Future Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Revenue	73,244	69,878	59,324	53,738	48,698	44,311	Upgrade
Revenue Growth (YoY)	9.29%	17.79%	10.39%	10.35%	9.90%	-2.38%	Upgrade
Cost of Revenue	38,236	36,177	30,517	27,083	26,145	26,246	Upgrade
Gross Profit	35,008	33,701	28,807	26,655	22,553	18,065	Upgrade
Selling, General & Admin	16,493	15,756	13,335	12,958	12,547	11,795	Upgrade
Research & Development	1,492	1,288	1,190	980	601	571	Upgrade
Amortization of Goodwill & Intangibles	911	731	163	44	39	39	Upgrade
Operating Expenses	20,225	19,033	15,106	14,426	13,553	12,830	Upgrade
Operating Income	14,783	14,668	13,701	12,229	9,000	5,235	Upgrade
Interest Expense	-179	-152	-	-	-	-	Upgrade
Interest & Investment Income	367	319	317	338	231	185	Upgrade
Earnings From Equity Investments	232	193	46	61	30	-	Upgrade
Currency Exchange Gain (Loss)	45	65	-	-30	-2	3	Upgrade
Other Non Operating Income (Expenses)	-89	-289	23	-22	30	14	Upgrade
EBT Excluding Unusual Items	15,159	14,804	14,087	12,576	9,289	5,437	Upgrade
Gain (Loss) on Sale of Investments	662	710	-490	692	-17	93	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-3	-	-	Upgrade
Asset Writedown	-196	-196	-404	-	-88	-	Upgrade
Other Unusual Items	-319	-319	-	-	-	-	Upgrade
Pretax Income	15,306	14,999	13,193	13,265	9,184	5,530	Upgrade
Income Tax Expense	5,073	4,677	3,972	4,029	2,788	1,682	Upgrade
Earnings From Continuing Operations	10,233	10,322	9,221	9,236	6,396	3,848	Upgrade
Minority Interest in Earnings	-	-	-	-	-27	-53	Upgrade
Net Income	10,233	10,322	9,221	9,236	6,369	3,795	Upgrade
Net Income to Common	10,233	10,322	9,221	9,236	6,369	3,795	Upgrade
Net Income Growth	1.24%	11.94%	-0.16%	45.02%	67.83%	-16.72%	Upgrade
Shares Outstanding (Basic)	89	89	89	89	89	89	Upgrade
Shares Outstanding (Diluted)	89	89	89	89	89	89	Upgrade
Shares Change (YoY)	0.09%	0.04%	0.03%	0.04%	-0.31%	-0.71%	Upgrade
EPS (Basic)	115.44	116.49	104.11	104.31	71.96	42.74	Upgrade
EPS (Diluted)	115.44	116.49	104.11	104.31	71.96	42.74	Upgrade
EPS Growth	1.19%	11.89%	-0.19%	44.95%	68.34%	-16.12%	Upgrade
Free Cash Flow	-	10,287	7,402	10,098	9,336	4,331	Upgrade
Free Cash Flow Per Share	-	116.09	83.57	114.04	105.48	48.78	Upgrade
Dividend Per Share	44.000	42.000	40.000	37.000	25.500	20.000	Upgrade
Dividend Growth	7.32%	5.00%	8.11%	45.10%	27.50%	11.11%	Upgrade
Gross Margin	-	48.23%	48.56%	49.60%	46.31%	40.77%	Upgrade
Operating Margin	20.18%	20.99%	23.09%	22.76%	18.48%	11.81%	Upgrade
Profit Margin	13.97%	14.77%	15.54%	17.19%	13.08%	8.56%	Upgrade
Free Cash Flow Margin	-	14.72%	12.48%	18.79%	19.17%	9.77%	Upgrade
EBITDA	18,638	17,432	15,011	13,474	10,146	6,376	Upgrade
EBITDA Margin	-	24.95%	25.30%	25.07%	20.83%	14.39%	Upgrade
D&A For EBITDA	3,855	2,764	1,310	1,245	1,146	1,141	Upgrade
EBIT	14,783	14,668	13,701	12,229	9,000	5,235	Upgrade
EBIT Margin	-	20.99%	23.09%	22.76%	18.48%	11.81%	Upgrade
Effective Tax Rate	-	31.18%	30.11%	30.37%	30.36%	30.42%	Upgrade

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