Financials

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

FYE Mar 2026 · Revenue¥8.05tnYoY −4.8%

FYE Mar 2026 · Operating profit¥236bnYoY −44.6%

FYE Mar 2026 · Net profit¥190bnYoY −48.2%

FYE Mar 2026 · Equity ratio49.6%YoY +1.2pp

FYE Mar 2026 · Group employees183,685YoY −23,863

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥7.34tn	n/a	¥277bn	n/a	3.8%	¥149bn	Tsuga Kazuhiro	—
FYE Mar 2018Consolidated	¥7.98tn	+8.7%	¥381bn	+37.5%	4.8%	¥236bn	Tsuga Kazuhiro	—
FYE Mar 2019Consolidated	¥8.00tn	+0.3%	¥411bn	+8.1%	5.1%	¥284bn	Tsuga Kazuhiro	—
FYE Mar 2020Consolidated	¥7.49tn	−6.4%	¥294bn	−28.6%	3.9%	¥226bn	Tsuga Kazuhiro	—
FYE Mar 2021Consolidated	¥6.70tn	−10.6%	¥259bn	−12.0%	3.9%	¥165bn	Tsuga Kazuhiro	—
FYE Mar 2022Consolidated	¥7.39tn	+10.3%	¥358bn	+38.3%	4.8%	¥255bn	Tsuga Kazuhiro	<a class="en-history_person" href="/tse/6752/executives/ceo/kusumi-yuki/" hreflang="ja">Kusumi Yuki</a> becomes president; Blue Yonder made wholly owned
FYE Mar 2023Consolidated	¥8.38tn	+13.4%	¥289bn	−19.3%	3.4%	¥266bn	Kusumi Yuki	Holding-company structure adopted; renamed Panasonic Holdings
FYE Mar 2024Consolidated	¥8.50tn	+1.4%	¥361bn	+25.1%	4.2%	¥444bn	Kusumi Yuki	—
FYE Mar 2025Consolidated	¥8.46tn	−0.5%	¥426bn	+18.2%	5.0%	¥366bn	Kusumi Yuki	The whole of Panasonic Automotive Systems is sold
FYE Mar 2026Consolidated	¥8.05tn	−4.8%	¥236bn	−44.6%	2.9%	¥190bn	Kusumi Yuki	Reductions of about 10,000 people announced in a profitable year

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 ¥8.05tn

CAGR · 10 yrs +1.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	7,344	n/a	Cons. · IFRS
FYE Mar 2018	7,982	+8.7%	Cons. · IFRS
FYE Mar 2019	8,003	+0.3%	Cons. · IFRS
FYE Mar 2020	7,491	−6.4%	Cons. · IFRS
FYE Mar 2021	6,699	−10.6%	Cons. · IFRS
FYE Mar 2022	7,389	+10.3%	Cons. · IFRS
FYE Mar 2023	8,379	+13.4%	Cons. · IFRS
FYE Mar 2024	8,496	+1.4%	Cons. · IFRS
FYE Mar 2025	8,458	−0.5%	Cons. · IFRS
FYE Mar 2026	8,049	−4.8%	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 ¥5.52tn

CAGR · 10 yrs +0.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	5,157	n/a	Cons. · IFRS
FYE Mar 2018	5,643	+9.4%	Cons. · IFRS
FYE Mar 2019	5,736	+1.7%	Cons. · IFRS
FYE Mar 2020	5,340	−6.9%	Cons. · IFRS
FYE Mar 2021	4,724	−11.5%	Cons. · IFRS
FYE Mar 2022	5,307	+12.3%	Cons. · IFRS
FYE Mar 2023	6,117	+15.3%	Cons. · IFRS
FYE Mar 2024	6,002	−1.9%	Cons. · IFRS
FYE Mar 2025	5,830	−2.9%	Cons. · IFRS
FYE Mar 2026	5,522	−5.3%	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 ¥2.53tn

CAGR · 10 yrs +1.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	2,187	n/a	Cons. · IFRS
FYE Mar 2018	2,339	+7.0%	Cons. · IFRS
FYE Mar 2019	2,266	−3.1%	Cons. · IFRS
FYE Mar 2020	2,151	−5.1%	Cons. · IFRS
FYE Mar 2021	1,975	−8.2%	Cons. · IFRS
FYE Mar 2022	2,082	+5.4%	Cons. · IFRS
FYE Mar 2023	2,261	+8.6%	Cons. · IFRS
FYE Mar 2024	2,494	+10.3%	Cons. · IFRS
FYE Mar 2025	2,629	+5.4%	Cons. · IFRS
FYE Mar 2026	2,527	−3.9%	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 ¥2.08tn

