# ITOCHU Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/04/01－2026/03/31) (S100YA6H)
> Page: https://vizora.meequs.com/en/company/itochu
> Retrieved: 2026-09-30T17:09:16.394Z

## Company

Itochu, founded in 1949, is a company in General Trading Companies listed on TSE Prime. It has 114,570 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITOCHU Corporation |
| Ticker | 8001 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8001.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田3丁目1番3号 |
| Representative (per filing) | 代表取締役社長COO 石井敬太 |
| Founded | Dec 1949 |
| Share capital | ¥253.4B |
| Employees (consolidated) | 114,570 |
| Average salary (parent only) | ¥19.9M |
| Fiscal year end | March |
| Website | www.itochu.co.jp (https://www.itochu.co.jp/) |
| Corporate number | 7120001077358 |
| EDINET | E02497 |
| Industries (Vizora) | General Trading Companies |

> Profile source: annual securities report (S100YA6H, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: General Trading Companies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Efficiency | 78.6 | 7 |

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 35% of Itochu's sales come from Food, with Energy and Chemicals and General Products and Realty making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.7% from the prior year.

## Company structure

- Segment revenue mix: Food 34.8%、Energy and Chemicals 20.6%、General Products and Realty 10.4%、Machinery 10.2%、Metals and Minerals 8.4%
- Revenue → net income: ¥14823087000000 → ¥937458000000
- Net income → operating cash flow: ¥937458000000 → ¥1131837000000（difference ¥194379000000）
- Main uses of operating cash flow: CapEx ¥284991000000 / dividends ¥282692000000 / buybacks —
- Change in cash: ¥44193000000
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 | ¥14.8T |  |
| Operating income | — | Margin — |
| Net income | ¥900.3B | Margin 6.1% |
| Free cash flow | ¥846.8B |  |
| Largest business | Food | of segment revenue 34.8% |
| Employees (consolidated) | 114,570 |  |
| EPS | ¥128 |  |
| Diluted EPS | ¥128 |  |
| Book value per share | ¥281.19 |  |
| Equity ratio | 39.4% | Derived from disclosed figures |
| Shares outstanding | 7,924,447,000 |  |
| Treasury shares | 926,270,500 |  |
| Shareholders | 404,728 |  |
| Average salary (parent only) | ¥19.9M | Filing company only |
| Cash ratio | 3.5% | Cash ÷ revenue 4.0% |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +26% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10362628000000 | ¥14823087000000 | +43.0% |
| Employees | 125,944 people | 114,570 people | -9.0% |
| Cash and equivalents | ¥544009000000 | ¥593766000000 | +9.1% |

