Financials

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

FYE Mar 2026 · Revenue¥14.8tnYoY +0.7%

FYE Mar 2026 · Operating profit¥1.20tnYoY +3.8%

FYE Mar 2026 · Net profit¥900bnYoY +2.3%

FYE Mar 2026 · Equity ratio35.8%YoY +1.3pp

FYE Mar 2026 · Group employees114,570YoY −519

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.84tn	n/a	n/a	n/a	n/a	¥352bn	Okafuji Masahiro	—
FYE Mar 2018Consolidated	¥5.51tn	+13.9%	¥538bn	n/a	9.8%	¥400bn	Okafuji Masahiro	—
FYE Mar 2019Consolidated	¥11.6tn	+110.5%	¥695bn	+29.3%	6.0%	¥501bn	Okafuji Masahiro	Uny FamilyMart Holdings taken over by tender offer
FYE Mar 2020Consolidated	¥11.0tn	−5.3%	¥701bn	+0.9%	6.4%	¥501bn	Suzuki Yoshihisa	Unsolicited tender offer lifts the Descente holding to 40%
FYE Mar 2021Consolidated	¥10.4tn	−5.6%	¥512bn	−26.9%	4.9%	¥401bn	Suzuki Yoshihisa	FamilyMart taken fully private; Itochu leads the trading houses by market value
FYE Mar 2022Consolidated	¥12.3tn	+18.6%	¥1.15tn	+124.4%	9.4%	¥820bn	Suzuki Yoshihisa	—
FYE Mar 2023Consolidated	¥13.9tn	+13.4%	¥1.11tn	−3.8%	7.9%	¥801bn	Ishii Keita	—
FYE Mar 2024Consolidated	¥14.0tn	+0.6%	¥1.10tn	−1.0%	7.8%	¥802bn	Ishii Keita	Itochu Techno-Solutions taken fully private; Daiken Corporation delisted
FYE Mar 2025Consolidated	¥14.7tn	+4.9%	¥1.16tn	+5.4%	7.8%	¥880bn	Ishii Keita	Descente taken by tender offer and delisted in January 2025
FYE Mar 2026Consolidated	¥14.8tn	+0.7%	¥1.20tn	+3.8%	8.1%	¥900bn	Ishii Keita	—

How it compares

Mitsubishi Corporation¥18.9tnFY2025Operating margin 5.8%

Itochu¥14.8tnFY2025Operating margin 8.1%

Mitsui & Co.¥14.0tnFY2025Operating margin 7.8%Marubeni¥8.27tnFY2025Operating margin 8.0%Sumitomo Corporation¥7.34tnFY2025Operating margin 9.6%

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 ¥14.8tn

CAGR · 10 yrs +13.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,838	n/a	Cons. · IFRS
FYE Mar 2018	5,510	+13.9%	Cons. · IFRS
FYE Mar 2019	11,600	+110.5%	Cons. · IFRS
FYE Mar 2020	10,983	−5.3%	Cons. · IFRS
FYE Mar 2021	10,363	−5.6%	Cons. · IFRS
FYE Mar 2022	12,293	+18.6%	Cons. · IFRS
FYE Mar 2023	13,946	+13.4%	Cons. · IFRS
FYE Mar 2024	14,030	+0.6%	Cons. · IFRS
FYE Mar 2025	14,724	+4.9%	Cons. · IFRS
FYE Mar 2026	14,823	+0.7%	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 ¥12.3tn

CAGR · 9 yrs +14.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	4,300	n/a	Cons. · IFRS
FYE Mar 2019	10,037	+133.4%	Cons. · IFRS
FYE Mar 2020	9,185	−8.5%	Cons. · IFRS
FYE Mar 2021	8,582	−6.6%	Cons. · IFRS
FYE Mar 2022	10,356	+20.7%	Cons. · IFRS
FYE Mar 2023	11,816	+14.1%	Cons. · IFRS
FYE Mar 2024	11,798	−0.2%	Cons. · IFRS
FYE Mar 2025	12,348	+4.7%	Cons. · IFRS
FYE Mar 2026	12,343	−0.0%	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 ¥2.48tn

