Income Statement

Revenue

+25%

+24%

10Y

Currency: JPY

	Jun-2005	Sep-2005	Dec-2005	Jun-2006	Sep-2006	Dec-2006	Jun-2007	Sep-2007	Dec-2007	Jun-2008	Sep-2008	Dec-2008	Jun-2009	Sep-2009	Dec-2009	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	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	41	0	0	33	0	0	62	0	0	93	0	0	89	0	0	75	148	219	288	281	275	272	270	268	268	262	266	241	219	196	180	166	162	166	168	166	166	163	155	152	142	133	131	124	124	119	101	70	51	37	50	53	58	64	66	57	48	39	32	33	34	33	34	34	34	39	56	73	91	105	105	106	108	109	113	0	0
Revenue	133 935 N/A	131 877 -2%	130 554 -1%	129 618 -1%	129 204 0%	126 973 -2%	128 361 +1%	129 384 +1%	130 623 +1%	130 045 0%	129 051 -1%	127 957 -1%	127 419 0%	126 284 -1%	123 650 -2%	123 097 0%	123 688 +0%	121 492 -2%	157 336 +30%	151 229 -4%	146 116 -3%	146 578 +0%	147 190 +0%	150 442 +2%	151 852 +1%	152 046 +0%	152 885 +1%	155 699 +2%	158 093 +2%	161 201 +2%	164 603 +2%	168 898 +3%	172 290 +2%	175 899 +2%	177 929 +1%	179 163 +1%	180 787 +1%	181 384 +0%	181 868 +0%	185 124 +2%	189 022 +2%	194 064 +3%	199 479 +3%	203 890 +2%	206 531 +1%	206 544 +0%	205 022 -1%	203 248 -1%	203 689 +0%	205 600 +1%	205 368 0%	207 510 +1%	207 633 +0%	207 694 +0%	208 878 +1%	196 682 -6%	186 826 -5%	177 750 -5%	168 240 -5%	172 569 +3%	176 725 +2%	177 209 +0%	181 251 +2%	183 491 +1%	186 263 +2%	190 457 +2%	194 373 +2%	198 662 +2%	205 547 +3%	210 301 +2%	213 368 +1%	219 204 +3%	222 605 +2%	226 155 +2%	228 957 +1%	232 282 +1%	231 981 0%
Gross Profit
Cost of Revenue	(67 089)	(66 415)	(66 356)	(66 424)	(66 701)	(65 738)	(66 681)	(67 697)	(68 749)	(68 933)	(68 881)	(68 280)	(68 394)	(67 313)	(65 582)	(64 308)	(64 228)	(62 944)	(81 557)	(78 187)	(74 986)	(75 532)	(76 128)	(77 972)	(78 806)	(78 366)	(78 386)	(79 889)	(81 755)	(83 794)	(86 794)	(90 168)	(92 860)	(95 348)	(96 788)	(96 433)	(95 433)	(94 809)	(94 269)	(94 711)	(95 425)	(96 988)	(99 125)	(101 115)	(102 326)	(102 128)	(100 435)	(99 079)	(98 845)	(99 188)	(98 853)	(99 306)	(98 849)	(98 513)	(98 747)	(96 926)	(96 337)	(96 438)	(95 664)	(97 988)	(100 998)	(101 769)	(105 425)	(107 781)	(110 633)	(114 813)	(117 721)	(120 320)	(123 593)	(125 143)	(126 679)	(130 237)	(133 367)	(136 505)	(138 911)	(140 908)	(140 693)
