Cash Flow Statement

Operating Cash Flow

+69%

+27%

10Y

Currency: JPY

	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Sep-2024	Mar-2025	Sep-2025
Operating Cash Flow
Net Income	54 020	77 547	65 289	90 319	91 496	105 758	132 762	149 875	166 388	175 702	173 760	191 272	196 506	195 181	197 188	166 453	169 597	156 888	134 241	63 126	21 924	(2 085)	(12 367)	39 181	40 937	50 617	55 567	63 680	72 607	79 916	84 289	89 353	88 542	100 313	104 956	114 207	119 058	129 141	139 889	147 992	193 991	215 992	256 362	264 353	255 257	271 985	276 950	284 149	270 990	265 643	249 820	271 691	280 926	292 455	303 388	318 596	321 589	310 680	308 807	299 063	327 039	316 911	332 084	335 820	306 724	287 275	240 552	204 230	196 814	216 959	254 041	267 227	317 612	311 300	290 502	318 542	279 668	279 537	284 699	280 635	338 587	390 076	351 635	444 366
Depreciation & Amortization	121 530	152 380	128 039	160 154	132 158	133 498	126 498	131 829	136 621	138 964	148 370	150 553	153 539	156 913	161 269	163 691	168 767	174 376	185 298	186 428	189 215	193 593	177 102	175 610	167 266	156 569	160 877	165 609	168 442	168 444	169 757	162 931	168 233	169 514	172 580	178 796	178 840	184 413	192 468	199 203	206 640	213 576	217 293	223 671	229 583	234 489	239 536	241 097	244 853	247 447	248 674	251 551	253 677	257 334	262 690	268 477	279 923	284 707	289 557	295 212	295 589	298 903	302 287	301 440	304 204	307 039	309 296	316 129	315 955	320 690	325 213	326 970	330 351	330 842	333 398	343 978	353 434	356 652	364 652	366 558	364 242	386 534	399 527	399 219
Change in Deffered Taxes	0	0	0	0	15 533	0	0	0	29 625	0	0	0	0	0	0	0	(10 461)	0	0	0	(43 638)	0	0	0	(27 712)	0	0	0	(17 187)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5 588	0	0	0	(35 128)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	701	0	0	0	413	0	0	0	417	0	0	0	885	0	0	0	1 191	0	0	0	937	0	0	0	2 177	0	1 778	0
Other Non-Cash Items	24 850	7 965	(22 354)	(28 128)	(40 243)	(56 151)	(75 252)	(89 991)	(83 065)	(94 067)	(74 911)	(101 710)	(110 996)	(104 538)	(104 227)	(57 190)	(62 906)	(63 530)	(52 108)	18 417	63 615	93 200	100 572	30 230	23 898	13 961	14 937	17 178	24 826	20 376	20 850	25 249	27 113	30 871	31 328	22 416	26 785	18 948	17 657	20 947	(23 292)	(63 401)	(111 830)	(117 156)	(97 911)	(95 368)	(116 895)	(130 747)	(142 986)	(153 334)	(121 535)	(149 134)	(155 327)	(156 699)	(159 452)	(147 104)	(139 128)	(108 945)	(100 504)	(86 836)	(109 728)	(7 300)	94 005	159 584	302 869	310 391	339 925	383 612	375 868	383 771	357 255	368 599	251 008	261 240	281 604	256 900	411 722	421 820	408 249	428 263	352 091	320 355	345 775	260 351
Cash Taxes Paid	0	0	0	0	63 613	0	0	0	57 920	0	109 343	0	94 718	0	0	0	142 751	0	0	0	110 962	0	0	0	43 927	0	0	0	50 153	0	0	0	49 190	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	33 318	0	0	0	11 045	0	0	0	(92 026)	0	0	0	128 948	0	0	0	(107 881)	0	9 232	0
