Financials

Central Japan Railway (JR Central): FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥2.01tnYoY +9.5%

FYE Mar 2026 · Operating profit¥830bnYoY +18.1%

FYE Mar 2026 · Net profit¥553bnYoY +20.6%

FYE Mar 2026 · Equity ratio46.6%YoY +2.0pp

FYE Mar 2026 · Group employees29,569YoY +425

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.76tn	n/a	¥620bn	n/a	35.3%	¥393bn	Tsuge Koei	Applies for fiscal-loan financing to accelerate the maglev
FYE Mar 2018Consolidated	¥1.82tn	+3.7%	¥662bn	+6.9%	36.3%	¥396bn	Tsuge Koei	—
FYE Mar 2019Consolidated	¥1.88tn	+3.1%	¥710bn	+7.2%	37.8%	¥439bn	Tsuge Koei	—
FYE Mar 2020Consolidated	¥1.84tn	−1.8%	¥656bn	−7.6%	35.6%	¥398bn	Kaneko Shin	—
FYE Mar 2021Consolidated	¥824bn	−55.4%	-¥185bn	−128.2%	-22.4%	-¥202bn	Kaneko Shin	N700S debuts; “twelve-Nozomi-an-hour” timetable
FYE Mar 2022Consolidated	¥935bn	+13.6%	¥1.7bn	n/a	0.2%	-¥52bn	Kaneko Shin	First net loss since its founding, as the pandemic empties the Shinkansen
FYE Mar 2023Consolidated	¥1.40tn	+49.7%	¥375bn	+21826.4%	26.7%	¥219bn	Kaneko Shin	—
FYE Mar 2024Consolidated	¥1.71tn	+22.1%	¥607bn	+62.2%	35.5%	¥384bn	Kaneko Shin	Shunsuke Niwa becomes president
FYE Mar 2025Consolidated	¥1.83tn	+7.1%	¥703bn	+15.7%	38.4%	¥458bn	Niwa Shunsuke	Five-for-one stock split
FYE Mar 2026Consolidated	¥2.01tn	+9.5%	¥830bn	+18.1%	41.4%	¥553bn	Niwa Shunsuke	First share buyback authorized (up to ¥100 billion)

How it compares

South Manchuria RailwayDissolved 1945

Japanese National RailwaysDissolved 1987

East Japan Railway (JR East)¥3.08tnFY2025Operating margin 13.4%

Central Japan Railway (JR Central)¥2.01tnFY2025Operating margin 41.4%

West Japan Railway (JR West)¥1.85tnFY2025Operating margin 10.7%Kyushu Railway (JR Kyushu)¥500bnFY2025Operating margin 14.8%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.01tn

CAGR · 10 yrs +1.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,757	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,822	+3.7%	Cons. · Japanese GAAP
FYE Mar 2019	1,878	+3.1%	Cons. · Japanese GAAP
FYE Mar 2020	1,845	−1.8%	Cons. · Japanese GAAP
FYE Mar 2021	824	−55.4%	Cons. · Japanese GAAP
FYE Mar 2022	935	+13.6%	Cons. · Japanese GAAP
FYE Mar 2023	1,400	+49.7%	Cons. · Japanese GAAP
FYE Mar 2024	1,710	+22.1%	Cons. · Japanese GAAP
FYE Mar 2025	1,832	+7.1%	Cons. · Japanese GAAP
FYE Mar 2026	2,006	+9.5%	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 ¥959bn

CAGR · 10 yrs +0.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	955	n/a	Cons. · Japanese GAAP
FYE Mar 2018	967	+1.3%	Cons. · Japanese GAAP
FYE Mar 2019	971	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	991	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	844	−14.9%	Cons. · Japanese GAAP
FYE Mar 2022	774	−8.3%	Cons. · Japanese GAAP
FYE Mar 2023	848	+9.6%	Cons. · Japanese GAAP
FYE Mar 2024	912	+7.6%	Cons. · Japanese GAAP
FYE Mar 2025	929	+1.8%	Cons. · Japanese GAAP
FYE Mar 2026	959	+3.3%	Cons. · Japanese GAAP

