Income Statement

Revenue

+18%

+47%

10Y

Currency: JPY

	Jun-2004	Sep-2004	Dec-2004	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	Dec-2025
Revenue
Interest Expense	18	0	0	1	0	0	0	0	0	0	0	0	3	0	0	6	0	0	3	4	0	8	25	43	59	71	65	61	21	56	12	0	31	58	70	104	127	133	134	136	138	138	134	127	121	143	166	197	229	261	331	386	422	441	401	399	401	805	0	0	0	1 005	0	0	0	1 382	0	0	0	4 807	0	0	0	6 095	0	0	0	5 684	0	0	0
Revenue	168 324 N/A	169 652 +1%	180 621 +6%	188 040 +4%	197 956 +5%	199 340 +1%	207 059 +4%	213 290 +3%	222 381 +4%	231 484 +4%	241 074 +4%	249 824 +4%	251 833 +1%	249 964 -1%	251 208 +0%	253 234 +1%	252 805 0%	252 155 0%	251 284 0%	247 378 -2%	241 973 -2%	326 328 +35%	324 143 -1%	325 708 +0%	328 734 +1%	335 554 +2%	341 500 +2%	348 428 +2%	351 535 +1%	363 891 +4%	367 730 +1%	372 089 +1%	382 991 +3%	385 932 +1%	394 340 +2%	400 721 +2%	407 254 +2%	405 984 0%	410 847 +1%	420 976 +2%	418 823 -1%	421 439 +1%	420 309 0%	412 266 -2%	416 351 +1%	424 548 +2%	430 793 +1%	441 597 +3%	457 616 +4%	471 488 +3%	482 610 +2%	491 681 +2%	496 951 +1%	501 243 +1%	512 980 +2%	519 989 +1%	524 724 +1%	528 721 +1%	530 494 +0%	535 943 +1%	542 678 +1%	550 337 +1%	561 867 +2%	576 087 +3%	593 933 +3%	611 634 +3%	636 524 +4%	658 713 +3%	679 745 +3%	692 165 +2%	701 336 +1%	715 175 +2%	726 124 +2%	736 556 +1%	747 956 +2%	751 269 +0%	754 782 +0%	764 813 +1%	772 473 +1%	785 100 +2%	798 901 +2%
Gross Profit
Cost of Revenue	(124 340)	(126 575)	(136 832)	(142 473)	(149 098)	(149 010)	(153 865)	(155 938)	(159 639)	(164 056)	(167 166)	(173 441)	(175 121)	(176 177)	(175 894)	(177 506)	(178 098)	(179 914)	(181 826)	(180 003)	(174 203)	(233 119)	(228 767)	(227 872)	(230 233)	(235 515)	(241 431)	(247 281)	(250 305)	(262 315)	(263 208)	(266 769)	(275 793)	(276 664)	(287 751)	(290 495)	(292 463)	(289 210)	(285 592)	(293 373)	(288 178)	(287 270)	(283 452)	(275 630)	(276 549)	(280 761)	(284 620)	(289 780)	(301 922)	(311 868)	(321 168)	(327 952)	(333 065)	(336 508)	(342 592)	(347 163)	(347 668)	(346 101)	(352 136)	(354 886)	(358 936)	(364 539)	(366 483)	(374 034)	(384 347)	(395 562)	(414 323)	(429 057)	(443 965)	(452 336)	(455 644)	(464 475)	(471 080)	(475 549)	(482 460)	(483 914)	(483 170)	(489 517)	(493 265)	(496 507)	(505 122)
Gross Profit	43 984 N/A	43 077 -2%	43 789 +2%	45 567 +4%	48 858 +7%	50 330 +3%	53 194 +6%	57 352 +8%	62 742 +9%	67 428 +7%	73 908 +10%	76 383 +3%	76 712 +0%	73 787 -4%	75 314 +2%	75 728 +1%	74 707 -1%	72 241 -3%	69 458 -4%	67 375 -3%	67 770 +1%	93 209 +38%	95 376 +2%	97 836 +3%	98 501 +1%	100 039 +2%	100 069 +0%	101 147 +1%	101 230 +0%	101 576 +0%	104 522 +3%	105 320 +1%	107 198 +2%	109 268 +2%	106 