Operating cash flow reached 1.5 trillion JPY in 2026Q4, yielding an OCF/NI ratio of 24.88 that highlights a significant decoupling between reported accounting earnings and actual cash generation.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 |
|---|
| Cash from Operations | 1.46T | 1.27T | 1.25T | 881.23B | 1.03T | 1.08T | 978.78B | 492.31B | 424.42B | 423.99B | 40.26B | -182.02B | 449.69B | 407.57B | 277.82B | 240.75B | 204.79B | 285.12B | 179.51B | 174.83B | 255.21B | 255.21B | 143.98B | 206.22B | 256.91B | 241.37B | 308.44B | 290.62B | 246.56B |
| Operating CF Margin % | 41.31% | 44.24% | 44.47% | 33.08% | 41.27% | 47.26% | 42.92% | 20.29% | 14.83% | 15.83% | 1.7% | -8.38% | 32.75% | 38.73% | 35.34% | 28.44% | 24.67% | 30.08% | 16.27% | 16% | 27.68% | 31.32% | 21.27% | 33.9% | 45.33% | 49.51% | 63.65% | 64.31% | 299.53% |
| Operating CF Growth % | 14.74% | 1.62% | 42.01% | -14.85% | -4.49% | 10.71% | 98.82% | 15.99% | 0.1% | 953.26% | 122.12% | -140.48% | 10.34% | 46.7% | 15.4% | 17.56% | -28.17% | 58.83% | 2.68% | -31.49% | 0% | 77.25% | -30.18% | -19.73% | 6.44% | -21.74% | 6.13% | 17.87% | - |
| Net Income | 474.24B | 351.63B | 346.13B | 290.4B | 312.13B | 192.38B | 302.7B | 323.75B | 313.13B | 273.24B | 260.17B | 234.65B | 179.5B | 112.12B | 84.06B | 59.06B | 28.86B | 10.19B | 146.86B | 184.94B | 149.76B | 149.76B | 84.51B | 29.73B | 40.14B | 34.81B | 29.66B | 25.76B | 23.73B |
| Depreciation & Amortization | 429.2B | 399.53B | 364.24B | 340.25B | 330.35B | 315.95B | 304.2B | 295.59B | 279.92B | 253.68B | 244.85B | 229.58B | 206.64B | 178.84B | 168.23B | 168.44B | 167.27B | 189.22B | 168.77B | 153.54B | 134.96B | 134.96B | 132.16B | 115.97B | 116.69B | 105.55B | 90.22B | 84.95B | 85.63B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.77B | 17.54B | 8.2B | 6.26B | -10.41B | 1.66B |
| Other Non-Cash Items | 374.08B | 345.78B | 344.55B | 428.3B | 256.49B | 405.82B | 321.78B | -141.56B | -125.09B | -122.32B | -89.64B | -151.9B | -1.95B | 32.77B | -10.98B | -1.65B | 33.8B | 56.76B | -84.79B | -80.25B | -12.87B | -12.87B | -56.19B | 112.07B | 43.46B | 50.32B | 48.98B | 59.78B | 123.07B |
| Working Capital Changes | 181.6B | 174.77B | 196.52B | -177.72B | 135.98B | 169.42B | 50.1B | 14.54B | -43.55B | 19.4B | -375.13B | -494.36B | 65.51B | 83.84B | 36.51B | 14.9B | -25.14B | 28.95B | -51.34B | -83.39B | -16.65B | -16.65B | -16.49B | -21.35B | 62.07B | 50.32B | 146.77B | 135.83B | 12.46B |
| Change in Receivables | 4.83B | -2.64B | 5.24B | 12.95B | 3.56B | -12.66B | 12.35B | -5.58B | -13.98B | 8.36B | -8.22B | -20.74B | -17.57B | 6.96B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -42.22B | -9.84B | -58.13B | -17.53B | -7.05B | -12.06B | 11.94B | 6.85B | 10.61B | -5.32B | 20.93B | -13.48B | 11.71B | 37.92B | 26.83B | 27.6B | 39.06B | 9.33B | -19.61B | -85.9B | -56.6B | -56.6B | -21.91B | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.13B | -3.91B | -4.43B | -12.17B | 14.94B | -1.95B | -3.85B | 10.99B | 17.83B | -6.66B | -41B | 34.27B | 47.1B | -8.71B | 22.76B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.18T | -1.31T | -1.36T | -1.14T | -784.99B | -1.18T | -1.45T | -937.36B | -445.68B | -263.45B | -557.29B | -467.8B | -202.17B | 105.66B | 41.76B | 251.6B | 432.79B | 171.18B | -838.33B | -802.28B | -799.36B | -799.36B | -408B | 179.56B | -304.9B | -290.68B | -283.49B | -26.19B | -383.24B |
| Capital Expenditures | -79.6B | -69.06B | -76.67B | -103.57B | -44.3B | -43.95B | -44.47B | -62.22B | -80.09B | -95.6B | -91.49B | -988.79B | -911.72B | -751.52B | -620.34B | -576.14B | -389.41B | -871.74B | -1.13T | -1.08T | -1.16T | -1.16T | -951.71B | -906.39B | -955.36B | -898.78B | -989.57B | -1.04T | -1.22T |