### 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 |
| --- | ---: |
| 繊維 → 繊維 | 4.2% |
| 機械 → 機械 | 10.2% |
| 機械 → 事業再編・廃止 | 0.0% |
| 金属 → 金属 | 6.4% |
| エネルギー・化学品 → エネルギー・化学品 | 20.6% |
| エネルギー・化学品 → 事業再編・廃止 | 0.6% |
| 食料 → 食料 | 34.8% |
| 食料 → 事業再編・廃止 | 3.8% |
| 住生活 → 住生活 | 7.3% |
| 情報・金融 → 情報・金融 | 7.3% |
| 第８ → 第８ | 3.5% |
| 第８ → 事業再編・廃止 | 1.2% |
| 新設・再編 → 繊維 | 0.4% |
| 新設・再編 → 金属 | 2.0% |
| 新設・再編 → 住生活 | 3.1% |
| 新設・再編 → 情報・金融 | 0.2% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food | 5 years | +5.2% | ¥5121655000000 | — | 2 |
| Energy and Chemicals | 5 years | +6.8% | ¥3026231000000 | — | 2 |
| General Products and Realty | 5 years | +15.1% | ¥1528334000000 | — | 2 |
| Machinery | 5 years | +7.3% | ¥1500536000000 | — | 2 |
| Metals and Minerals | 5 years | +13.4% | ¥1231499000000 | — | 2 |
| ICT and Financial Business | 5 years | +8.0% | ¥1103075000000 | — | 2 |
| Textile | 5 years | +9.3% | ¥679140000000 | — | 2 |
| The 8th | 5 years | +1.4% | ¥512437000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,823,087 | 100.0% | S100YA6H |
| Cost of revenue | 12,342,555 | 83.3% | S100YA6H |
| Gross profit | 2,480,532 | 16.7% | S100YA6H |
| SG&A | 1,763,184 | 11.9% | S100YA6H |
| Pretax income | 1,199,466 | 8.1% | S100YA6H |
| Income tax | 262,008 | 1.8% | S100YA6H |
| Net income | 937,458 | 6.3% | S100YA6H |
| Net income attributable to owners | 900,283 | 6.1% | S100YA6H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 16.7% → Net margin 6.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,724,234 | 14,823,087 | 98,853 | +0.7% |
| Gross profit | 2,376,456 | 2,480,532 | 104,076 | +4.4% |
| Net income attributable to owners | 880,251 | 900,283 | 20,032 | +2.3% |
| Operating cash flow | 997,278 | 1,131,837 | 134,559 | +13.5% |
| Free cash flow | 769,813 | 846,846 | 77,033 | +10.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 4,838,464 | — | — | 352,221 | 389,693 | — | S100M9G2 |
| FY ending Mar 2018 | 5,510,059 | — | — | 400,333 | 388,212 | — | S100OD03 |
| FY ending Mar 2019 | 11,600,485 | — | — | 500,523 | 476,551 | — | S100R19K |
| FY ending Mar 2020 | 10,982,968 | — | — | 501,322 | 878,133 | 678,606 | S100TP14 |
| FY ending Mar 2021 | 10,362,628 | — | — | 401,433 | 895,900 | 730,878 | S100VYN4 |
| FY ending Mar 2022 | 12,293,348 | — | — | 820,269 | 801,163 | 644,021 | S100YA6H |
| FY ending Mar 2023 | 13,945,633 | — | — | 800,519 | 938,058 | 743,977 | S100YA6H |
| FY ending Mar 2024 | 14,029,910 | — | — | 801,770 | 978,108 | 775,562 | S100YA6H |
| FY ending Mar 2025 | 14,724,234 | — | — | 880,251 | 997,278 | 769,813 | S100YA6H |
| FY ending Mar 2026 | 14,823,087 | — | — | 900,283 | 1,131,837 | 846,846 | S100YA6H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥129.4M |
| Net income per employee (consolidated) | ¥7.9M |

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) | 115,124 | 110,698 | 113,733 | 115,089 | 114,570 |
| Average salary (parent company) | ¥15.8M | ¥17.3M | ¥17.5M | ¥18M | ¥19.9M |
| Average age (parent company) | 42.2 years | 42.4 years | 42.3 years | 42.2 years | 42.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 18.0 years | 17.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Textile | 679,140 | 4.6% | — | — |
| Machinery | 1,500,536 | 10.2% | — | — |
| Metals and Minerals | 1,231,499 | 8.4% | — | — |
| Energy and Chemicals | 3,026,231 | 20.6% | — | — |
| Food | 5,121,655 | 34.8% | — | — |
| General Products and Realty | 1,528,334 | 10.4% | — | — |
| ICT and Financial Business | 1,103,075 | 7.5% | — | — |
| The 8th | 512,437 | 3.5% | — | — |

### 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 |
| --- | ---: |
| Textile | 4.6% |
| Machinery | 10.2% |
| Metals and Minerals | 8.4% |
| Energy and Chemicals | 20.6% |
| Food | 34.8% |
| General Products and Realty | 10.4% |
| ICT and Financial Business | 7.5% |
| The 8th | 3.5% |

## 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 | 1,131,837 | 7.6% | S100YA6H |
| Capital expenditure | 284,991 | 1.9% | S100YA6H |
| Free cash flow | 846,846 | 5.7% | 算出 |
| Investing cash flow | -388,872 | -2.6% | S100YA6H |
| Financing cash flow | -726,477 | -4.9% | S100YA6H |
| Dividends paid | 282,692 | 1.9% | S100YA6H |
| Change in cash | 44,193 | 0.3% | S100YA6H |
| Cash and equivalents | 593,766 | 4.0% | S100YA6H |

