Financials

Honda: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥21.8tnYoY +0.5%

FYE Mar 2026 · Operating profit-¥414bnYoY −134.1%

FYE Mar 2026 · Net profit-¥424bnYoY −150.7%

FYE Mar 2026 · Equity ratio34.3%YoY −4.8pp

FYE Mar 2026 · Group employees195,109YoY +936

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥14.0tn	n/a	¥841bn	n/a	6.0%	¥617bn	Hachigo Takahiro	—
FYE Mar 2018Consolidated	¥15.4tn	+9.7%	¥834bn	−0.9%	5.4%	¥1.06tn	Hachigo Takahiro	Consolidation of Sayama four-wheel production into Yorii announced
FYE Mar 2019Consolidated	¥15.9tn	+3.4%	¥726bn	−12.9%	4.6%	¥610bn	Hachigo Takahiro	—
FYE Mar 2020Consolidated	¥14.9tn	−6.0%	¥634bn	−12.8%	4.2%	¥456bn	Hachigo Takahiro	Withdrawal from complete-vehicle production in Europe announced
FYE Mar 2021Consolidated	¥13.2tn	−11.8%	¥660bn	+4.2%	5.0%	¥657bn	Hachigo Takahiro	The Life Shift Program early-retirement scheme announced
FYE Mar 2022Consolidated	¥14.6tn	+10.5%	¥871bn	+32.0%	6.0%	¥707bn	Hachigo Takahiro	<a class="en-history_person" href="/tse/7267/executives/ceo/mibe-toshihiro/" hreflang="ja">Mibe Toshihiro</a> becomes president and pledges 100% EV and FCV by 2040; Swindon closes
FYE Mar 2023Consolidated	¥16.9tn	+16.2%	¥781bn	−10.4%	4.6%	¥651bn	Mibe Toshihiro	—
FYE Mar 2024Consolidated	¥20.4tn	+20.8%	¥1.38tn	+77.0%	6.8%	¥1.11tn	Mibe Toshihiro	Life Shift Program abolished after <span class="en-history_money" data-yen="42800000000" data-year="2023">$304.6M (¥43bn)</span> of additional payments
FYE Mar 2025Consolidated	¥21.7tn	+6.2%	¥1.21tn	−12.2%	5.6%	¥836bn	Mibe Toshihiro	Sayama closes; integration talks with Nissan and Mitsubishi opened in December
FYE Mar 2026Consolidated	¥21.8tn	+0.5%	-¥414bn	−134.1%	-1.9%	-¥424bn	Mibe Toshihiro	The basic agreement with Nissan is cancelled on 13 February

How it compares

Toyota Motor¥50.7tnFY2025Operating margin 7.4%

Honda¥21.8tnFY2025Operating margin −1.9%

Nissan Motor¥12.0tnFY2025Operating margin 0.5%Suzuki¥6.29tnFY2025Operating margin 9.9%Mazda¥4.92tnFY2025Operating margin 1.0%SUBARU¥4.78tnFY2025Operating margin 0.8%Mitsubishi Motors¥2.90tnFY2025Operating margin 2.6%

DAIHATSU MOTOR CO., LTD.Delisted 2016

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 ¥21.8tn

CAGR · 10 yrs +5.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	13,999	n/a	Cons. · IFRS
FYE Mar 2018	15,361	+9.7%	Cons. · IFRS
FYE Mar 2019	15,889	+3.4%	Cons. · IFRS
FYE Mar 2020	14,931	−6.0%	Cons. · IFRS
FYE Mar 2021	13,171	−11.8%	Cons. · IFRS
FYE Mar 2022	14,553	+10.5%	Cons. · IFRS
FYE Mar 2023	16,908	+16.2%	Cons. · IFRS
FYE Mar 2024	20,429	+20.8%	Cons. · IFRS
FYE Mar 2025	21,689	+6.2%	Cons. · IFRS
FYE Mar 2026	21,797	+0.5%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥18.2tn

