Financials

Resona Holdings: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥1.36tnYoY +21.5%

FYE Mar 2026 · Operating profit¥391bnYoY +33.8%

FYE Mar 2026 · Net profit¥259bnYoY +21.3%

FYE Mar 2026 · Equity ratio3.8%YoY +0.3pp

FYE Mar 2026 · Group employees20,813YoY +639

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥758bn	n/a	¥226bn	n/a	29.9%	¥161bn	Higashi Kazuhiro	Bank of Japan introduces negative rates
FYE Mar 2018Consolidated	¥743bn	−2.0%	¥218bn	−3.8%	29.3%	¥236bn	Higashi Kazuhiro	—
FYE Mar 2019Consolidated	¥861bn	+15.9%	¥203bn	−6.8%	23.6%	¥175bn	Higashi Kazuhiro	Kansai Mirai Financial Group launched
FYE Mar 2020Consolidated	¥881bn	+2.3%	¥214bn	+5.6%	24.3%	¥152bn	Higashi Kazuhiro	—
FYE Mar 2021Consolidated	¥824bn	−6.5%	¥191bn	−10.9%	23.2%	¥124bn	Higashi Kazuhiro	<a class="en-history_person" href="/tse/8308/executives/ceo/minami-masahiro/" hreflang="ja">Minami Masahiro</a> becomes CEO
FYE Mar 2022Consolidated	¥845bn	+2.6%	¥159bn	−16.9%	18.8%	¥110bn	Minami Masahiro	Kansai Mirai made a wholly owned subsidiary
FYE Mar 2023Consolidated	¥868bn	+2.8%	¥228bn	+43.4%	26.2%	¥160bn	Minami Masahiro	Active balance-sheet management: ¥18 trillion moved off the BOJ account
FYE Mar 2024Consolidated	¥942bn	+8.5%	¥223bn	−2.1%	23.7%	¥159bn	Minami Masahiro	—
FYE Mar 2025Consolidated	¥1.12tn	+18.7%	¥292bn	+31.0%	26.1%	¥213bn	Minami Masahiro	—
FYE Mar 2026Consolidated	¥1.36tn	+21.5%	¥391bn	+33.8%	28.8%	¥259bn	Minami Masahiro	Record net profit of ¥213.3 billion

How it compares

Mitsubishi UFJ Financial Group¥14.6tnFY2025Operating margin 23.3%Sumitomo Mitsui Financial Group¥10.8tnFY2025Operating margin 21.3%Mizuho Financial Group¥9.09tnFY2025Operating margin 17.3%

The Dai-Ichi Kangyo Bank, LimitedDelisted 2000

The Sumitomo Bank, LimitedDelisted 2001

The Fuji Bank, LimitedDelisted 2000

The Sanwa Bank, LimitedDelisted 2001

The Industrial Bank of Japan, LimitedDelisted 2000

Resona Holdings¥1.36tnFY2025Operating margin 28.8%

The Sakura Bank, LimitedDelisted 2001

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

Where the revenue goes

¥ bn

Cost of sales Operating profit

Margins

Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.36tn

CAGR · 10 yrs +6.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	758	n/a	Cons. · Japanese GAAP
FYE Mar 2018	743	−2.0%	Cons. · Japanese GAAP
FYE Mar 2019	861	+15.9%	Cons. · Japanese GAAP
FYE Mar 2020	881	+2.3%	Cons. · Japanese GAAP
FYE Mar 2021	824	−6.5%	Cons. · Japanese GAAP
FYE Mar 2022	845	+2.6%	Cons. · Japanese GAAP
FYE Mar 2023	868	+2.8%	Cons. · Japanese GAAP
FYE Mar 2024	942	+8.5%	Cons. · Japanese GAAP
FYE Mar 2025	1,117	+18.7%	Cons. · Japanese GAAP
FYE Mar 2026	1,357	+21.5%	Cons. · Japanese 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 Mar 2026 ¥966bn

CAGR · 10 yrs +6.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	532	n/a	Cons. · Japanese GAAP
FYE Mar 2018	525	−1.2%	Cons. · Japanese GAAP
FYE Mar 2019	658	+25.2%	Cons. · Japanese GAAP
FYE Mar 2020	666	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	633	−5.0%	Cons. · Japanese GAAP
FYE Mar 2022	686	+8.4%	Cons. · Japanese GAAP
FYE Mar 2023	640	−6.7%	Cons. · Japanese GAAP
FYE Mar 2024	719	+12.2%	Cons. · Japanese GAAP
FYE Mar 2025	825	+14.8%	Cons. · Japanese GAAP
FYE Mar 2026	966	+17.1%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥391bn

