Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements which are filed with Stock Exchanges in Japan on February 12, 2026. The Company provides this translation for your reference and convenience only without any warranty as to its accuracy. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail.
February 12, 2026
For the third quarter of the fiscal year ending March 31, 2026 ("Q3/FY2025") (For the period from April 1, 2025 to December 31, 2025)
Company name : Kajima Corporation Stock exchange listings : Tokyo Prime, Nagoya Premier
Securities code : 1812 URL : https://www.kajima.co.jp/
Representative : Yoshikazu Oshimi, Chairman and President, Representative Director
Inquiries : Shinichi Nagae, General Manager of Accounting Department, Treasury Division Tel. +81-(0)3-5544-1111 Dividend payable date (as planned) : －
Supplemental material on financial results : Available
*Amounts less than one million yen have been rounded down.
- Consolidated Financial Highlights
Financial Results % : Representing year-on-year change
Revenues
Operating income
Ordinary income
Net income attributable to
owners of the parent
JPY mil
%
JPY mil
%
JPY mil
%
JPY mil
%
Q3/FY2025
Q3/FY2024
2,146,050
2,026,390
5.9
1.6
171,806
94,608
81.6
( 7.4)
167,149
101,231
65.1
( 10.3)
122,214
74,509
64.0
( 2.7)
(Note) Comprehensive income (loss) Q3/FY2025
145,886 JPY mil
195.4%
Q3/FY2024
49,386 JPY mil
(67.1%)
Basic net income
per share
Diluted net income
per share
JPY
JPY
Q3/FY2025
261.58
—
Q3/FY2024
157.66
—
Financial Positions
Total assets
Total equity
Owners' equity ratio
JPY mil
JPY mil
%
As of December 31, 2025
As of March 31, 2025
3,576,489
3,454,592
1,350,257
1,277,988
37.2
36.4
(Reference) Owners' equity (Total equity less noncontrolling interests)
- Dividends
As of December 31, 2025
1,331,328 JPY mil
As of March 31, 2025
1,258,127 JPY mil
Dividends per share
End of Q1
End of Q2
End of Q3
Year-end
Total
JPY
JPY
JPY
JPY
JPY
FY2024
FY2025
—
—
45.00
56.00
—
—
59.00
104.00
FY2025
(Forecast)
76.00
132.00
(Note) Revisions to the dividend forecast most recently announced : None
- Forecast of Consolidated Financial Results for the fiscal year ending March 31, 2026
% : Representing year-on-year change
Revenues | Operating income | Ordinary income | Net income attributable to owners of the parent | Basic net income per share | |||||
JPY mil | % | JPY mil | % | JPY mil | % | JPY mil | % | JPY | |
Full-year | 3,030,000 | 4.1 | 228,000 | 50.1 | 226,000 | 40.7 | 170,000 | 35.1 | 364.11 |
(Note) Revisions to the financial forecast most recently announced : Applicable
* NotesSignificant changes in the scope of consolidation during the period : Applicable
Newly included : 5 companies (3 consolidated subsidiaries of Kajima U.S.A. Inc. and 2 other companies)
Excluded : 1 company (Silent Partnership with Sakurajima Kaihatsu LLC acting as the operator)
Specific accounting treatments as to the quarterly financial statements : None
Changes in accounting policies and accounting estimates, retrospective restatements
Changes in accounting policies based on revisions of accounting standards : None
Changes in accounting policies other than "a" above : None
Changes in accounting estimates : None
Retrospective restatements : None
Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock)
As of December 31, 2025
528,656,011
As of March 31, 2025
528,656,011
Number of treasury stock
As of December 31, 2025
62,711,297
As of March 31, 2025
57,913,211
Average number of shares
Q3/FY2025 | 467,213,933 | Q3/FY2024 | 472,579,441 |
(Note) The number of treasury stock held at the end of the period includes the shares of the Company held by the stock delivery trust accounts for directors, executive officers and employees (917,087 shares as of December 31, 2025, and 1,597,818 shares as of March 31, 2025). In addition, the shares of the Company held by the trust accounts are included in the number of treasury stock deducted in the calculation of average number of shares during the period (1,103,884 shares for Q3/FY2025, and 1,791,560 shares for Q3/FY2024).
(Reference) Forecast of nonconsolidated financial results for the fiscal year ending March 31, 2026
% : Representing year-on-year change
Revenues | Operating income | Ordinary income | Net income | Basic net income per share | |||||
JPY mil | % | JPY mil | % | JPY mil | % | JPY mil | % | JPY | |
Full-year | 1,690,000 | 8.3 | 166,000 | 44.6 | 178,000 | 40.2 | 142,000 | 35.6 | 303.52 |
(Note) Revisions to the financial forecast most recently announced : Applicable
- Review of the Japanese-language originals of the attached quarterly financial statements by certified public accountants or an audit firm: None
- Explanation regarding appropriate use of forecasts, and other notes
The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors.
