IX 6-K
Orix Corp (IX)
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-14856
ORIX Corporation
(Translation of Registrant’s Name into English)
World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo, JAPAN
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐
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Material Contained in this Report
| 1. | ORIX’s First Quarter Consolidated Financial Results (April 1, 2026 –June 30, 2026) filed with the Tokyo Stock Exchange on Thursday, August 6, 2026. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ORIX Corporation | ||
|---|---|---|
| Date: August 6, 2026 | By | /s/ Masataka Yamada |
| Masataka Yamada | ||
| Member of the Board of Directors<br><br><br>Senior Managing Executive Officer<br><br><br>Chief Financial Officer and Chief Strategy Officer<br><br><br>Responsible for Corporate Strategy and Management Unit<br><br><br>ORIX Corporation |
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Consolidated Financial Results
April 1, 2026 – June 30, 2026
August 6, 2026
Inpreparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.
This document may contain forward-looking statements about expected future events and financial results that involve risks anduncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors thatcould cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the U.S. Securities andExchange Commission.
The Company believes that it may have been a “passive foreign investment company” for U.S.federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming thatthe Company is a PFIC, a U.S. holder of the shares or American depositary shares of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derivefrom investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.
For further information please contact:
Investor Relations Department
ORIX Corporation
WorldTrade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135
JAPAN
Tel: +81-3-3435-3121 Fax: +81-3-3435-3154
E-mail: [email protected]
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Consolidated Financial Results from April 1, 2026 to June 30, 2026
(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)
| Corporate Name: | ORIX Corporation | |
|---|---|---|
| Listed Exchanges: | Tokyo Stock Exchange (Securities No. 8591) | |
| New York Stock Exchange (Trading Symbol : IX) | ||
| Head Office: | Tokyo JAPAN | |
| Tel: +81-3-3435-3121 | ||
| (URL https://www.orix.co.jp/grp/en/ir/) |
1. Performance Highlights as of and for the Three Months Ended June 30, 2026
(1) Performance Highlights - Operating Results (Unaudited)
(millions of yen)
| Total<br>Revenues *2 | Year-on-Year<br>Change | Operating<br>Income *2 | Year-on-Year<br>Change | Income fromContinuingOperations beforeIncome Taxes *2 | Year-on-Year<br>Change | Net Income<br>Attributable to<br>ORIX Corporation<br>Shareholders | Year-on-Year<br>Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2026 | 876,628 | 17.4 | % | 133,919 | 11.7 | % | 406,150 | 178.8 | % | 280,832 | 161.8 | % | ||||||||
| June 30, 2025 | 746,973 | 7.7 | % | 119,918 | 49.6 | % | 145,666 | 27.8 | % | 107,288 | 23.7 | % | ||||||||
| *Note 1: | “Comprehensive Income Attributable to ORIX Corporation Shareholders” was<br>¥335,588 million for the three months ended June 30, 2026 (year-on-year change was a 132.3% increase) and ¥144,448 million for the three months<br>ended June 30, 2025 (year-on-year change was a 30.3% decrease). | |||||||||||||||||||
| --- | --- | |||||||||||||||||||
| *Note 2: | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the<br>Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for<br>sale and a discontinued operation. Accordingly, total revenues, operating income and income before income taxes for the three months ended June 30, 2026 are presented on a continuing operations basis, excluding the results of the business of<br>the Target, which has been separately presented as discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the current-period presentation. For<br>further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited). | |||||||||||||||||||
| --- | --- | |||||||||||||||||||
| Basic<br>Earnings Per Share | Diluted<br>Earnings Per Share | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| June 30, 2026 | 256.07 | 255.56 | ||||||||||||||||||
| June 30, 2025 | 94.63 | 94.44 | ||||||||||||||||||
| *Note 3: | Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for per share and<br>dividend amounts, which are in single yen. | |||||||||||||||||||
| --- | --- |
(2) Performance Highlights - Financial Position (Unaudited)
| Total<br>Assets | Total<br>Equity | Shareholders’<br>Equity | Shareholders’<br>Equity Ratio | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2026 | 18,256,420 | 4,790,217 | 4,710,425 | 25.8 | % | ||||||||
| March 31, 2026 | 18,002,776 | 4,573,068 | 4,482,500 | 24.9 | % | ||||||||
| *Note 4: | “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’<br>Equity.” | ||||||||||||
| --- | --- |
“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”
2. Dividends (Unaudited)
| First<br>Quarter-end | Second<br>Quarter-end | Third<br>Quarter-end | Year-end | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | — | 93.76 | — | 62.34 | 156.10 | ||||||||||
| March 31, 2027 | — | ||||||||||||||
| March 31, 2027 (Est.) | 107.27 | — | — | 187.36 | |||||||||||
| *Note 5: | Revision from previously announced dividend forecast: Yes | ||||||||||||||
| --- | --- | ||||||||||||||
| *Note 6: | For the fiscal year ending March 31, 2027, after-tax gains or<br>losses arising from the sale and valuation of shares of Kioxia Holdings Corporation (Head office: Minato-ku, Tokyo; President and CEO: Hiroo Ota; “Kioxia”), recognized through TB Investment Limited<br>Partnership, an equity-method affiliate of ORIX Corporation, in connection with transactions by Toshiba Corporation (Head Office: Kawasaki City, Kanagawa Prefecture; President and CEO: Taro Shimada; “Toshiba”), will be recognized in ORIX<br>Corporation’s consolidated earnings. Although a substantial amount of such gains or losses is expected to be recognized in net income attributable to ORIX Corporation Shareholders for the six months ending September 30, 2026, such gains<br>or losses are expected to fluctuate with future changes in Kioxia’s share price and therefore remain uncertain. In addition, ORIX Corporation will not directly receive cash inflows corresponding to such gains or losses. | ||||||||||||||
| --- | --- |
Accordingly, at the Board of Directors meeting held on August 6, 2026, ORIX Corporation resolved to revise its dividend policy for the fiscal year ending March 31, 2027, such that the annual dividend will be the higher of either an amount calculated by applying 39% to adjusted EPS calculated based on adjusted net income attributable to ORIX Corporation Shareholders excluding such gains or losses stated above, or ¥156.10 per share. The forecasted dividend for the second quarter-end shown below assumes adjusted net income attributable to ORIX Corporation Shareholders of ¥300,000 million for the six months ending September 30, 2026, as set forth in the Forecast below. Dividends per share are calculated based on the number of issued shares excluding treasury shares and may fluctuate due to changes in the number of treasury shares resulting from share repurchases.
