Revenue momentum remains strong with net interest income reaching $827.8 billion in 2026Q4, supported by a diversified fee income stream that accounts for 35.2% of total revenue.
| 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 | Mar'97 |
|---|
| Net Interest Income | 3.19T | 2.88T | 2.46T | 2.93T | 2.04T | 1.9T | 1.89T | 1.92T | 1.91T | 2.02T | 1.46T | 2.18T | 1.85T | 1.77T | 1.85T | 1.71T | 1.82T | 2.13T | 2.15T | 2.22T | 1.6T | 928.91B | 951.53B | 826.4B | 1.08T | 800.42B | 887.38B | 940.69B | 768.2B | 753.63B |
| NII Growth % | 10.81% | 17.04% | -16.01% | 43.2% | 7.27% | 0.64% | -1.55% | 0.83% | -5.81% | 38.87% | -33.17% | 18% | 4.63% | -4.55% | 8.27% | -5.83% | -14.88% | -0.92% | -2.89% | 38.79% | 71.94% | -2.38% | 15.14% | -23.46% | 34.9% | -9.8% | -5.67% | 22.45% | 1.93% | 45.33% |
| Net Interest Margin % | 0.74% | 0.7% | 0.61% | 0.76% | 0.55% | 0.53% | 0.56% | 0.62% | 0.63% | 0.67% | 0.49% | 0.78% | 0.73% | 0.77% | 0.86% | 0.84% | 0.91% | 1.1% | 1.13% | 1.19% | 0.86% | 0.86% | 0.92% | 0.86% | 1.14% | 1.04% | 1.23% | 1.27% | 0.89% | 0.9% |
| Interest Income | 9.25T | 8.47T | 7.47T | 5.3T | 2.59T | 2.68T | 3.84T | 3.73T | 3.09T | 2.89T | 2.11T | 2.81T | 2.41T | 2.32T | 2.49T | 2.38T | 2.59T | 3.73T | 4.24T | 3.8T | 2.48T | 1.4T | 1.38T | 1.26T | 2.02T | 1.91T | 1.79T | 2.34T | 2.47T | 2.4T |
| Interest Expense | 6.06T | 5.59T | 5.01T | 2.37T | 543.95B | 773.72B | 1.95T | 1.52T | 1.03T | 769.64B | 655.73B | 624.74B | 560.97B | 556.42B | 640.14B | 670.67B | 774.4B | 1.6T | 2.09T | 1.59T | 882.07B | 469.61B | 425.16B | 435.09B | 940.74B | 1.11T | 901.66B | 1.4T | 1.7T | 1.65T |
| Loan Loss Provision | 85.03B | -189.05B | 497.91B | 674.84B | 331.44B | 515.53B | 222.95B | 297.42B | 205.57B | 249.41B | 255.15B | 161.62B | -106.37B | 144.54B | 223.81B | 377.74B | 692.6B | 674.81B | 388.57B | 464.85B | 123.06B | 108.4B | -114.36B | 304.49B | 602.75B | 669.14B | 369.09B | 920.33B | 1.36T | 393.65B |
| Non-Interest Income | 5T | 3.96T | 3.42T | 3.13T | 2.66T | 2.65T | 2.81T | 2.38T | 2.37T | 2.58T | 2.12T | 2.41T | 1.6T | 1.9T | 1.84T | 1.77T | 2.52T | 188.89B | 1.72T | 1.88T | 878.13B | 913.53B | 1.25T | 730.49B | 702.03B | 668.26B | 539.77B | 514.95B | 543.54B | 552.25B |
| Non-Interest Income % | 35.07% | 31.88% | 31.42% | 37.14% | 50.69% | 49.73% | 42.22% | 38.91% | 43.34% | 47.15% | 50.05% | 46.18% | 39.92% | 45.02% | 42.48% | 42.58% | 49.36% | 4.82% | 28.88% | 33.08% | 26.16% | 39.51% | 47.68% | 36.67% | 25.79% | 25.96% | 23.18% | 18.01% | 18.06% | 18.7% |
| Total Revenue | 14.25T | 12.43T | 10.89T | 8.43T | 5.25T | 5.33T | 6.65T | 6.11T | 5.46T | 5.46T | 4.23T | 5.21T | 4.01T | 4.23T | 4.33T | 4.15T | 5.11T | 3.92T | 5.96T | 5.68T | 3.36T | 2.31T | 2.63T | 1.99T | 2.72T | 2.57T | 2.33T | 2.86T | 3.01T | 2.95T |
