Financials

Canon: FYE Dec 2025 and ten years of results (41 metrics)

FYE Dec 2025 · Revenue¥4.62tnYoY +2.5%

FYE Dec 2025 · Net profit¥332bnYoY +107.5%

FYE Dec 2025 · Equity ratio56.9%YoY −1.7pp

FYE Dec 2025 · Group employees165,547YoY −4,793

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥3.40tn	n/a	n/a	n/a	n/a	¥150bn	Mitarai Fujio	Toshiba Medical Systems bought for ¥665.5bn
FYE Dec 2017Consolidated	¥4.08tn	+19.9%	n/a	n/a	n/a	¥242bn	Maeda Masaya	—
FYE Dec 2018Consolidated	¥3.95tn	−3.1%	n/a	n/a	n/a	¥252bn	Maeda Masaya	—
FYE Dec 2019Consolidated	¥3.59tn	−9.1%	n/a	n/a	n/a	¥125bn	Maeda Masaya	—
FYE Dec 2020Consolidated	¥3.16tn	−12.1%	n/a	n/a	n/a	¥83bn	Maeda Masaya	—
FYE Dec 2021Consolidated	¥3.51tn	+11.2%	n/a	n/a	n/a	¥215bn	Mitarai Fujio	Redlen Technologies Inc. acquired
FYE Dec 2022Consolidated	¥4.03tn	+14.7%	n/a	n/a	n/a	¥244bn	Mitarai Fujio	—
FYE Dec 2023Consolidated	¥4.18tn	+3.7%	n/a	n/a	n/a	¥265bn	Mitarai Fujio	Mitarai's re-election carries with 50.59% support
FYE Dec 2024Consolidated	¥4.51tn	+7.9%	n/a	n/a	n/a	¥160bn	Mitarai Fujio	—
FYE Dec 2025Consolidated	¥4.62tn	+2.5%	n/a	n/a	n/a	¥332bn	Mitarai Fujio	¥165.1bn goodwill impairment booked in medical equipment

How it compares

Canon¥4.62tnFY2025Operating margin 10.6%

Ricoh¥2.61tnFY2025Operating margin 3.5%

Glory¥340bnFY2025Operating margin 8.8%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A

Margins

Gross margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥4.62tn

CAGR · 10 yrs +3.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	3,401	n/a	Cons. · US GAAP
FYE Dec 2017	4,080	+19.9%	Cons. · US GAAP
FYE Dec 2018	3,952	−3.1%	Cons. · US GAAP
FYE Dec 2019	3,593	−9.1%	Cons. · US GAAP
FYE Dec 2020	3,160	−12.1%	Cons. · US GAAP
FYE Dec 2021	3,513	+11.2%	Cons. · US GAAP
FYE Dec 2022	4,031	+14.7%	Cons. · US GAAP
FYE Dec 2023	4,181	+3.7%	Cons. · US GAAP
FYE Dec 2024	4,510	+7.9%	Cons. · US GAAP
FYE Dec 2025	4,625	+2.5%	Cons. · US GAAP

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 ¥2.46tn

CAGR · 10 yrs +4.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	1,728	n/a	Cons. · US GAAP
FYE Dec 2017	2,087	+20.8%	Cons. · US GAAP
FYE Dec 2018	2,116	+1.4%	Cons. · US GAAP
FYE Dec 2019	1,983	−6.3%	Cons. · US GAAP
FYE Dec 2020	1,784	−10.0%	Cons. · US GAAP
FYE Dec 2021	1,886	+5.7%	Cons. · US GAAP
FYE Dec 2022	2,204	+16.9%	Cons. · US GAAP
FYE Dec 2023	2,212	+0.4%	Cons. · US GAAP
FYE Dec 2024	2,367	+7.0%	Cons. · US GAAP
FYE Dec 2025	2,463	+4.1%	Cons. · US GAAP

