# FUJITSU LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2025/04/01－2026/03/31) (S100YM3K)
> Page: https://vizora.meequs.com/en/company/fujitsu
> Retrieved: 2026-09-30T18:55:17.440Z

## Company

Fujitsu, founded in 1935, is a company in Smartphones & Communications Equipment listed on TSE Prime. It has 99,203 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fujitsu Limited |
| Ticker | 6702 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6702.T) |
| Listing | TSE Prime |
| Head office | 神奈川県川崎市中原区上小田中四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 時田 隆仁 |
| Founded | Jun 1935 |
| Share capital | ¥325.6B |
| Employees (consolidated) | 99,203 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | global.fujitsu (https://global.fujitsu/) |
| Corporate number | 1020001071491 |
| EDINET | E01766 |
| Industries (Vizora) | Smartphones & Communications Equipment, PCs & Peripherals, IT Services & System Integration |

> Profile source: annual securities report (S100YM3K, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.7 | 157 |
| Profitability | 56.9 | 196 |
| Cash conversion | 66.8 | 185 |
| Efficiency | 29.3 | 196 |

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)

- About 67% of Fujitsu's sales come from Service Solutions, with Hardware Solutions and Ubiquitous Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit +31.4%.

## Company structure

- Segment revenue mix: Service Solutions 66.6%、Hardware Solutions 26.8%、Ubiquitous Solutions 6.6%
- Revenue → net income: ¥3502971000000 → ¥454636000000
- Net income → operating cash flow: ¥454636000000 → ¥338130000000（difference ¥-116506000000）
- Main uses of operating cash flow: CapEx ¥108977000000 / dividends ¥51469000000 / buybacks ¥170019000000
- Change in cash: ¥130267000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.5T |  |
| Operating income | ¥348.3B | Margin 9.9% |
| Net income | ¥449.4B | Margin 12.8% |
| Free cash flow | ¥229.2B |  |
| Largest business | Service Solutions | of segment revenue 66.6% |
| Employees (consolidated) | 99,203 |  |
| EPS | ¥254.83 |  |
| Diluted EPS | ¥254.05 |  |
| Book value per share | ¥852.62 |  |
| Equity ratio | 59.6% | Derived from disclosed figures |
| Shares outstanding | 1,739,778,265 |  |
| Treasury shares | 5,281,900 |  |
| Shareholders | 173,513 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 13.2% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | +1 pp | IT Services & System Integration |
| ROE | 23.9% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.3× dividends
- FY2026, employees -12% while operating income rose 31%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3589702000000 | ¥3502971000000 | -2.4% |
| Operating income | ¥266324000000 | ¥348329000000 | +30.8% |
| Operating margin | 7.4% | 9.9% | +2.5 pp |
| Employees | 126,371 people | 99,203 people | -21.5% |
| Cash and equivalents | ¥481832000000 | ¥450366000000 | -6.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| テクノロジーソリューション → 事業再編・廃止 | 85.3% |
