022	13,888	+17.2%	Cons. · IFRS
FYE Mar 2023	12,501	−10.0%	Cons. · IFRS
FYE Mar 2024	12,221	−2.2%	Cons. · IFRS
FYE Mar 2025	13,285	+8.7%	Cons. · IFRS
FYE Mar 2026	15,041	+13.2%	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 ¥6.36tn

CAGR · 10 yrs +8.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,967	n/a	Cons. · IFRS
FYE Mar 2018	2,044	−31.1%	Cons. · IFRS
FYE Mar 2019	2,111	+3.2%	Cons. · IFRS
FYE Mar 2020	2,053	−2.7%	Cons. · IFRS
FYE Mar 2021	2,593	+26.3%	Cons. · IFRS
FYE Mar 2022	3,328	+28.4%	Cons. · IFRS
FYE Mar 2023	4,550	+36.7%	Cons. · IFRS
FYE Mar 2024	5,548	+21.9%	Cons. · IFRS
FYE Mar 2025	5,663	+2.1%	Cons. · IFRS
FYE Mar 2026	6,364	+12.4%	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 ¥583bn

CAGR · 10 yrs −7.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,177	n/a	Cons. · IFRS
FYE Mar 2018	933	−20.7%	Cons. · IFRS
FYE Mar 2019	820	−12.2%	Cons. · IFRS
FYE Mar 2020	1,254	+53.0%	Cons. · IFRS
FYE Mar 2021	2,123	+69.3%	Cons. · IFRS
FYE Mar 2022	2,790	+31.4%	Cons. · IFRS
FYE Mar 2023	2,071	−25.8%	Cons. · IFRS
FYE Mar 2024	993	−52.1%	Cons. · IFRS
FYE Mar 2025	837	−15.6%	Cons. · IFRS
FYE Mar 2026	583	−30.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥43bn

CAGR · 10 yrs −15.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	196	n/a	Cons. · IFRS
FYE Mar 2018	121	−38.2%	Cons. · IFRS
FYE Mar 2019	111	−8.6%	Cons. · IFRS
FYE Mar 2020	183	+65.1%	Cons. · IFRS
FYE Mar 2021	417	+127.3%	Cons. · IFRS
FYE Mar 2022	1,234	+196.2%	Cons. · IFRS
FYE Mar 2023	778	−37.0%	Cons. · IFRS
FYE Mar 2024	37.8	−95.1%	Cons. · IFRS
FYE Mar 2025	73.1	+93.4%	Cons. · IFRS
FYE Mar 2026	43.4	−40.7%	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 Mar 2026 ¥540bn

CAGR · 10 yrs −6.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	980	n/a	Cons. · IFRS
FYE Mar 2018	929	−5.2%	Cons. · IFRS
FYE Mar 2019	894	−3.8%	Cons. · IFRS
FYE Mar 2020	1,302	+45.7%	Cons. · IFRS
FYE Mar 2021	1,981	+52.2%	Cons. · IFRS
FYE Mar 2022	1,893	−4.4%	Cons. · IFRS
FYE Mar 2023	1,436	−24.1%	Cons. · IFRS
FYE Mar 2024	1,141	−20.5%	Cons. · IFRS
FYE Mar 2025	1,133	−0.7%	Cons. · IFRS
FYE Mar 2026	540	−52.4%	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 n/a

CAGR · 9 yrs +3.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	919	n/a	Cons. · IFRS
FYE Mar 2018	1,054	+14.7%	Cons. · IFRS
FYE Mar 2019	960	−8.9%	Cons. · IFRS
FYE Mar 2020	480	−50.0%	Cons. · IFRS
FYE Mar 2021	965	+101.1%	Cons. · IFRS
FYE Mar 2022	1,257	+30.3%	Cons. · IFRS
FYE Mar 2023	1,245	−1.0%	Cons. · IFRS
FYE Mar 2024	1,179	−5.3%	Cons. · IFRS
FYE Mar 2025	1,200	+1.8%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥2.65tn

