Mizuho Financial Group, Inc. (TSE: 8411), one of Japan's three megabanks, reported FY2025 (year ended March 31, 2026) consolidated results under Japanese GAAP that showed a powerful step-up in profitability across the group. Ordinary income (revenue) rose just 0.6% year-on-year to ¥9,085.4 billion, but ordinary profit jumped 34.6% to ¥1,573.2 billion and profit attributable to owners of the parent advanced 41.0% to ¥1,248.6 billion, compared with ¥885.4 billion the prior year. EPS rose to ¥502.92 from ¥350.20, ROE improved to 11.4% from 8.5%, and comprehensive income surged 167.1% to ¥1,651.2 billion as valuation gains on securities and FX translation adjustments recovered.
Consolidated gross profits expanded ¥556.8 billion year-on-year to ¥3,477.2 billion, driven by strong non-interest performance at home and overseas, the benefit of yen depreciation, and the incorporation of rising yen interest rates. General and administrative expenses rose ¥262.7 billion to ¥2,103.4 billion on inflation, FX, and continued strategic investment in growth areas and governance/operational infrastructure. Consolidated net business profit rose ¥323.8 billion to ¥1,422.7 billion, and including ETF-related gains rose ¥316.8 billion to ¥1,461.1 billion.
Net gains on stocks +¥184bn on cross-shareholding sales
A pivotal contributor was net gains on stocks of ¥325.1 billion (+¥183.9 billion YoY), reflecting accelerated sales of cross-shareholdings — a long-running structural reduction that's now flowing through the P&L. Extraordinary income net of losses came in at ¥49.1 billion, supported notably by a ¥69.7 billion gain on the return of retirement-benefit-trust assets. Credit-related costs rose ¥81.4 billion to ¥133.0 billion on individual domestic and overseas provisioning plus forward-looking allowances against the uncertain Middle East environment. Tax expenses totalled ¥368.1 billion and impairment losses were ¥24.9 billion (versus ¥23.2 billion).
CIBC leads in-house company profits; GMC captures most ETF gains
By segment, Mizuho's in-house company structure delivered combined gross profits (including ETF-related gains) of ¥3,515.6 billion and net business profit of ¥1,461.1 billion. Net business profit was led by CIBC (Corporate & Institutional Banking, large domestic corporates) at ¥499.7 billion, followed by GCIBC (Global Corporate & Investment Banking) at ¥367.7 billion, GMC (Global Markets) at ¥259.9 billion, RBC (Retail & SME) at ¥237.5 billion, and AMC (Asset Management) at ¥19.6 billion. The "Other" category contributed ¥76.4 billion. GMC captured ¥30.8 billion of the group's ¥38.3 billion of total ETF-related gains.
Balance sheet expands to ¥302 trillion; CET1 at 9.9%
Consolidated total assets grew ¥18,919.6 billion to ¥302,240.0 billion, with securities holdings up ¥8,324.9 billion to ¥42,632.5 billion and loans and bills discounted up ¥5,644.4 billion to ¥99,753.1 billion. Deposits and negotiable certificates of deposit rose ¥4,706.0 billion to ¥177,851.6 billion. Net assets increased ¥880.1 billion to ¥11,403.8 billion, with shareholders' equity at ¥9,906.1 billion. Net assets per share rose to ¥4,640.23 from ¥4,161.03. The common equity Tier 1 ratio on a Basel III fully-applied basis (excluding net unrealized gains on other securities) stood at 9.9%, comfortably within the company's targeted range in the lower-9% area.
¥145 annual dividend, ¥100bn fresh buyback announced May 15
Mizuho declared a year-end dividend of ¥72.5 per share, bringing the annual dividend to ¥145.0 (versus ¥140.0 the prior year), with a consolidated payout ratio of 28.8%. For FY2026 the company guides an annual dividend of ¥150.0 per share (¥75.0 interim + ¥75.0 year-end), a ¥5.0 increase, consistent with a stated policy of progressive dividend growth supplemented by flexible buybacks targeting a total payout ratio of approximately 50% or higher.
As subsequent events, the company cancelled 47,016,600 shares (1.9% of pre-cancellation outstanding) on April 22, 2026, and on May 15, 2026 the Board resolved a new buyback of up to 25,000,000 shares (1.0% of outstanding excluding treasury) for up to ¥100.0 billion, to be executed between May 18 and August 31, 2026, with subsequent cancellation scheduled for September 24, 2026.
FY26 guidance: ¥1.30 trillion net profit, +4.1%
For FY2026 (ending March 31, 2027), Mizuho guides for consolidated profit attributable to owners of the parent of ¥1,300.0 billion, an increase of 4.1% year-on-year, equivalent to ¥533.10 per share. No material changes in scope of consolidation, accounting policies, or estimates were noted during the period. Overall, the results reflect strong earnings momentum supported by structural drivers — rising domestic rates, currency tailwinds, cross-shareholding reduction gains, and fee-business growth — alongside disciplined capital management.
| Metric | FY2025 | FY2024 | YoY |
|---|---|---|---|
| Ordinary income (¥ billion) | 9,085.4 | 9,032.0 | +0.6% |
| Ordinary profit (¥ billion) | 1,573.2 | 1,168.7 | +34.6% |
| Net profit attrib. to owners (¥ billion) | 1,248.6 | 885.4 | +41.0% |
| EPS (¥) | 502.92 | 350.20 | +43.6% |
| ROE | 11.4% | 8.5% | +2.9pp |
| Net business profit (¥ billion) | 1,422.7 | 1,098.9 | +29.5% |
| CET1 ratio (Basel III FA, ex. OCI) | 9.9% | 9.3% | +0.6pp |
| Annual dividend (¥) | 145.0 | 140.0 | +3.6% |
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.