Revenue reached 938.9 billion JPY in 2026Q4, yet net margins remain volatile, fluctuating between 6.2% and 20.6% over the last ten quarters due to non-operating item sensitivity.
| 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.13T | 1.2T | 1.17T | 1.04T | 940.79B | 812.44B | 858.96B | 876.95B | 877.36B | 857.47B | 818.16B | 843.83B | 626.23B | 528.43B | 786.21B | 515.64B | 850.34B | 969.54B | 1.1T | 1.09T | 922.08B | 882.53B | 676.92B | 608.39B | 566.73B | 487.54B | 484.62B | 451.88B | 82.32B |
| Gross Margin % | 32.06% | 41.76% | 41.72% | 39.06% | 37.51% | 35.44% | 37.67% | 36.14% | 30.65% | 32.01% | 34.54% | 38.83% | 45.61% | 50.21% | 100% | 60.91% | 102.42% | 102.28% | 100% | 100% | 100% | 108.3% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -5.69% | 2.26% | 12.83% | 10.6% | 15.8% | -5.42% | -2.05% | -0.05% | 2.32% | 4.81% | -3.04% | 34.75% | 18.51% | -32.79% | 52.47% | -39.36% | -12.29% | -12.12% | 0.95% | 18.51% | 4.48% | 30.37% | 11.26% | 7.35% | 16.24% | 0.6% | 7.25% | 448.95% | - |
| Operating Expenses | 361.57B | 868.72B | 813.33B | 704.59B | 647.9B | 553.62B | 589.27B | 547.51B | 541.17B | 528.25B | 530.41B | 587B | 423.18B | 254.98B | 473.24B | 354.04B | 344.68B | -845.06B | -731.18B | -689.13B | -594.87B | -665.92B | -510.84B | -487.23B | -403.65B | -316.03B | -322.88B | -282.78B | 94.84B |
| OpEx % of Revenue | 10.24% | 30.22% | 28.9% | 26.45% | 25.83% | 24.15% | 25.84% | 22.57% | 18.91% | 19.72% | 22.39% | 27.01% | 30.82% | 24.23% | 60.19% | 41.82% | 41.51% | -89.15% | -66.28% | -63.06% | -64.51% | -81.72% | -75.47% | -80.09% | -71.22% | -64.82% | -66.63% | -62.58% | 115.22% |
| Selling, General & Admin | 0 | 646.05B | 627.63B | 555.97B | 522.78B | 456.8B | 460.2B | 457.68B | 457.68B | 444.06B | 443.97B | 446.93B | 329.83B | 237.91B | 466.31B | 355.24B | 362.17B | 355.4B | 264.63B | 252.96B | 190.56B | 181.44B | 161.7B | 141.57B | 126B | 102.91B | 88.05B | 82.85B | 79.67B |
| SG&A % of Revenue | - | 22.47% | 22.3% | 20.87% | 20.84% | 19.92% | 20.18% | 18.86% | 15.99% | 16.58% | 18.74% | 20.57% | 24.02% | 22.61% | 59.31% | 41.96% | 43.62% | 37.49% | 23.99% | 23.15% | 20.67% | 22.27% | 23.89% | 23.27% | 22.23% | 21.11% | 18.17% | 18.33% | 96.79% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 770.68B | 331.83B | 360.71B | 335.92B | 292.88B | 258.81B | 269.68B | 329.44B | 336.19B | 329.22B | 287.74B | 256.83B | 203.05B | 292.97B | 142.47B | 99.57B | 113.44B | 180.39B | 305.29B | 372.93B | 227.62B | 149.14B | 166.08B | 121.16B | 163.08B | 171.51B | 161.74B | 0 | 0 |
| Operating Margin % | 21.82% | 11.54% | 12.82% | 12.61% | 11.68% | 11.29% | 11.83% | 13.58% | 11.75% | 12.29% | 12.15% | 11.82% | 14.79% | 27.84% | 18.12% | 11.76% | 13.66% | 19.03% | 27.67% | 34.13% | 24.69% | 18.3% | 24.53% | 19.91% | 28.78% | 35.18% | 33.37% | - | - |
| Operating Income Growth % | 132.25% | -8.01% | 7.38% | 14.7% | 13.16% | -4.03% | -18.14% | -2.01% | 2.12% | 14.42% | 12.04% | 26.49% | -30.69% | 105.64% | 43.08% | -12.22% | -37.12% | -40.91% | -18.14% | 63.84% | 52.62% | -10.2% | 37.07% | -25.71% | -4.91% | 6.04% | - | - | - |
