Fujifilm Holdings Corp TSE:4901
FUJIFILM : Financial Results (Consolidated) for the Fiscal Year Ended March 31, 2026
Source: MarketScreener
Financial Results (Consolidated) for the Fiscal Year Ended March 31, 2026 FUJIFILM Holdings Corporation May 12, 2026
Teiichi Goto URL: https://holdings.fujifilm.com/en
President and Chief Executive Officer
Date of annual shareholders' meeting: June 26, 2026 Projected date of the beginning of cash dividends: June 29, 2026 Projected date of annual securities report: June 24, 2026
Reference materials regarding operating results of the current fiscal year to be prepared: Yes Meeting to explain operating results of the current fiscal year to be held: Yes
(Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.)
-
Results of the Fiscal Year Ended March 31, 2026 (From April 1, 2025 to March 31, 2026)
OPERATING RESULTS Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen
%: Changes from the corresponding period of the previous fiscal year
Revenue
Operating income
Income before income taxes
Net income attributable to FUJIFILM Holdings
%
%
%
%
Year ended March 31, 2026
3,356,969
5.0
350,210
6.1
366,629
7.6
276,735
6.0
Year ended March 31, 2025
3,195,828
7.9
330,155
19.3
340,594
7.3
260,951
7.2
Note: Comprehensive income
Year ended March 31, 2026 ¥580,678 million (+131.4 %) Year ended March 31, 2025 ¥250,924 million (-51.7%)
Net income attributable
to FUJIFILM Holdings per share
Net income attributable to FUJIFILM Holdings per share
(Assuming full dilution)
Return on FUJIFILM Holdings shareholders' equity
Ratio of income before income taxes to total assets
Ratio of operating income to revenue
Yen
Yen
%
%
%
Year ended March 31, 2026
229.65
229.45
7.7
6.5
10.4
Year ended March 31, 2025
216.67
216.46
8.0
6.8
10.3
(Ref) Equity in net earnings of affiliated companies
Year ended March 31, 2026 ¥1,929 million Year ended March 31, 2025 ¥(1,320) million
FINANCIAL POSITION Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen
Total assets
Total equity (Net asset)
FUJIFILM Holdings shareholders' equity
FUJIFILM Holdings shareholders' equity ratio to total assets
FUJIFILM Holdings shareholders' equity per share
%
Yen
Year ended March 31, 2026
6,053,776
3,844,385
3,839,550
63.4
3,185.79
Year ended March 31, 2025
5,249,908
3,352,682
3,348,480
63.8
2,779.50
CASH FLOWS Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
Cash and cash equivalents
at the end of year
Year ended March 31, 2026
410,555
(554,604)
120,249
170,553
Year ended March 31, 2025
428,162
(541,953)
108,883
172,111
-
Cash Dividends Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen
Cash dividends per share
Total cash dividends
Consolidated pay out ratio
Ratio of cash dividends to shareholders' equity
1st Quarter
2nd Quarter
3rd Quarter
Year End
Year Total
Year ended March 31, 2025
Year ended March 31, 2026
Yen
-
-
Yen
30.00
35.00
Yen
-
-
Yen
35.00
35.00
Yen
65.00
70.00
78,358
84,419
%
30.0
30.5
%
2.4
2.3
Year ending March 31, 2027
(Forecast)
-
37.50
-
37.50
75.00
32.0
- Forecast for the Fiscal Year Ending March 31, 2027 (From April 1, 2026 to March 31, 2027)
Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen
%: Changes from the corresponding period of the previous fiscal year
Revenue | Operating income | Income before income taxes | Net income attributable to FUJIFILM Holdings | Net income attributable to FUJIFILM Holdings per share | |||||
For the Year ending March 31, 2027 | % | % | % | % | Yen | ||||
3,470,000 | 3.4 | 365,000 | 4.2 | 375,000 | 2.3 | 280,000 | 1.2 | 234.19 | |
Note: The Company resolved at the meeting of the Board of Directors held on March 30, 2026 to carry out a share repurchase, and the share repurchase pursuant to this resolution was completed on April 30, 2026. (For details, please refer to the notice dated May 7, 2026, titled "Notice Regarding Completion of Share Repurchase and Cancellation of Treasury Stock.")
The weighted average number of shares outstanding, which is used as the basis for the calculation of net income attributable to FUJIFILM Holdings per share in the consolidated earnings forecast for the fiscal year ending March 31, 2027, is calculated by deducting the number of treasury stock repurchased as described above from the number of issued shares outstanding (excluding treasury stock) as of March 31, 2026.
Notes
Changes in status of material subsidiaries during the period (Company newly consolidated or removed from consolidation): None
Changes in accounting principles
Changes in accounting policies accompanying amendment of accounting standards: None
Other changes in accounting policies: None
Number of shares outstanding
As of March 31, 2026
1,243,877,184
As of March 31, 2025
1,243,877,184
As of March 31, 2026
38,547,368
As of March 31, 2025
39,043,399
Year ended March 31, 2026
1,203,646,419
Year ended March 31, 2025
1,203,306,280
Issued (including treasury stock):
Treasury stock:
Average number of shares:
This report is not reviewed.
Explanation of Appropriate Use of Forecast and Other Special Items
Statements regarding future events including forecasts of operating results are based on limited available information and reasonable assumptions as of today. The Company does not have the intention of guaranteeing the realization of future performance. Actual operating results are always subject to change significantly due to various matters. Assumptions for the forecast and warnings for users of the forecast are mentioned in the page 5, Outlook for the Fiscal Year ending March 31, 2027 of the section (1) Analysis of Results of Operations in 1. ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION.
[INDEX]
ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION
Analysis of Consolidated Operating Results… P.2
Analysis of Consolidated Financial Position …………………………………………….……… P.5
Basic Policy Regarding Distribution of Profits and Dividends Applicable to the Fiscal Year under Review and Subsequent Fiscal Year ……………………………………………………...