3. Forecast for the Year Ending March 31, 2027 (Unaudited)
| Net Income<br>Attributable to<br>ORIX Corporation Shareholders | Year-on-Year<br>Change | ||||||
|---|---|---|---|---|---|---|---|
| Six Months Ending September 30, 2026 | 840,000 | 209.9 | % | ||||
| Fiscal Year Ending March 31, 2027 | 530,000 | 18.5 | % | ||||
| *Note 7: | Although forward-looking statements in this document are based on information currently available to ORIX<br>Corporation and are based on assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements.<br> | ||||||
| --- | --- |
Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.
| *Note 8: | Revision from previously announced forecast for the year ending March 31, 2027: Yes<br> |
|---|---|
| *Note 9: | Adjusted net income attributable to ORIX Corporation Shareholders for the six months ending<br>September 30, 2026 is forecasted at ¥300,000 million, excluding the after-tax amount of gains on sales and valuation of Kioxia shares recognized through TB Investment Limited Partnership, an<br>equity-method affiliate of ORIX Corporation, and recorded by Toshiba Corporation (the “Adjustment”). |
| --- | --- |
The amount of the Adjustment for the fiscal year ending March 31, 2027 is expected to fluctuate due to future changes in Kioxia’s share price and other factors. As it is currently difficult to reasonably estimate such amount, adjusted net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2027 has not been disclosed.
4. Other Information
| (1) Significant Changes in Scope of Consolidation | Yes ( ) No ( x ) | ||
|---|---|---|---|
| Addition - None ( ) | Exclusion - None ( ) | ||
| (2) Adoption of Simplified Accounting Method | Yes ( ) No ( x ) | ||
| (3) Changes in Accounting Principles, Procedures and Disclosures | **** | ||
| 1. Changes due to adoptions of new accounting standards | Yes ( ) No ( x ) | ||
| 2. Other than those above | Yes ( ) No ( x ) |
(4) Number of Issued Shares (Ordinary Shares)
The number of issued shares, including treasury stock, was 1,124,106,624 as of June 30, 2026, and 1,124,106,624 as of March 31,
The number of treasury stock was 28,838,843 as of June 30, 2026, and 22,484,702 as of March 31, 2026.
The average number of outstanding shares was 1,096,391,135 for the three months ended June 30, 2026, and 1,133,591,927 for the three months ended June 30, 2025.
The Company’s shares held through the Board Incentive Plan Trust (3,035,102 shares as of June 30, 2026 and 3,035,102 shares as of March 31, 2026) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.
* These consolidated financial results from April 1, 2026 to June 30, 2026 are not subject to certified public accountant’s or audit firm’s quarterly review.
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1. Summary of Consolidated Financial Results
(1) Financial Highlights
Financial Results for theThree Months Ended June 30, 2026
| Three months<br>ended<br>June 30, 2025 | Three months<br>ended<br>June 30, 2026 | Change | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount | Percent<br>(%) | ||||||||||||
| Total Revenues *3 | (millions of yen) | 746,973 | 876,628 | 129,655 | 17 | ||||||||
| Total Expenses *3 | (millions of yen) | 627,055 | 742,709 | 115,654 | 18 | ||||||||
| Income from Continuing Operations before Income Taxes *3 | (millions of yen) | 145,666 | 406,150 | 260,484 | 179 | ||||||||
| Net Income Attributable to ORIX Corporation Shareholders | (millions of yen) | 107,288 | 280,832 | 173,544 | 162 | ||||||||
| Earnings Per Share (Basic) | (yen) | 94.63 | 256.07 | 161.44 | 171 | ||||||||
| <br> (Diluted) | (yen) | 94.44 | 255.56 | 161.12 | 171 | ||||||||
| ROE (Annualized) *1 | (%) | 10.4 | 24.4 | 14.0 | — | ||||||||
| ROA (Annualized) *2 | (%) | 2.53 | 6.20 | 3.67 | — | ||||||||
| *1 | ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX<br>Corporation Shareholders’ Equity. | ||||||||||||
| --- | --- | ||||||||||||
| *2 | ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders. | ||||||||||||
| --- | --- | ||||||||||||
| *3 | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the<br>Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for<br>sale and a discontinued operation. Accordingly, Total Revenues, Total Expenses and Income from Continuing Operations before Income Taxes for the three months ended June 30, 2026 are presented on a continuing operations basis, excluding the<br>results of the business of the Target, which has been separately presented as discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the<br>current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited). | ||||||||||||
| --- | --- |
Overview of Business Performance (April 1, 2026 to June 30, 2026)
Total revenues for the three months ended June 30, 2026 (hereinafter, “the first consolidated period”) increased 17% to ¥876,628 million compared to ¥746,973 million during the same period of the previous fiscal year primarily due to increases in gains on investment securities and dividends, as well as life insurance premiums and related investment income.
Total expenses increased 18% to ¥742,709 million compared to ¥627,055 million during the same period of the previous fiscal year primarily due to increases in life insurance costs and selling, general and administrative expenses.
