6-K
Orix Corp (IX)
Table of Contents
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 February 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 ☐
Table of Contents
Table of Contents
Material Contained in this Report
| 1. | ORIX’s Third Quarter Consolidated Financial Results (April 1, 2025 –December 31, 2025) filed with the Tokyo Stock Exchange on Monday, February 9, 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: February 9, 2026 | By | /s/ Hidetake Takahashi |
| Hidetake Takahashi | ||
| Member of the Board of Directors<br><br><br>Representative Executive Officer<br><br><br>President and Chief Executive Officer<br><br><br>Responsible for Digital Innovation Unit<br><br><br>Responsible for Corporate Strategy and Management Unit<br><br><br>ORIX Corporation |
Table of Contents
Consolidated Financial Results
April 1, 2025 – December 31, 2025
February 9, 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 and Sustainability Department
ORIX Corporation
World Trade Center Bldg., SOUTH TOWER, 2-4-1Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135
JAPAN
Tel: +81-3-3435-3121 Fax: +81-3-3435-3154
E-mail: orix_corpcomm@orix.jp
Table of Contents
Consolidated Financial Results from April 1, 2025 to December 31, 2025
(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 Nine Months Ended December 31, 2025
(1) Performance Highlights - Operating Results (Unaudited)
(millions of yen)
| Total<br>Revenues | Year-on-Year<br>Change | Operating<br>Income | Year-on-Year<br>Change | Incomebefore<br>IncomeTaxes | Year-on-Year<br>Change | Net Income<br>Attributable to<br>ORIX Corporation<br>Shareholders | Year-on-Year<br>Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | 2,408,910 | 11.8 | % | 366,284 | 26.0 | % | 567,719 | 48.1 | % | 389,675 | 43.4 | % | ||||||||
| December 31, 2024 | 2,154,484 | 5.4 | % | 290,724 | 9.3 | % | 383,377 | 23.7 | % | 271,777 | 24.0 | % |
“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥771,788 million for the nine months ended December 31, 2025 (year-on-year change was a 131.9% increase) and ¥332,813 million for the nine months ended December 31, 2024 (year-on-year change was a 0.1% decrease)
| Basic<br>Earnings Per Share | Diluted<br>Earnings Per Share | |||
|---|---|---|---|---|
| December 31, 2025 | 347.14 | 346.39 | ||
| December 31, 2024 | 237.46 | 237.03 | ||
| *Note 1: | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | 18,125,609 | 4,673,279 | 4,584,992 | 25.3 | % | ||||
| March 31, 2025 | 16,866,251 | 4,171,783 | 4,089,782 | 24.2 | % | ||||
| *Note 2: | “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, 2025 | — | 62.17 | — | 57.84 | 120.01 | |||||
| March 31, 2026 | — | 93.76 | — | |||||||
| March 31, 2026 (Est.) | — | 120.01 | ||||||||
| *Note 3: | Revision from the previously announced dividend forecast: No | |||||||||
| --- | --- |
Regarding the interim dividend for the fiscal year ending March 31, 2026, we have decided the dividend per share of ¥93.76 by applying the dividend payout ratio of 39% to earnings per share for the six months ended September 30, 2025.
For the fiscal year ending March 31, 2026, the annual dividend will be the higher of either a payout ratio of 39% or ¥120.01 per share. The minimum dividend amount is shown in the above table. If the net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2026 is ¥440 billion, as stated in the consolidated earnings forecast below, the annual dividend per share is expected to be ¥153.67.
3. Forecast for the Year Ending March 31, 2026 (Unaudited)
| Income before<br>Income Taxes | Year-on-Year<br>Change | Net Income<br>Attributable to<br>ORIX Corporation Shareholders | Year-on-Year<br>Change | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | 640,000 | 33.2 | % | 440,000 | 25.1 | % | ||||
| *Note 4: | 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 5: | Revision from previously announced forecast for the year ending March 31, 2026: No<br> |
|---|
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 1,162,962,244 as of December 31, 2025, and 1,162,962,244 as of March 31, 2025.
The number of treasury stock was 52,746,882 as of December 31, 2025, and 23,259,695 as of March 31,
The average number of outstanding shares was 1,122,324,067 for the nine months ended December 31, 2025, and 1,144,429,487 for the nine months ended December 31, 2024.
The Company’s shares held through the Board Incentive Plan Trust (3,386,167 shares as of December 31, 2025, and 3,413,000 shares as of March 31, 2025) 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, 2025 to December 31, 2025 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 theNine Months Ended December 31, 2025
| Nine months<br>ended<br>December 31, 2024 | Nine months<br>ended<br>December 31, 2025 | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount | Percent<br>(%) | ||||||||
| Total Revenues | (millions of yen) | 2,154,484 | 2,408,910 | 254,426 | 12 | ||||
| Total Expenses | (millions of yen) | 1,863,760 | 2,042,626 | 178,866 | 10 | ||||
| Income before Income Taxes | (millions of yen) | 383,377 | 567,719 | 184,342 | 48 | ||||
| Net Income Attributable to ORIX Corporation Shareholders | (millions of yen) | 271,777 | 389,675 | 117,898 | 43 | ||||
| Earnings Per Share (Basic) | (yen) | 237.46 | 347.14 | 109.68 | 46 | ||||
| <br> (Diluted) | (yen) | 237.03 | 346.39 | 109.36 | 46 | ||||
| ROE (Annualized) *1 | (%) | 9.0 | 12.0 | 3.0 | — | ||||
| ROA (Annualized) *2 | (%) | 2.18 | 2.97 | 0.79 | — | ||||
| *Note 1: | ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX<br>Corporation Shareholders’ Equity. | ||||||||
| --- | --- | ||||||||
| *Note 2: | ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders. | ||||||||
| --- | --- |
Overview of Business Performance (April 1, 2025 to December 31, 2025)
Total revenues for the nine months ended December 31, 2025 increased 12% to ¥2,408,910 million compared to ¥2,154,484 million during the same period of the previous fiscal year primarily due to gains on investment securities and dividends, including the recognition of a gain of ¥11,840 million related to the transfer of shares of Greenko Energy Holdings, as well as increases in life insurance premiums and related investment income, and service income.
