Mizuho Financial Group (8411) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 results show flat gross profits year-over-year, with strong interest income and fee business in Customer Groups offset by cautious market operations and yen appreciation impacts.

• Net business profits decreased 3.7% year-over-year, but profit attributable to owners of parent increased 0.4% due to net gains on stocks and credit cost reversals.

• Ordinary profits rose 4% year-over-year to ¥368.6 billion.

• Comprehensive income surged 41.6% year-over-year to ¥328.7 billion.

• Progress toward full-year targets: 24% for net business profits and 30% for profit attributable to owners of parent.

Financial highlights

• Consolidated gross profits: JPY 769.1B (-0.9% YoY); G&A expenses: JPY 460.2B (-0.9% YoY); net business profits: JPY 316.4B (-3.7% YoY).

• Profit attributable to owners of parent: JPY 290.5B (+0.4% YoY); ordinary profits: JPY 368.5B (+14.2B YoY).

• Total assets as of June 30, 2025, were ¥278.7T, down from ¥283.3T at March 31, 2025.

• Total net assets increased to ¥10.62T from ¥10.52T at the previous fiscal year-end.

• Credit-related costs saw a net reversal of JPY 11.4B, reflecting limited new costs and some reversals.

Outlook and guidance

• FY25 earnings outlook revised upward: net business profits JPY 1,330B (+50B vs May), profit attributable to owners of parent JPY 1,020B (+80B vs May), up 8.5%.

• Upward revision driven by robust Q1 performance and anticipated business growth.

• Full-year EPS guidance is ¥407.81; dividend forecast for FY2025 is ¥145.00 per share, unchanged.

• Assumptions: BOJ policy rate 0.5%, Nikkei 225 at JPY 40,250, USD/JPY at 140.