| EBITDA | 1.2T | 731.35B | 724.96B | 676.17B | 613.22B | 574.77B | 573.88B | 625.03B | 616.12B | 582.9B | 532.59B | 486.41B | 409.72B | 470.25B | 310.7B | 268.01B | 280.7B | 369.6B | 473.2B | 526.21B | 364.51B | 281.14B | 287.53B | 237.13B | 279.78B | 277.06B | 251.96B | 0 | 0 |
| EBITDA Margin % | 33.97% | 25.44% | 25.76% | 25.39% | 24.45% | 25.07% | 25.17% | 25.76% | 21.53% | 21.76% | 22.49% | 22.38% | 29.84% | 44.68% | 39.52% | 31.66% | 33.81% | 38.99% | 42.89% | 48.15% | 39.53% | 34.5% | 42.48% | 38.98% | 49.37% | 56.83% | 51.99% | - | - |
| EBITDA Growth % | 64.06% | 0.88% | 7.21% | 10.27% | 6.69% | 0.15% | -8.18% | 1.45% | 5.7% | 9.45% | 9.49% | 18.72% | -12.87% | 51.35% | 15.93% | -4.52% | -24.05% | -21.89% | -10.07% | 44.36% | 29.65% | -2.22% | 21.26% | -15.24% | 0.98% | 9.96% | - | - | - |
| D&A (Non-Cash Add-back) | 429.2B | 399.53B | 364.24B | 340.25B | 320.34B | 315.95B | 304.2B | 295.59B | 279.92B | 253.68B | 244.85B | 229.58B | 206.67B | 177.28B | 168.23B | 168.44B | 167.27B | 189.22B | 167.91B | 153.28B | 136.89B | 132B | 121.46B | 115.97B | 116.69B | 105.55B | 90.22B | 84.95B | 85.63B |
| EBIT | 938.71B | 545.14B | 552.11B | 472.79B | 423.44B | 339.38B | 385.35B | 420.96B | 415.27B | 422.23B | 375.25B | 401.89B | 315.8B | 292.97B | 142.47B | 99.57B | 113.44B | 180.39B | 305.29B | 372.93B | 227.62B | -132B | -121.46B | -115.97B | -116.69B | -105.55B | -90.22B | -84.95B | -85.63B |
| Net Interest Income | 182.03B | -169.05B | 159.67B | 191.86B | 213.47B | 193.13B | 177.73B | 149.56B | 151.44B | 138.94B | 128.07B | 114.24B | 108.73B | 112.74B | 88.95B | 99.02B | 103.14B | 156.99B | 120.35B | 119.71B | 98.99B | 80.64B | 57.34B | 58.99B | 32.83B | 2.65B | -13.32B | -33.86B | -47.14B |
| Interest Income | 387.62B | 0 | 348B | 319.48B | 281.7B | 271.19B | 276.86B | 242.89B | 228.25B | 211.85B | 200.89B | 186.88B | 191.7B | 213.71B | 198.82B | 221.14B | 185.17B | 259.51B | 225.94B | 201.12B | 161.61B | 135.86B | 117.6B | 129.65B | 122.94B | 113.88B | 98.03B | 107.78B | 95.03B |
| Interest Expense | 205.58B | 169.05B | 188.33B | 127.62B | 68.23B | 78.07B | 99.14B | 93.34B | 76.81B | 72.91B | 72.82B | 72.65B | 82.86B | 101.28B | 110.87B | 122.13B | 82.5B | 102.52B | 105.59B | 81.41B | 62.62B | 54.9B | 58.49B | 70.67B | 90.11B | 111.23B | 111.36B | 141.63B | 142.18B |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 733.13B | 480.46B | 469.98B | 392.18B | 509.45B | 287.56B | 412.56B | 395.73B | 435.5B | 424.96B | 391.3B | 344.02B | 286.34B | 172.57B | 130.48B | 91.97B | 55.61B | 8.69B | 244.69B | 310.69B | 249.41B | 154.09B | 103.63B | 45.42B | 72.83B | 60.28B | 50.38B | 27.46B | 38.41B |
| Pretax Margin % | 20.76% | 16.71% | 16.7% | 14.72% | 20.31% | 12.54% | 18.09% | 16.31% | 15.22% | 15.87% | 16.52% | 15.83% | 20.86% | 16.4% | 16.6% | 10.86% | 6.7% | 0.92% | 22.18% | 28.43% | 27.05% | 18.91% | 15.31% | 7.47% | 12.85% | 12.36% | 10.4% | 6.08% | 46.66% |
| Income Tax | 247.16B | 128.83B | 131.39B | 95.25B | 186.59B | 90.75B | 105.84B | 68.69B | 113.91B | 144.04B | 120.31B | 89.06B | 98.55B | 53.68B | 44.63B | 27.62B | 23.35B | -1.99B | 98.51B | 126.07B | 97.93B | 68.74B | 51.5B | 20.76B | 32.83B | 25.47B | 20.72B | 1.7B | 14.68B |