Total expenses increased 10% to ¥2,042,626 million compared to ¥1,863,760 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 81% to ¥87,720 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased 157% to ¥113,715 million compared to the same period of the previous fiscal year, mainly due to the recognition of a gain of ¥83,135 million from the transfer of shares of Greenko Energy Holdings.
Due to the above results, income before income taxes for the nine months ended December 31, 2025 increased 48% to ¥567,719 million compared to ¥383,377 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 43% to ¥389,675 million compared to ¥271,777 million during the same period of the previous fiscal year.
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Segment Information
Total segment profits for the nine months ended December 31, 2025 increased 40% to ¥596,444 million compared to the same period of the previous fiscal year.
Segment information for the nine months ended December 31, 2025 is as follows:
Corporate Financial Services and Maintenance Leasing : Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment
| Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 66,214 | 80,181 | 13,967 | 21 | ||||
| As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,884,565 | 1,874,478 | (10,087 | ) | (1 | ) | ||
| Segment profits increased 21% to 80,181 million compared to the same period of the previous fiscal<br>year primarily due to increases in operating leases revenues, equity in net income of equity method investments, gains on sales of subsidiaries and equity method investments, and finance revenues.<br> Segment assets decreased 1% to 1,874,478 million<br>compared to the end of the previous fiscal year primarily due to decreases in installment loans, loans to ORIX and its subsidiaries, equity method investments, and advances for finance lease and operating lease, partially offset by increases in<br>investment in operating leases, and net investment in leases. <br>Real Estate: Real estate development, rental and management; facility operations; real estate asset management | ||||||||
| Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 59,656 | 56,875 | (2,781) | (5 | ) | |||
| As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,158,293 | 1,202,543 | 44,250 | 4 |
All values are in Japanese Yen.
Segment profits decreased 5% to ¥56,875 million compared to the same period of the previous fiscal year primarily due to a decrease in operating leases revenues and increases in costs of goods and real estate sold and selling, general and administrative expenses, partially offset by an increase in services income.
Segment assets increased 4% to ¥1,202,543 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases, equity method investments, and inventories, partially offset by decreases in property under facility operations, and trade notes, accounts and other receivable.
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PE Investment and Concession : Private equity investment and concession
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | ||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 66,181 | 93,956 | 27,775 | 42 | ||||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | ||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,022,944 | 1,150,598 | 127,654 | 12 |
Segment profits increased 42% to ¥93,956 million compared to the same period of the previous fiscal year primarily due to increases in equity in net income of equity method investments, sales of goods and real estate, and services income, partially offset by the absence of gains on sales of subsidiaries and equity method investments recorded in the first quarter of the previous fiscal year.
Segment assets increased 12% to ¥1,150,598 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, property under facility operations, goodwill, intangible assets acquired in business combinations, partially offset by a decrease in cash and cash equivalents.
Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste management
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||
| Segment Profits | 13,165 | 122,217 | 109,052 | 828 | |||||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||
| Segment Assets | 1,016,175 | 1,005,058 | (11,117 | ) | (1 | ) |
Segment profits increased 828% to ¥122,217 million compared to the same period of the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments and gains on investment securities and dividends.
Segment assets decreased 1% to ¥1,005,058 million compared to the end of the previous fiscal year primarily due to a decrease in equity method investments, partially offset by increases in investment in securities and advances for property under facility operations.
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Insurance : Life insurance
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | ||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 61,735 | 74,141 | 12,406 | 20 | ||||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | ||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 3,009,234 | 3,202,971 | 193,737 | 6 |
Segment profits increased 20% to ¥74,141 million compared to the same period of the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.
Segment assets increased 6% to ¥3,202,971 million compared to the end of the previous fiscal year primarily due to increases in reinsurance recoverables and investment in securities, partially offset by a decrease in cash and cash equivalents.
Banking and Credit : Banking and consumer finance
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||
| Segment Profits | 22,085 | 19,907 | (2,178 | ) | (10 | ) | |||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | ||||||||
| Segment Assets | 3,144,571 | 3,259,870 | 115,299 | 4 |
Segment profits decreased 10% to ¥19,907 million compared to the same period of the previous fiscal year primarily due to a decrease in gains on investment securities and dividends.
Segment assets increased 4% to ¥3,259,870 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents and installment loans, partially offset by a decrease in investment in securities.