CAGR · 9 yrs +20.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	588	n/a	Cons. · IFRS
FYE Mar 2019	562	−4.5%	Cons. · IFRS
FYE Mar 2020	636	+13.2%	Cons. · IFRS
FYE Mar 2021	1,161	+82.6%	Cons. · IFRS
FYE Mar 2022	2,154	+85.5%	Cons. · IFRS
FYE Mar 2023	2,165	+0.5%	Cons. · IFRS
FYE Mar 2024	2,372	+9.5%	Cons. · IFRS
FYE Mar 2025	2,487	+4.9%	Cons. · IFRS
FYE Mar 2026	2,648	+6.5%	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 42.3%

Average · 10 yrs 30.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	30.7	n/a	Cons. · IFRS
FYE Mar 2018	20.2	−10.5pp	Cons. · IFRS
FYE Mar 2019	21.9	+1.7pp	Cons. · IFRS
FYE Mar 2020	20.7	−1.2pp	Cons. · IFRS
FYE Mar 2021	21.9	+1.2pp	Cons. · IFRS
FYE Mar 2022	24.0	+2.1pp	Cons. · IFRS
FYE Mar 2023	36.4	+12.4pp	Cons. · IFRS
FYE Mar 2024	45.4	+9.0pp	Cons. · IFRS
FYE Mar 2025	42.6	−2.8pp	Cons. · IFRS
FYE Mar 2026	42.3	−0.3pp	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 9.2%

Average · 10 yrs 43.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	39.7	n/a	Cons. · IFRS
FYE Mar 2018	45.6	+6.0pp	Cons. · IFRS
FYE Mar 2019	38.8	−6.8pp	Cons. · IFRS
FYE Mar 2020	61.1	+22.2pp	Cons. · IFRS
FYE Mar 2021	81.9	+20.8pp	Cons. · IFRS
FYE Mar 2022	83.8	+2.0pp	Cons. · IFRS
FYE Mar 2023	45.5	−38.3pp	Cons. · IFRS
FYE Mar 2024	17.9	−27.6pp	Cons. · IFRS
FYE Mar 2025	14.8	−3.1pp	Cons. · IFRS
FYE Mar 2026	9.2	−5.6pp	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 12.6%

Average · 10 yrs 12.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · IFRS
FYE Mar 2018	17.8	+10.0pp	Cons. · IFRS
FYE Mar 2019	10.5	−7.2pp	Cons. · IFRS
FYE Mar 2020	4.3	−6.3pp	Cons. · IFRS
FYE Mar 2021	19.3	+15.1pp	Cons. · IFRS
FYE Mar 2022	17.5	−1.8pp	Cons. · IFRS
FYE Mar 2023	14.3	−3.3pp	Cons. · IFRS
FYE Mar 2024	10.6	−3.6pp	Cons. · IFRS
FYE Mar 2025	10.9	+0.2pp	Cons. · IFRS
FYE Mar 2026	12.6	+1.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.3%

Average · 10 yrs 3.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · IFRS
FYE Mar 2018	3.6	+1.2pp	Cons. · IFRS
FYE Mar 2019	2.3	−1.3pp	Cons. · IFRS
FYE Mar 2020	0.9	−1.4pp	Cons. · IFRS
FYE Mar 2021	4.2	+3.3pp	Cons. · IFRS
FYE Mar 2022	4.2	−0.0pp	Cons. · IFRS
FYE Mar 2023	5.2	+1.0pp	Cons. · IFRS
FYE Mar 2024	4.8	−0.4pp	Cons. · IFRS
FYE Mar 2025	4.6	−0.2pp	Cons. · IFRS
FYE Mar 2026	5.3	+0.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.70×

CAGR · 10 yrs −3.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.95	n/a	Cons. · IFRS
FYE Mar 2018	0.93	−2.2%	Cons. · IFRS
FYE Mar 2019	0.98	+6.2%	Cons. · IFRS
FYE Mar 2020	0.88	−10.4%	Cons. · IFRS
FYE Mar 2021	0.74	−16.6%	Cons. · IFRS
FYE Mar 2022	0.74	+0.4%	Cons. · IFRS
FYE Mar 2023	0.87	+17.8%	Cons. · IFRS
FYE Mar 2024	0.80	−8.5%	Cons. · IFRS
FYE Mar 2025	0.74	−7.5%	Cons. · IFRS
FYE Mar 2026	0.70	−4.4%	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 ¥1.67tn