P.6
CORPORATE STRUCTURE OF THE FUJIFILM GROUP P.6
CORPORATE DIRECTION ……………………………………………………………………………. P.7
BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARDS ………………………. P.10
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets ……………………………………………………………………. P.11
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ... P.14 (Consolidated Statements of Income) …………………………………………………...………. P.14 Year ended March 31 …………………………………………………...……………………….. P.14 Three months ended March 31 …………………………………………………...……………… P.15 (Consolidated Statements of Comprehensive Income) …………………………………..…….... P.16 Year ended March 31 …………………………………………………...……………………….. P.16 Three months ended March 31 …………………………………………………………………... P.16
Consolidated Statements of Changes in Shareholders' Equity ………………………………….. P.17
Consolidated Statements of Cash Flows ………………………………………………………… P.18
Notes to Consolidated Financial Statements ……………………………………………………. P.19 (Notes Relating to the Going Concern Assumption) ……………………………………………. P.19 (Summary of Significant Accounting Policies) ………………………………………………….. P.19 (Segment Information) …………………………………………………………………………... P.20
Year ended March 31 ……………………………………………………………………… P.20
Three months ended March 31 …………………………………………………..………… P.23 (Amounts Per Share of Common Stock) ……………………………………………………….... P.24 (Significant Subsequent Events) ………………………………………………………………… P.24
ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION
Analysis of Consolidated Operating Results
Amount Unit: Billions of yen
Year ended March 31, 2026 (From April 1,
2025 to March 31,
2026)
Year ended March 31, 2025 (From April 1,
2024 to March 31,
2025)
Change (Amount)
Change (%)
Domestic revenue
Overseas revenue
34.8%
65.2%
1,168.7
2,188.3
34.4%
65.6%
1,099.3
2,096.5
69.4
91.8
6.3%
4.4%
Revenue
100.0%
3,357.0
100.0%
3,195.8
161.1
5.0%
Operating income
10.4%
350.2
10.3%
330.2
20.1
6.1%
Income before income taxes
10.9%
366.6
10.7%
340.6
26.0
7.6%
Net income attributable to FUJIFILM Holdings
8.2%
276.7
8.2%
261.0
15.8
6.0%
Exchange rates (Yen / US$)
Exchange rates (Yen / Euro)
¥151
¥175
¥152
¥164
(¥1)
¥11
In the fiscal year ended March 31, 2026, the Fujifilm Group recorded ¥3,357.0 billion in consolidated revenue (up 5.0% year-over-year), reflecting sales increases mainly in the bio CDMO, semiconductor materials and Imaging businesses. Operating income increased to ¥350.2 billion (up 6.1% year-over-year). Consolidated income before income taxes amounted to ¥366.6 billion (up 7.6% year-over-year) and consolidated net income attributable to FUJIFILM Holdings amounted to ¥276.7 billion (up 6.0% year-over-year). The effective currency exchange rates for the U.S. dollar and the euro against the yen were ¥151 and ¥175, respectively,
Revenue by Operating Segment Amount Unit: Billions of yen
Segment
Year ended March 31, 2026 (From April 1,
2025 to March 31,
2026)
Year ended March 31, 2025 (From April 1,
2024 to March 31,
2025)
Change (Amount)
Change (%)
Healthcare
1,098.9
1,047.8
51.2
4.9%
Electronics
456.2
407.6
48.6
11.9%
Business Innovation
1,174.8
1,198.5
(23.7)
(2.0%)
Imaging
627.1
542.0
85.1
15.7%
Consolidated Total
3,357.0
3,195.8
161.1
5.0%
Operating Income by Operating Segment Amount Unit: Billions of yen
Segment
Year ended March 31, 2026 (From April 1,
2025 to March 31,
2026)
Year ended March 31, 2025 (From April 1,
2024 to March 31,
2025)
Change (Amount)
Change (%)
Healthcare
63.6
79.9
(16.2)
(20.3%)
Electronics
100.9
75.1
25.8
34.4%
Business Innovation
63.7
74.6
(10.9)
(14.6%)
Imaging
160.0
139.2
20.8
14.9%
Corporate expenses etc.
(38.0)
(38.6)
0.6
-
Consolidated Total
350.2
330.2
20.1
6.1%
* From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF (Advanced Functional) materials business, to the Healthcare segment. Figures for the year ago quarter are also based on the segment classification after the above change.
Healthcare Segment
In the Healthcare segment, consolidated revenue amounted to ¥1,098.9 billion (up 4.9% year-over-year). Consolidated operating income amounted to ¥63.6 billion (down 20.3% year-over-year).
In the medical systems business, sales of endoscopes continued to increase in key markets, including Japan, the
U.S. and Europe. Medical IT sales also grew as system services sales were solid in Japan, the U.S., Europe, the Middle East and other markets, mainly for the SYNAPSE Picture Archiving and Communication System (PACS). In addition, sales of in-vitro diagnostics (IVD) increased, including strong sales for FUJI DRI-CHEM blood biochemical testing equipment and materials. However, overall revenue for the medical systems business remained at the previous fiscal year's level due to factors such as lower demand for medical supplies in China. In March 2026, we launched CALNEO Xair PLUS, a lightweight and compact, mobile x-ray imaging device that helps streamline examination workflows, and added new products in the bronchoscope lineup, EB-840S and EB-840T, equipped with HD image CMOS sensors. We will continue to leverage our proprietary technologies to provide a wide range of products and services that meet the various demands of medical settings, to contribute to further streamlining diagnoses, advancing the quality of healthcare, and maintaining and promoting people's health.
In the bio CDMO business, revenue increased, driven mainly by contributions from the start of new large-scale manufacturing facilities in Denmark in the previous fiscal year, along with the resumption of operations of small- to medium-scale manufacturing facilities at the Texas site, which implemented operational adjustments during the previous fiscal year. In the fiscal year under review, we launched a new large-scale manufacturing plant in North Carolina, the United States, and commenced operations of eight 20,000-liter mammalian cell culture bioreactors, representing the first phase investment at the facility. Furthermore, in February 2026, we opened a drug substance manufacturing building for antibody drugs and a process development laboratory at our UK site. By responding to rapidly growing demand for antibody drugs contract manufacturing, we will further accelerate our business growth.
The LS (Life Sciences) solutions business*¹ posted higher revenue due to life sciences business delivering higher sales of culture media driven by increased usage by major pharmaceutical companies, as well as strong reagent sales amid a recovery in market demand, while the pharmaceutical business saw growth in revenue mainly with an expansion in contract manufacturing of investigational drugs for domestic COVID-19 vaccines.
*¹ The LS solutions business comprises life sciences business, pharmaceutical business, consumer healthcare business and CRO (Contract Research Organization) business.
Electronics Segment
In the Electronics segment, consolidated revenue amounted to ¥456.2 billion (up 11.9% year-over-year). Consolidated operating income amounted to ¥100.9 billion (up 34.4% year-over-year).
The semiconductor market, having experienced a period of stable growth due to the use of semiconductors in a wide range of products such as automobiles and home appliances, is now undergoing significant growth due to rising demand for AI semiconductors. Our semiconductor materials business has steadily captured this demand for AI semiconductors, resulting in a boost in revenue. Sales to major foundries continued to perform well, and sales to major semiconductor manufacturers in the U.S. and South Korea are also recovering. By product category, sales of NTI developers, copper interconnect CMP slurries-both of which we hold the top global market share-and advanced photoresists have grown in line with miniaturization and the increasing number of interconnect layers.
With respect to back-end materials, sales of liquid polyimide for interlayer insulation films used in inter-chip connections have also grown, driven by expanding demand for advanced packaging for AI semiconductors. In February 2026, we completed a ¥5.0 billion investment in Rapidus Corporation, a company which aims to mass-produce leading-edge logic semiconductors. Through this investment, we are committed to realizing domestic mass production of leading-edge semiconductors and the development of Japan's semiconductor industry. Moreover, by providing Rapidus with a wide range of semiconductor materials and technologies, we will strongly support the company's development and manufacturing of leading-edge semiconductors. Additionally, by working closely with Rapidus on next-generation process development, we will enhance our technological capabilities and accelerate the development of materials for next-generation semiconductors.
In the AF (Advanced Functional) materials business, revenue increased due to the growing adoption of new display materials and strong sales of semiconductor resist materials.
Business Innovation Segment
In the Business Innovation segment, consolidated revenue amounted to ¥1,174.8 billion (down 2.0% year-over-year).
Consolidated operating income amounted to ¥63.7 billion (down 14.6% year-over-year).
In the business solutions business, revenue increased primarily due to growth in sales of digital transformation (DX)-related solutions driven by replacement demand in Japan with the end of Windows 10 support, as well as growth in services provided to local governments. In March 2026, we acquired ETG Global Information Technology Services Inc. in Turkey. By combining ETG Global's technical capabilities and IT talent base with the business foundation we have cultivated to date, we will globally expand our ERP system sales and implementation support business.
