Mizuho Financial Group Inc. - Fiscal 2025 Results Summary
Business Context and Reporting Period
This Form 6-K filing reports the consolidated financial results for Mizuho Financial Group, Inc. (MHFG) for the fiscal year ended March 31, 2026 (Fiscal 2025). The report is prepared under Japanese GAAP. The filing was signed on May 15, 2026, by Makoto Samejima, Senior Managing Corporate Executive / Group CFO.
Key Financial Metrics
| Metric | Fiscal 2025 | Fiscal 2024 | Change |
|---|---|---|---|
| Ordinary Income | ¥9,085,438 million | ¥9,030,374 million | +0.6% |
| Ordinary Profits | ¥1,573,159 million | ¥1,168,141 million | +34.6% |
| Profit Attributable to Owners of Parent | ¥1,248,632 million | ¥885,433 million | +41.0% |
| Comprehensive Income | ¥1,651,210 million | ¥618,184 million | +167.1% |
| Earnings Per Share (Diluted) | ¥502.92 | ¥350.20 | +43.6% |
| Total Assets | ¥302,240,042 million | ¥283,320,404 million | +6.7% |
| Total Net Assets | ¥11,403,890 million | ¥10,523,753 million | +8.4% |
| Own Capital Ratio | 3.7% | 3.6% | +0.1 pp |
| Cash and Cash Equivalents | ¥59,677,580 million | ¥70,723,361 million | -15.6% |
Material Changes vs. Prior Period
- Profit Surge: Ordinary profits increased by ¥405.0 billion (34.6%) and net profit attributable to owners rose by ¥363.1 billion (41.0%).
- Revenue Drivers: Consolidated Gross Profits grew by ¥556.8 billion, driven by strong fee business growth (domestic and international), yen depreciation benefits, and higher Bank of Japan policy rates. Net gains on stocks increased by ¥183.9 billion due to sales of cross-holding stocks.
- Expense Management: General and Administrative Expenses rose by ¥262.7 billion to ¥2,103.4 billion, attributed to inflation, yen depreciation, and resource deployment to growth areas, partially offset by expense controls.
- Asset Growth: Total assets increased by ¥18.9 trillion, primarily due to an ¥8.3 trillion increase in Securities and a ¥5.6 trillion increase in Loans and Bills Discounted.
- Cash Flow: Net cash used in operating activities was ¥4.8 trillion, and investing activities used ¥6.7 trillion, mainly due to securities transactions. Financing activities used ¥0.5 trillion due to subordinated bond redemptions.
- Dividends: Annual cash dividends per share were set at ¥145.0 (up from ¥140.0), with a payout ratio of 28.8%.
Guidance, Outlook, and Risks
- Fiscal 2026 Guidance: Management estimates Profit Attributable to Owners of Parent at ¥1,300.0 billion (a 4.1% increase). Diluted EPS is estimated at ¥533.10.
- Dividend Policy: The company aims to increase dividends by approximately ¥5.0 per share annually. For Fiscal 2026, dividends are estimated at ¥150.0 per share. Share buybacks will be executed flexibly to maintain a total payout ratio of 50% or more.
- Capital Adequacy: The Common Equity Tier 1 capital ratio (Basel III) was 9.9%, meeting the lower end of the 9-10% target range.
- Key Risks: Management highlighted risks including geopolitical disruptions (specifically Middle East conflict), credit-related costs, interest rate changes, foreign currency fluctuations, cybersecurity threats, and climate change impacts.
- Subsequent Events: On April 22, 2026, the company cancelled 47 million shares. On May 15, 2026, the Board resolved to repurchase up to 25 million shares (approx. ¥100 billion) between May 18 and August 31, 2026.
Investor Verification Checklist
- Non-Recurring Gains: Verify the sustainability of the ¥325.1 billion net gain on stocks and the ¥69.8 billion gain from the cancellation of the employee retirement benefit trust, which significantly boosted profits.
- Credit Costs: Monitor the increase in credit-related costs to ¥133.0 billion, driven by specific company costs and forward-looking provisions for geopolitical uncertainty.
- Cash Position: Assess the impact of the ¥11.0 trillion decrease in cash and cash equivalents on liquidity management.
- Share Buybacks: Track the execution of the newly authorized ¥100 billion share repurchase program and its impact on EPS and capital ratios.
- Interest Rate Sensitivity: Evaluate the exposure to interest rate changes given the reliance on higher policy rates for net interest income growth.