Cash Interest Paid	0	0	0	0	57 613	0	0	0	65 812	0	106 414	0	88 671	0	0	0	113 941	0	0	0	111 435	0	0	0	84 259	0	0	0	84 979	0	0	0	116 271	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	(47 588)	(103 920)	(48 988)	(67 792)	(72 477)	(8 699)	13 629	1 918	(113 566)	2 434	(57 411)	(81 116)	(12 921)	(220 373)	(200 767)	(188 276)	(108 710)	(53 640)	23 184	53 136	77 663	57 261	18 551	(22 546)	4 922	(4 815)	13 883	(6 579)	(36 308)	2 902	(4 176)	44 423	49 106	73 055	72 309	84 276	66 621	1 945	44 526	52 903	93 654	100 187	(10 395)	(40 712)	(129 318)	(147 202)	(22 800)	53 282	137 705	238 352	245 986	222 224	204 679	161 633	64 922	51 557	100 819	85 138	120 322	86 768	109 906	95 663	153 739	165 041	128 669	141 143	139 615	173 863	207 039	211 098	232 551	142 352	204 399	(50 617)	(132 388)	(1 955)	(131 736)	83 725	183 616	184 594	188 482	155 447	203 256	204 230
Cash from Operating Activities	152 812 N/A	133 972 -12%	121 986 -9%	154 553 +27%	126 467 -18%	174 406 +38%	197 637 +13%	193 631 -2%	136 003 -30%	223 033 +64%	189 808 -15%	158 999 -16%	226 128 +42%	35 913 -84%	62 193 +73%	93 408 +50%	156 287 +67%	203 633 +30%	280 154 +38%	310 646 +11%	308 779 -1%	341 969 +11%	283 858 -17%	222 475 -22%	209 311 -6%	188 620 -10%	217 552 +15%	212 176 -2%	212 380 +0%	271 638 +28%	270 720 0%	321 956 +19%	332 994 +3%	373 753 +12%	381 173 +2%	399 695 +5%	391 304 -2%	334 447 -15%	394 540 +18%	421 045 +7%	470 993 +12%	466 354 -1%	351 430 -25%	330 156 -6%	257 611 -22%	263 904 +2%	376 791 +43%	447 781 +19%	510 562 +14%	598 108 +17%	622 945 +4%	596 332 -4%	583 955 -2%	554 723 -5%	471 548 -15%	491 526 +4%	568 791 +16%	577 168 +1%	623 770 +8%	599 795 -4%	587 678 -2%	669 049 +14%	846 987 +27%	926 757 +9%	1 042 466 +12%	1 045 848 +0%	1 029 388 -2%	1 077 834 +5%	1 095 676 +2%	1 132 518 +3%	1 169 060 +3%	1 105 148 -5%	1 103 370 0%	852 765 -23%	773 116 -9%	917 465 +19%	913 088 0%	1 141 734 +25%	1 241 216 +9%	1 260 050 +2%	1 243 402 -1%	1 252 412 +1%	1 300 193 +4%	1 308 166 +1%
Investing Cash Flow
Capital Expenditures	(873 248)	(1 083 428)	(885 563)	(1 145 330)	(942 489)	(955 967)	(1 016 058)	(1 041 140)	(1 136 538)	(1 168 096)	(1 163 033)	(1 118 351)	(1 031 591)	(1 043 395)	(1 037 613)	(1 059 425)	(1 088 237)	(1 022 611)	(1 020 605)	(977 198)	(857 126)	(746 624)	(572 769)	(440 518)	(389 413)	(425 164)	(491 485)	(525 418)	(561 919)	(575 409)	(558 974)	(588 964)	(603 060)	(634 826)	(680 723)	(695 730)	(751 525)	(779 748)	(812 531)	(849 279)	(911 719)	(908 565)	(929 881)	(961 768)	(988 795)	(1 039 439)	(1 057 198)	(1 070 961)	(1 082 646)	(1 039 927)	(1 017 525)	(1 012 172)	(989 901)	(1 057 577)	(1 099 956)	(1 094 979)	(1 051 258)	(1 001 494)	(1 055 435)	(1 064 462)	(1 060 294)	(1 061 357)	(954 958)	(1 008 851)	(992 911)	(930 800)	(873 964)	(762 621)	(753 953)	(775 529)	(853 797)	(894 669)	(917 296)	(957 390)	(955 885)	(1 024 982)	(1 080 074)	(1 177 884)	(1 259 763)	(1 253 427)	(1 200 874)	(1 238 688)	(1 357 672)	(1 306 029)