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Aircraft and Ships : Aircraft investment and management; ship-related finance and investment, maritime asset management and ship brokerage
| Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 44,598 | 48,619 | 4,021 | 9 | ||||
| As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,231,973 | 1,278,510 | 46,537 | 4 | ||||
| Segment profits increased 9% to 48,619 million compared to the same period of the previous fiscal year<br>primarily due to increases in services income, equity in net income of equity method investment, and operating leases revenues, partially offset by a decrease in finance revenues.<br> Segment assets increased 4% to 1,278,510 million<br>compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects. <br>ORIX USA: Finance, investment and asset management in the Americas | ||||||||
| Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 27,836 | 13,982 | (13,854 | ) | (50 | ) | ||
| As of December 31, 2025<br>(millions of yen) | Change | |||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,593,939 | 2,085,567 | 491,628 | 31 |
All values are in Japanese Yen.
Segment profits decreased 50% to ¥13,982 million compared to the same period of the previous fiscal year primarily due to an increase in selling, general and administrative expenses, and a decrease in gains on sales of subsidiaries and equity method investments, partially offset by an increase in gains on investment securities and dividends.
Segment assets increased 31% to ¥2,085,567 million compared to the end of the previous fiscal year due to an increase in goodwill, intangible assets acquired in business combinations as a result of a new acquisition of a subsidiary in the second quarter of fiscal 2026, and increases in installment loans and trade notes, accounts and other receivables, and investment in securities.
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ORIX Europe : Asset management of global equity and fixed income
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | ||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 38,141 | 47,305 | 9,164 | 24 | ||||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | ||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 669,306 | 796,913 | 127,607 | 19 |
Segment profits increased 24% to ¥47,305 million compared to the same period of the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments, and services income, partially offset by an increase in equity in net loss of equity method investments.
Segment assets increased 19% to ¥796,913 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.
Asia and Australia : Finance and investment businesses in Asia and Australia
| Nine months ended<br>December 31, 2024<br>(millions of yen) | Nine months ended<br>December 31, 2025<br>(millions of yen) | Change | ||||||
|---|---|---|---|---|---|---|---|---|
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Profits | 27,904 | 39,261 | 11,357 | 41 | ||||
| As of March 31, 2025<br>(millions of yen) | As of December 31, 2025<br>(millions of yen) | Change | ||||||
| Amount<br>(millions of yen) | Percent<br>(%) | |||||||
| Segment Assets | 1,725,627 | 1,851,494 | 125,867 | 7 |
Segment profits increased 41% to ¥39,261 million compared to the same period of the previous fiscal year primarily due to increases in gains on investment securities and dividends, gains on sales of subsidiaries and equity method investments, and operating leases revenues and a decrease in provision for credit losses.
Segment assets increased 7% to ¥1,851,494 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.
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(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders’ Equity
| As of March 31,<br>2025 | As of December 31,<br>2025 | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount | Percent (%) | ||||||||
| Total Assets | (millions of yen) | 16,866,251 | 18,125,609 | 1,259,358 | 7 | ||||
| (Segment Assets) | 16,456,627 | 17,708,002 | 1,251,375 | 8 | |||||
| Total Liabilities | (millions of yen) | 12,691,036 | 13,401,785 | 710,749 | 6 | ||||
| (Short-term and Long-term Debt) | 6,282,798 | 6,713,384 | 430,586 | 7 | |||||
| (Deposits) | 2,449,812 | 2,652,659 | 202,847 | 8 | |||||
| Shareholders’ Equity *1 | (millions of yen) | 4,089,782 | 4,584,992 | 495,210 | 12 | ||||
| Shareholders’ Equity Per Share *2 | (yen) | 3,599.24 | 4,142.46 | 543.22 | 15 | ||||
| *Note 1: | “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’<br>Equity” based on U.S. GAAP. | ||||||||
| --- | --- | ||||||||
| *Note 2: | “Shareholders’ Equity Per Share” is calculated using “Total ORIX Corporation<br>Shareholders’ Equity”. | ||||||||
| --- | --- |
Total assets increased 7% to ¥18,125,609 million compared to the end of the previous fiscal year primarily due to increases in installment loans, investment in operating leases, investment in securities and other assets (mainly goodwill, intangible assets acquired in business combinations and reinsurance recoverable), primarily offset by a decrease in equity method investments. In addition, segment assets increased 8% to ¥17,708,002 million compared to the end of the previous fiscal year.
Total liabilities increased 6% to ¥13,401,785 million compared to the end of the previous fiscal year primarily due to increases in short-term and long-term debt and deposits, primarily offset by a decrease in policy liabilities and policy account balances.