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 ¥2.16tn

CAGR · 10 yrs +2.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	1,674	n/a	Cons. · US GAAP
FYE Dec 2017	1,993	+19.0%	Cons. · US GAAP
FYE Dec 2018	1,836	−7.9%	Cons. · US GAAP
FYE Dec 2019	1,610	−12.3%	Cons. · US GAAP
FYE Dec 2020	1,376	−14.5%	Cons. · US GAAP
FYE Dec 2021	1,628	+18.3%	Cons. · US GAAP
FYE Dec 2022	1,828	+12.3%	Cons. · US GAAP
FYE Dec 2023	1,969	+7.7%	Cons. · US GAAP
FYE Dec 2024	2,143	+8.8%	Cons. · US GAAP
FYE Dec 2025	2,162	+0.9%	Cons. · US GAAP

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 ¥1.71tn

CAGR · 10 yrs +1.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	1,445	n/a	Cons. · US GAAP
FYE Dec 2017	1,661	+15.0%	Cons. · US GAAP
FYE Dec 2018	1,493	−10.1%	Cons. · US GAAP
FYE Dec 2019	1,435	−3.8%	Cons. · US GAAP
FYE Dec 2020	1,265	−11.8%	Cons. · US GAAP
FYE Dec 2021	1,346	+6.4%	Cons. · US GAAP
FYE Dec 2022	1,474	+9.5%	Cons. · US GAAP
FYE Dec 2023	1,594	+8.1%	Cons. · US GAAP
FYE Dec 2024	1,863	+16.9%	Cons. · US GAAP
FYE Dec 2025	1,707	−8.4%	Cons. · US GAAP

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥332bn

CAGR · 10 yrs +9.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	150	n/a	Cons. · US GAAP
FYE Dec 2017	242	+61.0%	Cons. · US GAAP
FYE Dec 2018	252	+4.3%	Cons. · US GAAP
FYE Dec 2019	125	−50.5%	Cons. · US GAAP
FYE Dec 2020	83.3	−33.3%	Cons. · US GAAP
FYE Dec 2021	215	+157.7%	Cons. · US GAAP
FYE Dec 2022	244	+13.6%	Cons. · US GAAP
FYE Dec 2023	265	+8.4%	Cons. · US GAAP
FYE Dec 2024	160	−39.5%	Cons. · US GAAP
FYE Dec 2025	332	+107.5%	Cons. · US GAAP

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

Gross margin

FYE Dec 2025 46.7%

Average · 10 yrs 46.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	49.2	n/a	Cons. · US GAAP
FYE Dec 2017	48.8	−0.4pp	Cons. · US GAAP
FYE Dec 2018	46.4	−2.4pp	Cons. · US GAAP
FYE Dec 2019	44.8	−1.6pp	Cons. · US GAAP
FYE Dec 2020	43.5	−1.3pp	Cons. · US GAAP
FYE Dec 2021	46.3	+2.8pp	Cons. · US GAAP
FYE Dec 2022	45.3	−1.0pp	Cons. · US GAAP
FYE Dec 2023	47.1	+1.8pp	Cons. · US GAAP
FYE Dec 2024	47.5	+0.4pp	Cons. · US GAAP
FYE Dec 2025	46.7	−0.8pp	Cons. · US GAAP

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

Net margin

FYE Dec 2025 7.2%

Average · 10 yrs 5.2%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	4.4	n/a	Cons. · US GAAP
FYE Dec 2017	5.9	+1.5pp	Cons. · US GAAP
FYE Dec 2018	6.4	+0.5pp	Cons. · US GAAP
FYE Dec 2019	3.5	−2.9pp	Cons. · US GAAP
FYE Dec 2020	2.6	−0.8pp	Cons. · US GAAP
FYE Dec 2021	6.1	+3.5pp	Cons. · US GAAP
FYE Dec 2022	6.1	−0.1pp	Cons. · US GAAP
FYE Dec 2023	6.3	+0.3pp	Cons. · US GAAP
FYE Dec 2024	3.5	−2.8pp	Cons. · US GAAP
FYE Dec 2025	7.2	+3.6pp	Cons. · US GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 53.3%