CAGR · 10 yrs +1.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	1,843	n/a	Cons. · IFRS
FYE Mar 2018	1,938	+5.2%	Cons. · IFRS
FYE Mar 2019	1,939	+0.1%	Cons. · IFRS
FYE Mar 2020	1,864	−3.9%	Cons. · IFRS
FYE Mar 2021	1,668	−10.5%	Cons. · IFRS
FYE Mar 2022	1,725	+3.4%	Cons. · IFRS
FYE Mar 2023	1,947	+12.9%	Cons. · IFRS
FYE Mar 2024	2,104	+8.1%	Cons. · IFRS
FYE Mar 2025	2,161	+2.7%	Cons. · IFRS
FYE Mar 2026	2,079	−3.8%	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 ¥236bn

CAGR · 10 yrs −1.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	277	n/a	Cons. · IFRS
FYE Mar 2018	381	+37.5%	Cons. · IFRS
FYE Mar 2019	411	+8.1%	Cons. · IFRS
FYE Mar 2020	294	−28.6%	Cons. · IFRS
FYE Mar 2021	259	−12.0%	Cons. · IFRS
FYE Mar 2022	358	+38.3%	Cons. · IFRS
FYE Mar 2023	289	−19.3%	Cons. · IFRS
FYE Mar 2024	361	+25.1%	Cons. · IFRS
FYE Mar 2025	426	+18.2%	Cons. · IFRS
FYE Mar 2026	236	−44.6%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥69bn

CAGR · 10 yrs +13.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	21.8	n/a	Cons. · IFRS
FYE Mar 2018	22.8	+4.3%	Cons. · IFRS
FYE Mar 2019	25.6	+12.4%	Cons. · IFRS
FYE Mar 2020	31.4	+22.5%	Cons. · IFRS
FYE Mar 2021	20.8	−33.5%	Cons. · IFRS
FYE Mar 2022	22.1	+6.1%	Cons. · IFRS
FYE Mar 2023	49.0	+121.3%	Cons. · IFRS
FYE Mar 2024	89.0	+81.7%	Cons. · IFRS
FYE Mar 2025	88.5	−0.5%	Cons. · IFRS
FYE Mar 2026	68.7	−22.4%	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 ¥42bn

CAGR · 10 yrs +6.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · IFRS
FYE Mar 2018	24.7	+5.0%	Cons. · IFRS
FYE Mar 2019	20.6	−16.5%	Cons. · IFRS
FYE Mar 2020	34.1	+65.0%	Cons. · IFRS
FYE Mar 2021	18.6	−45.3%	Cons. · IFRS
FYE Mar 2022	19.3	+3.4%	Cons. · IFRS
FYE Mar 2023	21.1	+9.7%	Cons. · IFRS
FYE Mar 2024	24.7	+16.9%	Cons. · IFRS
FYE Mar 2025	28.7	+16.3%	Cons. · IFRS
FYE Mar 2026	42.0	+46.2%	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 ¥190bn

CAGR · 10 yrs +2.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	149	n/a	Cons. · IFRS
FYE Mar 2018	236	+58.0%	Cons. · IFRS
FYE Mar 2019	284	+20.4%	Cons. · IFRS
FYE Mar 2020	226	−20.6%	Cons. · IFRS
FYE Mar 2021	165	−26.9%	Cons. · IFRS
FYE Mar 2022	255	+54.7%	Cons. · IFRS
FYE Mar 2023	266	+4.0%	Cons. · IFRS
FYE Mar 2024	444	+67.2%	Cons. · IFRS
FYE Mar 2025	366	−17.5%	Cons. · IFRS
FYE Mar 2026	190	−48.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 31.4%

