Revenue growth remains highly erratic, oscillating between a 171.2% surge in 2024Q3 and a 24.4% contraction in 2025Q4, while gross margins have fluctuated between 23.7% and 34.2%.
| 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 |
|---|
| Sales/Revenue | 13.23T | 12.96T | 13.02T | 10.97T | 9.92T | 9T | 8.26T | 8.67T | 8.54T | 7.6T | 8.11T | 8.22T | 7.77T | 6.8T | 6.49T | 7.18T | 7.21T | 7.73T | 8.87T | 8.3T | 7.47T | 7.18T | 7.51T | 7.46T | 7.59T | 7.38T | 6.48T | 6.8T | 6.81T | 5.65T |
| Revenue Growth % | 2.12% | -0.49% | 18.65% | 10.61% | 10.26% | 8.94% | -4.68% | 1.42% | 12.37% | -6.2% | -1.34% | 5.78% | 14.21% | 4.74% | -9.58% | -0.45% | -6.68% | -12.87% | 6.94% | 10.99% | 4.17% | -4.52% | 0.69% | -1.69% | 2.87% | 13.85% | -4.69% | -0.15% | 20.49% | 21.83% |
| Cost of Goods Sold | 9.16T | 9.28T | 9.68T | 7.74T | 7.22T | 6.57T | 5.92T | 6.26T | 6.23T | 5.66T | 6.07T | 6.16T | 5.96T | 5.34T | 4.39T | 4.83T | 4.89T | 5.66T | 6.29T | 5.89T | 5.15T | 5.01T | 5.07T | 5.46T | 5.25T | 5.5T | 4.8T | 4.96T | 4.93T | 4.15T |
| COGS % of Revenue | 69.19% | 71.62% | 74.35% | 70.52% | 72.77% | 72.98% | 71.71% | 72.28% | 72.92% | 74.48% | 74.94% | 74.95% | 76.68% | 78.54% | 67.55% | 67.28% | 67.82% | 73.23% | 70.9% | 71% | 68.91% | 69.84% | 67.48% | 73.17% | 69.14% | 74.58% | 74.1% | 72.93% | 72.38% | 73.47% |
| Gross Profit | 4.08T | 3.68T | 3.34T | 3.24T | 2.7T | 2.43T | 2.34T | 2.4T | 2.31T | 1.94T | 2.03T | 2.06T | 1.81T | 1.46T | 2.11T | 2.35T | 2.32T | 2.07T | 2.58T | 2.41T | 2.32T | 2.16T | 2.44T | 2T | 2.34T | 1.88T | 1.68T | 1.84T | 1.88T | 1.5T |
| Gross Margin % | 30.81% | 28.38% | 25.65% | 29.48% | 27.23% | 27.02% | 28.29% | 27.72% | 27.08% | 25.52% | 25.06% | 25.05% | 23.32% | 21.46% | 32.45% | 32.72% | 32.18% | 26.77% | 29.1% | 29% | 31.09% | 30.16% | 32.52% | 26.83% | 30.86% | 25.42% | 25.9% | 27.07% | 27.62% | 26.53% |
| Gross Profit Growth % | 10.84% | 10.1% | 3.26% | 19.74% | 11.13% | 4.05% | -2.75% | 3.84% | 19.25% | -4.48% | -1.3% | 13.62% | 24.09% | -30.73% | -10.35% | 1.23% | 12.17% | -19.83% | 7.29% | 3.54% | 7.38% | -11.45% | 22.08% | -14.54% | 24.89% | 11.71% | -8.81% | -2.12% | 25.42% | -7.4% |
| Operating Expenses | 2.44T | 2.27T | 2.13T | 1.93T | 1.5T | 1.48T | 1.49T | 1.51T | 1.58T | 1.65T | 1.74T | 1.99T | 1.78T | 1.46T | 1.32T | 2.18T | 1.54T | 1.69T | 1.71T | 1.79T | 2.13T | 2.05T | 2.34T | 1.82T | 2.21T | 1.65T | 1.45T | 1.5T | 1.36T | 1.13T |
| OpEx % of Revenue | 18.42% | 17.52% | 16.37% | 17.61% | 15.11% | 16.4% | 18.05% | 17.4% | 18.53% | 21.72% | 21.43% | 24.21% | 22.98% | 21.43% | 20.27% | 30.32% | 21.42% | 21.81% | 19.33% | 21.56% | 28.53% | 28.57% | 31.21% | 24.34% | 29.08% | 22.34% | 22.31% | 22.09% | 19.92% | 19.99% |
| Selling, General & Admin | 2.44T | 2.26T | 2.16T | 1.97T | 1.59T | 1.47T | 1.48T | 1.55T | 1.56T | 1.51T | 1.66T | 1.76T | 1.69T | 1.39T | 1.38T | 1.5T | 1.54T | 1.69T | 1.71T | 1.79T | 1.53T | 1.54T | 2.31T | 1.82T | 2.21T | 1.65T | 1.45T | 1.5T | 1.36T | 1.13T |