Average · 10 yrs 53.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	50.8	n/a	Cons. · US GAAP
FYE Dec 2017	51.2	+0.4pp	Cons. · US GAAP
FYE Dec 2018	53.6	+2.4pp	Cons. · US GAAP
FYE Dec 2019	55.2	+1.6pp	Cons. · US GAAP
FYE Dec 2020	56.5	+1.3pp	Cons. · US GAAP
FYE Dec 2021	53.7	−2.8pp	Cons. · US GAAP
FYE Dec 2022	54.7	+1.0pp	Cons. · US GAAP
FYE Dec 2023	52.9	−1.8pp	Cons. · US GAAP
FYE Dec 2024	52.5	−0.4pp	Cons. · US GAAP
FYE Dec 2025	53.3	+0.8pp	Cons. · US GAAP

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 36.9%

Average · 10 yrs 39.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	42.5	n/a	Cons. · US GAAP
FYE Dec 2017	40.7	−1.8pp	Cons. · US GAAP
FYE Dec 2018	37.8	−2.9pp	Cons. · US GAAP
FYE Dec 2019	39.9	+2.2pp	Cons. · US GAAP
FYE Dec 2020	40.0	+0.1pp	Cons. · US GAAP
FYE Dec 2021	38.3	−1.7pp	Cons. · US GAAP
FYE Dec 2022	36.6	−1.7pp	Cons. · US GAAP
FYE Dec 2023	38.1	+1.5pp	Cons. · US GAAP
FYE Dec 2024	41.3	+3.2pp	Cons. · US GAAP
FYE Dec 2025	36.9	−4.4pp	Cons. · US GAAP

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 ¥6.14tn

CAGR · 10 yrs +2.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	5,142	n/a	Cons. · US GAAP
FYE Dec 2017	5,202	+1.2%	Cons. · US GAAP
FYE Dec 2018	4,903	−5.7%	Cons. · US GAAP
FYE Dec 2019	4,772	−2.7%	Cons. · US GAAP
FYE Dec 2020	4,626	−3.1%	Cons. · US GAAP
FYE Dec 2021	4,751	+2.7%	Cons. · US GAAP
FYE Dec 2022	5,096	+7.3%	Cons. · US GAAP
FYE Dec 2023	5,417	+6.3%	Cons. · US GAAP
FYE Dec 2024	5,766	+6.5%	Cons. · US GAAP
FYE Dec 2025	6,135	+6.4%	Cons. · US GAAP

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 ¥3.49tn

CAGR · 10 yrs +2.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	2,776	n/a	Cons. · US GAAP
FYE Dec 2017	2,864	+3.2%	Cons. · US GAAP
FYE Dec 2018	2,821	−1.5%	Cons. · US GAAP
FYE Dec 2019	2,685	−4.8%	Cons. · US GAAP
FYE Dec 2020	2,575	−4.1%	Cons. · US GAAP
FYE Dec 2021	2,874	+11.6%	Cons. · US GAAP
FYE Dec 2022	3,113	+8.3%	Cons. · US GAAP
FYE Dec 2023	3,353	+7.7%	Cons. · US GAAP
FYE Dec 2024	3,380	+0.8%	Cons. · US GAAP
FYE Dec 2025	3,492	+3.3%	Cons. · US GAAP

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 ¥816bn

CAGR · 10 yrs +3.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	613	n/a	Cons. · US GAAP
FYE Dec 2017	533	−13.1%	Cons. · US GAAP
FYE Dec 2018	400	−24.8%	Cons. · US GAAP
FYE Dec 2019	399	−0.3%	Cons. · US GAAP
FYE Dec 2020	397	−0.6%	Cons. · US GAAP
FYE Dec 2021	225	−43.4%	Cons. · US GAAP
FYE Dec 2022	299	+33.0%	Cons. · US GAAP
FYE Dec 2023	389	+30.2%	Cons. · US GAAP
FYE Dec 2024	523	+34.5%	Cons. · US GAAP
FYE Dec 2025	816	+55.9%	Cons. · US GAAP

