Financials

Mitsubishi Corporation: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥18.9tnYoY +1.6%

FYE Mar 2026 · Operating profit¥1.10tnYoY −21.3%

FYE Mar 2026 · Net profit¥800bnYoY −15.8%

FYE Mar 2026 · Equity ratio35.7%YoY −4.2pp

FYE Mar 2026 · Group employees63,037YoY +975

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥6.43tn	n/a	n/a	n/a	n/a	¥440bn	Kobayashi Ken	AAS impairment tips the group to its first net loss
FYE Mar 2018Consolidated	¥7.57tn	+17.8%	¥813bn	n/a	10.7%	¥560bn	Kakiuchi Takehiko	—
FYE Mar 2019Consolidated	¥16.1tn	+112.8%	¥852bn	+4.8%	5.3%	¥591bn	Kakiuchi Takehiko	—
FYE Mar 2020Consolidated	¥14.8tn	−8.2%	¥649bn	−23.8%	4.4%	¥535bn	Kakiuchi Takehiko	—
FYE Mar 2021Consolidated	¥12.9tn	−12.8%	¥254bn	−60.9%	2.0%	¥173bn	Kakiuchi Takehiko	Buys Eneco, a Dutch renewables firm
FYE Mar 2022Consolidated	¥17.3tn	+34.0%	¥1.29tn	+410.1%	7.5%	¥938bn	Kakiuchi Takehiko	—
FYE Mar 2023Consolidated	¥21.6tn	+24.9%	¥1.68tn	+30.0%	7.8%	¥1.18tn	Kakiuchi Takehiko	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥19.6tn	−9.3%	¥1.36tn	−18.9%	7.0%	¥964bn	Nakanishi Katsuya	—
FYE Mar 2025Consolidated	¥18.6tn	−4.9%	¥1.39tn	+2.3%	7.5%	¥951bn	Nakanishi Katsuya	Portfolio rotation begins in earnest (sells Japan KFC)
FYE Mar 2026Consolidated	¥18.9tn	+1.6%	¥1.10tn	−21.3%	5.8%	¥800bn	Nakanishi Katsuya	“Corporate Strategy 2027”; a ¥1tn share buyback

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 Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥18.9tn

CAGR · 10 yrs +12.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	6,426	n/a	Cons. · IFRS
FYE Mar 2018	7,567	+17.8%	Cons. · IFRS
FYE Mar 2019	16,104	+112.8%	Cons. · IFRS
FYE Mar 2020	14,780	−8.2%	Cons. · IFRS
FYE Mar 2021	12,885	−12.8%	Cons. · IFRS
FYE Mar 2022	17,265	+34.0%	Cons. · IFRS
FYE Mar 2023	21,572	+24.9%	Cons. · IFRS
FYE Mar 2024	19,568	−9.3%	Cons. · IFRS
FYE Mar 2025	18,618	−4.9%	Cons. · IFRS
FYE Mar 2026	18,916	+1.6%	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 ¥17.3tn

CAGR · 9 yrs +14.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	5,681	n/a	Cons. · IFRS
FYE Mar 2019	14,116	+148.5%	Cons. · IFRS
FYE Mar 2020	12,991	−8.0%	Cons. · IFRS
FYE Mar 2021	11,279	−13.2%	Cons. · IFRS
FYE Mar 2022	15,114	+34.0%	Cons. · IFRS
FYE Mar 2023	19,012	+25.8%	Cons. · IFRS
FYE Mar 2024	17,208	−9.5%	Cons. · IFRS
FYE Mar 2025	16,781	−2.5%	Cons. · IFRS
FYE Mar 2026	17,261	+2.9%	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 ¥1.66tn

CAGR · 9 yrs −1.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,887	n/a	Cons. · IFRS
FYE Mar 2019	1,988	+5.4%	Cons. · IFRS
FYE Mar 2020	1,789	−10.0%	Cons. · IFRS
FYE Mar 2021	1,605	−10.3%	Cons. · IFRS
FYE Mar 2022	2,151	+34.0%	Cons. · IFRS
FYE Mar 2023	2,560	+19.0%	Cons. · IFRS
FYE Mar 2024	2,360	−7.8%	Cons. · IFRS
FYE Mar 2025	1,836	−22.2%	Cons. · IFRS
FYE Mar 2026	1,655	−9.9%	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 ¥1.24tn