| ユビキタスソリューション → ユビキタスソリューション | 6.6% |
| ユビキタスソリューション → 事業再編・廃止 | 0.2% |
| デバイスソリューション → 事業再編・廃止 | 7.9% |
| 新設・再編 → サービスソリューション | 66.6% |
| 新設・再編 → ハードウェアソリューション | 26.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Service Solutions | 3 years | +5.9% | ¥2314793000000 | — | 2 |
| Hardware Solutions | 3 years | -4.7% | ¥933329000000 | — | 2 |
| Ubiquitous Solutions | 5 years | -1.2% | ¥229533000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,502,971 | 100.0% | S100YM3K |
| Cost of revenue | 2,256,104 | 64.4% | S100YM3K |
| Gross profit | 1,246,867 | 35.6% | S100YM3K |
| SG&A | 886,714 | 25.3% | S100YM3K |
| Operating income | 348,329 | 9.9% | S100YM3K |
| Pretax income | 409,034 | 11.7% | S100YM3K |
| Income tax | 100,737 | 2.9% | S100YM3K |
| Net income | 454,636 | 13.0% | S100YM3K |
| Net income attributable to owners | 449,408 | 12.8% | S100YM3K |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 25 |
| Operating income | 10 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 35.6% → Operating margin 9.9% → Net margin 12.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.3%; Core profit growth: +31.4%
Operating leverage (core profit growth ÷ revenue growth): -23.65×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,550,116 | 3,502,971 | -47,145 | -1.3% |
| Gross profit | 1,167,978 | 1,246,867 | 78,889 | +6.8% |
| Operating income | 265,089 | 348,329 | 83,240 | +31.4% |
| Net income attributable to owners | 219,807 | 449,408 | 229,601 | +104.5% |
| Operating cash flow | 303,882 | 338,130 | 34,248 | +11.3% |
| Free cash flow | 142,984 | 229,153 | 86,169 | +60.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 4,132,972 | 117,455 | 2.8% | 88,489 | 250,331 | — | S100LT4R |
| FY ending Mar 2018 | 4,098,379 | 182,489 | 4.5% | 169,340 | 200,415 | — | S100OHKL |
| FY ending Mar 2019 | 3,952,437 | 130,227 | 3.3% | 104,562 | 99,416 | — | S100R3OA |
| FY ending Mar 2020 | 3,857,797 | 211,483 | 5.5% | 160,042 | 347,263 | 214,293 | S100LT4R |
| FY ending Mar 2021 | 3,589,702 | 266,324 | 7.4% | 202,700 | 307,947 | 179,176 | S100OHKL |
| FY ending Mar 2022 | 3,586,839 | 219,201 | 6.1% | 182,691 | 248,347 | 105,096 | S100R3OA |
| FY ending Mar 2023 | 3,713,767 | 335,614 | 9.0% | 215,182 | 220,329 | 52,231 | S100TQ5C |
| FY ending Mar 2024 | 3,476,985 | 149,326 | 4.3% | 254,478 | 309,221 | 113,382 | S100W1DS |
| FY ending Mar 2025 | 3,550,116 | 265,089 | 7.5% | 219,807 | 303,882 | 142,984 | S100YM3K |
| FY ending Mar 2026 | 3,502,971 | 348,329 | 9.9% | 449,408 | 338,130 | 229,153 | S100YM3K |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥4.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 124,216 | 124,055 | 123,527 | 112,743 | 99,203 |
| Average salary (parent company) | ¥8.6M | ¥8.8M | ¥9.7M | ¥9.3M | ¥10.1M |
| Average age (parent company) | 43.6 years | 43.7 years | 43.6 years | 43.1 years | 42.7 years |
| Average tenure (parent company) | 19.2 years | 19.1 years | 18.8 years | 18.2 years | 17.6 years |