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

Short-term borrowings

FYE Dec 2025 ¥511bn

CAGR · 10 yrs +86.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	1.9	n/a	Cons. · US GAAP
FYE Dec 2017	39.3	+2025.8%	Cons. · US GAAP
FYE Dec 2018	38.5	−2.0%	Cons. · US GAAP
FYE Dec 2019	42.0	+9.1%	Cons. · US GAAP
FYE Dec 2020	392	+833.1%	Cons. · US GAAP
FYE Dec 2021	44.9	−88.6%	Cons. · US GAAP
FYE Dec 2022	296	+560.2%	Cons. · US GAAP
FYE Dec 2023	386	+30.3%	Cons. · US GAAP
FYE Dec 2024	318	−17.6%	Cons. · US GAAP
FYE Dec 2025	511	+60.6%	Cons. · US GAAP

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 ¥305bn

CAGR · 10 yrs −7.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	611	n/a	Cons. · US GAAP
FYE Dec 2017	493	−19.3%	Cons. · US GAAP
FYE Dec 2018	362	−26.6%	Cons. · US GAAP
FYE Dec 2019	357	−1.3%	Cons. · US GAAP
FYE Dec 2020	4.8	−98.6%	Cons. · US GAAP
FYE Dec 2021	180	+3618.5%	Cons. · US GAAP
FYE Dec 2022	2.4	−98.7%	Cons. · US GAAP
FYE Dec 2023	3.0	+22.2%	Cons. · US GAAP
FYE Dec 2024	205	+6842.3%	Cons. · US GAAP
FYE Dec 2025	305	+48.7%	Cons. · US GAAP

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

Intangible assets

FYE Dec 2025 ¥260bn

CAGR · 10 yrs −5.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	446	n/a	Cons. · US GAAP
FYE Dec 2017	421	−5.7%	Cons. · US GAAP
FYE Dec 2018	391	−7.1%	Cons. · US GAAP
FYE Dec 2019	348	−11.0%	Cons. · US GAAP
FYE Dec 2020	318	−8.5%	Cons. · US GAAP
FYE Dec 2021	302	−5.2%	Cons. · US GAAP
FYE Dec 2022	281	−6.9%	Cons. · US GAAP
FYE Dec 2023	275	−2.2%	Cons. · US GAAP
FYE Dec 2024	275	+0.2%	Cons. · US GAAP
FYE Dec 2025	260	−5.7%	Cons. · US GAAP

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

Goodwill

FYE Dec 2025 ¥986bn

CAGR · 10 yrs +0.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	936	n/a	Cons. · US GAAP
FYE Dec 2017	937	−0.0%	Cons. · US GAAP
FYE Dec 2018	909	−3.0%	Cons. · US GAAP
FYE Dec 2019	899	−1.1%	Cons. · US GAAP
FYE Dec 2020	916	+1.9%	Cons. · US GAAP
FYE Dec 2021	954	+4.2%	Cons. · US GAAP
FYE Dec 2022	973	+2.0%	Cons. · US GAAP
FYE Dec 2023	1,045	+7.5%	Cons. · US GAAP
FYE Dec 2024	915	−12.4%	Cons. · US GAAP
FYE Dec 2025	986	+7.7%	Cons. · US GAAP

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 56.9%

Average · 10 yrs 57.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	54.0	n/a	Cons. · US GAAP
FYE Dec 2017	55.1	+1.1pp	Cons. · US GAAP
FYE Dec 2018	57.5	+2.5pp	Cons. · US GAAP
FYE Dec 2019	56.3	−1.3pp	Cons. · US GAAP
FYE Dec 2020	55.7	−0.6pp	Cons. · US GAAP
FYE Dec 2021	60.5	+4.8pp	Cons. · US GAAP
FYE Dec 2022	61.1	+0.6pp	Cons. · US GAAP
FYE Dec 2023	61.9	+0.8pp	Cons. · US GAAP
FYE Dec 2024	58.6	−3.3pp	Cons. · US GAAP
FYE Dec 2025	56.9	−1.7pp	Cons. · US GAAP