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 ¥1.05tn

CAGR · 10 yrs +3.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	802	n/a	Cons. · Japanese GAAP
FYE Mar 2018	855	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	907	+6.1%	Cons. · Japanese GAAP
FYE Mar 2020	853	−6.0%	Cons. · Japanese GAAP
FYE Mar 2021	-20.2	−102.4%	Cons. · Japanese GAAP
FYE Mar 2022	162	n/a	Cons. · Japanese GAAP
FYE Mar 2023	552	+241.9%	Cons. · Japanese GAAP
FYE Mar 2024	798	+44.5%	Cons. · Japanese GAAP
FYE Mar 2025	903	+13.1%	Cons. · Japanese GAAP
FYE Mar 2026	1,047	+16.0%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥217bn

CAGR · 10 yrs +1.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	183	n/a	Cons. · Japanese GAAP
FYE Mar 2018	193	+5.7%	Cons. · Japanese GAAP
FYE Mar 2019	198	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	197	−0.3%	Cons. · Japanese GAAP
FYE Mar 2021	165	−16.5%	Cons. · Japanese GAAP
FYE Mar 2022	160	−2.8%	Cons. · Japanese GAAP
FYE Mar 2023	178	+11.3%	Cons. · Japanese GAAP
FYE Mar 2024	191	+7.2%	Cons. · Japanese GAAP
FYE Mar 2025	200	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	217	+8.3%	Cons. · Japanese GAAP

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 ¥830bn

CAGR · 10 yrs +3.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	620	n/a	Cons. · Japanese GAAP
FYE Mar 2018	662	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	710	+7.2%	Cons. · Japanese GAAP
FYE Mar 2020	656	−7.6%	Cons. · Japanese GAAP
FYE Mar 2021	-185	−128.2%	Cons. · Japanese GAAP
FYE Mar 2022	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	375	+21826.4%	Cons. · Japanese GAAP
FYE Mar 2024	607	+62.2%	Cons. · Japanese GAAP
FYE Mar 2025	703	+15.7%	Cons. · Japanese GAAP
FYE Mar 2026	830	+18.1%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥33bn

CAGR · 10 yrs +18.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.8	+18.7%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	+22.7%	Cons. · Japanese GAAP
FYE Mar 2020	11.8	+9.7%	Cons. · Japanese GAAP
FYE Mar 2021	14.8	+24.7%	Cons. · Japanese GAAP
FYE Mar 2022	17.2	+16.6%	Cons. · Japanese GAAP
FYE Mar 2023	16.2	−6.0%	Cons. · Japanese GAAP
FYE Mar 2024	22.4	+38.9%	Cons. · Japanese GAAP
FYE Mar 2025	28.3	+26.0%	Cons. · Japanese GAAP
FYE Mar 2026	33.2	+17.4%	Cons. · Japanese GAAP

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 ¥82bn

CAGR · 10 yrs +3.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	63.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.2	+38.5%	Cons. · Japanese GAAP
FYE Mar 2019	87.9	+0.8%	Cons. · Japanese GAAP
FYE Mar 2020	93.7	+6.6%	Cons. · Japanese GAAP
FYE Mar 2021	92.1	−1.8%	Cons. · Japanese GAAP
FYE Mar 2022	86.2	−6.4%	Cons. · Japanese GAAP
FYE Mar 2023	83.2	−3.5%	Cons. · Japanese GAAP
FYE Mar 2024	82.9	−0.4%	Cons. · Japanese GAAP
FYE Mar 2025	81.8	−1.3%	Cons. · Japanese GAAP
FYE Mar 2026	82.4	+0.8%	Cons. · Japanese GAAP