| SG&A % of Revenue | 18.42% | 17.42% | 16.56% | 17.94% | 16.01% | 16.37% | 17.97% | 17.91% | 18.31% | 19.81% | 20.54% | 21.4% | 21.72% | 20.51% | 21.19% | 20.91% | 21.42% | 21.81% | 19.33% | 21.56% | 20.43% | 21.39% | 30.73% | 24.35% | 29.08% | 22.34% | 22.31% | 22.09% | 19.92% | 19.99% |
| Research & Development | 0 | 734.58B | 742.77B | 0 | 0 | 0 | 499.29B | 481.2B | 458.52B | 447.46B | 468.18B | 464.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.67% | 5.7% | - | - | - | 6.04% | 5.55% | 5.37% | 5.89% | 5.78% | 5.65% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -720.86B | -767.32B | -36.47B | -89.14B | 2.7B | -492.53B | -526B | -453.39B | -295.76B | -396.49B | -234.1B | -345.1B | -228.27B | -59.59B | 0 | 0 | 0 | 0 | 0 | 73.92B | 27.99B | 35.55B | -117.97M | -132.91M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.64T | 1.41T | 1.21T | 1.3T | 1.2T | 955.25B | 845.46B | 894.24B | 734.86B | 288.7B | 294.2B | 68.55B | 26.5B | 226.5B | -65.66B | 199.82B | 31.77B | -227.78B | 475.3B | 71.75B | 226.42B | 145.63B | 99.15B | 110.3B | 134.9B | 227.38B | 233.25B | 338.93B | 524.51B | 369.68B |
| Operating Margin % | 12.39% | 10.86% | 9.28% | 11.87% | 12.12% | 10.62% | 10.24% | 10.32% | 8.6% | 3.8% | 3.63% | 0.83% | 0.34% | 3.33% | -1.01% | 2.78% | 0.44% | -2.95% | 5.36% | 0.86% | 3.03% | 2.03% | 1.32% | 1.48% | 1.78% | 3.08% | 3.6% | 4.98% | 7.7% | 6.54% |
| Operating Income Growth % | 16.47% | 16.41% | -7.18% | 8.32% | 25.87% | 12.99% | -5.45% | 21.69% | 154.54% | -1.87% | 329.18% | 158.72% | -88.3% | 444.95% | -132.86% | 528.92% | 113.95% | -147.92% | 562.44% | -68.31% | 55.48% | 46.88% | -10.12% | -18.23% | -40.67% | -2.52% | -31.18% | -35.38% | 41.88% | 55.47% |
| EBITDA | 2.89T | 1.79T | 1.57T | 2.31T | 2.04T | 1.64T | 1.26T | 1.62T | 1.46T | 913.25B | 990.88B | 696.11B | 688.86B | 811.29B | 489.44B | 775.38B | 402.78B | 177.66B | 903.31B | 471.76B | 608.26B | 518.49B | 753.96B | 773.43B | 754.26B | 825.51B | 483.87B | 592B | 828.62B | 642.14B |
| EBITDA Margin % | 21.85% | 13.83% | 12.08% | 21.02% | 20.54% | 18.25% | 15.2% | 18.66% | 17.04% | 12.01% | 12.22% | 8.47% | 8.87% | 11.93% | 7.54% | 10.8% | 5.58% | 2.3% | 10.18% | 5.69% | 8.14% | 7.23% | 10.03% | 10.36% | 9.94% | 11.19% | 7.46% | 8.7% | 12.17% | 11.36% |
| EBITDA Growth % | 61.27% | 13.95% | -31.81% | 13.22% | 24.04% | 30.84% | -22.35% | 11.07% | 59.38% | -7.83% | 42.34% | 1.05% | -15.09% | 65.76% | -36.88% | 92.51% | 126.71% | -80.33% | 91.48% | -22.44% | 17.31% | -31.23% | -2.52% | 2.54% | -8.63% | 70.61% | -18.27% | -28.56% | 29.04% | 28.99% |
| D&A (Non-Cash Add-back) | 1.25T | 385.35B | 364.27B | 1T | 835.23B | 687.37B | 409.97B | 722.52B | 720.72B | 624.55B | 696.68B | 627.57B | 662.37B | 584.79B | 555.11B | 575.56B | 371B | 405.44B | 428.01B | 400.01B | 381.84B | 372.87B | 654.82B | 663.13B | 619.36B | 598.14B | 250.62B | 253.07B | 304.11B | 272.46B |
| EBIT | 1.64T | 1.43T | 1.18T | 1.3T | 1.13T | 1.01T | 851.99B | 1.02T | 712.62B | 266.16B | 329.79B | 63.33B | 49.2B | 268.74B | -58.14B | 228.92B | 49.42B | -150.58B | 1.12T | 669.41B | 847.13B | 664.36B | 99.15B | 185.22B | 134.9B | 227.38B | 233.25B | 348.58B | 524.51B | 369.68B |