CAGR · 9 yrs +9.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,210	n/a	Cons. · IFRS
FYE Mar 2019	1,564	+29.2%	Cons. · IFRS
FYE Mar 2020	1,798	+15.0%	Cons. · IFRS
FYE Mar 2021	1,781	−0.9%	Cons. · IFRS
FYE Mar 2022	1,937	+8.8%	Cons. · IFRS
FYE Mar 2023	2,130	+9.9%	Cons. · IFRS
FYE Mar 2024	2,232	+4.8%	Cons. · IFRS
FYE Mar 2025	2,376	+6.5%	Cons. · IFRS
FYE Mar 2026	2,481	+4.4%	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 ¥1.76tn

CAGR · 9 yrs +8.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	890	n/a	Cons. · IFRS
FYE Mar 2019	1,193	+34.0%	Cons. · IFRS
FYE Mar 2020	1,381	+15.7%	Cons. · IFRS
FYE Mar 2021	1,366	−1.0%	Cons. · IFRS
FYE Mar 2022	1,347	−1.4%	Cons. · IFRS
FYE Mar 2023	1,419	+5.4%	Cons. · IFRS
FYE Mar 2024	1,522	+7.2%	Cons. · IFRS
FYE Mar 2025	1,678	+10.3%	Cons. · IFRS
FYE Mar 2026	1,763	+5.1%	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 ¥1.20tn

CAGR · 9 yrs +10.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	538	n/a	Cons. · IFRS
FYE Mar 2019	695	+29.3%	Cons. · IFRS
FYE Mar 2020	701	+0.9%	Cons. · IFRS
FYE Mar 2021	512	−26.9%	Cons. · IFRS
FYE Mar 2022	1,150	+124.4%	Cons. · IFRS
FYE Mar 2023	1,107	−3.8%	Cons. · IFRS
FYE Mar 2024	1,096	−1.0%	Cons. · IFRS
FYE Mar 2025	1,155	+5.4%	Cons. · IFRS
FYE Mar 2026	1,199	+3.8%	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 ¥900bn

CAGR · 10 yrs +11.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	352	n/a	Cons. · IFRS
FYE Mar 2018	400	+13.7%	Cons. · IFRS
FYE Mar 2019	501	+25.0%	Cons. · IFRS
FYE Mar 2020	501	+0.2%	Cons. · IFRS
FYE Mar 2021	401	−19.9%	Cons. · IFRS
FYE Mar 2022	820	+104.3%	Cons. · IFRS
FYE Mar 2023	801	−2.4%	Cons. · IFRS
FYE Mar 2024	802	+0.2%	Cons. · IFRS
FYE Mar 2025	880	+9.8%	Cons. · IFRS
FYE Mar 2026	900	+2.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 16.7%

Average · 9 yrs 16.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.0	n/a	Cons. · IFRS
FYE Mar 2019	13.5	−8.5pp	Cons. · IFRS
FYE Mar 2020	16.4	+2.9pp	Cons. · IFRS
FYE Mar 2021	17.2	+0.8pp	Cons. · IFRS
FYE Mar 2022	15.8	−1.4pp	Cons. · IFRS
FYE Mar 2023	15.3	−0.5pp	Cons. · IFRS
FYE Mar 2024	15.9	+0.6pp	Cons. · IFRS
FYE Mar 2025	16.1	+0.2pp	Cons. · IFRS
FYE Mar 2026	16.7	+0.6pp	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 8.1%

Average · 9 yrs 7.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	9.8	n/a	Cons. · IFRS
FYE Mar 2019	6.0	−3.8pp	Cons. · IFRS
FYE Mar 2020	6.4	+0.4pp	Cons. · IFRS
FYE Mar 2021	4.9	−1.4pp	Cons. · IFRS
FYE Mar 2022	9.4	+4.4pp	Cons. · IFRS
FYE Mar 2023	7.9	−1.4pp	Cons. · IFRS
FYE Mar 2024	7.8	−0.1pp	Cons. · IFRS
FYE Mar 2025	7.8	−0.0pp	Cons. · IFRS
FYE Mar 2026	8.1	+0.2pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.1%