Equity in net income of equity method investments increased 970% to ¥207,918 million compared to the same period of the previous fiscal year, primarily due to increased equity in net income from a certain equity method investee, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased 920% to ¥64,313 million compared to the same period of the previous fiscal year.
Due to the above results, income from continuing operations before income taxes for the first consolidated period increased 179% to ¥406,150 million compared to ¥145,666 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation Shareholders, including net income from discontinued operations, increased 162% to ¥280,832 million compared to ¥107,288 million during the same period of the previous fiscal year.
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Segment Information
Total segment profits for the first consolidated period increased 173% to ¥424,088 million compared to the same period of the previous fiscal year.
Beginning with the current consolidated fiscal year, the Company has reorganized its reportable segments into Japan & APAC, Infrastructure, USA & Europe, and Insurance, reflecting changes in the segments used by the CODM for resource allocation and performance evaluation purposes. In connection with this change, segment information as of March 31, 2026 and for the three months ended June 30, 2025 presented below has been recast to conform to the current presentation.
On April 27, 2026, the Company decided to sell all shares in ORIX Bank Corporation (hereinafter, the “Target”), a consolidated subsidiary, to Daiwa Next Bank, Ltd. As a result of this decision, the operations of the Target, which had previously been reported as continuing operations, have been classified as discontinued operations in the current fiscal year in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations. Segment information presents amounts relating only to continuing operations and excludes the discontinued operations. Comparative segment information for the previous fiscal year has also been revised to reflect this change. For further details regarding discontinued operations, please refer to Note (8), “Discontinued Operations,” under “2. Quarterly Consolidated Financial Statements and Notes.”
Segment information for the fiscal year is as follows:
Japan & APAC : Financial services, fee-based businesses, and corporate investment
| Three months ended<br>June 30, 2025<br>(millions of yen) | Three months ended<br>June 30, 2026<br>(millions of yen) | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Profits | 52,201 | 289,811 | 237,610 | 455 | ||||||||
| As of March 31, 2026<br>(millions of yen) | As of June 30,2026<br>(millions of yen) | Change | ||||||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Assets | 4,720,861 | 4,742,729 | 21,868 | 0 |
Segment profits increased 455% to ¥289,811 million compared to the same period of the previous fiscal year primarily due to an increase in equity in net income of equity method investments. This increase mainly reflected the recognition, through TB Investment Limited Partnership, an equity-method affiliate of the Company, of gains on the sale and valuation gains relating to shares of Kioxia Holdings Corporation recorded by Toshiba Corporation in the fourth quarter of the fiscal year ended March 31, 2026, as well as a gain on the sale of shares of SUGIKO GROUP HOLDINGS CO., LTD. (“SUGIKO”), a consolidated subsidiary, recognized in the first quarter of the current fiscal year.
Segment assets totaled ¥4,742,729 million, remaining relatively unchanged compared to the end of the previous fiscal year, as the decrease in various assets associated with the sale of SUGIKO was offset by an increase in equity method investments resulting from the recognition of equity in net income of equity method investments through TB Investment Limited Partnership.
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Infrastructure : Investment, development, operation, and asset management of real estate, aircraft, ships, and environmental & energy-related assets
| Three months ended<br>June 30, 2025<br>(millions of yen) | Three months ended<br>June 30, 2026<br>(millions of yen) | Change | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||||||
| Segment Profits | 68,407 | 43,317 | (25,090 | ) | (37 | ) | |||||||
| As of March 31,2026<br>(millions of yen) | As of June 30,2026<br>(millions of yen) | Change | |||||||||||
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||||||
| Segment Assets | 3,575,072 | 3,567,338 | (7,734 | ) | (0 | ) |
Segment profits decreased 37% to ¥43,317 million compared to the same period of the previous fiscal year primarily due to the absence of a gain on the sale of Hotel Universal Port Vita that was recognized in the first quarter of the previous fiscal year.
Segment assets totaled ¥3,567,338 million, remaining relatively unchanged compared to the end of the previous fiscal year.
USA & Europe : Financial services, investments, asset management, and advisory services
| Three months ended<br>June 30, 2025<br>(millions of yen) | Three months ended<br>June 30, 2026<br>(millions of yen) | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Profits | 10,594 | 63,000 | 52,406 | 495 | ||||||||
| As of March 31,2026<br>(millions of yen) | As of June 30, 2026<br>(millions of yen) | Change | ||||||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Assets | 2,741,031 | 2,856,699 | 115,668 | 4 |
Segment profits increased 495% to ¥63,000 million compared to the previous fiscal year primarily due to valuation gains recognized in ORIX USA’s private equity investment business.
Segment assets increased 4% to ¥2,856,699 million compared to the end of the previous fiscal year primarily due to an increase in installment loans at ORIX USA and the favorable impact of foreign exchange movements.
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Insurance : Life insurance
| Three months ended<br>June 30, 2025<br>(millions of yen) | Three months ended<br>June 30, 2026<br>(millions of yen) | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Profits | 24,063 | 27,960 | 3,897 | 16 | ||||||||
| As of March 31,2026<br>(millions of yen) | As of June 30, 2026<br>(millions of yen) | Change | ||||||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||||||
| Segment Assets | 3,198,270 | 3,259,346 | 61,076 | 2 |
Segment profits increased 16% to ¥27,960 million compared to the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.
Segment assets increased 2% to ¥3,259,346 million compared to the end of the previous fiscal year primarily due to increases in investment in securities and reinsurance recoverables.
