Mizuho Financial Group (8411) Q2 2026 earnings summary

Executive summary

• Celebrated 25th anniversary with record-high market cap, strong H1 performance, and significant growth in Customer Groups and Markets, leading to solid net business profits and profit attributable to owners of parent.

• Upward revision of FY25 profit outlook to JPY 1.13 trillion, an increase of JPY 110 billion from July and JPY 190 billion from May, with ROE at 9.3% trailing 12 months.

• Ordinary profits rose 13.7% year-over-year to JPY 849.6 billion, and comprehensive income surged 42.8% to JPY 845.6 billion.

• Significant structural changes included unified operations, increased overseas revenue (now 40%), and improved global IB league table position.

• Announced additional share buyback of JPY 200 billion, bringing total planned buybacks to JPY 300 billion for the year.

Financial highlights

• Net business profit outlook for FY25 revised up to JPY 1.35 trillion, with FY27 target range of JPY 1.4–1.6 trillion.

• Consolidated gross profits rose 7.1% year-over-year to JPY 1,673.1 billion, driven by interest income from BOJ rate hikes and strong fee business.

• Full-year profit attributable to owners of parent forecast at JPY 1.13 trillion, revised upward by 10.7% from previous guidance.

• Total payout ratio stands at 58%, with dividend raised to JPY 145 per share.

• Gross profit rose from JPY 2.6 trillion in FY23 to JPY 2.9 trillion in FY24.

Outlook and guidance

• Profit attributable to owners of parent expected to reach JPY 1.13 trillion, with ROE approaching 10%.

• FY27 net business profit target set at JPY 1.4–1.6 trillion, with JPY 1.5–1.6 trillion seen as achievable if markets remain stable.

• Annual cash dividend estimate maintained at JPY 145.00 per share.

• Assumptions include BOJ policy rate at 0.5%, Nikkei 225 at JPY 40,300, and USD/JPY at 140.