Business Context and Reporting Period
Company: ORIX Corporation (ORIX)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 21, 2026
Reporting Period: Update regarding the First Quarter of the Fiscal Year Ending March 31, 2027 (FY2027).
Context: ORIX filed an extraordinary report to disclose the financial impact of Toshiba Corporation's full-year results (ended March 31, 2026) on ORIX's consolidated financials. ORIX holds an indirect interest in Toshiba through TB Investment Limited Partnership, an equity-method affiliate.
Key Financial Metrics
- Projected Q1 FY2027 Equity Income: Approximately ¥179.8 billion (before tax) from equity-method investments.
- Estimated Q1 FY2027 Net Income Impact: An increase of approximately ¥70.0 billion in Net Income Attributable to ORIX Corporation Shareholders.
- Full-Year FY2027 Forecast: Previously projected Net Income Attributable to ORIX Corporation Shareholders of ¥530.0 billion (released May 11, 2026).
- Source of Gain: Gains on sale and valuation gains relating to shares of Kioxia Holdings Corporation recognized by Toshiba in Q4 FY2026.
Material Changes vs. Prior Period
This filing represents an update to a notice issued on May 15, 2026. The material change is the quantification of the impact from Toshiba's Q4 FY2026 results. Due to a reporting lag of up to three months for equity-method affiliates, Toshiba's Q4 gains are being recognized in ORIX's Q1 FY2027 results rather than the prior period. The filing does not provide comparative revenue, profit, or cash flow figures for the prior year's first quarter.
Guidance, Outlook, and Risks
- Outlook Uncertainty: The impact on ORIX's Full-Year FY2027 consolidated results cannot be reasonably determined at this time. It may vary based on Toshiba's future financial results, future purchase/sale of Kioxia shares, and other factors.
- Exclusions: The current estimate excludes information regarding the disposition of Kioxia shares on or after April 1, 2026, and does not reflect subsequent fluctuations in Kioxia's share price.
- Management Action: ORIX will promptly disclose further information if a revision to its earnings forecast becomes necessary.
- Risk Factors: Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
Investor Verification Checklist
- Verify the final impact on Full-Year FY2027 earnings once Toshiba's subsequent quarterly results are released.
- Monitor future transactions by Toshiba regarding Kioxia Holdings Corporation shares post-April 1, 2026.
- Track fluctuations in Kioxia's share price, as these are not reflected in the current ¥70.0 billion estimate.
- Confirm if ORIX issues a formal revision to its ¥530.0 billion full-year net income forecast.