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 23.4%

Average · 10 yrs 15.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	22.1	n/a	Cons. · US GAAP
FYE Dec 2017	18.6	−3.5pp	Cons. · US GAAP
FYE Dec 2018	14.2	−4.4pp	Cons. · US GAAP
FYE Dec 2019	14.9	+0.7pp	Cons. · US GAAP
FYE Dec 2020	15.4	+0.5pp	Cons. · US GAAP
FYE Dec 2021	7.8	−7.6pp	Cons. · US GAAP
FYE Dec 2022	9.6	+1.8pp	Cons. · US GAAP
FYE Dec 2023	11.6	+2.0pp	Cons. · US GAAP
FYE Dec 2024	15.5	+3.9pp	Cons. · US GAAP
FYE Dec 2025	23.4	+7.9pp	Cons. · US GAAP

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 9.5%

Average · 10 yrs 6.8%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · US GAAP
FYE Dec 2017	8.5	+3.0pp	Cons. · US GAAP
FYE Dec 2018	8.9	+0.5pp	Cons. · US GAAP
FYE Dec 2019	4.7	−4.3pp	Cons. · US GAAP
FYE Dec 2020	3.2	−1.4pp	Cons. · US GAAP
FYE Dec 2021	7.5	+4.2pp	Cons. · US GAAP
FYE Dec 2022	7.8	+0.4pp	Cons. · US GAAP
FYE Dec 2023	7.9	+0.1pp	Cons. · US GAAP
FYE Dec 2024	4.7	−3.2pp	Cons. · US GAAP
FYE Dec 2025	9.5	+4.8pp	Cons. · US GAAP

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

ROA return on assets

FYE Dec 2025 5.4%

Average · 10 yrs 4.0%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · US GAAP
FYE Dec 2017	4.7	+1.7pp	Cons. · US GAAP
FYE Dec 2018	5.1	+0.5pp	Cons. · US GAAP
FYE Dec 2019	2.6	−2.5pp	Cons. · US GAAP
FYE Dec 2020	1.8	−0.8pp	Cons. · US GAAP
FYE Dec 2021	4.5	+2.7pp	Cons. · US GAAP
FYE Dec 2022	4.8	+0.3pp	Cons. · US GAAP
FYE Dec 2023	4.9	+0.1pp	Cons. · US GAAP
FYE Dec 2024	2.8	−2.1pp	Cons. · US GAAP
FYE Dec 2025	5.4	+2.6pp	Cons. · US GAAP

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

Asset turnover

FYE Dec 2025 0.75×

CAGR · 10 yrs +1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.66	n/a	Cons. · US GAAP
FYE Dec 2017	0.78	+18.6%	Cons. · US GAAP
FYE Dec 2018	0.81	+2.8%	Cons. · US GAAP
FYE Dec 2019	0.75	−6.6%	Cons. · US GAAP
FYE Dec 2020	0.68	−9.3%	Cons. · US GAAP
FYE Dec 2021	0.74	+8.2%	Cons. · US GAAP
FYE Dec 2022	0.79	+7.0%	Cons. · US GAAP
FYE Dec 2023	0.77	−2.4%	Cons. · US GAAP
FYE Dec 2024	0.78	+1.3%	Cons. · US GAAP
FYE Dec 2025	0.75	−3.6%	Cons. · US GAAP

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 ¥476bn

CAGR · 10 yrs −0.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	500	n/a	Cons. · US GAAP
FYE Dec 2017	591	+18.0%	Cons. · US GAAP
FYE Dec 2018	365	−38.1%	Cons. · US GAAP
FYE Dec 2019	358	−1.9%	Cons. · US GAAP
FYE Dec 2020	334	−6.9%	Cons. · US GAAP
FYE Dec 2021	451	+35.1%	Cons. · US GAAP
FYE Dec 2022	263	−41.8%	Cons. · US GAAP
FYE Dec 2023	451	+71.8%	Cons. · US GAAP
FYE Dec 2024	607	+34.5%	Cons. · US GAAP
FYE Dec 2025	476	−21.6%	Cons. · US GAAP