CAGR · 10 yrs +5.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	10,866	n/a	Cons. · IFRS
FYE Mar 2018	12,001	+10.4%	Cons. · IFRS
FYE Mar 2019	12,581	+4.8%	Cons. · IFRS
FYE Mar 2020	11,852	−5.8%	Cons. · IFRS
FYE Mar 2021	10,440	−11.9%	Cons. · IFRS
FYE Mar 2022	11,568	+10.8%	Cons. · IFRS
FYE Mar 2023	13,576	+17.4%	Cons. · IFRS
FYE Mar 2024	16,017	+18.0%	Cons. · IFRS
FYE Mar 2025	17,025	+6.3%	Cons. · IFRS
FYE Mar 2026	18,193	+6.9%	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 ¥3.60tn

CAGR · 10 yrs +1.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	3,133	n/a	Cons. · IFRS
FYE Mar 2018	3,361	+7.3%	Cons. · IFRS
FYE Mar 2019	3,308	−1.6%	Cons. · IFRS
FYE Mar 2020	3,079	−6.9%	Cons. · IFRS
FYE Mar 2021	2,731	−11.3%	Cons. · IFRS
FYE Mar 2022	2,985	+9.3%	Cons. · IFRS
FYE Mar 2023	3,332	+11.6%	Cons. · IFRS
FYE Mar 2024	4,412	+32.4%	Cons. · IFRS
FYE Mar 2025	4,664	+5.7%	Cons. · IFRS
FYE Mar 2026	3,603	−22.7%	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 ¥2.48tn

CAGR · 10 yrs +5.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	1,601	n/a	Cons. · IFRS
FYE Mar 2018	1,775	+10.9%	Cons. · IFRS
FYE Mar 2019	1,774	−0.0%	Cons. · IFRS
FYE Mar 2020	1,642	−7.5%	Cons. · IFRS
FYE Mar 2021	1,332	−18.9%	Cons. · IFRS
FYE Mar 2022	1,326	−0.4%	Cons. · IFRS
FYE Mar 2023	1,670	+25.9%	Cons. · IFRS
FYE Mar 2024	2,107	+26.1%	Cons. · IFRS
FYE Mar 2025	2,351	+11.6%	Cons. · IFRS
FYE Mar 2026	2,477	+5.4%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 -¥414bn

Average · 10 yrs ¥753bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	841	n/a	Cons. · IFRS
FYE Mar 2018	834	−0.9%	Cons. · IFRS
FYE Mar 2019	726	−12.9%	Cons. · IFRS
FYE Mar 2020	634	−12.8%	Cons. · IFRS
FYE Mar 2021	660	+4.2%	Cons. · IFRS
FYE Mar 2022	871	+32.0%	Cons. · IFRS
FYE Mar 2023	781	−10.4%	Cons. · IFRS
FYE Mar 2024	1,382	+77.0%	Cons. · IFRS
FYE Mar 2025	1,213	−12.2%	Cons. · IFRS
FYE Mar 2026	-414	−134.1%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 -¥424bn

Average · 10 yrs ¥628bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	617	n/a	Cons. · IFRS
FYE Mar 2018	1,059	+71.8%	Cons. · IFRS
FYE Mar 2019	610	−42.4%	Cons. · IFRS
FYE Mar 2020	456	−25.3%	Cons. · IFRS
FYE Mar 2021	657	+44.3%	Cons. · IFRS
FYE Mar 2022	707	+7.6%	Cons. · IFRS
FYE Mar 2023	651	−7.9%	Cons. · IFRS
FYE Mar 2024	1,107	+70.0%	Cons. · IFRS
FYE Mar 2025	836	−24.5%	Cons. · IFRS
FYE Mar 2026	-424	−150.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 16.5%

Average · 10 yrs 20.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	22.4	n/a	Cons. · IFRS
FYE Mar 2018	21.9	−0.5pp	Cons. · IFRS
FYE Mar 2019	20.8	−1.1pp	Cons. · IFRS
FYE Mar 2020	20.6	−0.2pp	Cons. · IFRS
FYE Mar 2021	20.7	+0.1pp	Cons. · IFRS
FYE Mar 2022	20.5	−0.2pp	Cons. · IFRS
FYE Mar 2023	19.7	−0.8pp	Cons. · IFRS
FYE Mar 2024	21.6	+1.9pp	Cons. · IFRS
FYE Mar 2025	21.5	−0.1pp	Cons. · IFRS
FYE Mar 2026	16.5	−5.0pp	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 -1.9%

