Morinaga Milk Industry Co., Ltd. (TYO:2264)

Morinaga Milk Industry Income Statement

Financials in millions JPY. Fiscal year is April - March.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Revenue	563,904	561,173	547,059	525,603	503,354	583,550
Revenue Growth (YoY)	2.33%	2.58%	4.08%	4.42%	-13.74%	-1.24%
Cost of Revenue	425,592	426,120	415,100	407,308	381,077	393,478
Gross Profit	138,312	135,053	131,959	118,295	122,277	190,072
Selling, General & Admin	105,168	105,215	104,172	94,321	92,552	161,123
Operating Expenses	105,348	105,395	104,119	94,355	92,484	161,204
Operating Income	32,964	29,658	27,840	23,940	29,793	28,868
Interest Expense	-1,383	-1,509	-1,291	-710	-747	-707
Interest & Investment Income	1,380	1,495	1,013	767	865	1,044
Earnings From Equity Investments	-105	-386	-175	-53	-19	51
Currency Exchange Gain (Loss)	1,010	-575	1,411	613	445	546
Other Non Operating Income (Expenses)	1,021	1,180	45	660	789	730
EBT Excluding Unusual Items	34,887	29,863	28,843	25,217	31,126	30,532
Gain (Loss) on Sale of Investments	6,914	6,696	22	2,706	9	221
Gain (Loss) on Sale of Assets	3,953	3,586	64,359	222	20,558	533
Asset Writedown	-21,785	-20,483	-2,257	-1,226	-	-2,721
Other Unusual Items	-2,200	-4,377	-2,397	-3,201	-3,399	-2,568
Pretax Income	21,769	15,285	88,570	23,718	48,294	25,997
Income Tax Expense	12,063	10,633	27,224	6,699	14,369	7,095
Earnings From Continuing Operations	9,706	4,652	61,346	17,019	33,925	18,902
Minority Interest in Earnings	681	807	-39	-144	-143	-161
Net Income	10,387	5,459	61,307	16,875	33,782	18,741
Net Income to Common	10,387	5,459	61,307	16,875	33,782	18,741
Net Income Growth	-12.29%	-91.10%	263.30%	-50.05%	80.26%	0.46%
Shares Outstanding (Basic)	83	85	88	90	98	99
Shares Outstanding (Diluted)	83	85	88	91	98	99
Shares Change (YoY)	-3.53%	-3.94%	-2.76%	-7.99%	-0.72%	0.02%
EPS (Basic)	124.97	64.59	696.91	186.57	343.73	189.36
EPS (Diluted)	124.86	64.53	696.09	186.31	343.17	189.00
EPS Growth	-9.07%	-90.73%	273.63%	-45.71%	81.56%	0.44%
Free Cash Flow	1,954	-44,680	23,437	-205	21,390	10,363
Free Cash Flow Per Share	23.49	-528.10	266.11	-2.26	217.28	104.51
Dividend Per Share	45.000	90.000	60.000	45.000	40.000	35.000
Dividend Growth	-57.14%	50.00%	33.33%	12.50%	14.29%	16.67%
Gross Margin	24.53%	24.07%	24.12%	22.51%	24.29%	32.57%
Operating Margin	5.85%	5.29%	5.09%	4.55%	5.92%	4.95%
Profit Margin	1.84%	0.97%	11.21%	3.21%	6.71%	3.21%
Free Cash Flow Margin	0.35%	-7.96%	4.28%	-0.04%	4.25%	1.78%
EBITDA	57,650	54,266	51,441	45,359	51,055	49,254
EBITDA Margin	10.22%	9.67%	9.40%	8.63%	10.14%	8.44%
D&A For EBITDA	24,686	24,608	23,601	21,419	21,262	20,386
EBIT	32,964	29,658	27,840	23,940	29,793	28,868
EBIT Margin	5.85%	5.29%	5.09%	4.55%	5.92%	4.95%
Effective Tax Rate	55.41%	69.56%	30.74%	28.24%	29.75%	27.29%
Advertising Expenses	-	11,355	10,965	9,508	9,581	57,757

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