CAGR · 10 yrs +6.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	226	n/a	Cons. · Japanese GAAP
FYE Mar 2018	218	−3.8%	Cons. · Japanese GAAP
FYE Mar 2019	203	−6.8%	Cons. · Japanese GAAP
FYE Mar 2020	214	+5.6%	Cons. · Japanese GAAP
FYE Mar 2021	191	−10.9%	Cons. · Japanese GAAP
FYE Mar 2022	159	−16.9%	Cons. · Japanese GAAP
FYE Mar 2023	228	+43.4%	Cons. · Japanese GAAP
FYE Mar 2024	223	−2.1%	Cons. · Japanese GAAP
FYE Mar 2025	292	+31.0%	Cons. · Japanese GAAP
FYE Mar 2026	391	+33.8%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥391bn

CAGR · 10 yrs +6.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	226	n/a	Cons. · Japanese GAAP
FYE Mar 2018	218	−3.8%	Cons. · Japanese GAAP
FYE Mar 2019	203	−6.8%	Cons. · Japanese GAAP
FYE Mar 2020	214	+5.6%	Cons. · Japanese GAAP
FYE Mar 2021	191	−10.9%	Cons. · Japanese GAAP
FYE Mar 2022	159	−16.9%	Cons. · Japanese GAAP
FYE Mar 2023	228	+43.4%	Cons. · Japanese GAAP
FYE Mar 2024	223	−2.1%	Cons. · Japanese GAAP
FYE Mar 2025	292	+31.0%	Cons. · Japanese GAAP
FYE Mar 2026	391	+33.8%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥3.1bn

CAGR · 10 yrs −2.5%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−67.2%	Cons. · Japanese GAAP
FYE Mar 2019	40.3	+3050.3%	Cons. · Japanese GAAP
FYE Mar 2020	7.3	−81.8%	Cons. · Japanese GAAP
FYE Mar 2021	1.7	−76.5%	Cons. · Japanese GAAP
FYE Mar 2022	3.7	+117.5%	Cons. · Japanese GAAP
FYE Mar 2023	1.7	−53.5%	Cons. · Japanese GAAP
FYE Mar 2024	4.0	+132.8%	Cons. · Japanese GAAP
FYE Mar 2025	9.8	+141.8%	Cons. · Japanese GAAP
FYE Mar 2026	3.1	−68.3%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥259bn

CAGR · 10 yrs +5.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	161	n/a	Cons. · Japanese GAAP
FYE Mar 2018	236	+46.3%	Cons. · Japanese GAAP
FYE Mar 2019	175	−25.9%	Cons. · Japanese GAAP
FYE Mar 2020	152	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	124	−18.3%	Cons. · Japanese GAAP
FYE Mar 2022	110	−11.7%	Cons. · Japanese GAAP
FYE Mar 2023	160	+45.9%	Cons. · Japanese GAAP
FYE Mar 2024	159	−0.9%	Cons. · Japanese GAAP
FYE Mar 2025	213	+34.2%	Cons. · Japanese GAAP
FYE Mar 2026	259	+21.3%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 28.8%

Average · 10 yrs 25.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	29.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	23.6	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2020	24.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	23.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	18.8	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2023	26.2	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	23.7	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	26.1	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	28.8	+2.7pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 28.8%

Average · 10 yrs 25.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	29.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	23.6	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2020	24.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	23.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	18.8	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2023	26.2	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	23.7	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	26.1	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	28.8	+2.7pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 19.1%

Average · 10 yrs 19.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	21.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.8	+10.5pp	Cons. · Japanese GAAP
FYE Mar 2019	20.4	−11.4pp	Cons. · Japanese GAAP
FYE Mar 2020	17.3	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2021	15.1	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	13.0	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2023	18.5	+5.5pp	Cons. · Japanese GAAP
FYE Mar 2024	16.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	19.1	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	19.1	−0.0pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 71.2%

Average · 10 yrs 74.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	70.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	76.4	+5.7pp	Cons. · Japanese GAAP
FYE Mar 2020	75.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	76.8	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	81.2	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2023	73.8	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	76.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	73.9	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	71.2	−2.7pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ 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 ¥76.3tn