Average · 10 yrs 4.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.0	n/a	Cons. · IFRS
FYE Mar 2018	5.4	−0.6pp	Cons. · IFRS
FYE Mar 2019	4.6	−0.9pp	Cons. · IFRS
FYE Mar 2020	4.2	−0.3pp	Cons. · IFRS
FYE Mar 2021	5.0	+0.8pp	Cons. · IFRS
FYE Mar 2022	6.0	+1.0pp	Cons. · IFRS
FYE Mar 2023	4.6	−1.4pp	Cons. · IFRS
FYE Mar 2024	6.8	+2.1pp	Cons. · IFRS
FYE Mar 2025	5.6	−1.2pp	Cons. · IFRS
FYE Mar 2026	-1.9	−7.5pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 -1.9%

Average · 10 yrs 3.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · IFRS
FYE Mar 2018	6.9	+2.5pp	Cons. · IFRS
FYE Mar 2019	3.8	−3.1pp	Cons. · IFRS
FYE Mar 2020	3.1	−0.8pp	Cons. · IFRS
FYE Mar 2021	5.0	+1.9pp	Cons. · IFRS
FYE Mar 2022	4.9	−0.1pp	Cons. · IFRS
FYE Mar 2023	3.9	−1.0pp	Cons. · IFRS
FYE Mar 2024	5.4	+1.6pp	Cons. · IFRS
FYE Mar 2025	3.9	−1.6pp	Cons. · IFRS
FYE Mar 2026	-1.9	−5.8pp	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 83.5%

Average · 10 yrs 79.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	77.6	n/a	Cons. · IFRS
FYE Mar 2018	78.1	+0.5pp	Cons. · IFRS
FYE Mar 2019	79.2	+1.1pp	Cons. · IFRS
FYE Mar 2020	79.4	+0.2pp	Cons. · IFRS
FYE Mar 2021	79.3	−0.1pp	Cons. · IFRS
FYE Mar 2022	79.5	+0.2pp	Cons. · IFRS
FYE Mar 2023	80.3	+0.8pp	Cons. · IFRS
FYE Mar 2024	78.4	−1.9pp	Cons. · IFRS
FYE Mar 2025	78.5	+0.1pp	Cons. · IFRS
FYE Mar 2026	83.5	+5.0pp	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 11.4%

Average · 10 yrs 10.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	11.4	n/a	Cons. · IFRS
FYE Mar 2018	11.6	+0.1pp	Cons. · IFRS
FYE Mar 2019	11.2	−0.4pp	Cons. · IFRS
FYE Mar 2020	11.0	−0.2pp	Cons. · IFRS
FYE Mar 2021	10.1	−0.9pp	Cons. · IFRS
FYE Mar 2022	9.1	−1.0pp	Cons. · IFRS
FYE Mar 2023	9.9	+0.8pp	Cons. · IFRS
FYE Mar 2024	10.3	+0.4pp	Cons. · IFRS
FYE Mar 2025	10.8	+0.5pp	Cons. · IFRS
FYE Mar 2026	11.4	+0.5pp	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 ¥33.5tn

CAGR · 10 yrs +6.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	18,958	n/a	Cons. · IFRS
FYE Mar 2018	19,349	+2.1%	Cons. · IFRS
FYE Mar 2019	20,419	+5.5%	Cons. · IFRS
FYE Mar 2020	20,461	+0.2%	Cons. · IFRS
FYE Mar 2021	21,921	+7.1%	Cons. · IFRS
FYE Mar 2022	23,973	+9.4%	Cons. · IFRS
FYE Mar 2023	24,670	+2.9%	Cons. · IFRS
FYE Mar 2024	29,774	+20.7%	Cons. · IFRS
FYE Mar 2025	30,776	+3.4%	Cons. · IFRS
FYE Mar 2026	33,509	+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 ¥11.5tn

