Financials

SoftBank Group: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥7.80tnYoY +7.7%

FYE Mar 2026 · Operating profit¥6.13tnYoY +259.9%

FYE Mar 2026 · Net profit¥5.00tnYoY +333.7%

FYE Mar 2026 · Equity ratio24.3%YoY +3.9pp

FYE Mar 2026 · Group employees73,677YoY +6,448

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥8.90tn	n/a	n/a	n/a	n/a	¥1.43tn	Son Masayoshi	Part of the Alibaba holding sold to fund the next acquisition
FYE Mar 2018Consolidated	¥9.16tn	+2.9%	¥1.30tn	n/a	14.2%	¥1.04tn	Son Masayoshi	SoftBank Vision Fund 1 begins operating with over $93bn at first closing
FYE Mar 2019Consolidated	¥6.09tn	−33.5%	¥2.07tn	+59.0%	34.0%	¥1.41tn	Son Masayoshi	SoftBank Corp. lists on the First Section of the Tokyo Stock Exchange
FYE Mar 2020Consolidated	¥5.24tn	−14.0%	¥50bn	−97.6%	1.0%	-¥962bn	Son Masayoshi	SoftBank Vision Fund 2 begins operating, funded 96 per cent in-house
FYE Mar 2021Consolidated	¥5.63tn	+7.4%	¥5.67tn	+11232.3%	100.8%	¥4.99tn	Son Masayoshi	Elliott Management demands a ¥2.2 trillion buyback and more outside directors
FYE Mar 2022Consolidated	¥6.22tn	+10.5%	-¥870bn	−115.3%	-14.0%	-¥1.71tn	Son Masayoshi	Net income attributable to owners of the parent of ¥4.988 trillion
FYE Mar 2023Consolidated	¥6.57tn	+5.6%	-¥469bn	n/a	-7.1%	-¥970bn	Son Masayoshi	The ARM sale contract is terminated; Alibaba drops out of the affiliates
FYE Mar 2024Consolidated	¥6.76tn	+2.8%	¥58bn	n/a	0.9%	-¥228bn	Son Masayoshi	ARM lists on the Nasdaq, closing 25 per cent above the offer price
FYE Mar 2025Consolidated	¥7.24tn	+7.2%	¥1.70tn	+2849.3%	23.5%	¥1.15tn	Son Masayoshi	—
FYE Mar 2026Consolidated	¥7.80tn	+7.7%	¥6.13tn	+259.9%	78.7%	¥5.00tn	Son Masayoshi	The Stargate Project announced with OpenAI, Oracle and MGX

How it compares

SoftBank Group¥7.80tnFY2025Operating margin 78.7%

Rakuten Group¥2.50tnFY2025Operating margin 0.6%LY Corporation¥2.04tnFY2025Operating margin 16.8%CyberAgent¥874bnFY2025Operating margin 8.2%U-NEXT HOLDINGS¥390bnFY2025Operating margin 8.1%M3¥351bnFY2025Operating margin 20.9%MonotaRO¥334bnFY2025Operating margin 13.8%Mercari¥229bnFY2026Operating margin 19.1%ZOZO¥228bnFY2025Operating margin 30.4%

LINE CorporationDelisted 2020

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥7.80tn

CAGR · 10 yrs −1.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	8,901	n/a	Cons. · IFRS
FYE Mar 2018	9,159	+2.9%	Cons. · IFRS
FYE Mar 2019	6,094	−33.5%	Cons. · IFRS
FYE Mar 2020	5,239	−14.0%	Cons. · IFRS
FYE Mar 2021	5,628	+7.4%	Cons. · IFRS
FYE Mar 2022	6,222	+10.5%	Cons. · IFRS
FYE Mar 2023	6,570	+5.6%	Cons. · IFRS
FYE Mar 2024	6,757	+2.8%	Cons. · IFRS
FYE Mar 2025	7,244	+7.2%	Cons. · IFRS
FYE Mar 2026	7,799	+7.7%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥3.78tn

