Financials

Mizuho Financial Group: FYE Mar 2026 and ten years of results (43 metrics)

FYE Mar 2026 · Revenue¥9.09tnYoY +0.6%

FYE Mar 2026 · Operating profit¥1.57tnYoY +34.7%

FYE Mar 2026 · Net profit¥1.25tnYoY +41.0%

FYE Mar 2026 · Equity ratio3.7%YoY +0.1pp

FYE Mar 2026 · Group employees52,427YoY −127

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥3.29tn	n/a	¥738bn	n/a	22.4%	¥604bn	Sato Yasuhiro	Mizuho Americas LLC established in July
FYE Mar 2018Consolidated	¥3.56tn	+8.1%	¥782bn	+6.1%	22.0%	¥577bn	Sato Yasuhiro	Plan to cut about 19,000 staff and about 100 locations, 13 November
FYE Mar 2019Consolidated	¥3.93tn	+10.2%	¥614bn	−21.5%	15.6%	¥97bn	Sato Yasuhiro	<a class="en-history_person" href="/tse/8411/executives/ceo/sakai-tatsufumi/" hreflang="ja">Sakai Tatsufumi</a> becomes president in April
FYE Mar 2020Consolidated	¥3.99tn	+1.6%	¥638bn	+3.9%	16.0%	¥449bn	Sakai Tatsufumi	About ¥680bn of losses; net profit down 83 per cent to ¥96.5bn
FYE Mar 2021Consolidated	¥3.22tn	−19.3%	¥536bn	−15.9%	16.7%	¥471bn	Sakai Tatsufumi	—
FYE Mar 2022Consolidated	¥3.96tn	+23.2%	¥560bn	+4.4%	14.1%	¥530bn	Sakai Tatsufumi	ATM failures from 28 February; 5,244 cards and passbooks swallowed
FYE Mar 2023Consolidated	¥5.78tn	+45.8%	¥790bn	+41.0%	13.7%	¥556bn	Sakai Tatsufumi	<a class="en-history_person" href="/tse/8411/executives/ceo/kihara-masahiro/" hreflang="ja">Kihara Masahiro</a> becomes president on 1 February
FYE Mar 2024Consolidated	¥8.74tn	+51.3%	¥914bn	+15.8%	10.5%	¥679bn	Kihara Masahiro	Medium-term plan names housing loans for reduction in May
FYE Mar 2025Consolidated	¥9.03tn	+3.3%	¥1.17tn	+27.8%	12.9%	¥885bn	Kihara Masahiro	Business improvement order effectively lifted on 19 January
FYE Mar 2026Consolidated	¥9.09tn	+0.6%	¥1.57tn	+34.7%	17.3%	¥1.25tn	Kihara Masahiro	Record ordinary income of ¥9,030.3bn and net profit of ¥885.4bn

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 ¥9.09tn

CAGR · 10 yrs +11.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	3,293	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,561	+8.1%	Cons. · Japanese GAAP
FYE Mar 2019	3,926	+10.2%	Cons. · Japanese GAAP
FYE Mar 2020	3,987	+1.6%	Cons. · Japanese GAAP
FYE Mar 2021	3,218	−19.3%	Cons. · Japanese GAAP
FYE Mar 2022	3,963	+23.2%	Cons. · Japanese GAAP
FYE Mar 2023	5,779	+45.8%	Cons. · Japanese GAAP
FYE Mar 2024	8,744	+51.3%	Cons. · Japanese GAAP
FYE Mar 2025	9,030	+3.3%	Cons. · Japanese GAAP
FYE Mar 2026	9,085	+0.6%	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 ¥7.51tn

CAGR · 10 yrs +12.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	2,555	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,779	+8.7%	Cons. · Japanese GAAP
FYE Mar 2019	3,312	+19.2%	Cons. · Japanese GAAP
FYE Mar 2020	3,349	+1.1%	Cons. · Japanese GAAP
FYE Mar 2021	2,682	−19.9%	Cons. · Japanese GAAP
FYE Mar 2022	3,403	+26.9%	Cons. · Japanese GAAP
FYE Mar 2023	4,989	+46.6%	Cons. · Japanese GAAP
FYE Mar 2024	7,830	+56.9%	Cons. · Japanese GAAP
FYE Mar 2025	7,862	+0.4%	Cons. · Japanese GAAP
FYE Mar 2026	7,512	−4.5%	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 ¥1.57tn