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(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders’ Equity
| As of March 31,<br>2026 | As of June 30,<br>2026 | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount | Percent (%) | ||||||||||||||
| Total Assets | (millions of yen) | 18,002,776 | 18,256,420 | 253,644 | 1 | ||||||||||
| (Segment Assets) *3 | 14,235,234 | 14,426,112 | 190,878 | 1 | |||||||||||
| Total Liabilities | (millions of yen) | 13,378,965 | 13,413,847 | 34,882 | 0 | ||||||||||
| (Short-term and Long-term Debt) *3 | 6,343,295 | 6,308,802 | (34,493 | ) | (1 | ) | |||||||||
| (Deposits) *3 | 2,330 | 2,448 | 118 | 5 | |||||||||||
| Shareholders’ Equity *1 | (millions of yen) | 4,482,500 | 4,710,425 | 227,925 | 5 | ||||||||||
| Shareholders’ Equity Per Share *2 | (yen) | 4,080.24 | 4,312.66 | 232.42 | 6 | ||||||||||
| *1 | Shareholders’ Equity refers to total ORIX Corporation Shareholders’ Equity based on U.S. GAAP.<br> | ||||||||||||||
| --- | --- | ||||||||||||||
| *2 | Shareholders’ Equity Per Share is calculated using total ORIX Corporation Shareholders’ Equity.<br> | ||||||||||||||
| --- | --- | ||||||||||||||
| *3 | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the<br>Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for<br>sale and a discontinued operation. Accordingly, as a result of presenting the assets and liabilities related to the business of the Target separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of<br>Discontinued Operations Held for Sale,” respectively, Segment Assets, Short-term and Long-term Debt and Deposits as of June 30, 2026 are presented on a continuing operations basis, excluding the<br>balances of the discontinued operations. The corresponding balances as of March 31, 2026 have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2.<br>Financial Information (8) Discontinued Operations Information (Unaudited). | ||||||||||||||
| --- | --- |
Total assets increased 1% to ¥18,256,420 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, assets of discontinued operations held for sale (mainly installment loans), and installment loans, partially offset by decreases in cash and cash equivalents and property under facility operations. In addition, segment assets increased 1% to ¥14,426,112 million compared to the end of the previous fiscal year.
Total liabilities were ¥13,413,847 million, relatively unchanged from the end of the previous fiscal year primarily due to increases in liabilities of discontinued operations held for sale (mainly deposits) and current and deferred income taxes, partially offset by decreases in long-term debt and other liabilities.
Shareholders’ equity increased 5% to ¥4,710,425 million compared to the end of the previous fiscal year.
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2. Financial Information
(1) Condensed Consolidated Balance Sheets (Unaudited)
(millions of yen)
| Assets | As of March 31,2026 | As of June 30,2026 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 1,015,359 | 968,923 | |||||||
| Restricted Cash | 114,129 | 122,693 | |||||||
| Net Investment in Leases | 1,247,491 | 1,234,360 | |||||||
| Installment Loans | 1,488,263 | 1,534,403 | |||||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | |||||||||
| March 31, 2026 | 78,020 million | ||||||||
| June 30, 2026 | 92,664 million | ||||||||
| Allowance for Credit Losses | (76,342 | ) | (67,284 | ) | |||||
| Investment in Operating Leases | 2,152,820 | 2,161,945 | |||||||
| Investment in Securities | 3,142,498 | 3,181,187 | |||||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | |||||||||
| March 31, 2026 | 39,796 million | ||||||||
| June 30, 2026 | 39,175 million | ||||||||
| The amounts which are associated to available-for-sale debt securities are as follows: | |||||||||
| March 31, 2026 | |||||||||
| Amortized Cost | 3,230,567 million | ||||||||
| Allowance for Credit Losses | (3,505) million | ||||||||
| June 30, 2026 | |||||||||
| Amortized Cost | 3,297,405 million | ||||||||
| Allowance for Credit Losses | (3,358) million | ||||||||
| Property under Facility Operations | 779,075 | 746,746 | |||||||
| Equity method investments | 1,304,073 | 1,497,252 | |||||||
| Trade Notes, Accounts and Other Receivable | 495,080 | 466,570 | |||||||
| Inventories | 269,187 | 271,570 | |||||||
| Office Facilities | 189,279 | 176,686 | |||||||
| Other Assets | 2,686,462 | 2,699,340 | |||||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | |||||||||
| March 31, 2026 | 1,163 million | ||||||||
| June 30, 2026 | 578 million | ||||||||
| Assets of Discontinued Operations Held for Sale | 3,195,402 | 3,262,029 | |||||||
| Total Assets | 18,002,776 | 18,256,420 | |||||||
| Liabilities and Equity | |||||||||
| Short-term Debt | 544,135 | 582,680 | |||||||
| Deposits | 2,330 | 2,448 | |||||||
| Trade Notes, Accounts and Other Payable | 354,995 | 325,684 | |||||||
| Policy Liabilities and Policy Account Balances | 1,943,710 | 1,984,095 | |||||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | |||||||||
| March 31, 2026 | 138,027 million | ||||||||
| June 30, 2026 | 155,186 million | ||||||||
| Current and Deferred Income Taxes | 684,072 | 730,499 | |||||||
| Long-term Debt | 5,799,160 | 5,726,122 | |||||||
| Other Liabilities | 1,107,475 | 1,055,648 | |||||||
| Liabilities of Discontinued Operations Held for Sale | 2,943,088 | 3,006,671 | |||||||
| Total Liabilities | 13,378,965 | 13,413,847 | |||||||
| Redeemable Noncontrolling Interests | 50,743 | 52,356 | |||||||
| Commitments and Contingent Liabilities | |||||||||
| Common Stock | 221,111 | 221,111 | |||||||
| Additional Paid-in Capital | 235,239 | 235,898 | |||||||
| Retained Earnings | 3,502,509 | 3,714,666 | |||||||
| Accumulated Other Comprehensive Income | 605,110 | 659,866 | |||||||
| Treasury Stock, at Cost | (81,469 | ) | (121,116 | ) | |||||
| Total ORIX Corporation Shareholders’ Equity | 4,482,500 | 4,710,425 | |||||||
| Noncontrolling Interests | 90,568 | 79,792 | |||||||
| Total Equity | 4,573,068 | 4,790,217 | |||||||
| Total Liabilities and Equity | 18,002,776 | 18,256,420 | |||||||
All values are in Japanese Yen.