CAGR · 9 yrs −1.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,387	n/a	Cons. · IFRS
FYE Mar 2019	1,403	+1.2%	Cons. · IFRS
FYE Mar 2020	1,431	+2.0%	Cons. · IFRS
FYE Mar 2021	1,398	−2.3%	Cons. · IFRS
FYE Mar 2022	1,432	+2.5%	Cons. · IFRS
FYE Mar 2023	1,608	+12.3%	Cons. · IFRS
FYE Mar 2024	1,692	+5.3%	Cons. · IFRS
FYE Mar 2025	1,465	−13.4%	Cons. · IFRS
FYE Mar 2026	1,236	−15.6%	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 ¥1.10tn

CAGR · 9 yrs +3.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	813	n/a	Cons. · IFRS
FYE Mar 2019	852	+4.8%	Cons. · IFRS
FYE Mar 2020	649	−23.8%	Cons. · IFRS
FYE Mar 2021	254	−60.9%	Cons. · IFRS
FYE Mar 2022	1,293	+410.1%	Cons. · IFRS
FYE Mar 2023	1,681	+30.0%	Cons. · IFRS
FYE Mar 2024	1,363	−18.9%	Cons. · IFRS
FYE Mar 2025	1,393	+2.3%	Cons. · IFRS
FYE Mar 2026	1,096	−21.3%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥327bn

CAGR · 9 yrs +7.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	179	n/a	Cons. · IFRS
FYE Mar 2019	199	+11.1%	Cons. · IFRS
FYE Mar 2020	173	−12.9%	Cons. · IFRS
FYE Mar 2021	118	−32.0%	Cons. · IFRS
FYE Mar 2022	187	+58.3%	Cons. · IFRS
FYE Mar 2023	204	+9.2%	Cons. · IFRS
FYE Mar 2024	305	+50.0%	Cons. · IFRS
FYE Mar 2025	343	+12.2%	Cons. · IFRS
FYE Mar 2026	327	−4.6%	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 ¥178bn

CAGR · 9 yrs +16.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	52.3	n/a	Cons. · IFRS
FYE Mar 2019	69.1	+32.3%	Cons. · IFRS
FYE Mar 2020	70.0	+1.3%	Cons. · IFRS
FYE Mar 2021	46.3	−33.9%	Cons. · IFRS
FYE Mar 2022	46.7	+0.8%	Cons. · IFRS
FYE Mar 2023	115	+147.2%	Cons. · IFRS
FYE Mar 2024	191	+65.7%	Cons. · IFRS
FYE Mar 2025	171	−10.7%	Cons. · IFRS
FYE Mar 2026	178	+4.6%	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 ¥800bn

CAGR · 10 yrs +6.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	440	n/a	Cons. · IFRS
FYE Mar 2018	560	+27.2%	Cons. · IFRS
FYE Mar 2019	591	+5.5%	Cons. · IFRS
FYE Mar 2020	535	−9.4%	Cons. · IFRS
FYE Mar 2021	173	−67.8%	Cons. · IFRS
FYE Mar 2022	938	+443.3%	Cons. · IFRS
FYE Mar 2023	1,181	+25.9%	Cons. · IFRS
FYE Mar 2024	964	−18.4%	Cons. · IFRS
FYE Mar 2025	951	−1.4%	Cons. · IFRS
FYE Mar 2026	800	−15.8%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 8.7%

Average · 9 yrs 13.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	24.9	n/a	Cons. · IFRS
FYE Mar 2019	12.3	−12.6pp	Cons. · IFRS
FYE Mar 2020	12.1	−0.2pp	Cons. · IFRS
FYE Mar 2021	12.5	+0.4pp	Cons. · IFRS
FYE Mar 2022	12.5	−0.0pp	Cons. · IFRS
FYE Mar 2023	11.9	−0.6pp	Cons. · IFRS
FYE Mar 2024	12.1	+0.2pp	Cons. · IFRS
FYE Mar 2025	9.9	−2.2pp	Cons. · IFRS
FYE Mar 2026	8.7	−1.1pp	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 5.8%