CAGR · 10 yrs +11.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	630	n/a	Cons. · IFRS
FYE Mar 2018	727	+15.5%	Cons. · IFRS
FYE Mar 2019	610	−16.1%	Cons. · IFRS
FYE Mar 2020	561	−8.0%	Cons. · IFRS
FYE Mar 2021	793	+41.4%	Cons. · IFRS
FYE Mar 2022	730	−8.0%	Cons. · IFRS
FYE Mar 2023	827	+13.3%	Cons. · IFRS
FYE Mar 2024	957	+15.7%	Cons. · IFRS
FYE Mar 2025	1,172	+22.5%	Cons. · IFRS
FYE Mar 2026	1,668	+42.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥342bn

Average · 10 yrs -¥390bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-338	n/a	Cons. · IFRS
FYE Mar 2018	-474	n/a	Cons. · IFRS
FYE Mar 2019	-163	n/a	Cons. · IFRS
FYE Mar 2020	-526	n/a	Cons. · IFRS
FYE Mar 2021	-459	n/a	Cons. · IFRS
FYE Mar 2022	-1,049	n/a	Cons. · IFRS
FYE Mar 2023	151	n/a	Cons. · IFRS
FYE Mar 2024	-132	−187.1%	Cons. · IFRS
FYE Mar 2025	-574	n/a	Cons. · IFRS
FYE Mar 2026	-342	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 -¥971bn

Average · 10 yrs -¥439bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-210	n/a	Cons. · IFRS
FYE Mar 2018	-321	n/a	Cons. · IFRS
FYE Mar 2019	-320	n/a	Cons. · IFRS
FYE Mar 2020	2.8	n/a	Cons. · IFRS
FYE Mar 2021	-185	−6615.3%	Cons. · IFRS
FYE Mar 2022	203	n/a	Cons. · IFRS
FYE Mar 2023	-1,143	−663.8%	Cons. · IFRS
FYE Mar 2024	-1,025	n/a	Cons. · IFRS
FYE Mar 2025	-424	n/a	Cons. · IFRS
FYE Mar 2026	-971	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 ¥1.32tn

CAGR · 10 yrs +6.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	765	n/a	Cons. · IFRS
FYE Mar 2018	698	−8.8%	Cons. · IFRS
FYE Mar 2019	808	+15.7%	Cons. · IFRS
FYE Mar 2020	812	+0.6%	Cons. · IFRS
FYE Mar 2021	1,016	+25.1%	Cons. · IFRS
FYE Mar 2022	969	−4.6%	Cons. · IFRS
FYE Mar 2023	833	−14.0%	Cons. · IFRS
FYE Mar 2024	705	−15.4%	Cons. · IFRS
FYE Mar 2025	866	+22.8%	Cons. · IFRS
FYE Mar 2026	1,323	+52.8%	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 ¥1.33tn

CAGR · 10 yrs +18.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	292	n/a	Cons. · IFRS
FYE Mar 2018	253	−13.3%	Cons. · IFRS
FYE Mar 2019	447	+76.9%	Cons. · IFRS
FYE Mar 2020	35.1	−92.2%	Cons. · IFRS
FYE Mar 2021	334	+852.6%	Cons. · IFRS
FYE Mar 2022	-319	−195.4%	Cons. · IFRS
FYE Mar 2023	978	n/a	Cons. · IFRS
FYE Mar 2024	825	−15.6%	Cons. · IFRS
FYE Mar 2025	599	−27.4%	Cons. · IFRS
FYE Mar 2026	1,327	+121.6%	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 15.8%

Average · 10 yrs 8.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · IFRS
FYE Mar 2018	7.8	+0.9pp	Cons. · IFRS
FYE Mar 2019	6.4	−1.3pp	Cons. · IFRS
FYE Mar 2020	6.4	−0.0pp	Cons. · IFRS
FYE Mar 2021	9.1	+2.7pp	Cons. · IFRS
FYE Mar 2022	7.1	−2.0pp	Cons. · IFRS
FYE Mar 2023	7.6	+0.5pp	Cons. · IFRS
FYE Mar 2024	9.8	+2.2pp	Cons. · IFRS
FYE Mar 2025	12.0	+2.1pp	Cons. · IFRS
FYE Mar 2026	15.8	+3.8pp	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 ¥740bn