The office solutions business posted lower revenue, mainly due to the sluggish market conditions in China and Oceania, as well as a drop in sales in the Asia-Pacific region primarily caused by the discontinuation of low-profit products, as well as a decline in exports to Europe and the U.S.
The graphic communications business posted lower revenue due to lower sales of printing-plate materials in Europe and the U.S. and the discontinuation of unprofitable plate-making materials in the analog printing field. We launched Revoria Press PC2120 in December 2025, a production printer that automates and streamlines printing operations using proprietary AI technology. Then in March 2026, we began offering Revoria Cloud Production, a cloud service that leverages AI for a more efficient print production management operations.
Imaging Segment
In the Imaging segment, consolidated revenue amounted to ¥627.1 billion (up 15.7% year-over-year). Consolidated operating income amounted to ¥160.0 billion (up 14.9% year-over-year).
The consumer imaging business posted higher revenue, as sales of the instax instant photo systems continued to expand, surpassing cumulative sales of 100 million units. A wide variety of models popular among a broad range of users continue to have a solid growth in sales, including the mainstay models instax mini 12 and instax mini Evo, along with models launched in the previous fiscal year, such as instax WIDE 400, instax Link 3 and instax WIDE Evo. We also launched the entry-level instax mini 41 with a classic design in April 2025, and instax mini LiPlay+ in November 2025, which comes with an advanced version of a feature that combines sound and still images.
Moreover, in January 2026, we launched instax mini Evo Cinema, an instant camera that can capture both videos (which users can "hand over" to others) and still images, and is equipped with the Eras Dial that recreates the appearance of footage from the 1930s to the current decade. We also launched instax mini Link+, a premium model in the mini Link smartphone printer series, offering novel ways to enjoy instax photos. Additionally, in December 2025, we announced our plan to expand the production facilities of instax films to meet growing global demand.
We will continue to expand the world of instax, enabling people to enjoy instant photo printing and further enhancing the value and joy of photography.
In the professional imaging business, expanded sales of digital cameras contributed to higher revenue. In addition to solid sales of models launched in the previous fiscal year, the growth was driven by new products launched in the fiscal year under review, such as FUJIFILM GFX100RF, FUJIFILM X-HF1 ("X half"), FUJIFILM X-E5 and FUJIFILM X-T30 III. Further, we launched FUJIFILM GFX ETERNA 55 in the fiscal year under review, our first dedicated filmmaking camera, and we will continue to provide new value to filmmaking sites through our color reproduction, large format rendering, and optical performance capabilities. We will continue to provide attractive products for digital camera users and the video industry by expanding our range of offerings, from the outstanding image quality with large format sensors in the GFX series and the best balance of image quality and size in the X series, to such new concept cameras as FUJIFILM GFX100RF, X half and FUJIFILM GFX ETERNA 55.
Outlook for the Fiscal Year ending March 31, 2027
Amount Unit: Billions of yen
Outlook for the Fiscal Year ending March 31, 2027
Actual results for the Fiscal Year ended March 31, 2026
Change (% / Amount)
Revenue
3,470.0
3,357.0
3.4%
Operating income
365.0
350.2
4.2%
Income before income taxes
375.0
366.6
2.3%
Net income attributable to FUJIFILM
Holdings
280.0
276.7
1.2%
ROE (%)
7.8
7.7
0.1pt
ROIC (%)
5.6
5.5
0.1pt
Exchange rates (Yen / US$)
Exchange rates (Yen / Euro)
¥150
¥175
¥151
¥175
¥(1)
¥-
For the fiscal year ending March 31, 2027, the Company projects ¥3,470.0 billion in consolidated revenue (up 3.4% year-over-year), ¥365.0 billion in operating income (up 4.2% year-over-year), ¥375.0 billion in income before income taxes (up 2.3% year-over-year) and ¥280.0 billion in net income attributable to FUJIFILM Holdings (up 1.2% year-over-year).
The projected currency exchange rates for the U.S. dollar and the euro against the yen for the fiscal year ending March 31, 2027 are ¥150 and ¥175, respectively.
The impact of fluctuations in energy costs and raw material prices arising from heightened tensions in the Middle East has not been factored into the full-year outlook, as significant uncertainty remains regarding the situation going forward. In addition, sales in the Middle East have been only marginally affected, and the impact on revenue has likewise not been factored into the full-year outlook. However, as a risk scenario, if crude oil prices were to remain at USD 100 per barrel, we estimate a negative impact on operating profit of approximately ¥30.0 billion to ¥40.0 billion per quarter.
Analysis of Consolidated Financial Position
(Assets, Liabilities, Shareholders' Equity and Cash Flows)
At the end of the fiscal year ended March 31, 2026, total assets increased by ¥803.9 billion to ¥6,053.8 billion compared with the end of the previous fiscal year (March 31, 2025) mainly due to an increase in property, plant and equipment. Total liabilities increased by ¥312.2 billion to ¥2,209.4 billion. Shareholders' equity increased by
¥491.1 billion to ¥3,839.6 billion. As a result, the current ratio decreased by 3.9 percentage points to 136.6%, the debt-equity ratio increased by 0.8 percentage points to 57.5%, and the equity ratio decreased by 0.4 percentage points to 63.4% compared with the end of the previous fiscal year. The Company maintains a stable level of asset liquidity and a sound capital structure.
In the fiscal year ended March 31, 2026, net cash provided by operating activities totaled ¥410.6 billion. Net cash used in investing activities amounted to ¥554.6 billion due to the acquisition of property, plants, equipment and other factors. As a result, free cash flow, or the sum of cash flow from operating and investing activities, was negative ¥144.0 billion. Net cash provided by financing activities amounted to ¥120.2 billion, mainly due to proceeds from long-term debts. As a result, cash and cash equivalents at the end of the fiscal year ended March 31, 2026 amounted to ¥170.6 billion, down ¥1.6 billion from the end of the previous fiscal year (March 31, 2025), as a result of the above cash flows and foreign exchange fluctuations.
(Reference) Cash Flow Related Indices (Consolidated)
Year ended March 31, 2026
(From April 1, 2025 to
March 31, 2026)
Year ended March 31, 2025
(From April 1, 2024 to
March 31, 2025)
Ratio of shareholders' equity to total assets
(%)
63.4
63.8
Ratio of market capitalization to total assets
(%)
59.1
65.3
Ratio of interest-bearing debt to operating
cash flow (years)
2.2
1.6
Interest coverage ratio (times)
82.2
48.9
Ratio of shareholders' equity to total assets : Shareholders' equity / Total assets
Ratio of market capitalization to total assets : Market capitalization (Year-end closing price x No. of shares outstanding at year-end*) / Total assets
*Excluding treasury shares
Ratio of interest-bearing debt to operating cash : Interest-bearing debts (corporate bond securities and short- and long-term debts) flow / Operating cash flow
Interest coverage ratio : Operating cash flow / interest paid
Basic Policy Regarding Distribution of Profits and Dividends Applicable to the Fiscal Year under Review and Subsequent Fiscal Year
In addition to reflecting consolidated performance trends, dividends will be determined by taking into account such factors as the level of funds required to increase our corporate value in the future, including M&As, capital expenditures and R&D investments aimed at further expanding growth businesses. We have the policy on shareholder returns that puts emphasis on cash dividends, targeting the dividend payout ratio of 30%. Furthermore, we have flexibly conducted share repurchases in response to stock price trends while taking our cash flow at the time into account. As part of this policy, we have announced the execution of a share repurchase program with an upper limit of ¥30.0 billion in March 2026.