CAGR · 10 yrs +8.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	738	n/a	Cons. · Japanese GAAP
FYE Mar 2018	782	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	614	−21.5%	Cons. · Japanese GAAP
FYE Mar 2020	638	+3.9%	Cons. · Japanese GAAP
FYE Mar 2021	536	−15.9%	Cons. · Japanese GAAP
FYE Mar 2022	560	+4.4%	Cons. · Japanese GAAP
FYE Mar 2023	790	+41.0%	Cons. · Japanese GAAP
FYE Mar 2024	914	+15.8%	Cons. · Japanese GAAP
FYE Mar 2025	1,168	+27.8%	Cons. · Japanese GAAP
FYE Mar 2026	1,573	+34.7%	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 ¥1.57tn

CAGR · 10 yrs +8.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	738	n/a	Cons. · Japanese GAAP
FYE Mar 2018	782	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	614	−21.5%	Cons. · Japanese GAAP
FYE Mar 2020	638	+3.9%	Cons. · Japanese GAAP
FYE Mar 2021	536	−15.9%	Cons. · Japanese GAAP
FYE Mar 2022	560	+4.4%	Cons. · Japanese GAAP
FYE Mar 2023	790	+41.0%	Cons. · Japanese GAAP
FYE Mar 2024	914	+15.8%	Cons. · Japanese GAAP
FYE Mar 2025	1,168	+27.8%	Cons. · Japanese GAAP
FYE Mar 2026	1,573	+34.7%	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 ¥94bn

CAGR · 10 yrs +5.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	58.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.8	−49.4%	Cons. · Japanese GAAP
FYE Mar 2019	11.3	−62.1%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−80.2%	Cons. · Japanese GAAP
FYE Mar 2021	142	+6251.1%	Cons. · Japanese GAAP
FYE Mar 2022	78.2	−45.0%	Cons. · Japanese GAAP
FYE Mar 2023	50.9	−34.9%	Cons. · Japanese GAAP
FYE Mar 2024	58.7	+15.3%	Cons. · Japanese GAAP
FYE Mar 2025	58.4	−0.5%	Cons. · Japanese GAAP
FYE Mar 2026	93.8	+60.8%	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 ¥1.25tn

CAGR · 10 yrs +8.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	604	n/a	Cons. · Japanese GAAP
FYE Mar 2018	577	−4.5%	Cons. · Japanese GAAP
FYE Mar 2019	96.6	−83.3%	Cons. · Japanese GAAP
FYE Mar 2020	449	+364.5%	Cons. · Japanese GAAP
FYE Mar 2021	471	+5.0%	Cons. · Japanese GAAP
FYE Mar 2022	530	+12.6%	Cons. · Japanese GAAP
FYE Mar 2023	556	+4.7%	Cons. · Japanese GAAP
FYE Mar 2024	679	+22.2%	Cons. · Japanese GAAP
FYE Mar 2025	885	+30.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,249	+41.0%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 17.3%

Average · 10 yrs 16.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	22.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	15.6	−6.3pp	Cons. · Japanese GAAP
FYE Mar 2020	16.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	16.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	14.1	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	10.5	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	12.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	17.3	+4.4pp	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 17.3%

Average · 10 yrs 16.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	22.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	15.6	−6.3pp	Cons. · Japanese GAAP
FYE Mar 2020	16.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	16.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	14.1	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	10.5	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	12.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	17.3	+4.4pp	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 13.7%

Average · 10 yrs 11.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.2	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	2.5	−13.7pp	Cons. · Japanese GAAP
FYE Mar 2020	11.3	+8.8pp	Cons. · Japanese GAAP
FYE Mar 2021	14.6	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	13.4	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	9.6	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2024	7.8	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2025	9.8	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	13.7	+3.9pp	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 82.7%