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| Note 1: | Breakdown of Accumulated Other Comprehensive Income (Loss) | ||||||
|---|---|---|---|---|---|---|---|
| As of March 31,<br>2026 | As of June 30,<br>2026 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Accumulated Other Comprehensive Income (Loss) | |||||||
| Net unrealized gains (losses) on investment in securities | (618,351 | ) | (647,246 | ) | |||
| Impact of changes in policy liability discount rate | 715,382 | 752,261 | |||||
| Debt valuation adjustments | 242 | 235 | |||||
| Defined benefit pension plans | 31,953 | 41,398 | |||||
| Foreign currency translation adjustments | 469,262 | 498,988 | |||||
| Net unrealized gains on derivative instruments | 6,622 | 14,230 | |||||
| Total | 605,110 | 659,866 | |||||
| Note 2: | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of<br>the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held<br>for sale and a discontinued operation. Accordingly, the assets and liabilities related to the business of the Target are presented separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of Discontinued<br>Operations Held for Sale,” respectively. In addition, the prior-period balances of the assets and liabilities related to the business of the Target have been retrospectively reclassified to conform to the current-period presentation. For<br>further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited). | ||||||
| --- | --- |
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Table of Contents
(2) Condensed Consolidated Statements of Income (Unaudited)
(millions of yen)
| Three months<br>ended<br>June 30, 2025 | Three months<br>ended<br>June 30, 2026 | ||||||
|---|---|---|---|---|---|---|---|
| Revenues : | |||||||
| Finance revenues | 66,221 | 72,591 | |||||
| Gains on investment securities and dividends | 16,486 | 58,203 | |||||
| Operating leases | 152,076 | 163,427 | |||||
| Life insurance premiums and related investment income | 132,543 | 172,541 | |||||
| Sales of goods and real estate | 110,952 | 126,917 | |||||
| Services income | 268,695 | 282,949 | |||||
| Total Revenues | 746,973 | 876,628 | |||||
| Expenses : | |||||||
| Interest expense | 41,507 | 44,898 | |||||
| Costs of operating leases | 99,784 | 105,466 | |||||
| Life insurance costs | 94,237 | 130,618 | |||||
| Costs of goods and real estate sold | 83,302 | 95,174 | |||||
| Services expense | 146,730 | 155,706 | |||||
| Other (income) and expense | (1,068 | ) | 3,745 | ||||
| Selling, general and administrative expenses | 158,188 | 197,821 | |||||
| Provision for credit losses | 3,244 | (538 | ) | ||||
| Write-downs of long-lived assets | 1,004 | 9,819 | |||||
| Write-downs of securities | 127 | 0 | |||||
| Total Expenses | 627,055 | 742,709 | |||||
| Operating Income | 119,918 | 133,919 | |||||
| Equity in Net Income of Equity method investments | 19,440 | 207,918 | |||||
| Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net | 6,308 | 64,313 | |||||
| Income from Continuing Operations before Income Taxes | 145,666 | 406,150 | |||||
| Provision for Income Taxes | 43,220 | 125,582 | |||||
| Net Income from Continuing Operations | 102,446 | 280,568 | |||||
| Discontinued Operations | |||||||
| Income (Loss) from Discontinued Operations before Income Taxes | 9,815 | (334 | ) | ||||
| Provision for Income Taxes | 2,990 | (4,742 | ) | ||||
| Net Income from Discontinued Operations | 6,825 | 4,408 | |||||
| Net Income | 109,271 | 284,976 | |||||
| Net Income Attributable to the Noncontrolling Interests | 1,933 | 5,065 | |||||
| Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 50 | (921 | ) | ||||
| Net Income Attributable to ORIX Corporation Shareholders | 107,288 | 280,832 | |||||
| Note : | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the<br>Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for<br>sale and a discontinued operation. Accordingly, the results of operations of the Target are presented separately from continuing operations. The prior-period results of operations related to the business of the Target have also been retrospectively<br>reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited). | ||||||
| --- | --- |
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(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(millions of yen)
| Three months<br>ended<br>June 30, 2025 | Three months<br>ended<br>June 30, 2026 | ||||||
|---|---|---|---|---|---|---|---|
| Net Income : | 109,271 | 284,976 | |||||
| Other comprehensive income (loss), net of tax: | |||||||
| Net change of unrealized gains (losses) on investment in securities | (61,363 | ) | (28,895 | ) | |||
| Impact of changes in policy liability discount rate | 143,120 | 36,879 | |||||
| Net change of debt valuation adjustments | 62 | (7 | ) | ||||
| Net change of defined benefit pension plans | 5,465 | 9,433 | |||||
| Net change of foreign currency translation adjustments | (44,298 | ) | 32,193 | ||||
| Net change of unrealized gains (losses) on derivative instruments | (7,172 | ) | 7,619 | ||||
| Total other comprehensive income | 35,814 | 57,222 | |||||
| Comprehensive Income | 145,085 | 342,198 | |||||
| Comprehensive Income Attributable to the Noncontrolling Interests | 701 | 6,731 | |||||
| Comprehensive Income (Loss) Attributable to the Redeemable NoncontrollingInterests | (64 | ) | (121 | ) | |||
| Comprehensive Income Attributable to ORIX Corporation Shareholders | 144,448 | 335,588 | |||||
(4) Assumptions for Going Concern
There is no corresponding item.
(5)Significant Changes in Shareholders’ Equity
There is no corresponding item.
