Pigeon Income Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	109,170	104,171	94,461	94,921	93,080
Revenue Growth (YoY)	4.80%	10.28%	-0.48%	1.98%	-6.34%
Cost of Revenue	54,331	52,799	49,008	50,087	49,008
Gross Profit	54,839	51,372	45,453	44,834	44,072
Selling, General & Admin	41,680	39,243	34,722	32,631	30,727
Operating Expenses	41,680	39,233	34,726	32,638	30,735
Operating Income	13,159	12,139	10,727	12,196	13,337
Interest Expense	-86	-75	-98	-94	-79
Interest & Investment Income	312	368	268	199	305
Currency Exchange Gain (Loss)	-508	1	-170	112	131
Other Non Operating Income (Expenses)	803	849	793	1,050	953
EBT Excluding Unusual Items	13,680	13,282	11,520	13,463	14,647
Gain (Loss) on Sale of Investments	-	-	-	-	51
Gain (Loss) on Sale of Assets	5	149	7	6	5
Asset Writedown	-148	-1,259	-393	-327	-288
Other Unusual Items	-220	699	18	-1	-885
Pretax Income	13,317	12,871	11,152	13,141	13,530
Income Tax Expense	4,481	4,316	3,592	4,381	4,552
Earnings From Continuing Operations	8,836	8,555	7,560	8,760	8,978
Minority Interest in Earnings	-266	-184	-137	-179	-193
Net Income	8,570	8,371	7,423	8,581	8,785
Net Income to Common	8,570	8,371	7,423	8,581	8,785
Net Income Growth	2.38%	12.77%	-13.49%	-2.32%	-17.46%
Shares Outstanding (Basic)	120	120	120	120	120
Shares Outstanding (Diluted)	120	120	120	120	120
Shares Change (YoY)	0.03%	-0.02%	-0.03%	0.01%	-0.03%
EPS (Basic)	71.64	70.00	62.06	71.72	73.43
EPS (Diluted)	71.64	70.00	62.06	71.72	73.43
EPS Growth	2.35%	12.80%	-13.47%	-2.33%	-17.43%
Free Cash Flow	10,261	12,215	9,039	7,895	5,234
Free Cash Flow Per Share	85.78	102.14	75.57	65.98	43.75
Dividend Per Share	-	76.000	76.000	76.000	74.000
Dividend Growth	-	-	-	2.70%	2.78%
Gross Margin	50.23%	49.31%	48.12%	47.23%	47.35%
Operating Margin	12.05%	11.65%	11.36%	12.85%	14.33%
Profit Margin	7.85%	8.04%	7.86%	9.04%	9.44%
Free Cash Flow Margin	9.40%	11.73%	9.57%	8.32%	5.62%
EBITDA	17,760	17,015	15,806	17,143	17,498
EBITDA Margin	16.27%	16.33%	16.73%	18.06%	18.80%
D&A For EBITDA	4,601	4,876	5,079	4,947	4,161
EBIT	13,159	12,139	10,727	12,196	13,337
EBIT Margin	12.05%	11.65%	11.36%	12.85%	14.33%
Effective Tax Rate	33.65%	33.53%	32.21%	33.34%	33.64%
Advertising Expenses	-	3,044	2,999	2,704	2,792

Source: S&P Global Market Intelligence. Standard template. Financial Sources.