# Japan Post Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YE7T)
> Page: https://vizora.meequs.com/en/company/japan-post-holdings
> Retrieved: 2026-09-30T21:48:02.068Z

## Company

Japan Post Holdings, founded in 2006, is a company in Major Banks listed on TSE Prime. It has 224,438 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN POST HOLDINGS Co.,Ltd. |
| Ticker | 6178 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6178.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目3番1号 |
| Representative (per filing) | 取締役兼代表執行役社長 根岸一行 |
| Founded | Jan 2006 |
| Employees (consolidated) | 224,438 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.japanpost.jp (https://www.japanpost.jp/) |
| Corporate number | 5010001112697 |
| EDINET | E31748 |
| Industries (Vizora) | Major Banks, Life Insurance, Real Estate Development & Leasing, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YE7T, filed 2026-06-18). As of filing

## Key points (generated from figures)

- About 49% of Japan Post Holdings's ordinary revenue comes from Life insurance business, with Banking business and Postal and logistics businesses making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥9 is left as ordinary profit.
- Ordinary revenue changed -0.2% from the prior year, ordinary profit +32.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥11.4T |  |
| Ordinary income | ¥1.07T | Margin 9.4% |
| Net income | ¥374.6B | Margin 3.3% |
| Employees (consolidated) | 224,438 |  |
| EPS | ¥61.15 |  |
| Book value per share | ¥1688.17 |  |
| Equity ratio | 3.4% |  |
| Shares outstanding | 2,972,934,000 |  |
| Treasury shares | 164,840,600 |  |
| Shareholders | 526,281 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |

## Notable figures

- FY2026, buybacks were 1.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11720403000000 | ¥11440586000000 | -2.4% |
| Employees | 243,612 people | 224,438 people | -7.9% |
| Cash and equivalents | ¥62637954000000 | ¥56910206000000 | -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 |
| --- | ---: |
| 郵便・物流事業 → 郵便・物流事業 | 17.3% |
| 郵便局窓口事業 → 郵便局窓口事業 | 0.4% |
| 郵便局窓口事業 → 事業再編・廃止 | 0.9% |
| 国際物流事業 → 国際物流事業 | 4.4% |
| 国際物流事業 → 事業再編・廃止 | 2.0% |
| 銀行業 → 銀行業 | 16.6% |
| 生命保険業 → 生命保険業 | 49.0% |
| 生命保険業 → 事業再編・廃止 | 8.9% |
| その他 → その他 | 0.4% |
| 新設・再編 → 郵便・物流事業 | 2.5% |
| 新設・再編 → 不動産事業 | 0.7% |
| 新設・再編 → 銀行業 | 8.3% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life insurance business | 5 years | -3.7% | ¥5610244000000 | 4.8% | 2 |
| Banking business | 5 years | +7.9% | ¥2849853000000 | 26.6% | 2 |
| Postal and logistics businesses | 5 years | +2.3% | ¥2270269000000 | -0.2% | 2 |
| International logistics businesses | 5 years | -7.6% | ¥505149000000 | 0.9% | 2 |
| Real estate business | 2 years | -7.1% | ¥85115000000 | 23.6% | 2 |
| Other | 5 years | +8.8% | ¥70177000000 | 227.9% | 2 |
| Post office business | 5 years | -21.0% | ¥48918000000 | 18.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 11,440,586 | 100.0% | S100YE7T |
| Ordinary expenses | 10,365,620 | 90.6% | S100YE7T |
| Ordinary income | 1,074,966 | 9.4% | S100YE7T |
| Extraordinary income | 131,554 | 1.1% | S100YE7T |
| Extraordinary loss | 19,349 | 0.2% | S100YE7T |
| Pretax income | 1,043,591 | 9.1% | S100YE7T |
| Income tax | 300,100 | 2.6% | S100YE7T |
| Net income | 743,491 | 6.5% | S100YE7T |
| Net income attributable to owners | 374,556 | 3.3% | S100YE7T |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 91 |
| Ordinary income | 9 |
| (Ref.) Net income | 3 |