Average · 9 yrs 6.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	10.7	n/a	Cons. · IFRS
FYE Mar 2019	5.3	−5.5pp	Cons. · IFRS
FYE Mar 2020	4.4	−0.9pp	Cons. · IFRS
FYE Mar 2021	2.0	−2.4pp	Cons. · IFRS
FYE Mar 2022	7.5	+5.5pp	Cons. · IFRS
FYE Mar 2023	7.8	+0.3pp	Cons. · IFRS
FYE Mar 2024	7.0	−0.8pp	Cons. · IFRS
FYE Mar 2025	7.5	+0.5pp	Cons. · IFRS
FYE Mar 2026	5.8	−1.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 4.2%

Average · 10 yrs 4.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · IFRS
FYE Mar 2018	7.4	+0.6pp	Cons. · IFRS
FYE Mar 2019	3.7	−3.7pp	Cons. · IFRS
FYE Mar 2020	3.6	−0.0pp	Cons. · IFRS
FYE Mar 2021	1.3	−2.3pp	Cons. · IFRS
FYE Mar 2022	5.4	+4.1pp	Cons. · IFRS
FYE Mar 2023	5.5	−0.0pp	Cons. · IFRS
FYE Mar 2024	4.9	−0.5pp	Cons. · IFRS
FYE Mar 2025	5.1	+0.2pp	Cons. · IFRS
FYE Mar 2026	4.2	−0.9pp	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 91.3%

Average · 9 yrs 87.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	75.1	n/a	Cons. · IFRS
FYE Mar 2019	87.7	+12.6pp	Cons. · IFRS
FYE Mar 2020	87.9	+0.2pp	Cons. · IFRS
FYE Mar 2021	87.5	−0.4pp	Cons. · IFRS
FYE Mar 2022	87.5	−0.0pp	Cons. · IFRS
FYE Mar 2023	88.1	+0.6pp	Cons. · IFRS
FYE Mar 2024	87.9	−0.2pp	Cons. · IFRS
FYE Mar 2025	90.1	+2.2pp	Cons. · IFRS
FYE Mar 2026	91.3	+1.1pp	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 6.5%

Average · 9 yrs 9.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	18.3	n/a	Cons. · IFRS
FYE Mar 2019	8.7	−9.6pp	Cons. · IFRS
FYE Mar 2020	9.7	+1.0pp	Cons. · IFRS
FYE Mar 2021	10.8	+1.2pp	Cons. · IFRS
FYE Mar 2022	8.3	−2.6pp	Cons. · IFRS
FYE Mar 2023	7.5	−0.8pp	Cons. · IFRS
FYE Mar 2024	8.6	+1.2pp	Cons. · IFRS
FYE Mar 2025	7.9	−0.8pp	Cons. · IFRS
FYE Mar 2026	6.5	−1.3pp	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 ¥24.2tn

CAGR · 10 yrs +4.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	15,754	n/a	Cons. · IFRS
FYE Mar 2018	16,037	+1.8%	Cons. · IFRS
FYE Mar 2019	16,533	+3.1%	Cons. · IFRS
FYE Mar 2020	18,033	+9.1%	Cons. · IFRS
FYE Mar 2021	18,635	+3.3%	Cons. · IFRS
FYE Mar 2022	21,912	+17.6%	Cons. · IFRS
FYE Mar 2023	22,148	+1.1%	Cons. · IFRS
FYE Mar 2024	23,460	+5.9%	Cons. · IFRS
FYE Mar 2025	21,496	−8.4%	Cons. · IFRS
FYE Mar 2026	24,152	+12.4%	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 ¥8.63tn

CAGR · 10 yrs +6.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	4,917	n/a	Cons. · IFRS
FYE Mar 2018	4,400	−10.5%	Cons. · IFRS
FYE Mar 2019	4,756	+8.1%	Cons. · IFRS
FYE Mar 2020	4,238	−10.9%	Cons. · IFRS
FYE Mar 2021	4,689	+10.6%	Cons. · IFRS
FYE Mar 2022	5,903	+25.9%	Cons. · IFRS
FYE Mar 2023	7,012	+18.8%	Cons. · IFRS
FYE Mar 2024	7,993	+14.0%	Cons. · IFRS
FYE Mar 2025	8,583	+7.4%	Cons. · IFRS
FYE Mar 2026	8,631	+0.6%	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 ¥5.75tn

