FUJIFILM (4901) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 revenue reached ¥749.5B (+0.1% YoY), operating income ¥75.3B (+21.1% YoY), and net income declined 11.5% YoY to ¥53.8B due to FX losses.

• Domestic revenue grew 7.4% while overseas revenue declined 3.4% due to yen appreciation.

• Imaging segment led growth, while Healthcare, Electronics, and Business Innovation saw revenue declines.

• Strong Bio CDMO, Semiconductor Materials, and Imaging sales offset negative FX impacts; all segments saw operating income growth, especially Imaging.

• U.S. tariff policy impact was minimal in Q1 and has been factored into full-year forecasts.

Financial highlights

• EPS for Q1 FY2025 was ¥44.63, down from ¥50.44 YoY.

• Operating margin was 10.0% and net margin 7.2% for the quarter.

• Adjusted free cash flow (excluding business acquisitions) was -¥26.9B in Q1 FY2025, an improvement from -¥45.4B YoY.

• Comprehensive income dropped to ¥56.1B from ¥202.8B a year earlier.

• Annual dividend payment planned at ¥70/share, marking the 16th consecutive year of increase.

Outlook and guidance

• FY2025 full-year revenue forecast at ¥3,280.0B (+2.6% YoY), operating income at ¥331.0B, and net income at ¥262.0B, all record highs.

• U.S. tariff policy impact of -¥6.0B on operating income is incorporated; forecasts unchanged from May.

• Projected exchange rates: ¥145/USD and ¥157/EUR.

• ROE and ROIC forecasted at 8.0% and 5.5%, respectively.