589 -2%	110 226 +3%	114 791 +4%	116 774 +2%	125 255 +7%	127 603 +2%	130 645 +2%	134 169 +3%	136 857 +2%	136 636 0%	139 802 +2%	143 787 +3%	146 173 +2%	151 817 +4%	155 694 +3%	159 620 +3%	161 442 +1%	163 729 +1%	163 886 +0%	164 735 +1%	170 388 +3%	172 826 +1%	177 056 +2%	182 620 +3%	178 358 -2%	181 057 +2%	183 742 +1%	185 798 +1%	195 384 +5%	202 053 +3%	209 586 +4%	216 072 +3%	222 201 +3%	229 656 +3%	235 780 +3%	239 829 +2%	245 692 +2%	250 700 +2%	255 044 +2%	261 007 +2%	265 496 +2%	267 355 +1%	271 612 +2%	275 296 +1%	279 208 +1%	288 593 +3%	293 779 +2%
Operating Income
Operating Expenses	(23 989)	(23 946)	(23 670)	(24 520)	(24 599)	(25 550)	(26 460)	(28 191)	(29 794)	(31 959)	(34 386)	(37 215)	(38 427)	(38 314)	(37 991)	(38 311)	(39 014)	(39 485)	(40 095)	(40 698)	(40 749)	(54 782)	(54 852)	(55 338)	(56 469)	(56 887)	(57 328)	(57 501)	(57 443)	(57 563)	(58 275)	(58 136)	(57 944)	(59 452)	(58 849)	(61 565)	(63 835)	(65 288)	(68 173)	(69 994)	(73 106)	(75 874)	(78 409)	(80 249)	(82 092)	(85 273)	(88 231)	(90 547)	(93 210)	(94 482)	(94 086)	(94 590)	(93 947)	(93 293)	(93 934)	(93 581)	(94 930)	(96 964)	(100 384)	(101 670)	(101 573)	(98 351)	(106 082)	(107 350)	(111 616)	(113 414)	(114 737)	(122 427)	(127 436)	(131 100)	(135 422)	(135 872)	(136 577)	(142 070)	(140 253)	(140 995)	(141 006)	(142 759)	(140 733)	(141 600)	(143 346)
Selling, General & Administrative	(23 989)	(23 946)	(23 670)	(24 520)	(24 599)	(24 934)	(25 844)	(27 157)	(29 151)	(31 024)	(33 665)	(36 496)	(37 784)	(37 645)	(37 283)	(37 501)	(38 070)	(38 338)	(38 837)	(39 351)	(39 414)	(49 400)	(53 136)	(53 736)	(54 946)	(55 477)	(55 954)	(56 181)	(56 180)	(56 364)	(57 120)	(57 006)	(56 869)	(58 311)	(57 693)	(60 669)	(62 888)	(59 893)	(67 292)	(68 840)	(71 980)	(69 657)	(77 308)	(79 158)	(80 957)	(78 061)	(86 527)	(88 645)	(91 118)	(87 401)	(91 020)	(90 427)	(89 094)	(83 983)	(88 605)	(88 563)	(89 798)	(97 491)	(93 746)	(96 304)	(97 612)	(98 366)	(102 728)	(104 010)	(108 224)	(113 536)	(116 970)	(124 607)	(129 796)	(131 580)	(135 382)	(136 138)	(138 224)	(142 353)	(143 480)	(144 754)	(143 510)	(144 071)	(142 465)	(142 370)	(144 056)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3 564)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(4 222)	0	0	0	(5 110)	0	0	0	(5 674)	0	0	0	(5 170)	0	0	0	(3 665)	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