CAGR · 9 yrs −4.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	5,528	n/a	Cons. · IFRS
FYE Mar 2019	3,567	−35.5%	Cons. · IFRS
FYE Mar 2020	2,584	−27.6%	Cons. · IFRS
FYE Mar 2021	2,753	+6.5%	Cons. · IFRS
FYE Mar 2022	2,956	+7.4%	Cons. · IFRS
FYE Mar 2023	3,242	+9.7%	Cons. · IFRS
FYE Mar 2024	3,214	−0.9%	Cons. · IFRS
FYE Mar 2025	3,490	+8.6%	Cons. · IFRS
FYE Mar 2026	3,783	+8.4%	Cons. · IFRS

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

Gross profit

FYE Mar 2026 ¥4.02tn

CAGR · 9 yrs +1.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3,631	n/a	Cons. · IFRS
FYE Mar 2019	2,526	−30.4%	Cons. · IFRS
FYE Mar 2020	2,655	+5.1%	Cons. · IFRS
FYE Mar 2021	2,875	+8.3%	Cons. · IFRS
FYE Mar 2022	3,266	+13.6%	Cons. · IFRS
FYE Mar 2023	3,328	+1.9%	Cons. · IFRS
FYE Mar 2024	3,542	+6.4%	Cons. · IFRS
FYE Mar 2025	3,754	+6.0%	Cons. · IFRS
FYE Mar 2026	4,016	+7.0%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥4.02tn

CAGR · 9 yrs +5.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	2,553	n/a	Cons. · IFRS
FYE Mar 2019	1,866	−26.9%	Cons. · IFRS
FYE Mar 2020	2,060	+10.4%	Cons. · IFRS
FYE Mar 2021	2,271	+10.3%	Cons. · IFRS
FYE Mar 2022	2,552	+12.3%	Cons. · IFRS
FYE Mar 2023	2,695	+5.6%	Cons. · IFRS
FYE Mar 2024	2,982	+10.7%	Cons. · IFRS
FYE Mar 2025	3,024	+1.4%	Cons. · IFRS
FYE Mar 2026	4,021	+32.9%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥6.13tn

CAGR · 9 yrs +21.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,304	n/a	Cons. · IFRS
FYE Mar 2019	2,074	+59.0%	Cons. · IFRS
FYE Mar 2020	50.0	−97.6%	Cons. · IFRS
FYE Mar 2021	5,670	+11232.3%	Cons. · IFRS
FYE Mar 2022	-870	−115.3%	Cons. · IFRS
FYE Mar 2023	-469	n/a	Cons. · IFRS
FYE Mar 2024	57.8	n/a	Cons. · IFRS
FYE Mar 2025	1,705	+2849.3%	Cons. · IFRS
FYE Mar 2026	6,135	+259.9%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥5.00tn

CAGR · 10 yrs +15.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	1,426	n/a	Cons. · IFRS
FYE Mar 2018	1,039	−27.2%	Cons. · IFRS
FYE Mar 2019	1,411	+35.8%	Cons. · IFRS
FYE Mar 2020	-962	−168.1%	Cons. · IFRS
FYE Mar 2021	4,988	n/a	Cons. · IFRS
FYE Mar 2022	-1,708	−134.2%	Cons. · IFRS
FYE Mar 2023	-970	n/a	Cons. · IFRS
FYE Mar 2024	-228	n/a	Cons. · IFRS
FYE Mar 2025	1,153	n/a	Cons. · IFRS
FYE Mar 2026	5,002	+333.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 51.5%

Average · 9 yrs 49.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	39.6	n/a	Cons. · IFRS
FYE Mar 2019	41.5	+1.8pp	Cons. · IFRS
FYE Mar 2020	50.7	+9.2pp	Cons. · IFRS
FYE Mar 2021	51.1	+0.4pp	Cons. · IFRS
FYE Mar 2022	52.5	+1.4pp	Cons. · IFRS
FYE Mar 2023	50.7	−1.8pp	Cons. · IFRS
FYE Mar 2024	52.4	+1.8pp	Cons. · IFRS
FYE Mar 2025	51.8	−0.6pp	Cons. · IFRS
FYE Mar 2026	51.5	−0.3pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 78.7%

