# Mizuho Financial Group, Inc.: 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24期(2025/04/01－2026/03/31) (S100YF8Y)
> Page: https://vizora.meequs.com/en/company/mizuho-financial-group
> Retrieved: 2026-09-30T19:15:20.769Z

## Company

Mizuho, founded in 2003, is a company in Major Banks listed on TSE Prime. It has 52,427 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mizuho Financial Group, Inc. |
| Ticker | 8411 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8411.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目5番5号 |
| Representative (per filing) | 執行役社長 木原 正裕 |
| Founded | Jan 2003 |
| Employees (consolidated) | 52,427 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | March |
| Corporate number | 9010001081419 |
| EDINET | E03615 |
| Industries (Vizora) | Major Banks |

> Profile source: annual securities report (S100YF8Y, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Mizuho brought in ¥9.09T in ordinary revenue.
- Out of every ¥100 of ordinary revenue, about ¥17 is left as ordinary profit.
- Ordinary revenue changed +0.6% from the prior year, ordinary profit +34.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥9.09T |  |
| Ordinary income | ¥1.57T | Margin 17.3% |
| Net income | ¥1.25T | Margin 13.7% |
| Employees (consolidated) | 52,427 |  |
| EPS | ¥226.7 |  |
| Diluted EPS | ¥226.69 |  |
| Book value per share | ¥2418.69 |  |
| Equity ratio | 3.7% |  |
| Shares outstanding | 2,489,848,000 |  |
| Treasury shares | 48,054,400 |  |
| Shareholders | 556,355 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3218095000000 | ¥9085438000000 | +182.3% |
| Employees | 54,492 people | 52,427 people | -3.8% |
| Cash and equivalents | ¥46981399000000 | ¥59677580000000 | +27.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 9,085,438 | 100.0% | S100YF8Y |
| Ordinary expenses | 7,512,278 | 82.7% | S100YF8Y |
| Ordinary income | 1,573,159 | 17.3% | S100YF8Y |
| Extraordinary income | 93,838 | 1.0% | S100YF8Y |
| Extraordinary loss | 44,712 | 0.5% | S100YF8Y |
| Pretax income | 1,622,285 | 17.9% | S100YF8Y |
| Income tax | 368,127 | 4.1% | S100YF8Y |
| Net income | 1,254,157 | 13.8% | S100YF8Y |
| Net income attributable to owners | 1,248,632 | 13.7% | S100YF8Y |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 83 |
| Ordinary income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Ordinary margin 17.3% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +34.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 56.86×
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 | 9,030,374 | 9,085,438 | 55,064 | +0.6% |
| Net income attributable to owners | 885,433 | 1,248,632 | 363,199 | +41.0% |
| Operating cash flow | -3,820,800 | -4,838,533 | -1,017,733 | — |
| Free cash flow | -4,165,745 | -5,157,484 | -991,739 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 3,292,900 | — | — | 603,544 | 4,690,131 | — | S100LP1O |
| FY ending Mar 2018 | 3,561,125 | — | — | 576,547 | 2,966,701 | — | S100OCNV |
| FY ending Mar 2019 | 3,925,649 | — | — | 96,566 | -2,636,096 | — | S100QYQ4 |
| FY ending Mar 2020 | 3,986,701 | — | — | 448,568 | 1,901,893 | 1,665,042 | S100LP1O |
| FY ending Mar 2021 | 3,218,095 | — | — | 471,020 | 16,613,235 | 16,397,031 | S100OCNV |
| FY ending Mar 2022 | 3,963,091 | — | — | 530,479 | 4,917,186 | 4,777,925 | S100QYQ4 |
| FY ending Mar 2023 | 5,778,772 | — | — | 555,527 | 8,867,246 | 8,684,070 | S100TNUK |
| FY ending Mar 2024 | 8,744,458 | — | — | 678,993 | 1,884,978 | 1,627,967 | S100VYQX |
| FY ending Mar 2025 | 9,030,374 | — | — | 885,433 | -3,820,800 | -4,165,745 | S100YF8Y |
| FY ending Mar 2026 | 9,085,438 | — | — | 1,248,632 | -4,838,533 | -5,157,484 | S100YF8Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥173.3M |
| Net income per employee (consolidated) | ¥23.8M |

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) | 52,420 | 51,212 | 52,307 | 52,554 | 52,427 |
| Average salary (parent company) | ¥10.4M | ¥10.4M | ¥10.7M | ¥11.2M | ¥11.7M |
| Average age (parent company) | 41.2 years | 41.4 years | 41.4 years | 41.8 years | 42.5 years |
| Average tenure (parent company) | 17.0 years | 16.9 years | 16.4 years | 16.3 years | 16.9 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +0.6%

## 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 | -4,838,533 | -53.3% | S100YF8Y |
| Capital expenditure | 318,951 | 3.5% | S100YF8Y |
| Free cash flow | -5,157,484 | -56.8% | 算出 |
| Investing cash flow | -6,668,376 | -73.4% | S100YF8Y |
| Financing cash flow | -523,153 | -5.8% | S100YF8Y |
| Dividends paid | 368,703 | 4.1% | S100YF8Y |
| Share buyback | 404,325 | 4.5% | S100YF8Y |
| Change in cash | -11,045,780 | -121.6% | S100YF8Y |
| Cash and equivalents | 59,677,580 | 656.8% | S100YF8Y |

## 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 | 15.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DEPOSITARY RECEIPT HOLDERS（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.0% | 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） | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue barely grew: ¥9.09T against ¥9.03T, or +0.6%.
- Profit is where the year stood out. Net income attributable to owners went from ¥885.4B to ¥1.25T, up +41.0%.
- Operating cash flow was -¥4.84T, deeper in the red than the prior year's -¥3.82T.

### Drivers

- Fee businesses at home and abroad were strong, and the weak yen plus higher yen interest rates added to gross profit
- Mizuho sold more of its strategic shareholdings in client companies, lifting stock-related gains
- Costs rose with the exchange rate, inflation and spending on growth areas, and it set aside extra loan-loss reserves because of the Middle East

### Risks

- Middle East tension could push up inflation, slow economies or shake markets
- If Japanese rates jump, banks may fight harder for deposits and its bond holdings could show paper losses
- A cyberattack or major system outage could stop services

Cited: Annual securities report: management analysis (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: business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YF8Y | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF8Y,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100VYQX | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYQX,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TNUK | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUK,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100QYQ4 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYQ4,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OCNV | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCNV,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LP1O | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP1O,, |

## 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).