Average · 10 yrs 83.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	77.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	84.4	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2020	84.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	83.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	85.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	86.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	89.5	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	87.1	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	82.7	−4.4pp	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 ¥302.2tn

CAGR · 10 yrs +4.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	200,509	n/a	Cons. · Japanese GAAP
FYE Mar 2018	205,028	+2.3%	Cons. · Japanese GAAP
FYE Mar 2019	200,792	−2.1%	Cons. · Japanese GAAP
FYE Mar 2020	214,659	+6.9%	Cons. · Japanese GAAP
FYE Mar 2021	225,586	+5.1%	Cons. · Japanese GAAP
FYE Mar 2022	237,066	+5.1%	Cons. · Japanese GAAP
FYE Mar 2023	254,258	+7.3%	Cons. · Japanese GAAP
FYE Mar 2024	278,672	+9.6%	Cons. · Japanese GAAP
FYE Mar 2025	283,320	+1.7%	Cons. · Japanese GAAP
FYE Mar 2026	302,240	+6.7%	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 ¥11.3tn

CAGR · 10 yrs +3.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	8,524	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9,067	+6.4%	Cons. · Japanese GAAP
FYE Mar 2019	8,750	−3.5%	Cons. · Japanese GAAP
FYE Mar 2020	8,554	−2.2%	Cons. · Japanese GAAP
FYE Mar 2021	9,256	+8.2%	Cons. · Japanese GAAP
FYE Mar 2022	9,077	−1.9%	Cons. · Japanese GAAP
FYE Mar 2023	9,133	+0.6%	Cons. · Japanese GAAP
FYE Mar 2024	10,233	+12.0%	Cons. · Japanese GAAP
FYE Mar 2025	10,442	+2.0%	Cons. · Japanese GAAP
FYE Mar 2026	11,317	+8.4%	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 ¥15.4tn

CAGR · 10 yrs +8.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	7,565	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7,544	−0.3%	Cons. · Japanese GAAP
FYE Mar 2019	8,351	+10.7%	Cons. · Japanese GAAP
FYE Mar 2020	8,906	+6.7%	Cons. · Japanese GAAP
FYE Mar 2021	10,322	+15.9%	Cons. · Japanese GAAP
FYE Mar 2022	10,714	+3.8%	Cons. · Japanese GAAP
FYE Mar 2023	11,371	+6.1%	Cons. · Japanese GAAP
FYE Mar 2024	12,000	+5.5%	Cons. · Japanese GAAP
FYE Mar 2025	12,878	+7.3%	Cons. · Japanese GAAP
FYE Mar 2026	15,445	+19.9%	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 ¥15.4tn

CAGR · 10 yrs +8.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	7,565	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7,544	−0.3%	Cons. · Japanese GAAP
FYE Mar 2019	8,351	+10.7%	Cons. · Japanese GAAP
FYE Mar 2020	8,906	+6.7%	Cons. · Japanese GAAP
FYE Mar 2021	10,322	+15.9%	Cons. · Japanese GAAP
FYE Mar 2022	10,714	+3.8%	Cons. · Japanese GAAP
FYE Mar 2023	11,371	+6.1%	Cons. · Japanese GAAP
FYE Mar 2024	12,000	+5.5%	Cons. · Japanese GAAP
FYE Mar 2025	12,878	+7.3%	Cons. · Japanese GAAP
FYE Mar 2026	15,445	+19.9%	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 ¥882bn

CAGR · 10 yrs −1.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	1,045	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,093	+4.5%	Cons. · Japanese GAAP
FYE Mar 2019	620	−43.2%	Cons. · Japanese GAAP
FYE Mar 2020	636	+2.6%	Cons. · Japanese GAAP
FYE Mar 2021	620	−2.5%	Cons. · Japanese GAAP
FYE Mar 2022	601	−3.1%	Cons. · Japanese GAAP
FYE Mar 2023	573	−4.8%	Cons. · Japanese GAAP
FYE Mar 2024	725	+26.6%	Cons. · Japanese GAAP
FYE Mar 2025	809	+11.6%	Cons. · Japanese GAAP
FYE Mar 2026	882	+9.1%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥140bn