Average · 9 yrs 25.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	14.2	n/a	Cons. · IFRS
FYE Mar 2019	34.0	+19.8pp	Cons. · IFRS
FYE Mar 2020	1.0	−33.1pp	Cons. · IFRS
FYE Mar 2021	100.8	+99.8pp	Cons. · IFRS
FYE Mar 2022	-14.0	−114.7pp	Cons. · IFRS
FYE Mar 2023	-7.1	+6.8pp	Cons. · IFRS
FYE Mar 2024	0.9	+8.0pp	Cons. · IFRS
FYE Mar 2025	23.5	+22.7pp	Cons. · IFRS
FYE Mar 2026	78.7	+55.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 64.1%

Average · 10 yrs 15.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · IFRS
FYE Mar 2018	11.3	−4.7pp	Cons. · IFRS
FYE Mar 2019	23.2	+11.8pp	Cons. · IFRS
FYE Mar 2020	-18.4	−41.5pp	Cons. · IFRS
FYE Mar 2021	88.6	+107.0pp	Cons. · IFRS
FYE Mar 2022	-27.5	−116.1pp	Cons. · IFRS
FYE Mar 2023	-14.8	+12.7pp	Cons. · IFRS
FYE Mar 2024	-3.4	+11.4pp	Cons. · IFRS
FYE Mar 2025	15.9	+19.3pp	Cons. · IFRS
FYE Mar 2026	64.1	+48.2pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 48.5%

Average · 9 yrs 50.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	60.4	n/a	Cons. · IFRS
FYE Mar 2019	58.5	−1.8pp	Cons. · IFRS
FYE Mar 2020	49.3	−9.2pp	Cons. · IFRS
FYE Mar 2021	48.9	−0.4pp	Cons. · IFRS
FYE Mar 2022	47.5	−1.4pp	Cons. · IFRS
FYE Mar 2023	49.3	+1.8pp	Cons. · IFRS
FYE Mar 2024	47.6	−1.8pp	Cons. · IFRS
FYE Mar 2025	48.2	+0.6pp	Cons. · IFRS
FYE Mar 2026	48.5	+0.3pp	Cons. · IFRS

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

SG&A ratio

FYE Mar 2026 51.6%

Average · 9 yrs 39.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	27.9	n/a	Cons. · IFRS
FYE Mar 2019	30.6	+2.8pp	Cons. · IFRS
FYE Mar 2020	39.3	+8.7pp	Cons. · IFRS
FYE Mar 2021	40.4	+1.0pp	Cons. · IFRS
FYE Mar 2022	41.0	+0.7pp	Cons. · IFRS
FYE Mar 2023	41.0	−0.0pp	Cons. · IFRS
FYE Mar 2024	44.1	+3.1pp	Cons. · IFRS
FYE Mar 2025	41.8	−2.4pp	Cons. · IFRS
FYE Mar 2026	51.6	+9.8pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥60.7tn

CAGR · 10 yrs +10.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	24,634	n/a	Cons. · IFRS
FYE Mar 2018	31,180	+26.6%	Cons. · IFRS
FYE Mar 2019	36,096	+15.8%	Cons. · IFRS
FYE Mar 2020	37,257	+3.2%	Cons. · IFRS
FYE Mar 2021	45,750	+22.8%	Cons. · IFRS
FYE Mar 2022	47,545	+3.9%	Cons. · IFRS
FYE Mar 2023	43,936	−7.6%	Cons. · IFRS
FYE Mar 2024	46,724	+6.3%	Cons. · IFRS
FYE Mar 2025	45,014	−3.7%	Cons. · IFRS
FYE Mar 2026	60,750	+35.0%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥14.8tn

CAGR · 10 yrs +17.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	3,586	n/a	Cons. · IFRS
FYE Mar 2018	4,095	+14.2%	Cons. · IFRS
FYE Mar 2019	6,234	+52.2%	Cons. · IFRS
FYE Mar 2020	4,454	−28.5%	Cons. · IFRS
FYE Mar 2021	8,471	+90.2%	Cons. · IFRS
FYE Mar 2022	8,244	−2.7%	Cons. · IFRS
FYE Mar 2023	7,410	−10.1%	Cons. · IFRS
FYE Mar 2024	9,087	+22.6%	Cons. · IFRS
FYE Mar 2025	9,170	+0.9%	Cons. · IFRS
FYE Mar 2026	14,775	+61.1%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥24.7tn