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Ordinary profit keijo rieki

FYE Mar 2026 ¥781bn

CAGR · 10 yrs +3.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	564	n/a	Cons. · Japanese GAAP
FYE Mar 2018	584	+3.5%	Cons. · Japanese GAAP
FYE Mar 2019	633	+8.4%	Cons. · Japanese GAAP
FYE Mar 2020	574	−9.2%	Cons. · Japanese GAAP
FYE Mar 2021	-262	−145.6%	Cons. · Japanese GAAP
FYE Mar 2022	-67.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	307	n/a	Cons. · Japanese GAAP
FYE Mar 2024	547	+77.9%	Cons. · Japanese GAAP
FYE Mar 2025	649	+18.7%	Cons. · Japanese GAAP
FYE Mar 2026	781	+20.3%	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 ¥3.6bn

CAGR · 10 yrs −0.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.6	+484.7%	Cons. · Japanese GAAP
FYE Mar 2019	4.2	−81.3%	Cons. · Japanese GAAP
FYE Mar 2020	6.6	+55.3%	Cons. · Japanese GAAP
FYE Mar 2021	6.5	−0.4%	Cons. · Japanese GAAP
FYE Mar 2022	8.0	+22.0%	Cons. · Japanese GAAP
FYE Mar 2023	2.9	−63.2%	Cons. · Japanese GAAP
FYE Mar 2024	3.8	+28.8%	Cons. · Japanese GAAP
FYE Mar 2025	1.2	−67.3%	Cons. · Japanese GAAP
FYE Mar 2026	3.6	+191.3%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 ¥5.1bn

CAGR · 4 yrs −13.0%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.3	+467.5%	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	5.1	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥553bn

CAGR · 10 yrs +3.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	393	n/a	Cons. · Japanese GAAP
FYE Mar 2018	396	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	439	+10.9%	Cons. · Japanese GAAP
FYE Mar 2020	398	−9.3%	Cons. · Japanese GAAP
FYE Mar 2021	-202	−150.7%	Cons. · Japanese GAAP
FYE Mar 2022	-51.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	219	n/a	Cons. · Japanese GAAP
FYE Mar 2024	384	+75.2%	Cons. · Japanese GAAP
FYE Mar 2025	458	+19.3%	Cons. · Japanese GAAP
FYE Mar 2026	553	+20.6%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 52.2%

Average · 10 yrs 39.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	45.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.9	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	48.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	46.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	-2.5	−48.7pp	Cons. · Japanese GAAP
FYE Mar 2022	17.3	+19.7pp	Cons. · Japanese GAAP
FYE Mar 2023	39.5	+22.2pp	Cons. · Japanese GAAP
FYE Mar 2024	46.7	+7.2pp	Cons. · Japanese GAAP
FYE Mar 2025	49.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	52.2	+2.9pp	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 41.4%

Average · 10 yrs 26.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	35.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	37.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	35.6	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-22.4	−58.0pp	Cons. · Japanese GAAP
FYE Mar 2022	0.2	+22.6pp	Cons. · Japanese GAAP
FYE Mar 2023	26.7	+26.6pp	Cons. · Japanese GAAP
FYE Mar 2024	35.5	+8.8pp	Cons. · Japanese GAAP
FYE Mar 2025	38.4	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2026	41.4	+3.0pp	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 38.9%

Average · 10 yrs 21.8%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	32.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	33.7	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	31.1	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	-31.8	−63.0pp	Cons. · Japanese GAAP
FYE Mar 2022	-7.2	+24.6pp	Cons. · Japanese GAAP
FYE Mar 2023	22.0	+29.2pp	Cons. · Japanese GAAP
FYE Mar 2024	32.0	+10.0pp	Cons. · Japanese GAAP
FYE Mar 2025	35.4	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2026	38.9	+3.5pp	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 27.6%