CAGR · 10 yrs +7.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	74.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.5	−5.7%	Cons. · Japanese GAAP
FYE Mar 2019	65.5	−7.1%	Cons. · Japanese GAAP
FYE Mar 2020	61.3	−6.4%	Cons. · Japanese GAAP
FYE Mar 2021	56.2	−8.2%	Cons. · Japanese GAAP
FYE Mar 2022	52.5	−6.6%	Cons. · Japanese GAAP
FYE Mar 2023	49.6	−5.6%	Cons. · Japanese GAAP
FYE Mar 2024	116	+134.7%	Cons. · Japanese GAAP
FYE Mar 2025	108	−7.2%	Cons. · Japanese GAAP
FYE Mar 2026	140	+29.7%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 3.7%

Average · 10 yrs 4.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	4.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	4.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	3.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	3.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	3.7	+0.1pp	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 136.5%

Average · 10 yrs 110.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	88.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.2	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2019	95.4	+12.2pp	Cons. · Japanese GAAP
FYE Mar 2020	104.1	+8.7pp	Cons. · Japanese GAAP
FYE Mar 2021	111.5	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2022	118.0	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2023	124.5	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2024	117.3	−7.2pp	Cons. · Japanese GAAP
FYE Mar 2025	123.3	+6.1pp	Cons. · Japanese GAAP
FYE Mar 2026	136.5	+13.2pp	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 11.0%

Average · 10 yrs 6.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	1.1	−5.3pp	Cons. · Japanese GAAP
FYE Mar 2020	5.2	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2021	5.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	5.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	6.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	6.6	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	8.5	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	11.0	+2.6pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.4%

Average · 10 yrs 0.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	0.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	0.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−0.0pp	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	0.4	+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 0.03×

CAGR · 10 yrs +6.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.02	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.02	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.02	+12.6%	Cons. · Japanese GAAP
FYE Mar 2020	0.02	−5.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.01	−23.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.02	+17.2%	Cons. · Japanese GAAP
FYE Mar 2023	0.02	+36.0%	Cons. · Japanese GAAP
FYE Mar 2024	0.03	+38.1%	Cons. · Japanese GAAP
FYE Mar 2025	0.03	+1.6%	Cons. · Japanese GAAP
FYE Mar 2026	0.03	−5.7%	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 -¥4.84tn

Average · 10 yrs ¥3.05tn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	4,690	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,967	−36.7%	Cons. · Japanese GAAP
FYE Mar 2019	-2,636	−188.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,902	n/a	Cons. · Japanese GAAP
FYE Mar 2021	16,613	+773.5%	Cons. · Japanese GAAP
FYE Mar 2022	4,917	−70.4%	Cons. · Japanese GAAP
FYE Mar 2023	8,867	+80.3%	Cons. · Japanese GAAP
FYE Mar 2024	1,885	−78.7%	Cons. · Japanese GAAP
FYE Mar 2025	-3,821	−302.7%	Cons. · Japanese GAAP
FYE Mar 2026	-4,839	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 -¥6.67tn

Average · 10 yrs -¥275bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	5,796	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2,316	−140.0%	Cons. · Japanese GAAP
FYE Mar 2019	5,487	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-5,809	−205.9%	Cons. · Japanese GAAP
FYE Mar 2021	-9,764	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1,860	n/a	Cons. · Japanese GAAP
FYE Mar 2023	6,606	n/a	Cons. · Japanese GAAP
FYE Mar 2024	1,982	−70.0%	Cons. · Japanese GAAP
FYE Mar 2025	3,793	+91.4%	Cons. · Japanese GAAP
FYE Mar 2026	-6,668	−275.8%	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 -¥523bn