| Effective Tax Rate % | 33.71% | 26.81% | 27.96% | 24.29% | 36.63% | 31.56% | 25.65% | 17.36% | 26.16% | 33.89% | 30.75% | 25.89% | 34.42% | 31.11% | 34.2% | 30.03% | 42% | -22.91% | 40.26% | 40.58% | 39.26% | 44.61% | 49.7% | 45.71% | 45.07% | 42.26% | 41.13% | 6.2% | 38.22% |
| Net Income | 475.04B | 351.63B | 346.13B | 290.34B | 317.38B | 192.38B | 302.7B | 323.75B | 313.13B | 273.24B | 260.17B | 234.95B | 187.36B | 111.74B | 83.51B | 66.02B | 37.76B | 21.92B | 167.91B | 196.17B | 166.67B | 91.36B | 54B | 29.73B | 40.14B | 34.81B | 29.66B | 25.76B | 23.73B |
| Net Margin % | 13.45% | 12.23% | 12.3% | 10.9% | 12.65% | 8.39% | 13.27% | 13.34% | 10.94% | 10.2% | 10.98% | 10.81% | 13.65% | 10.62% | 10.62% | 7.8% | 4.55% | 2.31% | 15.22% | 17.95% | 18.08% | 11.21% | 7.98% | 4.89% | 7.08% | 7.14% | 6.12% | 5.7% | 28.83% |
| Net Income Growth % | 35.1% | 1.59% | 19.22% | -8.52% | 64.97% | -36.44% | -6.5% | 3.39% | 14.6% | 5.02% | 10.73% | 25.4% | 67.68% | 33.81% | 26.49% | 74.86% | 72.22% | -86.94% | -14.4% | 17.7% | 82.42% | 69.18% | 81.65% | -25.93% | 15.32% | 17.34% | 15.15% | 8.55% | - |
| Net Income (Continuing) | 485.97B | 351.63B | 338.59B | 296.93B | 322.85B | 196.81B | 306.72B | 327.04B | 321.59B | 280.93B | 270.99B | 254.96B | 187.79B | 0 | 85.85B | 64.35B | 32.26B | 12.06B | 146.18B | 184.62B | 151.48B | 84.5B | 52.23B | 24.66B | 40.01B | 34.81B | 29.66B | 25.76B | 23.73B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 297M | 7.5B | 168M | -2.64B | -1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 1.04B | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 141.92B | 82B | 83.14B | 71.66B | 109.98B | 74.69B | 82.56B | 65.91B | 123.87B | 146.47B | 169.85B | 232.77B | 230.2B | 85.6B | 39.73B | 55.59B | 45.87B | 43.46B | 41.08B | 39.12B | 34.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 423.42 | 307.16 | 298.05 | 231.04 | 259.07 | 155.39 | 237.17 | 252.70 | 244.15 | 208.68 | 198.52 | 178.99 | 137.20 | 87.53 | 65.45 | 46.56 | 31.59 | 23.38 | 182.10 | 209.64 | 178.59 | 100.26 | 60.77 | 33.92 | 46.84 | 40.35 | 37.77 | 22.04 | 20.30 |
| EPS Growth % | 37.85% | 3.06% | 29% | -10.82% | 66.72% | -34.48% | -6.15% | 3.5% | 17% | 5.12% | 10.91% | 30.46% | 56.75% | 33.74% | 40.57% | 47.39% | 35.12% | -87.16% | -13.14% | 17.39% | 78.13% | 64.98% | 79.16% | -27.58% | 16.08% | 6.83% | 71.37% | 8.57% | - |
| EPS (Basic) | 425.01 | 307.74 | 298.55 | 231.35 | 259.37 | 155.54 | 237.38 | 252.92 | 244.40 | 208.88 | 198.73 | 179.24 | 141.55 | 103.06 | 78.18 | 54.95 | 37.05 | 24.66 | 186.39 | 217.24 | 187.93 | 108.83 | 65.22 | 35.96 | 49.06 | 42.04 | 25.38 | 22.04 | 30.53 |
| Diluted Shares Outstanding | 1.12B | 1.14B | 1.16B | 1.18B | 1.2B | 1.24B | 1.28B | 1.28B | 1.28B | 1.31B | 1.31B | 1.31B | 1.31B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 775.25M | 777.22M |
| Basic Shares Outstanding | 1.12B | 1.14B | 1.16B | 1.18B | 1.2B | 1.24B | 1.28B | 1.28B | 1.28B | 1.31B | 1.31B | 1.31B | 1.27B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B | 1.17B |
| Dividend Payout Ratio | - | 38.56% | 28.86% | 36.61% | 31.32% | 49.47% | 34.3% | 27.32% | 23.23% | 22.43% | 29.22% | 12.82% | 8.47% | 8.66% | 10.3% | 12.21% | 16.58% | 107.32% | 7.01% | 4.14% | 2.12% | 2.23% | 3.86% | 3.97% | 2.98% | 2.9% | 3.16% | 3.79% | 4.1% |
