Japan Tobacco Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	3,589,766	3,467,675	3,149,759	2,841,077	2,657,832	2,324,838
Revenue Growth (YoY)	10.92%	10.09%	10.87%	6.89%	14.32%	11.10%
Cost of Revenue	1,558,617	1,519,091	1,407,462	1,225,974	1,090,989	956,861
Gross Profit	2,031,149	1,948,584	1,742,297	1,615,103	1,566,843	1,367,977
Selling, General & Admin	1,200,807	1,008,886	1,279,697	801,067	756,472	714,595
Research & Development	-	52,402	78,614	75,098	70,808	65,016
Other Operating Expenses	-83,752	-67,515	-22,350	-11,075	-11,357	-7,403
Operating Expenses	1,117,055	1,110,647	1,440,574	969,977	930,181	881,171
Operating Income	914,094	837,937	301,723	645,126	636,662	486,806
Interest Expense	-189,260	-76,171	-42,484	-28,493	-27,020	-23,050
Interest & Investment Income	67,982	66,936	67,562	42,816	26,535	13,371
Earnings From Equity Investments	13,180	13,332	12,885	8,332	8,009	3,997
Currency Exchange Gain (Loss)	-	-97,520	-81,806	-51,885	-35,079	-15,565
Other Non Operating Income (Expenses)	-1	-20,497	-32,965	-13,247	-24,561	-1,389
EBT Excluding Unusual Items	805,995	724,017	224,915	602,649	584,546	464,170
Gain (Loss) on Sale of Assets	-	15,769	8,852	18,952	8,905	8,219
Pretax Income	805,995	739,786	233,767	621,601	593,451	472,389
Income Tax Expense	262,610	238,711	51,171	136,292	149,277	132,208
Earnings From Continuing Operations	543,385	501,075	182,596	485,309	444,174	340,181
Earnings From Discontinued Operations	8,846	12,139	-	-	-	-
Net Income to Company	552,231	513,214	182,596	485,309	444,174	340,181
Minority Interest in Earnings	-2,495	-3,039	-3,356	-3,021	-1,458	-1,691
Net Income	549,736	510,175	179,240	482,288	442,716	338,490
Net Income to Common	549,736	510,175	179,240	482,288	442,716	338,490
Net Income Growth	18.58%	184.63%	-62.83%	8.94%	30.79%	9.10%
Shares Outstanding (Basic)	1,775	1,775	1,776	1,775	1,775	1,774
Shares Outstanding (Diluted)	1,776	1,776	1,776	1,776	1,775	1,775
Shares Change (YoY)	-0.02%	-0.01%	0.01%	0.01%	0.01%	0.01%
EPS (Basic)	309.65	287.36	100.95	271.69	249.45	190.76
EPS (Diluted)	309.62	287.36	100.94	271.63	249.36	190.68
EPS Growth	18.60%	184.68%	-62.84%	8.93%	30.77%	9.09%
Free Cash Flow	420,548	370,852	502,242	472,153	402,388	512,559
Free Cash Flow Per Share	236.85	208.86	282.83	265.92	226.65	288.74
Dividend Per Share	234.000	234.000	194.000	194.000	188.000	140.000
Dividend Growth	20.62%	20.62%	-	3.19%	34.29%	-9.09%
Gross Margin	56.58%	56.19%	55.32%	56.85%	58.95%	58.84%
Operating Margin	25.46%	24.16%	9.58%	22.71%	23.95%	20.94%
Profit Margin	15.31%	14.71%	5.69%	16.98%	16.66%	14.56%
Free Cash Flow Margin	11.71%	10.70%	15.95%	16.62%	15.14%	22.05%
EBITDA	1,078,601	1,033,836	481,560	824,778	836,313	673,863
EBITDA Margin	30.05%	29.81%	15.29%	29.03%	31.47%	28.98%
D&A For EBITDA	164,507	195,899	179,837	179,652	199,651	187,057
EBIT	914,094	837,937	301,723	645,126	636,662	486,806
EBIT Margin	25.46%	24.16%	9.58%	22.71%	23.95%	20.94%
Effective Tax Rate	32.58%	32.27%	21.89%	21.93%	25.15%	27.99%
Advertising Expenses	-	260,656	220,249	180,154	154,125	137,942

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