Average · 10 yrs 29.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	29.8	n/a	Cons. · IFRS
FYE Mar 2018	29.3	−0.5pp	Cons. · IFRS
FYE Mar 2019	28.3	−1.0pp	Cons. · IFRS
FYE Mar 2020	28.7	+0.4pp	Cons. · IFRS
FYE Mar 2021	29.5	+0.8pp	Cons. · IFRS
FYE Mar 2022	28.2	−1.3pp	Cons. · IFRS
FYE Mar 2023	27.0	−1.2pp	Cons. · IFRS
FYE Mar 2024	29.4	+2.4pp	Cons. · IFRS
FYE Mar 2025	31.1	+1.7pp	Cons. · IFRS
FYE Mar 2026	31.4	+0.3pp	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 2.9%

Average · 10 yrs 4.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · IFRS
FYE Mar 2018	4.8	+1.0pp	Cons. · IFRS
FYE Mar 2019	5.1	+0.4pp	Cons. · IFRS
FYE Mar 2020	3.9	−1.2pp	Cons. · IFRS
FYE Mar 2021	3.9	−0.1pp	Cons. · IFRS
FYE Mar 2022	4.8	+1.0pp	Cons. · IFRS
FYE Mar 2023	3.4	−1.4pp	Cons. · IFRS
FYE Mar 2024	4.2	+0.8pp	Cons. · IFRS
FYE Mar 2025	5.0	+0.8pp	Cons. · IFRS
FYE Mar 2026	2.9	−2.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 2.4%

Average · 10 yrs 3.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · IFRS
FYE Mar 2018	3.0	+0.9pp	Cons. · IFRS
FYE Mar 2019	3.6	+0.6pp	Cons. · IFRS
FYE Mar 2020	3.0	−0.5pp	Cons. · IFRS
FYE Mar 2021	2.5	−0.5pp	Cons. · IFRS
FYE Mar 2022	3.5	+1.0pp	Cons. · IFRS
FYE Mar 2023	3.2	−0.3pp	Cons. · IFRS
FYE Mar 2024	5.2	+2.1pp	Cons. · IFRS
FYE Mar 2025	4.3	−0.9pp	Cons. · IFRS
FYE Mar 2026	2.4	−2.0pp	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 68.6%

Average · 10 yrs 70.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	70.2	n/a	Cons. · IFRS
FYE Mar 2018	70.7	+0.5pp	Cons. · IFRS
FYE Mar 2019	71.7	+1.0pp	Cons. · IFRS
FYE Mar 2020	71.3	−0.4pp	Cons. · IFRS
FYE Mar 2021	70.5	−0.8pp	Cons. · IFRS
FYE Mar 2022	71.8	+1.3pp	Cons. · IFRS
FYE Mar 2023	73.0	+1.2pp	Cons. · IFRS
FYE Mar 2024	70.6	−2.4pp	Cons. · IFRS
FYE Mar 2025	68.9	−1.7pp	Cons. · IFRS
FYE Mar 2026	68.6	−0.3pp	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 25.8%

Average · 10 yrs 24.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	25.1	n/a	Cons. · IFRS
FYE Mar 2018	24.3	−0.8pp	Cons. · IFRS
FYE Mar 2019	24.2	−0.0pp	Cons. · IFRS
FYE Mar 2020	24.9	+0.7pp	Cons. · IFRS
FYE Mar 2021	24.9	−0.0pp	Cons. · IFRS
FYE Mar 2022	23.3	−1.6pp	Cons. · IFRS
FYE Mar 2023	23.2	−0.1pp	Cons. · IFRS
FYE Mar 2024	24.8	+1.5pp	Cons. · IFRS
FYE Mar 2025	25.6	+0.8pp	Cons. · IFRS
FYE Mar 2026	25.8	+0.3pp	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 ¥10.2tn

CAGR · 10 yrs +6.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	5,983	n/a	Cons. · IFRS
FYE Mar 2018	6,291	+5.2%	Cons. · IFRS
FYE Mar 2019	6,014	−4.4%	Cons. · IFRS
FYE Mar 2020	6,219	+3.4%	Cons. · IFRS
FYE Mar 2021	6,847	+10.1%	Cons. · IFRS
FYE Mar 2022	8,024	+17.2%	Cons. · IFRS
FYE Mar 2023	8,060	+0.4%	Cons. · IFRS
FYE Mar 2024	9,411	+16.8%	Cons. · IFRS
FYE Mar 2025	9,343	−0.7%	Cons. · IFRS
FYE Mar 2026	10,172	+8.9%	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 ¥5.04tn