CAGR · 10 yrs +5.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	48,456	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50,244	+3.7%	Cons. · Japanese GAAP
FYE Mar 2019	59,110	+17.6%	Cons. · Japanese GAAP
FYE Mar 2020	60,512	+2.4%	Cons. · Japanese GAAP
FYE Mar 2021	73,698	+21.8%	Cons. · Japanese GAAP
FYE Mar 2022	78,155	+6.0%	Cons. · Japanese GAAP
FYE Mar 2023	74,813	−4.3%	Cons. · Japanese GAAP
FYE Mar 2024	76,151	+1.8%	Cons. · Japanese GAAP
FYE Mar 2025	77,371	+1.6%	Cons. · Japanese GAAP
FYE Mar 2026	76,298	−1.4%	Cons. · Japanese GAAP

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 ¥2.91tn

CAGR · 10 yrs +4.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,929	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,085	+8.1%	Cons. · Japanese GAAP
FYE Mar 2019	2,111	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	2,079	−1.5%	Cons. · Japanese GAAP
FYE Mar 2021	2,318	+11.5%	Cons. · Japanese GAAP
FYE Mar 2022	2,442	+5.4%	Cons. · Japanese GAAP
FYE Mar 2023	2,516	+3.0%	Cons. · Japanese GAAP
FYE Mar 2024	2,760	+9.7%	Cons. · Japanese GAAP
FYE Mar 2025	2,729	−1.1%	Cons. · Japanese GAAP
FYE Mar 2026	2,905	+6.4%	Cons. · Japanese 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 Mar 2026 ¥287bn

CAGR · 10 yrs −5.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	456	n/a	Cons. · Japanese GAAP
FYE Mar 2018	385	−15.6%	Cons. · Japanese GAAP
FYE Mar 2019	460	+19.4%	Cons. · Japanese GAAP
FYE Mar 2020	396	−13.9%	Cons. · Japanese GAAP
FYE Mar 2021	326	−17.7%	Cons. · Japanese GAAP
FYE Mar 2022	201	−38.3%	Cons. · Japanese GAAP
FYE Mar 2023	196	−2.5%	Cons. · Japanese GAAP
FYE Mar 2024	181	−7.7%	Cons. · Japanese GAAP
FYE Mar 2025	196	+8.2%	Cons. · Japanese GAAP
FYE Mar 2026	287	+46.5%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥287bn

CAGR · 10 yrs −5.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	456	n/a	Cons. · Japanese GAAP
FYE Mar 2018	385	−15.6%	Cons. · Japanese GAAP
FYE Mar 2019	460	+19.4%	Cons. · Japanese GAAP
FYE Mar 2020	396	−13.9%	Cons. · Japanese GAAP
FYE Mar 2021	326	−17.7%	Cons. · Japanese GAAP
FYE Mar 2022	201	−38.3%	Cons. · Japanese GAAP
FYE Mar 2023	196	−2.5%	Cons. · Japanese GAAP
FYE Mar 2024	181	−7.7%	Cons. · Japanese GAAP
FYE Mar 2025	196	+8.2%	Cons. · Japanese GAAP
FYE Mar 2026	287	+46.5%	Cons. · Japanese 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 Mar 2026 ¥52bn

CAGR · 10 yrs +5.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	31.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.3	−3.3%	Cons. · Japanese GAAP
FYE Mar 2019	40.6	+33.9%	Cons. · Japanese GAAP
FYE Mar 2020	49.8	+22.6%	Cons. · Japanese GAAP
FYE Mar 2021	53.3	+7.2%	Cons. · Japanese GAAP
FYE Mar 2022	55.1	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	51.9	−5.8%	Cons. · Japanese GAAP
FYE Mar 2024	45.6	−12.3%	Cons. · Japanese GAAP
FYE Mar 2025	50.0	+9.8%	Cons. · Japanese GAAP
FYE Mar 2026	52.1	+4.2%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 3.8%

Average · 10 yrs 3.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	3.6	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	3.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	3.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	3.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	3.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	3.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	3.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	3.8	+0.3pp	Cons. · Japanese 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 Mar 2026 9.9%

Average · 10 yrs 13.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.5	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2019	21.8	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	19.1	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2021	14.1	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2022	8.2	−5.8pp	Cons. · Japanese GAAP
FYE Mar 2023	7.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	6.6	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	7.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	9.9	+2.7pp	Cons. · Japanese GAAP

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 8.9%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2019	8.3	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2020	7.3	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2021	5.4	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2022	4.5	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	6.4	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	5.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	7.8	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	+1.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.3%

