Revenue growth accelerated to $2.4T in 2027Q1 with NII up 22.4% YoY and fee income at 35.8% of total revenue, while the efficiency ratio improved to 26.0% from 45.8% in 2025Q4.
Mizuho Financial Group, Inc. (MFG) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | 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 |
|---|
| Net Interest Income | 1.45T | 1.46T | 1.05T | 887.61B | 960.57B | 993.46B | 905.68B | 733.54B | 762.48B | 807.36B | 867.82B | 1T | 1.13T | 1.11T | 947.2B | 949.55B | 937.75B | 1.03T | 1.18T | 1.11T | 1.09T | 1.06T | 1.21T | 1.19T | 1.26T |
| NII Growth % | 122.7% | 39.69% | 17.76% | -7.6% | -3.31% | 9.69% | 23.47% | -3.8% | -5.56% | -6.97% | -13.54% | -11.13% | 1.91% | 17.01% | -0.25% | 1.26% | -8.95% | -13.07% | 6.97% | 1.59% | 2.6% | -12.07% | 1.99% | -5.68% | - |
| Net Interest Margin % | 0.48% | 0.48% | 0.37% | 0.32% | 0.38% | 0.42% | 0.4% | 0.34% | 0.38% | 0.39% | 0.43% | 0.52% | 0.6% | 0.63% | 0.53% | 0.57% | 0.58% | 0.66% | 0.76% | 0.73% | 0.73% | 0.71% | 0.84% | 0.86% | 0.94% |
| Interest Income | 5.97T | 6.2T | 6T | 5.77T | 3.18T | 1.31T | 1.33T | 2.01T | 2.06T | 1.62T | 1.45T | 1.43T | 1.47T | 1.42T | 1.36T | 1.37T | 1.39T | 1.56T | 2.29T | 3.02T | 2.56T | 1.94T | 1.69T | 1.62T | 1.99T |
| Interest Expense | 4.52T | 4.74T | 4.95T | 4.88T | 2.22T | 315.55B | 427.83B | 1.28T | 1.29T | 814.99B | 577.74B | 422.57B | 339.54B | 309.27B | 412.85B | 415.96B | 448.86B | 528.16B | 1.1T | 1.91T | 1.47T | 872.4B | 477.98B | 437.7B | 734.86B |
| Loan Loss Provision | 63.7B | 105.32B | 51.6B | 106.3B | 89.3B | 235.1B | 204.9B | 171.7B | 19.5B | -156.3B | 47.5B | 30.4B | 4.6B | -106.42B | 144.53B | -24.25B | 5.09B | 198B | 651.02B | -52.68B | 31.27B | -25.1B | -58.05B | 0 | 0 |
| Non-Interest Income | 3.04T | 3.29T | 2.6T | 2.08T | 1.71T | 1.53T | 1.56T | 1.58T | 1.43T | 1.5T | 1.56T | 1.51T | 1.35T | 1.18T | 1.38T | 1.03T | 1T | 1.18T | 420.52B | 1.04T | 1.49T | 1.29T | 1.27T | 0 | 0 |
| Non-Interest Income % | 67.67% | 69.23% | 71.33% | 70.12% | 64.02% | 60.57% | 63.19% | 68.26% | 65.25% | 65% | 64.26% | 60.07% | 54.51% | 51.62% | 59.32% | 52.13% | 51.62% | 53.39% | 26.2% | 48.37% | 57.68% | 54.79% | 51.25% | 0% | 0% |
| Total Net Revenue | 4.49T | 4.75T | 3.65T | 2.97T | 2.67T | 2.52T | 2.46T | 2.31T | 2.19T | 2.31T | 2.43T | 2.51T | 2.48T | 2.29T | 2.33T | 1.98T | 1.94T | 2.21T | 1.61T | 2.15T | 2.58T | 2.35T | 2.48T | 1.19T | 1.26T |
| Revenue Growth % | 18.98% | 30.2% | 22.69% | 11.27% | 5.98% | 2.39% | 6.48% | 5.33% | -4.89% | -5% | -3.4% | 1.26% | 8.38% | -1.63% | 17.4% | 2.33% | -12.28% | 37.64% | -25.17% | -16.72% | 9.59% | -5.18% | 109.19% | -5.68% | - |
| Non-Interest Expense | 2.58T | 2.92T | 2.4T | 1.91T | 1.8T | 1.68T | 1.6T | 1.52T | 2.06T | 1.66T | 1.6T | 1.48T | 1.49T | 1.41T | 1.3T | 1.34T | 1.32T | 1.33T | 1.31T | 1.35T | 1.57T | 1.4T | 1.59T | 303.76B | 3.52T |
| Efficiency Ratio | 57.39% | 61.54% | 65.94% | 64.28% | 67.48% | 66.7% | 65.17% | 65.8% | 93.81% | 72.1% | 65.75% | 58.68% | 59.91% | 61.63% | 55.78% | 67.8% | 68.2% | 59.97% | 81.75% | 62.97% | 60.94% | 59.37% | 64.3% | 25.63% | 280.06% |
| Operating Income | 1.85T | 1.72T | 1.19T | 955.03B | 778.96B | 603.87B | 652.16B | 618.72B | 116.26B | 799.95B | 784.19B | 1.01T | 990.63B | 985.37B | 885.18B | 662.84B | 611.36B | 686.46B | -358.09B | 847.14B | 974.9B | 980.14B | 943.06B | 881.24B | -2.26T |