Depreciation & Amortization	0	0	0	0	0	0	0	0	(225)	(517)	(721)	(719)	(643)	(669)	(708)	(810)	(944)	(1 147)	(1 258)	(1 347)	(1 335)	(1 818)	(1 716)	(1 602)	(1 523)	(1 409)	(1 374)	(1 319)	(1 261)	(1 197)	(1 152)	(1 127)	(1 072)	(1 139)	(1 153)	0	(946)	(1 172)	(880)	(1 153)	(1 125)	(1 106)	(1 100)	(1 090)	(1 135)	(1 537)	(1 703)	(1 901)	(2 091)	(1 910)	(3 065)	(4 161)	(4 850)	(5 645)	(5 328)	(5 018)	(5 132)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	0	0	0	0	0	(616)	(616)	(1 034)	(418)	(418)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	0	(1)	(2)	(2)	(3)	(3)	(3)	(2)	(3)	(896)	(1)	(2)	(1)	0	(1)	(1)	(1)	0	0	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(3)	0	(1)	0	0	527	(6 638)	(5 366)	(3 961)	15	(3 354)	(3 340)	(3 392)	122	2 233	2 180	2 360	480	(40)	266	1 647	283	3 227	3 759	2 504	1 312	1 732	770	710
Operating Income	19 995 N/A	19 131 -4%	20 119 +5%	21 047 +5%	24 259 +15%	24 780 +2%	26 734 +8%	29 161 +9%	32 948 +13%	35 469 +8%	39 522 +11%	39 168 -1%	38 285 -2%	35 473 -7%	37 323 +5%	37 417 +0%	35 693 -5%	32 756 -8%	29 363 -10%	26 677 -9%	27 021 +1%	38 427 +42%	40 524 +5%	42 498 +5%	42 032 -1%	43 152 +3%	42 741 -1%	43 646 +2%	43 787 +0%	44 013 +1%	46 247 +5%	47 184 +2%	49 254 +4%	49 816 +1%	47 740 -4%	48 661 +2%	50 956 +5%	51 486 +1%	57 082 +11%	57 609 +1%	57 539 0%	58 295 +1%	58 448 +0%	56 387 -4%	57 710 +2%	58 514 +1%	57 942 -1%	61 270 +6%	62 484 +2%	65 138 +4%	67 356 +3%	69 139 +3%	69 939 +1%	71 442 +2%	76 454 +7%	79 245 +4%	82 126 +4%	85 656 +4%	77 974 -9%	79 387 +2%	82 169 +4%	87 447 +6%	89 302 +2%	94 703 +6%	97 970 +3%	102 658 +5%	107 464 +5%	107 229 0%	108 344 +1%	108 729 +0%	110 270 +1%	114 828 +4%	118 467 +3%	118 937 +0%	125 243 +5%	126 360 +1%	130 606 +3%	132 537 +1%	138 475 +4%	146 993 +6%	150 433 +2%
Pre-Tax Income
Interest Income Expense	2 661	2 831	455	545	778	1 095	1 735	1 903	1 946	3 679	3 619	4 164	2 342	2 319	1 915	1 701	895	899	1 076	1 665	1 400	1 733	13 180	13 317	13 351	4 539	1 476	1 362	1 507	1 546	2 471	2 700	2 691	2 457	1 565	10 543	10 520	10 684	11 149	1 930	3 350	4 364	4 466	17 420	15 892	14 833	15 684	21 357	21 426	23 295	22 581	3 748	11 735	10 027	8 997	28 402	20 183	812	18 688	(2 161)	(4 873)	315	(8 335)	(7 427)	(5 789)	527	(1 743)	(2 324)	(2 083)	(2 291)	(2 982)	(2 544)	(2 138)	(1 909)	(2 549)	(1 239)	(1 068)	(527)	1 616	1 189	1 672
Non-Reccuring Items	(194)	(1 737)	(1 693)	(1 867)	(242)	(204)	48	(7)	(7)	6	11	5	(363)	(449)	(1 388)	(1 340)	(1 817)	(1 057)	(1 074)	(530)	(317)	(388)	(410)	(911)	(931)	(184)	243	772	5 424	4 747	4 939	4 939	279	288	1 856	1 678	1 654	(9)	(1 984)	(1 915)	(1 866)	(1 329)	(1 000)	(752)	(708)	46	196	24	(46)	(5 569)	(5 635)	(5 609)	(6 704)	(4 921)	(5 014)	(5 002)	(3 864)	(39)	0	0	0	(6 761)	0	0	0	3 356	0	0	0	2 653	0	0	0	694	0	0	0	1 468	0	0	0
Gain/Loss on Disposition of Assets	(15)	165	267	269	88	0	(1)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8 564	0	0	(7 732)	(7 732)	0	0	0	0	0	0	0	(3 231)	0	0	0	357	0	0	0	(8 567)	0	0	0	(143)	0	0	10	183	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