Average · 10 yrs 5.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · IFRS
FYE Mar 2018	7.3	−0.0pp	Cons. · IFRS
FYE Mar 2019	4.3	−3.0pp	Cons. · IFRS
FYE Mar 2020	4.6	+0.2pp	Cons. · IFRS
FYE Mar 2021	3.9	−0.7pp	Cons. · IFRS
FYE Mar 2022	6.7	+2.8pp	Cons. · IFRS
FYE Mar 2023	5.7	−0.9pp	Cons. · IFRS
FYE Mar 2024	5.7	−0.0pp	Cons. · IFRS
FYE Mar 2025	6.0	+0.3pp	Cons. · IFRS
FYE Mar 2026	6.1	+0.1pp	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 83.3%

Average · 9 yrs 83.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	78.0	n/a	Cons. · IFRS
FYE Mar 2019	86.5	+8.5pp	Cons. · IFRS
FYE Mar 2020	83.6	−2.9pp	Cons. · IFRS
FYE Mar 2021	82.8	−0.8pp	Cons. · IFRS
FYE Mar 2022	84.2	+1.4pp	Cons. · IFRS
FYE Mar 2023	84.7	+0.5pp	Cons. · IFRS
FYE Mar 2024	84.1	−0.6pp	Cons. · IFRS
FYE Mar 2025	83.9	−0.2pp	Cons. · IFRS
FYE Mar 2026	83.3	−0.6pp	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 11.9%

Average · 9 yrs 11.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.2	n/a	Cons. · IFRS
FYE Mar 2019	10.3	−5.9pp	Cons. · IFRS
FYE Mar 2020	12.6	+2.3pp	Cons. · IFRS
FYE Mar 2021	13.2	+0.6pp	Cons. · IFRS
FYE Mar 2022	11.0	−2.2pp	Cons. · IFRS
FYE Mar 2023	10.2	−0.8pp	Cons. · IFRS
FYE Mar 2024	10.8	+0.7pp	Cons. · IFRS
FYE Mar 2025	11.4	+0.6pp	Cons. · IFRS
FYE Mar 2026	11.9	+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 ¥16.7tn

CAGR · 10 yrs +8.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	8,122	n/a	Cons. · IFRS
FYE Mar 2018	8,664	+6.7%	Cons. · IFRS
FYE Mar 2019	10,099	+16.6%	Cons. · IFRS
FYE Mar 2020	10,920	+8.1%	Cons. · IFRS
FYE Mar 2021	11,178	+2.4%	Cons. · IFRS
FYE Mar 2022	12,154	+8.7%	Cons. · IFRS
FYE Mar 2023	13,115	+7.9%	Cons. · IFRS
FYE Mar 2024	14,490	+10.5%	Cons. · IFRS
FYE Mar 2025	15,134	+4.4%	Cons. · IFRS
FYE Mar 2026	16,733	+10.6%	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 ¥5.99tn

CAGR · 10 yrs +10.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,402	n/a	Cons. · IFRS
FYE Mar 2018	2,355	−2.0%	Cons. · IFRS
FYE Mar 2019	2,184	−7.3%	Cons. · IFRS
FYE Mar 2020	2,151	−1.5%	Cons. · IFRS
FYE Mar 2021	2,762	+28.4%	Cons. · IFRS
FYE Mar 2022	3,635	+31.6%	Cons. · IFRS
FYE Mar 2023	4,179	+15.0%	Cons. · IFRS
FYE Mar 2024	4,862	+16.3%	Cons. · IFRS
FYE Mar 2025	5,219	+7.4%	Cons. · IFRS
FYE Mar 2026	5,992	+14.8%	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 ¥3.67tn

CAGR · 10 yrs +2.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	2,945	n/a	Cons. · IFRS
FYE Mar 2018	2,779	−5.6%	Cons. · IFRS
FYE Mar 2019	2,984	+7.4%	Cons. · IFRS
FYE Mar 2020	2,877	−3.6%	Cons. · IFRS
FYE Mar 2021	3,155	+9.7%	Cons. · IFRS
FYE Mar 2022	2,906	−7.9%	Cons. · IFRS
FYE Mar 2023	3,007	+3.5%	Cons. · IFRS
FYE Mar 2024	3,358	+11.7%	Cons. · IFRS
FYE Mar 2025	3,551	+5.8%	Cons. · IFRS
FYE Mar 2026	3,673	+3.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥747bn