CAGR · 10 yrs +0.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	5,384	n/a	Cons. · IFRS
FYE Mar 2018	4,954	−8.0%	Cons. · IFRS
FYE Mar 2019	5,092	+2.8%	Cons. · IFRS
FYE Mar 2020	5,760	+13.1%	Cons. · IFRS
FYE Mar 2021	5,644	−2.0%	Cons. · IFRS
FYE Mar 2022	5,643	−0.0%	Cons. · IFRS
FYE Mar 2023	4,890	−13.3%	Cons. · IFRS
FYE Mar 2024	5,128	+4.9%	Cons. · IFRS
FYE Mar 2025	4,617	−10.0%	Cons. · IFRS
FYE Mar 2026	5,747	+24.5%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥1.61tn

CAGR · 10 yrs +2.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,248	n/a	Cons. · IFRS
FYE Mar 2018	1,270	+1.7%	Cons. · IFRS
FYE Mar 2019	1,523	+20.0%	Cons. · IFRS
FYE Mar 2020	1,473	−3.3%	Cons. · IFRS
FYE Mar 2021	1,263	−14.3%	Cons. · IFRS
FYE Mar 2022	1,603	+27.0%	Cons. · IFRS
FYE Mar 2023	1,396	−12.9%	Cons. · IFRS
FYE Mar 2024	1,734	+24.2%	Cons. · IFRS
FYE Mar 2025	1,338	−22.8%	Cons. · IFRS
FYE Mar 2026	1,611	+20.4%	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 ¥4.14tn

CAGR · 10 yrs +0.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4,136	n/a	Cons. · IFRS
FYE Mar 2018	3,685	−10.9%	Cons. · IFRS
FYE Mar 2019	3,569	−3.1%	Cons. · IFRS
FYE Mar 2020	4,287	+20.1%	Cons. · IFRS
FYE Mar 2021	4,382	+2.2%	Cons. · IFRS
FYE Mar 2022	4,040	−7.8%	Cons. · IFRS
FYE Mar 2023	3,494	−13.5%	Cons. · IFRS
FYE Mar 2024	3,394	−2.9%	Cons. · IFRS
FYE Mar 2025	3,279	−3.4%	Cons. · IFRS
FYE Mar 2026	4,136	+26.1%	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 ¥576bn

CAGR · 10 yrs −6.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	1,010	n/a	Cons. · IFRS
FYE Mar 2018	615	−39.2%	Cons. · IFRS
FYE Mar 2019	632	+2.8%	Cons. · IFRS
FYE Mar 2020	832	+31.8%	Cons. · IFRS
FYE Mar 2021	816	−1.9%	Cons. · IFRS
FYE Mar 2022	768	−5.9%	Cons. · IFRS
FYE Mar 2023	748	−2.6%	Cons. · IFRS
FYE Mar 2024	446	−40.3%	Cons. · IFRS
FYE Mar 2025	461	+3.3%	Cons. · IFRS
FYE Mar 2026	576	+24.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥337bn

CAGR · 9 yrs −1.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	389	n/a	Cons. · IFRS
FYE Mar 2019	404	+4.0%	Cons. · IFRS
FYE Mar 2020	563	+39.2%	Cons. · IFRS
FYE Mar 2021	432	−23.2%	Cons. · IFRS
FYE Mar 2022	454	+4.9%	Cons. · IFRS
FYE Mar 2023	460	+1.3%	Cons. · IFRS
FYE Mar 2024	296	−35.5%	Cons. · IFRS
FYE Mar 2025	298	+0.4%	Cons. · IFRS
FYE Mar 2026	337	+13.3%	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 35.7%

Average · 10 yrs 30.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	31.2	n/a	Cons. · IFRS
FYE Mar 2018	27.4	−3.8pp	Cons. · IFRS
FYE Mar 2019	28.8	+1.3pp	Cons. · IFRS
FYE Mar 2020	23.5	−5.3pp	Cons. · IFRS
FYE Mar 2021	25.2	+1.7pp	Cons. · IFRS
FYE Mar 2022	26.9	+1.8pp	Cons. · IFRS
FYE Mar 2023	31.7	+4.7pp	Cons. · IFRS
FYE Mar 2024	34.1	+2.4pp	Cons. · IFRS
FYE Mar 2025	39.9	+5.9pp	Cons. · IFRS
FYE Mar 2026	35.7	−4.2pp	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 66.6%