Average · 10 yrs 15.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	22.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	23.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	21.6	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	-24.5	−46.0pp	Cons. · Japanese GAAP
FYE Mar 2022	-5.6	+18.9pp	Cons. · Japanese GAAP
FYE Mar 2023	15.7	+21.2pp	Cons. · Japanese GAAP
FYE Mar 2024	22.5	+6.8pp	Cons. · Japanese GAAP
FYE Mar 2025	25.0	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	27.6	+2.5pp	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 47.8%

Average · 10 yrs 61.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	54.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.1	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	51.7	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	53.7	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	102.5	+48.7pp	Cons. · Japanese GAAP
FYE Mar 2022	82.7	−19.7pp	Cons. · Japanese GAAP
FYE Mar 2023	60.5	−22.2pp	Cons. · Japanese GAAP
FYE Mar 2024	53.3	−7.2pp	Cons. · Japanese GAAP
FYE Mar 2025	50.7	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	47.8	−2.9pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 10.8%

Average · 10 yrs 12.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	10.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	10.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	20.0	+9.3pp	Cons. · Japanese GAAP
FYE Mar 2022	17.1	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2023	12.7	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2024	11.2	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	10.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	10.8	−0.1pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥10.9tn

CAGR · 10 yrs +4.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	7,053	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8,909	+26.3%	Cons. · Japanese GAAP
FYE Mar 2019	9,296	+4.3%	Cons. · Japanese GAAP
FYE Mar 2020	9,603	+3.3%	Cons. · Japanese GAAP
FYE Mar 2021	9,600	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	9,451	−1.6%	Cons. · Japanese GAAP
FYE Mar 2023	9,514	+0.7%	Cons. · Japanese GAAP
FYE Mar 2024	9,942	+4.5%	Cons. · Japanese GAAP
FYE Mar 2025	10,323	+3.8%	Cons. · Japanese GAAP
FYE Mar 2026	10,876	+5.4%	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 ¥5.07tn

CAGR · 10 yrs +7.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,692	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,055	+13.5%	Cons. · Japanese GAAP
FYE Mar 2019	3,471	+13.6%	Cons. · Japanese GAAP
FYE Mar 2020	3,832	+10.4%	Cons. · Japanese GAAP
FYE Mar 2021	3,643	−4.9%	Cons. · Japanese GAAP
FYE Mar 2022	3,564	−2.2%	Cons. · Japanese GAAP
FYE Mar 2023	3,759	+5.5%	Cons. · Japanese GAAP
FYE Mar 2024	4,170	+10.9%	Cons. · Japanese GAAP
FYE Mar 2025	4,601	+10.3%	Cons. · Japanese GAAP
FYE Mar 2026	5,068	+10.2%	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 ¥473bn

CAGR · 10 yrs −1.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	542	n/a	Cons. · Japanese GAAP
FYE Mar 2018	518	−4.4%	Cons. · Japanese GAAP
FYE Mar 2019	452	−12.8%	Cons. · Japanese GAAP
FYE Mar 2020	433	−4.1%	Cons. · Japanese GAAP
FYE Mar 2021	449	+3.6%	Cons. · Japanese GAAP
FYE Mar 2022	467	+4.1%	Cons. · Japanese GAAP
FYE Mar 2023	501	+7.1%	Cons. · Japanese GAAP
FYE Mar 2024	539	+7.7%	Cons. · Japanese GAAP
FYE Mar 2025	503	−6.8%	Cons. · Japanese GAAP
FYE Mar 2026	473	−5.8%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥38bn

CAGR · 10 yrs +4.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	25.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.5	+7.6%	Cons. · Japanese GAAP
FYE Mar 2019	28.4	+3.2%	Cons. · Japanese GAAP
FYE Mar 2020	29.5	+3.9%	Cons. · Japanese GAAP
FYE Mar 2021	30.0	+1.7%	Cons. · Japanese GAAP
FYE Mar 2022	30.7	+2.5%	Cons. · Japanese GAAP
FYE Mar 2023	27.3	−11.1%	Cons. · Japanese GAAP
FYE Mar 2024	32.1	+17.4%	Cons. · Japanese GAAP
FYE Mar 2025	35.1	+9.5%	Cons. · Japanese GAAP
FYE Mar 2026	37.5	+6.7%	Cons. · Japanese GAAP