CAGR · 10 yrs +3.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	563	n/a	Cons. · IFRS
FYE Mar 2018	527	−6.4%	Cons. · IFRS
FYE Mar 2019	651	+23.5%	Cons. · IFRS
FYE Mar 2020	684	+5.1%	Cons. · IFRS
FYE Mar 2021	710	+3.8%	Cons. · IFRS
FYE Mar 2022	522	−26.4%	Cons. · IFRS
FYE Mar 2023	660	+26.3%	Cons. · IFRS
FYE Mar 2024	728	+10.3%	Cons. · IFRS
FYE Mar 2025	827	+13.6%	Cons. · IFRS
FYE Mar 2026	747	−9.7%	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 ¥2.93tn

CAGR · 10 yrs +2.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2,382	n/a	Cons. · IFRS
FYE Mar 2018	2,253	−5.4%	Cons. · IFRS
FYE Mar 2019	2,333	+3.6%	Cons. · IFRS
FYE Mar 2020	2,193	−6.0%	Cons. · IFRS
FYE Mar 2021	2,445	+11.5%	Cons. · IFRS
FYE Mar 2022	2,383	−2.5%	Cons. · IFRS
FYE Mar 2023	2,347	−1.5%	Cons. · IFRS
FYE Mar 2024	2,630	+12.0%	Cons. · IFRS
FYE Mar 2025	2,724	+3.6%	Cons. · IFRS
FYE Mar 2026	2,926	+7.4%	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 ¥801bn

CAGR · 10 yrs +14.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	238	n/a	Cons. · IFRS
FYE Mar 2018	233	−1.9%	Cons. · IFRS
FYE Mar 2019	736	+215.6%	Cons. · IFRS
FYE Mar 2020	759	+3.1%	Cons. · IFRS
FYE Mar 2021	729	−4.0%	Cons. · IFRS
FYE Mar 2022	713	−2.2%	Cons. · IFRS
FYE Mar 2023	713	−0.0%	Cons. · IFRS
FYE Mar 2024	744	+4.5%	Cons. · IFRS
FYE Mar 2025	804	+8.0%	Cons. · IFRS
FYE Mar 2026	801	−0.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥428bn

CAGR · 10 yrs +14.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	132	n/a	Cons. · IFRS
FYE Mar 2018	129	−1.8%	Cons. · IFRS
FYE Mar 2019	392	+202.9%	Cons. · IFRS
FYE Mar 2020	404	+3.2%	Cons. · IFRS
FYE Mar 2021	397	−1.8%	Cons. · IFRS
FYE Mar 2022	369	−7.0%	Cons. · IFRS
FYE Mar 2023	367	−0.6%	Cons. · IFRS
FYE Mar 2024	384	+4.7%	Cons. · IFRS
FYE Mar 2025	405	+5.6%	Cons. · IFRS
FYE Mar 2026	428	+5.5%	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 35.8%

Average · 10 yrs 28.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	29.6	n/a	Cons. · IFRS
FYE Mar 2018	27.2	−2.4pp	Cons. · IFRS
FYE Mar 2019	21.6	−5.6pp	Cons. · IFRS
FYE Mar 2020	19.7	−1.9pp	Cons. · IFRS
FYE Mar 2021	24.7	+5.0pp	Cons. · IFRS
FYE Mar 2022	29.9	+5.2pp	Cons. · IFRS
FYE Mar 2023	31.9	+2.0pp	Cons. · IFRS
FYE Mar 2024	33.6	+1.7pp	Cons. · IFRS
FYE Mar 2025	34.5	+0.9pp	Cons. · IFRS
FYE Mar 2026	35.8	+1.3pp	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 61.3%