Average · 10 yrs 93.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	109.5	n/a	Cons. · IFRS
FYE Mar 2018	112.6	+3.1pp	Cons. · IFRS
FYE Mar 2019	107.1	−5.5pp	Cons. · IFRS
FYE Mar 2020	135.9	+28.8pp	Cons. · IFRS
FYE Mar 2021	120.4	−15.5pp	Cons. · IFRS
FYE Mar 2022	95.6	−24.8pp	Cons. · IFRS
FYE Mar 2023	69.7	−25.9pp	Cons. · IFRS
FYE Mar 2024	64.2	−5.6pp	Cons. · IFRS
FYE Mar 2025	53.8	−10.4pp	Cons. · IFRS
FYE Mar 2026	66.6	+12.8pp	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 9.3%

Average · 10 yrs 11.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · IFRS
FYE Mar 2018	12.7	+3.8pp	Cons. · IFRS
FYE Mar 2019	12.4	−0.3pp	Cons. · IFRS
FYE Mar 2020	12.6	+0.2pp	Cons. · IFRS
FYE Mar 2021	3.7	−9.0pp	Cons. · IFRS
FYE Mar 2022	15.9	+12.2pp	Cons. · IFRS
FYE Mar 2023	16.8	+1.0pp	Cons. · IFRS
FYE Mar 2024	12.1	−4.8pp	Cons. · IFRS
FYE Mar 2025	11.1	−1.0pp	Cons. · IFRS
FYE Mar 2026	9.3	−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 3.3%

Average · 10 yrs 3.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · IFRS
FYE Mar 2018	3.5	+0.7pp	Cons. · IFRS
FYE Mar 2019	3.6	+0.1pp	Cons. · IFRS
FYE Mar 2020	3.0	−0.6pp	Cons. · IFRS
FYE Mar 2021	0.9	−2.0pp	Cons. · IFRS
FYE Mar 2022	4.3	+3.4pp	Cons. · IFRS
FYE Mar 2023	5.3	+1.1pp	Cons. · IFRS
FYE Mar 2024	4.1	−1.2pp	Cons. · IFRS
FYE Mar 2025	4.4	+0.3pp	Cons. · IFRS
FYE Mar 2026	3.3	−1.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.78×

CAGR · 10 yrs +7.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.41	n/a	Cons. · IFRS
FYE Mar 2018	0.47	+15.7%	Cons. · IFRS
FYE Mar 2019	0.97	+106.4%	Cons. · IFRS
FYE Mar 2020	0.82	−15.9%	Cons. · IFRS
FYE Mar 2021	0.69	−15.6%	Cons. · IFRS
FYE Mar 2022	0.79	+14.0%	Cons. · IFRS
FYE Mar 2023	0.97	+23.6%	Cons. · IFRS
FYE Mar 2024	0.83	−14.4%	Cons. · IFRS
FYE Mar 2025	0.87	+3.8%	Cons. · IFRS
FYE Mar 2026	0.78	−9.6%	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 ¥1.49tn

CAGR · 10 yrs +11.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	583	n/a	Cons. · IFRS
FYE Mar 2018	742	+27.4%	Cons. · IFRS
FYE Mar 2019	653	−12.1%	Cons. · IFRS
FYE Mar 2020	850	+30.2%	Cons. · IFRS
FYE Mar 2021	1,018	+19.8%	Cons. · IFRS
FYE Mar 2022	1,056	+3.8%	Cons. · IFRS
FYE Mar 2023	1,930	+82.8%	Cons. · IFRS
FYE Mar 2024	1,347	−30.2%	Cons. · IFRS
FYE Mar 2025	1,658	+23.1%	Cons. · IFRS
FYE Mar 2026	1,490	−10.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥449bn