| Operating Margin % | 41.19% | 36.24% | 32.65% | 32.14% | 29.17% | 23.97% | 26.5% | 26.77% | 5.3% | 34.68% | 32.29% | 40.11% | 39.9% | 43.02% | 38.01% | 33.42% | 31.54% | 31.07% | -22.31% | 39.49% | 37.85% | 41.7% | 38.04% | 74.37% | -180.06% |
| Operating Income Growth % | - | 44.54% | 24.61% | 22.6% | 28.99% | -7.4% | 5.41% | 432.19% | -85.47% | 2.01% | -22.22% | 1.78% | 0.53% | 11.32% | 33.54% | 8.42% | -10.94% | 291.7% | -142.27% | -13.11% | -0.53% | 3.93% | 7.02% | 138.96% | - |
| Pretax Income | 1.85T | 1.72T | 1.19T | 955.03B | 778.96B | 603.87B | 652.16B | 618.72B | 116.26B | 799.95B | 784.19B | 1.01T | 990.63B | 985.37B | 885.18B | 662.84B | 611.36B | 686.46B | -358.09B | 847.14B | 974.9B | 980.14B | 943.06B | 881.24B | -2.26T |
| Pretax Margin % | 41.19% | 36.24% | 32.65% | 32.14% | 29.17% | 23.97% | 26.5% | 26.77% | 5.3% | 34.68% | 32.29% | 40.11% | 39.9% | 43.02% | 38.01% | 33.42% | 31.54% | 31.07% | -22.31% | 39.49% | 37.85% | 41.7% | 38.04% | 74.37% | -180.06% |
| Income Tax | 453.09B | 390.33B | 301.42B | 271.74B | 218.83B | 60.69B | 174.79B | 161.5B | -2.5B | 191.63B | 137.74B | 282.55B | 304.99B | 214.97B | 4.02B | 13.88B | 193.23B | -360.19B | 761.91B | 672.18B | 266.97B | 249.07B | 255.04B | 359.8B | 8.22B |
| Effective Tax Rate % | 24.49% | 22.69% | 25.33% | 28.45% | 28.09% | 10.05% | 26.8% | 26.1% | -2.15% | 23.95% | 17.56% | 28.02% | 30.79% | 21.82% | 0.45% | 2.09% | 31.61% | -52.47% | -212.77% | 79.35% | 27.38% | 25.41% | 27.04% | 40.83% | -0.36% |
| Net Income | 1.39T | 1.32T | 885.43B | 678.99B | 555.53B | 530.48B | 471.02B | 448.57B | 96.57B | 576.55B | 603.54B | 670.94B | 611.93B | 688.41B | 875.41B | 656.39B | 412.67B | 999.69B | -1.06T | 228.62B | 620.97B | 649.9B | 627.38B | 406.98B | -2.38T |
| Net Margin % | 30.97% | 27.9% | 24.29% | 22.85% | 20.81% | 21.06% | 19.14% | 19.41% | 4.4% | 24.99% | 24.85% | 26.69% | 24.65% | 30.05% | 37.6% | 33.09% | 21.29% | 45.25% | -65.93% | 10.66% | 24.11% | 27.65% | 25.31% | 34.34% | -189.21% |
| Net Income Growth % | 56.86% | 49.52% | 30.4% | 22.23% | 4.72% | 12.62% | 5.01% | 364.52% | -83.25% | -4.47% | -10.05% | 9.64% | -11.11% | -21.36% | 33.37% | 59.06% | -58.72% | 194.45% | -562.98% | -63.18% | -4.45% | 3.59% | 54.16% | 117.12% | - |
| Net Income (Continuing) | 1.4T | 1.33T | 888.67B | 683.3B | 560.13B | 543.18B | 477.38B | 457.22B | 118.76B | 608.33B | 646.46B | 725.7B | 685.64B | 770.4B | 881.16B | 648.96B | 418.13B | 1.05T | -1.12T | 174.96B | 707.93B | 731.07B | 688.01B | 348.63B | -2.44T |
| EPS (Diluted) | 114.14 | 107.05 | 70.04 | 53.58 | 43.84 | 41.85 | 37.15 | 35.37 | 7.61 | 45.44 | 47.56 | 52.84 | 48.20 | 54.24 | 44.10 | 40.34 | 38.54 | 31.14 | -188.48 | 49.82 | 106.99 | 111.98 | 75.44 | 37.51 | -509.05 |
| EPS Growth % | 62.28% | 52.84% | 30.72% | 22.22% | 4.76% | 12.65% | 5.03% | 364.78% | -83.25% | -4.46% | -9.99% | 9.63% | -11.14% | 22.99% | 9.32% | 4.67% | 23.76% | 116.52% | -478.32% | -53.43% | -4.46% | 48.44% | 101.12% | 107.37% | - |
| EPS (Basic) | - | 107.05 | 70.04 | 53.58 | 43.84 | 41.85 | 37.15 | 35.38 | 7.61 | 45.46 | 47.72 | 53.88 | 49.82 | 56.36 | 45.92 | 40.34 | 40.94 | 32.58 | -188.48 | 54.64 | 106.99 | 111.98 | 109.25 | 72.31 | -509.05 |
| Diluted Shares Outstanding | 12.19B | 12.41B | 12.64B | 12.67B | 12.67B | 12.67B | 12.68B | 12.68B | 12.68B | 12.69B | 12.69B | 12.7B | 12.18B | 12.1B | 12.52B | 12.01B | 9.87B | 7.01B | 5.62B | 6.25B | 5.8B | 5.8B | 8.32B | 10.85B | 10.85B |
Quick answers to the most common questions about buying MFG stock.
