NTT Corporation (TSE: 9432) reported consolidated full-year results for fiscal year 2025 (April 1, 2025 to March 31, 2026) under IFRS. Operating revenue rose 5.1% year-on-year to ¥14,409,121 million, operating profit climbed 3.4% to ¥1,706,221 million, pre-tax profit rose 1.1% to ¥1,581,923 million, and net profit attributable to owners rose 3.7% to ¥1,037,032 million. Basic EPS came in at ¥12.61 versus ¥11.96. Operating margin held at 11.8% (12.0% prior), and ROE eased to 10.4% from 10.0%. Comprehensive income attributable to owners surged 66.1% to ¥1,719,075 million on FX and securities-revaluation tailwinds.
Group rebrand and corporate restructuring
FY2025 marked a watershed for corporate identity. In July 2025, the company changed its trade name from "Nippon Telegraph and Telephone Corporation" to NTT Corporation and refreshed its corporate identity, formalizing a pivot from a telecom-centric structure to a diversified group spanning digital, data centers, AI, and financial services. In September 2025, NTT completed the full subsidiarization of NTT Data Group, allowing tighter group-wide decision-making on enterprise and global investment. In October 2025, NTT Docomo consolidated SBI Sumishin Net Bank Co., Ltd. and launched a new "d NEOBANK" service brand; in March 2026, the company announced the transition to an "NTT Docomo Financial Group" structure, with d card, d払い, and other Docomo financial services to migrate into the new group from July 2026.
Global Solutions powers the year; ICT margin compressed
The Global Solutions segment (NTT Data Group and overseas operations) was the standout: revenue rose 7.9% to ¥5,004.6 billion and operating profit jumped 50.7% to ¥488.2 billion as data-center capacity sales, large-deal wins in the Japan public-sector and financial-sector pipelines, and overseas full-stack solution expansion lifted profitability. The group's total data-center electrical capacity reached approximately 2,000 MW — No.1 in Japan and No.3 worldwide (excluding mainland-China operators) — with over 2,700 MW of expansion already committed and a 3,000 MW target by FY2030. The Singapore-listed NTT DC REIT began trading in July 2025, accelerating the capital-recycling cycle for data-center investment.
The Integrated ICT segment (Docomo-led) posted revenue of ¥6,458.1 billion (+3.9%) but operating profit fell 7.7% to ¥942.1 billion on customer-base investment, network quality spending and financial-services integration costs. Docomo's flagship "docomo MAX" and "docomo Poikatsu MAX" plans reached 3 million subscribers by March 2026. Regional Communications (NTT East and West) revenue rose 3.1% to ¥3,210.2 billion and operating profit rose 4.0% to ¥307.4 billion. The Other segment (real estate, energy) revenue rose 1.5% to ¥1,752.6 billion but the segment posted a small operating loss of ¥1.6 billion (vs ¥55.8 billion profit) on energy-business headwinds.
AI partnerships: OpenAI, Google Cloud, Toyota
NTT broadened its AI partnership stack. From May 2025, the company began serving as Japan's first sales partner for OpenAI's ChatGPT Enterprise; in August 2025, NTT and Google Cloud announced a global partnership to develop industry-specific AI agents; and in October 2025, NTT released "tsuzumi 2", an upgraded edition of its in-house Japanese-optimized large language model that runs on a single GPU and is targeted at on-premise enterprise deployments. In automotive, NTT is co-developing a "Mobility AI Platform" with Toyota Motor Corporation aimed at zero-traffic-fatality society, and established NTT Mobility, Inc. in December 2025 for Level-4 autonomous-driving services. NTT and Mujin Co. are also developing a cloud robot-control service.
Balance sheet expands ¥16.7 trillion on SBI Sumishin consolidation
Total assets rose dramatically — from ¥30.06 trillion to ¥46.72 trillion — driven almost entirely by the on-balance-sheet inclusion of SBI Sumishin Net Bank assets following the October 2025 consolidation. Equity total reached ¥10,217,533 million but shareholders' equity attributable to owners fell slightly to ¥9,727,623 million on share buybacks, and the equity ratio dropped sharply to 20.8% from 34.0% as bank liabilities expanded the balance sheet. Operating cash flow expanded to ¥2,364,031 million from ¥1,485,190 million; investing cash flow consumed ¥1,999,644 million on M&A and capex; financing cash flow was -¥343,027 million. Period-end cash and equivalents reached ¥1,921,882 million.
Dividend lifted to ¥5.30; FY26 guides modest growth and ¥5.40 payout
The FY2025 annual dividend was set at ¥5.30 per share (¥2.65 interim + ¥2.65 year-end) from ¥5.20 prior year, with a consolidated payout ratio of 42.0% and DOE of 4.4%. For FY2026, management guides another step up to ¥5.40 annual (¥2.70 interim + ¥2.70 year-end). Full-year FY2026 guidance points to operating revenue of ¥15,060,000 million (+4.5%), operating profit of ¥1,710,000 million (+0.2%), pre-tax profit of ¥1,500,000 million (-5.2%), and net profit attributable to owners of ¥980,000 million (-5.5%) with EPS of ¥12.10 — a small bottom-line step back as financial-business integration costs and weaker FX assumptions weigh, even as data-center and global business sustain top-line growth.
| Metric | FY2025 | FY2024 | YoY |
|---|---|---|---|
| Operating revenue (¥ billion) | 14,409.1 | 13,704.7 | +5.1% |
| Operating profit (¥ billion) | 1,706.2 | 1,649.6 | +3.4% |
| Pre-tax profit (¥ billion) | 1,581.9 | 1,564.7 | +1.1% |
| Net profit attrib. to owners (¥ billion) | 1,037.0 | 1,000.0 | +3.7% |
| Basic EPS (¥) | 12.61 | 11.96 | +5.4% |
| Operating margin | 11.8% | 12.0% | -0.2pp |
| Global Solutions op. profit (¥ billion) | 488.2 | 323.9 | +50.7% |
| Integrated ICT op. profit (¥ billion) | 942.1 | 1,020.5 | -7.7% |
| Total assets (¥ billion) | 46,721.3 | 30,062.5 | +55.4% |
| Data center capacity (MW) | ~2,000 | — | Target 3,000 by FY30 |
| Annual dividend (¥) | 5.30 | 5.20 | +1.9% |
| FY26 operating profit guidance (¥ billion) | 1,710.0 | — | +0.2% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.