SEC Form 6-K filed by Mizuho Financial Group Inc. Sponosred ADR (Japan)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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 ☐

 

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-282497) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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.

 

For Immediate Release:

 

		Consolidated Financial Statements for Fiscal 2025 (Under Japanese GAAP)

 

Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		May 15, 2026

 

Stock Code Number (Japan):		8411
Stock Exchange Listings:		Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:		https://www.mizuhogroup.com
Representative:		Masahiro Kihara		President & Group CEO
For Inquiry:		Hikaru Osuga		General Manager of Accounting		Phone: +81-3-6838-6101

Ordinary General Meeting of Shareholders (scheduled) :		June 26, 2026		Commencement of Dividend Payment (scheduled): June 8, 2026
Filing of Yuka Shoken Hokokusho to  the Kanto Local Finance Bureau (scheduled):		June 19, 2026		Trading Accounts: Established
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2025 (for the fiscal year ended March 31, 2026)

(1) Consolidated Results of Operations

 

(%: Changes from the previous fiscal year)
		Ordinary Income								Ordinary Profits								Profit Attributable to Owners of Parent
		¥ million				%				¥ million				%				¥ million				%
Fiscal 2025			9,085,438				0.6				1,573,159				34.6				1,248,632				41.0
Fiscal 2024			9,030,374				3.2				1,168,141				27.7				885,433				30.4

 

Note:		Comprehensive Income: Fiscal 2025: ¥1,651,210 million, 167.1 %; Fiscal 2024: ¥618,184 million, (54.0)%

 

		Earnings per Share of Common Stock				Diluted Earnings per Share of Common Stock				Earnings on Own Capital				Ordinary Profits to Total Assets				Ordinary Profits to Ordinary Income
		¥				¥				%				%				%
Fiscal 2025			502.92				502.92				11.4				0.5				17.3
Fiscal 2024			350.20				350.20				8.5				0.4				12.9

Reference:		Equity in Income from Investments in Affiliates: Fiscal 2025: ¥52,266 million; Fiscal 2024: ¥46,782 million

(2) Consolidated Financial Conditions

 

		Total Assets				Total Net Assets				Own Capital Ratio				Total Net Assets per Share of Common Stock
		¥ million				¥ million				%				¥
Fiscal 2025			302,240,042				11,403,890				3.7				4,640.23
Fiscal 2024			283,320,404				10,523,753				3.6				4,161.03

 

Reference:		Own Capital: As of March 31, 2026: ¥11,315,320 million; As of March 31, 2025: ¥10,442,211 million

Note:		Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100
		Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

(3) Conditions of Consolidated Cash Flows

 

		Cash Flows from Operating Activities				Cash Flows from Investing Activities				Cash Flows from Financing Activities				Cash and Cash Equivalents at the end of the fiscal year
		¥ million				¥ million				¥ million				¥ million
Fiscal 2025			(4,838,533	)			(6,668,376	)			(523,153	)			59,677,580
Fiscal 2024			(3,820,800	)			3,793,092				(299,030	)			70,723,361

2. Cash Dividends for Shareholders of Common Stock

 

		Annual Cash Dividends per Share																				Total Cash Dividends (Total)				Dividends Pay-out Ratio (Consolidated basis)				Dividends on Net Assets (Consolidated basis)
		First quarter-end				Second quarter-end				Third quarter-end				Fiscal year-end				Annual
		¥				¥				¥				¥				¥				¥ million				%				%
Fiscal 2024			—				65.00				—				75.00				140.00				353,456				39.9				3.4
Fiscal 2025			—				72.50				—				72.50				145.00				357,484				28.8				3.2
Fiscal 2026 (estimate)			—				75.00				—				75.00				150.00								28.1

3. Consolidated Earnings Estimates for Fiscal 2026 (for the fiscal year ending March 31, 2027)

 

(%: Changes from the corresponding period of the previous fiscal year)
		Profit Attributable to Owners of Parent								Earnings per Share of Common Stock
		¥million				%				¥
1H F2026			—				—				—
Fiscal 2026			1,300,000				4.1				533.10

Note:		The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock (excluding treasury stock and others) as of March 31, 2026.