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 ¥436bn

CAGR · 10 yrs −16.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2,117	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,593	+69.7%	Cons. · Japanese GAAP
FYE Mar 2019	3,549	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	3,468	−2.3%	Cons. · Japanese GAAP
FYE Mar 2021	3,485	+0.5%	Cons. · Japanese GAAP
FYE Mar 2022	3,524	+1.1%	Cons. · Japanese GAAP
FYE Mar 2023	3,521	−0.1%	Cons. · Japanese GAAP
FYE Mar 2024	3,543	+0.6%	Cons. · Japanese GAAP
FYE Mar 2025	3,544	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	436	−87.7%	Cons. · Japanese GAAP

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

CAGR · 9 yrs +0.1%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	724	n/a	Cons. · Japanese GAAP
FYE Mar 2018	734	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	773	+5.3%	Cons. · Japanese GAAP
FYE Mar 2020	849	+9.8%	Cons. · Japanese GAAP
FYE Mar 2021	919	+8.3%	Cons. · Japanese GAAP
FYE Mar 2022	891	−3.1%	Cons. · Japanese GAAP
FYE Mar 2023	909	+2.0%	Cons. · Japanese GAAP
FYE Mar 2024	790	−13.1%	Cons. · Japanese GAAP
FYE Mar 2025	729	−7.7%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥186bn

CAGR · 10 yrs +21.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	32.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.7	+70.2%	Cons. · Japanese GAAP
FYE Mar 2019	77.6	+39.4%	Cons. · Japanese GAAP
FYE Mar 2020	91.1	+17.5%	Cons. · Japanese GAAP
FYE Mar 2021	110	+21.2%	Cons. · Japanese GAAP
FYE Mar 2022	142	+28.6%	Cons. · Japanese GAAP
FYE Mar 2023	159	+12.2%	Cons. · Japanese GAAP
FYE Mar 2024	160	+0.5%	Cons. · Japanese GAAP
FYE Mar 2025	165	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	186	+12.6%	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 46.6%

Average · 10 yrs 39.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	38.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.3	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2019	37.3	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2020	39.9	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	37.9	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2022	37.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	39.5	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	41.9	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2025	44.6	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	46.6	+2.0pp	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 9.3%

Average · 10 yrs 13.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.0	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2019	13.0	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2020	11.3	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	12.3	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	13.1	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	13.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	12.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	10.9	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	9.3	−1.6pp	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 10.9%

Average · 10 yrs 7.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	14.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	12.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.4	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-5.5	−15.9pp	Cons. · Japanese GAAP
FYE Mar 2022	-1.5	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2023	5.8	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2024	9.2	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2025	10.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	10.9	+0.9pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 5.1%

Average · 10 yrs 3.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	-2.1	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2022	-0.5	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	2.3	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2024	3.9	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	5.1	+0.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.18×

CAGR · 10 yrs −3.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.25	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.20	−17.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.20	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.19	−4.9%	Cons. · Japanese GAAP
FYE Mar 2021	0.09	−55.3%	Cons. · Japanese GAAP
FYE Mar 2022	0.10	+15.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.15	+48.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.17	+16.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.18	+3.1%	Cons. · Japanese GAAP
FYE Mar 2026	0.18	+4.0%	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 ¥748bn

