Japan Tobacco (2914) Q3 2026 earnings summary

Executive summary

• Jan–Sep revenue was ¥2,991.4bn, up 13.6% YoY; adjusted operating profit at constant FX rose 16.9%, led by Tobacco.

• Strong pricing, share gains and Ploom growth supported higher FY2026 forecasts; attributable profit is projected to rise 32.6% YoY.

Financial highlights

• Jan–Sep core revenue at constant FX was ¥2,732.3bn, up 8.4%; adjusted operating profit was ¥972.4bn, up 21.6%.

• Operating profit was ¥947.7bn, up 24.2%; profit for the period was ¥621.5bn and attributable profit was ¥618.9bn, up 20.9%.

• Tobacco core revenue was ¥2,750.5bn, up 14.5% reported and 8.7% at constant FX; adjusted operating profit was ¥1,005.4bn, up 21.1% and 16.6%, respectively.

• Processed Food revenue rose ¥4.1bn YoY to ¥119.4bn; adjusted operating profit increased ¥0.4bn to ¥6.0bn.

Outlook and guidance

• FY2026 revenue forecast is ¥3,903bn, up 12.6% YoY and ¥18bn above prior guidance; core revenue at constant FX is forecast at ¥3,558bn, up 7.3%.

• Adjusted operating profit forecast rose ¥44bn to ¥1,079bn, up 21.9%; at constant FX it rose ¥40bn to ¥1,028bn, up 16.1%.

• Operating profit forecast rose ¥33bn to ¥1,041bn, up 20.1%; attributable profit rose ¥18bn to ¥662bn, up 32.6%.

• Tobacco volume is forecast to decline 0.5%; tobacco adjusted operating profit is forecast at ¥1,133bn, up 21.2%.

• Processed Food revenue forecast was reduced ¥3bn to ¥167bn; adjusted operating profit forecast rose ¥0.5bn to ¥8.5bn.