CAGR · 10 yrs +8.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	11,922	n/a	Cons. · IFRS
FYE Mar 2018	17,042	+42.9%	Cons. · IFRS
FYE Mar 2019	15,685	−8.0%	Cons. · IFRS
FYE Mar 2020	13,132	−16.3%	Cons. · IFRS
FYE Mar 2021	18,513	+41.0%	Cons. · IFRS
FYE Mar 2022	21,457	+15.9%	Cons. · IFRS
FYE Mar 2023	19,478	−9.2%	Cons. · IFRS
FYE Mar 2024	20,568	+5.6%	Cons. · IFRS
FYE Mar 2025	18,006	−12.5%	Cons. · IFRS
FYE Mar 2026	24,685	+37.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥7.25tn

CAGR · 10 yrs +11.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2,647	n/a	Cons. · IFRS
FYE Mar 2018	2,694	+1.8%	Cons. · IFRS
FYE Mar 2019	3,217	+19.4%	Cons. · IFRS
FYE Mar 2020	3,481	+8.2%	Cons. · IFRS
FYE Mar 2021	3,845	+10.5%	Cons. · IFRS
FYE Mar 2022	7,735	+101.2%	Cons. · IFRS
FYE Mar 2023	7,329	−5.3%	Cons. · IFRS
FYE Mar 2024	5,129	−30.0%	Cons. · IFRS
FYE Mar 2025	8,271	+61.3%	Cons. · IFRS
FYE Mar 2026	7,252	−12.3%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥17.4tn

CAGR · 10 yrs +7.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	9,276	n/a	Cons. · IFRS
FYE Mar 2018	12,164	+31.1%	Cons. · IFRS
FYE Mar 2019	13,825	+13.7%	Cons. · IFRS
FYE Mar 2020	12,204	−11.7%	Cons. · IFRS
FYE Mar 2021	9,287	−23.9%	Cons. · IFRS
FYE Mar 2022	10,778	+16.1%	Cons. · IFRS
FYE Mar 2023	14,129	+31.1%	Cons. · IFRS
FYE Mar 2024	14,349	+1.6%	Cons. · IFRS
FYE Mar 2025	12,296	−14.3%	Cons. · IFRS
FYE Mar 2026	17,433	+41.8%	Cons. · IFRS

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 ¥2.47tn

CAGR · 9 yrs −11.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	6,785	n/a	Cons. · IFRS
FYE Mar 2019	6,892	+1.6%	Cons. · IFRS
FYE Mar 2020	1,986	−71.2%	Cons. · IFRS
FYE Mar 2021	2,308	+16.2%	Cons. · IFRS
FYE Mar 2022	2,428	+5.2%	Cons. · IFRS
FYE Mar 2023	2,410	−0.7%	Cons. · IFRS
FYE Mar 2024	2,449	+1.6%	Cons. · IFRS
FYE Mar 2025	2,415	−1.4%	Cons. · IFRS
FYE Mar 2026	2,470	+2.3%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥7.31tn

CAGR · 10 yrs +18.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	1,610	n/a	Cons. · IFRS
FYE Mar 2018	4,303	+167.3%	Cons. · IFRS
FYE Mar 2019	4,321	+0.4%	Cons. · IFRS
FYE Mar 2020	3,998	−7.5%	Cons. · IFRS
FYE Mar 2021	4,684	+17.2%	Cons. · IFRS
FYE Mar 2022	4,898	+4.6%	Cons. · IFRS
FYE Mar 2023	5,199	+6.2%	Cons. · IFRS
FYE Mar 2024	5,710	+9.8%	Cons. · IFRS
FYE Mar 2025	5,782	+1.3%	Cons. · IFRS
FYE Mar 2026	7,315	+26.5%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 24.3%