We are planning the year-end dividend to be ¥35.0 per share, and together with the interim dividend of ¥35.0 per share, the total cash dividend for the fiscal year under review is expected to amount to ¥70.0 per share.
In the fiscal year ending March 31, 2027, we plan to pay an interim dividend of ¥37.5 per share and a year-end dividend of ¥37.5 per share, for a total of ¥75.0 per share for the year.
CORPORATE STRUCTURE OF THE FUJIFILM GROUP
The disclosure is omitted since there are no significant changes in the business and group organizational structure from the latest Annual Securities Report filed on June 25, 2025.
CORPORATE DIRECTION
On the occasion of our 90th anniversary, we established the Fujifilm Group's Purpose "Giving our world more smiles." Since our foundation, we have brought smiles to people's faces through our products and services based on our advanced and unique technologies. As we move towards our 100th anniversary and beyond, we remain committed to resolving social issues through all of our businesses, and each and every one of our employees will continue to challenge themselves with their aspirations to bring happy smiles to people around the world many times over. To achieve the Group Purpose, it is essential to: (1) develop new products and solutions, and invest in facilities to drive our sustainable business growth, (2) address Environmental, Social and Governance (ESG) issues to advance our efforts towards environmental sustainability, protection of human rights and ethical supply chain management, (3) invest in our people, implement innovations in developing our talent, enhance working conditions, and increase compensation standards as we focus on employee engagement and the full utilization of every employee's unique skills and capabilities, and (4) ensure shareholder returns and deliver value to a broad range of stakeholders. To generate profits to fund these activities, the Group will increase its earning power by focusing on strong businesses that ensure long-term competitive advantage, and evolve into an even more profitable company by pursuing both economic and social value. Furthermore, by reinvesting the profits earned in (1), (2), (3) and (4) above, we will create a sustainable positive cycle.
In August 2017, we established our long-term CSR plan Sustainable Value Plan 2030 (hereinafter "SVP2030"). VISION2030, our medium-term management plan established in April 2024, is a concrete action plan to realize the goals of SVP2030. In VISION2030, we envision the ideal state of the Fujifilm Group in FY2030 as a collection of global top-tier businesses that further enhances the corporate value of the Group by promoting management that emphasizes profitability and capital efficiency, while changing the world one step at a time and creating value (more smiles) for various stakeholders. In FY2025, the second year of VISION2030, we achieved record highs for the fourth consecutive year in revenue, fifth consecutive year in operating income, and sixth consecutive year in net income attributable to FUJIFILM Holdings. We are making steady progress towards achieving VISION2030 by allocating funds secured through stronger portfolio management and cash flow management to capital expenditure in growth areas, primarily the bio CDMO and semiconductor materials businesses.
In FY2026, the global economy remained highly uncertain, reflecting various geopolitical factors, including the situations in Russia and Ukraine and Israel and Palestine, as well as growing concerns over a prolonged instability surrounding Iran. Other factors included volatility in energy markets, structural social shifts driven by the rapid advancement of artificial intelligence (AI), the rise of protectionist trade policies in various nations, and the tightening of resource security regarding rare earths and other critical resources. In Japan, while wage hikes and positive interest rates are gradually becoming the norm, the prolonged depreciation of the yen has led to surging raw material costs, forcing price revisions across numerous products. Under these circumstances, the Group will anticipate potential risks by maintaining a flexible and agile posture that quickly responds to various changes, as well as leverage our diverse business portfolio to improve the profitability of all businesses, promote stable cash generation, and evolve into a profitable company by accelerating business growth in the Healthcare and Electronics segments and intensifying our efforts to build a robust business platform that enables sustainable growth.
[Growth Strategy in the Healthcare Segment]
In the Healthcare segment, we will continue to provide products and services based on our proprietary AI technology, biotechnology and other cutting-edge technologies to resolve social issues in the medical field, such as enhancing QOL (quality of life) in an aging society and improving the medical environment in emerging countries. Through these efforts, we aim to increase revenue in the Healthcare segment in FY2026, exceeding ¥1 trillion in revenue for the third consecutive year following FY2024 and FY2025.
In the medical systems business, we will utilize AI and imaging technologies as the foundation for creating
value, introducing them in medical devices and IT services to offer new clinical value (including pre- and intraoperative support solutions) that only we can provide, while steadily expanding our recurring revenue businesses, such as services and consumables. Furthermore, our NURA health screening centers, which are geared towards emerging markets and have been released in five countries, have succeeded in providing consistent, high-quality checkups regardless of country or region, thanks to AI-powered diagnostic support as well as cutting-edge equipment such as CT scanners that feature our proprietary AI and deliver quality images by removing noise. We will continue to elevate the competitive advantage of the medical systems business through NURA, not only by providing value as a health screening business but also by incorporating the on-site challenges and latent needs identified through NURA's operations into the advancement of AI technology and new product development.
In the bio CDMO business, to meet the strong demand for antibody drugs, we launched a new large-scale manufacturing plant at our North Carolina site in the United States. in FY2025, following the capacity enhancement at our Denmark site in FY2024. The plant began operations of eight 20,000-liter mammalian cell culture bioreactors, representing the first phase investment. Contract manufacturing is steadily progressing in North Carolina, having concluded, among others, long-term manufacturing agreements with Janssen Supply Group, LLC, a Johnson & Johnson company, and Regeneron Pharmaceuticals, Inc. Against the backdrop of growing manufacturing demand in the U.S., we are working to bring forward the start of operations for facilities of the second phase of capital investments at this site. While FY2026 will be another year of upfront investments, we will expedite our business growth with large-scale manufacturing facilities as the main drivers.
In the LS solutions business, the life sciences business provides to major pharmaceutical companies and biotech firms culture media, reagents, cells and various other products and services that support different development stages, ranging from basic research and manufacturing to safety and quality testing, with the aim of meeting clients' needs in the field of drug discovery support. In the pharmaceutical business, we will continue to expand the manufacturing and sales of antibacterial agents such as penicillin. In addition, in 2025, we have completed the construction of one of the largest bio CDMO plants in Japan by adaptively reusing our existing Toyama site, with operations scheduled to begin from FY2027. At the new plant, we will establish a dual-use system capable of manufacturing biopharmaceuticals, such as antibody drugs and antibody-drug conjugates (ADCs), to meet customer needs during normal times, and mRNA vaccines and recombinant protein vaccines during pandemics. In the CRO business, we will expand our distinctive services, which make full use of, among others, evaluation technologies utilizing AI and iPS cells, both domestically and internationally by leveraging our proprietary peptide discovery technology as a core competency, primarily targeting customers engaged in the early stages of drug discovery, from basic research to non-clinical trials. In the consumer healthcare business, we will strengthen mail-order sales of our flagship brands, ASTALIFT (cosmetics) and Metabarrier (supplements), and expand sales of ASTALIFT MEN (cosmetics for men) and Hizatect (foods with functional claims).
[Growth Strategy in the Electronics Segment]
In the Electronics segment, we will expand existing businesses and develop new businesses under the Electronics Strategy Headquarters through product portfolio establishment and strategy management on a customer application basis.
