# KDDI 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42期(2025/04/01－2026/03/31) (S100YKG2)
> Page: https://vizora.meequs.com/en/company/kddi
> Retrieved: 2026-09-30T18:42:57.514Z

## Company

KDDI, founded in 1984, is a company in Telecom Carriers listed on TSE Prime. It has 73,198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KDDI CORPORATION |
| Ticker | 9433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9433.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿2丁目3番2号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で 行っております。) |
| Representative (per filing) | 代表取締役社長 CEO 松田 浩路 |
| Founded | Jun 1984 |
| Share capital | ¥141.9B |
| Employees (consolidated) | 73,198 |
| Average salary (parent only) | ¥10.5M |
| Fiscal year end | March |
| Website | www.kddi.com (https://www.kddi.com/) |
| Corporate number | 9011101031552 |
| EDINET | E04425 |
| Industries (Vizora) | Telecom Carriers, IT Services & System Integration |

> Profile source: annual securities report (S100YKG2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 8 |
| Profitability | 77.3 | 11 |
| Cash conversion | 75 | 10 |
| Efficiency | 4.5 | 11 |

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 78% of KDDI's sales come from Personal, with Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +1.1%.

## Company structure

- Segment revenue mix: Personal 78.3%、Business 21.3%、Other 0.4%
- Revenue → net income: ¥6071915000000 → ¥780661000000
- Net income → operating cash flow: ¥780661000000 → ¥1788853000000（difference ¥1008192000000）
- Main uses of operating cash flow: CapEx ¥679006000000 / dividends ¥301547000000 / buybacks ¥400004000000
- Change in cash: ¥157632000000
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 | ¥6.07T |  |
| Operating income | ¥1.1T | Margin 18.1% |
| Net income | ¥707.1B | Margin 11.6% |
| Free cash flow | ¥1.11T |  |
| Largest business | Personal | of segment revenue 78.3% |
| Employees (consolidated) | 73,198 |  |
| EPS | ¥183.59 |  |
| Diluted EPS | ¥183.55 |  |
| Book value per share | ¥974.4 |  |
| Equity ratio | 26.6% | Derived from disclosed figures |
| Shares outstanding | 4,187,847,474 |  |
| Treasury shares | 380,769,000 |  |
| Shareholders | 636,342 |  |
| Average salary (parent only) | ¥10.5M | Filing company only |
| Cash ratio | 5.7% | Cash ÷ revenue 17.8% |
| Vs. industry median margin | +6.3 pp | Telecom Carriers |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5312599000000 | ¥6071915000000 | +14.3% |
| Operating income | ¥1037395000000 | ¥1099125000000 | +6.0% |
| Operating margin | 19.5% | 18.1% | -1.4 pp |
| Employees | 47,320 people | 73,198 people | +54.7% |
| Cash and equivalents | ¥809802000000 | ¥1078807000000 | +33.2% |

### 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 |
| --- | ---: |
| パーソナル → パーソナル | 78.3% |
| パーソナル → 事業再編・廃止 | 6.5% |
| ビジネス → ビジネス | 14.8% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ビジネス | 6.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Personal | 5 years | +1.1% | ¥4755571000000 | 17.4% | 2 |
| Business | 5 years | +10.5% | ¥1292298000000 | 20.4% | 2 |
| Other | 5 years | +2.4% | ¥24046000000 | 39.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,071,915 | 100.0% | S100YKG2 |
| Cost of revenue | 3,481,279 | 57.3% | S100YKG2 |
| Gross profit | 2,590,636 | 42.7% | S100YKG2 |
| SG&A | 1,529,370 | 25.2% | S100YKG2 |
| Operating income | 1,099,125 | 18.1% | S100YKG2 |
| Pretax income | 1,117,904 | 18.4% | S100YKG2 |
| Income tax | 337,243 | 5.6% | S100YKG2 |
| Net income | 780,661 | 12.9% | S100YKG2 |
| Net income attributable to owners | 707,112 | 11.6% | S100YKG2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 25 |
| Other operating | 0 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 42.7% → Operating margin 18.1% → Net margin 11.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +1.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.26×
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 | 5,835,525 | 6,071,915 | 236,390 | +4.1% |
| Gross profit | 2,491,870 | 2,590,636 | 98,766 | +4.0% |
| Operating income | 1,087,468 | 1,099,125 | 11,657 | +1.1% |
| Net income attributable to owners | 655,416 | 707,112 | 51,696 | +7.9% |
| Operating cash flow | 1,249,042 | 1,788,853 | 539,811 | +43.2% |
| Free cash flow | 566,111 | 1,109,847 | 543,736 | +96.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 4,748,259 | — | — | 546,658 | 1,161,074 | — | S100LNJC |
| FY ending Mar 2018 | 5,041,978 | — | — | 572,528 | 1,061,405 | — | S100OC94 |
| FY ending Mar 2019 | 5,080,353 | — | — | 617,669 | 1,029,607 | — | S100R0PR |
| FY ending Mar 2020 | 5,237,221 | 1,025,237 | 19.6% | 639,767 | 1,323,356 | 704,052 | S100LNJC |
| FY ending Mar 2021 | 5,312,599 | 1,037,395 | 19.5% | 651,496 | 1,682,166 | 1,057,530 | S100OC94 |
| FY ending Mar 2022 | 5,446,708 | 1,060,592 | 19.5% | 672,486 | 1,468,648 | 793,081 | S100R0PR |
| FY ending Mar 2023 | 5,671,762 | 1,077,393 | 19.0% | 679,113 | 1,078,869 | 444,744 | S100TN7R |
| FY ending Mar 2024 | 5,699,724 | 912,031 | 16.0% | 600,281 | 1,706,498 | 956,968 | S100XVWE |
| FY ending Mar 2025 | 5,835,525 | 1,087,468 | 18.6% | 655,416 | 1,249,042 | 566,111 | S100YKG2 |
| FY ending Mar 2026 | 6,071,915 | 1,099,125 | 18.1% | 707,112 | 1,788,853 | 1,109,847 | S100YKG2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83M |
| Operating income per employee (consolidated) | ¥15M |
| Net income per employee (consolidated) | ¥9.7M |

