FUJIFILM (4901) Q2 2026 earnings summary

Executive summary

• Achieved record highs in revenue, operating income, and net income for Q2 and H1 FY2025, driven by strong performance across all segments, especially Healthcare, Imaging, and bio CDMO.

• Consolidated H1 FY2025 revenue rose 3.8% YoY to ¥1,572.4 billion, with overseas revenue accounting for 65% of total revenue and notable growth in the Americas and Europe.

• Upward revision of full-year revenue forecast to ¥3,300.0 billion, with operating and net income forecasts unchanged.

• Initiatives in growth domains include medical systems expansion in Africa, new Bio CDMO facilities in the US, and leadership in semiconductor materials.

• Operating income increased 16.9% YoY to ¥158.5 billion, and net income attributable to shareholders rose 9.0% to ¥120.2 billion.

Financial highlights

• Q2 FY2025 revenue: ¥822.9 billion (+7.5% YoY); operating income: ¥83.2 billion (+13.3% YoY); net income: ¥66.5 billion (+34.1% YoY).

• H1 FY2025 revenue: ¥1,572.4 billion (+3.8% YoY); operating income: ¥158.5 billion (+16.9% YoY); net income: ¥120.2 billion (+9.0% YoY).

• Gross profit for H1: ¥645.3 billion, gross margin 41.0%.

• EPS for Q2: ¥55.15 (+¥13.98 YoY); H1: ¥99.79 (+¥8.18 YoY).

• Annual dividend planned at 70 yen per share, marking 16 consecutive years of increases.

Outlook and guidance

• FY2025 revenue forecast revised upward to ¥3,300.0 billion (+3.3% YoY); operating income forecast at ¥331.0 billion; net income at ¥262.0 billion.

• Imaging segment drives upward revision; Healthcare and Business Innovation forecasts lowered due to higher costs, offset by Imaging gains.

• Projected net income per share for the year is ¥217.38.

• Exchange rate assumptions: ¥145/USD and ¥162/Euro.

• Bio CDMO EBITDA margin expected in mid-teens % for full year, with robust large-scale facility operations.