## 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 | 611,715 | 606,002 | 600,435 | 549,573 | 593,766 | S100TP14, S100VYN4, S100YA6H |
| Total assets | 12,153,658 | 13,115,400 | 14,489,701 | 15,134,264 | 16,732,815 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Net assets | 4,763,700 | 5,467,375 | 5,992,121 | 6,290,712 | 7,188,259 | S100TP14, S100VYN4, S100YA6H |
| Share capital | 253,448 | 253,448 | 253,448 | 253,448 | 253,448 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Property, plant and equipment | 1,936,044 | 1,998,485 | 2,110,616 | 2,231,398 | 2,416,885 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Goodwill | 368,989 | 366,659 | 383,878 | 405,339 | 427,666 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Current assets | 4,809,956 | 5,121,368 | 5,623,750 | 5,723,799 | 6,270,085 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Total liabilities | 7,389,958 | 7,648,025 | 8,497,580 | 8,843,552 | 9,544,556 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Equity attributable to owners of parent | 4,199,325 | 4,823,259 | 5,426,962 | 5,755,072 | 6,589,966 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Retained earnings | 3,811,991 | 4,434,463 | 5,032,035 | 5,658,294 | 6,269,767 | S100R19K, S100TP14, S100VYN4, S100YA6H |
| Treasury stock | -241,204 | -301,940 | -401,730 | -559,540 | -728,074 | S100R19K, S100TP14, S100VYN4, S100YA6H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YA6H |
| Property, plant and equipment | 14% | S100YA6H |
| Intangibles and goodwill | 3% | — |
| Other assets | 79% | S100YA6H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YA6H |
| Equity | 43% | S100YA6H |

### 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 | 12,153,658 | 13,115,400 | 14,489,701 | 15,134,264 | 16,732,815 |
| Equity | 4,763,700 | 5,467,375 | 5,992,121 | 6,290,712 | 7,188,259 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 611,715 | 606,002 | 600,435 | 549,573 | 593,766 |

## 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) | 16.3% | S100YA6H |
| Fixed assets ÷ total assets | 14.4% | S100YA6H |
| Goodwill ÷ parent equity | 6.5% | S100YA6H |

Goodwill over 4 years: 368,989 → 427,666 JPY; total investing cash flow: -1,526,302 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) | 3.5% |
| Cash ÷ revenue | 4.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 231,554 JPY mn (of net income 25.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.4% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 34.4% |

## 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 | 6.7% | 1.01× | 6.7% | 2.89× | 19.5% | S100R19K, S100YA6H |
| 2023 | 5.7% | 1.10× | 6.3% | 2.80× | 17.7% | S100TP14, S100YA6H |
| 2024 | 5.7% | 1.02× | 5.8% | 2.69× | 15.6% | S100VYN4, S100YA6H |
| 2025 | 6.0% | 0.99× | 5.9% | 2.65× | 15.7% | S100YA6H |
| 2026 | 6.1% | 0.93× | 5.7% | 2.58× | 14.6% | S100YA6H |

## 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 | 15.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505104 （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 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 | 2.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.2% | 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 | 2.0% | 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） | Major shareholder | 1.4% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.3% | 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 | 1.3% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥14.8T, up just +0.7% from ¥14.7T.
- Gross profit grew faster, to ¥2.48T (+4.4%), and net income attributable to owners reached ¥900.3B (+2.3%).
- Operating cash flow rose to ¥1.13T (+13.5%) and free cash flow to ¥846.8B (+10.0%).

### Drivers

- Textile, ICT & Financial Business, the 8th Company and Food lifted gross profit, while Metals held it back
- Gains on securities rose thanks to the sale of C.P. Pokphand and a reorganization of the pulp business
- Metals earned less on lower iron ore and coal prices and higher costs; Textile fell because last year's one-off gain from making Descente a subsidiary did not repeat

### Risks

- Swings in exchange rates, interest rates, commodity prices and stock prices can move results
- If invested companies underperform, part of an investment may turn into a loss
- Political or economic turmoil abroad, as in the Middle East or Russia and Ukraine, could delay collections or halt projects

Cited: Annual Securities Report (102nd term) (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 (102nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YA6H | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA6H,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100VYN4 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYN4,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TP14 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP14,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R19K | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R19K,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OD03 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD03,, |
| 訂正有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100M9G2 | 2021-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M9G2,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ファーマフーズ | Capital alliance | 資本業務提携（機能性素材・製品の国内外販売） | S100WW38 |
| 西松建設 | Capital alliance | 資機材の共同調達・不動産事業などでの資本業務提携（伊藤忠が議決権22.00％） | S100YEDU |
| アルフレッサホールディングス | Alliance | 中国のヘルスケア事業での包括的業務提携 | S100YH29 |
| アサヒ | Joint venture | 中国の合弁会社「深圳青島酒朝日有限公司」の合弁契約の相手 | S100YVTZ |
| 日立建機 | Capital alliance | HCJI（伊藤忠が実質出資）経由の資本提携 | S100YIBR |
| 川崎重工 | Capital alliance | 子会社カワサキモータース㈱と伊藤忠商事の資本業務提携 | S100YU10 |

## 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).