FUJIFILM Holdings (4901): FY2025 Results Summary — Record Revenue and Profit Led by Bio CDMO and Semiconductor Materials

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

FUJIFILM Holdings Corporation reported record highs across revenue, operating income and net income attributable to FUJIFILM Holdings for FY2025, the fiscal year ended March 2026. Revenue rose 5.0% year on year to ¥3,357.0 billion, operating income rose 6.1% to ¥350.2 billion, and net income attributable to FUJIFILM Holdings rose 6.0% to ¥276.7 billion. Growth was driven by the Healthcare segment, where the launch of new Bio CDMO facilities in Denmark contributed, the Electronics segment on strong sales of Semiconductor Materials including CMP slurries, and the Imaging segment on robust sales of digital cameras and other products. For FY2026 the company guides to further record highs of ¥3,470.0 billion in revenue, ¥365.0 billion in operating income and ¥280.0 billion in net income attributable to FUJIFILM Holdings, with the annual dividend planned at ¥75.0 per share.

Consolidated Results (Full-Year Actual)

Revenue increased ¥161.1 billion year on year to ¥3,357.0 billion, and on a constant-currency basis the increase was ¥144.2 billion (+4.5%). Operating income increased ¥20.1 billion to ¥350.2 billion; excluding foreign exchange, one-time cost and raw material impacts the increase was ¥57.4 billion (+17.4%). The company states that despite additional U.S. tariffs and higher raw material costs, operating income increased mainly due to an improvement in gross margin driven by revenue growth. The operating margin was 10.4%, up 0.1 percentage points year on year. ROE and ROIC both declined, to 7.7% and 5.5% respectively, and the cash conversion cycle lengthened by 11 days to 106 days.

Item	FY2025	FY2024	Change
Revenue	¥3,357.0 billion	¥3,195.8 billion	+161.1 (+5.0%)
Operating Income	¥350.2 billion	¥330.2 billion	+20.1 (+6.1%)
Operating Margin	10.4%	10.3%	+0.1 pt
Income before Income Taxes	¥366.6 billion	¥340.6 billion	+26.0 (+7.6%)
Net Income Attributable to FUJIFILM Holdings	¥276.7 billion	¥261.0 billion	+15.8 (+6.0%)
EPS	¥229.65	¥216.67	¥12.98
ROE	7.7%	8.0%	(0.3 pt)
ROIC	5.5%	5.9%	(0.4 pt)
CCC	106 days	95 days	11 days
Exchange Rate ￥/US$	¥151	¥152	(¥1)
Exchange Rate ￥/€	¥175	¥164	¥11

In the fourth quarter alone (January to March 2026), revenue was ¥927.3 billion (+6.8%) and net income attributable to FUJIFILM Holdings was ¥83.4 billion (+5.0%), both record highs for a fourth quarter, while operating income was ¥101.8 billion (-4.8%). By region for the full year, Japan revenue was ¥1,168.7 billion (34.8% of the total, +6.3%) and overseas revenue was ¥2,188.3 billion (65.2%, +4.4%), of which the Americas were ¥657.9 billion, Europe ¥581.1 billion, and Asia and others ¥949.3 billion (including China at ¥497.7 billion).

Segment Results

Three of the four segments grew revenue. Healthcare revenue rose 4.9% to ¥1,098.9 billion, with Bio CDMO up 15.8% to ¥254.1 billion, but segment operating income fell 20.3% to ¥63.6 billion on upfront costs associated with the start of operations at new large-scale Bio CDMO facilities in the U.S. and optimization of the production structure for small- to medium-scale facilities. Electronics revenue rose 11.9% to ¥456.2 billion, led by Semiconductor Materials at ¥294.6 billion (+17.6%), lifting segment operating income 34.4% to ¥100.9 billion. Business Innovation revenue declined 2.0% to ¥1,174.8 billion as Office Solutions fell 7.7% to ¥482.7 billion, and segment operating income fell 14.6% to ¥63.7 billion. Imaging revenue rose 15.7% to ¥627.1 billion on strong instax instant photo systems and FUJIFILM X and GFX series digital cameras, with operating income up 14.9% to ¥160.0 billion. The chemical reagent business was reclassified from the Electronics (AF Materials) segment to the Healthcare (LS Solutions) segment, and FY2024 information has been restated accordingly.