Average · 10 yrs -¥232bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-24.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	150	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-18.6	−112.4%	Cons. · Japanese GAAP
FYE Mar 2020	-282	n/a	Cons. · Japanese GAAP
FYE Mar 2021	40.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-522	−1379.0%	Cons. · Japanese GAAP
FYE Mar 2023	-611	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-231	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-299	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-523	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 ¥59.7tn

CAGR · 10 yrs +3.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	45,524	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46,334	+1.8%	Cons. · Japanese GAAP
FYE Mar 2019	44,255	−4.5%	Cons. · Japanese GAAP
FYE Mar 2020	39,864	−9.9%	Cons. · Japanese GAAP
FYE Mar 2021	46,981	+17.9%	Cons. · Japanese GAAP
FYE Mar 2022	50,136	+6.7%	Cons. · Japanese GAAP
FYE Mar 2023	65,826	+31.3%	Cons. · Japanese GAAP
FYE Mar 2024	71,166	+8.1%	Cons. · Japanese GAAP
FYE Mar 2025	70,723	−0.6%	Cons. · Japanese GAAP
FYE Mar 2026	59,678	−15.6%	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 -¥11.5tn

Average · 10 yrs ¥2.78tn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	10,487	n/a	Cons. · Japanese GAAP
FYE Mar 2018	651	−93.8%	Cons. · Japanese GAAP
FYE Mar 2019	2,851	+338.3%	Cons. · Japanese GAAP
FYE Mar 2020	-3,907	−237.0%	Cons. · Japanese GAAP
FYE Mar 2021	6,849	n/a	Cons. · Japanese GAAP
FYE Mar 2022	3,057	−55.4%	Cons. · Japanese GAAP
FYE Mar 2023	15,473	+406.2%	Cons. · Japanese GAAP
FYE Mar 2024	3,867	−75.0%	Cons. · Japanese GAAP
FYE Mar 2025	-27.7	−100.7%	Cons. · Japanese GAAP
FYE Mar 2026	-11,507	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 -53.3%

Average · 10 yrs 92.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	142.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.3	−59.1pp	Cons. · Japanese GAAP
FYE Mar 2019	-67.2	−150.5pp	Cons. · Japanese GAAP
FYE Mar 2020	47.7	+114.9pp	Cons. · Japanese GAAP
FYE Mar 2021	516.2	+468.5pp	Cons. · Japanese GAAP
FYE Mar 2022	124.1	−392.2pp	Cons. · Japanese GAAP
FYE Mar 2023	153.4	+29.4pp	Cons. · Japanese GAAP
FYE Mar 2024	21.6	−131.9pp	Cons. · Japanese GAAP
FYE Mar 2025	-42.3	−63.9pp	Cons. · Japanese GAAP
FYE Mar 2026	-53.3	−10.9pp	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 ¥44.2tn

CAGR · 10 yrs +1.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	37,959	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38,790	+2.2%	Cons. · Japanese GAAP
FYE Mar 2019	35,904	−7.4%	Cons. · Japanese GAAP
FYE Mar 2020	30,957	−13.8%	Cons. · Japanese GAAP
FYE Mar 2021	36,660	+18.4%	Cons. · Japanese GAAP
FYE Mar 2022	39,422	+7.5%	Cons. · Japanese GAAP
FYE Mar 2023	54,454	+38.1%	Cons. · Japanese GAAP
FYE Mar 2024	59,166	+8.7%	Cons. · Japanese GAAP
FYE Mar 2025	57,846	−2.2%	Cons. · Japanese GAAP
FYE Mar 2026	44,233	−23.5%	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 ¥15.2tn

Change · 10 yrs +¥9.98tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	5,173	n/a
FYE Mar 2018	4,857	n/a
FYE Mar 2019	4,341	n/a
FYE Mar 2020	3,135	n/a
FYE Mar 2021	4,056	n/a
FYE Mar 2022	3,975	n/a
FYE Mar 2023	4,765	n/a
FYE Mar 2024	7,734	n/a
FYE Mar 2025	10,176	n/a
FYE Mar 2026	15,152	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 6,085¥

