Oriental Land (4661): FY2025 Results Summary — Record Net Sales, Profit Dips on Rising Costs

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Oriental Land Co., Ltd. (4661) reported consolidated net sales of ¥704.5 billion for the fiscal year ended March 2026 (FY3/26), a record high and up 3.7% year on year, driven mainly by a higher net sales per guest. Operating profit declined 2.1% to ¥168.4 billion as personnel expenses and miscellaneous costs rose. However, results exceeded the Company’s initial forecast, primarily due to higher net sales per guest. Profit attributable to owners of parent was ¥121.8 billion, down 1.8% year on year.

Consolidated Results (Full-Year Actual)

Consolidated net sales, operating profit, ordinary profit, profit before income taxes, and profit attributable to owners of parent for FY3/26 versus FY3/25 are as follows.

Item	FY3/26 Results	FY3/25 Results	Change
Net Sales [¥ billion]	704.5	679.3	25.1 (3.7%)
Operating Profit [¥ billion]	168.4	172.1	(3.6) ((2.1)%)
Ordinary Profit [¥ billion]	169.6	173.3	(3.6) ((2.1)%)
Extraordinary Income [¥ billion]	0.5	0.2	0.2 (115.6%)
Profit before Income Taxes [¥ billion]	170.1	173.5	(3.4) ((2.0)%)
Profit Attributable to Owners of Parent [¥ billion]	121.8	124.1	(2.2) ((1.8)%)

Segment Results

Net sales increased in all three segments. Operating profit rose in the Hotel Business Segment, driven by higher average charge per room and the full-year operation of the Tokyo DisneySea Fantasy Springs Hotel, but declined in the Theme Park Segment and Other Business Segment due to higher personnel and miscellaneous costs.

Segment / Metric	FY3/26 Results	FY3/25 Results	Change
Theme Park Segment — Net Sales [¥ billion]	568.3	552.1	16.2 (2.9%)
Theme Park Segment — Operating Profit [¥ billion]	130.4	140.4	(9.9) ((7.1)%)
Hotel Business Segment — Net Sales [¥ billion]	119.0	110.4	8.5 (7.8%)
Hotel Business Segment — Operating Profit [¥ billion]	36.8	30.4	6.3 (20.9%)
Other Business Segment — Net Sales [¥ billion]	17.1	16.7	0.3 (2.3%)
Other Business Segment — Operating Profit [¥ billion]	0.4	0.6	(0.1) ((22.9)%)

Within the Theme Park Segment, attendance was largely unchanged year on year, while net sales per guest reached a record high, driven by higher revenue from attractions and shows (including Disney Premier Access) and merchandise.

Metric	FY3/26 Results	FY3/25 Results	FY3/27 Forecast
Attendance [million people]	27.53	27.56	28.00
Net Sales per Guest [¥]	18,403	17,833	18,712

FY2026 Forecast

For the fiscal year ending March 2027 (FY3/27), Oriental Land forecasts net sales of ¥724.3 billion, up 2.8% year on year, on higher attendance and net sales per guest. Operating profit is forecast to decline 4.5% to ¥160.7 billion, mainly due to guest room renovation work at Disney hotels ahead of the Tokyo Disney Resort 45th Anniversary and rising costs, including maintenance costs and expenses related to the Tokyo DisneySea 25th Anniversary events.

Item	FY3/26 Results	FY3/27 Forecast	Change
Net Sales [¥ billion]	704.5	724.3	19.7 (2.8%)
Theme Park Segment — Net Sales [¥ billion]	568.3	592.2	23.8 (4.2%)
Hotel Business Segment — Net Sales [¥ billion]	119.0	115.7	(3.2) ((2.8)%)
Other Business Segment — Net Sales [¥ billion]	17.1	16.3	(0.8) ((4.9)%)
Operating Profit [¥ billion]	168.4	160.7	(7.6) ((4.5)%)
Theme Park Segment — Operating Profit [¥ billion]	130.4	128.7	(1.7) ((1.4)%)
Hotel Business Segment — Operating Profit [¥ billion]	36.8	30.7	(6.1) ((16.6)%)
Other Business Segment — Operating Profit [¥ billion]	0.4	0.8	0.3 (69.4%)
Ordinary Profit [¥ billion]	169.6	168.0	(1.5) ((0.9)%)
Profit before Income Taxes [¥ billion]	170.1	168.0	(2.1) ((1.2)%)
Profit Attributable to Owners of Parent [¥ billion]	121.8	113.7	(8.0) ((6.6)%)

Shareholder Returns

Based on full-year results, the year-end dividend for FY3/26 will be increased by ¥1 from the initial forecast. The annual dividend for FY3/27 is expected to increase by ¥1 per share to ¥16. Note: effective April 1, 2023, the Company implemented a 5-for-1 stock split; dividends for fiscal years prior to the fiscal year ended March 2023 have been calculated retroactively for convenience following the stock split.

Medium-Term Plan / Topics

Under the 2035 Long-term Management Strategy (FY2025–FY2029), which succeeds the 2024 Mid-term Plan (FY2022–FY2024), Oriental Land is targeting net sales of ¥1 trillion or higher and operating cash flow at the ¥300 billion level by FY2035, together with an ROE aim of an even higher level than achieved under the 2024 Mid-term Plan. The Company states there are no changes to the 2035 Long-term Management Strategy and it will continue to invest in growth. Planned growth investments and content include Tokyo DisneySea 25th Anniversary events (from April 15, 2026), a redesigned Space Mountain and surrounding area, a new attraction set in the world of Wreck-It Ralph, Tokyo Disney Resort 45th Anniversary events, and Disney Cruise Line Japan, with service scheduled to launch in FY2028 and year-round operations beginning in FY2029.

To mark the Company’s 30th anniversary of listing, Oriental Land will implement a one-time special shareholder benefit in addition to its standard and long-term shareholder benefit programs: shareholders holding 100 or more shares as of the record date of September 30, 2026, will receive one additional 1-Day Passport (valid through August 31, 2027, for use at either Tokyo Disneyland or Tokyo DisneySea). The distribution date is scheduled for December 2026.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.