### Margin funnel

Ordinary margin 9.4% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.2%; Core profit growth: +32.0%
Operating leverage (core profit growth ÷ revenue growth): -131.94×
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 | 11,468,368 | 11,440,586 | -27,782 | -0.2% |
| Net income attributable to owners | 370,564 | 374,556 | 3,992 | +1.1% |
| Operating cash flow | 2,794,869 | -10,338,345 | -13,133,214 | -469.9% |
| Free cash flow | 2,488,602 | -10,598,811 | -13,087,413 | -525.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 13,326,534 | — | — | -28,976 | -991,123 | — | S100MJ78 |
| FY ending Mar 2018 | 12,920,375 | — | — | 460,623 | -2,337,394 | — | S100OA6P |
| FY ending Mar 2019 | 12,774,999 | — | — | 479,419 | -3,609,800 | — | S100SCA7 |
| FY ending Mar 2020 | 11,950,185 | — | — | 483,733 | 305,850 | 91,986 | S100MJ78 |
| FY ending Mar 2021 | 11,720,403 | — | — | 418,238 | 6,965,155 | 6,738,307 | S100OA6P |
| FY ending Mar 2022 | 11,264,774 | — | — | 501,685 | 4,984,168 | 4,780,378 | S100SCA7 |
| FY ending Mar 2023 | 11,138,570 | — | — | 431,045 | -8,154,220 | -8,477,433 | S100TO15 |
| FY ending Mar 2024 | 11,982,152 | — | — | 268,685 | -2,359,045 | -2,679,015 | S100WFGE |
| FY ending Mar 2025 | 11,468,368 | — | — | 370,564 | 2,794,869 | 2,488,602 | S100YE7T |
| FY ending Mar 2026 | 11,440,586 | — | — | 374,556 | -10,338,345 | -10,598,811 | S100YE7T |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 232,112 | 227,369 | 221,387 | 218,718 | 224,438 |
| Average salary (parent company) | ¥8M | ¥8.4M | ¥8.7M | ¥8.6M | ¥8.7M |
| Average age (parent company) | 45.1 years | 44.9 years | 45.3 years | 43.3 years | 43.1 years |
| Average tenure (parent company) | 17.9 years | 18.2 years | 18.3 years | 16.2 years | 15.9 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) -0.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Postal and logistics businesses | 2,270,269 | 19.8% | -5,494 | -0.2% |
| Post office business | 48,918 | 0.4% | 9,095 | 18.6% |
| International logistics businesses | 505,149 | 4.4% | 4,371 | 0.9% |
| Real estate business | 85,115 | 0.7% | 20,092 | 23.6% |
| Banking business | 2,849,853 | 24.9% | 759,093 | 26.6% |
| Life insurance business | 5,610,244 | 49.0% | 271,777 | 4.8% |
| Other | 70,177 | 0.6% | 159,931 | 227.9% |

### 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 |
| --- | ---: |
| Postal and logistics businesses | 19.8% |
| Post office business | 0.4% |
| International logistics businesses | 4.4% |
| Real estate business | 0.7% |
| Banking business | 24.9% |
| Life insurance business | 49.0% |
| Other | 0.6% |

Segment → industry: Banking business → Major Banks / Life insurance business → Life Insurance / Real estate business → Real Estate Development & Leasing / International logistics businesses → Trucking & Parcel Delivery / Post office business → Trucking & Parcel Delivery / Postal and logistics businesses → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -10,338,345 | -90.4% | S100YE7T |
| Capital expenditure | 260,466 | 2.3% | S100YE7T |
| Free cash flow | -10,598,811 | -92.6% | 算出 |
| Investing cash flow | 669,224 | 5.8% | S100YE7T |
| Financing cash flow | -622,930 | -5.4% | S100YE7T |
| Dividends paid | 146,037 | 1.3% | S100YE7T |
| Share buyback | 251,115 | 2.2% | S100YE7T |
| Change in cash | -10,289,140 | -89.9% | S100YE7T |
| Cash and equivalents | 56,910,206 | 497.4% | S100YE7T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 財務大臣 | Major shareholder | 38.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.4% | 2026-03-31 |
| 日本郵政社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 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 | 1.2% | 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 | 0.9% | 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 | 0.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505225（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ(常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥11.4T, roughly flat at -0.2% from ¥11.5T.
- Net income edged up +1.1% to ¥374.6B, from ¥370.6B.
- Operating cash flow swung from ¥2.79T to -¥10.3T, and free cash flow fell to -¥10.6T.

### Drivers

- Rising domestic interest rates improved investment returns, and the banking and life insurance segments performed well
- Falling mail volumes and higher prices and wages pushed costs up
- Postal and logistics revenue grew on more Yu-Pack and Yu-Packet parcels, higher unit prices after the postage rate change, and the consolidation of JP Tonami Group

### Risks

- The postal and logistics business keeps posting operating losses; if that continues, the group may have to write down its fixed assets
- Japan Post lost its general cargo trucking license; another legal violation could bring heavier penalties and damage trust in the network
- If digital adoption shrinks mail volumes faster than expected, rate increases may not make up for lost revenue

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

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YE7T | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE7T,, |
| 訂正有価証券報告書－第20期(2024/04/01－2025/03/31) | S100WFGE | 2025-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFGE,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TO15 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO15,, |
| 訂正有価証券報告書－第18期(2022/04/01－2023/03/31) | S100SCA7 | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCA7,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OA6P | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA6P,, |
| 訂正有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100MJ78 | 2021-10-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MJ78,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アフラック・インコーポレーテッド | Capital alliance | 資本関係に基づく戦略提携（信託を通じた株式取得・持分法適用。アフラック生命とはがん保険で協業） | S100YE7T |
| 楽天 | Capital alliance | 資本・業務提携（物流・モバイル・DX・金融・EC。第三者割当増資の引受け） | S100YE7T |
| ＪＰ楽天ロジスティクス株式会社 | Joint venture | 日本郵便と楽天が出資する物流の新会社 | S100YE7T |

## 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).