(6) Changes in Accounting Policies
There are no changes in accounting policies.
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Table of Contents
(7) Segment Information (Unaudited)
The Group CEO, as the Chief Operating Decision Maker (“CODM”), regularly allocates management resources and assesses segment performance by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.
Beginning with the current consolidated fiscal year, the Company has reorganized its reportable segments into Japan & APAC, Infrastructure, USA & Europe, and Insurance, reflecting changes in the segments used by the CODM for resource allocation and performance evaluation purposes. In connection with this change, segment information for the previous fiscal year has been recast to conform to the current presentation.
An overview of the operations for each of the four operating segments follows below.
| Japan & APAC | : | Financial services, fee-based businesses, and corporate investment | |
|---|---|---|---|
| Infrastructure | : | Investment, development, operation, and asset management of real estate, aircraft, ships, and environmental &<br>energy-related assets | |
| USA & Europe | : | Financial services, investment, asset management, and advisory services | |
| Insurance | : | Life insurance |
The accounting policies of the segments are almost the same as accounting policies for condensed consolidated financial statements except for the treatment of income tax expenses, net income attributable to noncontrolling interests, and net income attributable to redeemable noncontrolling interests. The CODM evaluates segment performance based on the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders. Therefore, net income attributable to noncontrolling interests, net income attributable to redeemable noncontrolling interests, and income tax expenses are not included in segment profit or loss. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment and excluding the expenses that should be borne by ORIX Group as a whole, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and certain foreign exchange gains or losses (included in other (income) and expense) are excluded from the segment profits or losses, and are regarded as corporate items.
Assets attributed to each segment are total assets except for certain cash and head office assets.
Effective from the current fiscal year, the Company has revised the method of allocating interest expense for certain transactions. Accordingly, segment figures for the previous fiscal year have been recast to conform to the current presentation.
On April 27, 2026, the Company decided to sell all shares in ORIX Bank Corporation (hereinafter, the “Target”), a consolidated subsidiary, to Daiwa Next Bank, Ltd. As a result of this decision, the operations of the Target, which had previously been reported as continuing operations, have been classified as discontinued operations in the current fiscal year in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations. Segment information presents amounts relating only to continuing operations and excludes the discontinued operations. Comparative segment information for the previous fiscal year has also been revised to reflect this change. For further details regarding discontinued operations, please refer to Note (8), “Discontinued Operations,” under “2. Quarterly Consolidated Financial Statements and Notes.”
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Segment information for the three months ended June 30, 2025 and three months ended June 30, 2026 is as follows:
| Millions of yen | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended June 30, 2025 | ||||||||||||||||
| Japan & APAC | Infrastructure | USA & Europe | Insurance | Total | ||||||||||||
| Finance revenues | 38,426 | 2,558 | 25,511 | 38 | 66,533 | |||||||||||
| Gains on investment securities and dividends | 2,069 | 5,428 | 9,014 | 0 | 16,511 | |||||||||||
| Operating leases | 115,365 | 37,684 | 436 | 0 | 153,485 | |||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 133,086 | 133,086 | |||||||||||
| Sales of goods and real estate | 65,224 | 44,468 | 187 | 0 | 109,879 | |||||||||||
| Services income | 51,408 | 147,761 | 68,440 | 0 | 267,609 | |||||||||||
| Total Segment Revenues | 272,492 | 237,899 | 103,588 | 133,124 | 747,103 | |||||||||||
| Interest expense | 13,325 | 10,458 | 11,878 | 127 | 35,788 | |||||||||||
| Costs of operating leases | 80,436 | 19,740 | 550 | 0 | 100,726 | |||||||||||
| Life insurance costs | 0 | 0 | 0 | 94,395 | 94,395 | |||||||||||
| Costs of goods and real estate sold | 45,773 | 36,862 | 87 | 0 | 82,722 | |||||||||||
| Services expense | 31,165 | 99,012 | 16,812 | 0 | 146,989 | |||||||||||
| Other (income) and expense * | 1,786 | (5,268 | ) | 2,259 | (4 | ) | (1,227 | ) | ||||||||
| Selling, general and administrative expenses | 56,927 | 22,110 | 57,496 | 14,563 | 151,096 | |||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 2,818 | 30 | 1,547 | (20 | ) | 4,375 | ||||||||||
| Total Segment Expenses | 232,230 | 182,944 | 90,629 | 109,061 | 614,864 | |||||||||||
| Equity in Net income (Loss) of equity method investments and others | 11,939 | 13,452 | (2,365 | ) | (0 | ) | 23,026 | |||||||||
| Segment Profits | 52,201 | 68,407 | 10,594 | 24,063 | 155,265 | |||||||||||
| Significant non-cash items: | ||||||||||||||||
| Depreciation and amortization | 68,637 | 21,363 | 2,305 | 7,812 | 100,117 | |||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 83,836 | 83,836 | |||||||||||
| Expenditures for long-lived assets | 108,758 | 106,104 | 902 | 11 | 215,775 | |||||||||||
| * | Other (income) and expense includes items such as expenses of taxes and insurance premiums related to<br>finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses. | |||||||||||||||
| --- | --- | |||||||||||||||
| Millions of yen | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three months ended June 30, 2026 | ||||||||||||||||
| Japan & APAC | Infrastructure | USA & Europe | Insurance | Total | ||||||||||||
| Finance revenues | 39,462 | 7,660 | 26,196 | 36 | 73,354 | |||||||||||
| Gains on investment securities and dividends | (1,571 | ) | 249 | 59,637 | 0 | 58,315 | ||||||||||
| Operating leases | 122,625 | 41,068 | 1,138 | 0 | 164,831 | |||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 173,086 | 173,086 | |||||||||||