Average · 10 yrs -¥290bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-180	n/a	Cons. · IFRS
FYE Mar 2018	-318	n/a	Cons. · IFRS
FYE Mar 2019	-274	n/a	Cons. · IFRS
FYE Mar 2020	-501	n/a	Cons. · IFRS
FYE Mar 2021	-357	n/a	Cons. · IFRS
FYE Mar 2022	-168	n/a	Cons. · IFRS
FYE Mar 2023	-177	n/a	Cons. · IFRS
FYE Mar 2024	-206	n/a	Cons. · IFRS
FYE Mar 2025	-274	n/a	Cons. · IFRS
FYE Mar 2026	-449	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 -¥805bn

Average · 10 yrs -¥826bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-752	n/a	Cons. · IFRS
FYE Mar 2018	-554	n/a	Cons. · IFRS
FYE Mar 2019	-227	n/a	Cons. · IFRS
FYE Mar 2020	-157	n/a	Cons. · IFRS
FYE Mar 2021	-691	n/a	Cons. · IFRS
FYE Mar 2022	-693	n/a	Cons. · IFRS
FYE Mar 2023	-1,767	n/a	Cons. · IFRS
FYE Mar 2024	-1,086	n/a	Cons. · IFRS
FYE Mar 2025	-1,531	n/a	Cons. · IFRS
FYE Mar 2026	-805	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥1.84tn

CAGR · 10 yrs +5.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	1,146	n/a	Cons. · IFRS
FYE Mar 2018	1,005	−12.2%	Cons. · IFRS
FYE Mar 2019	1,161	+15.4%	Cons. · IFRS
FYE Mar 2020	1,323	+14.0%	Cons. · IFRS
FYE Mar 2021	1,318	−0.4%	Cons. · IFRS
FYE Mar 2022	1,556	+18.0%	Cons. · IFRS
FYE Mar 2023	1,557	+0.1%	Cons. · IFRS
FYE Mar 2024	1,252	−19.6%	Cons. · IFRS
FYE Mar 2025	1,537	+22.8%	Cons. · IFRS
FYE Mar 2026	1,841	+19.8%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥1.04tn

CAGR · 10 yrs +11.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	403	n/a	Cons. · IFRS
FYE Mar 2018	425	+5.3%	Cons. · IFRS
FYE Mar 2019	379	−10.8%	Cons. · IFRS
FYE Mar 2020	349	−7.9%	Cons. · IFRS
FYE Mar 2021	660	+89.2%	Cons. · IFRS
FYE Mar 2022	888	+34.5%	Cons. · IFRS
FYE Mar 2023	1,753	+97.3%	Cons. · IFRS
FYE Mar 2024	1,142	−34.9%	Cons. · IFRS
FYE Mar 2025	1,384	+21.3%	Cons. · IFRS
FYE Mar 2026	1,041	−24.8%	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 7.9%

Average · 10 yrs 7.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.1	n/a	Cons. · IFRS
FYE Mar 2018	9.8	+0.7pp	Cons. · IFRS
FYE Mar 2019	4.1	−5.8pp	Cons. · IFRS
FYE Mar 2020	5.7	+1.7pp	Cons. · IFRS
FYE Mar 2021	7.9	+2.1pp	Cons. · IFRS
FYE Mar 2022	6.1	−1.8pp	Cons. · IFRS
FYE Mar 2023	8.9	+2.8pp	Cons. · IFRS
FYE Mar 2024	6.9	−2.1pp	Cons. · IFRS
FYE Mar 2025	8.9	+2.0pp	Cons. · IFRS
FYE Mar 2026	7.9	−1.0pp	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 -¥3.91tn

Average · 10 yrs -¥3.92tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-4,238	n/a	Cons. · IFRS
FYE Mar 2018	-3,949	n/a	Cons. · IFRS
FYE Mar 2019	-3,932	n/a	Cons. · IFRS
FYE Mar 2020	-4,437	n/a	Cons. · IFRS
FYE Mar 2021	-4,326	n/a	Cons. · IFRS
FYE Mar 2022	-4,088	n/a	Cons. · IFRS
FYE Mar 2023	-3,333	n/a	Cons. · IFRS
FYE Mar 2024	-3,876	n/a	Cons. · IFRS
FYE Mar 2025	-3,080	n/a	Cons. · IFRS
FYE Mar 2026	-3,905	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 ¥21.4tn

