Earnings quality
Compare earnings and operating cash flow for earnings quality.
ANA Holdings Inc.
Ticker 9202 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-25 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 8.6%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin8.6%
Equity ratio—
Last priceJPY 3,315
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
ＡＮＡホールディングス株式会社 is a Japanese listed company. Its reportable segments include Trade And Retail, Airline Related, Other, Total Of.
- Trade And Retail
- Airline Related
- Other
- Total Of
- Operating Segments Not Included In
- Air Transportation
- Travel Services
- Description Of
Segments Trade And Retail · Airline Related · Other · Total Of · Operating Segments Not Included In · Air Transportation
Compare trends
No phone/email found in this filing · Filing date 2026-06-25
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.3T | ¥2.5T |
| Cost of sales* | ¥1.8T | ¥2.1T |
| Gross profit | ¥418.3B | ¥464.5B |
| Operating profit (loss) | ¥196.6B | ¥217.4B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥42.7B | ¥52.5B |
| Profit (loss) | ¥153.9B | ¥171.0B |
| Profit (loss) attributable to owners | ¥153.0B | ¥169.1B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥862.7B | ¥736.4B |
| Current assets | ¥1.7T | ¥1.9T |
| Non-current assets | ¥1.9T | ¥2.1T |
| Total assets | ¥3.6T | ¥4.0T |
| Short-term borrowings | ¥76.9B | ¥69.0B |
| Current liabilities | ¥1.3T | ¥1.2T |
| Non-current liabilities* | ¥1.2T | ¥1.2T |
| Total liabilities | ¥2.5T | ¥2.5T |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥373.0B | ¥443.5B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥170.2B | -¥159.4B |
| Net increase (decrease) in cash | -¥139.8B | -¥127.8B |
| Cash at end of period | ¥862.7B | ¥736.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.0T | ¥1.7T | ¥2.1T | ¥2.3T | ¥2.5T | |
| Operating profit | -¥184.9B | ¥111.8B | ¥207.7B | ¥200.1B | ¥219.7B | |
| Profit to owners | — | — | — | ¥153.0B | ¥169.1B | |
| Total assets | ¥3.2T | ¥3.4T | ¥3.6T | ¥3.6T | ¥4.0T | |
| Cash & equivalents | — | — | ¥1.0T | ¥862.7B | ¥736.4B | |
| Owners’ equity | ¥803.4B | ¥870.4B | ¥1.1T | ¥1.1T | ¥1.5T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥2.3T to ¥2.5T (▲ +12.3%), so the top line did not break. Gross profit only slipped from ¥418.3B to ¥464.5B, while operating profit swung from ¥196.6B to ¥217.4B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥443.5B (prior ¥373.0B), and cash on the balance sheet rose to ¥736.4B from ¥862.7B. 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.
Goodwill on the balance sheet fell from ¥14.0B to ¥12.0B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.5T while owners’ equity fell to —. ROE moved from 14.1% to 12.9%, and the equity ratio from 31.2% to 37.7%. Employee count is 47,826 vs 44,019 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 S100YKL4
(ＡＮＡホールディングス株式会社), period end 2026-03-31.