Waseda Academy Co., Ltd. (TSE: 4718), the Tokyo-based private-education company that runs the "Waseda Academy" chain of cram schools (juku) and exam-prep classrooms for elementary, junior-high and high-school students, posted higher revenue and profit for FY2026 (year ended March 31, 2026) under Japanese GAAP. Consolidated net sales rose 7.4% year-on-year to ¥37,658 million, operating profit climbed 11.6% to ¥3,960 million, ordinary profit increased 10.2% to ¥3,968 million, and net profit attributable to owners of the parent rose 6.3% to ¥2,487 million.
Growth was driven by higher enrollment and tuition across the company's classroom network, accompanied by steady margin expansion. The operating margin reached 10.5% and ROE came to a strong 15.7%. Basic EPS rose to ¥134.61 from ¥127.05 a year earlier.
Balance sheet and a more generous dividend policy
Total assets stood at ¥26,197 million and net assets at ¥16,557 million, leaving the equity ratio at a robust 63.2% and book value per share at ¥896.32. Operating cash flow reached ¥4,202 million, and cash and equivalents at year-end totaled ¥9,644 million. For FY2026 the company set an annual dividend of ¥55 per share (¥20 interim + ¥35 year-end), a 40.9% payout ratio; the prior year's ¥55 had included a ¥10 commemorative dividend.
Looking ahead, Waseda Academy plans to raise its FY2027 annual dividend sharply to ¥75 per share (¥30 interim + ¥45 year-end), lifting the payout ratio to roughly 50.3% — a substantial increase that reflects a more shareholder-friendly payout policy.
FY27 outlook
For FY2027 (ending March 2027), the company guides continued revenue and profit growth alongside the sharply higher dividend, underpinned by sustained demand for its classroom-based exam-prep services. The headline dividend hike to ¥75 per share is the standout signal in the outlook, pointing to management's confidence in cash generation and a firmer commitment to shareholder returns.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Net sales (¥ million) | 37,658 | 35,069 | +7.4% |
| Operating profit (¥ million) | 3,960 | 3,549 | +11.6% |
| Ordinary profit (¥ million) | 3,968 | 3,600 | +10.2% |
| Net profit attrib. to owners (¥ million) | 2,487 | 2,338 | +6.3% |
| EPS (¥) | 134.61 | 127.05 | +6.0% |
| Operating margin | 10.5% | 10.1% | +0.4pp |
| ROE | 15.7% | — | — |
| Equity ratio | 63.2% | — | — |
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.