Change · 10 yrs +¥17.6tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,825	n/a
FYE Mar 2018	4,550	n/a
FYE Mar 2019	4,885	n/a
FYE Mar 2020	3,646	n/a
FYE Mar 2021	4,649	n/a
FYE Mar 2022	6,831	n/a
FYE Mar 2023	6,928	n/a
FYE Mar 2024	14,568	n/a
FYE Mar 2025	10,561	n/a
FYE Mar 2026	21,423	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 5,317¥

Change · 10 yrs +2,912¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,406	n/a
FYE Mar 2018	2,861	n/a
FYE Mar 2019	3,072	n/a
FYE Mar 2020	764	n/a
FYE Mar 2021	1,043	n/a
FYE Mar 2022	1,533	n/a
FYE Mar 2023	1,583	n/a
FYE Mar 2024	3,486	n/a
FYE Mar 2025	2,626	n/a
FYE Mar 2026	5,317	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 4,028,926,000shares

Change · 10 yrs +2,438,850,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,590,076,000	Parent
FYE Mar 2018	1,590,076,000	Parent
FYE Mar 2019	1,590,076,000	Parent
FYE Mar 2020	4,770,228,000	Parent
FYE Mar 2021	4,457,169,000	Parent
FYE Mar 2022	4,457,169,000	Parent
FYE Mar 2023	4,374,906,000	Parent
FYE Mar 2024	4,179,018,000	Parent
FYE Mar 2025	4,022,391,000	Parent
FYE Mar 2026	4,028,926,000	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 210.92¥

Change · 10 yrs −66.87¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	277.79	Cons.
FYE Mar 2018	353.27	Cons.
FYE Mar 2019	372.39	Cons.
FYE Mar 2020	116.17	Cons.
FYE Mar 2021	38.95	Cons.
FYE Mar 2022	211.69	Cons.
FYE Mar 2023	269.76	Cons.
FYE Mar 2024	230.10	Cons.
FYE Mar 2025	236.97	Cons.
FYE Mar 2026	210.92	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 2,142.15¥

Change · 10 yrs −950.31¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,092.46	Cons. · IFRS
FYE Mar 2018	2,766.94	Cons. · IFRS
FYE Mar 2019	2,990.78	Cons. · IFRS
FYE Mar 2020	888.39	Cons. · IFRS
FYE Mar 2021	1,051.99	Cons. · IFRS
FYE Mar 2022	1,324.45	Cons. · IFRS
FYE Mar 2023	1,602.83	Cons. · IFRS
FYE Mar 2024	1,912.63	Cons. · IFRS
FYE Mar 2025	2,133.83	Cons. · IFRS
FYE Mar 2026	2,142.15	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 25.21×

Average · 10 yrs 12.29×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.66	Cons.
FYE Mar 2018	8.10	Cons.
FYE Mar 2019	8.25	Cons.
FYE Mar 2020	6.58	Cons.
FYE Mar 2021	26.78	Cons.
FYE Mar 2022	7.24	Cons.
FYE Mar 2023	5.87	Cons.
FYE Mar 2024	15.15	Cons.
FYE Mar 2025	11.08	Cons.
FYE Mar 2026	25.21	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 2.06×

Average · 10 yrs 1.05×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.78	Cons.
FYE Mar 2018	0.85	Cons.
FYE Mar 2019	0.86	Cons.
FYE Mar 2020	0.65	Cons.
FYE Mar 2021	0.82	Cons.
FYE Mar 2022	0.99	Cons.
FYE Mar 2023	0.84	Cons.
FYE Mar 2024	1.58	Cons.
FYE Mar 2025	1.11	Cons.
FYE Mar 2026	2.06	Cons.