CAGR · 10 yrs +13.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,572	n/a	Cons. · IFRS
FYE Mar 2018	1,533	−2.5%	Cons. · IFRS
FYE Mar 2019	1,742	+13.7%	Cons. · IFRS
FYE Mar 2020	1,841	+5.6%	Cons. · IFRS
FYE Mar 2021	2,420	+31.4%	Cons. · IFRS
FYE Mar 2022	2,983	+23.3%	Cons. · IFRS
FYE Mar 2023	3,447	+15.6%	Cons. · IFRS
FYE Mar 2024	4,366	+26.7%	Cons. · IFRS
FYE Mar 2025	4,514	+3.4%	Cons. · IFRS
FYE Mar 2026	5,041	+11.7%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥1.16tn

CAGR · 10 yrs +0.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,124	n/a	Cons. · IFRS
FYE Mar 2018	864	−23.1%	Cons. · IFRS
FYE Mar 2019	601	−30.5%	Cons. · IFRS
FYE Mar 2020	954	+58.8%	Cons. · IFRS
FYE Mar 2021	880	−7.8%	Cons. · IFRS
FYE Mar 2022	1,198	+36.1%	Cons. · IFRS
FYE Mar 2023	1,050	−12.3%	Cons. · IFRS
FYE Mar 2024	1,084	+3.2%	Cons. · IFRS
FYE Mar 2025	1,173	+8.2%	Cons. · IFRS
FYE Mar 2026	1,163	−0.9%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 n/a

CAGR · 9 yrs −6.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	177	n/a	Cons. · IFRS
FYE Mar 2018	375	+112.0%	Cons. · IFRS
FYE Mar 2019	382	+1.8%	Cons. · IFRS
FYE Mar 2020	251	−34.4%	Cons. · IFRS
FYE Mar 2021	310	+23.6%	Cons. · IFRS
FYE Mar 2022	433	+39.7%	Cons. · IFRS
FYE Mar 2023	159	−63.2%	Cons. · IFRS
FYE Mar 2024	262	+64.6%	Cons. · IFRS
FYE Mar 2025	107	−59.1%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥1.16tn

CAGR · 10 yrs +2.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	947	n/a	Cons. · IFRS
FYE Mar 2018	864	−8.8%	Cons. · IFRS
FYE Mar 2019	601	−30.5%	Cons. · IFRS
FYE Mar 2020	954	+58.8%	Cons. · IFRS
FYE Mar 2021	880	−7.8%	Cons. · IFRS
FYE Mar 2022	1,198	+36.1%	Cons. · IFRS
FYE Mar 2023	1,050	−12.3%	Cons. · IFRS
FYE Mar 2024	1,084	+3.2%	Cons. · IFRS
FYE Mar 2025	1,173	+8.2%	Cons. · IFRS
FYE Mar 2026	1,163	−0.9%	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 ¥734bn

CAGR · 10 yrs +1.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	665	n/a	Cons. · IFRS
FYE Mar 2018	330	−50.4%	Cons. · IFRS
FYE Mar 2019	324	−1.9%	Cons. · IFRS
FYE Mar 2020	299	−7.8%	Cons. · IFRS
FYE Mar 2021	297	−0.5%	Cons. · IFRS
FYE Mar 2022	685	+130.6%	Cons. · IFRS
FYE Mar 2023	719	+4.9%	Cons. · IFRS
FYE Mar 2024	781	+8.7%	Cons. · IFRS
FYE Mar 2025	735	−6.0%	Cons. · IFRS
FYE Mar 2026	734	−0.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥1.32tn

CAGR · 9 yrs +15.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	408	n/a	Cons. · IFRS
FYE Mar 2019	396	−3.1%	Cons. · IFRS
FYE Mar 2020	322	−18.6%	Cons. · IFRS
FYE Mar 2021	305	−5.3%	Cons. · IFRS
FYE Mar 2022	995	+226.3%	Cons. · IFRS
FYE Mar 2023	1,078	+8.3%	Cons. · IFRS
FYE Mar 2024	1,203	+11.6%	Cons. · IFRS
FYE Mar 2025	1,269	+5.5%	Cons. · IFRS
FYE Mar 2026	1,323	+4.2%	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 49.6%