Average · 10 yrs 17.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	14.6	n/a	Cons. · IFRS
FYE Mar 2018	13.1	−1.4pp	Cons. · IFRS
FYE Mar 2019	17.3	+4.1pp	Cons. · IFRS
FYE Mar 2020	12.0	−5.3pp	Cons. · IFRS
FYE Mar 2021	18.5	+6.6pp	Cons. · IFRS
FYE Mar 2022	17.3	−1.2pp	Cons. · IFRS
FYE Mar 2023	16.9	−0.5pp	Cons. · IFRS
FYE Mar 2024	19.4	+2.6pp	Cons. · IFRS
FYE Mar 2025	20.4	+0.9pp	Cons. · IFRS
FYE Mar 2026	24.3	+3.9pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 167.1%

Average · 10 yrs 262.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	332.4	n/a	Cons. · IFRS
FYE Mar 2018	416.1	+83.7pp	Cons. · IFRS
FYE Mar 2019	251.6	−164.5pp	Cons. · IFRS
FYE Mar 2020	294.8	+43.2pp	Cons. · IFRS
FYE Mar 2021	218.6	−76.3pp	Cons. · IFRS
FYE Mar 2022	260.3	+41.7pp	Cons. · IFRS
FYE Mar 2023	262.8	+2.6pp	Cons. · IFRS
FYE Mar 2024	226.3	−36.5pp	Cons. · IFRS
FYE Mar 2025	196.4	−30.0pp	Cons. · IFRS
FYE Mar 2026	167.1	−29.3pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 33.9%

Average · 10 yrs 13.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	39.8	n/a	Cons. · IFRS
FYE Mar 2018	25.4	−14.4pp	Cons. · IFRS
FYE Mar 2019	22.6	−2.7pp	Cons. · IFRS
FYE Mar 2020	-21.6	−44.2pp	Cons. · IFRS
FYE Mar 2021	58.9	+80.5pp	Cons. · IFRS
FYE Mar 2022	-20.7	−79.6pp	Cons. · IFRS
FYE Mar 2023	-13.1	+7.6pp	Cons. · IFRS
FYE Mar 2024	-2.5	+10.6pp	Cons. · IFRS
FYE Mar 2025	12.6	+15.1pp	Cons. · IFRS
FYE Mar 2026	33.9	+21.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 8.2%

Average · 10 yrs 2.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · IFRS
FYE Mar 2018	3.3	−2.5pp	Cons. · IFRS
FYE Mar 2019	3.9	+0.6pp	Cons. · IFRS
FYE Mar 2020	-2.6	−6.5pp	Cons. · IFRS
FYE Mar 2021	10.9	+13.5pp	Cons. · IFRS
FYE Mar 2022	-3.6	−14.5pp	Cons. · IFRS
FYE Mar 2023	-2.2	+1.4pp	Cons. · IFRS
FYE Mar 2024	-0.5	+1.7pp	Cons. · IFRS
FYE Mar 2025	2.6	+3.0pp	Cons. · IFRS
FYE Mar 2026	8.2	+5.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.13×

CAGR · 10 yrs −10.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.36	n/a	Cons. · IFRS
FYE Mar 2018	0.29	−18.7%	Cons. · IFRS
FYE Mar 2019	0.17	−42.5%	Cons. · IFRS
FYE Mar 2020	0.14	−16.7%	Cons. · IFRS
FYE Mar 2021	0.12	−12.5%	Cons. · IFRS
FYE Mar 2022	0.13	+6.4%	Cons. · IFRS
FYE Mar 2023	0.15	+14.3%	Cons. · IFRS
FYE Mar 2024	0.14	−3.3%	Cons. · IFRS
FYE Mar 2025	0.16	+11.3%	Cons. · IFRS
FYE Mar 2026	0.13	−20.2%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 -¥429bn

Average · 10 yrs ¥893bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1,501	n/a	Cons. · IFRS
FYE Mar 2018	1,089	−27.5%	Cons. · IFRS
FYE Mar 2019	1,172	+7.6%	Cons. · IFRS
FYE Mar 2020	1,118	−4.6%	Cons. · IFRS
FYE Mar 2021	557	−50.2%	Cons. · IFRS
FYE Mar 2022	2,725	+389.1%	Cons. · IFRS
FYE Mar 2023	741	−72.8%	Cons. · IFRS
FYE Mar 2024	251	−66.2%	Cons. · IFRS
FYE Mar 2025	204	−18.7%	Cons. · IFRS
FYE Mar 2026	-429	−310.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥4.51tn