Gross Profit	66 846 N/A	65 462 -2%	64 198 -2%	63 194 -2%	62 503 -1%	61 235 -2%	61 680 +1%	61 687 +0%	61 874 +0%	61 112 -1%	60 170 -2%	59 677 -1%	59 025 -1%	58 971 0%	58 068 -2%	58 789 +1%	59 460 +1%	58 548 -2%	75 779 +29%	73 042 -4%	71 130 -3%	71 046 0%	71 062 +0%	72 470 +2%	73 046 +1%	73 680 +1%	74 499 +1%	75 810 +2%	76 338 +1%	77 407 +1%	77 809 +1%	78 730 +1%	79 430 +1%	80 551 +1%	81 141 +1%	82 730 +2%	85 354 +3%	86 575 +1%	87 599 +1%	90 413 +3%	93 597 +4%	97 076 +4%	100 354 +3%	102 775 +2%	104 205 +1%	104 416 +0%	104 587 +0%	104 169 0%	104 844 +1%	106 412 +1%	106 515 +0%	108 204 +2%	108 784 +1%	109 181 +0%	110 131 +1%	99 756 -9%	90 489 -9%	81 312 -10%	72 576 -11%	74 581 +3%	75 727 +2%	75 440 0%	75 826 +1%	75 710 0%	75 630 0%	75 644 +0%	76 652 +1%	78 342 +2%	81 954 +5%	85 158 +4%	86 689 +2%	88 967 +3%	89 238 +0%	89 650 +0%	90 046 +0%	91 374 +1%	91 288 0%
Operating Income
Operating Expenses	(59 766)	(57 851)	(56 765)	(57 149)	(56 831)	(55 751)	(55 360)	(56 061)	(56 693)	(57 075)	(56 178)	(56 015)	(55 538)	(54 386)	(53 093)	(52 594)	(53 450)	(52 860)	(69 495)	(67 141)	(66 370)	(67 658)	(68 248)	(70 462)	(71 405)	(71 259)	(71 964)	(72 391)	(72 388)	(73 294)	(74 026)	(74 967)	(75 398)	(75 308)	(75 256)	(75 073)	(75 080)	(74 706)	(76 187)	(76 633)	(77 529)	(79 543)	(82 778)	(84 316)	(85 548)	(86 453)	(84 867)	(85 453)	(85 932)	(87 196)	(86 356)	(89 499)	(87 581)	(87 099)	(88 984)	(79 503)	(70 799)	(62 209)	(53 531)	(54 593)	(55 107)	(56 254)	(58 253)	(59 744)	(60 997)	(61 581)	(61 502)	(62 020)	(62 850)	(64 035)	(66 455)	(67 787)	(69 303)	(69 665)	(68 804)	(69 776)	(70 553)
Selling, General & Administrative	(59 766)	(58 171)	(56 765)	(57 149)	(56 563)	(55 751)	(55 360)	(56 037)	(56 693)	(56 817)	(55 939)	(55 320)	(54 816)	(53 637)	(52 203)	(51 685)	(52 543)	(51 955)	(65 767)	(66 225)	(65 752)	(67 343)	(64 311)	(70 461)	(71 405)	(71 259)	(67 464)	(72 390)	(72 386)	(73 292)	(69 064)	(74 966)	(75 397)	(75 264)	(70 555)	(74 642)	(75 078)	(74 705)	(73 990)	(76 520)	(77 528)	(79 542)	(80 532)	(84 316)	(85 548)	(86 453)	(82 630)	(85 453)	(85 911)	(86 679)	(84 103)	(86 878)	(87 030)	(87 024)	(86 660)	(79 388)	(70 685)	(62 082)	(51 181)	(54 462)	(54 909)	(56 130)	(55 454)	(59 640)	(60 901)	(61 491)	(58 523)	(61 941)	(62 781)	(63 980)	(63 210)	(67 756)	(69 276)	(69 640)	(65 734)	(69 750)	(70 528)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2 240)	0	0	0	(2 399)	0	0	0	(2 329)	0	0	0	(1 984)	0	0	0	(2 005)	0	0	0	0	0	0	0	(2 210)	0	0	0	(2 205)	0	0	0	(2 194)	0	0	0	(2 240)	0	0	0	(2 217)	0	0	0	(2 686)	0	0	0	(2 892)	0	0	0	(3 206)	0	0	0	(3 045)	0	0
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	(258)	(531)	(695)	(722)	(749)	(890)	(909)	(907)	(905)	(1 488)	0	0	0	(1 538)	0	0	0	(2 170)	0	0	0	(2 977)	0	0	0	(2 694)	0	0	0	(44)	0	0	0	(36)	0	0	0	(31)	0	(21)	(21)	(58)	0	(53)	(72)	(83)	(114)	(113)	(127)	(131)	(129)	(127)	(122)	(112)	(104)	(95)	(89)	(85)	(76)	(67)	(53)	(39)	(31)	(26)	(24)	(24)	(25)	(26)
