Kura Sushi (2695) Q4 2025 earnings summary

Executive summary

• FY25 net sales reached a record ¥245.109bn, up 4.3%; profit attributable to owners of parent rose 11.8% to ¥3.606bn.

• Operating profit fell 4.2% to ¥5.460bn and ordinary profit fell 0.7% to ¥6.179bn, though both exceeded plan.

Financial highlights

• Gross profit rose to ¥145.174bn from ¥139.230bn; operating profit margin was 2.2%, down from 2.4%.

• Comprehensive income increased 73.3% to ¥4.018bn.

• Cash and cash equivalents at year-end were ¥24.172bn, versus ¥23.043bn a year earlier; equity-to-asset ratio was 40.0%.

• FY25 annual dividend was ¥40 per share, with a 49.3% payout ratio.

• ROE was 6.1%, ordinary profit to total assets was 4.2%, and net assets per share were ¥1,568.52.

Outlook and guidance

• FY26 net sales are forecast at ¥257bn, up 4.9%; operating profit at ¥5bn, down 8.4%; and net income at ¥3bn, down 16.8%.

• FY26 ordinary income guidance is ¥5.2bn, implying a 2.0% ordinary-income margin; basic EPS is forecast at ¥75.48.

• Group plans ~30 openings: ~10 in Japan, 16 in the US and five in Asia; US investment per store is ¥370m after landlord construction subsidies.

• US FY26 revenue outlook is ¥49.1bn–¥49.7bn at ¥148.90 per dollar; same-store sales target is above 100% of prior year, with SG&A forecast at 12%–12.5%.

• Japan priorities include differentiation and cost-ratio control; US plans emphasize expansion and SG&A restraint, while Asia will strengthen existing stores and consider new markets.