FUJIFILM (4901) Q3 2026 earnings summary

Executive summary

• Achieved record highs in Q3 FY2025 for revenue (¥857.4B, +5.5% YoY), operating income (¥90.0B, +2.6% YoY), and net income (¥73.1B, +2.7% YoY), with nine-month revenue at ¥2,429.7B (+4.4% YoY), operating income ¥248.5B (+11.3% YoY), and net income ¥193.4B (+6.5% YoY).

• Growth was driven by Healthcare (Bio CDMO), Electronics (semiconductor materials), and Imaging (digital cameras, instant photo systems).

• Overseas sales accounted for 66% of nine-month revenue, with notable growth in Europe, the Americas, and Japan.

• Despite U.S. tariffs and higher raw material costs, operating income rose due to favorable exchange rates and improved gross margin.

• Gross profit margin was 40.9%, with operating margin at 10.2% for the nine-month period.

Financial highlights

• Q3 EPS was ¥60.69, up from ¥59.14 YoY; nine-month EPS was ¥160.48, up from ¥150.75 YoY.

• Cash and cash equivalents at period end were ¥188.1B, up ¥16.0B from March 2025.

• Total assets increased to ¥5,883.1B as of Dec 2025 (+¥633.2B from Mar 2025); shareholders' equity rose by ¥371.8B to ¥3,720.3B.

• Adjusted free cash flow (excluding acquisitions) for nine months: −¥164.8B; net cash provided by operating activities was ¥254.3B, with net cash used in investing activities at ¥418.8B.

• Overseas sales accounted for 66% of nine-month revenue.

Outlook and guidance

• Full-year FY2025 revenue forecast at ¥3,300.0B (unchanged), operating income at ¥335.0B (+1.2%), and net income at ¥264.5B (+1.0%), all record highs.

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

• Upward revision in profit forecast driven by strong Electronics and Imaging segments.

• Projected exchange rates are ¥150/USD and ¥173/Euro.