Mizuno Corporation (TSE: 8022) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 7.8% year-on-year to a record ¥259,045 million from ¥240,335 million, while operating profit advanced 8.8% to ¥22,603 million from ¥20,777 million. Ordinary profit climbed 12.3% to ¥23,985 million, and net profit attributable to owners of the parent jumped 20.6% to a record ¥18,376 million from ¥15,243 million. Basic EPS came in at ¥239.73 versus ¥198.65, and ROE was 11.1%. Comprehensive income surged 30.3% to ¥24,351 million.
Record top line lifts margins
The Osaka-based maker of golf, running, baseball, footwear and apparel products — founded in 1906 and expanding globally — delivered records across the income statement. The operating margin held at 8.7% even as revenue reached a new high, with profit growth outpacing the top line at both the ordinary and net levels. The faster expansion of net profit relative to revenue reflects the higher ordinary-profit growth flowing through to the bottom line, producing the company's record ¥18.4 billion result.
Balance sheet and cash flow
Total assets stood at ¥251,471 million and net assets at ¥174,279 million, giving an equity ratio of 68.9% and book value per share of ¥2,279.80. On the cash-flow statement, operating activities generated +¥17,311 million, investing activities used ¥5,282 million, and financing activities provided ¥1,098 million, leaving period-end cash and equivalents of ¥46,018 million. The strong equity ratio and positive operating cash flow underline a conservatively financed balance sheet.
Dividend after a 3-for-1 split
A 3-for-1 common-stock split took effect on April 1, 2025. On the post-split basis, the FY3/2026 annual dividend was ¥60.00 per share (¥25 interim + ¥35 year-end), for a consolidated payout ratio of 25.0%. Because the prior-year per-share figures (including the ¥150 dividend) were stated before the split, a direct per-share year-on-year dividend comparison is not meaningful. For FY3/2027, management plans an annual dividend of ¥66.00 (¥33 interim + ¥33 year-end).
FY27 guidance points to further growth
For the fiscal year ending March 31, 2027, Mizuno guides revenue to rise 8.1% to ¥280,000 million, operating profit up 12.8% to ¥25,500 million, ordinary profit up 10.5% to ¥26,500 million, and net profit attributable to owners up 3.4% to ¥19,000 million, with EPS of ¥249.86. The outlook keeps Mizuno on a record-setting trajectory, with the operating-profit guidance growing faster than revenue and pointing to continued margin progress in the year ahead.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 259,045 | 240,335 | +7.8% |
| Operating profit (¥M) | 22,603 | 20,777 | +8.8% |
| Ordinary profit (¥M) | 23,985 | 21,352 | +12.3% |
| Net profit attrib. (¥M) | 18,376 | 15,243 | +20.6% |
| EPS (¥) | 239.73 | 198.65 | +20.7% |
| Annual dividend (¥) | 60.00 | — | 3-for-1 split |
| FY27 revenue guidance (¥M) | 280,000 | — | +8.1% |
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.