Average · 10 yrs 97.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	122.6	n/a	Cons. · IFRS
FYE Mar 2018	118.0	−4.6pp	Cons. · IFRS
FYE Mar 2019	136.6	+18.6pp	Cons. · IFRS
FYE Mar 2020	133.7	−2.9pp	Cons. · IFRS
FYE Mar 2021	114.2	−19.5pp	Cons. · IFRS
FYE Mar 2022	79.9	−34.3pp	Cons. · IFRS
FYE Mar 2023	71.9	−8.0pp	Cons. · IFRS
FYE Mar 2024	69.1	−2.9pp	Cons. · IFRS
FYE Mar 2025	68.0	−1.0pp	Cons. · IFRS
FYE Mar 2026	61.3	−6.7pp	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 15.0%

Average · 10 yrs 18.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	14.7	n/a	Cons. · IFRS
FYE Mar 2018	17.0	+2.3pp	Cons. · IFRS
FYE Mar 2019	22.9	+5.9pp	Cons. · IFRS
FYE Mar 2020	23.3	+0.4pp	Cons. · IFRS
FYE Mar 2021	14.5	−8.8pp	Cons. · IFRS
FYE Mar 2022	22.6	+8.0pp	Cons. · IFRS
FYE Mar 2023	19.2	−3.4pp	Cons. · IFRS
FYE Mar 2024	16.5	−2.7pp	Cons. · IFRS
FYE Mar 2025	16.9	+0.4pp	Cons. · IFRS
FYE Mar 2026	15.0	−1.8pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.4%

Average · 10 yrs 5.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · IFRS
FYE Mar 2018	4.6	+0.3pp	Cons. · IFRS
FYE Mar 2019	5.0	+0.3pp	Cons. · IFRS
FYE Mar 2020	4.6	−0.4pp	Cons. · IFRS
FYE Mar 2021	3.6	−1.0pp	Cons. · IFRS
FYE Mar 2022	6.7	+3.2pp	Cons. · IFRS
FYE Mar 2023	6.1	−0.6pp	Cons. · IFRS
FYE Mar 2024	5.5	−0.6pp	Cons. · IFRS
FYE Mar 2025	5.8	+0.3pp	Cons. · IFRS
FYE Mar 2026	5.4	−0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.89×

CAGR · 10 yrs +4.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.60	n/a	Cons. · IFRS
FYE Mar 2018	0.64	+6.8%	Cons. · IFRS
FYE Mar 2019	1.15	+80.6%	Cons. · IFRS
FYE Mar 2020	1.01	−12.4%	Cons. · IFRS
FYE Mar 2021	0.93	−7.8%	Cons. · IFRS
FYE Mar 2022	1.01	+9.1%	Cons. · IFRS
FYE Mar 2023	1.06	+5.1%	Cons. · IFRS
FYE Mar 2024	0.97	−8.9%	Cons. · IFRS
FYE Mar 2025	0.97	+0.5%	Cons. · IFRS
FYE Mar 2026	0.89	−8.9%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥1.13tn

CAGR · 10 yrs +12.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	390	n/a	Cons. · IFRS
FYE Mar 2018	388	−0.4%	Cons. · IFRS
FYE Mar 2019	477	+22.8%	Cons. · IFRS
FYE Mar 2020	878	+84.3%	Cons. · IFRS
FYE Mar 2021	896	+2.0%	Cons. · IFRS
FYE Mar 2022	801	−10.6%	Cons. · IFRS
FYE Mar 2023	938	+17.1%	Cons. · IFRS
FYE Mar 2024	978	+4.3%	Cons. · IFRS
FYE Mar 2025	997	+2.0%	Cons. · IFRS
FYE Mar 2026	1,132	+13.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥389bn

Average · 10 yrs -¥212bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-81.3	n/a	Cons. · IFRS
FYE Mar 2018	-256	n/a	Cons. · IFRS
FYE Mar 2019	201	n/a	Cons. · IFRS
FYE Mar 2020	-249	−223.7%	Cons. · IFRS
FYE Mar 2021	-207	n/a	Cons. · IFRS
FYE Mar 2022	38.6	n/a	Cons. · IFRS
FYE Mar 2023	-454	−1274.5%	Cons. · IFRS
FYE Mar 2024	-206	n/a	Cons. · IFRS
FYE Mar 2025	-516	n/a	Cons. · IFRS
FYE Mar 2026	-389	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 -¥726bn

