Mizuho Financial Group (8411) Q2 2026 earnings summary

Executive summary

• Marking the 25th anniversary, market cap reached a record high at JPY 12.8 trillion, with significant structural changes, unified operating model, and strong H1 performance in Customer Groups and Markets.

• Full-year profit attributable to owners of parent revised upward to JPY 1.13 trillion, an increase of JPY 110 billion from July and 10.7% above previous guidance, with ROE at 9.3%.

• Overseas revenue now accounts for 40% of total, up from 10% historically, reflecting global expansion.

• Americas CIB business gross profit grew from $2.2 billion in FY2019 to $5.2 billion in FY2024, with the Greenhill acquisition as a catalyst.

• Focus on disciplined financial management, productivity, and efficiency, with ongoing cost reduction and AI investment.

Financial highlights

• Net business profits outlook revised to JPY 1.35 trillion for FY2025, up from initial JPY 1.28 trillion, with consolidated gross profits rising 7.1% year-over-year to JPY 1,673.1 billion.

• Market cap at JPY 12.8 trillion, surpassing previous highs.

• ROE stands at 9.3%, with a new benchmark set at 10%.

• Expense ratio improved from 78.8% in FY2018 to 62.5% currently, targeting 60%.

• Gross profit increased to JPY 2.9 trillion in FY2024, up from JPY 2.6 trillion in FY2023.

Outlook and guidance

• FY2025 profit outlook at JPY 1.13 trillion, with expectations to reach the higher end of 10% ROE.

• Net business profits target for FY2027 set at JPY 1.4-1.6 trillion, with JPY 1.5-1.6 trillion seen as achievable if markets remain stable.

• Continued focus on raising EPS beyond the previous record of JPY 551, with full-year EPS projected at JPY 453.49.

• Annual dividend per share estimated at JPY 145.00, up JPY 5.00 year-over-year.

• Total payout ratio for FY25 based on new outlook is 58%.