Other Items	997 226	1 188 221	796 607	817 718	534 485	466 471	520 793	500 603	337 181	290 510	25 610	224 046	229 313	24 576	198 457	(20 726)	249 906	494 122	627 883	962 245	1 028 309	1 115 204	1 208 425	1 024 079	822 201	819 303	706 449	733 204	813 517	813 318	747 294	729 383	644 817	620 771	651 503	721 008	857 182	951 616	807 203	762 683	709 553	589 827	732 474	665 979	520 994	691 713	627 146	542 973	530 117	474 484	553 369	646 033	752 293	761 707	638 428	622 401	612 138	563 764	532 031	279 164	186 343	(150 780)	(334 436)	(255 494)	(477 575)	(442 281)	(313 191)	(468 822)	(449 299)	(306 455)	(365 668)	(233 236)	108 450	37 526	142 837	297 683	(18 404)	(103 285)	(258 028)	(368 592)	(171 929)	123 313	47 977	(192 308)
Cash from Investing Activities	123 978 N/A	104 793 -15%	(88 956) N/A	(327 612) -268%	(408 004) -25%	(489 496) -20%	(495 265) -1%	(540 537) -9%	(799 357) -48%	(877 586) -10%	(1 137 423) -30%	(894 305) +21%	(802 278) +10%	(1 018 819) -27%	(839 156) +18%	(1 080 151) -29%	(838 331) +22%	(528 489) +37%	(392 722) +26%	(14 953) +96%	171 183 N/A	368 580 +115%	635 656 +72%	583 561 -8%	432 788 -26%	394 139 -9%	214 964 -45%	207 786 -3%	251 598 +21%	237 909 -5%	188 320 -21%	140 419 -25%	41 757 -70%	(14 055) N/A	(29 220) -108%	25 278 N/A	105 657 +318%	171 868 +63%	(5 328) N/A	(86 596) -1 525%	(202 166) -133%	(318 738) -58%	(197 407) +38%	(295 789) -50%	(467 801) -58%	(347 726) +26%	(430 052) -24%	(527 988) -23%	(552 529) -5%	(565 443) -2%	(464 156) +18%	(366 139) +21%	(237 608) +35%	(295 870) -25%	(461 528) -56%	(472 578) -2%	(439 120) +7%	(437 730) +0%	(523 404) -20%	(785 298) -50%	(873 951) -11%	(1 212 137) -39%	(1 289 394) -6%	(1 264 345) +2%	(1 470 486) -16%	(1 373 081) +7%	(1 187 155) +14%	(1 231 443) -4%	(1 203 252) +2%	(1 081 984) +10%	(1 219 465) -13%	(1 127 905) +8%	(808 846) +28%	(919 864) -14%	(813 048) +12%	(727 299) +11%	(1 098 478) -51%	(1 281 169) -17%	(1 517 791) -18%	(1 622 019) -7%	(1 372 803) +15%	(1 115 375) +19%	(1 309 695) -17%	(1 498 337) -14%
Financing Cash Flow
Net Issuance of Common Stock	8	39	500	1 287	2 052	3 698	5 036	5 602	5 975	4 824	4 069	4 152	4 516	4 783	4 638	(26 593)	(28 772)	(58 735)	(59 555)	(29 746)	(29 077)	94	83 048	83 024	83 098	0	0	0	98	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(39 109)	(39 109)	(39 110)	(39 110)	(1)	(707)	(706)	(707)	0	(1)	(13 286)	(45 720)	(55 808)	(56 963)	(82 598)	(55 443)	(55 572)	(74 747)	(55 281)	(50 001)	(50 127)	(52 605)	(52 071)	(52 071)	(51 934)	(50 394)	(50 001)	(50 001)	(53 944)	(53 518)	(89 782)
Net Issuance of Debt	(361 424)	(354 853)	(113 538)	48 389	234 771	290 748	313 808	347 724	730 511	630 131	892 401	689 575	463 889	933 469	797 936	1 072 613	787 032	422 365	212 909	(243 631)	(489 093)	(757 152)	(955 681)	(821 586)	(716 738)	(627 783)	(434 335)	(596 942)	(503 159)	(510 926)	(580 527)	(441 988)	(353 739)	(481 179)	(395 118)	(469 487)	(445 296)	(398 354)	(390 299)	(323 625)	(398 264)	(154 529)	(117 434)	(59 205)	169 288	102 216	113 678	80 814	(62 407)	(91 986)	(204 223)	(133 708)	(150 550)	15 198	126 780	168 088	124 628	(156 554)	(191 407)	228 084	160 366	346 626	249 783	(141 489)	118 080	211 084	273 620	274 297	97 777	40 747	95 835	110 998	(121 486)	47 627	56 549	(52 394)	687 524	394 079	497 280	587 457	51 815	199 052	132 650	161 888
