Meiji HoldingsMeiji Holdings Co., Ltd.2269東証プライム食料品FY ending Mar 2026, consolidated, J-GAAP

Meiji Holdings FY ending Mar 2026 results

About 80% of Meiji Holdings's sales come from Food, with Pharmaceuticals making up much of the rest.

Out of every ¥100 of sales, about ¥8 is left as operating profit.

Revenue changed +1.7% from the prior year, operating profit +10.2%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +1.7% · profit +10.2%, calculated from disclosed figures.

Operating leverage: 5.98× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue: +1.7%¥1.15T → ¥1.17T
Gross profit: +5.9%¥339.1B → ¥359B
Operating income: +10.2%¥84.7B → ¥93.3B
Net income attributable to owners: -31.0%¥50.8B → ¥35.1B
Operating cash flow: -18.1%¥69B → ¥56.5B
Free cash flow: -482.2%¥12.4B → -¥47.2B

Results at a glance

Revenue for the FY ending Mar 2026 was ¥1.17T, up +1.7% from ¥1.15T.
Profit grew faster than sales: gross profit rose +5.9% and operating income +10.2% to ¥93.3B.
Net income attributable to owners went the other way, falling -31.0% from ¥50.8B to ¥35.1B.
Operating cash flow dropped to ¥56.5B, which did not cover ¥103.8B of capital expenditure, so free cash flow turned to -¥47.2B.

What drove the change

In food, price increases offset higher raw material costs, and profits in the dairy and food solutions businesses rose sharply. The group also booked an impairment loss on its food business in China.
In pharmaceuticals, royalty income and higher profits at subsidiaries in India and Thailand helped, and the vaccine and animal health business returned to profit after last year's write-down of the Kostaive mRNA vaccine.
Operating cash flow fell because receivables and inventories grew. Capital spending rose with construction of new plants in Hokkaido and Kanagawa.

Things to watch

The company lowered its mid-term plan targets, citing high raw material prices and a slowing Chinese economy.
Drug price cuts in Japan weigh on the domestic pharmaceutical business, where profit fell sharply this year.
The outlook assumes geopolitical risks, trade policy uncertainty and currency swings will continue.

Annual Securities Report, 17th fiscal period (Apr 2025 - Mar 2026) / 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, 17th fiscal period (Apr 2025 - Mar 2026) / 事業等のリスク

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

Where ¥100 of sales goes

For every ¥100 Meiji Holdings sells, how much goes where, and how much is kept.

FY ending Mar 2026

Cost of sales: ¥69
SG&A: ¥23
Operating profit: ¥8
Net profit kept: ¥3

Annual margin trends

Gross margin30.6%

Operating margin7.9%

Net margin3.0%

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Food¥941.5B
80%
Op. margin 7.3%Industry: Processed Foods
Pharmaceuticals¥232.2B
20%
Op. margin 13.1%Industry: Pharmaceuticals

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

EDINET (FSA Japan)
有価証券報告書－第17期(2025/04/01－2026/03/31)
ID S100YILP2026-06-24Open
EDINET (FSA Japan)
有価証券報告書－第16期(2024/04/01－2025/03/31)
ID S100W6WK2025-06-26Open
EDINET (FSA Japan)
訂正有価証券報告書－第15期(2023/04/01－2024/03/31)
ID S100TZLX2024-07-04Open
EDINET (FSA Japan)
有価証券報告書－第14期(2022/04/01－2023/03/31)
ID S100R9C92023-06-29Open
EDINET (FSA Japan)
訂正有価証券報告書－第13期(令和3年4月1日－令和4年3月31日)
ID S100PUW92022-12-22Open
EDINET (FSA Japan)
訂正有価証券報告書－第12期(令和2年4月1日－令和3年3月31日)
ID S100M7HS2021-08-12Open

Extracted from XBRL: 53 / Derived from other figures: 1

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