| Revenue Growth % | 14.62% | 14.13% | 29.19% | 60.65% | -1.53% | -19.85% | 8.82% | 11.84% | -0.04% | 29.14% | -18.84% | 30% | -5.08% | -2.44% | 4.48% | -18.95% | 30.44% | -34.22% | 4.91% | 69.26% | 45.21% | -12.13% | 32.08% | -26.83% | 5.77% | 10.52% | -18.56% | -4.99% | 1.88% | 40.27% |
| Non-Interest Expense | 4.58T | 4.48T | 3.33T | 3.81T | 2.88T | 3T | 3.65T | 3.15T | 2.82T | 3.14T | 1.82T | 2.81T | 2.14T | 2.11T | 2.62T | 2.28T | 2.35T | 3.41T | 3.43T | 2.5T | 1.82T | 1.02T | 1.14T | 979.41B | 1.5T | 901.56B | 928.79B | 1.02T | 1.17T | 825.09B |
| Efficiency Ratio | 32.13% | 36.02% | 30.59% | 45.23% | 54.92% | 56.25% | 54.86% | 51.54% | 51.6% | 57.5% | 43.05% | 53.95% | 53.25% | 49.9% | 60.43% | 54.89% | 45.96% | 86.99% | 57.6% | 43.94% | 54.29% | 43.93% | 43.48% | 49.17% | 55.24% | 35.03% | 39.88% | 35.8% | 38.81% | 27.93% |
| Operating Income | 3.52T | 2.55T | 2.05T | 1.57T | 1.49T | 1.04T | 829.44B | 1.15T | 1.41T | 1.3T | 1.5T | 1.61T | 1.42T | 1.42T | 849.94B | 821.81B | 1.3T | -1.76T | 51.76B | 1.13T | 529.67B | 718.39B | 1.18T | 272.99B | -324.83B | -102.02B | 129.26B | -488.27B | -1.21T | 87.14B |
| Operating Margin % | 24.72% | 20.52% | 18.82% | 18.62% | 28.39% | 19.56% | 12.48% | 18.75% | 25.8% | 23.85% | 35.42% | 30.97% | 35.42% | 33.51% | 19.62% | 19.82% | 25.36% | -44.99% | 0.87% | 19.97% | 15.78% | 31.07% | 44.71% | 13.7% | -11.93% | -3.96% | 5.55% | -17.08% | -40.26% | 2.95% |
| Operating Income Growth % | 38.1% | 24.41% | 30.59% | 5.37% | 42.98% | 25.63% | -27.58% | -18.74% | 8.15% | -13.05% | -7.18% | 13.68% | 0.32% | 66.58% | 3.42% | -36.64% | 173.52% | -3508.8% | -95.44% | 114.27% | -26.27% | -38.93% | 330.92% | 184.04% | -218.39% | -178.93% | 126.47% | 59.71% | -1490.59% | -6.37% |
| Pretax Income | 3.52T | 2.55T | 2.05T | 1.57T | 1.49T | 1.04T | 829.44B | 1.15T | 1.41T | 1.3T | 1.5T | 1.61T | 1.42T | 1.42T | 849.94B | 821.81B | 1.3T | -1.76T | 51.76B | 1.13T | 529.67B | 718.39B | 1.18T | 272.99B | -324.83B | -102.02B | 129.26B | -488.27B | -1.21T | 87.14B |
| Pretax Margin % | 24.72% | 20.52% | 18.82% | 18.62% | 28.39% | 19.56% | 12.48% | 18.75% | 25.8% | 23.85% | 35.42% | 30.97% | 35.42% | 33.51% | 19.62% | 19.82% | 25.36% | -44.99% | 0.87% | 19.97% | 15.78% | 31.07% | 44.71% | 13.7% | -11.93% | -3.96% | 5.55% | -17.08% | -40.26% | 2.95% |
| Income Tax | 807.58B | 609.16B | 478.34B | 369.61B | 283.41B | 185.07B | 220.9B | 195.57B | 313.44B | 342.18B | 460.2B | 467.79B | 337.92B | 296.02B | 429.19B | 433.63B | 413.11B | -259.93B | 553.04B | 552.83B | 165.47B | 303.75B | 355.31B | 23.83B | -102.07B | 6.05B | 93.71B | -143.5B | -438.4B | 54.82B |