Average · 10 yrs -¥2.68tn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-4,214	n/a	Cons. · IFRS
FYE Mar 2018	-4,485	n/a	Cons. · IFRS
FYE Mar 2019	-2,908	n/a	Cons. · IFRS
FYE Mar 2020	-4,287	n/a	Cons. · IFRS
FYE Mar 2021	-1,469	n/a	Cons. · IFRS
FYE Mar 2022	-3,019	n/a	Cons. · IFRS
FYE Mar 2023	548	n/a	Cons. · IFRS
FYE Mar 2024	-841	−253.7%	Cons. · IFRS
FYE Mar 2025	-1,632	n/a	Cons. · IFRS
FYE Mar 2026	-4,507	n/a	Cons. · IFRS

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

Financing cash flow

FYE Mar 2026 ¥6.38tn

CAGR · 10 yrs +11.6%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2,381	n/a	Cons. · IFRS
FYE Mar 2018	4,626	+94.3%	Cons. · IFRS
FYE Mar 2019	2,202	−52.4%	Cons. · IFRS
FYE Mar 2020	2,921	+32.6%	Cons. · IFRS
FYE Mar 2021	2,194	−24.9%	Cons. · IFRS
FYE Mar 2022	602	−72.6%	Cons. · IFRS
FYE Mar 2023	192	−68.2%	Cons. · IFRS
FYE Mar 2024	-606	−416.5%	Cons. · IFRS
FYE Mar 2025	-1,116	n/a	Cons. · IFRS
FYE Mar 2026	6,377	n/a	Cons. · IFRS

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

Cash and equivalents

FYE Mar 2026 ¥5.36tn

CAGR · 10 yrs +10.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	2,183	n/a	Cons. · IFRS
FYE Mar 2018	3,335	+52.7%	Cons. · IFRS
FYE Mar 2019	3,859	+15.7%	Cons. · IFRS
FYE Mar 2020	3,369	−12.7%	Cons. · IFRS
FYE Mar 2021	4,663	+38.4%	Cons. · IFRS
FYE Mar 2022	5,169	+10.9%	Cons. · IFRS
FYE Mar 2023	6,925	+34.0%	Cons. · IFRS
FYE Mar 2024	6,187	−10.7%	Cons. · IFRS
FYE Mar 2025	3,713	−40.0%	Cons. · IFRS
FYE Mar 2026	5,362	+44.4%	Cons. · IFRS

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

Free cash flow

FYE Mar 2026 -¥4.94tn

Average · 10 yrs -¥1.79tn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-2,713	n/a	Cons. · IFRS
FYE Mar 2018	-3,396	n/a	Cons. · IFRS
FYE Mar 2019	-1,736	n/a	Cons. · IFRS
FYE Mar 2020	-3,169	n/a	Cons. · IFRS
FYE Mar 2021	-911	n/a	Cons. · IFRS
FYE Mar 2022	-293	n/a	Cons. · IFRS
FYE Mar 2023	1,289	n/a	Cons. · IFRS
FYE Mar 2024	-591	−145.8%	Cons. · IFRS
FYE Mar 2025	-1,428	n/a	Cons. · IFRS
FYE Mar 2026	-4,936	n/a	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 -5.5%

Average · 10 yrs 13.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	16.9	n/a	Cons. · IFRS
FYE Mar 2018	11.9	−5.0pp	Cons. · IFRS
FYE Mar 2019	19.2	+7.3pp	Cons. · IFRS
FYE Mar 2020	21.3	+2.1pp	Cons. · IFRS
FYE Mar 2021	9.9	−11.4pp	Cons. · IFRS
FYE Mar 2022	43.8	+33.9pp	Cons. · IFRS
FYE Mar 2023	11.3	−32.5pp	Cons. · IFRS
FYE Mar 2024	3.7	−7.6pp	Cons. · IFRS
FYE Mar 2025	2.8	−0.9pp	Cons. · IFRS
FYE Mar 2026	-5.5	−8.3pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥19.3tn