| CapEx % of Revenue | 2.25% | 2.4% | 2.72% | 3.89% | 1.77% | 1.92% | 1.95% | 2.56% | 2.8% | 3.57% | 3.86% | 45.51% | 66.4% | 71.41% | 78.9% | 68.05% | 46.9% | 91.96% | 102.17% | 99% | 126.04% | 142.62% | 140.59% | 148.98% | 168.57% | 184.35% | 204.2% | 230.3% | 1484.5% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 6.8T | 8.58T | 4.42T | 3.77T | 3.65T | 3.3T | 2.81T | 2.45T | 1.9T | 1.98T | 2.15T | 2.03T | 1.52T | 1.4T | 5T | 4.92T | 4.7T | 2.11T | 1.12T | 873.87B | 684.2B | 588.39B | 551.4B | 664.9B | 859.13B | 958.94B | 734.12B | 579.42B | 0 |
| Other Investing | -163.03B | -178.74B | -60.61B | 83.46B | 2.18B | -75.14B | -410.57B | -183.16B | -244.54B | -272.3B | -163.08B | 352.26B | 696.1B | 669.07B | 502.62B | 769.78B | 710.18B | 852.12B | 322.07B | 240.19B | 239.94B | 239.94B | 535.56B | 938.95B | 613.38B | -116.4B | -224.18B | 63.86B | 36.78B |
| Cash from Financing | -170.22B | 146.27B | -100.99B | 480.7B | -330.47B | 20.19B | 269.21B | 230.05B | 147.57B | -7.62B | -43.24B | 213.43B | -274.58B | -467.19B | -318.48B | -363.59B | -466.92B | -334.59B | 792.97B | 545.01B | 762.53B | 762.53B | 274.34B | -531.94B | 245.48B | -65.83B | -5.86B | -270.98B | 319.21B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -159.05B | -53.52B | -50B | -52.07B | -50B | -55.44B | -45.72B | -707M | -39.11B | -12.13B | -2M | 0 | 0 | 0 | 55M | 28M | 83.1B | -29.08B | 1.99B | 4.48B | 6B | 2.04B | 0 | 353.92M | 19.27B | -5.04B | 38.27B | -1.32B | -1.48B |
| Dividends Paid | -181.1B | -135.59B | -99.9B | -106.29B | -99.39B | -95.16B | -103.82B | -88.44B | -72.76B | -61.3B | -76.03B | -30.12B | -15.88B | -9.68B | -8.6B | -8.06B | -6.26B | -23.53B | -11.77B | -8.13B | -3.53B | -2.04B | -2.09B | -1.18B | -1.2B | -1.01B | -937.11M | -976.54M | -973M |
| Share Repurchases | -159.05B | -53.52B | -50B | -52.07B | -50B | -55.44B | -45.72B | -707M | -39.11B | -12.13B | -2M | 0 | 0 | 0 | 0 | -70M | -3M | -29.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.48B |
| Other Financing | 176.71B | 202.72B | -2.9B | -48.46B | -59.59B | 73.02B | 300.67B | 158.83B | 134.81B | 204.23B | 95.2B | 80.26B | 422.04B | 412.57B | 43.81B | 147.6B | 172.98B | 197.21B | 25.07B | 94.7B | 19.54B | 19.54B | 44.61B | 31.5B | 52.1B | 25.47B | 99.2B | 45.77B | 210M |
| Net Change in Cash | 44.88B | 136.68B | -181.6B | 275.1B | 12.24B | -55.71B | -148.3B | -121.54B | 271.9B | 321.81B | -101.68B | -910M | -19.23B | 23.03B | 59.99B | 133.62B | 128.55B | 123.49B | 127.81B | -81.93B | 418.66B | 418.66B | 0 | -147.23B | 198.83B | -112.49B | 13.23B | -13.75B | -357.11B |
| Free Cash Flow | 1.38T | 1.2T | 1.17T | 777.66B | 990.65B | 1.04T | 934.32B | 430.09B | 344.33B | 328.39B | -51.24B | -1.17T | -462.03B | -343.96B | -342.52B | -335.39B | -184.62B | -586.62B | -947.65B | -907B | -906.96B | -906.96B | -807.72B | -700.17B | -698.44B | -657.41B | -681.14B | -750.05B | -975.42B |
| FCF Margin % | 39.06% | 41.83% | 41.74% | 29.2% | 39.5% | 45.34% | 40.97% | 17.73% | 12.03% | 12.26% | -2.16% | -53.88% | -33.65% | -32.68% | -43.57% | -39.62% | -22.24% | -61.88% | -85.9% | -83% | -98.36% | -111.3% | -119.32% | -115.09% | -123.24% | -134.84% | -140.55% | -165.99% | -1184.97% |
| FCF Growth % | 14.71% | 2.37% | 51.07% | -21.5% | -4.71% | 11.27% | 117.24% | 24.91% | 4.85% | 740.92% | 95.62% | -153.41% | -34.33% | -0.42% | -2.13% | -81.66% | 68.53% | 38.1% | -4.48% | -0% | 0% | -12.29% | -15.36% | -0.25% | -6.24% | 3.48% | 9.19% | 23.1% | - |
