ShiseidoShiseido Company, Limited4911東証プライム化学FY ending Dec 2025, consolidated, IFRS

Shiseido FY ending Dec 2025 results

About 35% of Shiseido's sales come from China and travel retail business, with Japan business and EMEA business making up much of the rest.

It lost about ¥3 for every ¥100 of sales at the operating level.

Revenue changed -2.1% from the prior year, operating profit -480.0%.

Revenue and profit pattern

Turned to a loss

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue: -2.1%¥990.6B → ¥970B
Gross profit: -1.4%¥753.2B → ¥743B
Operating income: -480.0%¥7.58B → -¥28.8B
Net income attributable to owners: Loss-¥10.8B → -¥40.7B
Operating cash flow: +127.0%¥48.4B → ¥109.9B
Free cash flow: Back to profit-¥2.31B → ¥65.5B

Results at a glance

Revenue for the FY ending Dec 2025 was ¥970B, down 2.1% from ¥990.6B.
Operating income swung from ¥7.58B to -¥28.8B, a loss.
The net loss attributable to owners widened to -¥40.7B from -¥10.8B.
Cash generation improved, though: operating cash flow rose 127.0% to ¥109.9B, and free cash flow turned positive at ¥65.5B.

What drove the change

Weak consumer spending in China and travel retail, mostly in the first half, and continued struggles at Drunk Elephant in the Americas pulled revenue down
The operating loss came mainly from a goodwill impairment (a write-down of the premium paid in past acquisitions) after profitability in the Americas fell
Core operating income, which excludes one-off costs, still rose thanks to growth in priority brands, restructuring and tighter cost control

Things to watch

Worse sentiment toward Japan or trade disputes in its markets could lead consumers to hold back and disrupt production, supply and sales
If it is slow to respond to changing consumer values and shopping habits, competitors could take the opportunity
Currency swings, inflation and tariff changes could disrupt raw-material sourcing and logistics

Annual Securities Report, 126th fiscal term (Jan–Dec 2025) / 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, 126th fiscal term (Jan–Dec 2025) / 事業等のリスク

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

Where ¥100 of sales goes

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

FY ending Dec 2025

Cost of sales: ¥23
SG&A: ¥75
Other costs: ¥5
Operating loss: ¥3
Net loss: ¥4

Annual margin trends

Gross margin76.6%

Operating margin-3.0%

Net margin-4.2%

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 Dec 2025

China and travel retail business¥342.2B
35%
Op. margin 18.9%Industry: Cosmetics
Japan business¥295.3B
30%
Op. margin 13.2%Industry: Cosmetics
EMEA business¥141.1B
15%
Op. margin 2.8%Industry: Cosmetics
Americas business¥106.6B
11%
Op. margin -10.9%Industry: Cosmetics
Asia pacific business¥73.3B
8%
Op. margin 6.9%Industry: Cosmetics
Other¥11.4B
1%
Op. margin -11.0%

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126期(2025/01/01－2025/12/31)
ID S100XSCU2026-03-23Open
EDINET (FSA Japan)
有価証券報告書－第125期(2024/01/01－2024/12/31)
ID S100VFVQ2025-03-26Open
EDINET (FSA Japan)
有価証券報告書－第124期(2023/01/01－2023/12/31)
ID S100T45G2024-03-26Open
EDINET (FSA Japan)
有価証券報告書－第123期(2022/01/01－2022/12/31)
ID S100QFTK2023-03-24Open
EDINET (FSA Japan)
有価証券報告書－第122期(令和3年1月1日－令和3年12月31日)
ID S100NQ142022-03-25Open
EDINET (FSA Japan)
有価証券報告書－第121期(令和2年1月1日－令和2年12月31日)
ID S100L0PD2021-03-25Open

Extracted from XBRL: 44 / Derived from other figures: 1

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