Segment	Metric	FY2025	FY2024	Change
Healthcare	Revenue	1,098.9	1,047.8	51.2 (+4.9%)
Electronics	Revenue	456.2	407.6	48.6 (+11.9%)
Business Innovation	Revenue	1,174.8	1,198.5	(23.7) (2.0%)
Imaging	Revenue	627.1	542.0	85.1 (+15.7%)
Total	Revenue	3,357.0	3,195.8	161.1 (+5.0%)
Healthcare	Operating Income	63.6	79.9	(16.2) (20.3%)
Electronics	Operating Income	100.9	75.1	25.8 (+34.4%)
Business Innovation	Operating Income	63.7	74.6	(10.9) (14.6%)
Imaging	Operating Income	160.0	139.2	20.8 (+14.9%)
Corporate Expenses & Eliminations	Operating Income	(38.0)	(38.6)	0.6
Total	Operating Income	350.2	330.2	20.1 (+6.1%)

Full-year segment operating margins were 5.8% for Healthcare (7.6% in FY2024), 22.1% for Electronics (18.4%), 5.4% for Business Innovation (6.2%) and 25.5% for Imaging (25.7%). Within Bio CDMO, the EBITDA margin excluding one-time costs was approximately 10% for the full year, with large-scale facilities in the mid 20% range and small- to medium-scale facilities at negative 10%. The impact of U.S. tariff policy on FY2025 operating income amounted to a negative ¥5.8 billion, comprising ¥-4.4 billion in Healthcare, ¥-0.9 billion in Electronics and ¥-0.5 billion in Business Innovation; the company states this was mitigated by pricing measures and other initiatives.

FY2026 Forecast

For FY2026, the fiscal year ending March 2027, FUJIFILM Holdings targets record highs for revenue, operating income and net income attributable to FUJIFILM Holdings. The company cites the expansion of operations at new large-scale Bio CDMO manufacturing facilities, increased sales of Semiconductor Materials, and concerted pricing measures across all businesses to offset rising raw materials costs including semiconductor memory and silver. Assumed exchange rates are ¥150/US$ and ¥175/€, and the assumed silver price rises to ¥400,000/kg from ¥247,000/kg.

Item	FY2026 Forecast	FY2025 Actual	Change from FY2025
Revenue	¥3,470.0 billion	¥3,357.0 billion	113.0 (+3.4%)
Operating Income	¥365.0 billion	¥350.2 billion	14.8 (+4.2%)
Operating Margin	10.5%	10.4%	+0.1 %
Income before Income Taxes	¥375.0 billion	¥366.6 billion	8.4 (+2.3%)
Net Income Attributable to FUJIFILM Holdings	¥280.0 billion	¥276.7 billion	3.3 (+1.2%)
EPS	¥234.19	¥229.65	¥4.54
ROE	7.8%	7.7%	0.1 pt
ROIC	5.6%	5.5%	0.1 pt
CCC	101 days	106 days	(5 days)
Exchange Rates ￥/US$	¥150	¥151	(¥1)
Exchange Rates ￥/€	¥175	¥175	–
Silver Price (/kg)	¥400,000	¥247,000	¥153,000

By segment, revenue is guided to ¥1,170.0 billion for Healthcare (+6.5%), ¥475.0 billion for Electronics (+4.1%), ¥1,175.0 billion for Business Innovation (+0.0%) and ¥650.0 billion for Imaging (+3.7%). Operating income is expected to increase across all segments: Healthcare ¥69.0 billion (+8.4%), Electronics ¥106.0 billion (+5.1%), Business Innovation ¥65.0 billion (+2.0%) and Imaging ¥162.0 billion (+1.2%). Within Healthcare, Bio CDMO revenue is projected at ¥300.0 billion (+16.7%) and Medical Systems at ¥720.0 billion (+2.6%); within Electronics, Semiconductor Materials is projected at ¥310.0 billion (+5.2%).

