Yamazaki Baking Co., Ltd. (TYO:2212)

Yamazaki Baking Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,292,995	1,244,488	1,175,562	1,077,009	1,052,972	1,014,741
Revenue Growth (YoY)	3.53%	5.86%	9.15%	2.28%	3.77%	-4.37%
Cost of Revenue	873,230	839,233	796,516	733,401	685,116	661,123
Gross Profit	419,765	405,255	379,046	343,608	367,856	353,618
Selling, General & Admin	347,998	339,618	323,841	308,738	336,476	324,165
Operating Expenses	361,761	353,381	337,084	321,574	349,496	336,180
Operating Income	58,004	51,874	41,962	22,034	18,360	17,438
Interest Expense	-1,292	-861	-740	-752	-787	-653
Interest & Investment Income	2,501	2,190	1,803	1,505	1,441	1,317
Earnings From Equity Investments	751	681	539	585	510	402
Currency Exchange Gain (Loss)	287	927	503	879	546	-240
Other Non Operating Income (Expenses)	921	1,492	1,457	1,874	1,312	1,469
EBT Excluding Unusual Items	61,172	56,303	45,524	26,125	21,382	19,733
Gain (Loss) on Sale of Investments	934	2,035	3,087	-	-	69
Gain (Loss) on Sale of Assets	-2,304	-1,829	-1,498	-1,509	-1,275	-1,545
Asset Writedown	-843	-772	-1,031	-1,449	-1,827	-1,276
Other Unusual Items	-152	-103	-262	50	1,675	-576
Pretax Income	58,807	55,634	45,820	23,217	19,955	16,405
Income Tax Expense	17,521	17,502	14,190	8,728	7,475	8,423
Earnings From Continuing Operations	41,286	38,132	31,630	14,489	12,480	7,982
Minority Interest in Earnings	-2,352	-2,117	-1,462	-2,121	-2,102	-1,026
Net Income	38,934	36,015	30,168	12,368	10,378	6,956
Net Income to Common	38,934	36,015	30,168	12,368	10,378	6,956
Net Income Growth	2.17%	19.38%	143.92%	19.18%	49.20%	-49.80%
Shares Outstanding (Basic)	198	202	206	209	214	217
Shares Outstanding (Diluted)	198	202	206	209	214	217
Shares Change (YoY)	-0.36%	-2.27%	-1.39%	-1.99%	-1.77%	-
EPS (Basic)	196.48	178.58	146.19	59.10	48.60	32.00
EPS (Diluted)	196.48	178.58	146.19	59.10	48.60	32.00
EPS Growth	4.87%	22.16%	147.36%	21.60%	51.89%	-49.80%
Free Cash Flow	-	30,919	35,514	16,029	20,472	12,591
Free Cash Flow Per Share	-	153.31	172.09	76.59	95.87	57.92
Dividend Per Share	45.000	45.000	25.000	22.000	22.000	22.000
Dividend Growth	80.00%	80.00%	13.64%	-	-	10.00%
Gross Margin	32.46%	32.56%	32.24%	31.90%	34.94%	34.85%
Operating Margin	4.49%	4.17%	3.57%	2.05%	1.74%	1.72%
Profit Margin	3.01%	2.89%	2.57%	1.15%	0.99%	0.69%
Free Cash Flow Margin	-	2.48%	3.02%	1.49%	1.94%	1.24%
EBITDA	102,645	95,371	83,934	63,111	58,976	56,384
EBITDA Margin	7.94%	7.66%	7.14%	5.86%	5.60%	5.56%
D&A For EBITDA	44,641	43,497	41,972	41,077	40,616	38,946
EBIT	58,004	51,874	41,962	22,034	18,360	17,438
EBIT Margin	4.49%	4.17%	3.57%	2.05%	1.74%	1.72%
Effective Tax Rate	29.79%	31.46%	30.97%	37.59%	37.46%	51.34%
Advertising Expenses	-	17,884	17,325	17,116	46,081	45,111

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.