Other Operating Expenses	0	320	0	0	(268)	0	0	(24)	0	0	292	0	0	0	0	0	0	0	0	(916)	(618)	(315)	0	(1)	0	0	(1)	(1)	(2)	0	(1)	(1)	(1)	(44)	(1)	(431)	0	0	(2 153)	(113)	(1)	0	0	0	0	0	(1)	0	0	(496)	(1)	(2 621)	(498)	(3)	(1)	(1)	(1)	0	(2)	(2)	(71)	0	(1)	0	(1)	(1)	(2)	(3)	0	0	0	0	(1)	0	(1)	(1)	1
Operating Income	7 080 N/A	7 611 +8%	7 433 -2%	6 045 -19%	5 672 -6%	5 484 -3%	6 320 +15%	5 626 -11%	5 181 -8%	4 037 -22%	3 992 -1%	3 662 -8%	3 487 -5%	4 585 +31%	4 975 +9%	6 195 +25%	6 010 -3%	5 688 -5%	6 284 +10%	5 901 -6%	4 760 -19%	3 388 -29%	2 814 -17%	2 008 -29%	1 641 -18%	2 421 +48%	2 535 +5%	3 419 +35%	3 950 +16%	4 113 +4%	3 783 -8%	3 763 -1%	4 032 +7%	5 243 +30%	5 885 +12%	7 657 +30%	10 274 +34%	11 869 +16%	11 412 -4%	13 780 +21%	16 068 +17%	17 533 +9%	17 576 +0%	18 459 +5%	18 657 +1%	17 963 -4%	19 720 +10%	18 716 -5%	18 912 +1%	19 216 +2%	20 159 +5%	18 705 -7%	21 203 +13%	22 082 +4%	21 147 -4%	20 253 -4%	19 690 -3%	19 103 -3%	19 045 0%	19 988 +5%	20 620 +3%	19 186 -7%	17 573 -8%	15 966 -9%	14 633 -8%	14 063 -4%	15 150 +8%	16 322 +8%	19 104 +17%	21 123 +11%	20 234 -4%	21 180 +5%	19 935 -6%	19 985 +0%	21 242 +6%	21 598 +2%	20 735 -4%
Pre-Tax Income
Interest Income Expense	117	463	472	462	144	144	181	391	367	325	56	39	(4)	16	31	72	91	(148)	45	784	782	1 050	53	56	55	64	118	423	452	477	454	172	160	157	171	172	200	218	228	240	248	259	262	300	281	274	274	345	404	422	367	424	503	550	453	502	441	402	492	544	492	509	22 457	22 451	22 459	22 461	511	367	357	1 010	1 004	893	1 720	1 156	3 534	3 472	4 584
Non-Reccuring Items	265	(11 973)	(11 983)	(12 127)	321	191	184	(144)	(147)	(145)	(42)	(835)	(828)	(786)	(6)	(88)	(83)	(78)	(1 125)	(1 423)	(2 725)	(2 817)	(1 213)	(1 212)	4	96	(92)	(437)	(432)	(441)	(408)	(134)	(51)	0	(429)	0	(442)	(504)	(112)	0	(124)	(68)	(2 594)	(2 737)	(2 712)	(2 706)	(3 580)	(4 978)	(4 985)	(4 985)	(3 769)	0	(2 077)	(2 076)	(7 421)	(7 422)	(7 419)	(7 444)	(70)	(69)	0	(45)	(293)	(293)	(824)	(859)	(620)	(636)	(105)	(1 676)	(1 722)	(1 706)	(1 707)	(1 281)	(1 202)	(1 203)	(1 353)
Gain/Loss on Disposition of Assets	(756)	(573)	(583)	(812)	(1 016)	(1 041)	(942)	(493)	(445)	(410)	(408)	(410)	(313)	(249)	(168)	(174)	(171)	15	(317)	(60)	(57)	(268)	625	(368)	(250)	(239)	(238)	(366)	(465)	8 470	8 555	8 697	8 703	(214)	(246)	223	229	215	0	(285)	(389)	(369)	(352)	(376)	(190)	(207)	(55)	(56)	284	446	0	263	(263)	(512)	909	874	903	0	(795)	(555)	(524)	(673)	(690)	(737)	(1 289)	(1 418)	(1 528)	(1 467)	(804)	(215)	477	509	595	219	(124)	(123)	(104)
