Waseda Academy 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	37,658	35,069	32,867	30,728	28,551
Revenue Growth (YoY)	7.38%	6.70%	6.96%	7.63%	12.17%
Cost of Revenue	25,465	24,153	22,939	21,906	20,684
Gross Profit	12,193	10,916	9,928	8,822	7,867
Selling, General & Admin	8,232	7,155	6,864	6,289	5,936
Other Operating Expenses	-	208	175	133	109
Operating Expenses	8,232	7,367	7,039	6,422	6,045
Operating Income	3,961	3,549	2,889	2,400	1,822
Interest Expense	-10	-8	-7	-7	-12
Interest & Investment Income	45	35	25	18	21
Other Non Operating Income (Expenses)	-28	46	55	28	26
EBT Excluding Unusual Items	3,968	3,622	2,962	2,439	1,857
Gain (Loss) on Sale of Assets	-369	-23	-11	-8	-16
Pretax Income	3,599	3,599	2,951	2,431	1,841
Income Tax Expense	1,112	1,261	819	878	733
Net Income	2,487	2,338	2,132	1,553	1,108
Net Income to Common	2,487	2,338	2,132	1,553	1,108
Net Income Growth	6.37%	9.66%	37.28%	40.16%	109.45%
Shares Outstanding (Basic)	18	18	19	19	19
Shares Outstanding (Diluted)	18	18	19	19	19
Shares Change (YoY)	0.36%	-2.64%	0.25%	0.03%	18.07%
EPS (Basic)	134.60	127.00	112.75	82.33	58.76
EPS (Diluted)	134.60	127.00	112.75	82.33	58.76
EPS Growth	5.99%	12.64%	36.94%	40.13%	77.40%
Free Cash Flow	-	3,250	2,703	2,371	2,040
Free Cash Flow Per Share	-	176.53	142.95	125.70	108.18
Dividend Per Share	-	45.000	40.000	24.000	22.000
Dividend Growth	-	12.50%	66.67%	9.09%	10.00%
Gross Margin	32.38%	31.13%	30.21%	28.71%	27.55%
Operating Margin	10.52%	10.12%	8.79%	7.81%	6.38%
Profit Margin	6.60%	6.67%	6.49%	5.05%	3.88%
Free Cash Flow Margin	-	9.27%	8.22%	7.72%	7.14%
EBITDA	5,302	4,890	4,116	3,571	3,061
EBITDA Margin	14.08%	13.94%	12.52%	11.62%	10.72%
D&A For EBITDA	1,341	1,341	1,227	1,171	1,239
EBIT	3,961	3,549	2,889	2,400	1,822
EBIT Margin	10.52%	10.12%	8.79%	7.81%	6.38%
Effective Tax Rate	30.90%	35.04%	27.75%	36.12%	39.81%
Advertising Expenses	-	2,041	1,958	1,744	1,697

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