Japan Post (6178) Q4 2025 earnings summary

Executive summary

• Ordinary income for FY2025 fell 4.3% year-over-year to ¥11,468.4 billion, but net ordinary income rose 21.9% to ¥814.6 billion and net income attributable to Japan Post Holdings increased 37.9% to ¥370.6 billion.

• Comprehensive income was negative ¥433.0 billion, compared to positive ¥1,256.0 billion in the prior year.

• Japan Post Bank and Japan Post Insurance saw significant net income growth, while Japan Post Co. posted a net loss.

• Major developments included the acquisition of Tonami Holdings as a consolidated subsidiary and a planned reduction of Japan Post Bank shareholding to below 50%.

Financial highlights

• Net income attributable to Japan Post Holdings was ¥370.6 billion, up ¥101.8 billion year-over-year.

• Net income per share was ¥119.30, up from ¥80.26 year-over-year; return on equity improved to 3.8%.

• Japan Post Bank net income rose by ¥58.1 billion to ¥414.3 billion; Japan Post Insurance net income rose by ¥36.4 billion to ¥123.4 billion.

• Japan Post Co. recorded a net loss of ¥4.2 billion, a decline of ¥11.4 billion year-over-year.

• Share repurchases totaled ¥350.0 billion for FY2025, with ¥250.0 billion planned for FY2026.

Outlook and guidance

• FY2026 forecast: ordinary income ¥11,260.0 billion (down 1.8%), net ordinary income ¥1,020.0 billion (up 25.2%), net income attributable to Japan Post Holdings ¥380.0 billion (up 2.5%).

• Segment profit guidance: banking ¥680.0 billion, life insurance ¥240.0 billion, postal and domestic logistics ¥37.0 billion, real estate ¥13.0 billion.

• Postal and domestic logistics segment is expected to benefit from the October 2024 postal rate revision.

• Annual dividend forecast remains at ¥50 per share for FY2026.