| Effective Tax Rate % | 22.93% | 23.88% | 23.33% | 23.54% | 19.02% | 17.76% | 26.63% | 17.08% | 22.24% | 26.26% | 30.71% | 28.97% | 23.79% | 20.91% | 50.5% | 52.76% | 31.85% | 14.73% | 1068.58% | 48.71% | 31.24% | 42.28% | 30.2% | 8.73% | 31.42% | -5.93% | 72.5% | 29.39% | 36.18% | 62.91% |
| Net Income | 2.57T | 1.86T | 1.49T | 1.12T | 1.13T | 777.02B | 528.15B | 872.69B | 989.66B | 926.44B | 951.4B | 1.03T | 1.02T | 1.07T | 416.23B | 452.64B | 868.66B | -1.47T | -542.44B | 581.29B | 363.51B | 415.15B | 823B | 248.57B | -216.91B | -108.08B | 35.55B | -344.77B | -773.39B | 32.32B |
| Net Margin % | 18.06% | 14.99% | 13.69% | 13.24% | 21.55% | 14.58% | 7.94% | 14.28% | 18.12% | 16.95% | 22.48% | 19.83% | 25.32% | 25.3% | 9.61% | 10.92% | 16.98% | -37.44% | -9.1% | 10.23% | 10.83% | 17.96% | 31.28% | 12.48% | -7.97% | -4.2% | 1.53% | -12.06% | -25.7% | 1.09% |
| Net Income Growth % | 38.15% | 24.96% | 33.52% | -1.27% | 45.54% | 47.12% | -39.48% | -11.82% | 6.82% | -2.62% | -7.97% | 1.81% | -5.03% | 156.86% | -8.04% | -47.89% | 159.17% | -170.64% | -193.32% | 59.91% | -12.44% | -49.56% | 231.1% | 214.6% | -100.7% | -403.99% | 110.31% | 55.42% | -2492.97% | 13.49% |
| Net Income (Continuing) | 2.71T | 1.94T | 1.57T | 1.2T | 1.21T | 856.97B | 608.54B | 949.76B | 1.1T | 961.05B | 1.04T | 1.15T | 1.08T | 1.12T | 420.75B | 388.19B | 883.92B | -1.5T | -501.29B | 582.11B | 364.2B | 414.64B | 821.06B | 249.16B | -222.76B | -108.08B | 35.55B | -344.77B | -773.39B | 32.32B |
| EPS (Diluted) | 225.29 | 159.47 | 124.32 | 90.41 | 88.05 | 60.25 | 40.71 | 66.61 | 92.10 | 67.99 | 68.51 | 72.94 | 69.98 | 74.16 | 28.09 | 30.43 | 68.59 | -137.84 | -54.05 | 29.68 | 20.14 | 0.06 | 0.13 | 31.01 | -39.44 | -23.12 | 4.11 | -73.84 | -165.03 | 7.43 |
| EPS Growth % | 41.27% | 28.27% | 37.51% | 2.68% | 46.14% | 48% | -38.88% | -27.68% | 35.46% | -0.76% | -6.07% | 4.23% | -5.64% | 164.01% | -7.69% | -55.63% | 149.76% | -155.02% | -282.11% | 47.37% | 32072.52% | -51.85% | -99.58% | 178.63% | -70.59% | -662.53% | 105.57% | 55.26% | -2321.13% | -22.93% |
| EPS (Basic) | 225.29 | 160.01 | 124.64 | 90.73 | 88.45 | 60.50 | 40.95 | 66.91 | 92.52 | 68.27 | 68.51 | 73.21 | 70.21 | 74.30 | 28.17 | 30.55 | 68.72 | -137.84 | -54.05 | 29.86 | 20.50 | 0.06 | 0.13 | 33.82 | -39.85 | -23.12 | 6.17 | -73.84 | -165.03 | 7.43 |
| Diluted Shares Outstanding | 11.39B | 11.64B | 11.96B | 12.31B | 12.79B | 12.84B | 12.9B | 13.1B | 13.34B | 13.57B | 13.96B | 14.14B | 14.18B | 14.17B | 14.16B | 14.14B | 12.33B | 10.82B | 10.31B | 10.05B | 8.12B | 6.63B | 6.56B | 8.02B | 5.41B | 4.68B | 4.82B | 4.67B | 4.69B | 4.35B |
Global commercial real estate
According to the most recent quarterly data, MUFG achieved a significant NII expansion to $827.8 billion in 2026Q4, representing a 17.8% growth rate that suggests the bank is successfully capturing the benefits of the Bank of Japan's shift away from long-standing negative interest rate policies.