Average · 10 yrs -¥587bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-335	n/a	Cons. · IFRS
FYE Mar 2018	-296	n/a	Cons. · IFRS
FYE Mar 2019	-538	n/a	Cons. · IFRS
FYE Mar 2020	-575	n/a	Cons. · IFRS
FYE Mar 2021	-729	n/a	Cons. · IFRS
FYE Mar 2022	-847	n/a	Cons. · IFRS
FYE Mar 2023	-500	n/a	Cons. · IFRS
FYE Mar 2024	-801	n/a	Cons. · IFRS
FYE Mar 2025	-525	n/a	Cons. · IFRS
FYE Mar 2026	-726	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 ¥594bn

CAGR · 10 yrs −0.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	606	n/a	Cons. · IFRS
FYE Mar 2018	432	−28.6%	Cons. · IFRS
FYE Mar 2019	572	+32.4%	Cons. · IFRS
FYE Mar 2020	611	+6.9%	Cons. · IFRS
FYE Mar 2021	544	−11.0%	Cons. · IFRS
FYE Mar 2022	612	+12.4%	Cons. · IFRS
FYE Mar 2023	606	−0.9%	Cons. · IFRS
FYE Mar 2024	600	−0.9%	Cons. · IFRS
FYE Mar 2025	550	−8.5%	Cons. · IFRS
FYE Mar 2026	594	+8.0%	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 ¥743bn

CAGR · 10 yrs +10.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	308	n/a	Cons. · IFRS
FYE Mar 2018	132	−57.2%	Cons. · IFRS
FYE Mar 2019	678	+413.9%	Cons. · IFRS
FYE Mar 2020	629	−7.1%	Cons. · IFRS
FYE Mar 2021	689	+9.4%	Cons. · IFRS
FYE Mar 2022	840	+22.0%	Cons. · IFRS
FYE Mar 2023	484	−42.3%	Cons. · IFRS
FYE Mar 2024	772	+59.4%	Cons. · IFRS
FYE Mar 2025	481	−37.7%	Cons. · IFRS
FYE Mar 2026	743	+54.5%	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 7.6%

Average · 10 yrs 7.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · IFRS
FYE Mar 2018	7.0	−1.0pp	Cons. · IFRS
FYE Mar 2019	4.1	−2.9pp	Cons. · IFRS
FYE Mar 2020	8.0	+3.9pp	Cons. · IFRS
FYE Mar 2021	8.6	+0.7pp	Cons. · IFRS
FYE Mar 2022	6.5	−2.1pp	Cons. · IFRS
FYE Mar 2023	6.7	+0.2pp	Cons. · IFRS
FYE Mar 2024	7.0	+0.2pp	Cons. · IFRS
FYE Mar 2025	6.8	−0.2pp	Cons. · IFRS
FYE Mar 2026	7.6	+0.9pp	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 -¥3.08tn

Average · 10 yrs -¥2.55tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-2,339	n/a	Cons. · IFRS
FYE Mar 2018	-2,347	n/a	Cons. · IFRS
FYE Mar 2019	-2,412	n/a	Cons. · IFRS
FYE Mar 2020	-2,266	n/a	Cons. · IFRS
FYE Mar 2021	-2,611	n/a	Cons. · IFRS
FYE Mar 2022	-2,294	n/a	Cons. · IFRS
FYE Mar 2023	-2,401	n/a	Cons. · IFRS
FYE Mar 2024	-2,757	n/a	Cons. · IFRS
FYE Mar 2025	-3,001	n/a	Cons. · IFRS
FYE Mar 2026	-3,079	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 ¥15.7tn

Change · 10 yrs +¥13.0tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,626	n/a
FYE Mar 2018	3,436	n/a
FYE Mar 2019	3,174	n/a
FYE Mar 2020	3,553	n/a
FYE Mar 2021	5,683	n/a
FYE Mar 2022	6,572	n/a
FYE Mar 2023	6,820	n/a
FYE Mar 2024	10,246	n/a
FYE Mar 2025	10,938	n/a
FYE Mar 2026	15,651	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 1,975¥