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

Investing cash flow

FYE Dec 2025 -¥237bn

Average · 10 yrs -¥278bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-837	n/a	Cons. · US GAAP
FYE Dec 2017	-165	n/a	Cons. · US GAAP
FYE Dec 2018	-196	n/a	Cons. · US GAAP
FYE Dec 2019	-229	n/a	Cons. · US GAAP
FYE Dec 2020	-155	n/a	Cons. · US GAAP
FYE Dec 2021	-207	n/a	Cons. · US GAAP
FYE Dec 2022	-181	n/a	Cons. · US GAAP
FYE Dec 2023	-275	n/a	Cons. · US GAAP
FYE Dec 2024	-297	n/a	Cons. · US GAAP
FYE Dec 2025	-237	n/a	Cons. · US GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥179bn

Average · 10 yrs -¥173bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	356	n/a	Cons. · US GAAP
FYE Dec 2017	-340	−195.7%	Cons. · US GAAP
FYE Dec 2018	-355	n/a	Cons. · US GAAP
FYE Dec 2019	-233	n/a	Cons. · US GAAP
FYE Dec 2020	-183	n/a	Cons. · US GAAP
FYE Dec 2021	-267	n/a	Cons. · US GAAP
FYE Dec 2022	-147	n/a	Cons. · US GAAP
FYE Dec 2023	-157	n/a	Cons. · US GAAP
FYE Dec 2024	-226	n/a	Cons. · US GAAP
FYE Dec 2025	-179	n/a	Cons. · US GAAP

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 ¥586bn

CAGR · 10 yrs −0.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	630	n/a	Cons. · US GAAP
FYE Dec 2017	722	+14.5%	Cons. · US GAAP
FYE Dec 2018	521	−27.9%	Cons. · US GAAP
FYE Dec 2019	413	−20.7%	Cons. · US GAAP
FYE Dec 2020	408	−1.2%	Cons. · US GAAP
FYE Dec 2021	401	−1.5%	Cons. · US GAAP
FYE Dec 2022	362	−9.8%	Cons. · US GAAP
FYE Dec 2023	401	+10.8%	Cons. · US GAAP
FYE Dec 2024	502	+25.0%	Cons. · US GAAP
FYE Dec 2025	586	+16.8%	Cons. · US GAAP

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 ¥238bn

Average · 10 yrs ¥162bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-337	n/a	Cons. · US GAAP
FYE Dec 2017	426	n/a	Cons. · US GAAP
FYE Dec 2018	170	−60.1%	Cons. · US GAAP
FYE Dec 2019	130	−23.4%	Cons. · US GAAP
FYE Dec 2020	178	+37.3%	Cons. · US GAAP
FYE Dec 2021	244	+36.7%	Cons. · US GAAP
FYE Dec 2022	81.8	−66.5%	Cons. · US GAAP
FYE Dec 2023	176	+115.0%	Cons. · US GAAP
FYE Dec 2024	310	+76.0%	Cons. · US GAAP
FYE Dec 2025	238	−23.0%	Cons. · US GAAP

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 10.3%

Average · 10 yrs 11.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	14.7	n/a	Cons. · US GAAP
FYE Dec 2017	14.5	−0.2pp	Cons. · US GAAP
FYE Dec 2018	9.2	−5.2pp	Cons. · US GAAP
FYE Dec 2019	10.0	+0.7pp	Cons. · US GAAP
FYE Dec 2020	10.6	+0.6pp	Cons. · US GAAP
FYE Dec 2021	12.8	+2.3pp	Cons. · US GAAP
FYE Dec 2022	6.5	−6.3pp	Cons. · US GAAP
FYE Dec 2023	10.8	+4.3pp	Cons. · US GAAP
FYE Dec 2024	13.5	+2.7pp	Cons. · US GAAP
FYE Dec 2025	10.3	−3.2pp	Cons. · US GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Dec 2025 -¥230bn