Shareholders’ equity increased 12% to ¥4,584,992 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 December 31,2025 | |||||
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 1,206,573 | 1,307,029 | ||||
| Restricted Cash | 115,410 | 113,246 | ||||
| Net Investment in Leases | 1,167,380 | 1,255,896 | ||||
| Installment Loans | 4,081,019 | 4,315,671 | ||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | ||||||
| March 31, 2025 | 97,694 million | |||||
| December 31, 2025 | 143,605 million | |||||
| Allowance for Credit Losses | (56,769 | ) | (73,626 | ) | ||
| Investment in Operating Leases | 1,967,178 | 2,135,764 | ||||
| Investment in Securities | 3,234,547 | 3,382,123 | ||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | ||||||
| March 31, 2025 | 41,018 million | |||||
| December 31, 2025 | 43,712 million | |||||
| The amounts which are associated to available-for-sale debt securities are as follows: | ||||||
| March 31, 2025 | ||||||
| Amortized Cost | 3,174,036 million | |||||
| Allowance for Credit Losses | (670) million | |||||
| December 31, 2025 | ||||||
| Amortized Cost | 3,361,024 million | |||||
| Allowance for Credit Losses | (646) million | |||||
| Property under Facility Operations | 771,851 | 783,123 | ||||
| Equity method investments | 1,320,015 | 1,303,002 | ||||
| Trade Notes, Accounts and Other Receivable | 411,012 | 473,939 | ||||
| Inventories | 229,229 | 260,147 | ||||
| Office Facilities | 191,957 | 196,857 | ||||
| Other Assets | 2,226,849 | 2,672,438 | ||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | ||||||
| March 31, 2025 | 2,586 million | |||||
| December 31, 2025 | 1,125 million | |||||
| Total Assets | 16,866,251 | 18,125,609 | ||||
| Liabilities and Equity | ||||||
| Short-term Debt | 549,680 | 691,245 | ||||
| Deposits | 2,449,812 | 2,652,659 | ||||
| Trade Notes, Accounts and Other Payable | 339,787 | 333,720 | ||||
| Policy Liabilities and Policy Account Balances | 1,948,047 | 1,713,850 | ||||
| The amounts which are measured at fair value by electing the fair value option are as<br>follows: | ||||||
| March 31, 2025 | 136,257 million | |||||
| December 31, 2025 | 145,034 million | |||||
| Current and Deferred Income Taxes | 578,781 | 720,086 | ||||
| Long-term Debt | 5,733,118 | 6,022,139 | ||||
| Other Liabilities | 1,091,811 | 1,268,086 | ||||
| Total Liabilities | 12,691,036 | 13,401,785 | ||||
| Redeemable Noncontrolling Interests | 3,432 | 50,545 | ||||
| Commitments and Contingent Liabilities | ||||||
| Common Stock | 221,111 | 221,111 | ||||
| Additional Paid-in Capital | 234,193 | 235,187 | ||||
| Retained Earnings | 3,354,911 | 3,573,783 | ||||
| Accumulated Other Comprehensive Income | 341,298 | 723,439 | ||||
| Treasury Stock, at Cost | (61,731 | ) | (168,528 | ) | ||
| Total ORIX Corporation Shareholders’ Equity | 4,089,782 | 4,584,992 | ||||
| Noncontrolling Interests | 82,001 | 88,287 | ||||
| Total Equity | 4,171,783 | 4,673,279 | ||||
| Total Liabilities and Equity | 16,866,251 | 18,125,609 |
All values are in Japanese Yen.
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| Note: | Breakdown of Accumulated Other Comprehensive Income (Loss) | |||||
|---|---|---|---|---|---|---|
| As of March 31,2025 | As of December 31,2025 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Accumulated Other Comprehensive Income (Loss) | ||||||
| Net unrealized gains (losses) on investment in securities | (403,914 | ) | (548,095 | ) | ||
| Impact of changes in policy liability discount rate | 416,124 | 825,206 | ||||
| Debt valuation adjustments | 49 | 216 | ||||
| Defined benefit pension plans | 14,791 | 20,661 | ||||
| Foreign currency translation adjustments | 304,657 | 419,255 | ||||
| Net unrealized gains on derivative instruments | 9,591 | 6,196 | ||||
| Total | 341,298 | 723,439 |
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(2) Condensed Consolidated Statements of Income (Unaudited)
(millions of yen)
| Nine months<br>endedDecember 31, 2024 | Nine months<br>endedDecember 31, 2025 | ||||
|---|---|---|---|---|---|
| Revenues : | |||||
| Finance revenues | 245,873 | 272,624 | |||
| Gains on investment securities and dividends | 13,186 | 63,660 | |||
| Operating leases | 465,668 | 473,088 | |||
| Life insurance premiums and related investment income | 403,991 | 470,436 | |||
| Sales of goods and real estate | 272,143 | 311,310 | |||
| Services income | 753,623 | 817,792 | |||
| Total Revenues | 2,154,484 | 2,408,910 | |||
| Expenses : | |||||
| Interest expense | 124,257 | 144,519 | |||
| Costs of operating leases | 293,495 | 305,822 | |||
| Life insurance costs | 302,178 | 353,788 | |||
| Costs of goods and real estate sold | 198,276 | 233,725 | |||
| Services expense | 442,808 | 467,345 | |||
| Other (income) and expense | 17,959 | 288 | |||
| Selling, general and administrative expenses | 470,198 | 516,667 | |||
| Provision for credit losses | 13,364 | 17,140 | |||
| Write-downs of long-lived assets | 678 | 2,390 | |||
| Write-downs of securities | 547 | 942 | |||
| Total Expenses | 1,863,760 | 2,042,626 | |||
| Operating Income | 290,724 | 366,284 | |||
| Equity in Net Income of Equity method investments | 48,367 | 87,720 | |||
| Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net | 44,286 | 113,715 | |||
| Income before Income Taxes | 383,377 | 567,719 | |||
| Provision for Income Taxes | 111,678 | 172,303 | |||
| Net Income | 271,699 | 395,416 | |||
| Net Income (Loss) Attributable to the Noncontrolling Interests | (265 | ) | 5,377 | ||
| Net Income Attributable to the Redeemable Noncontrolling Interests | 187 | 364 | |||
| Net Income Attributable to ORIX Corporation Shareholders | 271,777 | 389,675 |
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(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)
| (millions of yen) | ||||||
|---|---|---|---|---|---|---|
| Nine months<br>endedDecember 31, 2024 | Nine months<br>endedDecember 31, 2025 | |||||
| Net Income : | 271,699 | 395,416 | ||||
| Other comprehensive income (loss), net of tax: | ||||||
| Net change of unrealized gains (losses) on investment in securities | (108,151 | ) | (144,190 | ) | ||
| Impact of changes in policy liability discount rate | 123,504 | 409,082 | ||||
| Net change of debt valuation adjustments | (4 | ) | 167 | |||
| Net change of defined benefit pension plans | (592 | ) | 5,868 | |||
| Net change of foreign currency translation adjustments | 55,331 | 119,664 | ||||
| Net change of unrealized gains (losses) on derivative instruments | (6,441 | ) | (3,380 | ) | ||
| Total other comprehensive income | 63,647 | 387,211 | ||||
| Comprehensive Income | 335,346 | 782,627 | ||||
| Comprehensive Income Attributable to the Noncontrolling Interests | 2,244 | 8,091 | ||||
| Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 289 | 2,748 | ||||
| Comprehensive Income Attributable to ORIX Corporation Shareholders | 332,813 | 771,788 |
(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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(7) Segment Information (Unaudited)
The Group CEO, as the Chief Operating Decision Maker (“CODM”), regularly assesses segment performance and allocates management resources by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.