Year over year: Employees (consolidated) -12.0% · Revenue (consolidated) -1.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Service Solutions | 2,314,793 | 66.6% | — | — |
| Hardware Solutions | 933,329 | 26.8% | — | — |
| Ubiquitous Solutions | 229,533 | 6.6% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Service Solutions | 66.6% |
| Hardware Solutions | 26.8% |
| Ubiquitous Solutions | 6.6% |

Segment → industry: Hardware Solutions → Smartphones & Communications Equipment / Ubiquitous Solutions → PCs & Peripherals / Hardware Solutions → PCs & Peripherals / Service Solutions → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 338,130 | 9.7% | S100YM3K |
| Capital expenditure | 108,977 | 3.1% | S100YM3K |
| Free cash flow | 229,153 | 6.5% | 算出 |
| Investing cash flow | 144,491 | 4.1% | S100YM3K |
| Financing cash flow | -379,748 | -10.8% | S100YM3K |
| Dividends paid | 51,469 | 1.5% | S100YM3K |
| Share buyback | 170,019 | 4.9% | S100YM3K |
| Change in cash | 130,267 | 3.7% | S100YM3K |
| Cash and equivalents | 450,366 | 12.9% | S100YM3K |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 484,020 | 355,901 | 342,139 | 236,079 | 450,366 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Total assets | 3,331,809 | 3,265,579 | 3,514,818 | 3,497,808 | 3,399,745 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Net assets | 1,715,749 | 1,736,823 | 1,918,834 | 1,902,067 | 2,044,587 | S100TQ5C, S100W1DS, S100YM3K |
| Share capital | 324,625 | 324,625 | 325,638 | 325,638 | 325,638 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Property, plant and equipment | 571,168 | 572,172 | 602,928 | 368,969 | 360,881 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Goodwill | 47,487 | 55,132 | 80,205 | 78,328 | 133,055 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Current assets | 1,941,829 | 1,917,824 | 1,896,431 | 2,117,581 | 1,942,811 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Total liabilities | 1,616,060 | 1,528,756 | 1,595,984 | 1,595,741 | 1,355,158 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Equity attributable to owners of parent | 1,590,713 | 1,586,835 | 1,752,393 | 1,740,965 | 2,024,915 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Retained earnings | 1,088,429 | 1,226,595 | 1,487,397 | 1,700,968 | 1,533,254 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |
| Treasury stock | -128,897 | -277,702 | -380,881 | -559,726 | -10,827 | S100R3OA, S100TQ5C, S100W1DS, S100YM3K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YM3K |
| Property, plant and equipment | 11% | S100YM3K |
| Intangibles and goodwill | 4% | — |
| Other assets | 72% | S100YM3K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YM3K |
| Equity | 60% | S100YM3K |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,331,809 | 3,265,579 | 3,514,818 | 3,497,808 | 3,399,745 |
| Equity | 1,715,749 | 1,736,823 | 1,918,834 | 1,902,067 | 2,044,587 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 484,020 | 355,901 | 342,139 | 236,079 | 450,366 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 10.3% | S100YM3K |
| Fixed assets ÷ total assets | 10.6% | S100YM3K |
| Goodwill ÷ parent equity | 6.6% | S100YM3K |

Goodwill over 4 years: 47,487 → 133,055 JPY; total investing cash flow: -204,000 JPY. This does not imply causation.

### 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) | 13.2% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.1% |
| Cash vs. profit gap | -111,278 JPY mn (of net income -24.8%) |
| Shareholder returns / net income | 49.3% |
| Shareholder returns / FCF | 96.7% |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 22.5% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 42.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.1% | 1.08× | 5.5% | 2.09× | 11.5% | S100R3OA |
| 2023 | 5.8% | 1.13× | 6.5% | 2.08× | 13.5% | S100TQ5C |
| 2024 | 7.3% | 1.03× | 7.5% | 2.03× | 15.2% | S100W1DS |
| 2025 | 6.2% | 1.01× | 6.3% | 2.01× | 12.6% | S100YM3K |
| 2026 | 12.8% | 1.02× | 13.0% | 1.83× | 23.9% | S100YM3K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 富士通株式会社従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥3.5T, down -1.3% from ¥3.55T.
- Even so, operating income climbed +31.4% to ¥348.3B, and gross profit rose +6.8%.
- Net income attributable to owners reached ¥449.4B, up +104.5%. Gains from selling stakes in other companies pushed it above operating income.
- Free cash flow also grew +60.3% to ¥229.2B.

### Drivers

- Service Solutions grew on more orders for Uvance and modernization work, mainly in Japan
- Better margins from standardized, automated development and wider use of generative AI lifted profit
- Hardware sales fell after a large public-sector deal in the prior year, and PC sales fell as the OS upgrade wave ended
- One-off gains from selling shares in Fujitsu General and Shinko Electric Industries boosted net income

### Risks

- Cyberattacks keep getting more sophisticated, including attacks that misuse generative AI. A data leak could hurt trust and bring fines
- As systems grow more complex, product or service defects could occur, and price competition can cause delays or loss-making projects that hit earnings
- Natural disasters or conflicts could disrupt operations

Cited: Annual Securities Report, 126th term (Management discussion and analysis); Annual Securities Report, 126th term (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YM3K | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM3K,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W1DS | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1DS,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TQ5C | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ5C,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R3OA | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3OA,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OHKL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHKL,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LT4R | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT4R,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ペプチドリーム | Joint venture | 合弁会社ペプチエイド（医薬品の研究開発） | S100XRP4 |
| 日本オラクル | Supply/OEM | 販売代理店契約（当社がソフト・ハード・クラウドを供給、富士通が販売） | S100YY0V |
| AGS | Supply/OEM | 富士通が製品・サービスを供給し当社が販売（富士通パートナー契約） | S100YEL6 |
| Lenovo Group Limited | Joint venture | PC 事業の合弁（富士通クライアントコンピューティング） | S100YM3K |

## 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).