Change · 10 yrs +396¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,579	n/a
FYE Mar 2018	2,066	n/a
FYE Mar 2019	2,003	n/a
FYE Mar 2020	2,242	n/a
FYE Mar 2021	3,586	n/a
FYE Mar 2022	829	n/a
FYE Mar 2023	861	n/a
FYE Mar 2024	1,293	n/a
FYE Mar 2025	1,380	n/a
FYE Mar 2026	1,975	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 7,924,447,000shares

Change · 10 yrs +6,261,558,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,662,889,000	Parent
FYE Mar 2018	1,662,889,000	Parent
FYE Mar 2019	1,584,889,000	Parent
FYE Mar 2020	1,584,889,000	Parent
FYE Mar 2021	1,584,889,000	Parent
FYE Mar 2022	7,924,447,000	Parent
FYE Mar 2023	7,924,447,000	Parent
FYE Mar 2024	7,924,447,000	Parent
FYE Mar 2025	7,924,447,000	Parent
FYE Mar 2026	7,924,447,000	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 128.00¥

Change · 10 yrs −95.67¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	223.67	Cons.
FYE Mar 2018	257.94	Cons.
FYE Mar 2019	324.07	Cons.
FYE Mar 2020	335.58	Cons.
FYE Mar 2021	269.83	Cons.
FYE Mar 2022	110.57	Cons.
FYE Mar 2023	109.22	Cons.
FYE Mar 2024	110.60	Cons.
FYE Mar 2025	123.13	Cons.
FYE Mar 2026	128.00	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 756.10¥

Change · 10 yrs −688.31¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,444.41	Cons. · IFRS
FYE Mar 2018	1,415.98	Cons. · IFRS
FYE Mar 2019	1,377.83	Cons. · IFRS
FYE Mar 2020	1,357.38	Cons. · IFRS
FYE Mar 2021	1,742.91	Cons. · IFRS
FYE Mar 2022	458.70	Cons. · IFRS
FYE Mar 2023	527.37	Cons. · IFRS
FYE Mar 2024	613.52	Cons. · IFRS
FYE Mar 2025	658.65	Cons. · IFRS
FYE Mar 2026	756.10	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.43×

Average · 10 yrs 9.49×

Fiscal year	PER ×	Basis
FYE Mar 2017	7.06	Cons.
FYE Mar 2018	8.01	Cons.
FYE Mar 2019	6.18	Cons.
FYE Mar 2020	6.68	Cons.
FYE Mar 2021	13.29	Cons.
FYE Mar 2022	7.50	Cons.
FYE Mar 2023	7.88	Cons.
FYE Mar 2024	11.69	Cons.
FYE Mar 2025	11.21	Cons.
FYE Mar 2026	15.43	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 2.09×

Average · 10 yrs 1.43×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.03	Cons.
FYE Mar 2018	1.20	Cons.
FYE Mar 2019	1.04	Cons.
FYE Mar 2020	1.12	Cons.
FYE Mar 2021	1.61	Cons.
FYE Mar 2022	1.45	Cons.
FYE Mar 2023	1.30	Cons.
FYE Mar 2024	1.71	Cons.
FYE Mar 2025	1.70	Cons.
FYE Mar 2026	2.09	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 114,570people

Change · 10 yrs +18,626 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	95,944	n/a	Cons.
FYE Mar 2018	102,086	+6.4%	Cons.
FYE Mar 2019	119,796	+17.3%	Cons.
FYE Mar 2020	128,146	+7.0%	Cons.
FYE Mar 2021	125,944	−1.7%	Cons.
FYE Mar 2022	115,124	−8.6%	Cons.
FYE Mar 2023	110,698	−3.8%	Cons.
FYE Mar 2024	113,733	+2.7%	Cons.
FYE Mar 2025	115,089	+1.2%	Cons.
FYE Mar 2026	114,570	−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 4,125people