Demand has continued to grow in the semiconductor market, particularly for AI semiconductors. We expect that both miniaturization and higher integration in back-end processes will accelerate to improve semiconductor performance. To expedite the growth of our semiconductor materials business, we will leverage our strength in providing materials to nearly all stages in the semiconductor manufacturing process to offer one-stop solutions that help customers solve complex problems that cannot be addressed by a single material. Furthermore, by prioritizing local production, local consumption and "local support*2," our proactive investments in sites in Japan, the U.S., Europe and Asia not only support our customers' growth but also contribute to mitigating geopolitical risks, such as supply chain disruptions caused by conflicts. In addition, we are actively working to develop new markets, such as
steadily preparing for local expansion in India, including the acquisition of land for manufacturing sites, as the semiconductor market is expected to grow there. Regarding our core product, photoresists, we presented the latest technologies for advanced photoresists, with a focus on next-generation EUV technology, at SPIE Advanced Lithography + Patterning 2026, an international conference on semiconductor-related technologies held in February 2026. Moreover, in April 2026, we announced the development of the world's first PFAS-free negative-type ArF immersion resist. EUV, ArF and other new technologies have received high praise from customers, and the number of inquiries is steadily increasing. With respect to back-end materials, demand for polyimide films is anticipated to rise in response to the trend toward larger interposers and the growing need for the miniaturization of build-up substrates. Further, our CMP slurries that provide high-precision planarization during hybrid bonding, an advanced packaging process, are currently undergoing evaluation for their use. Multiple customers have voiced their high expectations regarding these materials. We have also begun full-scale sample assessments for advanced packaging, and efforts toward adoption are steadily growing.
In the AF materials business, we will maintain our strong market position of TAC products for displays and increase our share of materials for OLEDs. We will also leverage our technologies, such as data tape used in data centers-which are now being established worldwide due to increased demand for storage-the Prescale pressure measurement film used in the manufacturing process of semiconductors, displays, and other electronic devices, as well as polymers and photo acid generators for the growing semiconductor materials market, to expand the supply of differentiated products in the electronics sector.
*2 "Local support" refers to the support structure that enables customer issues to be addressed directly at local sites.
[Growth Strategy in the Business Innovation Segment]
In the Business Innovation segment, we began in FY2025 a full-scale adoption of AI for its application to devices and solutions, creating unique value as the industry's sole solutions partner that covers all areas of printing, from office and commercial printing (analog/digital) to industrial printing. In light of changes in the business environment, we will thoroughly advance structural reforms while shifting management resources more rapidly toward growth areas to establish a foundation for sustainable growth.
In the business solutions business, we will promote AI and security as the growth drivers across core systems, IT, and operational domains, while offering solutions tailored to each customer's business stage, thereby boosting value we provide and expanding our recurring business model. In the ERP solutions domain, we acquired ETG Global Information Technology Services Inc. in March 2026 (renamed to FUJIFILM ETG Global Inc. in the same month) to boost our delivery framework for ERP systems with Microsoft Dynamics 365 as its backbone. Going forward, we will expand our business into Europe and North America to accelerate our global presence. With respect to the IT solutions domain, we have launched IT Expert Services to support the operation and management of IT infrastructure environment for small and medium-sized companies that lack IT resources. In the business solutions domain, we are offering FUJIFILM IWpro, a cloud service that supports the cloud migration of our customers' infrastructure, as well as their business process transformation and DX. Since launching the FUJIFILM IWpro Intelligent Assistant option in January 2025, we have been continuously enhancing its AI capabilities. In March 2026, we added an AI chat feature, offering new value to our customers.
In the office solutions business, amid a gradual decline in print volumes, we will focus on the A3 color field, where we have a leading market share, and work to strengthen our environmental initiatives and production base. In sales, we will maintain and improve profitability by shifting to a more efficient sales structure and aim to expand sales of multifunctional devices in new markets by signing new agency contracts with major distributors in European countries and North America and by acquiring new OEM deals. In addition, as part of efforts to enhance services through the use of AI, we have started developing a new printing support feature that leverages Microsoft Copilot, Microsoft's generative AI assistant. This printing feature enhances the convenience of multifunction printers in Seven-Eleven convenience stores nationwide and we are aiming to launch it in FY2026. We will
continue promoting initiatives that expand the services we offer with our multifunction printers through the use of AI and other digital technologies.
In the graphic communications business, we are responding to changing trends in the commercial and packaging printing markets. Amid the decline in large-lot analog printing and monochrome printing and the increasing demand for high-mix, small-lot printing and color printing, we will expand sales by leveraging our strong customer base, where we hold leading market shares in printing plates, digital printers and industrial printheads, and further accelerating the shift to digital. In December 2025, we launched Revoria Press PC2120 in Japan as a flagship model for the high-end professional printing market. Regarding inkjet inks and printheads, we will improve profitability by reorganizing the production structure. In parallel, we will leverage our unique products and technologies, such as high-productivity and high-quality printheads, as well as the highly stable aqueous pigment dispersion technology, to expand our business in the growing digital commercial and packaging printing markets, as well as in new areas where we expect market expansion through the advancement of inkjet technology.
[Growth Strategy in the Imaging Segment]
In the consumer imaging business, we will continue to expand our user base by constantly introducing captivating new products, including instax mini LiPlay+ (launched in November 2025), a hybrid instant camera that comes with an advanced version of a feature that combines sound and still images, and instax mini Evo Cinema (launched in January 2026), an instant camera that can take both videos (which users can "hand over" to others) and still images, and is equipped with the Eras Dial that recreates the appearance of footage from the 1930s to the current decade. In addition, we will continue to tap into new printing demand by further expanding sales of commercial photo printers and creating new touchpoints with younger generations through alliances across various industries.
In the professional imaging business, we aim to grow our fan base by enhancing the multi-brand digital camera strategy, centered around the X Series and the GFX Series of digital cameras featuring color reproduction optimized for digital imaging, to meet emerging demand for more than just smartphone photography. Furthermore, with the launch of FUJIFILM GFX ETERNA 55 in October 2025, our first dedicated filmmaking camera, we have made a full-scale entry into the video production market. The camera's rich gradation and three-dimensional image expression have been well received both in Japan and internationally. In addition, we will promote new applications and expand sales areas for projectors and long-range surveillance cameras, while also proactively launching new solutions such as infrastructure inspection DX, utilizing the cutting-edge optical technology, image processing technology and AI.
BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARDS
Due to the agreement related to the Eurodollar convertible bond issuance in 1970, the Group has prepared and disclosed its consolidated financial statements in accordance with accounting principles generally accepted in the
U.S. The Company is considering the adoption of IFRS through addressing internal and external factors that affect both within and outside of Japan.