Average · 10 yrs 36.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	26.3	n/a	Cons. · IFRS
FYE Mar 2018	24.4	−1.9pp	Cons. · IFRS
FYE Mar 2019	29.0	+4.6pp	Cons. · IFRS
FYE Mar 2020	29.6	+0.6pp	Cons. · IFRS
FYE Mar 2021	35.3	+5.7pp	Cons. · IFRS
FYE Mar 2022	37.2	+1.8pp	Cons. · IFRS
FYE Mar 2023	42.8	+5.6pp	Cons. · IFRS
FYE Mar 2024	46.4	+3.6pp	Cons. · IFRS
FYE Mar 2025	48.3	+1.9pp	Cons. · IFRS
FYE Mar 2026	49.6	+1.2pp	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 23.1%

Average · 10 yrs 39.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	71.5	n/a	Cons. · IFRS
FYE Mar 2018	56.4	−15.1pp	Cons. · IFRS
FYE Mar 2019	34.5	−21.9pp	Cons. · IFRS
FYE Mar 2020	51.8	+17.3pp	Cons. · IFRS
FYE Mar 2021	36.4	−15.5pp	Cons. · IFRS
FYE Mar 2022	40.2	+3.8pp	Cons. · IFRS
FYE Mar 2023	30.5	−9.7pp	Cons. · IFRS
FYE Mar 2024	24.8	−5.6pp	Cons. · IFRS
FYE Mar 2025	26.0	+1.1pp	Cons. · IFRS
FYE Mar 2026	23.1	−2.9pp	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 3.8%

Average · 10 yrs 9.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · IFRS
FYE Mar 2018	15.4	+5.9pp	Cons. · IFRS
FYE Mar 2019	16.3	+0.9pp	Cons. · IFRS
FYE Mar 2020	12.3	−4.0pp	Cons. · IFRS
FYE Mar 2021	6.8	−5.4pp	Cons. · IFRS
FYE Mar 2022	8.6	+1.7pp	Cons. · IFRS
FYE Mar 2023	7.7	−0.9pp	Cons. · IFRS
FYE Mar 2024	10.2	+2.5pp	Cons. · IFRS
FYE Mar 2025	8.1	−2.1pp	Cons. · IFRS
FYE Mar 2026	3.8	−4.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.9%

Average · 10 yrs 3.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · IFRS
FYE Mar 2018	3.8	+1.3pp	Cons. · IFRS
FYE Mar 2019	4.7	+1.0pp	Cons. · IFRS
FYE Mar 2020	3.6	−1.1pp	Cons. · IFRS
FYE Mar 2021	2.4	−1.2pp	Cons. · IFRS
FYE Mar 2022	3.2	+0.8pp	Cons. · IFRS
FYE Mar 2023	3.3	+0.1pp	Cons. · IFRS
FYE Mar 2024	4.7	+1.4pp	Cons. · IFRS
FYE Mar 2025	3.9	−0.8pp	Cons. · IFRS
FYE Mar 2026	1.9	−2.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.79×

CAGR · 10 yrs −4.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.23	n/a	Cons. · IFRS
FYE Mar 2018	1.27	+3.4%	Cons. · IFRS
FYE Mar 2019	1.33	+4.9%	Cons. · IFRS
FYE Mar 2020	1.20	−9.5%	Cons. · IFRS
FYE Mar 2021	0.98	−18.8%	Cons. · IFRS
FYE Mar 2022	0.92	−5.9%	Cons. · IFRS
FYE Mar 2023	1.04	+12.9%	Cons. · IFRS
FYE Mar 2024	0.90	−13.2%	Cons. · IFRS
FYE Mar 2025	0.91	+0.3%	Cons. · IFRS
FYE Mar 2026	0.79	−12.6%	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 ¥624bn

CAGR · 10 yrs +5.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	385	n/a	Cons. · IFRS
FYE Mar 2018	423	+9.8%	Cons. · IFRS
FYE Mar 2019	204	−51.9%	Cons. · IFRS
FYE Mar 2020	430	+111.3%	Cons. · IFRS
FYE Mar 2021	504	+17.1%	Cons. · IFRS
FYE Mar 2022	253	−49.9%	Cons. · IFRS
FYE Mar 2023	521	+106.1%	Cons. · IFRS
FYE Mar 2024	867	+66.5%	Cons. · IFRS
FYE Mar 2025	796	−8.2%	Cons. · IFRS
FYE Mar 2026	624	−21.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥607bn