CAGR · 10 yrs +5.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	7,295	n/a	Cons. · IFRS
FYE Mar 2018	7,633	+4.6%	Cons. · IFRS
FYE Mar 2019	7,970	+4.4%	Cons. · IFRS
FYE Mar 2020	7,738	−2.9%	Cons. · IFRS
FYE Mar 2021	8,792	+13.6%	Cons. · IFRS
FYE Mar 2022	10,173	+15.7%	Cons. · IFRS
FYE Mar 2023	10,866	+6.8%	Cons. · IFRS
FYE Mar 2024	12,388	+14.0%	Cons. · IFRS
FYE Mar 2025	12,025	−2.9%	Cons. · IFRS
FYE Mar 2026	11,487	−4.5%	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 ¥13.5tn

CAGR · 10 yrs +7.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	6,809	n/a	Cons. · IFRS
FYE Mar 2018	6,799	−0.1%	Cons. · IFRS
FYE Mar 2019	7,331	+7.8%	Cons. · IFRS
FYE Mar 2020	7,470	+1.9%	Cons. · IFRS
FYE Mar 2021	7,721	+3.4%	Cons. · IFRS
FYE Mar 2022	8,103	+4.9%	Cons. · IFRS
FYE Mar 2023	7,665	−5.4%	Cons. · IFRS
FYE Mar 2024	10,164	+32.6%	Cons. · IFRS
FYE Mar 2025	11,451	+12.7%	Cons. · IFRS
FYE Mar 2026	13,480	+17.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥5.00tn

CAGR · 10 yrs +6.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2,787	n/a	Cons. · IFRS
FYE Mar 2018	2,917	+4.7%	Cons. · IFRS
FYE Mar 2019	3,189	+9.3%	Cons. · IFRS
FYE Mar 2020	3,248	+1.9%	Cons. · IFRS
FYE Mar 2021	3,006	−7.5%	Cons. · IFRS
FYE Mar 2022	3,118	+3.7%	Cons. · IFRS
FYE Mar 2023	3,291	+5.5%	Cons. · IFRS
FYE Mar 2024	4,106	+24.7%	Cons. · IFRS
FYE Mar 2025	4,498	+9.6%	Cons. · IFRS
FYE Mar 2026	5,005	+11.3%	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 ¥8.48tn

CAGR · 10 yrs +8.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4,022	n/a	Cons. · IFRS
FYE Mar 2018	3,882	−3.5%	Cons. · IFRS
FYE Mar 2019	4,142	+6.7%	Cons. · IFRS
FYE Mar 2020	4,221	+1.9%	Cons. · IFRS
FYE Mar 2021	4,715	+11.7%	Cons. · IFRS
FYE Mar 2022	4,984	+5.7%	Cons. · IFRS
FYE Mar 2023	4,374	−12.2%	Cons. · IFRS
FYE Mar 2024	6,058	+38.5%	Cons. · IFRS
FYE Mar 2025	6,954	+14.8%	Cons. · IFRS
FYE Mar 2026	8,475	+21.9%	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 Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥785bn

CAGR · 10 yrs +0.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	778	n/a	Cons. · IFRS
FYE Mar 2018	742	−4.7%	Cons. · IFRS
FYE Mar 2019	744	+0.4%	Cons. · IFRS
FYE Mar 2020	760	+2.2%	Cons. · IFRS
FYE Mar 2021	819	+7.7%	Cons. · IFRS
FYE Mar 2022	850	+3.8%	Cons. · IFRS
FYE Mar 2023	871	+2.5%	Cons. · IFRS
FYE Mar 2024	1,000	+14.8%	Cons. · IFRS
FYE Mar 2025	1,126	+12.6%	Cons. · IFRS
FYE Mar 2026	785	−30.3%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 34.3%

Average · 10 yrs 39.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	38.5	n/a	Cons. · IFRS
FYE Mar 2018	39.4	+1.0pp	Cons. · IFRS
FYE Mar 2019	39.0	−0.4pp	Cons. · IFRS
FYE Mar 2020	37.8	−1.2pp	Cons. · IFRS
FYE Mar 2021	40.1	+2.3pp	Cons. · IFRS
FYE Mar 2022	42.4	+2.3pp	Cons. · IFRS
FYE Mar 2023	44.0	+1.6pp	Cons. · IFRS
FYE Mar 2024	41.6	−2.4pp	Cons. · IFRS
FYE Mar 2025	39.1	−2.5pp	Cons. · IFRS
FYE Mar 2026	34.3	−4.8pp	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 117.3%