Average · 10 yrs 0.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	0.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	0.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	0.3	+0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.02×

CAGR · 10 yrs +1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.02	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.01	−5.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.01	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.01	−0.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.01	−23.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.01	−3.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.01	+7.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.01	+6.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.01	+16.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.02	+23.2%	Cons. · Japanese 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 Mar 2026 -¥4.74tn

Average · 10 yrs ¥578bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-757	n/a	Cons. · Japanese GAAP
FYE Mar 2018	923	n/a	Cons. · Japanese GAAP
FYE Mar 2019	324	−64.9%	Cons. · Japanese GAAP
FYE Mar 2020	975	+200.4%	Cons. · Japanese GAAP
FYE Mar 2021	11,395	+1069.2%	Cons. · Japanese GAAP
FYE Mar 2022	3,891	−65.9%	Cons. · Japanese GAAP
FYE Mar 2023	-5,208	−233.8%	Cons. · Japanese GAAP
FYE Mar 2024	-734	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-293	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-4,738	n/a	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥984bn

Average · 10 yrs -¥516bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	213	n/a	Cons. · Japanese GAAP
FYE Mar 2018	111	−48.0%	Cons. · Japanese GAAP
FYE Mar 2019	244	+120.4%	Cons. · Japanese GAAP
FYE Mar 2020	-279	−214.5%	Cons. · Japanese GAAP
FYE Mar 2021	-1,391	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-926	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-390	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-711	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1,045	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-984	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Mar 2026 -¥128bn

Average · 10 yrs -¥144bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-317	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-266	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-53.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-168	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-114	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-170	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-64.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-75.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-89.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-128	n/a	Cons. · Japanese 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 Mar 2026 ¥13.5tn

CAGR · 10 yrs +0.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	12,489	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13,257	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	14,707	+10.9%	Cons. · Japanese GAAP
FYE Mar 2020	15,235	+3.6%	Cons. · Japanese GAAP
FYE Mar 2021	25,125	+64.9%	Cons. · Japanese GAAP
FYE Mar 2022	27,920	+11.1%	Cons. · Japanese GAAP
FYE Mar 2023	22,258	−20.3%	Cons. · Japanese GAAP
FYE Mar 2024	20,738	−6.8%	Cons. · Japanese GAAP
FYE Mar 2025	19,317	−6.9%	Cons. · Japanese GAAP
FYE Mar 2026	13,466	−30.3%	Cons. · Japanese 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 Mar 2026 -¥5.72tn

Average · 10 yrs ¥62bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-545	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,034	n/a	Cons. · Japanese GAAP
FYE Mar 2019	568	−45.0%	Cons. · Japanese GAAP
FYE Mar 2020	696	+22.5%	Cons. · Japanese GAAP
FYE Mar 2021	10,004	+1337.9%	Cons. · Japanese GAAP
FYE Mar 2022	2,965	−70.4%	Cons. · Japanese GAAP
FYE Mar 2023	-5,598	−288.8%	Cons. · Japanese GAAP
FYE Mar 2024	-1,445	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1,339	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-5,721	n/a	Cons. · Japanese 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 Mar 2026 -349.1%

Average · 10 yrs 96.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	-99.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	124.2	+224.2pp	Cons. · Japanese GAAP
FYE Mar 2019	37.7	−86.5pp	Cons. · Japanese GAAP
FYE Mar 2020	110.7	+73.0pp	Cons. · Japanese GAAP
FYE Mar 2021	1,383.5	+1272.9pp	Cons. · Japanese GAAP
FYE Mar 2022	460.6	−922.9pp	Cons. · Japanese GAAP
FYE Mar 2023	-600.0	−1060.6pp	Cons. · Japanese GAAP
FYE Mar 2024	-77.9	+522.0pp	Cons. · Japanese GAAP
FYE Mar 2025	-26.3	+51.7pp	Cons. · Japanese GAAP
FYE Mar 2026	-349.1	−322.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥13.2tn

CAGR · 10 yrs +1.0%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	12,033	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12,872	+7.0%	Cons. · Japanese GAAP
FYE Mar 2019	14,248	+10.7%	Cons. · Japanese GAAP
FYE Mar 2020	14,839	+4.2%	Cons. · Japanese GAAP
FYE Mar 2021	24,799	+67.1%	Cons. · Japanese GAAP
FYE Mar 2022	27,719	+11.8%	Cons. · Japanese GAAP
FYE Mar 2023	22,062	−20.4%	Cons. · Japanese GAAP
FYE Mar 2024	20,557	−6.8%	Cons. · Japanese GAAP
FYE Mar 2025	19,121	−7.0%	Cons. · Japanese GAAP
FYE Mar 2026	13,179	−31.1%	Cons. · Japanese 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 Mar 2026 ¥3.97tn