- CONSOLIDATED FINANCIAL STATEMENTS
-
Consolidated Balance Sheets Amount Unit: Millions of yen
As of
March 31, 2026
As of
March 31, 2025
Change
ASSETS
Current assets:
Cash and cash equivalents
170,553
172,111
(1,558)
Notes and accounts receivable:
Trade
742,721
680,635
62,086
Lease receivable
31,750
32,821
(1,071)
Affiliated companies
2,737
2,371
366
Allowance for credit losses
(14,693)
(15,841)
1,148
Inventories
762,515
600,796
699,986
543,976
62,529
56,820
Prepaid expenses and Other
185,169
165,608
19,561
Total current assets
1,719,033
1,581,681
137,352
Investments and long-term receivables:
Investments in and advances to affiliated
companies
37,617
37,785
(168)
Investment securities
43,672
72,298
(28,626)
Long-term lease receivables
49,181
47,431
1,750
Other long-term receivables
76,831
53,176
23,655
Allowance for credit losses
(1,511)
(1,396)
(115)
Total investments and long-term
205,790
209,294
(3,504)
receivables
Property, plant and equipment:
Land
121,419
110,067
11,352
Buildings and structures
1,173,654
934,470
239,184
Machinery, equipment and others
1,989,906
1,717,518
272,388
Construction in progress
979,735
888,245
91,490
Less accumulated depreciation
4,264,714
(1,956,406)
3,650,300
(1,863,825)
614,414
(92,581)
Total property, plant and equipment
2,308,308
1,786,475
521,833
Other assets:
Operating lease right-of-use assets
130,157
113,476
16,681
Goodwill, net
997,068
947,924
49,144
Other intangible assets, net
151,175
157,547
(6,372)
Deferred income taxes
41,210
42,895
(1,685)
Other
501,035
410,616
90,419
Total other assets
1,820,645
1,672,458
148,187
Total assets
6,053,776
5,249,908
803,868
Amount Unit: Millions of yen
As of
March 31, 2026
As of
March 31, 2025
Change
LIABILITIES
Current liabilities:
Short-term debt
287,913
215,103
72,810
Notes and accounts payable:
Trade
291,296
279,362
11,934
Construction
97,154
109,543
(12,389)
Affiliated companies
1,399
1,672
(273)
Accrued income taxes
389,849
53,202
390,577
32,701
(728)
20,501
Accrued liabilities
280,017
252,788
27,229
Short-term operating lease liabilities
36,549
31,582
4,967
Other current liabilities
210,742
203,189
7,553
Total current liabilities
1,258,272
1,125,940
132,332
Non-current liabilities:
Long-term debt
607,034
470,805
136,229
Accrued pension and severance costs
25,515
25,368
147
Long-term operating lease liabilities
95,517
84,795
10,722
Deferred income taxes
128,442
101,437
27,005
Other non-current liabilities
94,611
88,881
5,730
Total non-current liabilities
951,119
771,286
179,833
Total liabilities
2,209,391
1,897,226
312,165
EQUITY
FUJIFILM Holdings shareholders' equity
Capital
40,363
40,363
-
Common stock, without par value:
Authorized: 2,400,000,000 shares
Issued: 1,243,877,184 shares
Retained earnings
3,117,407
2,930,151
187,256
Accumulated other comprehensive income
736,167
433,047
303,120
Treasury stock, at cost
As of March 31, 2025:
39,043,399 shares
As of March 31, 2026:
38,547,368 shares
(54,387)
(55,081)
694
Total FUJIFILM Holdings shareholders'
3,839,550
3,348,480
491,070
equity
Noncontrolling interests
4,835
4,202
633
Total equity
3,844,385
3,352,682
491,703
Total liabilities and equity
6,053,776
5,249,908
803,868
Note: Details of accumulated other comprehensive income (loss)
As of March 31, 2026
As of March 31, 2025
Change
Foreign currency translation adjustments
694,154
433,944
260,210
Pension liability adjustments
42,013
(862)
42,875
Unrealized gains (losses) on derivatives
-
(35)
35
-
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Consolidated Statements of Income)
Year Ended March 31 Amount Unit: Millions of yenThree Months Ended March 31 Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
%
%
Revenue:
100.0 3,356,969
100.0 3,195,828
161,141
5.0
Cost of sales:
59.2 1,987,457
59.3 1,895,749
91,708
4.8
Gross profit
40.8 1,369,512
40.7 1,300,079
69,433
5.3
Operating expenses:
Selling, general and administrative
25.7 861,512
25.2 806,525
54,987
6.8
Research and development
4.7 157,790
5.1 163,399
(5,609)
(3.4)
30.4 1,019,302
30.3 969,924
49,378
5.1
Operating income
10.4 350,210
10.3 330,155
20,055
6.1
Other income (expenses):
Interest and dividend income
11,222
13,380
(2,158)
Interest expense
(4,993)
(8,752)
3,759
Foreign exchange gains (losses), net
(3,730)
(3,909)
179
Gains (losses) on equity securities, net
(714)
(3,107)
2,393
Other, net
14,634
12,827
1,807
0.5 16,419
0.3 10,439
5,980
57.3
Income before income taxes
10.9 366,629
10.7 340,594
26,035
7.6
Income taxes
Current
80,713
81,809
(1,096)
Deferred
10,548
(4,214)
14,762
2.7 91,261
2.4 77,595
13,666
17.6
Equity in net earnings (losses) of affiliated companies
0.1 1,929
0.0 (1,320)
3,249
-
Net income
8.3 277,297
8.2 261,679
15,618
6.0
Less: Net (income) loss attributable to the noncontrolling interests
0.0 (562)
0.0 (728)
166
-
Net income attributable to
FUJIFILM Holdings
8.2 276,735
8.2 260,951
15,784
6.0
(Consolidated Statements of Comprehensive Income) Year Ended March 31 Amount Unit: Millions of yenThree months ended March 31, 2026
From January 1, 2026
to March 31, 2026
Three months ended March 31, 2025
From January 1, 2025
to March 31, 2025
Change
Amount
%
%
%
Revenue:
100.0 927,252
100.0 868,309
58,943
6.8
Cost of sales:
59.4 550,582
60.3 523,983
26,599
5.1
Gross profit
40.6 376,670
39.7 344,326
32,344
9.4
Operating expenses:
Selling, general and administrative
25.5 236,136
22.5 195,513
40,623
20.8
Research and development
4.2 38,775
4.8 41,937
(3,162)
(7.5)
29.6 274,911
27.3 237,450
37,461
15.8
Operating income
11.0 101,759
12.3 106,876
(5,117)
(4.8)
Other income (expenses):
Interest and dividend income
1,452
3,075
(1,623)
Interest expense
(863)
(2,610)
1,747
Foreign exchange gains (losses), net
645
(5,590)
6,235
Gains (losses) on equity securities, net
(1,661)
(2,287)
626
Other, net
3,107
3,983
(876)
0.3 2,680
(0.4) (3,429)
6,109
-
Income before income taxes
11.3 104,439
11.9 103,447
992
1.0
Income taxes
2.1 19,650
2.6 22,777
(3,127)
(13.7)
Equity in net earnings (losses) of affiliated companies
(0.1) (1,284)
(0.1) (1,172)
(112)
-
Net income
9.0 83,505
9.2 79,498
4,007
5.0
Less: Net (income) loss attributable to the noncontrolling interests
0.0 (145)
0.0 (86)
(59)
-
Net income attributable to
FUJIFILM Holdings
9.0 83,360
9.1 79,412
3,948
5.0
Three Months Ended March 31 Amount Unit: Millions of yenYear ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Net income
