Calbee, Inc. (TSE: 2229), Japan's leading maker of potato- and corn-based snacks and breakfast cereals, reported its full-year results for the fiscal year ended March 31, 2026 on May 14, 2026. The company delivered a sixth consecutive year of record revenue, with sales rising 5.5% year-on-year to ¥340,151 million. Profitability, however, came under pressure: operating profit declined 10.0% to ¥26,173 million, ordinary (recurring) profit fell 9.2% to ¥27,091 million, and net profit attributable to owners of the parent dropped 17.0% to ¥17,329 million from ¥20,874 million a year earlier. Basic earnings per share came to ¥139.98, down from ¥167.11 in FY2025.
The squeeze on margins reflected the gap between top-line growth — supported by pricing and overseas expansion — and rising input, logistics and energy costs that weighed on the bottom line. The operating margin narrowed to 7.7% from 9.0% a year earlier, while return on equity eased to 8.3% from 10.5%. Comprehensive income nonetheless rose 14.1% to ¥23,503 million, lifted by favourable foreign-currency translation and valuation movements that more than offset the decline in net profit.
Balance sheet strengthens; equity ratio steady at 64%
Total assets increased to ¥327,609 million from ¥319,169 million at the prior year-end, while net assets grew to ¥221,774 million from ¥215,067 million on the back of retained earnings and the comprehensive-income gain. The equity ratio held firm at 64.3%, unchanged from a year earlier, underscoring Calbee's conservative, cash-rich financial structure. Book value per share advanced to ¥1,732.10 from ¥1,642.27, even as the company continued buying back stock — treasury shares rose to 12.34 million from 8.99 million over the year.
Cash flow softens as dividends and buybacks rise
Operating cash flow eased to ¥35,596 million from ¥39,100 million in FY2025, reflecting the lower profit base and working-capital movements. Investing activities consumed ¥26,211 million (prior year: ¥28,604 million), broadly in line with the company's capacity-investment cadence. Financing activities swung to a net outflow of ¥17,002 million from a net inflow of ¥2,541 million the year before, driven by higher dividend payments and share repurchases. As a result, cash and cash equivalents at period-end declined to ¥45,581 million from ¥51,019 million.
Dividend raised again; FY2027 guidance points to record sales
Calbee lifted its annual dividend for FY2026 to ¥66.00 per share (all paid as a year-end dividend), up from ¥58.00 in FY2025, for a consolidated payout ratio of 47.2% and total dividends of ¥8,037 million. Looking ahead, the company forecasts FY2027 (April 2026 – March 2027) revenue of ¥370,000 million (+8.8%), a fresh record, with operating profit broadly flat at ¥26,200 million (+0.1%), ordinary profit of ¥26,700 million (−1.4%), and net profit of ¥17,400 million (+0.4%), equivalent to EPS of ¥143.11. Management plans a further dividend increase to ¥69.00 per share, for a guided payout ratio of 48.2% — signalling confidence in steady cash generation even as cost pressures persist.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 340,151 | 322,564 | +5.5% |
| Operating profit (¥ million) | 26,173 | 29,066 | −10.0% |
| Ordinary profit (¥ million) | 27,091 | 29,844 | −9.2% |
| Net profit (¥ million) | 17,329 | 20,874 | −17.0% |
| Basic EPS (¥) | 139.98 | 167.11 | −16.2% |
| Operating margin | 7.7% | 9.0% | −1.3pp |
| Comprehensive income (¥ million) | 23,503 | 20,599 | +14.1% |
| Total assets (¥ million) | 327,609 | 319,169 | +2.6% |
| Net assets (¥ million) | 221,774 | 215,067 | +3.1% |
| Equity ratio | 64.3% | 64.3% | ±0.0pp |
| Book value per share (¥) | 1,732.10 | 1,642.27 | +5.5% |
| Operating cash flow (¥ million) | 35,596 | 39,100 | −9.0% |
| Annual dividend (¥) | 66.00 | 58.00 | +13.8% |
| FY2027 guidance — revenue (¥ million) | 370,000 | — | +8.8% |
| FY2027 guidance — operating profit (¥ million) | 26,200 | — | +0.1% |
| FY2027 guidance — net profit (¥ million) | 17,400 | — | +0.4% |
| FY2027 guidance — EPS (¥) | 143.11 | — | — |
| FY2027 dividend forecast (¥) | 69.00 | — | +4.5% |
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.