Total Other Income	115	141	157	111	109	57	54	(71)	(14)	10	128	114	113	188	195	199	172	163	178	183	254	269	272	270	196	85	287	183	159	326	522	479	480	429	474	391	399	382	591	409	381	406	488	457	493	507	427	335	317	330	242	202	273	244	349	392	304	1 126	287	98	99	291	169	143	179	81	371	361	336	588	583	601	623	463	834	812	731
Pre-Tax Income	6 821 N/A	(4 331) N/A	(4 504) -4%	(6 321) -40%	5 230 N/A	4 835 -8%	5 797 +20%	5 309 -8%	4 942 -7%	3 817 -23%	3 726 -2%	2 570 -31%	2 455 -4%	3 754 +53%	5 027 +34%	6 204 +23%	6 019 -3%	5 640 -6%	5 065 -10%	5 385 +6%	3 014 -44%	1 622 -46%	2 551 +57%	754 -70%	1 646 +118%	2 427 +47%	2 610 +8%	3 222 +23%	3 664 +14%	12 945 +253%	12 906 0%	12 977 +1%	13 324 +3%	5 615 -58%	5 855 +4%	8 443 +44%	10 660 +26%	12 180 +14%	12 119 -1%	14 144 +17%	16 184 +14%	17 761 +10%	15 380 -13%	16 103 +5%	16 529 +3%	15 831 -4%	16 786 +6%	14 362 -14%	14 932 +4%	15 429 +3%	16 999 +10%	19 594 +15%	19 639 +0%	20 288 +3%	15 437 -24%	14 599 -5%	13 919 -5%	13 187 -5%	18 959 +44%	20 006 +6%	20 687 +3%	19 268 -7%	39 216 +104%	37 530 -4%	35 158 -6%	34 328 -2%	13 884 -60%	14 947 +8%	18 888 +26%	20 830 +10%	20 576 -1%	21 477 +4%	21 166 -1%	20 542 -3%	24 284 +18%	24 556 +1%	24 593 +0%
Net Income
Tax Provision	(2 837)	126	202	872	(2 298)	(2 135)	(2 501)	(2 276)	(2 014)	(1 529)	(1 529)	(1 195)	(1 144)	(1 566)	(1 957)	(2 458)	(2 601)	(2 647)	(2 581)	(2 643)	(1 607)	(887)	(1 470)	(822)	(1 217)	(1 596)	(1 283)	(1 421)	(1 546)	(4 721)	(4 766)	(4 772)	(4 756)	(1 989)	(1 959)	(2 784)	(3 606)	(4 113)	(4 183)	(4 722)	(5 223)	(5 570)	(4 258)	(4 458)	(4 612)	(4 513)	(6 592)	(6 385)	(6 536)	(5 803)	(5 036)	(5 279)	(5 335)	(6 380)	(4 475)	(4 066)	(3 775)	(3 277)	(5 356)	(5 569)	(5 818)	(5 321)	(11 257)	(11 004)	(10 188)	(10 015)	(3 593)	(3 744)	(4 889)	(5 384)	(5 201)	(5 548)	(5 449)	(5 625)	(6 438)	(6 561)	(6 349)
Income from Continuing Operations	3 984	(4 205)	(4 302)	(5 449)	2 932	2 700	3 296	3 033	2 928	2 288	2 197	1 375	1 311	2 188	3 070	3 746	3 418	2 993	2 484	2 742	1 407	735	1 081	(68)	429	831	1 327	1 801	2 118	8 224	8 140	8 205	8 568	3 626	3 896	5 659	7 054	8 067	7 936	9 422	10 961	12 191	11 122	11 645	11 917	11 318	10 194	7 977	8 396	9 626	11 963	14 315	14 304	13 908	10 962	10 533	10 144	9 910	13 603	14 437	14 869	13 947	27 959	26 526	24 970	24 313	10 291	11 203	13 999	15 446	15 375	15 929	15 717	14 917	17 846	17 995	18 244