Cash Paid for Dividends	(2 092)	(4 185)	(2 093)	(2 093)	(2 093)	(3 496)	(3 496)	(3 496)	(3 496)	(8 092)	(8 092)	(8 092)	(8 092)	(11 863)	(11 863)	(11 863)	(11 863)	(23 529)	(23 529)	(23 529)	(23 529)	(6 261)	(6 261)	(6 261)	(6 261)	(8 061)	(8 061)	(14 022)	(8 061)	(8 599)	(8 599)	(2 762)	(8 599)	(9 676)	(9 676)	(14 537)	(9 676)	(15 878)	(15 878)	(12 061)	(15 878)	(30 117)	(30 117)	(28 949)	(30 117)	(47 188)	(47 188)	(76 034)	(76 034)	(59 987)	(59 987)	(61 299)	(61 299)	(68 320)	(68 320)	(72 757)	(72 757)	(84 579)	(84 579)	(88 438)	(88 438)	(97 416)	(97 416)	(103 824)	(103 824)	(96 355)	(96 355)	(95 164)	(95 164)	(96 109)	(96 109)	(99 395)	(99 395)	(102 661)	(102 661)	(106 290)	(106 290)	(100 795)	(100 795)	(99 900)	(99 900)	(114 096)	(135 590)	(137 105)
Other	35 224	57 855	35 653	37 765	39 613	29 357	37 420	51 226	29 538	29 279	24 882	39 858	84 701	94 333	97 134	74 402	46 569	39 463	50 991	153 925	207 112	222 206	241 592	228 011	172 977	179 795	168 096	125 969	147 532	99 389	99 531	41 075	43 861	54 450	59 336	64 529	(12 221)	9 244	(12 441)	13 257	139 563	108 935	121 215	121 354	74 261	107 334	102 691	121 313	90 440	98 370	141 341	103 365	178 390	181 271	165 858	203 150	128 249	133 125	158 528	69 892	95 426	119 839	163 193	287 013	320 167	308 174	233 870	173 755	92 714	3 204	(33 444)	(54 735)	(35 736)	(15 255)	(35 655)	21 608	(90 855)	(55 082)	(74 485)	(121 116)	12 609	84 633	205 780	330 475
Cash from Financing Activities	(328 284) N/A	(301 144) +8%	(79 478) +74%	85 348 N/A	274 343 +221%	320 307 +17%	352 768 +10%	401 056 +14%	762 528 +90%	656 142 -14%	913 260 +39%	725 493 -21%	545 014 -25%	1 020 722 +87%	887 845 -13%	1 108 559 +25%	792 966 -28%	379 564 -52%	180 816 -52%	(142 981) N/A	(334 587) -134%	(541 113) -62%	(637 302) -18%	(516 812) +19%	(466 924) +10%	(372 952) +20%	(274 236) +26%	(484 921) -77%	(363 590) +25%	(420 136) -16%	(489 595) -17%	(403 675) +18%	(318 477) +21%	(436 405) -37%	(345 458) +21%	(419 495) -21%	(467 193) -11%	(404 988) +13%	(418 618) -3%	(322 429) +23%	(274 579) +15%	(75 711) +72%	(26 336) +65%	33 200 N/A	213 432 +543%	162 362 -24%	169 181 +4%	126 093 -25%	(48 001) N/A	(53 603) -12%	(122 869) -129%	(91 642) +25%	(33 459) +63%	89 040 N/A	185 209 +108%	259 371 +40%	141 010 -46%	(108 009) N/A	(118 165) -9%	208 832 N/A	166 647 -20%	368 342 +121%	315 559 -14%	28 414 -91%	288 703 +916%	367 095 +27%	354 172 -4%	270 290 -24%	39 884 -85%	(107 730) N/A	(108 465) -1%	(98 413) +9%	(306 618) -212%	(120 416) +61%	(134 372) -12%	(189 147) -41%	438 308 N/A	186 268 -58%	271 606 +46%	316 440 +17%	(85 477) N/A	115 645 N/A	149 322 +29%	265 476 +78%
Change in Cash