Total Other Income	29	68	57	74	40	23	3	41	35	73	7	25	(26)	(77)	(87)	(17)	(140)	(38)	(182)	(6)	(85)	82	150	50	79	133	133	236	335	292	(7 383)	(7 439)	249	148	163	210	69	145	(3 065)	(2 938)	(2 779)	618	701	551	516	166	(8 385)	(8 338)	(8 600)	(194)	(213)	(218)	28	18	365	163	159	(945)	1 526	1 718	1 666	(9 926)	0	0	1	(1 870)	0	0	0	(592)	0	(1)	(2)	(498)	(2)	(2)	0	683	(2)	0	0
Pre-Tax Income	22 476 N/A	20 458 -9%	19 205 -6%	20 068 +4%	24 923 +24%	25 694 +3%	28 519 +11%	31 098 +9%	34 922 +12%	39 227 +12%	43 159 +10%	43 362 +0%	40 238 -7%	37 266 -7%	37 763 +1%	37 761 0%	34 631 -8%	32 560 -6%	29 183 -10%	27 806 -5%	28 019 +1%	39 854 +42%	53 444 +34%	54 954 +3%	54 531 -1%	56 204 +3%	44 593 -21%	46 016 +3%	43 321 -6%	42 866 -1%	46 274 +8%	47 384 +2%	52 473 +11%	52 709 +0%	51 324 -3%	61 092 +19%	63 199 +3%	59 075 -7%	63 182 +7%	54 686 -13%	56 244 +3%	62 305 +11%	62 615 +0%	73 606 +18%	73 410 0%	64 992 -11%	65 437 +1%	74 313 +14%	75 264 +1%	82 527 +10%	84 089 +2%	67 060 -20%	75 008 +12%	76 749 +2%	80 802 +5%	102 808 +27%	98 604 -4%	85 484 -13%	98 188 +15%	78 944 -20%	78 962 +0%	71 075 -10%	80 968 +14%	87 276 +8%	92 182 +6%	104 671 +14%	105 722 +1%	104 906 -1%	106 261 +1%	108 499 +2%	107 288 -1%	112 283 +5%	116 327 +4%	117 224 +1%	122 692 +5%	125 119 +2%	129 537 +4%	134 161 +4%	140 089 +4%	148 182 +6%	152 105 +3%
Net Income
Tax Provision	(9 778)	(8 782)	(7 358)	(7 692)	(9 593)	(10 087)	(11 223)	(12 374)	(14 018)	(15 914)	(17 405)	(17 897)	(16 781)	(15 904)	(16 109)	(16 037)	(15 238)	(13 915)	(12 573)	(11 471)	(11 772)	(16 663)	(21 454)	(21 722)	(23 092)	(23 283)	(18 857)	(19 392)	(14 416)	(14 260)	(15 568)	(15 893)	(19 915)	(21 175)	(19 795)	(22 166)	(22 079)	(19 209)	(21 448)	(17 891)	(18 009)	(19 513)	(19 094)	(23 908)	(23 829)	(21 042)	(21 535)	(23 630)	(24 028)	(26 356)	(26 650)	(21 591)	(24 726)	(25 213)	(26 150)	(33 268)	(31 226)	(26 388)	(31 108)	(24 761)	(24 785)	(18 497)	(21 152)	(23 162)	(25 024)	(32 878)	(33 553)	(33 745)	(33 799)	(32 002)	(32 346)	(33 969)	(33 657)	(37 062)	(37 492)	(36 913)	(38 613)	(39 778)	(41 919)	(45 913)	(46 319)
Income from Continuing Operations	12 698	11 676	11 847	12 376	15 330	15 607	17 296	18 724	20 904	23 313	25 754	25 465	23 457	21 362	21 654	21 724	19 393	18 645	16 610	16 335	16 247	23 191	31 990	33 232	31 439	32 921	25 736	26 624	28 905	28 606	30 706	31 491	32 558	31 534	31 529	38 926	41 120	39 866	41 734	36 795	38 235	42 792	43 521	49 698	49 581	43 950	43 902	50 683	51 236	56 171	57 439	45 469	50 282	51 536	54 652	69 540	67 378	59 096	67 080	54 183	54 177	52 578	59 816	64 114	67 158	71 793	72 169	71 161	72 462	76 497	74 942	78 314	82 670	80 162	85 200	88 206	90 924	94 383	98 170	102 269	105 786
