FUJIFILM (4901) Q4 2025 earnings summary

Executive summary

• Achieved record-high revenue of ¥3,195.8 billion (+7.9% YoY), operating income of ¥330.2 billion (+19.3% YoY), and net income of ¥261.0 billion (+7.2% YoY), marking all-time highs for the third consecutive year.

• Growth driven by strong performance in Imaging, Electronics, and Healthcare, with overseas sales accounting for 65.6% of total revenue.

• Healthcare segment revenue exceeded ¥1 trillion for the first time, supported by Bio CDMO growth and favorable exchange rates.

• Annual dividend for FY2024 set at ¥65 per share, marking the 15th consecutive annual increase; FY2025 forecast at ¥70 per share.

• Major growth initiatives include Bio CDMO facility expansion, entry into the Indian semiconductor market, and new partnerships.

Financial highlights

• Gross profit increased 9.6% YoY to ¥1,300.1 billion, with a gross margin of 40.7%.

• Operating income margin rose to 10.3%, and basic EPS was ¥216.67 post 3-for-1 stock split.

• Q4 FY2024 revenue was ¥868.3 billion (+7.8% YoY), with operating income at ¥106.9 billion (+48.9% YoY), aided by one-time asset sales.

• Free cash flow was negative ¥113.8 billion due to high capex, but operating cash flow increased to ¥428.2 billion.

• Overseas revenue accounted for 65.6% of total, with notable growth in Europe (+15.7%) and China (+15.9%).

Outlook and guidance

• FY2025/FY2026 revenue forecast at ¥3,280.0 billion (+2.6%), operating income at ¥331.0 billion, and net income at ¥262.0 billion.

• Dividend forecast for FY2025/FY2026 is ¥70 per share.

• Excluding FX and one-time gains, operating income is expected to rise 9.4% operationally.

• U.S. tariff policy impact not included in forecast; estimated negative impact of US$140M on operating income.

• Assumes exchange rates of ¥145/USD and ¥155/EUR.