Consolidated Financial Statements (1) Consolidated Balance Sheet | (JPY mil) | |
As of March 31, 2025 | As of December 31, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 354,486 | 356,195 |
Notes and accounts receivable - trade | 1,061,540 | 1,081,447 |
Inventories - real estate for sale | 280,787 | 337,172 |
Inventories - construction projects in progress | 13,129 | 20,721 |
Inventories - development projects in progress | 248,058 | 197,570 |
Inventories - other | 3,873 | 9,379 |
Other | 184,048 | 205,302 |
Allowance for doubtful accounts | (8,794) | (7,011) |
Total current assets | 2,137,129 | 2,200,777 |
Noncurrent assets | ||
Property and equipment | 588,601 | 602,988 |
Intangible assets | 29,968 | 30,401 |
Investments and other assets | ||
Investments in securities | 397,478 | 461,741 |
Other | 303,464 | 282,827 |
Allowance for doubtful accounts | (2,049) | (2,246) |
Total investments and other assets | 698,893 | 742,321 |
Total noncurrent assets | 1,317,462 | 1,375,712 |
Total assets | 3,454,592 | 3,576,489 |
(JPY mil) | ||
As of March 31, 2025 | As of December 31, 2025 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 631,710 | 606,836 |
Short-term loans payable | 379,117 | 440,238 |
Commercial paper | 70,000 | 105,000 |
Current portion of bonds payable | 14,800 | 20,000 |
Advances received on construction projects in progress | 250,009 | 202,740 |
Provision | 39,823 | 31,522 |
Other | 311,513 | 273,179 |
Total current liabilities | 1,696,974 | 1,679,517 |
Long-term liabilities | ||
Bonds payable | 95,850 | 113,905 |
Long-term loans payable | 232,246 | 266,784 |
Liability for retirement benefits | 57,509 | 55,571 |
Other | 94,022 | 110,453 |
Total long-term liabilities | 479,628 | 546,714 |
Total liabilities | 2,176,603 | 2,226,231 |
Equity | ||
Shareholders' equity | ||
Common stock | 81,447 | 81,447 |
Capital surplus | 43,461 | 43,461 |
Retained earnings | 970,255 | 1,038,454 |
Treasury stock | (95,976) | (114,499) |
Total shareholders' equity | 999,187 | 1,048,862 |
Accumulated other comprehensive income (loss) | ||
Unrealized gain (loss) on available-for-sale securities | 120,563 | 158,219 |
Deferred gain (loss) on derivatives under hedge accounting | 5,830 | 6,143 |
Revaluation surplus of land | 20,305 | 20,308 |
Foreign currency translation adjustments | 105,597 | 91,559 |
Defined retirement benefit plans | 6,643 | 6,235 |
Total accumulated other comprehensive income (loss) | 258,940 | 282,465 |
Noncontrolling interests | 19,861 | 18,928 |
Total equity | 1,277,988 | 1,350,257 |
Total liabilities and equity | 3,454,592 | 3,576,489 |
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income | (JPY mil) | |
Q3/FY2024 (Apr 1, 2024 - Dec 31, 2024) | Q3/FY2025 (Apr 1, 2025 - Dec 31, 2025) | |
Revenues | ||
Construction projects | 1,778,420 | 1,938,773 |
Real estate and other | 247,970 | 207,276 |
Total revenues | 2,026,390 | 2,146,050 |
Cost of revenues | ||
Construction projects | 1,620,552 | 1,687,917 |
Real estate and other | 194,199 | 164,259 |
Total cost of revenues | 1,814,751 | 1,852,176 |
Gross profit | ||
Construction projects | 157,867 | 250,855 |
Real estate and other | 53,770 | 43,017 |
Total gross profit | 211,638 | 293,873 |
Selling, general and administrative expenses | 117,029 | 122,067 |
Operating income | 94,608 | 171,806 |
Nonoperating income | ||
Interest income | 11,666 | 13,992 |
Dividends income | 6,373 | 6,599 |
Equity in earnings of unconsolidated subsidiaries and affiliates | 136 | 196 |
Equity in earnings of partnership | 4,575 | — |
Other | 2,545 | 2,362 |
Total nonoperating income | 25,298 | 23,150 |
Nonoperating expenses | ||
Interest expense | 15,523 | 18,480 |
Equity in losses of partnership | — | 5,272 |
Other | 3,152 | 4,053 |
Total nonoperating expenses | 18,675 | 27,806 |
Ordinary income | 101,231 | 167,149 |
Extraordinary income | ||
Gain on sales of investment securities | 7,900 | 13,839 |
Other | 984 | 320 |
Total extraordinary income | 8,885 | 14,160 |
Extraordinary losses | ||
Loss on disposals of noncurrent assets | 525 | 187 |
Valuation loss on investment securities | 8 | 383 |
Litigation settlement | — | 176 |
Other | 53 | 134 |
Total extraordinary losses | 587 | 881 |
Income before income taxes | 109,528 | 180,428 |
Income taxes - current | 28,389 | 50,886 |
Income taxes - deferred | 5,553 | 6,200 |
Total income taxes | 33,942 | 57,086 |
Net income | 75,586 | 123,341 |
Net income attributable to noncontrolling interests | 1,077 | 1,127 |
Net income attributable to owners of the parent | 74,509 | 122,214 |