# CANON INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, US GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第125期(2025/01/01－2025/12/31) (S100XTLJ)
> Page: https://vizora.meequs.com/en/company/canon
> Retrieved: 2026-09-30T17:54:10.924Z

## Company

Canon, founded in 1937, is a company in Cameras & Optics listed on Tokyo, Nagoya, Sapporo, Fukuoka. It has 165,547 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CANON INC. |
| Ticker | 7751 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7751.T) |
| Listing | Tokyo, Nagoya, Sapporo, Fukuoka |
| Head office | 東京都大田区下丸子三丁目30番2号 |
| Representative (per filing) | 代表取締役会長兼社長 CEO 御手洗 冨士夫 |
| Founded | Aug 1937 |
| Employees (consolidated) | 165,547 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | global.canon (https://global.canon/) |
| Corporate number | 6010801003186 |
| EDINET | E02274 |
| Industries (Vizora) | Cameras & Optics |

> Profile source: annual securities report (S100XTLJ, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Efficiency | 68.8 | 8 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Canon brought in ¥4.62T in revenue.
- Revenue changed +2.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.62T |  |
| Operating income | — | Margin — |
| Net income | ¥332.1B | Margin 7.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 165,547 |  |
| EPS | ¥289.97 |  |
| Diluted EPS | ¥289.79 |  |
| Book value per share | ¥1741.54 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 1,333,763,464 |  |
| Treasury shares | 455,138,500 |  |
| Shareholders | 326,086 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 12.7% |
| ROA | 5.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3160243000000 | ¥4624727000000 | +46.3% |
| Employees | 181,897 people | 165,547 people | -9.0% |
| Cash and equivalents | ¥407684000000 | ¥585981000000 | +43.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,624,727 | 100.0% | S100XTLJ |
| Pretax income | 482,059 | 10.4% | S100XTLJ |
| Net income attributable to owners | 332,053 | 7.2% | S100XTLJ |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,509,821 | 4,624,727 | 114,906 | +2.5% |
| Net income attributable to owners | 160,025 | 332,053 | 172,028 | +107.5% |
| Operating cash flow | 606,831 | 475,903 | -130,928 | -21.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 3,401,487 | — | — | 150,334 | 500,283 | — | S100L4LD |
| FY ending Dec 2017 | 4,080,015 | — | — | 242,081 | 590,557 | — | S100NRAM |
| FY ending Dec 2018 | 3,951,937 | — | — | 252,441 | 365,293 | — | S100QHVI |
| FY ending Dec 2019 | 3,593,299 | — | — | 124,964 | 358,461 | — | S100T58N |
| FY ending Dec 2020 | 3,160,243 | — | — | 83,318 | 333,805 | — | S100VHZZ |
| FY ending Dec 2021 | 3,513,357 | — | — | 214,718 | 451,028 | — | S100XTLJ |
| FY ending Dec 2022 | 4,031,414 | — | — | 243,961 | 262,603 | — | S100XTLJ |
| FY ending Dec 2023 | 4,180,972 | — | — | 264,513 | 451,190 | — | S100XTLJ |
| FY ending Dec 2024 | 4,509,821 | — | — | 160,025 | 606,831 | — | S100XTLJ |
| FY ending Dec 2025 | 4,624,727 | — | — | 332,053 | 475,903 | — | S100XTLJ |

