Worth reading
62In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
11.2
Year-on-year change in operating revenue (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales1,644,762¥ millionYear on year +11.2%Progress 94.5%
Operating profit90,247¥ millionYear on year +2.7%Progress 93.0%
Ordinary income91,782¥ millionYear on year +3.3%Progress 96.6%
Net income attributable to owners of the parent59,066¥ millionYear on year +1.6%Progress 98.4%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥98.17
Operating Margin5.5%
Financial position at period-end
Total assets1,229,017¥ million
of which net assets 548,672 ¥ millionEquity ratio 44.4%vs. prior year-end -11.4pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+124,824
Investment-216,758
Financials+65,765
Net change-26,169
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥92,896 million
Segment revenueDelivery business ¥1,048,510 million (YoY +4.5%), Logistics Business ¥202,798 million (YoY +41.7%), Global Logistics business ¥321,596 million (YoY +25.4%), Real Estate Business ¥15,434 million (YoY -35.6%), Other ¥56,421 million (YoY +6.9%)
Segment profitDelivery business ¥70,140 million (YoY +2.6%), Logistics Business ¥6,278 million (YoY +48.5%), Global Logistics business ¥137 million (YoY -96.1%), Real Estate Business ¥10,374 million (YoY -1.4%), Other ¥2,637 million (YoY +39.3%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥1,740,000 million (YoY +5.8%)
Operating profit¥97,000 million (YoY +7.5%)
Ordinary income¥95,000 million (YoY +3.5%)
Net income¥60,000 million (YoY +1.6%)
Annual Dividend Forecast¥53 per share → ¥54 per share
Payout ratioCurrent fiscal year 54 % / Next-year forecast 54.1 %
Shareholder Return PolicyThe company targets a total payout ratio of at least 60% cumulatively over the three years of its medium-term management plan. Its basic policy is progressive dividends, while it will also flexibly conduct share buybacks.
Factors Behind Changes in Business Performance
In the Delivery business, parcel volumes increased. In the Logistics business, the consolidation effects of 名糖/ヒューテック, the collection of appropriate rates, and productivity improvements contributed to results. In the Global logistics business, the consolidation effect of Morrison contributed to higher revenue, while lower airfreight volumes and rates weighed on profit. Across the company, personnel and subcontracting costs increased, and expenses were also incurred in responding to logistics disruptions.
Disclosure regarding the going concern assumption
No applicable matters. The filing states, "There are no applicable matters."
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 34 companies (Morrison Express Worldwide Corporation, Maxyork Investments Ltd, MEC Labuan Holding Co., Ltd, and 31 others) / Excluded 14 companies (株式会社Ｃ＆Ｆロジホールディングス, 上海虹迪物流科技有限公司, and 12 others)
Material subsequent eventsNot applicable.
Impairment loss¥1,652 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥767 million, Gain on sale of investment securities ¥3,625 million, Relocation compensation ¥1,178 million / Extraordinary loss Loss on sale of fixed assets ¥629 million, Loss on Disposal of Fixed Assets ¥93 million, Impairment Losses ¥1,652 million, Loss on sale of shares of subsidiaries and affiliates ¥3,170 million
Depreciation and amortization¥47,563 million
Availability of Financial Results BriefingYes (for analysts and institutional investors)
Issued Shares at Period-End640,394,400
Treasury Shares at Period-End43,661,197
Supplementary financial results materialsYes
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥1,644,762 million (YoY +11.2%) |
| Operating profit | ¥90,247 million (YoY +2.7%) |
| Ordinary income | ¥91,782 million (YoY +3.3%) |
| Profit attributable to owners of the parent | ¥59,066 million (YoY +1.6%) |
| Net income per share | ¥98.17 |
| Operating Margin | 5.5% |
| Equity ratio | End of the current fiscal period 44.4 / End of previous period 55.8 |
| Total assets | ¥1,229,017 million |
| Net assets | ¥548,672 million |
| Cash flows from operating activities | ¥124,824 million |
| Cash flows from investing activities | ¥-216,758 million |
| Cash flows from financing activities | ¥65,765 million |
| Cash and cash equivalents at end of period | ¥92,896 million |
| Full-year earnings forecast | Net Sales ¥1,740,000 million (YoY +5.8%) / Operating profit ¥97,000 million (YoY +7.5%) / Ordinary income ¥95,000 million (YoY +3.5%) / Net income ¥60,000 million (YoY +1.6%) |
| Annual Dividend Forecast | ¥53 per share → ¥54 per share |
| Payout ratio | Current fiscal year 54 % / Next-year forecast 54.1 % |
| Shareholder Return Policy | The company targets a total payout ratio of at least 60% cumulatively over the three years of its medium-term management plan. Its basic policy is progressive dividends, while it will also flexibly conduct share buybacks. |
| Segment revenue | Delivery business ¥1,048,510 million (YoY +4.5%), Logistics Business ¥202,798 million (YoY +41.7%), Global Logistics business ¥321,596 million (YoY +25.4%), Real Estate Business ¥15,434 million (YoY -35.6%), Other ¥56,421 million (YoY +6.9%) |
| Segment profit | Delivery business ¥70,140 million (YoY +2.6%), Logistics Business ¥6,278 million (YoY +48.5%), Global Logistics business ¥137 million (YoY -96.1%), Real Estate Business ¥10,374 million (YoY -1.4%), Other ¥2,637 million (YoY +39.3%) |
| Depreciation and amortization | ¥47,563 million |
| Impairment loss | ¥1,652 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥767 million, Gain on sale of investment securities ¥3,625 million, Relocation compensation ¥1,178 million / Extraordinary loss Loss on sale of fixed assets ¥629 million, Loss on Disposal of Fixed Assets ¥93 million, Impairment Losses ¥1,652 million, Loss on sale of shares of subsidiaries and affiliates ¥3,170 million |
| Disclosure regarding the going concern assumption | No applicable matters. The filing states, "There are no applicable matters." |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 34 companies (Morrison Express Worldwide Corporation, Maxyork Investments Ltd, MEC Labuan Holding Co., Ltd, and 31 others) / Excluded 14 companies (株式会社Ｃ＆Ｆロジホールディングス, 上海虹迪物流科技有限公司, and 12 others) |
| Material subsequent events | Not applicable. |
| Supplementary financial results materials | Yes |
| Availability of Financial Results Briefing | Yes (for analysts and institutional investors) |
| Issued Shares at Period-End | 640,394,400 |
| Treasury Shares at Period-End | 43,661,197 |
| Factors Behind Changes in Business Performance | In the Delivery business, parcel volumes increased. In the Logistics business, the consolidation effects of 名糖/ヒューテック, the collection of appropriate rates, and productivity improvements contributed to results. In the Global logistics business, the consolidation effect of Morrison contributed to higher revenue, while lower airfreight volumes and rates weighed on profit. Across the company, personnel and subcontracting costs increased, and expenses were also incurred in responding to logistics disruptions. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The increase in revenue was driven by higher parcel volumes, the collection of appropriate rates and productivity improvements in the existing domestic 3PL business, and the consolidation effects of Morrison and 名糖/ヒューテック. In international logistics, however, lower airfreight volumes and rates, rising costs, and expenses incurred in responding to logistics disruptions constrained profit, according to the company.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.