Average · 10 yrs ¥35bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	17.1	n/a	Cons. · US GAAP
FYE Dec 2017	189	+1009.7%	Cons. · US GAAP
FYE Dec 2018	120	−36.5%	Cons. · US GAAP
FYE Dec 2019	13.4	−88.8%	Cons. · US GAAP
FYE Dec 2020	10.6	−21.0%	Cons. · US GAAP
FYE Dec 2021	177	+1565.1%	Cons. · US GAAP
FYE Dec 2022	63.3	−64.2%	Cons. · US GAAP
FYE Dec 2023	12.2	−80.8%	Cons. · US GAAP
FYE Dec 2024	-21.8	−279.5%	Cons. · US GAAP
FYE Dec 2025	-230	n/a	Cons. · US GAAP

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 ¥6.18tn

Change · 10 yrs +¥1.79tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	4,388	n/a
FYE Dec 2017	5,592	n/a
FYE Dec 2018	3,991	n/a
FYE Dec 2019	3,988	n/a
FYE Dec 2020	2,636	n/a
FYE Dec 2021	3,725	n/a
FYE Dec 2022	3,820	n/a
FYE Dec 2023	4,828	n/a
FYE Dec 2024	6,888	n/a
FYE Dec 2025	6,176	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 4,630¥

Change · 10 yrs +1,340¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,290	n/a
FYE Dec 2017	4,193	n/a
FYE Dec 2018	2,993	n/a
FYE Dec 2019	2,990	n/a
FYE Dec 2020	1,976	n/a
FYE Dec 2021	2,793	n/a
FYE Dec 2022	2,864	n/a
FYE Dec 2023	3,620	n/a
FYE Dec 2024	5,165	n/a
FYE Dec 2025	4,630	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 1,333,763,464shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	1,333,763,464	Parent
FYE Dec 2017	1,333,763,464	Parent
FYE Dec 2018	1,333,763,464	Parent
FYE Dec 2019	1,333,763,464	Parent
FYE Dec 2020	1,333,763,464	Parent
FYE Dec 2021	1,333,763,464	Parent
FYE Dec 2022	1,333,763,464	Parent
FYE Dec 2023	1,333,763,464	Parent
FYE Dec 2024	1,333,763,464	Parent
FYE Dec 2025	1,333,763,464	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 367.48¥

Change · 10 yrs +229.82¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	137.66	Cons.
FYE Dec 2017	223.03	Cons.
FYE Dec 2018	233.80	Cons.
FYE Dec 2019	116.79	Cons.
FYE Dec 2020	79.37	Cons.
FYE Dec 2021	205.35	Cons.
FYE Dec 2022	236.71	Cons.
FYE Dec 2023	264.20	Cons.
FYE Dec 2024	165.53	Cons.
FYE Dec 2025	367.48	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 2,618.01¥

Change · 10 yrs +536.44¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,081.57	Cons. · US GAAP
FYE Dec 2017	2,147.30	Cons. · US GAAP
FYE Dec 2018	2,114.80	Cons. · US GAAP
FYE Dec 2019	2,013.47	Cons. · US GAAP
FYE Dec 2020	1,930.65	Cons. · US GAAP
FYE Dec 2021	2,154.63	Cons. · US GAAP
FYE Dec 2022	2,334.08	Cons. · US GAAP
FYE Dec 2023	2,513.96	Cons. · US GAAP
FYE Dec 2024	2,534.39	Cons. · US GAAP
FYE Dec 2025	2,618.01	Cons. · US GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 12.60×

Average · 10 yrs 18.92×

Fiscal year	PER ×	Basis
FYE Dec 2016	23.90	Cons.
FYE Dec 2017	18.80	Cons.
FYE Dec 2018	12.80	Cons.
FYE Dec 2019	25.60	Cons.
FYE Dec 2020	24.90	Cons.
FYE Dec 2021	13.60	Cons.
FYE Dec 2022	12.10	Cons.
FYE Dec 2023	13.70	Cons.
FYE Dec 2024	31.20	Cons.
FYE Dec 2025	12.60	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 1.16×