Average · 10 yrs 90.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	93.3	n/a	Cons. · IFRS
FYE Mar 2018	89.1	−4.3pp	Cons. · IFRS
FYE Mar 2019	92.0	+2.9pp	Cons. · IFRS
FYE Mar 2020	96.5	+4.5pp	Cons. · IFRS
FYE Mar 2021	87.8	−8.7pp	Cons. · IFRS
FYE Mar 2022	79.6	−8.2pp	Cons. · IFRS
FYE Mar 2023	70.5	−9.1pp	Cons. · IFRS
FYE Mar 2024	82.0	+11.5pp	Cons. · IFRS
FYE Mar 2025	95.2	+13.2pp	Cons. · IFRS
FYE Mar 2026	117.3	+22.1pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 -3.7%

Average · 10 yrs 6.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.5	n/a	Cons. · IFRS
FYE Mar 2018	13.9	+5.4pp	Cons. · IFRS
FYE Mar 2019	7.7	−6.2pp	Cons. · IFRS
FYE Mar 2020	5.9	−1.8pp	Cons. · IFRS
FYE Mar 2021	7.5	+1.6pp	Cons. · IFRS
FYE Mar 2022	7.0	−0.5pp	Cons. · IFRS
FYE Mar 2023	6.0	−1.0pp	Cons. · IFRS
FYE Mar 2024	8.9	+2.9pp	Cons. · IFRS
FYE Mar 2025	7.0	−2.0pp	Cons. · IFRS
FYE Mar 2026	-3.7	−10.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 -1.3%

Average · 10 yrs 2.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · IFRS
FYE Mar 2018	5.5	+2.2pp	Cons. · IFRS
FYE Mar 2019	3.0	−2.5pp	Cons. · IFRS
FYE Mar 2020	2.2	−0.8pp	Cons. · IFRS
FYE Mar 2021	3.0	+0.8pp	Cons. · IFRS
FYE Mar 2022	2.9	−0.0pp	Cons. · IFRS
FYE Mar 2023	2.6	−0.3pp	Cons. · IFRS
FYE Mar 2024	3.7	+1.1pp	Cons. · IFRS
FYE Mar 2025	2.7	−1.0pp	Cons. · IFRS
FYE Mar 2026	-1.3	−4.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.65×

CAGR · 10 yrs −1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.74	n/a	Cons. · IFRS
FYE Mar 2018	0.79	+7.5%	Cons. · IFRS
FYE Mar 2019	0.78	−2.0%	Cons. · IFRS
FYE Mar 2020	0.73	−6.2%	Cons. · IFRS
FYE Mar 2021	0.60	−17.7%	Cons. · IFRS
FYE Mar 2022	0.61	+1.0%	Cons. · IFRS
FYE Mar 2023	0.69	+12.9%	Cons. · IFRS
FYE Mar 2024	0.69	+0.1%	Cons. · IFRS
FYE Mar 2025	0.70	+2.7%	Cons. · IFRS
FYE Mar 2026	0.65	−7.7%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥1.14tn

CAGR · 10 yrs +2.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	885	n/a	Cons. · IFRS
FYE Mar 2018	988	+11.6%	Cons. · IFRS
FYE Mar 2019	776	−21.4%	Cons. · IFRS
FYE Mar 2020	979	+26.2%	Cons. · IFRS
FYE Mar 2021	1,072	+9.5%	Cons. · IFRS
FYE Mar 2022	1,680	+56.6%	Cons. · IFRS
FYE Mar 2023	2,129	+26.8%	Cons. · IFRS
FYE Mar 2024	747	−64.9%	Cons. · IFRS
FYE Mar 2025	292	−60.9%	Cons. · IFRS
FYE Mar 2026	1,135	+288.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥852bn

Average · 10 yrs -¥698bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-651	n/a	Cons. · IFRS
FYE Mar 2018	-615	n/a	Cons. · IFRS
FYE Mar 2019	-578	n/a	Cons. · IFRS
FYE Mar 2020	-619	n/a	Cons. · IFRS
FYE Mar 2021	-797	n/a	Cons. · IFRS
FYE Mar 2022	-376	n/a	Cons. · IFRS
FYE Mar 2023	-678	n/a	Cons. · IFRS
FYE Mar 2024	-867	n/a	Cons. · IFRS
FYE Mar 2025	-942	n/a	Cons. · IFRS
FYE Mar 2026	-852	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 -¥37bn