Two cost risks are addressed separately. Rising semiconductor memory prices are estimated at ¥-11.0 billion per year before mitigation and are factored into the forecast, with most of the required volume for FY2026 already secured. The impact of the situation in the Middle East — higher energy prices, rising crude oil-derived raw material and packaging prices, and tight supply-demand — is estimated at ¥-3.0 billion to ¥-4.0 billion per quarter if the current situation were to continue through the end of Q1, and is not factored into the financial forecast due to significant uncertainty surrounding the outlook.

Shareholder Returns

The annual dividend for FY2025 is planned at ¥70.0 per share, and the annual dividend for FY2026 is planned at ¥75.0 per share, up ¥5.0 year on year and marking the 17th consecutive annual increase. The company’s stated policy is to ensure a balance between business growth and financial discipline, to provide stable and continuous dividends with returns to shareholders through dividends as its basic policy, to target a dividend payout ratio of 30%, and to consider and implement share buybacks based on trends in cash flow, share price and other factors. On March 30, 2026, the company announced a share buyback of up to ¥30.0 billion together with the cancellation of all shares repurchased; the buyback was completed on April 30.

Item	Details
Annual dividend for FY2025	¥70.0 per share
Annual dividend for FY2026 (plan)	¥75.0 per share (up ¥5.0 YoY), 17th consecutive annual increase
Target dividend payout ratio	30%
Share buyback	Up to ¥30.0 billion, announced March 30, 2026; completed April 30, with cancellation of all shares repurchased
Shareholder returns in FY2026 cash allocation	¥117.0 billion (including share buyback)

In the FY2026 cash allocation plan, operating cash flow before deduction of R&D expense is projected at ¥671.0 billion, against capital expenditure of ¥404.0 billion including tangible, software and rental equipment, R&D expenses of ¥172.0 billion, and shareholder returns of ¥117.0 billion including the share buyback. The company expects free cash flow to turn positive in FY2026 as capital expenditure in Bio CDMO decreases significantly. In FY2025, adjusted free cash flow was ¥-148.4 billion, and adjusted free cash flow excluding business acquisitions was ¥-142.3 billion.

Medium-Term Plan (VISION2030) and Topics

The FY2026 forecast is positioned against the targets of the medium-term management plan, VISION2030. The reference VISION2030 figures for FY2026 are revenue of ¥3,450.0 billion, operating income of ¥360.0 billion, an operating margin of 10.4%, net income attributable to FUJIFILM Holdings of ¥270.0 billion, ROE of 8.1% and ROIC of 5.8%, on assumed rates of ¥140/US$ and ¥150/€. The company states it is aiming to achieve the plan’s targets for revenue, operating income and net income attributable to FUJIFILM Holdings, and to improve ROE and ROIC by enhancing profitability through the launch of new large-scale Bio CDMO manufacturing facilities, thereby improving capital efficiency.

On capital-cost-conscious management, the company is aiming to achieve an ROE of 10% or higher in FY2030 by continuously improving ROIC across all business segments and ensuring appropriate capital allocation, while contributing to the sustainable enhancement of the stock price (PBR). Four initiatives to improve ROIC are listed: improving profitability, including the start of operations at the new Bio CDMO facilities in the U.S., pricing measures to offset additional U.S. tariffs and rising raw material costs including silver, and withdrawal from low-profit products; optimizing non-core assets, including the divestiture of the medical media business of LS Solutions in April 2025, reduction of cross-shareholdings and reduction of real estate holdings; improving CCC, from 116 days in FY2023 to 106 days in FY2025; and the share buyback.

Segment ROIC in FY2025 was 1.6% for Healthcare, 15.0% for Electronics, 4.4% for Business Innovation and 51.3% for Imaging, against a company-wide 5.5%. For FY2026 the company plans 1.8%, 15.8%, 4.8% and 51.1% respectively, with company-wide ROIC of 5.6%. Segment ROIC is defined as NOPAT divided by working capital plus fixed assets, and company-wide ROIC as NOPAT divided by interest-bearing debt plus shareholders’ equity.

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.