Change · 10 yrs +5,882¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	204	n/a
FYE Mar 2018	191	n/a
FYE Mar 2019	171	n/a
FYE Mar 2020	123	n/a
FYE Mar 2021	1,597	n/a
FYE Mar 2022	1,565	n/a
FYE Mar 2023	1,876	n/a
FYE Mar 2024	3,046	n/a
FYE Mar 2025	4,048	n/a
FYE Mar 2026	6,085	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 2,489,848,000shares

Change · 10 yrs −22,896,459,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	25,386,307,000	Parent
FYE Mar 2018	25,389,644,000	Parent
FYE Mar 2019	25,392,498,000	Parent
FYE Mar 2020	25,392,498,000	Parent
FYE Mar 2021	2,539,249,000	Parent
FYE Mar 2022	2,539,249,000	Parent
FYE Mar 2023	2,539,249,000	Parent
FYE Mar 2024	2,539,249,000	Parent
FYE Mar 2025	2,513,757,000	Parent
FYE Mar 2026	2,489,848,000	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 502.92¥

Change · 10 yrs +479.06¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	23.86	Cons.
FYE Mar 2018	22.72	Cons.
FYE Mar 2019	3.80	Cons.
FYE Mar 2020	176.87	Cons.
FYE Mar 2021	185.75	Cons.
FYE Mar 2022	209.27	Cons.
FYE Mar 2023	219.20	Cons.
FYE Mar 2024	267.88	Cons.
FYE Mar 2025	350.20	Cons.
FYE Mar 2026	502.92	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 4,545.07¥

Change · 10 yrs +4,209.30¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	335.77	Cons. · Japanese GAAP
FYE Mar 2018	357.11	Cons. · Japanese GAAP
FYE Mar 2019	344.57	Cons. · Japanese GAAP
FYE Mar 2020	336.88	Cons. · Japanese GAAP
FYE Mar 2021	3,645.33	Cons. · Japanese GAAP
FYE Mar 2022	3,574.87	Cons. · Japanese GAAP
FYE Mar 2023	3,596.85	Cons. · Japanese GAAP
FYE Mar 2024	4,029.75	Cons. · Japanese GAAP
FYE Mar 2025	4,154.03	Cons. · Japanese GAAP
FYE Mar 2026	4,545.07	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 12.10×

Average · 10 yrs 12.86×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.54	Cons.
FYE Mar 2018	8.42	Cons.
FYE Mar 2019	44.99	Cons.
FYE Mar 2020	6.98	Cons.
FYE Mar 2021	8.60	Cons.
FYE Mar 2022	7.48	Cons.
FYE Mar 2023	8.56	Cons.
FYE Mar 2024	11.37	Cons.
FYE Mar 2025	11.56	Cons.
FYE Mar 2026	12.10	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 1.31×

Average · 10 yrs 0.64×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.61	Cons.
FYE Mar 2018	0.54	Cons.
FYE Mar 2019	0.50	Cons.
FYE Mar 2020	0.37	Cons.
FYE Mar 2021	0.44	Cons.
FYE Mar 2022	0.44	Cons.
FYE Mar 2023	0.52	Cons.
FYE Mar 2024	0.75	Cons.
FYE Mar 2025	0.97	Cons.
FYE Mar 2026	1.31	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 52,427people

Change · 10 yrs −6,752 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	59,179	n/a	Cons.
FYE Mar 2018	60,051	+1.5%	Cons.
FYE Mar 2019	59,132	−1.5%	Cons.
FYE Mar 2020	57,264	−3.2%	Cons.
FYE Mar 2021	54,492	−4.8%	Cons.
FYE Mar 2022	52,420	−3.8%	Cons.
FYE Mar 2023	51,212	−2.3%	Cons.
FYE Mar 2024	52,307	+2.1%	Cons.
FYE Mar 2025	52,554	+0.5%	Cons.
FYE Mar 2026	52,427	−0.2%	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 2,867people