Average · 10 yrs -¥133bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	115	n/a	Cons. · IFRS
FYE Mar 2018	-174	−251.0%	Cons. · IFRS
FYE Mar 2019	22.9	n/a	Cons. · IFRS
FYE Mar 2020	-87.4	−481.3%	Cons. · IFRS
FYE Mar 2021	-284	n/a	Cons. · IFRS
FYE Mar 2022	-616	n/a	Cons. · IFRS
FYE Mar 2023	-1,468	n/a	Cons. · IFRS
FYE Mar 2024	919	n/a	Cons. · IFRS
FYE Mar 2025	280	−69.5%	Cons. · IFRS
FYE Mar 2026	-36.9	−113.2%	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 ¥5.12tn

CAGR · 10 yrs +10.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	2,106	n/a	Cons. · IFRS
FYE Mar 2018	2,256	+7.1%	Cons. · IFRS
FYE Mar 2019	2,494	+10.5%	Cons. · IFRS
FYE Mar 2020	2,672	+7.1%	Cons. · IFRS
FYE Mar 2021	2,758	+3.2%	Cons. · IFRS
FYE Mar 2022	3,675	+33.2%	Cons. · IFRS
FYE Mar 2023	3,803	+3.5%	Cons. · IFRS
FYE Mar 2024	4,955	+30.3%	Cons. · IFRS
FYE Mar 2025	4,529	−8.6%	Cons. · IFRS
FYE Mar 2026	5,118	+13.0%	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 ¥283bn

CAGR · 10 yrs +2.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	234	n/a	Cons. · IFRS
FYE Mar 2018	373	+58.9%	Cons. · IFRS
FYE Mar 2019	198	−46.7%	Cons. · IFRS
FYE Mar 2020	360	+81.4%	Cons. · IFRS
FYE Mar 2021	275	−23.5%	Cons. · IFRS
FYE Mar 2022	1,304	+373.2%	Cons. · IFRS
FYE Mar 2023	1,451	+11.3%	Cons. · IFRS
FYE Mar 2024	-120	−108.3%	Cons. · IFRS
FYE Mar 2025	-650	n/a	Cons. · IFRS
FYE Mar 2026	283	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 5.2%

Average · 10 yrs 6.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · IFRS
FYE Mar 2018	6.4	+0.1pp	Cons. · IFRS
FYE Mar 2019	4.9	−1.5pp	Cons. · IFRS
FYE Mar 2020	6.6	+1.7pp	Cons. · IFRS
FYE Mar 2021	8.1	+1.6pp	Cons. · IFRS
FYE Mar 2022	11.5	+3.4pp	Cons. · IFRS
FYE Mar 2023	12.6	+1.1pp	Cons. · IFRS
FYE Mar 2024	3.7	−8.9pp	Cons. · IFRS
FYE Mar 2025	1.3	−2.3pp	Cons. · IFRS
FYE Mar 2026	5.2	+3.9pp	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 -¥8.36tn

Average · 10 yrs -¥5.26tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-4,703	n/a	Cons. · IFRS
FYE Mar 2018	-4,543	n/a	Cons. · IFRS
FYE Mar 2019	-4,837	n/a	Cons. · IFRS
FYE Mar 2020	-4,797	n/a	Cons. · IFRS
FYE Mar 2021	-4,963	n/a	Cons. · IFRS
FYE Mar 2022	-4,428	n/a	Cons. · IFRS
FYE Mar 2023	-3,862	n/a	Cons. · IFRS
FYE Mar 2024	-5,209	n/a	Cons. · IFRS
FYE Mar 2025	-6,922	n/a	Cons. · IFRS
FYE Mar 2026	-8,361	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 n/a