For fiscal year 2026, Mizuho Financial Group, Inc. (MFG) reported total revenue of $4.75T. This represents a 277.8% increase compared to $1.26T in 2003.
Mizuho Financial Group, Inc. (MFG) is profitable, generating $1.32T in net income for the fiscal year ending 2026 with a net profit margin of 14.0%.
Mizuho Financial Group, Inc. (MFG) reported an operating income of $1.72T, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Mizuho Financial Group, Inc. (MFG) generated $4.64T in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
US CRE exposure and rate sensitivity
NII Surges on BoJ Shift
Net interest income grew 22.4% YoY in 2027Q1, reaching $369.0B, as the Bank of Japan's rate normalization expands lending spreads, according to quarterly filings.
The acceleration in NII from $301.5B in 2026Q1 to $369.0B in 2027Q1 reflects the bank's repricing of its loan book and deposit franchise in a rising rate environment. This trend appears sustainable as long as the BoJ continues its tightening cycle, though deposit beta dynamics could compress margins if competition for deposits intensifies.
NIM Stable but Poised for Expansion
Net interest margin held at 0.1% across the last ten quarters, but the BoJ's exit from negative rates suggests potential for gradual improvement, as reported in financial statements.
Despite the static NIM, the underlying asset yields are likely improving as JGB yields rise, while funding costs remain low due to the still-ample domestic deposit base. The bank's efficiency ratio of 26.0% in 2027Q1 indicates strong cost control, which could amplify the impact of any NIM expansion on profitability.
Efficiency Ratio Hits Cyclical Low
Mizuho's efficiency ratio improved to 26.0% in 2027Q1, down from 45.8% in 2025Q4, reflecting robust revenue growth and disciplined expense management, based on reported figures.
The dramatic improvement in the efficiency ratio from 45.8% to 26.0% over five quarters suggests strong operating leverage, driven by a 10.4% YoY revenue increase and stable costs. However, investors should monitor whether this level is sustainable, as IT investments and potential wage inflation could pressure expenses in the future.
Provision Volatility Masks Credit Trends
Provision expenses swung from a $92.5B charge in 2024Q4 to net reversals in recent quarters, indicating improving asset quality, though US CRE exposure warrants monitoring, per SEC filings.
The negative provisions in 2026Q2 and 2026Q1 suggest that credit conditions are benign, likely due to low domestic NPLs and recoveries. However, the $84.7B provision in 2026Q3 highlights the potential for volatility, particularly from the bank's US commercial real estate portfolio, which could require additional provisioning if the office market deteriorates further.
Fee Income Diversification Gains Traction
Non-interest income rose to $844.2B in 2027Q1, with fee income representing 35.8% of total revenue, up from 24.0% in 2024Q4, as reported in quarterly results.
The increasing fee ratio indicates a strategic shift toward capital-light businesses such as asset management and advisory services, which should enhance earnings stability. This diversification is particularly valuable as it reduces reliance on net interest income, which remains sensitive to interest rate cycles.
BoJ Policy Shift Marks Turning Point
The Bank of Japan's exit from negative rates in 2024 has been the primary catalyst for Mizuho's revenue growth, with total revenue up 10.4% YoY in 2027Q1, according to financial disclosures.
This policy change has fundamentally altered the bank's earnings trajectory, as evidenced by the consistent YoY NII growth of over 20% since 2025Q3. The sustainability of this inflection depends on the BoJ's future rate path and the bank's ability to pass on higher rates to borrowers without triggering credit stress.
What Could Invalidate the Base Case
Mizuho's earnings quality may be overstated if US CRE losses materialize, given the $84.7B provision in 2026Q3 and elevated debt-to-equity ratio of 5.84, per financial data.
The bank's exposure to US commercial real estate, particularly office properties, could lead to significant provisioning if the market deteriorates, offsetting domestic NII gains. Additionally, the reliance on BoJ policy for margin expansion introduces vulnerability to policy reversals or prolonged rate stagnation, which could compress the current earnings momentum.