An overview of the operations for each of the ten operating segments follows below.
| Corporate Financial Services and<br><br><br>Maintenance Leasing | : | Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment |
|---|---|---|
| Real Estate | : | Real estate development, rental and management; facility operations; real estate asset management |
| PE Investment and Concession | : | Private equity investment and concession |
| Environment and Energy | : | Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and<br>waste management |
| Insurance | : | Life insurance |
| Banking and Credit | : | Banking and consumer finance |
| Aircraft and Ships | : | Aircraft investment and management; ship-related finance and investment, maritime asset management and ship<br>brokerage |
| ORIX USA | : | Finance, investment and asset management in the Americas |
| ORIX Europe | : | Asset management of global equity and fixed income |
| Asia and Australia | : | Finance and investment businesses in Asia and Australia |
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 chief operating decision maker 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.
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Segment information for the nine months ended December 31, 2024 and nine months ended December 31, 2025 is as follows:
| Millions of yen | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nine months ended December 31, 2024 | ||||||||||||||||||||
| CorporateFinancialServices andMaintenanceLeasing | Real Estate | PEInvestmentandConcession | Environmentand Energy | Insurance | Banking andCredit | Aircraft andShips | ||||||||||||||
| Finance revenues | 46,552 | 3,608 | 9,092 | 895 | 229 | 44,241 | 4,670 | |||||||||||||
| Gains on investment securities and dividends | 2,533 | 954 | 723 | 3,463 | 0 | 248 | 15 | |||||||||||||
| Operating leases | 211,512 | 48,791 | 31,434 | 59 | 0 | 0 | 67,709 | |||||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 405,993 | 0 | 0 | |||||||||||||
| Sales of goods and real estate | 2,850 | 78,491 | 183,946 | 2,332 | 0 | 0 | 520 | |||||||||||||
| Services income | 80,853 | 238,393 | 47,485 | 129,836 | (1 | ) | 2,202 | 11,038 | ||||||||||||
| Total Segment Revenues | 344,300 | 370,237 | 272,680 | 136,585 | 406,221 | 46,691 | 83,952 | |||||||||||||
| Interest expense | 5,168 | 1,822 | 2,613 | 9,135 | 153 | 4,455 | 13,930 | |||||||||||||
| Costs of operating leases | 149,591 | 17,987 | 19,843 | 14 | 0 | 0 | 29,525 | |||||||||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 302,317 | 0 | 0 | |||||||||||||
| Costs of goods and real estate sold | 2,272 | 64,362 | 127,365 | 1,294 | 0 | 0 | 491 | |||||||||||||
| Services expense | 44,276 | 193,154 | 33,049 | 100,096 | 0 | 5,142 | 4,048 | |||||||||||||
| Other (income) and expense | 13,147 | 1,282 | (301 | ) | 1,503 | (112 | ) | (54 | ) | 1,595 | ||||||||||
| Selling, general and administrative expenses | 66,910 | 31,503 | 63,444 | 16,519 | 42,121 | 15,740 | 8,123 | |||||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 1,724 | 61 | 109 | 258 | 7 | 586 | (1 | ) | ||||||||||||
| Total Segment Expenses | 283,088 | 310,171 | 246,122 | 128,819 | 344,486 | 25,869 | 57,711 | |||||||||||||
| Equity in Net income (Loss) of equity method investments and others | 5,002 | (410 | ) | 39,623 | 5,399 | (0 | ) | 1,263 | 18,357 | |||||||||||
| Segment Profits | 66,214 | 59,656 | 66,181 | 13,165 | 61,735 | 22,085 | 44,598 | |||||||||||||
| Significant non-cash items: | ||||||||||||||||||||
| Depreciation and amortization | 117,513 | 14,223 | 19,084 | 24,732 | 14,955 | 441 | 22,582 | |||||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | 163,838 | 0 | 0 | |||||||||||||
| Expenditures for long-lived assets | 153,997 | 64,839 | 12,845 | 30,768 | 90 | 14 | 227,595 | |||||||||||||
| Millions of yen | ||||||||||||||||||||
| Nine months ended December 31, 2024 | ||||||||||||||||||||
| ORIX USA | ORIX Europe | Asia andAustralia | Total | |||||||||||||||||
| Finance revenues | 77,857 | 3,181 | 56,457 | 246,782 | ||||||||||||||||
| Gains on investment securities and dividends | 3,034 | 2,107 | 200 | 13,277 | ||||||||||||||||
| Operating leases | 524 | 0 | 101,381 | 461,410 | ||||||||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 405,993 | ||||||||||||||||
