FUJIFILM (4901) Q1 2027 earnings summary

Executive summary

• Q1 FY2026 revenue reached a record high of ¥826.5 billion, up 10.3% year-over-year, driven by strong Healthcare, Electronics, Medical Systems, Semiconductor Materials, and Imaging segments, as well as favorable exchange rates.

• Operating income declined 32% to ¥51.2 billion due to higher fixed costs in Bio CDMO, one-time restructuring costs in Business Innovation, and rising raw material prices.

• Net income attributable to shareholders fell 30.4% year-over-year to ¥37.4 billion.

• Comprehensive income surged 58.3% year-over-year to ¥88.8 billion, reflecting significant foreign currency translation gains.

• Full-year FY2026 revenue forecast was revised upward to ¥3,560.0 billion, aiming for record highs in revenue, operating income, and net income.

Financial highlights

• Gross profit increased 15.1% year-over-year to ¥323.4 billion, with a gross margin of 39.1%.

• Q1 FY2026 EPS was ¥31.26, down from ¥44.63 in Q1 FY2025.

• Overseas revenue ratio increased to 69.3%, with notable growth in the Americas (+12.8%), Europe (+19.2%), and China (+17.5%).

• Adjusted free cash flow for Q1 FY2026 was negative ¥34.8 billion, reflecting high capital expenditures and inventory build-up.

• Total assets as of June 2026 were ¥6,167.3 billion, with shareholders' equity at ¥3,898.5 billion.

Outlook and guidance

• FY2026 revenue forecast revised up by ¥90.0 billion to ¥3,560.0 billion; operating income and net income forecasts unchanged at ¥365.0 billion and ¥280.0 billion, respectively.

• Projected EPS for the year is ¥234.19.

• Operating income guidance for Healthcare was revised downward due to delayed Bio CDMO ramp-up, while Electronics and Business Innovation were revised upward.

• Additional ¥14.0 billion in costs from rising semiconductor memory and IT component prices factored into FY2026 outlook.

• Exchange rate assumptions: ¥156/USD and ¥181/Euro.