| Net Interest Income | -26.65B | 10.05B | -3.42B | -4B | -7.6B | -162.94M | 8.19B | 9.15B | 6.22B | -3.08B | -12.83B | -10.71B | -6.81B | -4.67B | -7.67B | -12.13B | -9.31B | -2.06B | -518.97B | -539.13B | -535.87B | -492.45B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 80.63B | 50.92B | 37.58B | 22.4B | 7B | 71.75M | 19.28B | 21.62B | 19.78B | 11.46B | 12.46B | 12.89B | 16.65B | 21.99B | 15.1B | 11.78B | 13.19B | 22.32B | 34.27B | 28.24B | 24.94B | 14.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 107.28B | 40.88B | 41B | 26.4B | 14.6B | 234.69M | 11.09B | 12.47B | 13.57B | 14.54B | 25.29B | 23.6B | 23.46B | 26.66B | 22.77B | 23.91B | 22.5B | 24.38B | 553.24B | 567.38B | 560.8B | 507.15B | 0 | 0 | 75.89B | 28.37B | 0 | 0 | 109.08B | 73.58B |
| Other Income/Expense | -130.82B | 66.56B | 59.83B | -27.89B | -84.84B | 42.71B | -46.01B | 117.41B | -35.81B | -37.08B | 10.31B | -28.82B | -754M | 15.58B | -15.25B | 5.19B | -4.86B | 52.83B | 0 | 30.29B | 59.91B | 11.9B | 45.25B | 85.77B | -60.34B | 11.48B | -23.53B | 17.51B | -83.98B | -67.18B |
| Pretax Income | 1.51T | 1.47T | 1.27T | 1.27T | 1.12T | 997.97B | 799.45B | 1.01T | 699.05B | 251.62B | 304.5B | 39.73B | 25.74B | 242.08B | -83.19B | 205.01B | 26.91B | -174.96B | 567.13B | 102.04B | 286.25B | 157.53B | 144.39B | 196.07B | 74.56B | 238.85B | 209.72B | 356.44B | 440.54B | 302.49B |
| Pretax Margin % | 11.4% | 11.37% | 9.74% | 11.61% | 11.26% | 11.09% | 9.68% | 11.67% | 8.18% | 3.31% | 3.76% | 0.48% | 0.33% | 3.56% | -1.28% | 2.85% | 0.37% | -2.26% | 6.39% | 1.23% | 3.83% | 2.2% | 1.92% | 2.63% | 0.98% | 3.24% | 3.24% | 5.24% | 6.47% | 5.35% |
| Income Tax | 389.25B | 313.84B | 288.17B | 262.72B | 229.1B | -45.93B | 177.19B | 45.1B | 151.77B | 124.06B | 94.79B | 88.73B | 94.58B | 141.5B | 315.24B | 425.34B | 13.96B | -72.74B | 203.48B | 53.89B | 176.44B | 16.08B | 52.86B | 80.69B | 65.26B | 116.53B | 91.66B | 177.21B | 216.64B | 163.28B |
| Effective Tax Rate % | 25.81% | 21.3% | 22.71% | 20.61% | 20.5% | -4.6% | 22.16% | 4.46% | 21.71% | 49.3% | 31.13% | 223.35% | 367.44% | 58.45% | -378.96% | 207.47% | 51.87% | 41.58% | 35.88% | 52.81% | 61.64% | 10.21% | 36.61% | 41.16% | 87.52% | 48.79% | 43.7% | 49.72% | 49.18% | 53.98% |
| Net Income | -346.58B | 1.14T | 970.57B | 1.01T | 882.18B | 1.03T | 582.19B | 916.27B | 490.79B | 73.29B | 147.79B | -125.98B | -128.37B | 41.54B | -455.04B | -259.58B | -40.8B | -98.94B | 369.44B | 126.33B | 123.59B | 164.17B | 88.72B | 115.38B | 15.28B | 16.9B | 118.06B | 179.23B | 223.9B | 139.21B |
| Net Margin % | -2.62% | 8.81% | 7.45% | 9.16% | 8.89% | 11.44% | 7.05% | 10.57% | 5.74% | 0.96% | 1.82% | -1.53% | -1.65% | 0.61% | -7.01% | -3.61% | -0.57% | -1.28% | 4.16% | 1.52% | 1.65% | 2.29% | 1.18% | 1.55% | 0.2% | 0.23% | 1.82% | 2.64% | 3.29% | 2.46% |