CAGR · 10 yrs +2.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	581	n/a	Cons. · Japanese GAAP
FYE Mar 2018	610	+5.0%	Cons. · Japanese GAAP
FYE Mar 2019	600	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	595	−0.8%	Cons. · Japanese GAAP
FYE Mar 2021	-169	−128.5%	Cons. · Japanese GAAP
FYE Mar 2022	71.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	487	+578.4%	Cons. · Japanese GAAP
FYE Mar 2024	673	+38.3%	Cons. · Japanese GAAP
FYE Mar 2025	625	−7.2%	Cons. · Japanese GAAP
FYE Mar 2026	748	+19.8%	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 -¥621bn

Average · 10 yrs -¥721bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1,910	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1,676	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-598	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-552	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-135	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-153	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-175	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-437	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-956	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-621	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 -¥151bn

Average · 10 yrs ¥244bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1,425	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,435	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	-33.6	−102.3%	Cons. · Japanese GAAP
FYE Mar 2020	-33.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	263	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-19.2	−107.3%	Cons. · Japanese GAAP
FYE Mar 2023	-221	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-125	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-95.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-151	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 ¥371bn

CAGR · 10 yrs −1.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	415	n/a	Cons. · Japanese GAAP
FYE Mar 2018	782	+88.7%	Cons. · Japanese GAAP
FYE Mar 2019	752	−3.9%	Cons. · Japanese GAAP
FYE Mar 2020	761	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	720	−5.4%	Cons. · Japanese GAAP
FYE Mar 2022	619	−14.0%	Cons. · Japanese GAAP
FYE Mar 2023	711	+14.7%	Cons. · Japanese GAAP
FYE Mar 2024	822	+15.6%	Cons. · Japanese GAAP
FYE Mar 2025	395	−52.0%	Cons. · Japanese GAAP
FYE Mar 2026	371	−6.1%	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 ¥127bn

Average · 10 yrs -¥239bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-1,329	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1,067	n/a	Cons. · Japanese GAAP
FYE Mar 2019	2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	42.7	+1417.0%	Cons. · Japanese GAAP
FYE Mar 2021	-304	−811.6%	Cons. · Japanese GAAP
FYE Mar 2022	-81.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	312	n/a	Cons. · Japanese GAAP
FYE Mar 2024	236	−24.2%	Cons. · Japanese GAAP
FYE Mar 2025	-331	−240.3%	Cons. · Japanese GAAP
FYE Mar 2026	127	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 37.3%

Average · 10 yrs 26.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	33.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	32.0	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	32.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-20.6	−52.8pp	Cons. · Japanese GAAP
FYE Mar 2022	7.7	+28.2pp	Cons. · Japanese GAAP
FYE Mar 2023	34.8	+27.1pp	Cons. · Japanese GAAP
FYE Mar 2024	39.3	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2025	34.1	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2026	37.3	+3.2pp	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 -¥103bn

Average · 10 yrs ¥147bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-128	n/a	Cons. · Japanese GAAP
FYE Mar 2018	264	n/a	Cons. · Japanese GAAP
FYE Mar 2019	300	+13.5%	Cons. · Japanese GAAP
FYE Mar 2020	328	+9.4%	Cons. · Japanese GAAP
FYE Mar 2021	271	−17.4%	Cons. · Japanese GAAP
FYE Mar 2022	152	−43.9%	Cons. · Japanese GAAP
FYE Mar 2023	210	+38.0%	Cons. · Japanese GAAP
FYE Mar 2024	283	+34.7%	Cons. · Japanese GAAP
FYE Mar 2025	-108	−138.2%	Cons. · Japanese GAAP
FYE Mar 2026	-103	n/a	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 ¥4.09tn

Change · 8 yrs +¥348bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,739	n/a
FYE Mar 2018	4,148	n/a
FYE Mar 2019	5,295	n/a
FYE Mar 2020	3,567	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	3,257	n/a
FYE Mar 2024	3,839	n/a
FYE Mar 2025	2,942	n/a
FYE Mar 2026	4,086	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 4,082¥