Average · 10 yrs -¥13.6tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-9,739	n/a	Cons. · IFRS
FYE Mar 2018	-13,708	n/a	Cons. · IFRS
FYE Mar 2019	-11,827	n/a	Cons. · IFRS
FYE Mar 2020	-9,763	n/a	Cons. · IFRS
FYE Mar 2021	-13,850	n/a	Cons. · IFRS
FYE Mar 2022	-16,288	n/a	Cons. · IFRS
FYE Mar 2023	-12,553	n/a	Cons. · IFRS
FYE Mar 2024	-14,381	n/a	Cons. · IFRS
FYE Mar 2025	-14,293	n/a	Cons. · IFRS
FYE Mar 2026	-19,323	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥20.5tn

Change · 6 yrs +¥11.8tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	8,641	n/a
FYE Mar 2018	8,734	n/a
FYE Mar 2019	11,864	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	19,708	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	11,019	n/a
FYE Mar 2026	20,456	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 3,581¥

Change · 6 yrs −4,269¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,851	n/a
FYE Mar 2018	7,935	n/a
FYE Mar 2019	10,779	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	9,431	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	7,496	n/a
FYE Mar 2026	3,581	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 5,711,848,120shares

Change · 10 yrs +4,611,187,755 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,100,660,365	Parent
FYE Mar 2018	1,100,660,365	Parent
FYE Mar 2019	1,100,660,365	Parent
FYE Mar 2020	2,089,814,330	Parent
FYE Mar 2021	2,089,814,330	Parent
FYE Mar 2022	1,722,953,730	Parent
FYE Mar 2023	1,469,995,230	Parent
FYE Mar 2024	1,469,995,230	Parent
FYE Mar 2025	1,469,995,230	Parent
FYE Mar 2026	5,711,848,120	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 873.51¥

Change · 10 yrs +230.01¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	643.50	Cons.
FYE Mar 2018	466.77	Cons.
FYE Mar 2019	634.08	Cons.
FYE Mar 2020	-478.50	Cons.
FYE Mar 2021	2,619.61	Cons.
FYE Mar 2022	-254.64	Cons.
FYE Mar 2023	-163.09	Cons.
FYE Mar 2024	-42.75	Cons.
FYE Mar 2025	195.20	Cons.
FYE Mar 2026	873.51	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 2,586.77¥

Change · 10 yrs −671.60¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,258.36	Cons. · IFRS
FYE Mar 2018	3,720.79	Cons. · IFRS
FYE Mar 2019	5,663.65	Cons. · IFRS
FYE Mar 2020	2,131.44	Cons. · IFRS
FYE Mar 2021	4,053.28	Cons. · IFRS
FYE Mar 2022	4,784.57	Cons. · IFRS
FYE Mar 2023	5,041.16	Cons. · IFRS
FYE Mar 2024	6,181.71	Cons. · IFRS
FYE Mar 2025	6,238.15	Cons. · IFRS
FYE Mar 2026	2,586.77	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 4.10×

Average · 6 yrs 6.73×

Fiscal year	PER ×	Basis
FYE Mar 2017	6.10	Cons.
FYE Mar 2018	8.50	Cons.
FYE Mar 2019	8.50	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	3.60	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	9.60	Cons.
FYE Mar 2026	4.10	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 1.17×

Average · 6 yrs 1.60×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.38	Cons.
FYE Mar 2018	1.84	Cons.
FYE Mar 2019	1.59	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	1.69	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	0.95	Cons.
FYE Mar 2026	1.17	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 73,677people

Change · 10 yrs +5,275 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	68,402	n/a	Cons.
FYE Mar 2018	74,952	+9.6%	Cons.
FYE Mar 2019	76,866	+2.6%	Cons.
FYE Mar 2020	80,909	+5.3%	Cons.
FYE Mar 2021	58,786	−27.3%	Cons.
FYE Mar 2022	59,721	+1.6%	Cons.
FYE Mar 2023	63,339	+6.1%	Cons.
FYE Mar 2024	65,352	+3.2%	Cons.
FYE Mar 2025	67,229	+2.9%	Cons.
FYE Mar 2026	73,677	+9.6%	Cons.