Change · 10 yrs +¥2.58tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,388	n/a
FYE Mar 2018	1,306	n/a
FYE Mar 2019	1,114	n/a
FYE Mar 2020	755	n/a
FYE Mar 2021	1,069	n/a
FYE Mar 2022	1,257	n/a
FYE Mar 2023	1,520	n/a
FYE Mar 2024	2,226	n/a
FYE Mar 2025	2,967	n/a
FYE Mar 2026	3,973	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 1,722¥

Change · 10 yrs +1,125¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	597	n/a
FYE Mar 2018	562	n/a
FYE Mar 2019	479	n/a
FYE Mar 2020	325	n/a
FYE Mar 2021	464	n/a
FYE Mar 2022	524	n/a
FYE Mar 2023	639	n/a
FYE Mar 2024	950	n/a
FYE Mar 2025	1,286	n/a
FYE Mar 2026	1,722	n/a

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

Shares outstanding

FYE Mar 2026 2,307,136,000shares

Change · 10 yrs −16,982,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,324,118,000	Parent
FYE Mar 2018	2,324,118,000	Parent
FYE Mar 2019	2,324,118,000	Parent
FYE Mar 2020	2,324,118,000	Parent
FYE Mar 2021	2,302,829,000	Parent
FYE Mar 2022	2,400,980,000	Parent
FYE Mar 2023	2,377,665,000	Parent
FYE Mar 2024	2,342,989,000	Parent
FYE Mar 2025	2,307,136,000	Parent
FYE Mar 2026	2,307,136,000	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 113.82¥

Change · 10 yrs +46.93¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	66.89	Cons.
FYE Mar 2018	100.51	Cons.
FYE Mar 2019	75.63	Cons.
FYE Mar 2020	66.27	Cons.
FYE Mar 2021	54.19	Cons.
FYE Mar 2022	45.42	Cons.
FYE Mar 2023	67.49	Cons.
FYE Mar 2024	67.78	Cons.
FYE Mar 2025	92.40	Cons.
FYE Mar 2026	113.82	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 1,259.25¥

Change · 10 yrs +429.29¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	829.96	Cons. · Japanese GAAP
FYE Mar 2018	897.18	Cons. · Japanese GAAP
FYE Mar 2019	908.45	Cons. · Japanese GAAP
FYE Mar 2020	894.37	Cons. · Japanese GAAP
FYE Mar 2021	1,006.39	Cons. · Japanese GAAP
FYE Mar 2022	1,017.26	Cons. · Japanese GAAP
FYE Mar 2023	1,058.22	Cons. · Japanese GAAP
FYE Mar 2024	1,178.19	Cons. · Japanese GAAP
FYE Mar 2025	1,182.97	Cons. · Japanese GAAP
FYE Mar 2026	1,259.25	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 15.13×

Average · 10 yrs 9.84×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.93	Cons.
FYE Mar 2018	5.59	Cons.
FYE Mar 2019	6.34	Cons.
FYE Mar 2020	4.90	Cons.
FYE Mar 2021	8.57	Cons.
FYE Mar 2022	11.53	Cons.
FYE Mar 2023	9.47	Cons.
FYE Mar 2024	14.02	Cons.
FYE Mar 2025	13.92	Cons.
FYE Mar 2026	15.13	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 1.34×

Average · 10 yrs 0.71×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.76	Cons.
FYE Mar 2018	0.62	Cons.
FYE Mar 2019	0.53	Cons.
FYE Mar 2020	0.36	Cons.
FYE Mar 2021	0.46	Cons.
FYE Mar 2022	0.51	Cons.
FYE Mar 2023	0.60	Cons.
FYE Mar 2024	0.80	Cons.
FYE Mar 2025	1.08	Cons.
FYE Mar 2026	1.34	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 20,813people

Change · 10 yrs +3,953 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	16,860	n/a	Cons.
FYE Mar 2018	16,785	−0.4%	Cons.
FYE Mar 2019	21,600	+28.7%	Cons.
FYE Mar 2020	20,760	−3.9%	Cons.
FYE Mar 2021	20,308	−2.2%	Cons.
FYE Mar 2022	19,744	−2.8%	Cons.
FYE Mar 2023	19,283	−2.3%	Cons.
FYE Mar 2024	19,721	+2.3%	Cons.
FYE Mar 2025	20,174	+2.3%	Cons.
FYE Mar 2026	20,813	+3.2%	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 2,105people

