Shimadzu Corporation (TSE: 7701) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 4.0% year-on-year to a record ¥560,728 million, while operating profit edged up 2.8% to ¥73,702 million for an operating margin of 13.1%. Ordinary profit advanced more briskly, climbing 14.9% to ¥82,753 million, and net profit attributable to owners of the parent rose 12.5% to a record ¥60,499 million from ¥53,776 million. Basic EPS came in at ¥209.39 versus ¥183.55, and ROE registered 11.4%. Comprehensive income surged 76.2% to ¥86,652 million. The results cap a milestone period for the company, which marked its 150th anniversary in 2025, having been founded in 1875.
Ordinary profit outpaces operating profit
A notable feature of the year was that ordinary profit grew far faster than operating profit — up 14.9% against a 2.8% rise at the operating line. The gap reflects favourable non-operating items below operating profit, which lifted ordinary profit well above the more modest gain in the core business. That tailwind also flowed through to record net profit. As management's FY27 guidance makes clear, those non-operating gains are not expected to recur at the same scale, which is why next year's ordinary and net profit are guided lower even as revenue continues to climb.
Diversified instruments portfolio
Shimadzu's business spans four principal areas: analytical and measuring instruments — its largest franchise, covering liquid and gas chromatography and mass spectrometry; medical systems, including X-ray and angiography equipment; aircraft equipment; and industrial machinery such as turbomolecular pumps. The breadth of the portfolio across laboratory, healthcare, aerospace and industrial end-markets underpinned the year's record revenue of ¥560,728 million and the steady advance in operating profit to ¥73,702 million.
Balance sheet and cash flow
Total assets stood at ¥737,978 million and net assets at ¥565,166 million, giving a robust equity ratio of 76.6%; book value per share was ¥1,955.96. Operating cash flow was a positive ¥54,679 million, against an investing outflow of ¥15,907 million and a financing outflow of ¥25,504 million. Period-end cash and equivalents reached ¥160,839 million, leaving the company with a lightly geared, cash-rich balance sheet.
Dividend lifted to ¥69
The FY3/2026 annual dividend was raised to ¥69.00 per share (¥27 interim + ¥42 year-end), up from ¥66.00 the prior year, for a consolidated payout ratio of 33.0%. The comparison is flattered by the structure of the prior year's payout: the FY3/2025 dividend of ¥66.00 had included a ¥4.00 commemorative dividend tied to the 150th anniversary. On an ordinary basis, the underlying increase is therefore larger than the headline ¥3 step-up suggests.
FY27 guidance: revenue up, profit eases
For FY3/2027, Shimadzu guides revenue of ¥575,000 million (+2.5%) and operating profit of ¥76,000 million (+3.1%) — continued growth at both the top line and the operating line. Below operating profit, however, the picture softens: ordinary profit is guided at ¥75,000 million (-9.4%) and net profit attributable to owners at ¥55,000 million (-9.1%), with EPS of ¥190.35. The guided decline in ordinary and net profit reflects the absence of the favourable non-operating items that boosted FY26. The dividend is set to rise again to ¥70.00 (¥27 interim + ¥43 year-end).
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 560,728 | 539,047 | +4.0% |
| Operating profit (¥M) | 73,702 | 71,720 | +2.8% |
| Ordinary profit (¥M) | 82,753 | 72,018 | +14.9% |
| Net profit attrib. (¥M) | 60,499 | 53,776 | +12.5% |
| EPS (¥) | 209.39 | 183.55 | +14.1% |
| Annual dividend (¥) | 69.00 | 66.00 | +4.5% |
| FY27 net profit guidance (¥M) | 55,000 | — | -9.1% |
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.