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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Toho
Toho (9602) investor relations material
Toho Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Jan, 2026
Executive summary
Achieved record-high 3Q FY2/26 revenue of ¥281.4B (+20.2% YoY) and operating profit of ¥60.1B (+13.8% YoY), driven by major film hits and strong theater attendance.
Net income (parent) reached ¥46.6B (+36.5% YoY), with comprehensive income up 66.1% YoY to ¥57.7B, aided by sales of strategic shareholdings.
3Q profits exceeded forecasts, but the full-year forecast remains unchanged due to a soft 4Q outlook for the Film business.
Announced a 1-for-5 stock split effective March 1, 2026, changes to the shareholder benefit program, and a year-end dividend forecast increase by ¥20 to ¥105 per share.
Provision for loss on Anti-Monopoly Act recorded as an extraordinary loss due to an on-site inspection at a subsidiary.
Financial highlights
3Q YTD operating revenue: ¥281.4B (+20.2% YoY); operating profit: ¥60.1B (+13.8% YoY); ordinary profit: ¥60.9B (+18.1% YoY); net income: ¥46.6B (+36.5% YoY).
Gross profit for the period was ¥125.6B, up from ¥109.2B YoY; basic EPS increased to ¥274.75.
Total assets grew to ¥705.7B, net assets to ¥536.5B, with an equity ratio of 73.7%.
Cash flows from operating activities: ¥53.1B; investing activities: ¥2.2B; financing activities: -¥16.2B; cash and cash equivalents at period end: ¥115.6B.
Record-high 2025 domestic box office revenue at ¥160.5B, surpassing the previous record of ¥105.5B in 2023.
Outlook and guidance
Full-year forecast unchanged: operating revenue ¥360.0B (+15.0% YoY), operating profit ¥65.0B (+0.5% YoY), net income ¥47.5B (+9.6% YoY), and basic EPS ¥280.77, due to expected soft 4Q in Film business.
Annual dividend raised to ¥105 per share, with a payout ratio target of 35% or more and flexible share buybacks under the Mid-Term Plan 2028.
Strong film and anime lineup for FY2/27, including global releases of “GODZILLA MINUS ZERO” and “The Apothecary Diaries Theatrical Film.”
Explain IP/Anime segment profit decline
Future impact of Anti-Monopoly Act loss?
Rationale for recent share repurchases/cancellations
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Next Toho earnings date
Q4 202613 Apr, 2026
Toho
Next Toho earnings date
Q4 202613 Apr, 2026
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Frequently asked questions
Toho Co., Ltd. is a Japanese company engaged in the production, distribution, and exhibition of films and theatrical performances. The company is known for its role in film production, including iconic Japanese movies, as well as its distribution network for domestic and international films. Toho also operates a chain of cinemas across Japan and is involved in producing stage plays and musicals. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).
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