Average · 10 yrs -¥478bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-411	n/a	Cons. · IFRS
FYE Mar 2018	-235	n/a	Cons. · IFRS
FYE Mar 2019	-11.9	n/a	Cons. · IFRS
FYE Mar 2020	-441	n/a	Cons. · IFRS
FYE Mar 2021	-1,107	n/a	Cons. · IFRS
FYE Mar 2022	-1,821	n/a	Cons. · IFRS
FYE Mar 2023	-1,238	n/a	Cons. · IFRS
FYE Mar 2024	-287	n/a	Cons. · IFRS
FYE Mar 2025	28.9	n/a	Cons. · IFRS
FYE Mar 2026	740	+2457.8%	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 ¥20.3tn

Change · 10 yrs +¥17.4tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,917	n/a
FYE Mar 2018	3,743	n/a
FYE Mar 2019	3,476	n/a
FYE Mar 2020	3,036	n/a
FYE Mar 2021	4,825	n/a
FYE Mar 2022	5,963	n/a
FYE Mar 2023	6,807	n/a
FYE Mar 2024	12,885	n/a
FYE Mar 2025	15,817	n/a
FYE Mar 2026	20,283	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 4,472¥

Change · 10 yrs +3,869¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	604	n/a
FYE Mar 2018	774	n/a
FYE Mar 2019	3,595	n/a
FYE Mar 2020	3,139	n/a
FYE Mar 2021	4,985	n/a
FYE Mar 2022	6,158	n/a
FYE Mar 2023	7,256	n/a
FYE Mar 2024	13,897	n/a
FYE Mar 2025	3,453	n/a
FYE Mar 2026	4,472	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 4,535,560,000shares

Change · 10 yrs −297,903,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	4,833,463,000	Parent
FYE Mar 2018	4,833,463,000	Parent
FYE Mar 2019	966,692,000	Parent
FYE Mar 2020	967,280,000	Parent
FYE Mar 2021	967,885,000	Parent
FYE Mar 2022	968,234,000	Parent
FYE Mar 2023	938,083,000	Parent
FYE Mar 2024	927,167,000	Parent
FYE Mar 2025	4,580,341,000	Parent
FYE Mar 2026	4,535,560,000	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 176.76¥

Change · 10 yrs −62.73¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	239.49	Cons.
FYE Mar 2018	375.93	Cons.
FYE Mar 2019	230.47	Cons.
FYE Mar 2020	90.71	Cons.
FYE Mar 2021	103.86	Cons.
FYE Mar 2022	120.75	Cons.
FYE Mar 2023	136.91	Cons.
FYE Mar 2024	126.91	Cons.
FYE Mar 2025	133.85	Cons.
FYE Mar 2026	176.76	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 1,403.16¥

Change · 10 yrs +789.30¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	613.86	Cons. · IFRS
FYE Mar 2018	422.96	Cons. · IFRS
FYE Mar 2019	2,183.53	Cons. · IFRS
FYE Mar 2020	2,122.69	Cons. · IFRS
FYE Mar 2021	2,678.80	Cons. · IFRS
FYE Mar 2022	3,437.59	Cons. · IFRS
FYE Mar 2023	4,850.47	Cons. · IFRS
FYE Mar 2024	5,983.61	Cons. · IFRS
FYE Mar 2025	1,236.32	Cons. · IFRS
FYE Mar 2026	1,403.16	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 25.30×

Average · 10 yrs 17.65×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.60	Cons.
FYE Mar 2018	10.30	Cons.
FYE Mar 2019	15.60	Cons.
FYE Mar 2020	34.60	Cons.
FYE Mar 2021	9.60	Cons.
FYE Mar 2022	10.20	Cons.
FYE Mar 2023	10.60	Cons.
FYE Mar 2024	21.90	Cons.
FYE Mar 2025	25.80	Cons.
FYE Mar 2026	25.30	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 3.06×

Average · 10 yrs 1.63×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.98	Cons.
FYE Mar 2018	1.14	Cons.
FYE Mar 2019	1.06	Cons.
FYE Mar 2020	0.96	Cons.
FYE Mar 2021	1.37	Cons.
FYE Mar 2022	1.37	Cons.
FYE Mar 2023	1.38	Cons.
FYE Mar 2024	2.26	Cons.
FYE Mar 2025	2.70	Cons.
FYE Mar 2026	3.06	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 287,901people

