System Research Income Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Revenue	29,083	25,931	23,320	21,556	18,405
Revenue Growth (YoY)	12.16%	11.20%	8.18%	17.12%	13.91%
Cost of Revenue	22,320	19,903	17,963	16,740	14,288
Gross Profit	6,764	6,028	5,357	4,816	4,117
Selling, General & Admin	3,293	3,030	2,653	2,314	2,039
Operating Expenses	3,293	3,030	2,653	2,314	2,039
Operating Income	3,470	2,998	2,704	2,502	2,078
Interest Expense	-11.71	-10	-8	-7	-7
Interest & Investment Income	6.65	-	-	-	-
Other Non Operating Income (Expenses)	86.27	77	72	19	41
EBT Excluding Unusual Items	3,552	3,065	2,768	2,514	2,112
Gain (Loss) on Sale of Investments	-	-	-	2	-
Gain (Loss) on Sale of Assets	-	7	-	-	-
Asset Writedown	-45.62	-	-91	-1	-
Other Unusual Items	-	-	-1	-364	-
Pretax Income	3,506	3,072	2,676	2,151	2,112
Income Tax Expense	891.41	875	704	548	619
Earnings From Continuing Operations	2,614	2,197	1,972	1,603	1,493
Minority Interest in Earnings	-3.53	-3	-3	-2	-1
Net Income	2,611	2,194	1,969	1,601	1,492
Net Income to Common	2,611	2,194	1,969	1,601	1,492
Net Income Growth	19.00%	11.43%	22.99%	7.31%	37.01%
Shares Outstanding (Basic)	17	17	17	17	17
Shares Outstanding (Diluted)	17	17	17	17	17
Shares Change (YoY)	-0.07%	-0.76%	-0.00%	-0.00%	-
EPS (Basic)	157.50	132.26	117.79	95.78	89.26
EPS (Diluted)	157.50	132.26	117.79	95.78	89.26
EPS Growth	19.09%	12.28%	22.99%	7.31%	37.01%
Free Cash Flow	1,683	971	1,589	1,585	1,281
Free Cash Flow Per Share	101.51	58.53	95.06	94.82	76.63
Dividend Per Share	70.000	60.000	40.000	35.000	30.000
Dividend Growth	16.67%	50.00%	14.29%	16.67%	20.00%
Gross Margin	23.26%	23.25%	22.97%	22.34%	22.37%
Operating Margin	11.93%	11.56%	11.59%	11.61%	11.29%
Profit Margin	8.98%	8.46%	8.44%	7.43%	8.11%
Free Cash Flow Margin	5.79%	3.74%	6.81%	7.35%	6.96%
EBITDA	3,739	3,203	2,880	2,663	2,197
EBITDA Margin	12.86%	12.35%	12.35%	12.35%	11.94%
D&A For EBITDA	268.9	205	176	161	119
EBIT	3,470	2,998	2,704	2,502	2,078
EBIT Margin	11.93%	11.56%	11.59%	11.61%	11.29%
Effective Tax Rate	25.43%	28.48%	26.31%	25.48%	29.31%

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