ORIX earnings: results of 9 November 2026

ORIX, the Japanese leasing, finance and investment group, reported its first half, the six months to September 2026; it gives no separate figures for the quarter alone. Net profit more than tripled to ¥856.2 billion from ¥271.1 billion a year earlier. Most of that came from paper gains linked to Kioxia, a memory chip maker ORIX part-owns, plus a one-time gain from selling ORIX Bank. The everyday business shows no comparable jump. ORIX kept its full-year profit forecast of ¥530 billion and warned that the Kioxia gains make the year unusually hard to predict. ¹

The strong points

• The balance sheet is sturdier: the share of the company funded by its owners rather than by borrowing and deposits rose to 32.6% from 24.9% in March. ¹
• Borrowing fell by about 4% while the cash it holds rose by about 11%, to ¥1.13 trillion. ¹
• The value of ORIX's own shares held in its treasury grew by ¥146 billion over the six months, pointing to large share buybacks on top of the dividend. ¹

The weak points

• About 63% of the half-year's net profit is a Kioxia-related gain of ¥538.7 billion after tax that ORIX says it will not receive in cash. ¹
• Selling ORIX Bank brought a one-time gain of ¥124.3 billion, but the bank's steady income is now gone for good. ¹
• The big gains carry a big tax bill: the tax charge on continuing businesses more than tripled to ¥345.6 billion. ¹

What the company expects

• ORIX kept its forecast of ¥530 billion in profit for the year to March 2027, the same figure it gave last time and 18.5% more than the year before. ¹
• ORIX says it cannot yet estimate how the Kioxia gains will affect the full year, warns they may swing with Kioxia's share price, and will revise its forecast promptly if needed. ¹

Our verdict on the quarter

A mixed report. ORIX kept its full-year profit forecast, strengthened its balance sheet and cut its debt, but the tripling in profit comes almost entirely from paper gains on Kioxia and a one-time bank sale, with no clear sign that the everyday business grew.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. ORIX's results release, 9 November 2026: sec.gov. ↩