Change · 8 yrs −14,067¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	18,148	n/a
FYE Mar 2018	20,135	n/a
FYE Mar 2019	25,703	n/a
FYE Mar 2020	17,318	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	15,810	n/a
FYE Mar 2024	3,727	n/a
FYE Mar 2025	2,856	n/a
FYE Mar 2026	4,082	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 1,001,177,000shares

Change · 10 yrs +795,177,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	206,000,000	Parent
FYE Mar 2018	206,000,000	Parent
FYE Mar 2019	206,000,000	Parent
FYE Mar 2020	206,000,000	Parent
FYE Mar 2021	206,000,000	Parent
FYE Mar 2022	206,000,000	Parent
FYE Mar 2023	206,000,000	Parent
FYE Mar 2024	1,030,000,000	Parent
FYE Mar 2025	1,030,000,000	Parent
FYE Mar 2026	1,001,177,000	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 570.84¥

Change · 10 yrs −1,425.68¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	1,996.52	Cons.
FYE Mar 2018	2,015.48	Cons.
FYE Mar 2019	2,238.95	Cons.
FYE Mar 2020	405.57	Cons.
FYE Mar 2021	-205.09	Cons.
FYE Mar 2022	-52.77	Cons.
FYE Mar 2023	222.99	Cons.
FYE Mar 2024	390.66	Cons.
FYE Mar 2025	465.88	Cons.
FYE Mar 2026	570.84	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 5,062.20¥

Change · 10 yrs −8,007.95¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	13,070.16	Cons. · Japanese GAAP
FYE Mar 2018	14,832.09	Cons. · Japanese GAAP
FYE Mar 2019	16,850.95	Cons. · Japanese GAAP
FYE Mar 2020	18,601.14	Cons. · Japanese GAAP
FYE Mar 2021	17,682.11	Cons. · Japanese GAAP
FYE Mar 2022	17,301.35	Cons. · Japanese GAAP
FYE Mar 2023	18,248.81	Cons. · Japanese GAAP
FYE Mar 2024	4,048.21	Cons. · Japanese GAAP
FYE Mar 2025	4,466.54	Cons. · Japanese GAAP
FYE Mar 2026	5,062.20	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 7.15×

Average · 8 yrs 9.51×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.09	Cons.
FYE Mar 2018	9.99	Cons.
FYE Mar 2019	11.48	Cons.
FYE Mar 2020	8.54	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	14.18	Cons.
FYE Mar 2024	9.54	Cons.
FYE Mar 2025	6.13	Cons.
FYE Mar 2026	7.15	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 0.77×

Average · 8 yrs 1.01×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.33	Cons.
FYE Mar 2018	1.29	Cons.
FYE Mar 2019	1.45	Cons.
FYE Mar 2020	0.89	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	0.83	Cons.
FYE Mar 2024	0.88	Cons.
FYE Mar 2025	0.61	Cons.
FYE Mar 2026	0.77	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 29,569people

Change · 10 yrs +976 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	28,593	n/a	Cons.
FYE Mar 2018	28,867	+1.0%	Cons.
FYE Mar 2019	29,128	+0.9%	Cons.
FYE Mar 2020	29,603	+1.6%	Cons.
FYE Mar 2021	30,153	+1.9%	Cons.
FYE Mar 2022	30,323	+0.6%	Cons.
FYE Mar 2023	29,854	−1.5%	Cons.
FYE Mar 2024	29,282	−1.9%	Cons.
FYE Mar 2025	29,144	−0.5%	Cons.
FYE Mar 2026	29,569	+1.5%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 18,518people

Change · 10 yrs +464 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	18,054	n/a	Parent
FYE Mar 2018	18,116	+0.3%	Parent
FYE Mar 2019	18,148	+0.2%	Parent
FYE Mar 2020	18,282	+0.7%	Parent
FYE Mar 2021	18,499	+1.2%	Parent
FYE Mar 2022	18,723	+1.2%	Parent
FYE Mar 2023	18,727	−0.0%	Parent
FYE Mar 2024	18,514	−1.1%	Parent
FYE Mar 2025	18,404	−0.6%	Parent
FYE Mar 2026	18,518	+0.6%	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 ¥8.6m