Average · 10 yrs -¥429bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-420	n/a	Cons. · IFRS
FYE Mar 2018	-459	n/a	Cons. · IFRS
FYE Mar 2019	-193	n/a	Cons. · IFRS
FYE Mar 2020	-206	n/a	Cons. · IFRS
FYE Mar 2021	177	n/a	Cons. · IFRS
FYE Mar 2022	-796	−550.8%	Cons. · IFRS
FYE Mar 2023	-344	n/a	Cons. · IFRS
FYE Mar 2024	-579	n/a	Cons. · IFRS
FYE Mar 2025	-860	n/a	Cons. · IFRS
FYE Mar 2026	-607	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 -¥167bn

Average · 10 yrs -¥129bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	295	n/a	Cons. · IFRS
FYE Mar 2018	-129	−143.7%	Cons. · IFRS
FYE Mar 2019	-342	n/a	Cons. · IFRS
FYE Mar 2020	48.2	n/a	Cons. · IFRS
FYE Mar 2021	-178	−468.5%	Cons. · IFRS
FYE Mar 2022	58.9	n/a	Cons. · IFRS
FYE Mar 2023	-607	−1130.4%	Cons. · IFRS
FYE Mar 2024	-83.5	n/a	Cons. · IFRS
FYE Mar 2025	-190	n/a	Cons. · IFRS
FYE Mar 2026	-167	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 ¥770bn

CAGR · 10 yrs −5.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	1,271	n/a	Cons. · IFRS
FYE Mar 2018	1,090	−14.3%	Cons. · IFRS
FYE Mar 2019	772	−29.1%	Cons. · IFRS
FYE Mar 2020	1,017	+31.6%	Cons. · IFRS
FYE Mar 2021	1,593	+56.7%	Cons. · IFRS
FYE Mar 2022	1,206	−24.3%	Cons. · IFRS
FYE Mar 2023	819	−32.0%	Cons. · IFRS
FYE Mar 2024	1,120	+36.6%	Cons. · IFRS
FYE Mar 2025	848	−24.3%	Cons. · IFRS
FYE Mar 2026	770	−9.1%	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 ¥17bn

Average · 10 yrs ¥72bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-34.7	n/a	Cons. · IFRS
FYE Mar 2018	-35.6	n/a	Cons. · IFRS
FYE Mar 2019	10.3	n/a	Cons. · IFRS
FYE Mar 2020	224	+2078.9%	Cons. · IFRS
FYE Mar 2021	681	+203.6%	Cons. · IFRS
FYE Mar 2022	-544	−179.9%	Cons. · IFRS
FYE Mar 2023	177	n/a	Cons. · IFRS
FYE Mar 2024	288	+63.0%	Cons. · IFRS
FYE Mar 2025	-63.8	−122.2%	Cons. · IFRS
FYE Mar 2026	16.9	n/a	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 7.8%

Average · 10 yrs 6.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · IFRS
FYE Mar 2018	5.3	+0.1pp	Cons. · IFRS
FYE Mar 2019	2.5	−2.8pp	Cons. · IFRS
FYE Mar 2020	5.7	+3.2pp	Cons. · IFRS
FYE Mar 2021	7.5	+1.8pp	Cons. · IFRS
FYE Mar 2022	3.4	−4.1pp	Cons. · IFRS
FYE Mar 2023	6.2	+2.8pp	Cons. · IFRS
FYE Mar 2024	10.2	+4.0pp	Cons. · IFRS
FYE Mar 2025	9.4	−0.8pp	Cons. · IFRS
FYE Mar 2026	7.8	−1.7pp	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 -¥392bn

Average · 10 yrs ¥42bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	147	n/a	Cons. · IFRS
FYE Mar 2018	226	+53.7%	Cons. · IFRS
FYE Mar 2019	172	−24.0%	Cons. · IFRS
FYE Mar 2020	62.7	−63.5%	Cons. · IFRS
FYE Mar 2021	713	+1038.4%	Cons. · IFRS
FYE Mar 2022	8.2	−98.9%	Cons. · IFRS
FYE Mar 2023	-231	−2923.8%	Cons. · IFRS
FYE Mar 2024	35.6	n/a	Cons. · IFRS
FYE Mar 2025	-325	−1013.3%	Cons. · IFRS
FYE Mar 2026	-392	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 ¥6.35tn