277,297
261,679
15,618
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
260,471
(31,357)
291,828
Pension liability adjustments
42,875
20,635
22,240
Unrealized gains (losses) on derivatives
35
(33)
68
Total
303,381
(10,755)
314,136
Comprehensive income
580,678
250,924
329,754
Less: Comprehensive (income) loss attributable to noncontrolling interests
(823)
(545)
(278)
Comprehensive income attributable to
FUJIFILM Holdings
579,855
250,379
329,476
Three months ended March 31, 2026
From January 1, 2026
to March 31, 2026
Three months ended March 31, 2025
From January 1, 2025
to March 31, 2025
Change
Net income
83,505
79,498
4,007
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
34,101
(109,185)
143,286
Pension liability adjustments
43,539
21,344
22,195
Unrealized gains (losses) on derivatives
-
(173)
173
Total
77,640
(88,014)
165,654
Comprehensive income (loss)
161,145
(8,516)
169,661
Less: Comprehensive (income) loss attributable to noncontrolling interests
(158)
117
(275)
Comprehensive income (loss) attributable to
FUJIFILM Holdings
160,987
(8,399)
169,386
-
Consolidated Statements of Changes in Shareholders' Equity Amount Unit: Millions of yen
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
FUJIFILM
Holdings shareholders' equity
Noncontrolling interest
Total Equity
Balanced at April 1, 2024
40,363
-
2,741,416
443,619
(56,151)
3,169,247
4,068
3,173,315
Comprehensive income (loss):
260,951
(31,174)
20,635
(33)
260,951
(31,174)
20,635
(33)
728
(183)
261,679
(31,357)
20,635
(33)
Net income
Foreign currency translation adjustments
Pension liability adjustments Change in net unrealized losses
on derivatives
Net comprehensive income
250,379
545
250,924
Purchases of treasury stock
(16)
(16)
(16)
Sales of treasury stock
1,151
1,086
2,237
2,237
Dividends paid to FUJIFILM
Holdings shareholders
(72,289)
(72,289)
(72,289)
Dividends paid to noncontrolling
interests
(291)
(291)
Stock acquisition rights
(697)
(697)
(697)
Transfer from additional paid-in
capital
(73)
73
-
-
to retained earnings
Equity transactions with non
controlling interests and other
(381)
(381)
(120)
(501)
Balanced at March 31, 2025
40,363
-
2,930,151
433,047
(55,081)
3,348,480
4,202
3,352,682
Comprehensive income (loss):
276,735
260,210
42,875
35
276,735
260,210
42,875
35
562
261
277,297
260,471
42,875
35
Net income
Foreign currency translation adjustments
Pension liability adjustments Change in net unrealized losses
on derivatives
Net comprehensive income
579,855
823
580,678
Purchases of treasury stock
(11)
(11)
(11)
Sales of treasury stock
694
705
1,399
1,399
Dividends paid to FUJIFILM
Holdings shareholders
(90,396)
(90,396)
(90,396)
Dividends paid to noncontrolling
interests
(332)
(332)
Stock acquisition rights
223
223
223
Transfer from additional paid-in
capital
(917)
917
-
-
to retained earnings
Equity transactions with non
controlling interests and other
142
142
Balanced at March 31, 2026
40,363
-
3,117,407
736,167
(54,387)
3,839,550
4,835
3,844,385
-
Consolidated Statements of Cash Flows Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Operating activities
Net income
277,297
261,679
15,618
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization (Gains) losses on equity securities, net Deferred income taxes
Equity in net (gains) losses of affiliated companies, net of dividends received Changes in operating assets and liabilities:
Notes and accounts receivable Inventories
Notes and accounts payable - trade
Changes in prepaid expenses and other current assets
Accrued income taxes and other liabilities Others
172,371
163,567
8,804
716
3,107
(2,391)
10,548
(4,214)
14,762
(995)
1,856
(2,851)
(23,942)
(5,348)
(18,594)
(23,858)
(310)
(23,548)
123
18,254
(18,131)
(6,144)
(11,667)
5,523
15,435
22,615
(7,180)
(10,996)
(21,377)
10,381
Subtotal
133,258
166,483
(33,225)
Net cash provided by operating activities
410,555
(521,583)
(48,983)
14,073
32,509
(5,650)
(2,781)
(181)
(6,113)
7,752
(23,647)
428,162
(502,794)
(55,211)
33,926
8,705
(462)
297
(42)
(3,873)
-(22,499)
(17,607)
(18,789)
6,228
(19,853)
23,804
(5,188)
(3,078)
(139)
(2,240)
7,752
(1,148)
Investing activities
Purchases of property, plant and equipment
Purchases of software
Sales of property, plant and equipment
Proceeds from sales and maturities of marketable
and investment securities
Purchases of marketable and investment
securities
(Increase) decrease in time deposits, net
Increase in investments in and advances to
affiliated companies
Acquisitions of businesses, net of cash acquired
Proceeds from sale of businesses, net of cash and
cash equivalents disposed of
Others
Net cash used in investing activities
(554,604)
(541,953)
(12,651)
Financing activities
Proceeds from long-term debt
170,000
350,000
(180,000)
Repayments of long-term debt
(67,602)
(82,320)
14,718
Increase (decrease) in short-term debt, net
102,324
(86,625)
188,949
Cash dividends paid to shareholders
(84,354)
(68,252)
(16,102)
Subsidiaries' cash dividends paid to
noncontrolling interests
(332)
(292)
(40)
Purchases of stock for treasury
(12)
(16)
4
Capital transactions with noncontrolling interests
141
(671)
812
Others
84
(2,941)
3,025
Net cash provided by financing activities
120,249
108,883
11,366
Effect of exchange rate changes on cash and cash
equivalents
22,242
(2,696)
24,938
Net decrease in cash and cash equivalents
(1,558)
(7,604)
6,046
Cash and cash equivalents at beginning of year
172,111
179,715
(7,604)
Cash and cash equivalents at end of year
170,553
172,111
(1,558)
-
Notes to Consolidated Financial Statements
(Note Relating to the Going Concern Assumption)
None.
(Summary of Significant Accounting Policies)Scope of consolidated subsidiaries Number of Subsidiaries : 258
Main companies : FUJIFILM Corporation, FUJIFILM Business Innovation Corp.
FUJIFILM Business Innovation Japan Corp. and others
Scope of affiliated companies Number of Affiliates 27
Main companies : FUJIFILM KYOWA KIRIN BIOLOGICS Co., Ltd. and others
Significant Accounting Policies
The Company's consolidated financial statements are prepared in accordance with the U.S. generally accepted accounting pirnciples (US GAAP). As there have been no material changes from the matters described in the most recent Annual Securities Report filed on June 25, 2025, disclosure thereof is omitted.