Effect of Foreign Exchange Rates	(948)	(875)	(8)	(507)	339	507	534	1 652	1 302	762	761	664	443	1 909	(148)	(1 003)	(5 430)	(4 664)	(4 243)	(11 869)	(6 061)	(6 242)	(8 070)	3 132	3 943	(3 158)	(2 123)	(7 483)	(7 348)	(3 747)	(8 151)	(4 158)	(1 509)	(3 150)	2 214	7 961	9 636	15 504	16 683	15 657	6 755	1 983	7 569	8 841	6 237	12 416	916	(7 444)	(7 130)	(24 223)	(23 211)	(6 825)	(3 438)	14 349	23 802	10 567	1 224	(2 251)	(1 631)	(11 684)	(1 911)	(9 357)	(18 485)	(5 416)	(8 979)	(2 449)	1 461	(4 252)	11 983	12 961	13 456	19 297	24 331	46 499	58 433	34 834	22 178	18 642	13 178	23 606	33 277	(3 292)	(3 144)	16 798
Net Change in Cash	(52 442) N/A	(63 254) -21%	(46 456) +27%	(88 218) -90%	(6 855) +92%	5 724 N/A	55 674 +873%	55 802 +0%	100 476 +80%	2 351 -98%	(33 594) N/A	(9 149) +73%	(30 693) -235%	39 725 N/A	110 734 +179%	120 813 +9%	105 492 -13%	50 044 -53%	64 005 +28%	140 843 +120%	139 314 -1%	163 194 +17%	274 142 +68%	292 356 +7%	179 118 -39%	206 649 +15%	156 157 -24%	(72 442) N/A	93 040 N/A	85 664 -8%	(38 706) N/A	54 542 N/A	54 765 +0%	(79 857) N/A	8 709 N/A	13 439 +54%	39 404 +193%	116 831 +196%	(12 723) N/A	27 677 N/A	1 003 -96%	73 888 +7 267%	135 256 +83%	76 408 -44%	9 479 -88%	90 956 +860%	116 836 +28%	38 442 -67%	(97 098) N/A	(45 161) +53%	12 709 N/A	131 726 +936%	309 450 +135%	362 242 +17%	219 031 -40%	288 886 +32%	271 905 -6%	29 178 -89%	(19 430) N/A	11 645 N/A	(121 537) N/A	(184 103) -51%	(145 333) +21%	(314 590) -116%	(148 296) +53%	37 413 N/A	197 866 +429%	112 429 -43%	(55 709) N/A	(44 235) +21%	(145 414) -229%	(101 873) +30%	12 237 N/A	(141 016) N/A	(115 871) +18%	35 853 N/A	275 096 +667%	65 475 -76%	8 209 -87%	(21 923) N/A	(181 601) -728%	249 390 N/A	136 676 -45%	92 103 -33%
Free Cash Flow
Free Cash Flow	(720 436) N/A	(949 456) -32%	(763 577) +20%	(990 777) -30%	(816 022) +18%	(781 561) +4%	(818 421) -5%	(847 509) -4%	(1 000 535) -18%	(945 063) +6%	(973 225) -3%	(959 352) +1%	(805 463) +16%	(1 007 482) -25%	(975 420) +3%	(966 017) +1%	(931 950) +4%	(818 978) +12%	(740 451) +10%	(666 552) +10%	(548 347) +18%	(404 655) +26%	(288 911) +29%	(218 043) +25%	(180 102) +17%	(236 544) -31%	(273 933) -16%	(313 242) -14%	(349 539) -12%	(303 771) +13%	(288 254) +5%	(267 008) +7%	(270 066) -1%	(261 073) +3%	(299 550) -15%	(296 035) +1%	(360 221) -22%	(445 301) -24%	(417 991) +6%	(428 234) -2%	(440 726) -3%	(442 211) 0%	(578 451) -31%	(631 612) -9%	(731 184) -16%	(775 535) -6%	(680 407) +12%	(623 180) +8%	(572 084) +8%	(441 819) +23%	(394 580) +11%	(415 840) -5%	(405 946) +2%	(502 854) -24%	(628 408) -25%	(603 453) +4%	(482 467) +20%	(424 326) +12%	(431 665) -2%	(464 667) -8%	(472 616) -2%	(392 308) +17%	(107 971) +72%	(82 094) +24%	49 555 N/A	115 048 +132%	155 424 +35%	315 213 +103%	341 723 +8%	356 989 +4%	315 263 -12%	210 479 -33%	186 074 -12%	(104 625) N/A	(182 769) -75%	(107 517) +41%	(166 986) -55%	(36 150) +78%	(18 547) +49%	6 623 N/A	42 528 +542%	13 724 -68%	(57 479) N/A	2 137 N/A

Income Statement Balance Sheet Cash Flow Statement

Orix Corp
NYSE:IX

Cash Flow Statement

Cash Flow Statement
Orix Corp

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Orix Corp NYSE:IX

Cash Flow Statement

Cash Flow Statement Orix Corp

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Orix Corp
NYSE:IX

Cash Flow Statement
Orix Corp