| Sales of goods and real estate | 410 | 0 | 596 | 269,145 | ||||||||||||||||
| Services income | 35,095 | 188,136 | 17,642 | 750,679 | ||||||||||||||||
| Total Segment Revenues | 116,920 | 193,424 | 176,276 | 2,147,286 | ||||||||||||||||
| Interest expense | 31,186 | 539 | 31,735 | 100,736 | ||||||||||||||||
| Costs of operating leases | 1,007 | 0 | 73,276 | 291,243 | ||||||||||||||||
| Life insurance costs | 0 | 0 | 0 | 302,317 | ||||||||||||||||
| Costs of goods and real estate sold | 236 | 0 | 534 | 196,554 | ||||||||||||||||
| Services expense | 1,653 | 49,670 | 11,171 | 442,259 | ||||||||||||||||
| Other (income) and expense | (2,695 | ) | 4,024 | (1,324 | ) | 17,065 | ||||||||||||||
| Selling, general and administrative expenses | 67,624 | 102,149 | 33,295 | 447,428 | ||||||||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 4,307 | 115 | 7,423 | 14,589 | ||||||||||||||||
| Total Segment Expenses | 103,318 | 156,497 | 156,110 | 1,812,191 | ||||||||||||||||
| Equity in Net income (Loss) of equity method investments and others | 14,234 | 1,214 | 7,738 | 92,420 | ||||||||||||||||
| Segment Profits | 27,836 | 38,141 | 27,904 | 427,515 | ||||||||||||||||
| Significant non-cash items: | ||||||||||||||||||||
| Depreciation and amortization | 1,889 | 4,783 | 70,559 | 290,761 | ||||||||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 163,838 | ||||||||||||||||
| Expenditures for long-lived assets | 1,325 | 694 | 132,503 | 624,670 |
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| Millions of yen | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nine months ended December 31, 2025 | |||||||||||||||||||||
| CorporateFinancialServices andMaintenanceLeasing | Real Estate | PEInvestmentandConcession | Environmentand Energy | Insurance | Banking andCredit | Aircraft andShips | |||||||||||||||
| Finance revenues | 52,245 | 3,695 | 9,822 | 7,880 | 106 | 59,112 | 3,031 | ||||||||||||||
| Gains on investment securities and dividends | 1,995 | 1,832 | 1,119 | 20,555 | 0 | (5,379 | ) | 378 | |||||||||||||
| Operating leases | 226,740 | 35,104 | 26,812 | 68 | 0 | 0 | 73,908 | ||||||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 472,355 | 0 | 0 | ||||||||||||||
| Sales of goods and real estate | 3,485 | 86,824 | 213,985 | 2,246 | 0 | 0 | 785 | ||||||||||||||
| Services income | 81,469 | 265,185 | 59,279 | 128,297 | 0 | 1,868 | 16,947 | ||||||||||||||
| Total Segment Revenues | 365,934 | 392,640 | 311,017 | 159,046 | 472,461 | 55,601 | 95,049 | ||||||||||||||
| Interest expense | 8,737 | 4,033 | 3,888 | 11,222 | 401 | 14,088 | 14,943 | ||||||||||||||
| Costs of operating leases | 156,830 | 18,339 | 17,012 | 14 | 0 | 0 | 34,793 | ||||||||||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 354,291 | 0 | 0 | ||||||||||||||
| Costs of goods and real estate sold | 2,808 | 75,283 | 150,998 | 1,399 | 0 | 0 | 811 | ||||||||||||||
| Services expense | 45,915 | 205,195 | 40,288 | 98,405 | 0 | 4,854 | 6,210 | ||||||||||||||
| Other (income) and expense | 14,390 | (2,489 | ) | (4,065 | ) | (7,274 | ) | (3 | ) | (60 | ) | (947 | ) | ||||||||
| Selling, general and administrative expenses | 66,550 | 34,014 | 66,879 | 19,056 | 43,644 | 17,736 | 10,643 | ||||||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 875 | 796 | 952 | 602 | (13 | ) | 300 | (1 | ) | ||||||||||||
| Total Segment Expenses | 296,105 | 335,171 | 275,952 | 123,424 | 398,320 | 36,918 | 66,452 | ||||||||||||||
| Equity in Net income (Loss) of equity<br><br><br>method investments and others | 10,352 | (594 | ) | 58,891 | 86,595 | (0 | ) | 1,224 | 20,022 | ||||||||||||
| Segment Profits | 80,181 | 56,875 | 93,956 | 122,217 | 74,141 | 19,907 | 48,619 | ||||||||||||||
| Significant non-cash items: | |||||||||||||||||||||
| Depreciation and amortization | 124,818 | 14,547 | 15,960 | 23,931 | 15,246 | (476 | ) | 24,254 | |||||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | 310,601 | 0 | 0 | ||||||||||||||
| Expenditures for long-lived assets | 174,700 | 42,063 | 13,622 | 35,064 | 118 | 153 | 197,329 | ||||||||||||||
| Millions of yen | |||||||||||||||||||||
| Nine months ended December 31, 2025 | |||||||||||||||||||||
| ORIX USA | ORIX Europe | Asia andAustralia | Total | ||||||||||||||||||