Change · 9 yrs +¥1.01tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	6,073	n/a
FYE Mar 2018	6,635	n/a
FYE Mar 2019	5,453	n/a
FYE Mar 2020	4,382	n/a
FYE Mar 2021	6,001	n/a
FYE Mar 2022	6,330	n/a
FYE Mar 2023	6,330	n/a
FYE Mar 2024	10,018	n/a
FYE Mar 2025	7,086	n/a
FYE Mar 2026	n/a	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 n/a

Change · 9 yrs −2,011¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,353	n/a
FYE Mar 2018	3,663	n/a
FYE Mar 2019	3,010	n/a
FYE Mar 2020	2,419	n/a
FYE Mar 2021	3,313	n/a
FYE Mar 2022	3,494	n/a
FYE Mar 2023	3,495	n/a
FYE Mar 2024	1,897	n/a
FYE Mar 2025	1,342	n/a
FYE Mar 2026	n/a	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 4,533,000,000shares

Change · 10 yrs +2,721,571,570 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,811,428,430	Parent
FYE Mar 2018	1,811,428,430	Parent
FYE Mar 2019	1,811,428,430	Parent
FYE Mar 2020	1,811,428,430	Parent
FYE Mar 2021	1,811,428,430	Parent
FYE Mar 2022	1,811,428,430	Parent
FYE Mar 2023	1,811,428,430	Parent
FYE Mar 2024	5,280,000,000	Parent
FYE Mar 2025	5,280,000,000	Parent
FYE Mar 2026	4,533,000,000	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 -106.06¥

Change · 10 yrs −448.16¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	342.10	Cons.
FYE Mar 2018	590.79	Cons.
FYE Mar 2019	345.99	Cons.
FYE Mar 2020	86.71	Cons.
FYE Mar 2021	126.92	Cons.
FYE Mar 2022	137.03	Cons.
FYE Mar 2023	128.01	Cons.
FYE Mar 2024	225.88	Cons.
FYE Mar 2025	178.93	Cons.
FYE Mar 2026	-106.06	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 2,534.07¥

Change · 10 yrs −1,493.30¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,027.37	Cons. · IFRS
FYE Mar 2018	4,213.79	Cons. · IFRS
FYE Mar 2019	4,399.65	Cons. · IFRS
FYE Mar 2020	4,272.04	Cons. · IFRS
FYE Mar 2021	4,853.50	Cons. · IFRS
FYE Mar 2022	5,616.07	Cons. · IFRS
FYE Mar 2023	5,998.70	Cons. · IFRS
FYE Mar 2024	2,346.23	Cons. · IFRS
FYE Mar 2025	2,277.51	Cons. · IFRS
FYE Mar 2026	2,534.07	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 n/a

Average · 9 yrs 8.47×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.80	Cons.
FYE Mar 2018	6.20	Cons.
FYE Mar 2019	8.70	Cons.
FYE Mar 2020	9.30	Cons.
FYE Mar 2021	8.70	Cons.
FYE Mar 2022	8.50	Cons.
FYE Mar 2023	9.10	Cons.
FYE Mar 2024	8.40	Cons.
FYE Mar 2025	7.50	Cons.
FYE Mar 2026	n/a	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 n/a

Average · 9 yrs 0.64×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.83	Cons.
FYE Mar 2018	0.82	Cons.
FYE Mar 2019	0.64	Cons.
FYE Mar 2020	0.52	Cons.
FYE Mar 2021	0.63	Cons.
FYE Mar 2022	0.57	Cons.
FYE Mar 2023	0.52	Cons.
FYE Mar 2024	0.72	Cons.
FYE Mar 2025	0.47	Cons.
FYE Mar 2026	n/a	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2026 195,109people

Change · 10 yrs −13,290 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	208,399	n/a	Cons.
FYE Mar 2018	215,638	+3.5%	Cons.
FYE Mar 2019	219,722	+1.9%	Cons.
FYE Mar 2020	218,674	−0.5%	Cons.
FYE Mar 2021	211,374	−3.3%	Cons.
FYE Mar 2022	204,035	−3.5%	Cons.
FYE Mar 2023	197,039	−3.4%	Cons.
FYE Mar 2024	194,993	−1.0%	Cons.
FYE Mar 2025	194,173	−0.4%	Cons.
FYE Mar 2026	195,109	+0.5%	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 32,547people