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	5	6	1	0	(1)	(1)	0	0	0	0	0	0	3	3	12	7	0	(7)	(56)	29	(57)	(985)	(1 023)	(1 193)	(1 087)	(143)	213	1 667	1 433	1 114	473	(1 083)	(1 148)	(1 025)	(793)	(710)	(542)	(604)	(588)	(657)	(691)	(900)	(238)	(414)	(498)	288	(348)	(119)	17	(347)	(373)	(372)	(298)	(189)	(186)	(201)	(302)	(518)	(600)	(572)	(578)	(620)	(573)	(593)	(617)
Net Income (Common)	12 695 N/A	11 668 -8%	11 844 +2%	12 375 +4%	15 333 +24%	15 607 +2%	17 293 +11%	18 722 +8%	20 904 +12%	23 318 +12%	25 755 +10%	25 466 -1%	23 456 -8%	21 361 -9%	21 651 +1%	21 724 +0%	19 398 -11%	18 649 -4%	16 607 -11%	16 327 -2%	16 240 -1%	23 188 +43%	31 987 +38%	33 234 +4%	31 443 -5%	32 920 +5%	25 738 -22%	26 624 +3%	28 907 +9%	28 610 -1%	30 720 +7%	31 499 +3%	32 558 +3%	31 527 -3%	31 472 0%	38 956 +24%	41 062 +5%	38 880 -5%	40 710 +5%	35 600 -13%	37 148 +4%	42 648 +15%	43 734 +3%	51 365 +17%	51 014 -1%	45 064 -12%	44 374 -2%	49 598 +12%	50 087 +1%	55 145 +10%	56 645 +3%	44 758 -21%	49 739 +11%	50 931 +2%	54 063 +6%	68 882 +27%	66 686 -3%	58 195 -13%	66 842 +15%	53 768 -20%	53 676 0%	52 867 -2%	59 464 +12%	63 991 +8%	67 172 +5%	71 445 +6%	71 794 +0%	70 787 -1%	72 163 +2%	76 307 +6%	74 754 -2%	78 111 +4%	82 366 +5%	79 643 -3%	84 598 +6%	87 634 +4%	90 345 +3%	93 762 +4%	97 596 +4%	101 674 +4%	105 168 +3%
EPS (Diluted)	15.54 N/A	14.12 -9%	14.51 +3%	15.17 +5%	18.6 +23%	20.06 +8%	23.43 +17%	25.06 +7%	28.29 +13%	31.53 +11%	30.8 -2%	38.87 +26%	30.82 -21%	28.18 -9%	28.9 +3%	28.96 +0%	25.59 -12%	24.87 -3%	22.14 -11%	21.76 -2%	21.64 -1%	30.91 +43%	42.61 +38%	44.19 +4%	41.7 -6%	43.72 +5%	34.04 -22%	35.12 +3%	38.08 +8%	37.73 -1%	40.26 +7%	41.12 +2%	42.44 +3%	41.17 -3%	43.34 +5%	53.65 +24%	56.4 +5%	53.44 -5%	55.38 +4%	47.34 -15%	49.33 +4%	56.98 +16%	58.54 +3%	69.13 +18%	68.56 -1%	60.47 -12%	59.4 -2%	68.12 +15%	69.95 +3%	75.85 +8%	79 +4%	63.21 -20%	70.69 +12%	71.94 +2%	77.71 +8%	105.76 +36%	111.86 +6%	91.62 -18%	111.75 +22%	89.67 -20%	89.4 0%	88.12 -1%	98.39 +12%	108.28 +10%	113.84 +5%	120.34 +6%	121.52 +1%	119.56 -2%	121.75 +2%	128.88 +6%	126.54 -2%	133.6 +6%	142.84 +7%	136.83 -4%	146.98 +7%	152.73 +4%	158.04 +3%	163.56 +3%	170.53 +4%	177.38 +4%	183.4 +3%

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Income Statement

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Nomura Research Institute Ltd

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Income Statement Nomura Research Institute Ltd

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