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

Parent-company employees

FYE Mar 2026 276people

Change · 10 yrs +77 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	199	n/a	Parent
FYE Mar 2018	195	−2.0%	Parent
FYE Mar 2019	192	−1.5%	Parent
FYE Mar 2020	224	+16.7%	Parent
FYE Mar 2021	241	+7.6%	Parent
FYE Mar 2022	255	+5.8%	Parent
FYE Mar 2023	247	−3.1%	Parent
FYE Mar 2024	255	+3.2%	Parent
FYE Mar 2025	274	+7.5%	Parent
FYE Mar 2026	276	+0.7%	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 ¥13.2m

Change · 10 yrs +¥1.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	11.6	n/a	Parent
FYE Mar 2018	11.6	−0.6%	Parent
FYE Mar 2019	12.5	+8.2%	Parent
FYE Mar 2020	13.9	+10.9%	Parent
FYE Mar 2021	14.0	+1.1%	Parent
FYE Mar 2022	13.2	−5.9%	Parent
FYE Mar 2023	13.4	+1.3%	Parent
FYE Mar 2024	13.6	+1.5%	Parent
FYE Mar 2025	13.6	+0.2%	Parent
FYE Mar 2026	13.2	−3.2%	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 41.2years

Change · 8 yrs −0.3 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	41.5	n/a	Parent
FYE Mar 2020	40.0	−3.6%	Parent
FYE Mar 2021	40.0	−0.0%	Parent
FYE Mar 2022	40.6	+1.5%	Parent
FYE Mar 2023	40.5	−0.2%	Parent
FYE Mar 2024	41.5	+2.5%	Parent
FYE Mar 2025	41.3	−0.5%	Parent
FYE Mar 2026	41.2	−0.2%	Parent

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

Average length of service

FYE Mar 2026 10.1years

Change · 10 yrs +1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	8.7	n/a	Parent
FYE Mar 2018	9.2	+5.7%	Parent
FYE Mar 2019	10.1	+9.8%	Parent
FYE Mar 2020	10.1	−0.0%	Parent
FYE Mar 2021	8.9	−11.9%	Parent
FYE Mar 2022	9.4	+5.6%	Parent
FYE Mar 2023	9.5	+1.1%	Parent
FYE Mar 2024	10.3	+8.4%	Parent
FYE Mar 2025	10.1	−1.9%	Parent
FYE Mar 2026	10.1	−0.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 26,957people

Change · 8 yrs +11,754 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	15,203	n/a	n/a
FYE Mar 2020	17,092	+12.4%	n/a
FYE Mar 2021	20,039	+17.2%	n/a
FYE Mar 2022	22,435	+12.0%	n/a
FYE Mar 2023	22,684	+1.1%	n/a
FYE Mar 2024	24,474	+7.9%	n/a
FYE Mar 2025	27,106	+10.8%	n/a
FYE Mar 2026	26,957	−0.5%	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 ¥106m

Change · 10 yrs −¥24.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	130	n/a	Cons.
FYE Mar 2018	122	−6.1%	Cons.
FYE Mar 2019	79.3	−35.1%	Cons.
FYE Mar 2020	64.8	−18.3%	Cons.
FYE Mar 2021	95.7	+47.9%	Cons.
FYE Mar 2022	104	+8.8%	Cons.
FYE Mar 2023	104	−0.4%	Cons.
FYE Mar 2024	103	−0.3%	Cons.
FYE Mar 2025	108	+4.2%	Cons.
FYE Mar 2026	106	−1.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥83.3m

Change · 9 yrs +¥65.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	17.4	n/a	Cons.
FYE Mar 2019	27.0	+55.1%	Cons.
FYE Mar 2020	0.6	−97.7%	Cons.
FYE Mar 2021	96.5	+15497.0%	Cons.
FYE Mar 2022	-14.6	−115.1%	Cons.
FYE Mar 2023	-7.4	n/a	Cons.
FYE Mar 2024	0.9	n/a	Cons.
FYE Mar 2025	25.4	+2767.0%	Cons.
FYE Mar 2026	83.3	+228.4%	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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