Yamazaki Baking 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	1,311,430	1,244,488	1,175,562	1,077,009	1,052,972
Revenue Growth (YoY)	5.38%	5.86%	9.15%	2.28%	3.77%
Cost of Revenue	883,025	839,233	796,516	733,401	685,116
Gross Profit	428,405	405,255	379,046	343,608	367,856
Selling, General & Admin	367,263	339,618	323,841	308,738	336,476
Operating Expenses	367,263	353,381	337,084	321,574	349,496
Operating Income	61,142	51,874	41,962	22,034	18,360
Interest Expense	-1,470	-861	-740	-752	-787
Interest & Investment Income	2,628	2,190	1,803	1,505	1,441
Earnings From Equity Investments	719	681	539	585	510
Currency Exchange Gain (Loss)	-	927	503	879	546
Other Non Operating Income (Expenses)	1,296	1,492	1,457	1,874	1,312
EBT Excluding Unusual Items	64,315	56,303	45,524	26,125	21,382
Gain (Loss) on Sale of Investments	1,211	2,035	3,087	-	-
Gain (Loss) on Sale of Assets	-2,193	-1,829	-1,498	-1,509	-1,275
Asset Writedown	-1,459	-772	-1,031	-1,449	-1,827
Other Unusual Items	-305	-103	-262	50	1,675
Pretax Income	61,569	55,634	45,820	23,217	19,955
Income Tax Expense	18,111	17,502	14,190	8,728	7,475
Earnings From Continuing Operations	43,458	38,132	31,630	14,489	12,480
Minority Interest in Earnings	-2,565	-2,117	-1,462	-2,121	-2,102
Net Income	40,893	36,015	30,168	12,368	10,378
Net Income to Common	40,893	36,015	30,168	12,368	10,378
Net Income Growth	13.54%	19.38%	143.92%	19.18%	49.20%
Shares Outstanding (Basic)	198	202	206	209	214
Shares Outstanding (Diluted)	198	202	206	209	214
Shares Change (YoY)	-1.94%	-2.27%	-1.39%	-1.99%	-1.77%
EPS (Basic)	206.78	178.58	146.19	59.10	48.60
EPS (Diluted)	206.78	178.58	146.19	59.10	48.60
EPS Growth	15.79%	22.16%	147.36%	21.60%	51.89%
Free Cash Flow	28,082	30,919	35,514	16,029	20,472
Free Cash Flow Per Share	142.00	153.31	172.09	76.59	95.87
Dividend Per Share	-	45.000	25.000	22.000	22.000
Dividend Growth	-	80.00%	13.64%	-	-
Gross Margin	32.67%	32.56%	32.24%	31.90%	34.94%
Operating Margin	4.66%	4.17%	3.57%	2.05%	1.74%
Profit Margin	3.12%	2.89%	2.57%	1.15%	0.99%
Free Cash Flow Margin	2.14%	2.48%	3.02%	1.49%	1.94%
EBITDA	106,437	95,371	83,934	63,111	58,976
EBITDA Margin	8.12%	7.66%	7.14%	5.86%	5.60%
D&A For EBITDA	45,295	43,497	41,972	41,077	40,616
EBIT	61,142	51,874	41,962	22,034	18,360
EBIT Margin	4.66%	4.17%	3.57%	2.05%	1.74%
Effective Tax Rate	29.42%	31.46%	30.97%	37.59%	37.46%
Advertising Expenses	-	17,884	17,325	17,116	46,081

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.