| Net Income Growth % | -130.36% | 17.62% | -3.45% | 13.95% | -14.32% | 76.85% | -36.46% | 86.69% | 569.67% | -50.41% | 217.31% | 1.86% | -409.03% | 109.13% | -75.29% | -536.21% | 58.76% | -126.78% | 192.44% | 2.22% | -24.72% | 85.05% | -23.11% | 654.86% | -9.55% | -85.69% | -34.13% | -19.95% | 60.83% | 153.97% |
| Net Income (Continuing) | 1.12T | 1.16T | 980.49B | 1.01T | 888.41B | 1.04T | 622.26B | 966.55B | 547.28B | 127.56B | 209.72B | -49B | -68.84B | 101.69B | -397.66B | -220.33B | 12.95B | -102.21B | 363.66B | 0 | 122.99B | 170.2B | 90.8B | 115.38B | 9.3B | 122.33B | 118.06B | 179.23B | 223.86B | 139.21B |
| Discontinued Operations | -1.44T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 335.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 396.29B | 330.41B | 168.93B | 58.61B | 52.78B | 44B | 1.12T | 699.11B | 689B | 650.23B | 668.55B | 616.64B | 529.12B | 482.74B | 481.23B | 407.92B | 319.65B | 251.95B | 276.85B | 38.97B | 37.1B | 23.81B | 22.94B | 21.94B | 23.39B | 19.17B | 33.5B | 136.24B | 126.83B | 114.66B |
| EPS (Diluted) | -57.52 | 187.92 | 157.14 | 161.97 | 141.03 | 164.75 | 92.25 | 141.55 | 75.95 | 11.38 | 23.50 | -22.61 | -25.00 | 8.51 | 91.01 | -51.73 | -8.13 | -19.72 | 70.22 | 24.06 | 23.38 | 31.61 | 17.44 | 23.52 | 3.34 | 3.69 | 13.19 | 19.66 | 48.25 | 30.91 |
| EPS Growth % | -130.61% | 19.59% | -2.98% | 14.85% | -14.4% | 78.59% | -34.83% | 86.37% | 567.4% | -51.57% | 203.94% | 9.56% | -393.77% | -90.65% | 275.93% | -536.29% | 58.77% | -128.08% | 191.85% | 2.91% | -26.04% | 81.25% | -25.85% | 604.19% | -9.49% | -72.02% | -32.91% | -59.25% | 56.1% | 129.13% |
| EPS (Basic) | -57.52 | 188.71 | 157.14 | 162.71 | 142.37 | 167.35 | 94.33 | 144.68 | 77.66 | 11.61 | 23.88 | -22.61 | -25.00 | 8.51 | 91.01 | -51.73 | -8.13 | -19.72 | 73.67 | 25.23 | 24.52 | 35.18 | 19.23 | 25.02 | 3.35 | 3.69 | 14.49 | 21.96 | 55.66 | 30.91 |
| Diluted Shares Outstanding | 5.98B | 6.08B | 6.18B | 6.21B | 6.26B | 6.25B | 6.31B | 6.47B | 6.46B | 6.44B | 6.29B | 5.57B | 5.14B | 5.05B | 5.02B | 5.02B | 5.02B | 5.02B | 5.26B | 5.25B | 5.23B | 5.22B | 5.09B | 4.91B | 4.57B | 4.58B | 4.64B | 4.64B | 4.64B | 4.5B |
| Basic Shares Outstanding | 5.98B | 6.05B | 6.18B | 6.18B | 6.2B | 6.15B | 6.17B | 6.33B | 6.32B | 6.31B | 6.19B | 5.57B | 5.14B | 5.05B | 5.02B | 5.02B | 5.02B | 5.02B | 5.02B | 5.01B | 4.99B | 4.66B | 4.61B | 4.61B | 4.56B | 4.58B | 4.12B | 4.1B | 4.02B | 4.5B |
| Dividend Payout Ratio | - | 10.1% | 10.16% | 8.61% | 8.43% | 5.95% | 0.08% | 4.15% | 5.8% | 34.52% | 8.63% | - | - | 60.32% | - | - | - | - | 6.79% | 19.83% | 20.07% | 14% | 25.97% | 19.73% | 150.43% | 135.82% | 16.88% | 13.69% | 9.72% | 13.38% |
Volatile segment margin performance
As indicated by the quarterly financial data, Sony's revenue trajectory exhibits significant volatility, fluctuating between a 171.2% surge in 2024Q3 and a 24.4% contraction in 2025Q4, suggesting that the company's top-line performance is heavily tethered to cyclical hardware release cycles and seasonal entertainment demand.