Change · 10 yrs +1,108 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	997	n/a	Parent
FYE Mar 2018	1,134	+13.7%	Parent
FYE Mar 2019	1,002	−11.6%	Parent
FYE Mar 2020	1,028	+2.6%	Parent
FYE Mar 2021	1,153	+12.2%	Parent
FYE Mar 2022	1,384	+20.0%	Parent
FYE Mar 2023	1,554	+12.3%	Parent
FYE Mar 2024	1,736	+11.7%	Parent
FYE Mar 2025	1,974	+13.7%	Parent
FYE Mar 2026	2,105	+6.6%	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 ¥9.1m

Change · 10 yrs +¥0.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.9	n/a	Parent
FYE Mar 2018	8.7	−1.9%	Parent
FYE Mar 2019	8.9	+2.3%	Parent
FYE Mar 2020	9.2	+3.1%	Parent
FYE Mar 2021	8.7	−5.2%	Parent
FYE Mar 2022	8.6	−0.8%	Parent
FYE Mar 2023	8.8	+1.8%	Parent
FYE Mar 2024	8.9	+0.8%	Parent
FYE Mar 2025	8.9	+0.2%	Parent
FYE Mar 2026	9.1	+2.0%	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 45.1years

Change · 8 yrs −0.8 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	45.9	n/a	Parent
FYE Mar 2020	46.1	+0.4%	Parent
FYE Mar 2021	45.5	−1.3%	Parent
FYE Mar 2022	45.4	−0.2%	Parent
FYE Mar 2023	45.2	−0.4%	Parent
FYE Mar 2024	44.7	−1.1%	Parent
FYE Mar 2025	44.9	+0.4%	Parent
FYE Mar 2026	45.1	+0.4%	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 14.4years

Change · 10 yrs −5.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.4	n/a	Parent
FYE Mar 2018	19.0	−2.1%	Parent
FYE Mar 2019	18.6	−2.1%	Parent
FYE Mar 2020	18.1	−2.7%	Parent
FYE Mar 2021	16.9	−6.6%	Parent
FYE Mar 2022	16.6	−1.8%	Parent
FYE Mar 2023	16.6	−0.0%	Parent
FYE Mar 2024	15.7	−5.4%	Parent
FYE Mar 2025	15.0	−4.5%	Parent
FYE Mar 2026	14.4	−4.0%	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 8,141people

Change · 10 yrs −2,703 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	10,844	n/a	n/a
FYE Mar 2018	10,297	−5.0%	n/a
FYE Mar 2019	11,324	+10.0%	n/a
FYE Mar 2020	10,665	−5.8%	n/a
FYE Mar 2021	10,318	−3.3%	n/a
FYE Mar 2022	9,593	−7.0%	n/a
FYE Mar 2023	8,833	−7.9%	n/a
FYE Mar 2024	8,516	−3.6%	n/a
FYE Mar 2025	8,342	−2.0%	n/a
FYE Mar 2026	8,141	−2.4%	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 ¥65.2m

Change · 10 yrs +¥20.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	45.0	n/a	Cons.
FYE Mar 2018	44.3	−1.5%	Cons.
FYE Mar 2019	39.8	−10.0%	Cons.
FYE Mar 2020	42.4	+6.4%	Cons.
FYE Mar 2021	40.6	−4.4%	Cons.
FYE Mar 2022	42.8	+5.5%	Cons.
FYE Mar 2023	45.0	+5.2%	Cons.
FYE Mar 2024	47.7	+6.1%	Cons.
FYE Mar 2025	55.4	+16.0%	Cons.
FYE Mar 2026	65.2	+17.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥18.8m

Change · 10 yrs +¥5.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons.
FYE Mar 2018	13.0	−3.3%	Cons.
FYE Mar 2019	9.4	−27.6%	Cons.
FYE Mar 2020	10.3	+9.8%	Cons.
FYE Mar 2021	9.4	−8.9%	Cons.
FYE Mar 2022	8.0	−14.5%	Cons.
FYE Mar 2023	11.8	+46.8%	Cons.
FYE Mar 2024	11.3	−4.3%	Cons.
FYE Mar 2025	14.5	+28.1%	Cons.
FYE Mar 2026	18.8	+29.7%	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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