| Finance revenues | 80,950 | 2,467 | 54,392 | 273,700 | |||||||||||||||||
| Gains on investment securities and dividends | 25,775 | 11,838 | 5,626 | 63,739 | |||||||||||||||||
| Operating leases | 1,893 | 0 | 103,928 | 468,453 | |||||||||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 472,355 | |||||||||||||||||
| Sales of goods and real estate | 1,354 | 0 | 332 | 309,011 | |||||||||||||||||
| Services income | 45,829 | 199,744 | 16,857 | 815,475 | |||||||||||||||||
| Total Segment Revenues | 155,801 | 214,049 | 181,135 | 2,402,733 | |||||||||||||||||
| Interest expense | 39,995 | 454 | 28,695 | 126,456 | |||||||||||||||||
| Costs of operating leases | 2,127 | 0 | 74,320 | 303,435 | |||||||||||||||||
| Life insurance costs | 0 | 0 | 0 | 354,291 | |||||||||||||||||
| Costs of goods and real estate sold | 829 | 0 | 278 | 232,406 | |||||||||||||||||
| Services expense | 1,372 | 52,853 | 11,002 | 466,094 | |||||||||||||||||
| Other (income) and expense | (842 | ) | 4,323 | (459 | ) | 2,574 | |||||||||||||||
| Selling, general and administrative expenses | 86,483 | 115,868 | 34,879 | 495,752 | |||||||||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 11,348 | 148 | 5,464 | 20,471 | |||||||||||||||||
| Total Segment Expenses | 141,312 | 173,646 | 154,179 | 2,001,479 | |||||||||||||||||
| Equity in Net income (Loss) of equity method investments and others | (507 | ) | 6,902 | 12,305 | 195,190 | ||||||||||||||||
| Segment Profits | 13,982 | 47,305 | 39,261 | 596,444 | |||||||||||||||||
| Significant non-cash items: | |||||||||||||||||||||
| Depreciation and amortization | 1,646 | 5,178 | 71,666 | 296,770 | |||||||||||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 310,601 | |||||||||||||||||
| Expenditures for long-lived assets | 3,001 | 540 | 140,711 | 607,301 |
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Segment information as of March 31, 2025 and December 31, 2025 is as follows:
| Millions of yen | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of March 31, 2025 | ||||||||||||||
| CorporateFinancialServices andMaintenanceLeasing | Real Estate | PEInvestmentandConcession | Environmentand Energy | Insurance | Banking andCredit | Aircraft andShips | ||||||||
| Net investment in leases | 569,380 | 45,810 | 1,640 | 2,092 | 0 | 0 | 0 | |||||||
| Installment loans | 424,370 | 30 | 124,411 | 3,609 | 12,805 | 2,511,736 | 36,119 | |||||||
| Investment in operating leases | 557,625 | 311,377 | 46,796 | 237 | 26,167 | 0 | 599,813 | |||||||
| Investment in securities | 29,690 | 6,209 | 6,117 | 32,032 | 2,234,453 | 305,441 | 9,387 | |||||||
| Property under facility operations and servicing assets | 43,857 | 175,153 | 53,832 | 487,241 | 0 | 0 | 28 | |||||||
| Inventories | 433 | 182,652 | 41,021 | 2,551 | 0 | 0 | 1,588 | |||||||
| Advances for finance lease and operating lease | 6,177 | 78,044 | 3 | 0 | 0 | 0 | 27,816 | |||||||
| Equity method investments | 16,375 | 177,956 | 148,274 | 170,946 | 35,865 | 43,934 | 402,567 | |||||||
| Advances for property under facility operations | 143 | 7,401 | 728 | 70,081 | 0 | 0 | 0 | |||||||
| Goodwill, intangible assets acquired in business combinations | 25,268 | 50,801 | 331,003 | 120,743 | 4,452 | 0 | 43,024 | |||||||
| Other assets * | 211,247 | 122,860 | 269,119 | 126,643 | 695,492 | 283,460 | 111,631 | |||||||
| Segment Assets | 1,884,565 | 1,158,293 | 1,022,944 | 1,016,175 | 3,009,234 | 3,144,571 | 1,231,973 | |||||||
| Millions of yen | ||||||||||||||
| As of March 31, 2025 | ||||||||||||||
| ORIX USA | ORIX Europe | Asia andAustralia | Total | |||||||||||
| Net investment in leases | 451 | 0 | 547,966 | 1,167,339 | ||||||||||
| Installment loans | 652,805 | 0 | 315,128 | 4,081,013 | ||||||||||
| Investment in operating leases | 21,260 | 0 | 394,764 | 1,958,039 | ||||||||||
| Investment in securities | 487,022 | 86,008 | 37,768 | 3,234,127 | ||||||||||
| Property under facility operations and servicing assets | 76,469 | 0 | 1,844 | 838,424 | ||||||||||
| Inventories | 137 | 0 | 615 | 228,997 | ||||||||||
| Advances for finance lease and operating lease | 0 | 0 | 4,833 | 116,873 | ||||||||||
| Equity method investments | 54,817 | 8,578 | 260,395 | 1,319,707 | ||||||||||
| Advances for property under facility operations | 0 | 0 | 51 | 78,404 | ||||||||||