## People and productivity（FY ending Dec 2025, consolidated, US GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.9M |
| Net income per employee (consolidated) | ¥2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 184,034 | 180,775 | 169,151 | 170,340 | 165,547 |
| Average salary (parent company) | ¥7.6M | ¥8.1M | ¥8.3M | ¥8.7M | ¥8.8M |
| Average age (parent company) | 44.9 years | 43.8 years | 44.1 years | 44.2 years | 44.3 years |
| Average tenure (parent company) | 20.1 years | 18.8 years | 19.0 years | 19.0 years | 18.9 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +2.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 475,903 | 10.3% | S100XTLJ |
| Investing cash flow | -237,450 | -5.1% | S100XTLJ |
| Financing cash flow | -179,221 | -3.9% | S100XTLJ |
| Change in cash | 59,232 | 1.3% | 算出 |
| Cash and equivalents | 585,981 | 12.7% | S100XTLJ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 401,395 | 362,101 | 401,323 | 501,565 | 585,981 | S100XTLJ |
| Total assets | 4,750,888 | 5,095,530 | 5,416,577 | 5,766,246 | 6,135,044 | S100XTLJ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,750,888 | 5,095,530 | 5,416,577 | 5,766,246 | 6,135,044 |
| Equity | — | — | — | — | — |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 401,395 | 362,101 | 401,323 | 501,565 | 585,981 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 9.6% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 143,850 JPY mn (of net income 43.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 49.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | 4.5% | —× | — | S100XTLJ |
| 2022 | — | —× | 5.0% | —× | — | S100XTLJ |
| 2023 | — | —× | 5.0% | —× | — | S100XTLJ |
| 2024 | — | —× | 2.9% | —× | — | S100XTLJ |
| 2025 | — | —× | 5.6% | —× | — | S100XTLJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行(株) （信託口） | Major shareholder | 17.6% | 2025-12-31 |
| (株)日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2025-12-31 |
| (株)みずほ銀行 [常任代理人] (株)日本カストディ銀行 | Major shareholder | 2.6% | 2025-12-31 |
| モックスレイ・アンド・カンパニー・ エルエルシー （注）１ [常任代理人] (株)三菱UFJ銀行 | Major shareholder | 1.5% | 2025-12-31 |
| SMBC日興証券(株) | Major shareholder | 1.5% | 2025-12-31 |
| ジェーピー モルガン チェース バンク 385781（注）２ [常任代理人] (株)みずほ銀行 | Major shareholder | 1.4% | 2025-12-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001（注）２ [常任代理人] (株)みずほ銀行 | Major shareholder | 1.4% | 2025-12-31 |
| 第一生命保険(株) （注）３ [常任代理人] (株)日本カストディ銀行 | Major shareholder | 1.4% | 2025-12-31 |
| JPモルガン証券(株) | Major shareholder | 1.4% | 2025-12-31 |
| キヤノングループ社員持株会 | Major shareholder | 1.2% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In the FY ending Dec 2025, revenue edged up +2.5%, from ¥4.51T to ¥4.62T.
- Net income attributable to owners jumped +107.5%, from ¥160B to ¥332.1B.
- Operating cash flow went the other way, falling -21.6% to ¥475.9B.

### Drivers

- Strong camera sales and continued growth in network cameras lifted revenue
- Operating expenses fell because the prior year's goodwill impairment in the medical business did not recur, and overseas restructuring and tight cost control kept spending down
- Printing sales slipped as customers in the US and Europe put off purchases
- Inventory came down, but paying suppliers on revised terms cut accounts payable, which reduced operating cash flow

### Risks

- Canon expects fewer printing opportunities over time as offices go paperless and work styles change
- Smartphones keep narrowing the gap with dedicated cameras
- Chip and display makers' spending cycles are hard to predict, and orders for lithography tools can drop sharply in a downturn

Cited: Annual Securities Report (FY2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/01/01－2025/12/31) | S100XTLJ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTLJ,, |
| 有価証券報告書－第124期(2024/01/01－2024/12/31) | S100VHZZ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZZ,, |
| 有価証券報告書－第123期(2023/01/01－2023/12/31) | S100T58N | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T58N,, |
| 有価証券報告書－第122期(2022/01/01－2022/12/31) | S100QHVI | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHVI,, |
| 有価証券報告書－第121期(令和3年1月1日－令和3年12月31日) | S100NRAM | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRAM,, |
| 訂正有価証券報告書－第120期(令和2年1月1日－令和2年12月31日) | S100L4LD | 2021-04-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L4LD,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| セイコーエプソン | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).