Change · 10 yrs +1,508 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,359	n/a	Parent
FYE Mar 2018	1,526	+12.3%	Parent
FYE Mar 2019	1,664	+9.0%	Parent
FYE Mar 2020	1,677	+0.8%	Parent
FYE Mar 2021	1,949	+16.2%	Parent
FYE Mar 2022	2,072	+6.3%	Parent
FYE Mar 2023	2,270	+9.6%	Parent
FYE Mar 2024	2,457	+8.2%	Parent
FYE Mar 2025	2,626	+6.9%	Parent
FYE Mar 2026	2,867	+9.2%	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 ¥11.7m

Change · 10 yrs +¥1.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	9.9	n/a	Parent
FYE Mar 2018	9.9	−0.4%	Parent
FYE Mar 2019	9.1	−7.7%	Parent
FYE Mar 2020	9.7	+6.2%	Parent
FYE Mar 2021	9.9	+2.6%	Parent
FYE Mar 2022	10.4	+5.1%	Parent
FYE Mar 2023	10.4	−0.6%	Parent
FYE Mar 2024	10.7	+3.3%	Parent
FYE Mar 2025	11.2	+4.2%	Parent
FYE Mar 2026	11.7	+4.4%	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 42.5years

Change · 8 yrs +1.4 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	41.1	n/a	Parent
FYE Mar 2020	40.6	−1.2%	Parent
FYE Mar 2021	41.4	+2.0%	Parent
FYE Mar 2022	41.2	−0.5%	Parent
FYE Mar 2023	41.4	+0.5%	Parent
FYE Mar 2024	41.4	−0.0%	Parent
FYE Mar 2025	41.8	+1.0%	Parent
FYE Mar 2026	42.5	+1.7%	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 16.9years

Change · 10 yrs −0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	17.0	n/a	Parent
FYE Mar 2018	16.5	−2.9%	Parent
FYE Mar 2019	16.9	+2.4%	Parent
FYE Mar 2020	16.3	−3.6%	Parent
FYE Mar 2021	17.0	+4.3%	Parent
FYE Mar 2022	17.0	−0.0%	Parent
FYE Mar 2023	16.9	−0.6%	Parent
FYE Mar 2024	16.4	−3.0%	Parent
FYE Mar 2025	16.3	−0.6%	Parent
FYE Mar 2026	16.9	+3.7%	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 12,112people

Change · 10 yrs −8,107 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	20,219	n/a	n/a
FYE Mar 2018	20,076	−0.7%	n/a
FYE Mar 2019	17,707	−11.8%	n/a
FYE Mar 2020	17,010	−3.9%	n/a
FYE Mar 2021	15,309	−10.0%	n/a
FYE Mar 2022	14,019	−8.4%	n/a
FYE Mar 2023	13,190	−5.9%	n/a
FYE Mar 2024	12,911	−2.1%	n/a
FYE Mar 2025	12,702	−1.6%	n/a
FYE Mar 2026	12,112	−4.6%	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 ¥173m

Change · 10 yrs +¥118m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	55.6	n/a	Cons.
FYE Mar 2018	59.3	+6.6%	Cons.
FYE Mar 2019	66.4	+11.9%	Cons.
FYE Mar 2020	69.6	+4.9%	Cons.
FYE Mar 2021	59.1	−15.2%	Cons.
FYE Mar 2022	75.6	+28.0%	Cons.
FYE Mar 2023	113	+49.3%	Cons.
FYE Mar 2024	167	+48.2%	Cons.
FYE Mar 2025	172	+2.8%	Cons.
FYE Mar 2026	173	+0.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥30.0m

Change · 10 yrs +¥17.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	12.5	n/a	Cons.
FYE Mar 2018	13.0	+4.6%	Cons.
FYE Mar 2019	10.4	−20.3%	Cons.
FYE Mar 2020	11.1	+7.3%	Cons.
FYE Mar 2021	9.8	−11.6%	Cons.
FYE Mar 2022	10.7	+8.5%	Cons.
FYE Mar 2023	15.4	+44.4%	Cons.
FYE Mar 2024	17.5	+13.3%	Cons.
FYE Mar 2025	22.2	+27.2%	Cons.
FYE Mar 2026	30.0	+35.0%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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