The inconsistent revenue growth patterns appear to reflect the inherent lumpiness of a conglomerate balancing high-volume consumer electronics with hit-driven media content. Investors should monitor whether the shift toward recurring digital services can eventually smooth these cyclical swings, as current figures suggest the business remains highly sensitive to periodic hardware refresh cycles.
According to the reported income statements, Sony's gross margins have oscillated between 23.7% and 34.2% over the last ten quarters, highlighting a lack of structural margin stability that likely stems from the varying profitability profiles of its diverse hardware and software business units.
The wide variance in gross margins suggests that the company's profitability is highly susceptible to product mix shifts and input cost fluctuations. This inconsistency warrants further investigation into whether the company possesses sufficient pricing power to offset rising production costs in its semiconductor and gaming divisions.
Based on the provided financial figures, Sony's net income has experienced extreme swings, including a notable net loss of $1.0 trillion in 2026Q3, which indicates that reported earnings are currently subject to significant non-operating noise or large-scale accounting adjustments that obscure underlying operational performance.
The dramatic divergence between operating income and net income in recent periods suggests that investors should focus on normalized earnings metrics rather than headline figures. The presence of such large, non-recurring impacts may indicate underlying accounting complexities or significant impairments that require deeper scrutiny to assess true earnings power.
As reported in the financial statements, the company's TTM net margin of -2.62% serves as a primary point of concern for skeptics, suggesting that the current conglomerate structure may be failing to generate consistent bottom-line returns despite the scale of its diverse entertainment and technology assets.
Short-sellers would likely focus on the persistent margin volatility and the potential for capital misallocation within the non-core electronics segments. The lack of consistent profitability, despite the company's strong IP moat, suggests that the market may be right to apply a conglomerate discount until management demonstrates a more disciplined approach to segment-level efficiency.
Quick answers to the most common questions about buying SONY stock.
For fiscal year 2026, Sony Group Corporation (SONY) reported total revenue of $13.23T. This represents a 134.1% increase compared to $5.65T in 1997.
Sony Group Corporation (SONY) reported a net loss of $346.58B for the fiscal year ending 2026.
Sony Group Corporation (SONY) reported an operating income of $1.64T, resulting in an operating profit margin of 12.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Sony Group Corporation (SONY) generated $4.08T in gross profit for the year, representing a gross profit margin of 30.8%. This demonstrates the company's core pricing power and production efficiency.