Average · 10 yrs 1.16×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.29	Cons.
FYE Dec 2017	1.58	Cons.
FYE Dec 2018	1.15	Cons.
FYE Dec 2019	1.18	Cons.
FYE Dec 2020	0.80	Cons.
FYE Dec 2021	1.02	Cons.
FYE Dec 2022	0.93	Cons.
FYE Dec 2023	1.07	Cons.
FYE Dec 2024	1.44	Cons.
FYE Dec 2025	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 Dec 2025 165,547people

Change · 10 yrs −32,126 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	197,673	n/a	Cons.
FYE Dec 2017	197,776	+0.1%	Cons.
FYE Dec 2018	195,056	−1.4%	Cons.
FYE Dec 2019	187,041	−4.1%	Cons.
FYE Dec 2020	181,897	−2.8%	Cons.
FYE Dec 2021	184,034	+1.2%	Cons.
FYE Dec 2022	180,775	−1.8%	Cons.
FYE Dec 2023	169,151	−6.4%	Cons.
FYE Dec 2024	170,340	+0.7%	Cons.
FYE Dec 2025	165,547	−2.8%	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 22,921people

Change · 10 yrs −3,325 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	26,246	n/a	Parent
FYE Dec 2017	26,075	−0.7%	Parent
FYE Dec 2018	25,891	−0.7%	Parent
FYE Dec 2019	25,740	−0.6%	Parent
FYE Dec 2020	25,713	−0.1%	Parent
FYE Dec 2021	25,377	−1.3%	Parent
FYE Dec 2022	24,717	−2.6%	Parent
FYE Dec 2023	23,931	−3.2%	Parent
FYE Dec 2024	23,457	−2.0%	Parent
FYE Dec 2025	22,921	−2.3%	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 ¥8.8m

Change · 10 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	7.6	n/a	Parent
FYE Dec 2017	7.8	+2.5%	Parent
FYE Dec 2018	7.8	−0.5%	Parent
FYE Dec 2019	7.6	−2.3%	Parent
FYE Dec 2020	7.4	−2.1%	Parent
FYE Dec 2021	7.6	+2.0%	Parent
FYE Dec 2022	8.1	+6.3%	Parent
FYE Dec 2023	8.3	+3.1%	Parent
FYE Dec 2024	8.7	+4.0%	Parent
FYE Dec 2025	8.8	+1.8%	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 44.3years

Change · 7 yrs +0.1 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	44.2	n/a	Parent
FYE Dec 2020	44.4	+0.5%	Parent
FYE Dec 2021	44.9	+1.1%	Parent
FYE Dec 2022	43.8	−2.4%	Parent
FYE Dec 2023	44.1	+0.7%	Parent
FYE Dec 2024	44.2	+0.2%	Parent
FYE Dec 2025	44.3	+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 Dec 2025 18.9years

Change · 10 yrs +0.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	18.3	n/a	Parent
FYE Dec 2017	18.9	+3.3%	Parent
FYE Dec 2018	19.2	+1.6%	Parent
FYE Dec 2019	19.5	+1.6%	Parent
FYE Dec 2020	19.7	+1.0%	Parent
FYE Dec 2021	20.1	+2.0%	Parent
FYE Dec 2022	18.8	−6.5%	Parent
FYE Dec 2023	19.0	+1.1%	Parent
FYE Dec 2024	19.0	−0.0%	Parent
FYE Dec 2025	18.9	−0.5%	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 Dec 2025 ¥27.9m

Change · 10 yrs +¥10.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	17.2	n/a	Cons.
FYE Dec 2017	20.6	+19.9%	Cons.
FYE Dec 2018	20.3	−1.8%	Cons.
FYE Dec 2019	19.2	−5.2%	Cons.
FYE Dec 2020	17.4	−9.6%	Cons.
FYE Dec 2021	19.1	+9.9%	Cons.
FYE Dec 2022	22.3	+16.8%	Cons.
FYE Dec 2023	24.7	+10.8%	Cons.
FYE Dec 2024	26.5	+7.1%	Cons.
FYE Dec 2025	27.9	+5.5%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ 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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