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

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

Group employees

FYE Mar 2026 63,037people

Change · 10 yrs −14,127 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	77,164	n/a	Cons.
FYE Mar 2018	77,476	+0.4%	Cons.
FYE Mar 2019	79,994	+3.3%	Cons.
FYE Mar 2020	86,098	+7.6%	Cons.
FYE Mar 2021	82,997	−3.6%	Cons.
FYE Mar 2022	80,728	−2.7%	Cons.
FYE Mar 2023	79,706	−1.3%	Cons.
FYE Mar 2024	80,037	+0.4%	Cons.
FYE Mar 2025	62,062	−22.5%	Cons.
FYE Mar 2026	63,037	+1.6%	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 4,456people

Change · 10 yrs −761 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,217	n/a	Parent
FYE Mar 2018	5,020	−3.8%	Parent
FYE Mar 2019	4,826	−3.9%	Parent
FYE Mar 2020	4,629	−4.1%	Parent
FYE Mar 2021	4,499	−2.8%	Parent
FYE Mar 2022	4,390	−2.4%	Parent
FYE Mar 2023	4,388	−0.0%	Parent
FYE Mar 2024	4,400	+0.3%	Parent
FYE Mar 2025	4,477	+1.8%	Parent
FYE Mar 2026	4,456	−0.5%	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 ¥21.1m

Change · 10 yrs +¥7.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	13.9	n/a	Parent
FYE Mar 2018	15.4	+11.2%	Parent
FYE Mar 2019	16.1	+4.3%	Parent
FYE Mar 2020	16.3	+1.5%	Parent
FYE Mar 2021	16.8	+2.8%	Parent
FYE Mar 2022	15.6	−7.1%	Parent
FYE Mar 2023	19.4	+24.4%	Parent
FYE Mar 2024	20.9	+7.8%	Parent
FYE Mar 2025	20.3	−2.8%	Parent
FYE Mar 2026	21.1	+3.9%	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 42.3years

Change · 8 yrs −0.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.5	n/a	Parent
FYE Mar 2020	42.6	+0.2%	Parent
FYE Mar 2021	42.7	+0.2%	Parent
FYE Mar 2022	42.8	+0.2%	Parent
FYE Mar 2023	42.9	+0.2%	Parent
FYE Mar 2024	42.7	−0.5%	Parent
FYE Mar 2025	42.4	−0.7%	Parent
FYE Mar 2026	42.3	−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 Mar 2026 17.0years

Change · 10 yrs −1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.4	n/a	Parent
FYE Mar 2018	18.4	−0.0%	Parent
FYE Mar 2019	18.0	−2.2%	Parent
FYE Mar 2020	18.0	−0.0%	Parent
FYE Mar 2021	18.0	−0.0%	Parent
FYE Mar 2022	18.0	−0.0%	Parent
FYE Mar 2023	18.0	−0.0%	Parent
FYE Mar 2024	18.0	−0.0%	Parent
FYE Mar 2025	17.0	−5.6%	Parent
FYE Mar 2026	17.0	−0.0%	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 12,922people

Change · 10 yrs −9,037 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	21,959	n/a	n/a
FYE Mar 2018	20,670	−5.9%	n/a
FYE Mar 2019	24,174	+17.0%	n/a
FYE Mar 2020	23,908	−1.1%	n/a
FYE Mar 2021	23,905	−0.0%	n/a
FYE Mar 2022	23,448	−1.9%	n/a
FYE Mar 2023	25,561	+9.0%	n/a
FYE Mar 2024	26,800	+4.8%	n/a
FYE Mar 2025	13,037	−51.4%	n/a
FYE Mar 2026	12,922	−0.9%	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 ¥300m

Change · 10 yrs +¥217m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	83.3	n/a	Cons.
FYE Mar 2018	97.7	+17.3%	Cons.
FYE Mar 2019	201	+106.1%	Cons.
FYE Mar 2020	172	−14.7%	Cons.
FYE Mar 2021	155	−9.6%	Cons.
FYE Mar 2022	214	+37.8%	Cons.
FYE Mar 2023	271	+26.5%	Cons.
FYE Mar 2024	244	−9.7%	Cons.
FYE Mar 2025	300	+22.7%	Cons.
FYE Mar 2026	300	−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 ¥17.4m

Change · 9 yrs +¥6.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	10.5	n/a	Cons.
FYE Mar 2019	10.6	+1.5%	Cons.
FYE Mar 2020	7.5	−29.2%	Cons.
FYE Mar 2021	3.1	−59.5%	Cons.
FYE Mar 2022	16.0	+424.4%	Cons.
FYE Mar 2023	21.1	+31.6%	Cons.
FYE Mar 2024	17.0	−19.3%	Cons.
FYE Mar 2025	22.5	+31.9%	Cons.
FYE Mar 2026	17.4	−22.6%	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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