Earnings digests and industry comparisons for Japan's biggest listed companies.
104 reports(page 5 of 9)
Japan's major general retailers split on growth and earnings in Q1 FY2027. Seven & i lifted operating profit 61.4% to ¥105 billion despite a 14.3% sales decline, while AEON grew sales 14.6% and profit 33.6%, helped by Tsuruha.
Seven & i led on profit, while AEON led on growth.
Internet Platforms' FY2025 full-year results showed profitability, not sales scale, separating the four companies. LY Corp led operating profit at ¥341.3 billion, while Mercari lifted earnings 57.7%; Rakuten's operating profit fell 72.9% despite revenue growth.
Scale and profitability are separate strengths.
Fiber and Advanced Materials Makers split in Q1 FY2027: Toray's sales rose 14% and operating profit 72.1%, while Teijin's sales fell 8.7%. Teijin's operating profit rose about 26-fold, including a ¥45.5 billion joint-venture sale gain.
Toray's core recovery contrasts with Teijin's one-off gain.
In Q1 FY2027, all three Bearings and Drivetrain Components makers grew revenue and profit. NSK led growth, while JTEKT had the largest operating profit and NTN the lowest margin; NSK's gains also reflect its newly consolidated steering business.
Growth momentum and earnings power diverged across the three companies.
Machine Tools makers grew sales and profit in Q1 FY2027, though DMG MORI reported half-year results and the others a quarter. Amada orders jumped 78.0%, Okuma's 38.9%, while margins ranged from Tsugami's 31.3% to DMG MORI's 3.4%.
Strong orders did not translate evenly into profitability.
The six companies in Heavy Industry, Defense and Energy Machinery posted mixed results for FY2026, as defense, aviation and power demand lifted sales but project profitability varied. MHI led in sales and operating profit, while Kanadevia's profit fell sharply despite higher revenue.
Orders were strong, but profits depended on execution and project selection.
Japan's Big 3 precision and medical device makers all grew sales in Q1 FY2027, with Terumo leading at ¥311.8 billion, up 19.9%. HOYA had the highest operating margin at 32.3%, while Olympus' net profit jumped 112.5%, helped by one-off gains.
Growth rates and earnings power diverged across the three companies.
Japan's office equipment makers posted mixed FY2026 results: Canon reported its six-month interim, while the other four reported first-quarter figures. Epson grew sales and operating profit, but Fujifilm's profit fell despite higher revenue.
Sales growth did not translate equally into profit quality.
Factory Automation and Industrial Robots companies all grew sales in Q1 FY2027, helped by semiconductor and data-center investment. Keyence held a 54% operating margin, while Yaskawa's profit fell despite higher sales; its reporting period was a month earlier.
Shared demand, widening gaps in converting growth into profit.
Japan's Big 3 Steelmakers saw sharply different recoveries in Q1 FY2027. Nippon Steel's revenue climbed 40.4% and it swung to profit, while Kobe Steel posted lower operating profit despite higher sales, exposing a gap in earnings quality.
Nippon Steel returned to profit as Kobe Steel's earnings weakened.
Japan's big three logistics firms saw mixed results in Q1 FY2027, as revenue growth did not always lift profits. SG Holdings and Nippon Express gained, while Yamato remained in the red despite higher sales; reporting periods differ.
Growth mix, not revenue alone, drove the profit gap.
Japan's two major airlines both grew revenue but posted lower profit in Q1 FY2027. ANA's sales rose 22.6% to ¥672.7 billion, while JAL's operating profit dropped 72.1%, versus a 43.5% decline at ANA, as fuel costs rose.
Revenue growth failed to offset higher fuel costs, widening the profit gap.