| Sales of goods and real estate | 84,642 | 40,562 | 835 | 0 | 126,039 | |||||||||||
| Services income | 65,228 | 113,346 | 102,115 | 0 | 280,689 | |||||||||||
| Total Segment Revenues | 310,386 | 202,885 | 189,921 | 173,122 | 876,314 | |||||||||||
| Interest expense | 15,705 | 10,225 | 14,338 | 112 | 40,380 | |||||||||||
| Costs of operating leases | 85,855 | 19,466 | 1,193 | 0 | 106,514 | |||||||||||
| Life insurance costs | 0 | 0 | 0 | 130,686 | 130,686 | |||||||||||
| Costs of goods and real estate sold | 62,414 | 31,876 | 407 | 0 | 94,697 | |||||||||||
| Services expense | 43,162 | 89,922 | 21,940 | 0 | 155,024 | |||||||||||
| Other (income) and expense * | 5,839 | (4,010 | ) | 2,454 | 0 | 4,283 | ||||||||||
| Selling, general and administrative expenses | 63,381 | 24,155 | 86,377 | 14,390 | 188,303 | |||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 777 | 56 | (1,143 | ) | (26 | ) | (336 | ) | ||||||||
| Total Segment Expenses | 277,133 | 171,690 | 125,566 | 145,162 | 719,551 | |||||||||||
| Equity in Net income (Loss) of equity method investments and others | 256,558 | 12,122 | (1,355 | ) | (0 | ) | 267,325 | |||||||||
| Segment Profits | 289,811 | 43,317 | 63,000 | 27,960 | 424,088 | |||||||||||
| Significant non-cash items: | ||||||||||||||||
| Depreciation and amortization | 75,599 | 21,231 | 3,220 | 5,339 | 105,389 | |||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 89,110 | 89,110 | |||||||||||
| Expenditures for long-lived assets | 119,241 | 58,269 | 4,821 | 70 | 182,401 | |||||||||||
| * | Other (income) and expense includes items such as expenses of taxes and insurance premiums related to<br>finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses. | |||||||||||||||
| --- | --- |
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Segment information as of March 31, 2026 and June 30, 2026 is as follows:
| Millions of yen | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of March 31, 2026 | |||||||||||||||
| Japan & APAC | Infrastructure | USA & Europe | Insurance | Total | |||||||||||
| Net investment in leases | 1,194,048 | 52,913 | 433 | 0 | 1,247,394 | ||||||||||
| Installment loans | 680,872 | 35,097 | 757,103 | 15,191 | 1,488,263 | ||||||||||
| Investment in operating leases | 1,118,843 | 976,673 | 39,605 | 25,457 | 2,160,578 | ||||||||||
| Investment in securities | 80,956 | 154,105 | 618,885 | 2,288,116 | 3,142,062 | ||||||||||
| Property under facility operations and servicing assets | 119,002 | 656,847 | 82,749 | 0 | 858,598 | ||||||||||
| Inventories | 45,020 | 223,164 | 699 | 0 | 268,883 | ||||||||||
| Advances for finance lease and operating lease | 11,317 | 78,924 | 0 | 0 | 90,241 | ||||||||||
| Equity method investments | 457,931 | 685,773 | 71,582 | 46,002 | 1,261,288 | ||||||||||
| Advances for property under facility operations | 4,001 | 123,899 | 0 | 0 | 127,900 | ||||||||||
| Goodwill, intangible assets acquired in business combinations | 384,231 | 221,750 | 690,949 | 4,452 | 1,301,382 | ||||||||||
| Other assets * | 624,640 | 365,927 | 479,026 | 819,052 | 2,288,645 | ||||||||||
| Segment Assets | 4,720,861 | 3,575,072 | 2,741,031 | 3,198,270 | 14,235,234 | ||||||||||
| * | Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes,<br>accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables. | ||||||||||||||
| --- | --- | ||||||||||||||
| Millions of yen | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| As of June 30, 2026 | |||||||||||||||
| Japan & APAC | Infrastructure | USA & Europe | Insurance | Total | |||||||||||
| Net investment in leases | 1,195,852 | 38,066 | 427 | 0 | 1,234,345 | ||||||||||
| Installment loans | 666,718 | 36,032 | 815,710 | 15,942 | 1,534,402 | ||||||||||
| Investment in operating leases | 1,094,947 | 1,001,215 | 47,888 | 25,465 | 2,169,515 | ||||||||||
| Investment in securities | 74,888 | 157,938 | 613,298 | 2,334,336 | 3,180,460 | ||||||||||
| Property under facility operations and servicing assets | 88,449 | 652,466 | 86,126 | 0 | 827,041 | ||||||||||
| Inventories | 44,893 | 225,494 | 833 | 0 | 271,220 | ||||||||||
| Advances for finance lease and operating lease | 16,310 | 62,440 | 475 | 0 | 79,225 | ||||||||||
| Equity method investments | 613,377 | 716,723 | 78,689 | 46,648 | 1,455,437 | ||||||||||
| Advances for property under facility operations | 915 | 127,002 | 0 | 0 | 127,917 | ||||||||||
| Goodwill, intangible assets acquired in business combinations | 367,787 | 210,618 | 697,318 | 4,452 | 1,280,175 | ||||||||||
| Other assets * | 578,593 | 339,344 | 515,935 | 832,503 | 2,266,375 | ||||||||||
| Segment Assets | 4,742,729 | 3,567,338 | 2,856,699 | 3,259,346 | 14,426,112 | ||||||||||
| * | Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes,<br>accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables. | ||||||||||||||
| --- | --- |
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Table of Contents
The reconciliation of segment totals to the condensed consolidated financial statement amounts is as follows:
| Millions of yen | |||||||
|---|---|---|---|---|---|---|---|
| Three months endedJune 30, 2025 | Three months endedJune 30, 2026 | ||||||
| Segment revenues: | |||||||
| Total revenues for segments | 747,103 | 876,314 | |||||
| Revenues related to corporate assets | 18,376 | 21,540 | |||||
| Revenues from inter-segment transactions | (18,506 | ) | (21,226 | ) | |||
| Total consolidated revenues | 746,973 | 876,628 | |||||
| Segment profits: | |||||||
| Total profits for segments | 155,265 | 424,088 | |||||
| Corporate profits (losses) | (11,843 | ) | (22,575 | ) | |||
| Net income attributable to the noncontrolling interests and net income attributable to the<br>redeemable noncontrolling interests | 2,244 | 4,637 | |||||
| Total consolidated income from continuing operations before income taxes | 145,666 | 406,150 | |||||
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Table of Contents
(8) Discontinued Operations Information (Unaudited)
On April 27, 2026, the Company entered into a share transfer agreement with Daiwa Next Bank, Ltd. to sell all shares in ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”). Pursuant to this agreement, the sale of the shares was completed on August 3, 2026. As a result, starting from the second quarter of the current fiscal year, the Target will be excluded from the Company’s scope of consolidation.
