Net interest income growth accelerated to 27.9% in 2026Q4, while non-interest fee income contributed 34.4% to total revenue, signaling a successful diversification of the bank's earnings profile.
| 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 |
|---|
| Net Interest Income | 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 % | 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% | 0.37% | 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 | 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 | 4.74T | 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 | 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 | 3.29T | 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 % | 34.62% | 30.23% | 26.52% | 34.98% | 53.83% | 53.84% | 43.92% | 41.04% | 48.03% | 51.91% | 51.43% | 47.95% | 45.48% | 50.39% | 43.09% | 41.91% | 43.09% | 15.53% | 25.58% | 36.7% | 39.96% | 42.96% | 0% | 0% |
| Total Revenue | 9.49T | 8.6T | 7.86T | 4.89T | 2.84T | 2.89T | 3.59T | 3.49T | 3.12T | 3.01T | 2.94T | 2.82T | 2.6T | 2.74T | 2.4T | 2.39T | 2.74T | 2.71T | 4.06T | 4.05T | 3.22T | 2.96T | 1.62T | 1.99T |
| Revenue Growth % | 10.35% | 9.47% | 60.73% | 72.4% | -1.85% | -19.58% | 2.98% | 11.72% | 3.85% | 2.37% | 4.05% | 8.55% | -5.16% | 14.25% | 0.52% | -12.81% | 1.12% | -33.26% | 0.21% | 25.61% | 9% | 82.22% | -18.51% | - |
| Non-Interest Expense | 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 | 30.77% | 27.95% | 24.31% | 36.86% | 59.28% | 55.52% | 42.33% | 59.01% | 53.28% | 53.11% | 50.24% | 52.7% | 54.3% | 47.38% | 56.05% | 55.37% | 48.4% | 48.47% | 33.3% | 38.78% | 43.3% | 53.9% | 18.72% | 176.7% |
| Operating Income | 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 % | 18.12% | 13.84% | 12.16% | 15.94% | 21.3% | 22.58% | 17.23% | 3.33% | 25.62% | 26.09% | 34.34% | 35.1% | 37.9% | 32.29% | 27.63% | 25.61% | 25.07% | -13.23% | 20.88% | 24.08% | 30.41% | 31.89% | 54.31% | -113.61% |
| 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 | 1.72T | 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 % | 18.12% | 13.84% | 12.16% | 15.94% | 21.3% | 22.58% | 17.23% | 3.33% | 25.62% | 26.09% | 34.34% | 35.1% | 37.9% | 32.29% | 27.63% | 25.61% | 25.07% | -13.23% | 20.88% | 24.08% | 30.41% | 31.89% | 54.31% | -113.61% |
| Income Tax | 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 % | 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 | 1.32T | 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 % | 13.95% | 10.3% | 8.64% | 11.37% | 18.71% | 16.31% | 12.49% | 2.77% | 18.47% | 20.08% | 22.85% | 21.68% | 26.48% | 31.93% | 27.36% | 17.29% | 36.52% | -39.1% | 5.64% | 15.34% | 20.17% | 21.22% | 25.08% | -119.38% |
| Net Income Growth % | 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) | 1.33T | 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) | 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 % | 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 | 12.41B | 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 |
Interest rate policy sensitivity
According to the latest quarterly financial data, Mizuho's net interest income reached 393.8 billion yen in 2026Q4, representing a significant 27.9% growth trajectory that suggests the bank is successfully capturing the benefits of a shifting domestic interest rate environment compared to earlier periods of stagnation.
The consistent acceleration in NII over the last four quarters indicates that the bank's loan book is finally repricing in response to the Bank of Japan's policy adjustments. Investors should monitor whether this momentum can be sustained without triggering a corresponding increase in deposit betas, which could compress the net interest spread.
As reported in recent financial statements, Mizuho's efficiency ratio fluctuated to 38.3% in 2026Q4, reflecting a period of heightened non-interest expense that warrants further investigation into whether this represents structural investment in digital infrastructure or temporary costs associated with the bank's ongoing strategic transformation.
While the efficiency ratio remains within a manageable range, the volatility observed in recent quarters suggests that Mizuho continues to struggle with achieving consistent operating leverage. The bank's reliance on a legacy branch network and complex IT systems appears to create a high fixed-cost floor that limits margin expansion during periods of revenue growth.
Based on reported figures, Mizuho recorded zero provision expense in 2026Q4, a notable shift from the 84.7 billion yen charge in 2026Q3, which may indicate a temporary stabilization in credit risk or a more optimistic internal assessment of the bank's loan portfolio quality.
The absence of provision expenses in the most recent quarter is a significant driver of bottom-line performance, yet it may mask underlying credit deterioration within the SME or international corporate segments. Analysts should remain cautious, as the cyclical nature of the bank's industrial client base suggests that credit costs could revert to higher levels if macroeconomic conditions in Japan or the US weaken.
Data from recent filings shows that non-interest fee income contributed 34.4% to total revenue in 2026Q4, highlighting the bank's ongoing efforts to pivot toward capital-light advisory and wealth management services to reduce its historical dependency on traditional net interest income.
The stability of the fee income ratio suggests that Mizuho is making progress in cross-selling its securities and advisory capabilities to its corporate client base. However, the reliance on transaction-based fees introduces a layer of market-driven volatility that could offset the gains achieved through the bank's core lending operations.
Quick answers to the most common questions about buying MFG stock.
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.