| Goodwill, intangible assets acquired in business combinations | 171,884 | 354,801 | 6,986 | 1,108,962 | ||||||||||
| Other assets * | 129,094 | 219,919 | 155,277 | 2,324,742 | ||||||||||
| Segment Assets | 1,593,939 | 669,306 | 1,725,627 | 16,456,627 | ||||||||||
| * | 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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| Millions of yen | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of December 31, 2025 | ||||||||||||||
| CorporateFinancialServices andMaintenanceLeasing | Real Estate | PEInvestmentandConcession | Environmentand Energy | Insurance | Banking andCredit | Aircraft andShips | ||||||||
| Net investment in leases | 589,008 | 40,667 | 1,222 | 1,889 | 0 | 0 | 12,254 | |||||||
| Installment loans | 391,093 | 17 | 131,176 | 5,410 | 14,370 | 2,642,515 | 21,703 | |||||||
| Investment in operating leases | 599,100 | 345,162 | 46,821 | 228 | 25,907 | 0 | 611,853 | |||||||
| Investment in securities | 31,715 | 10,488 | 10,149 | 152,459 | 2,306,121 | 160,041 | 4,838 | |||||||
| Property under facility operations and<br><br><br>servicing assets | 42,289 | 155,954 | 82,387 | 490,696 | 0 | 0 | 25 | |||||||
| Inventories | 552 | 210,063 | 43,401 | 3,966 | 0 | 0 | 1,203 | |||||||
| Advances for finance lease and operating lease | 1,874 | 61,979 | 18 | 0 | 0 | 0 | 24,855 | |||||||
| Equity method investments | 8,478 | 210,638 | 216,766 | 9,664 | 44,095 | 44,270 | 433,424 | |||||||
| Advances for property under facility operations | 5 | 7,726 | 4,912 | 89,042 | 0 | 0 | 0 | |||||||
| Goodwill, intangible assets acquired in business combinations | 24,612 | 49,228 | 352,623 | 114,513 | 4,452 | 0 | 59,083 | |||||||
| Other assets * | 185,752 | 110,621 | 261,123 | 137,191 | 808,026 | 413,044 | 109,272 | |||||||
| Segment Assets | 1,874,478 | 1,202,543 | 1,150,598 | 1,005,058 | 3,202,971 | 3,259,870 | 1,278,510 | |||||||
| Millions of yen | ||||||||||||||
| As of December 31, 2025 | ||||||||||||||
| ORIX USA | ORIX Europe | Asia andAustralia | Total | |||||||||||
| Net investment in leases | 437 | 0 | 610,397 | 1,255,874 | ||||||||||
| Installment loans | 819,477 | 0 | 289,885 | 4,315,646 | ||||||||||
| Investment in operating leases | 31,000 | 0 | 466,696 | 2,126,767 | ||||||||||
| Investment in securities | 548,950 | 103,314 | 53,462 | 3,381,537 | ||||||||||
| Property under facility operations and<br><br><br>servicing assets | 81,236 | 0 | 2,098 | 854,685 | ||||||||||
| Inventories | 466 | 0 | 315 | 259,966 | ||||||||||
| Advances for finance lease and operating lease | 0 | 0 | 5,876 | 94,602 | ||||||||||
| Equity method investments | 77,924 | 5,799 | 251,703 | 1,302,761 | ||||||||||
| Advances for property under facility operations | 0 | 0 | 3 | 101,688 | ||||||||||
| Goodwill, intangible assets acquired in business combinations | 344,193 | 397,381 | 7,179 | 1,353,264 | ||||||||||
| Other assets * | 181,884 | 290,419 | 163,880 | 2,661,212 | ||||||||||
| Segment Assets | 2,085,567 | 796,913 | 1,851,494 | 17,708,002 | ||||||||||
| * | 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 | ||||||
|---|---|---|---|---|---|---|
| Nine months endedDecember 31, 2024 | Nine months endedDecember 31, 2025 | |||||
| Segment revenues: | ||||||
| Total revenues for segments | 2,147,286 | 2,402,733 | ||||
| Revenues related to corporate assets | 50,076 | 63,948 | ||||
| Revenues from inter-segment transactions | (42,878 | ) | (57,771 | ) | ||
| Total consolidated revenues | 2,154,484 | 2,408,910 | ||||
| Segment profits: | ||||||
| Total profits for segments | 427,515 | 596,444 | ||||
| Corporate profits (losses) | (44,274 | ) | (34,914 | ) | ||
| Net income attributable to the noncontrolling interests and net income attributable to the<br>redeemable noncontrolling interests | 136 | 6,189 | ||||
| Total consolidated income before income taxes | 383,377 | 567,719 |
(8) Cash flow information (Unaudited)
ORIX Group does not prepare the consolidated statements of cash flows for the nine months ended December 31, 2025. Depreciation and amortization for the nine months ended December 31, 2024 and 2025 were ¥295,149 million and ¥301,100 million, respectively.
(9)Subsequent Events
There are no material subsequent events.
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