(Segment Information)-
Year Ended March 31
(A) Operating Segment Information
-
Revenue Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
Revenue:
Composition (%)
Composition (%)
Healthcare
32.7
1,098,925
32.8
1,047,754
51,171
4.9
Electronics
13.6
456,157
12.8
407,607
48,550
11.9
Business Innovation
35.0
1,174,800
37.5
1,198,494
(23,694)
(2.0)
Imaging
18.7
627,087
17.0
541,973
85,114
15.7
Consolidated total
100.0
3,356,969
100.0
3,195,828
161,141
5.0
-
Expenses Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
R&D expenses
53,346
28,209
55,406
13,366
61,279
25,179
54,507
13,329
(7,933)
3,030
899
37
(12.9)
12.0
1.6
0.3
Healthcare Electronics Business Innovation
Imaging
Subtotal
Corporate
150,327
7,463
154,294
9,105
(3,967)
(1,642)
(2.6)
(18.0)
Consolidated total
157,790
163,399
(5,609)
(3.4)
Other operating expenses
981,942
327,065
1,055,682
453,718
906,593
307,360
1,069,373
389,430
75,349
19,705
(13,691)
64,288
8.3
6.4
(1.3)
16.5
Healthcare Electronics Business Innovation
Imaging
Subtotal
Corporate
2,818,407
30,562
2,672,756
29,518
145,651
1,044
5.4
3.5
Consolidated total
2,848,969
2,702,274
146,695
5.4
-
Operating income Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended
March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
Operating Income (Loss):
Margin (%)
5.8
22.1
5.4
25.5
63,637
100,883
63,712
160,003
Margin (%)
7.6
18.4
6.2
25.7
79,882
75,068
74,614
139,214
(16,245)
25,815
(10,902)
20,789
(20.3)
34.4
(14.6)
14.9
Healthcare
Electronics Business Innovation Imaging
Total
Corporate expenses etc.
388,235
(38,025)
368,778
(38,623)
19,457
598
5.3
-
Consolidated total 10.4
350,210
10.3
330,155
20,055
6.1
Note: The major products and services of each operating segment are as follows: Healthcare: Equipment and materials for medical systems,
contract development and manufacturing organization of biopharmaceuticals, drug discovery support such as iPS cells, cell culture media and reagents, pharmaceuticals, cosmetics and supplements, etc.
Electronics: Semiconductor materials, display materials, industrial equipment, fine chemicals, etc.
Business Innovation: Solutions and services, digital MFPs,
equipment and materials for graphic communications, inks and industrial inkjet printheads, etc
Imaging: Instant photo systems, color films, services and equipment for photofinishing, digital cameras and optical devices, etc.
-
Total Assets Amount Unit: Millions of yen
As of March 31, 2026
As of March 31, 2025
Change
Amount
%
Total assets:
3,227,034
821,265
1,469,229
423,126
2,607,431
761,391
1,373,286
364,437
619,603
59,874
95,943
58,689
23.8
7.9
7.0
16.1
Healthcare
Electronics Business Innovation Imaging
Subtotal
Corporate
5,940,654
113,122
5,106,545
143,363
834,109
(30,241)
16.3
(21.1)
Consolidated total 6,053,776
5,249,908
803,868
15.3
-
Depreciation and amortization, and Capital expenditures Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
Depreciation and amortization:
Healthcare
74,461
62,739
11,722
18.7
Electronics
30,677
28,704
1,973
6.9
Business Innovation
45,754
51,776
(6,022)
(11.6)
Imaging
17,181
17,382
(201)
(1.2)
Corporate
4,298
2,966
1,332
44.9
Consolidated total
172,371
163,567
8,804
5.4
Capital expenditures:
Healthcare
444,685
465,883
(21,198)
(4.6)
Electronics
38,533
40,284
(1,751)
(4.3)
Business Innovation
63,821
73,035
(9,214)
(12.6)
Imaging
29,031
21,602
7,429
34.4
Corporate
5,906
6,377
(471)
(7.4)
Consolidated total
581,976
607,181
(25,205)
(4.2)
*From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF aterials business, to the Healthcare segment. Figures for the year-ago quarter are also based on the segment classification after the above change.
(B) Geographic Information-
Long - lived assets Amount Unit: Millions of yen
As of March 31, 2026
As of March 31, 2025
Change
Amount
%
Long - lived assets
Japan
432,956
408,084
24,872
6.1
The Americas
882,660
643,690
238,970
37.1
Europe
911,253
664,752
246,501
37.1
Asia and others
81,439
69,949
11,490
16.4
Consolidated total
2,308,308
1,786,475
521,833
29.2
- Overseas revenue (Destination Base) Amount Unit: Millions of yen
Year ended March 31, 2026
From April 1, 2025
to March 31, 2026
Year ended
March 31, 2025
From April 1, 2024
to March 31, 2025
Change
Amount
%
Revenue:
Domestic Overseas:
Composition (%)
34.8
19.6
17.3
28.3
1,168,682
657,898
581,133
949,256
Composition (%)
34.4
20.2
17.0
28.3
1,099,302
646,904
544,628
904,994
69,380
10,994
36,505
44,262
6.3
1.7
6.7
4.9
The Americas
Europe
Asia and others
Subtotal
65.2
2,188,287
65.6
2,096,526
91,761
4.4
Consolidated total 100.0
3,356,969
100.0
3,195,828
161,141
5.0
Note: The presentation of the Overseas Revenue (Destination Base) has been classified and disclosed based on the customer's location.
-
Long - lived assets Amount Unit: Millions of yen
-
Revenue Amount Unit: Millions of yen
- Three months ended March 31
-
Operating Segment Information
Revenue Amount Unit: Millions of yen
Three months ended March 31, 2026
From January 1, 2026
to March 31, 2026
Three months ended
March 31, 2025
From January 1, 2025
to March 31, 2025
Change
Amount
%
Revenue:
Composition (%)
Composition (%)
Healthcare
36.0
333,606
36.4
316,454
17,152
5.4
Electronics
13.7
127,482
11.5
100,099
27,383
27.4
Business Innovation
35.0
324,783
38.7
336,446
(11,663)
(3.5)
Imaging
15.2
141,381
13.3
115,310
26,071
22.6
Consolidated total
100.0
927,252
100.0
868,309
58,943
6.8
* From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF Materials business, to the Healthcare segment. Figures for the year-ago quarter are also based on the segment classification after the above change.
Note: The major products and services of each operating segment are as follows: Healthcare: Equipment and materials for medical systems,
contract development and manufacturing organization of biopharmaceuticals, drug discovery support such as iPS cells, cell culture media and reagents, pharmaceuticals, cosmetics and supplements, etc.
Electronics: Semiconductor materials, display materials, industrial equipment, fine chemicals, etc
Business Innovation: Solutions and services, digital MFPs,
equipment and materials for graphic communications, inks and industrial inkjet printheads, etc.
Imaging: Instant photo systems, color films, services and equipment for photofinishing, digital cameras and optical devices, etc.
- Geographic Information
Three months ended March 31, 2026 From January 1, 2026 to March 31, 2026 | Three months ended March 31, 2025 From January 1, 2025 to March 31, 2025 | Change | |||||
Amount | % | ||||||
Revenue: Domestic Overseas: | Composition (%) 37.0 18.5 16.6 27.9 | 342,771 171,881 154,017 258,583 | Composition (%) 38.4 18.4 17.5 25.6 | 333,655 159,692 152,381 222,581 | 9,116 12,189 1,636 36,002 | 2.7 7.6 1.1 16.2 | |
The Americas Europe Asia and others | |||||||
Subtotal | 63.0 | 584,481 | 61.6 | 534,654 | 49,827 | 9.3 | |
Consolidated total 100.0 | 927,252 | 100.0 | 868,309 | 58,943 | 6.8 | ||
FUJIFILM Holdings shareholders' equity per share
Basic net income attributable to FUJIFILM Holdings per share
Diluted net income attributable to FUJIFILM Holdings per share
Year ended March 31, 2026
From April 1, 2025 to
3,185.79 | 2,779.50 |
229.65 | 216.67 |
229.45 | 216.46 |
March 31, 2026
Year ended March 31, 2025
From April 1, 2024 to
March 31, 2025
(Significant Subsequent Events)None.