Change · 10 yrs +¥3.26tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,087	n/a
FYE Mar 2018	3,731	n/a
FYE Mar 2019	2,340	n/a
FYE Mar 2020	2,025	n/a
FYE Mar 2021	3,493	n/a
FYE Mar 2022	2,916	n/a
FYE Mar 2023	2,900	n/a
FYE Mar 2024	3,548	n/a
FYE Mar 2025	4,347	n/a
FYE Mar 2026	6,347	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 2,586¥

Change · 10 yrs +1,328¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,258	n/a
FYE Mar 2018	1,521	n/a
FYE Mar 2019	954	n/a
FYE Mar 2020	825	n/a
FYE Mar 2021	1,423	n/a
FYE Mar 2022	1,188	n/a
FYE Mar 2023	1,182	n/a
FYE Mar 2024	1,446	n/a
FYE Mar 2025	1,771	n/a
FYE Mar 2026	2,586	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 2,454,531,000shares

Change · 10 yrs +1,478,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,453,053,000	Parent
FYE Mar 2018	2,453,053,000	Parent
FYE Mar 2019	2,453,053,000	Parent
FYE Mar 2020	2,453,327,000	Parent
FYE Mar 2021	2,453,563,000	Parent
FYE Mar 2022	2,453,866,000	Parent
FYE Mar 2023	2,454,057,000	Parent
FYE Mar 2024	2,454,261,000	Parent
FYE Mar 2025	2,454,446,000	Parent
FYE Mar 2026	2,454,531,000	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 81.19¥

Change · 10 yrs +16.86¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	64.33	Cons.
FYE Mar 2018	101.20	Cons.
FYE Mar 2019	121.83	Cons.
FYE Mar 2020	96.76	Cons.
FYE Mar 2021	70.75	Cons.
FYE Mar 2022	109.41	Cons.
FYE Mar 2023	113.75	Cons.
FYE Mar 2024	190.21	Cons.
FYE Mar 2025	156.87	Cons.
FYE Mar 2026	81.19	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 2,053.59¥

Change · 10 yrs +1,412.80¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	640.79	Cons. · IFRS
FYE Mar 2018	624.86	Cons. · IFRS
FYE Mar 2019	710.30	Cons. · IFRS
FYE Mar 2020	750.34	Cons. · IFRS
FYE Mar 2021	986.14	Cons. · IFRS
FYE Mar 2022	1,215.53	Cons. · IFRS
FYE Mar 2023	1,404.55	Cons. · IFRS
FYE Mar 2024	1,779.05	Cons. · IFRS
FYE Mar 2025	1,839.12	Cons. · IFRS
FYE Mar 2026	2,053.59	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 31.85×

Average · 10 yrs 14.31×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.56	Cons.
FYE Mar 2018	15.03	Cons.
FYE Mar 2019	7.83	Cons.
FYE Mar 2020	8.53	Cons.
FYE Mar 2021	20.12	Cons.
FYE Mar 2022	10.86	Cons.
FYE Mar 2023	10.39	Cons.
FYE Mar 2024	7.60	Cons.
FYE Mar 2025	11.29	Cons.
FYE Mar 2026	31.85	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 1.16×

Average · 10 yrs 1.18×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.87	Cons.
FYE Mar 2018	2.08	Cons.
FYE Mar 2019	1.16	Cons.
FYE Mar 2020	0.96	Cons.
FYE Mar 2021	1.28	Cons.
FYE Mar 2022	0.88	Cons.
FYE Mar 2023	0.76	Cons.
FYE Mar 2024	0.74	Cons.
FYE Mar 2025	0.88	Cons.
FYE Mar 2026	1.16	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 183,685people

Change · 10 yrs −73,848 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	257,533	n/a	Cons.
FYE Mar 2018	274,143	+6.4%	Cons.
FYE Mar 2019	271,869	−0.8%	Cons.
FYE Mar 2020	259,385	−4.6%	Cons.
FYE Mar 2021	243,540	−6.1%	Cons.
FYE Mar 2022	240,198	−1.4%	Cons.
FYE Mar 2023	233,391	−2.8%	Cons.
FYE Mar 2024	228,420	−2.1%	Cons.
FYE Mar 2025	207,548	−9.1%	Cons.
FYE Mar 2026	183,685	−11.5%	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 1,431people