As a result of the decision to sell the shares, in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation.
Accordingly, in the condensed consolidated balance sheets, the assets and liabilities related to the business of the Target are presented separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of Discontinued Operations Held for Sale,” respectively. In addition, the prior-period balances of the assets and liabilities related to the business of the Target have been retrospectively reclassified to conform to the current-period presentation. Furthermore, in the condensed consolidated statements of income, the results of operations of the Target are presented separately from continuing operations. The prior-period results of operations related to the business of the Target have also been retrospectively reclassified to conform to the current-period presentation.
No loss was recognized upon classification as held for sale for the three months ended June 30, 2026.
The following table presents the classes of assets and liabilities of discontinued operations classified as held for sale as of March 31, 2026 and June 30, 2026.
(millions of yen)
| As of March<br>31, 2026 | As of June<br>30, 2026 | ||||||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash and Cash Equivalents | 319,586 | 318,612 | |||||
| Restricted Cash | 2,025 | 1,991 | |||||
| Installment Loans | 2,685,320 | 2,763,403 | |||||
| Allowance for Credit Losses | (3,852 | ) | (3,965 | ) | |||
| Investment in Operating Leases | 0 | 0 | |||||
| Investment in Securities | 166,331 | 155,952 | |||||
| Equity method investments | 2,239 | 2,180 | |||||
| Trade Notes, Accounts and Other Receivable | 826 | 879 | |||||
| Office Facilities | 13,890 | 6,970 | |||||
| Other Assets | 9,037 | 16,007 | |||||
| Total Assets of Discontinued Operations Held for Sale | 3,195,402 | 3,262,029 | |||||
| Liabilities | |||||||
| Short-term Debt | 28,100 | 56,100 | |||||
| Deposits | 2,623,225 | 2,666,451 | |||||
| Trade Notes, Accounts and Other Payable | 1,013 | 1,430 | |||||
| Current and Deferred Income Taxes | 3,712 | 2,796 | |||||
| Long-term Debt | 166,600 | 156,451 | |||||
| Other Liabilities | 120,438 | 123,443 | |||||
| Total Liabilities of Discontinued Operations Held for Sale | 2,943,088 | 3,006,671 | |||||
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The following table presents the classes of net income from discontinued operations for the three months ended June 30, 2025 and 2026.
(millions of yen)
| Three months<br>ended<br>June 30, 2025 | Three months<br>ended<br>June 30, 2026 | ||||||
|---|---|---|---|---|---|---|---|
| Revenues : | |||||||
| Finance revenues | 21,017 | 20,174 | |||||
| Gains (Losses) on investment securities and dividends | 30 | (18 | ) | ||||
| Services income | 621 | 620 | |||||
| Total Revenues | 21,668 | 20,776 | |||||
| Expenses : | |||||||
| Interest expense | 3,855 | 6,014 | |||||
| Services expense | 1,940 | 2,002 | |||||
| Other (income) and expense | 57 | (3 | ) | ||||
| Selling, general and administrative expenses | 5,865 | 6,087 | |||||
| Provision for credit losses | 119 | 107 | |||||
| Write-downs of long-lived assets | 0 | 6,827 | |||||
| Total Expenses | 11,836 | 21,034 | |||||
| Operating Income (Loss) | 9,832 | (258 | ) | ||||
| Equity in Net Income (Loss) of Equity method investments | (17 | ) | (76 | ) | |||
| Income (Loss) from Discontinued Operations before Income Taxes | 9,815 | (334 | ) | ||||
| Provision for Income Taxes | 2,990 | (4,742 | ) | ||||
| Net Income from Discontinued Operations | 6,825 | 4,408 | |||||
(9) Cash flow information (Unaudited)
ORIX Group does not prepare the consolidated statements of cash flows for the three months ended June 30, 2026. Depreciation and amortization for the three months ended June 30, 2025 and 2026 were ¥101,250 million and ¥106,400 million, respectively.
| Note: | As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the<br>Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for<br>sale and a discontinued operation. Accordingly, as a result of presenting the results of the business of the Target separately from continuing operations, depreciation and amortization for the three months ended June 30, 2026 are presented on a<br>continuing operations basis, excluding the results of the discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the current-period presentation. For<br>further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited). |
|---|
(10) Subsequent Events
On April 27, 2026, the Company entered into a share transfer agreement with Daiwa Next Bank, Ltd. to sell all shares in ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”). Pursuant to this agreement, the sale of the shares was completed on August 3, 2026. As a result, starting from the second quarter of the current fiscal year, the Target will be excluded from the Company’s scope of consolidation, and the Company expects to record a gain in connection with the sale in the consolidated financial statements.
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