| FCF per Share | 1231.88 | 1050.55 | 1011.60 | 657.95 | 822.21 | 839.69 | 732.04 | 335.71 | 268.47 | 250.80 | -39.10 | -893.06 | -352.62 | -294.25 | -293.02 | -286.92 | -157.94 | -501.85 | -810.71 | -775.93 | -775.90 | -775.90 | -691.00 | -598.99 | -597.51 | -562.41 | -582.71 | -967.51 | -1255.02 |
| FCF Conversion (FCF/Net Income) | 3.07x | 3.62x | 3.62x | 3.04x | 3.26x | 5.63x | 3.23x | 1.52x | 1.36x | 1.55x | 0.15x | -0.77x | 2.40x | 3.65x | 3.33x | 3.65x | 5.42x | 13.00x | 1.07x | 0.89x | 1.53x | 2.79x | 2.67x | 6.94x | 6.40x | 6.93x | 10.40x | 11.28x | 10.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset disposal timing volatility
As reported in recent financial statements, ORIX's 2026Q4 operating cash flow of 1.5 trillion JPY significantly outpaced net income of 58.6 billion JPY, resulting in an OCF/NI ratio of 24.88, which suggests that reported earnings are heavily decoupled from actual cash generation capabilities.
The massive divergence between net income and operating cash flow indicates that non-cash items and accounting adjustments play a disproportionate role in the firm's bottom line. Investors should monitor whether this gap reflects genuine operational efficiency or merely the timing of non-recurring asset disposals that inflate cash flow without providing sustainable earnings quality.
Based on ORIX's reported figures, free cash flow reached 1.4 trillion JPY in 2026Q4 with a 146.9% margin, yet the absence of consistent quarterly data for the preceding periods suggests a highly erratic cash trajectory that complicates long-term performance forecasting for institutional stakeholders.
The extreme fluctuation in free cash flow margins appears to be a byproduct of the company's lumpy investment-and-exit business model. This volatility warrants further investigation into whether the firm can maintain positive cash flow during periods of reduced asset divestment activity.
According to recent SEC filings, ORIX's 2026Q4 capital expenditure of 79.6 billion JPY represents 8.5% of revenue, a figure that highlights the firm's ongoing commitment to maintaining its diverse portfolio of physical assets, including aircraft and renewable energy infrastructure.
The capital intensity appears consistent with a hybrid model that requires constant reinvestment to preserve the residual value of its leased assets. Analysts should assess whether this level of spending is sufficient to offset depreciation or if it signals a strategic shift toward more capital-intensive operations.
As indicated by financial statements, ORIX utilized 181.1 billion JPY for dividends and 159.0 billion JPY for share repurchases in 2026Q4, demonstrating a clear management preference for returning capital to shareholders despite the inherent volatility of its underlying cash flow streams.
The simultaneous use of cash for dividends and buybacks suggests management's confidence in the firm's liquidity profile. However, investors should monitor if these outflows limit the company's flexibility to pursue opportunistic acquisitions in a shifting interest rate environment.
Quick answers to the most common questions about buying IX stock.
ORIX Corporation (IX) generated $1.46T in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
ORIX Corporation (IX) generated $1.38T in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ORIX Corporation (IX) spent $79.60B on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, ORIX Corporation (IX) returned $181.10B to shareholders via cash dividends and spent $159.05B on share repurchases. This shows the company's commitment to returning capital to its equity investors.