Change · 10 yrs +¥1.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.3	n/a	Parent
FYE Mar 2018	7.3	−0.0%	Parent
FYE Mar 2019	7.4	+0.2%	Parent
FYE Mar 2020	7.4	+0.1%	Parent
FYE Mar 2021	7.1	−3.1%	Parent
FYE Mar 2022	6.9	−3.7%	Parent
FYE Mar 2023	7.1	+3.3%	Parent
FYE Mar 2024	7.6	+7.1%	Parent
FYE Mar 2025	8.1	+6.6%	Parent
FYE Mar 2026	8.6	+6.2%	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 37.0years

Change · 8 yrs +0.1 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	36.9	n/a	Parent
FYE Mar 2020	36.7	−0.5%	Parent
FYE Mar 2021	36.5	−0.5%	Parent
FYE Mar 2022	36.3	−0.5%	Parent
FYE Mar 2023	36.4	+0.3%	Parent
FYE Mar 2024	36.6	+0.5%	Parent
FYE Mar 2025	36.8	+0.5%	Parent
FYE Mar 2026	37.0	+0.5%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 16.3years

Change · 10 yrs +1.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	15.3	n/a	Parent
FYE Mar 2018	15.5	+1.3%	Parent
FYE Mar 2019	15.6	+0.6%	Parent
FYE Mar 2020	15.5	−0.6%	Parent
FYE Mar 2021	15.5	−0.0%	Parent
FYE Mar 2022	15.4	−0.6%	Parent
FYE Mar 2023	15.5	+0.6%	Parent
FYE Mar 2024	15.8	+1.9%	Parent
FYE Mar 2025	16.1	+1.9%	Parent
FYE Mar 2026	16.3	+1.2%	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 7,634people

Change · 10 yrs −641 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	8,275	n/a	n/a
FYE Mar 2018	8,494	+2.6%	n/a
FYE Mar 2019	8,799	+3.6%	n/a
FYE Mar 2020	9,112	+3.6%	n/a
FYE Mar 2021	8,078	−11.3%	n/a
FYE Mar 2022	7,477	−7.4%	n/a
FYE Mar 2023	7,222	−3.4%	n/a
FYE Mar 2024	7,270	+0.7%	n/a
FYE Mar 2025	7,580	+4.3%	n/a
FYE Mar 2026	7,634	+0.7%	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 ¥67.8m

Change · 10 yrs +¥6.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	61.4	n/a	Cons.
FYE Mar 2018	63.1	+2.7%	Cons.
FYE Mar 2019	64.5	+2.2%	Cons.
FYE Mar 2020	62.3	−3.4%	Cons.
FYE Mar 2021	27.3	−56.2%	Cons.
FYE Mar 2022	30.8	+12.9%	Cons.
FYE Mar 2023	46.9	+52.1%	Cons.
FYE Mar 2024	58.4	+24.5%	Cons.
FYE Mar 2025	62.9	+7.6%	Cons.
FYE Mar 2026	67.8	+7.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥28.1m

Change · 10 yrs +¥6.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons.
FYE Mar 2018	22.9	+5.8%	Cons.
FYE Mar 2019	24.4	+6.3%	Cons.
FYE Mar 2020	22.2	−9.0%	Cons.
FYE Mar 2021	-6.1	−127.6%	Cons.
FYE Mar 2022	0.1	n/a	Cons.
FYE Mar 2023	12.5	+22170.9%	Cons.
FYE Mar 2024	20.7	+65.4%	Cons.
FYE Mar 2025	24.1	+16.3%	Cons.
FYE Mar 2026	28.1	+16.4%	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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