Change · 10 yrs +10,644 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	21,903	n/a	Parent
FYE Mar 2018	21,543	−1.6%	Parent
FYE Mar 2019	22,675	+5.3%	Parent
FYE Mar 2020	25,379	+11.9%	Parent
FYE Mar 2021	35,781	+41.0%	Parent
FYE Mar 2022	34,067	−4.8%	Parent
FYE Mar 2023	33,065	−2.9%	Parent
FYE Mar 2024	32,443	−1.9%	Parent
FYE Mar 2025	32,088	−1.1%	Parent
FYE Mar 2026	32,547	+1.4%	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 ¥9.3m

Change · 10 yrs +¥1.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.8	n/a	Parent
FYE Mar 2018	8.1	+4.2%	Parent
FYE Mar 2019	8.2	+1.4%	Parent
FYE Mar 2020	8.2	−0.4%	Parent
FYE Mar 2021	8.0	−2.2%	Parent
FYE Mar 2022	7.8	−2.5%	Parent
FYE Mar 2023	8.2	+5.6%	Parent
FYE Mar 2024	8.3	+1.1%	Parent
FYE Mar 2025	9.0	+7.7%	Parent
FYE Mar 2026	9.3	+4.1%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 43.9years

Change · 9 yrs −1.0 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	44.9	n/a	Parent
FYE Mar 2019	45.6	+1.6%	Parent
FYE Mar 2020	45.5	−0.2%	Parent
FYE Mar 2021	44.9	−1.3%	Parent
FYE Mar 2022	44.7	−0.4%	Parent
FYE Mar 2023	44.7	−0.0%	Parent
FYE Mar 2024	44.7	−0.0%	Parent
FYE Mar 2025	44.5	−0.4%	Parent
FYE Mar 2026	43.9	−1.3%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 21.0years

Change · 10 yrs −2.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	23.7	n/a	Parent
FYE Mar 2018	23.5	−0.8%	Parent
FYE Mar 2019	24.1	+2.6%	Parent
FYE Mar 2020	23.8	−1.2%	Parent
FYE Mar 2021	22.5	−5.5%	Parent
FYE Mar 2022	22.2	−1.3%	Parent
FYE Mar 2023	22.0	−0.9%	Parent
FYE Mar 2024	21.9	−0.5%	Parent
FYE Mar 2025	21.3	−2.7%	Parent
FYE Mar 2026	21.0	−1.4%	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 19,484people

Change · 9 yrs −14,253 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	33,737	n/a	n/a
FYE Mar 2019	37,897	+12.3%	n/a
FYE Mar 2020	34,586	−8.7%	n/a
FYE Mar 2021	28,161	−18.6%	n/a
FYE Mar 2022	27,069	−3.9%	n/a
FYE Mar 2023	25,249	−6.7%	n/a
FYE Mar 2024	22,669	−10.2%	n/a
FYE Mar 2025	21,147	−6.7%	n/a
FYE Mar 2026	19,484	−7.9%	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 ¥112m

Change · 10 yrs +¥44.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	67.2	n/a	Cons.
FYE Mar 2018	71.2	+6.0%	Cons.
FYE Mar 2019	72.3	+1.5%	Cons.
FYE Mar 2020	68.3	−5.6%	Cons.
FYE Mar 2021	62.3	−8.7%	Cons.
FYE Mar 2022	71.3	+14.5%	Cons.
FYE Mar 2023	85.8	+20.3%	Cons.
FYE Mar 2024	105	+22.1%	Cons.
FYE Mar 2025	112	+6.6%	Cons.
FYE Mar 2026	112	−0.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 -¥2.1m

Change · 10 yrs −¥6.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons.
FYE Mar 2018	3.9	−4.2%	Cons.
FYE Mar 2019	3.3	−14.5%	Cons.
FYE Mar 2020	2.9	−12.3%	Cons.
FYE Mar 2021	3.1	+7.8%	Cons.
FYE Mar 2022	4.3	+36.7%	Cons.
FYE Mar 2023	4.0	−7.2%	Cons.
FYE Mar 2024	7.1	+78.9%	Cons.
FYE Mar 2025	6.2	−11.8%	Cons.
FYE Mar 2026	-2.1	−134.0%	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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