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) | 48,829 | 49,659 | 61,288 | 64,636 | 73,198 |
| Average salary (parent company) | ¥9.5M | ¥9.4M | ¥9.9M | ¥10.2M | ¥10.5M |
| Average age (parent company) | 42.5 years | 42.5 years | 42.2 years | 42.0 years | 42.3 years |
| Average tenure (parent company) | 17.2 years | 17.4 years | 16.7 years | 16.4 years | 16.4 years |

Year over year: Employees (consolidated) +13.2% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Personal | 4,755,571 | 78.3% | 828,337 | 17.4% |
| Business | 1,292,298 | 21.3% | 263,884 | 20.4% |
| Other | 24,046 | 0.4% | 9,458 | 39.3% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Personal | 78.3% | 75.2% | -3.1 | 17.4% |
| Business | 21.3% | 24.0% | 2.7 | 20.4% |
| Other | 0.4% | 0.9% | 0.5 | 39.3% |

Segment → industry: Business → Telecom Carriers / Personal → Telecom Carriers / Business → 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 | 1,788,853 | 29.5% | S100YKG2 |
| Capital expenditure | 679,006 | 11.2% | S100YKG2 |
| Free cash flow | 1,109,847 | 18.3% | 算出 |
| Investing cash flow | -1,080,455 | -17.8% | S100YKG2 |
| Financing cash flow | -553,130 | -9.1% | S100YKG2 |
| Dividends paid | 301,547 | 5.0% | S100YKG2 |
| Share buyback | 400,004 | 6.6% | S100YKG2 |
| Change in cash | 157,632 | 2.6% | S100YKG2 |
| Cash and equivalents | 1,078,807 | 17.8% | S100YKG2 |

## 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 | 796,613 | 480,252 | 887,207 | 921,175 | 1,078,807 | S100TN7R, S100XVWE, S100YKG2 |
| Total assets | 11,084,379 | 11,923,522 | 14,054,762 | 16,714,708 | 19,063,364 | S100R0PR, S100TN7R, S100XVWE, S100YKG2 |
| Net assets | 5,510,663 | 5,606,237 | 5,731,912 | 5,554,995 | 5,592,690 | S100TN7R, S100XVWE, S100YKG2 |
| Share capital | 141,852 | 141,852 | 141,852 | 141,852 | 141,852 | S100R0PR, S100TN7R, S100XVWE, S100YKG2 |
| Property, plant and equipment | 2,585,481 | — | 2,783,437 | 2,875,257 | 2,999,321 | S100R0PR, S100XVWE, S100YKG2 |
| Goodwill | 540,962 | — | 554,062 | 581,757 | 580,269 | S100R0PR, S100XVWE, S100YKG2 |
| Current assets | 3,667,028 | — | 4,223,222 | 4,706,507 | 5,578,428 | S100R0PR, S100XVWE, S100YKG2 |
| Total liabilities | 5,573,715 | — | 8,322,850 | 11,159,713 | 13,470,674 | S100R0PR, S100XVWE, S100YKG2 |
| Equity attributable to owners of parent | 4,982,586 | — | 5,188,048 | 5,032,495 | 5,076,738 | S100R0PR, S100XVWE, S100YKG2 |
| Retained earnings | 4,818,117 | — | 5,457,264 | 5,400,113 | 5,406,985 | S100R0PR, S100XVWE, S100YKG2 |
| Treasury stock | -299,827 | — | -845,093 | -819,072 | -822,073 | S100R0PR, S100XVWE, S100YKG2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YKG2 |
| Property, plant and equipment | 16% | S100YKG2 |
| Intangibles and goodwill | 3% | — |
| Other assets | 75% | S100YKG2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100YKG2 |
| Equity | 29% | S100YKG2 |