Income to Minority Interest	(29)	(16)	(11)	(5)	(9)	(11)	(11)	3	12	3	(2)	(18)	(6)	(9)	2	(4)	(4)	(3)	(33)	(24)	(11)	(1)	0	33	61	49	92	51	6	(16)	(49)	(48)	(56)	(45)	(89)	(65)	48	86	156	109	(14)	(50)	(6)	8	29	98	94	885	915	926	853	39	(15)	(128)	(138)	(151)	(154)	(173)	(185)	(201)	(228)	(199)	(186)	(176)	(156)	(197)	(231)	(229)	(263)	(259)	(220)	(215)	(191)	(146)	(136)	(120)	(134)
Net Income (Common)	3 954 N/A	(4 220) N/A	(4 313) -2%	(5 453) -26%	2 919 N/A	2 686 -8%	3 282 +22%	3 035 -8%	2 937 -3%	2 288 -22%	2 193 -4%	1 354 -38%	1 301 -4%	2 173 +67%	3 072 +41%	3 742 +22%	3 415 -9%	2 987 -13%	2 449 -18%	2 719 +11%	1 396 -49%	735 -47%	1 081 +47%	(36) N/A	489 N/A	879 +80%	1 419 +61%	1 850 +30%	2 124 +15%	8 208 +286%	8 090 -1%	8 156 +1%	8 511 +4%	3 579 -58%	3 806 +6%	5 593 +47%	7 102 +27%	8 152 +15%	8 092 -1%	9 531 +18%	10 945 +15%	12 141 +11%	11 115 -8%	11 652 +5%	11 945 +3%	11 415 -4%	10 289 -10%	8 864 -14%	9 313 +5%	10 553 +13%	12 816 +21%	14 353 +12%	14 287 0%	13 781 -4%	10 824 -21%	10 382 -4%	9 991 -4%	9 735 -3%	13 416 +38%	14 233 +6%	14 640 +3%	13 747 -6%	27 773 +102%	26 351 -5%	24 813 -6%	24 115 -3%	10 059 -58%	10 973 +9%	13 735 +25%	15 187 +11%	15 154 0%	15 712 +4%	15 525 -1%	14 770 -5%	17 710 +20%	17 876 +1%	18 110 +1%
EPS (Diluted)	73.22 N/A	-76.72 N/A	-79.87 -4%	-100.98 -26%	53.07 N/A	49.75 -6%	61.92 +24%	56.2 -9%	55.41 -1%	43.16 -22%	41.37 -4%	25.54 -38%	24.54 -4%	41 +67%	57.96 +41%	71.96 +24%	65.67 -9%	57.44 -13%	47.09 -18%	52.28 +11%	26.84 -49%	14.13 -47%	20.78 +47%	-0.69 N/A	9.4 N/A	16.9 +80%	27.28 +61%	35.57 +30%	40.84 +15%	157.84 +286%	155.57 -1%	156.84 +1%	163.67 +4%	68.82 -58%	73.1 +6%	107.55 +47%	136.57 +27%	156.76 +15%	155.46 -1%	183.28 +18%	210.48 +15%	233.48 +11%	213.59 -9%	224.07 +5%	229.71 +3%	219.51 -4%	197.76 -10%	170.46 -14%	179.09 +5%	202.94 +13%	247.14 +22%	285.34 +15%	284.01 0%	273.96 -4%	215.18 -21%	206.39 -4%	198.63 -4%	193.54 -3%	133.37 -31%	282.97 +112%	291.07 +3%	273.41 -6%	276.29 +1%	535.48 +94%	511.96 -4%	505.16 -1%	104.38 -79%	118.5 +14%	149.59 +26%	166.86 +12%	165.6 -1%	174.61 +5%	173.1 -1%	169.52 -2%	200.85 +18%	211.18 +5%	215.55 +2%

Income Statement Balance Sheet Cash Flow Statement

Morinaga & Co Ltd
TSE:2201

Income Statement

Earnings Waterfall
Morinaga & Co Ltd

Income Statement
Morinaga & Co Ltd

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Morinaga & Co Ltd TSE:2201

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Earnings Waterfall Morinaga & Co Ltd

Income Statement Morinaga & Co Ltd

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Morinaga & Co Ltd
TSE:2201

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Morinaga & Co Ltd

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Morinaga & Co Ltd