Asset disposal timing volatility
As reported in recent financial statements, ORIX's quarterly revenue reached 938.9 billion JPY in 2026Q4, reflecting a volatile growth trajectory that appears heavily influenced by the timing of asset disposals across its ten diverse business segments rather than consistent organic expansion in its core leasing operations.
The revenue fluctuations suggest that ORIX's top-line performance is less a function of steady-state demand and more a reflection of opportunistic exit strategies in its private equity and real estate portfolios. Investors should monitor whether the recent revenue peak is sustainable or merely a byproduct of lumpy asset rotation cycles.
Based on the provided income statement data, ORIX's gross margin has exhibited significant variability, ranging from a high of 45.2% in 2025Q2 to a low of 30.5% in 2026Q2, suggesting that the firm's pricing power is frequently challenged by the cyclical nature of its underlying asset-heavy business model.
The lack of consistent margin stability implies that ORIX struggles to maintain pricing discipline across its diverse service and leasing niches. This volatility warrants further investigation into whether the firm's operational involvement in assets provides a true competitive moat or simply exposes it to higher cost-of-goods-sold fluctuations.
According to the historical income statement, ORIX's net income has shown extreme sensitivity to non-operating items, with net margins fluctuating between 6.2% and 20.6% over the last ten quarters, indicating that reported EPS is heavily influenced by the timing of project-based gains rather than core operational efficiency.
The wide variance in net income suggests that investors should be cautious when relying on headline EPS figures, as they likely incorporate significant one-time gains from asset sales. This pattern appears to confirm that ORIX utilizes asset rotations to smooth earnings, which may mask the underlying performance of its recurring fee-based businesses.
As indicated by the recent 2026Q4 operating margin of 44.2% despite a net margin of only 6.2%, ORIX's income statement reveals a disconnect between operational profitability and bottom-line results, which may suggest that the firm is struggling to convert its diverse business activities into consistent shareholder value.
Short-sellers may focus on the potential for 'diworsification' where the complexity of managing ten distinct segments leads to inefficient capital allocation and hidden impairments. The reliance on lumpy asset exits to drive net income suggests that the firm's valuation may be vulnerable to a downturn in the M&A or real estate markets.
Quick answers to the most common questions about buying IX stock.
ORIX Corporation (IX) is profitable, generating $475.04B in net income for the fiscal year ending 2026 with a net profit margin of 13.5%.
ORIX Corporation (IX) reported an operating income of $770.68B, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ORIX Corporation (IX) generated $1.13T in gross profit for the year, representing a gross profit margin of 32.1%. This demonstrates the company's core pricing power and production efficiency.