Change · 10 yrs −15,986 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	303,887	n/a	Cons.
FYE Mar 2018	307,275	+1.1%	Cons.
FYE Mar 2019	295,941	−3.7%	Cons.
FYE Mar 2020	301,056	+1.7%	Cons.
FYE Mar 2021	350,864	+16.5%	Cons.
FYE Mar 2022	368,247	+5.0%	Cons.
FYE Mar 2023	322,525	−12.4%	Cons.
FYE Mar 2024	268,655	−16.7%	Cons.
FYE Mar 2025	282,743	+5.2%	Cons.
FYE Mar 2026	287,901	+1.8%	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 Mar 2026 25,934people

Change · 10 yrs −9,697 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	35,631	n/a	Parent
FYE Mar 2018	34,925	−2.0%	Parent
FYE Mar 2019	33,490	−4.1%	Parent
FYE Mar 2020	31,442	−6.1%	Parent
FYE Mar 2021	29,850	−5.1%	Parent
FYE Mar 2022	29,485	−1.2%	Parent
FYE Mar 2023	28,672	−2.8%	Parent
FYE Mar 2024	28,111	−2.0%	Parent
FYE Mar 2025	25,892	−7.9%	Parent
FYE Mar 2026	25,934	+0.2%	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 ¥9.9m

Change · 10 yrs +¥1.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.5	n/a	Parent
FYE Mar 2018	8.7	+2.5%	Parent
FYE Mar 2019	8.9	+2.6%	Parent
FYE Mar 2020	9.0	+0.9%	Parent
FYE Mar 2021	8.9	−1.4%	Parent
FYE Mar 2022	9.0	+0.8%	Parent
FYE Mar 2023	9.2	+2.1%	Parent
FYE Mar 2024	9.4	+2.2%	Parent
FYE Mar 2025	9.6	+2.7%	Parent
FYE Mar 2026	9.9	+3.5%	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 42.2years

Change · 8 yrs +0.1 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	42.1	n/a	Parent
FYE Mar 2020	42.3	+0.5%	Parent
FYE Mar 2021	42.6	+0.7%	Parent
FYE Mar 2022	42.7	+0.2%	Parent
FYE Mar 2023	42.9	+0.5%	Parent
FYE Mar 2024	42.9	−0.0%	Parent
FYE Mar 2025	42.6	−0.7%	Parent
FYE Mar 2026	42.2	−0.9%	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 18.1years

Change · 10 yrs −0.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.6	n/a	Parent
FYE Mar 2018	18.8	+1.1%	Parent
FYE Mar 2019	19.0	+1.1%	Parent
FYE Mar 2020	19.1	+0.5%	Parent
FYE Mar 2021	19.2	+0.5%	Parent
FYE Mar 2022	19.3	+0.5%	Parent
FYE Mar 2023	19.3	−0.0%	Parent
FYE Mar 2024	19.1	−1.0%	Parent
FYE Mar 2025	18.7	−2.1%	Parent
FYE Mar 2026	18.1	−3.2%	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 Mar 2026 ¥36.8m

Change · 10 yrs +¥6.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	30.2	n/a	Cons.
FYE Mar 2018	30.5	+1.1%	Cons.
FYE Mar 2019	32.0	+5.1%	Cons.
FYE Mar 2020	29.1	−9.1%	Cons.
FYE Mar 2021	24.9	−14.6%	Cons.
FYE Mar 2022	27.9	+12.0%	Cons.
FYE Mar 2023	33.7	+21.0%	Cons.
FYE Mar 2024	36.2	+7.3%	Cons.
FYE Mar 2025	34.6	−4.4%	Cons.
FYE Mar 2026	36.8	+6.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.4m

Change · 10 yrs +¥2.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons.
FYE Mar 2018	2.1	+7.5%	Cons.
FYE Mar 2019	1.7	−16.0%	Cons.
FYE Mar 2020	0.6	−65.7%	Cons.
FYE Mar 2021	2.4	+301.9%	Cons.
FYE Mar 2022	2.3	−5.3%	Cons.
FYE Mar 2023	2.5	+11.5%	Cons.
FYE Mar 2024	3.1	+20.9%	Cons.
FYE Mar 2025	3.4	+10.8%	Cons.
FYE Mar 2026	4.4	+29.9%	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.

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