Change · 10 yrs −56,053 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	57,484	n/a	Parent
FYE Mar 2018	61,311	+6.7%	Parent
FYE Mar 2019	62,031	+1.2%	Parent
FYE Mar 2020	60,455	−2.5%	Parent
FYE Mar 2021	59,006	−2.4%	Parent
FYE Mar 2022	55,088	−6.6%	Parent
FYE Mar 2023	1,347	−97.6%	Parent
FYE Mar 2024	1,421	+5.5%	Parent
FYE Mar 2025	1,478	+4.0%	Parent
FYE Mar 2026	1,431	−3.2%	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 +¥2.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.8	n/a	Parent
FYE Mar 2018	7.7	−1.7%	Parent
FYE Mar 2019	7.7	+0.8%	Parent
FYE Mar 2020	7.5	−2.6%	Parent
FYE Mar 2021	7.4	−1.4%	Parent
FYE Mar 2022	7.6	+2.0%	Parent
FYE Mar 2023	9.1	+19.8%	Parent
FYE Mar 2024	9.3	+2.4%	Parent
FYE Mar 2025	9.6	+2.8%	Parent
FYE Mar 2026	9.9	+3.3%	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 44.1years

Change · 8 yrs −1.5 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	45.6	n/a	Parent
FYE Mar 2020	45.7	+0.2%	Parent
FYE Mar 2021	45.8	+0.2%	Parent
FYE Mar 2022	45.7	−0.2%	Parent
FYE Mar 2023	43.6	−4.6%	Parent
FYE Mar 2024	43.7	+0.2%	Parent
FYE Mar 2025	44.0	+0.7%	Parent
FYE Mar 2026	44.1	+0.2%	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 18.6years

Change · 10 yrs −4.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	22.8	n/a	Parent
FYE Mar 2018	22.9	+0.4%	Parent
FYE Mar 2019	22.8	−0.4%	Parent
FYE Mar 2020	22.7	−0.4%	Parent
FYE Mar 2021	22.7	−0.0%	Parent
FYE Mar 2022	22.5	−0.9%	Parent
FYE Mar 2023	18.3	−18.7%	Parent
FYE Mar 2024	17.9	−2.2%	Parent
FYE Mar 2025	17.9	−0.0%	Parent
FYE Mar 2026	18.6	+3.9%	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 Mar 2026 24,703people

Change · 4 yrs −7,346 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	n/a	n/a	n/a
FYE Mar 2020	n/a	n/a	n/a
FYE Mar 2021	n/a	n/a	n/a
FYE Mar 2022	n/a	n/a	n/a
FYE Mar 2023	32,049	n/a	n/a
FYE Mar 2024	29,029	−9.4%	n/a
FYE Mar 2025	26,372	−9.2%	n/a
FYE Mar 2026	24,703	−6.3%	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 ¥43.8m

Change · 10 yrs +¥15.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	28.5	n/a	Cons.
FYE Mar 2018	29.1	+2.1%	Cons.
FYE Mar 2019	29.4	+1.1%	Cons.
FYE Mar 2020	28.9	−1.9%	Cons.
FYE Mar 2021	27.5	−4.8%	Cons.
FYE Mar 2022	30.8	+11.8%	Cons.
FYE Mar 2023	35.9	+16.7%	Cons.
FYE Mar 2024	37.2	+3.6%	Cons.
FYE Mar 2025	40.8	+9.6%	Cons.
FYE Mar 2026	43.8	+7.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.3m

Change · 10 yrs +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	1.4	+29.2%	Cons.
FYE Mar 2019	1.5	+9.0%	Cons.
FYE Mar 2020	1.1	−25.2%	Cons.
FYE Mar 2021	1.1	−6.2%	Cons.
FYE Mar 2022	1.5	+40.2%	Cons.
FYE Mar 2023	1.2	−16.9%	Cons.
FYE Mar 2024	1.6	+27.8%	Cons.
FYE Mar 2025	2.1	+30.0%	Cons.
FYE Mar 2026	1.3	−37.4%	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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