Change · 10 yrs −160 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,285	n/a	Parent
FYE Mar 2018	4,285	−0.0%	Parent
FYE Mar 2019	4,285	−0.0%	Parent
FYE Mar 2020	4,261	−0.6%	Parent
FYE Mar 2021	4,215	−1.1%	Parent
FYE Mar 2022	4,170	−1.1%	Parent
FYE Mar 2023	4,112	−1.4%	Parent
FYE Mar 2024	4,098	−0.3%	Parent
FYE Mar 2025	4,114	+0.4%	Parent
FYE Mar 2026	4,125	+0.3%	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 Mar 2026 ¥19.9m

Change · 10 yrs +¥6.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	13.8	n/a	Parent
FYE Mar 2018	14.6	+5.6%	Parent
FYE Mar 2019	15.2	+4.1%	Parent
FYE Mar 2020	15.7	+3.0%	Parent
FYE Mar 2021	16.3	+4.0%	Parent
FYE Mar 2022	15.8	−3.0%	Parent
FYE Mar 2023	17.3	+9.5%	Parent
FYE Mar 2024	17.5	+1.4%	Parent
FYE Mar 2025	18.0	+2.9%	Parent
FYE Mar 2026	19.9	+10.3%	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 42.0years

Change · 8 yrs +0.3 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	41.7	n/a	Parent
FYE Mar 2020	41.9	+0.5%	Parent
FYE Mar 2021	42.0	+0.2%	Parent
FYE Mar 2022	42.2	+0.5%	Parent
FYE Mar 2023	42.4	+0.5%	Parent
FYE Mar 2024	42.3	−0.2%	Parent
FYE Mar 2025	42.2	−0.2%	Parent
FYE Mar 2026	42.0	−0.5%	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 17.0years

Change · 10 yrs +0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.9	n/a	Parent
FYE Mar 2018	17.3	+2.4%	Parent
FYE Mar 2019	17.0	−1.7%	Parent
FYE Mar 2020	17.0	−0.0%	Parent
FYE Mar 2021	17.0	−0.0%	Parent
FYE Mar 2022	18.0	+5.9%	Parent
FYE Mar 2023	18.0	−0.0%	Parent
FYE Mar 2024	18.0	−0.0%	Parent
FYE Mar 2025	18.0	−0.0%	Parent
FYE Mar 2026	17.0	−5.6%	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 45,459people

Change · 10 yrs +16,934 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	28,525	n/a	n/a
FYE Mar 2018	29,976	+5.1%	n/a
FYE Mar 2019	38,721	+29.2%	n/a
FYE Mar 2020	46,567	+20.3%	n/a
FYE Mar 2021	45,885	−1.5%	n/a
FYE Mar 2022	43,195	−5.9%	n/a
FYE Mar 2023	44,705	+3.5%	n/a
FYE Mar 2024	45,234	+1.2%	n/a
FYE Mar 2025	46,080	+1.9%	n/a
FYE Mar 2026	45,459	−1.3%	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 ¥129m

Change · 10 yrs +¥79.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	50.4	n/a	Cons.
FYE Mar 2018	54.0	+7.0%	Cons.
FYE Mar 2019	96.8	+79.4%	Cons.
FYE Mar 2020	85.7	−11.5%	Cons.
FYE Mar 2021	82.3	−4.0%	Cons.
FYE Mar 2022	107	+29.8%	Cons.
FYE Mar 2023	126	+18.0%	Cons.
FYE Mar 2024	123	−2.1%	Cons.
FYE Mar 2025	128	+3.7%	Cons.
FYE Mar 2026	129	+1.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥10.5m

Change · 9 yrs +¥5.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	5.3	n/a	Cons.
FYE Mar 2019	5.8	+10.2%	Cons.
FYE Mar 2020	5.5	−5.7%	Cons.
FYE Mar 2021	4.1	−25.7%	Cons.
FYE Mar 2022	10.0	+145.5%	Cons.
FYE Mar 2023	10.0	+0.1%	Cons.
FYE Mar 2024	9.6	−3.6%	Cons.
FYE Mar 2025	10.0	+4.2%	Cons.
FYE Mar 2026	10.5	+4.3%	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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