Earnings quality
Compare earnings and operating cash flow for earnings quality.
ITOCHU Corporation
Ticker 8001 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-12 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 39.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio39.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
伊藤忠商事株式会社 is a Japanese listed company. Its reportable segments include The8th, General Products And Realty, Food, Energy And Chemicals.
- The8th
- General Products And Realty
- Food
- Energy And Chemicals
- Metals And Minerals
- Machinery
- ICTAnd Financial Business
- Textile
Segments The8th · General Products And Realty · Food · Energy And Chemicals · Metals And Minerals · Machinery
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥2.4T | ¥2.5T |
| Operating profit (loss) | — | — |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥222.0B | ¥262.0B |
| Profit (loss) | ¥933.0B | ¥937.5B |
| Profit (loss) attributable to owners | ¥880.3B | ¥900.3B |
| Basic EPS (¥) | 123.13 | 128.00 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥549.6B | ¥593.8B |
| Current assets | ¥5.7T | ¥6.3T |
| Non-current assets | ¥9.4T | ¥10.5T |
| Total assets | ¥15.1T | ¥16.7T |
| Short-term borrowings | — | — |
| Current liabilities | ¥4.5T | ¥4.8T |
| Non-current liabilities* | ¥4.4T | ¥4.8T |
| Total liabilities | ¥8.8T | ¥9.5T |
| Equity attributable to owners | ¥5.8T | ¥6.6T |
| Total equity | ¥6.3T | ¥7.2T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥997.3B | ¥1.1T |
| Cash flows from investing activities | -¥516.3B | -¥388.9B |
| Cash flows from financing activities | -¥525.0B | -¥726.5B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥549.6B | ¥593.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥12.3T | ¥13.9T | ¥14.0T | ¥14.7T | ¥14.8T | |
| Profit to owners | ¥820.3B | ¥800.5B | ¥801.8B | ¥880.3B | ¥900.3B | |
| Total assets | ¥12.2T | ¥13.1T | ¥14.5T | ¥15.1T | ¥16.7T | |
| Cash & equivalents | ¥611.7B | ¥606.0B | ¥600.4B | ¥549.6B | ¥593.8B | |
| Owners’ equity | ¥4.2T | ¥4.8T | ¥5.4T | ¥5.8T | ¥6.6T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥2.4T to ¥2.5T, while operating profit swung from — to — — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥1.1T (prior ¥997.3B), and cash on the balance sheet rose to ¥593.8B from ¥549.6B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥9.5T while owners’ equity fell to ¥6.6T. ROE moved from 15.7% to 14.6%, and the equity ratio from 38.0% to 39.4%. Employee count is 114,570 vs 115,089 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YA6H
(伊藤忠商事株式会社), period end 2026-03-31.