The recent acceleration in NII indicates that the bank's massive domestic deposit base is finally beginning to contribute more meaningfully to top-line growth. Investors should monitor whether this trajectory can be sustained as the competitive landscape for deposits in Japan potentially intensifies.
As reported in financial statements, MUFG's efficiency ratio fluctuated significantly over the last ten quarters, reaching a low of 23.9% in 2026Q2 before settling at 34.8% in 2026Q4, which highlights the inherent difficulty in managing a high fixed-cost base during periods of rapid revenue change.
The variance in the efficiency ratio suggests that while the bank is attempting to modernize its operations, legacy overhead remains a persistent drag on operating leverage. The recent uptick in the ratio warrants further investigation into whether this reflects increased investment in digital transformation or rising personnel costs.
Based on the provided income statement data, MUFG reported zero provision expense in 2026Q4, a sharp contrast to the $234.3 billion provision recorded in 2024Q4, which implies a highly variable approach to credit loss modeling that may be sensitive to shifting macroeconomic outlooks.
The absence of provision expense in the most recent quarter may suggest management's current confidence in the credit quality of its loan portfolio. However, given the bank's exposure to international commercial real estate, this lack of provisioning could be viewed as aggressive if global economic conditions deteriorate.
Data from recent filings indicates that non-interest income remains a critical component of MUFG's revenue mix, accounting for 35.2% of total revenue in 2026Q4, which underscores the importance of the bank's diversified fee-generating activities in offsetting interest rate sensitivity.
The reliance on fee income, particularly from its investment banking and trust services, provides a necessary hedge against the cyclicality of interest-based earnings. The stability of this revenue stream appears to be a key differentiator for MUFG compared to its more domestically-focused peers.
Quick answers to the most common questions about buying MUFG stock.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is profitable, generating $2.57T in net income for the fiscal year ending 2026 with a net profit margin of 18.1%.
Mitsubishi UFJ Financial Group, Inc. (MUFG) reported an operating income of $3.52T, resulting in an operating profit margin of 24.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Mitsubishi UFJ Financial Group, Inc. (MUFG) generated $8.10T in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.