### 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 | 11,084,379 | 11,923,522 | 14,054,762 | 16,714,708 | 19,063,364 |
| Equity | 5,510,663 | 5,606,237 | 5,731,912 | 5,554,995 | 5,592,690 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 796,613 | 480,252 | 887,207 | 921,175 | 1,078,807 |

## 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) | 49.4% | S100YKG2 |
| Fixed assets ÷ total assets | 15.7% | S100YKG2 |
| Goodwill ÷ parent equity | 11.4% | S100YKG2 |

Goodwill over 4 years: 540,962 → 580,269 JPY; total investing cash flow: -4,587,064 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) | 5.7% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 162.8% |
| Cash vs. profit gap | 1,081,741 JPY mn (of net income 153.0%) |
| Shareholder returns / net income | 99.2% |
| Shareholder returns / FCF | 63.2% |
| Shareholder payments — dividends / net income | 42.6% |
| Shareholder payments — dividends / FCF | 27.2% |
| CapEx intensity (capex ÷ revenue) | 11.2% |
| Investing CF relative to operating CF | 60.4% |

## 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 | 12.3% | 0.49× | 6.1% | 2.22× | 13.5% | S100R0PR |
| 2023 | 12.0% | 0.49× | 5.9% | 2.07× | 12.2% | S100TN7R, S100XVWE |
| 2024 | 10.5% | 0.44× | 4.6% | 2.50× | 11.6% | S100XVWE |
| 2025 | 11.2% | 0.38× | 4.3% | 3.01× | 12.8% | S100YKG2 |
| 2026 | 11.6% | 0.34× | 4.0% | 3.54× | 14.0% | S100YKG2 |

## 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 | 15.8% | 2026-03-31 |
| 京セラ株式会社 | Major shareholder | 14.8% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.6% | 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 | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 (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 | 1.1% | 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 | 0.9% | 2026-03-31 |
| CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.9% | 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 | 0.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥6.07T, up +4.1% from ¥5.84T.
- Operating income grew just +1.1% to ¥1.1T, much slower than sales.
- Net income rose +7.9% to ¥707.1B.
- Operating cash flow jumped +43.2% to ¥1.79T, and free cash flow nearly doubled to ¥1.11T.

### Drivers

- In the consumer business, mobile and finance revenue grew, but an impairment of previously capitalized contract costs for customers who cancelled early pushed that segment's operating income down
- In the business segment, more IoT lines (led by connected cars) and strong data center demand lifted both sales and profit
- The rise in operating cash flow came mainly from faster growth in deposits at the finance business

### Risks

- A shrinking and aging population may keep revenue below expectations
- Rising costs for labor, construction and electricity
- More bad loans in the finance business if the economy or borrowers' credit weakens

Cited: Annual Securities Report (FY ending Mar 2026) (Management's Discussion and Analysis); Annual Securities Report (FY ending Mar 2026) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YKG2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKG2,, |
| 訂正有価証券報告書－第41期(2024/04/01－2025/03/31) | S100XVWE | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVWE,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TN7R | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN7R,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R0PR | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0PR,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100OC94 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC94,, |
| 有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100LNJC | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJC,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ノジマ | Alliance | 携帯電話等通信サービスの加入取次の販売代理店契約 | S100YAOT |
| カカクコム | Capital alliance | データ活用・新サービス共同開発の資本業務提携（KDDIが株式を取得） | S100YBGN |
| 光通信 | Alliance | 子会社ジェイ・コミュニケーションが KDDI の移動電話サービスの加入受付・端末販売を行う代理店契約 | S100YN0V |
| ライフネット生命保険 | Alliance | 業務提携（auフィナンシャルホールディングスとの資本提携は日本航空への株式譲渡で解消予定、業務提携契約は一部変更予定） | S100YC7R |

## 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).