Notes

(1) Significant changes in the scope of consolidation during the period: No

(2) Changes in Accounting Policies and Accounting Estimates / Restatements

  i.  Changes in accounting policies due to revisions of accounting standards: No

  ii. Changes in accounting policies other than i above: No

  iii. Changes in accounting estimates: No

  iv. Restatements: No

(3) Issued Shares of Common Stock

 

i. Year-end issued shares      (including treasury stock):

As of March 31, 2026

2,489,848,594 shares

As of March 31, 2025

2,513,757,794 shares

ii. Year-end treasury stock:

As of March 31, 2026

51,325,298 shares

As of March 31, 2025

4,233,302 shares

iii. Average number of outstanding shares:

Fiscal 2025

2,482,716,178 shares

Fiscal 2024

2,528,302,462 shares

This immediate release is outside the scope of the audit by certified public accountants or an audit firm.

 

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 29, 2025, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

 

Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.		Overview of Consolidated Results of Operations and Financial Condition			p.1-2
		(1) Overview of Results of Operations			p.1-2
		(2) Overview of Financial Condition			p.1-2
		(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2025 and Dividend Estimates for Fiscal 2026			p.1-2
2.		Basic Stance on Selection of Accounting Standards			p.1-4
3.		Consolidated Financial Statements and Notes			p.1-5
		(1) Consolidated Balance Sheets			p.1-5
		(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			p.1-7
		(3) Consolidated Statements of Changes in Net Assets			p.1-10
		(4) Consolidated Statements of Cash Flows			p.1-12
		(5) Notes regarding Consolidated Financial Statements			p.1-14
		(Matters Related to the Assumption of Going Concern)
		(Business Segment Information)
		(Per Share Information)
		(Subsequent Events)

Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

An MHFG IR conference for institutional investors and analysts is scheduled for Tuesday, May 19, 2026. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

 

1-1

Mizuho Financial Group, Inc.

 

1. Overview of Consolidated Results of Operations and Financial Condition

(1) Overview of Results of Operations

We recorded Consolidated Gross Profits of ¥3,477.2 billion for fiscal 2025, increasing by ¥556.8 billion from the previous fiscal year mainly due to the strong growth in Fee business both in and outside Japan as well as external factors such as Yen depreciation, and the higher Bank of Japan’s policy interest rate.

General and Administrative Expenses increased by ¥262.7 billion on a year-on-year basis to ¥2,103.4 billion mainly due to the unavoidable increases from Yen depreciation and inflation as well as the resource deployment to growth areas and governance-related costs to enhance our management base, offset in part by our maintaining appropriate control on expenses.

As a result, Consolidated Net Business Profits increased by ¥323.8 billion on a year-on-year basis to ¥1,422.7 billion.

Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others, which consists of Consolidated Net Business Profits, Net Gains (Losses) related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net Gains (Losses) related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥316.8 billion on a year-on-year basis to ¥1,461.1 billion.

Credit-related Costs increased by ¥81.4 billion on a year-on-year basis to ¥133.0 billion mainly due to the costs for specific companies in and outside Japan as well as the provision of reserves from a forward-looking perspective, considering uncertainty in business environment, such as Middle East conflict.

Net Gains (Losses) related to Stocks increased by ¥183.9 billion on a year-on-year basis to net gains of ¥325.1 billion mainly due to the increase in profits from the sale of cross-holding stocks.

As a result, Ordinary Profits increased by ¥405.0 billion on a year-on-year basis to ¥1,573.1 billion.

Extraordinary Gains (Losses) increased by ¥27.1 billion on a year-on-year basis to net gains of ¥49.1 billion mainly due to the recognition of gains on the cancellation of employee retirement benefit trust.

Tax-related Expenses increased by ¥66.7 billion on a year-on-year basis to ¥368.1 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2025 increased by ¥363.1 billion on a year-on-year basis to ¥1,248.6 billion.

As for earnings estimates for fiscal 2026, we estimate Profit Attributable to Owners of Parent of ¥1,300.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates in accordance with Tokyo Stock Exchange rules.

(2) Overview of Financial Condition

Consolidated Total Assets as of March 31, 2026 amounted to ¥302,240.0 billion, increasing by ¥18,919.6 billion from the end of the previous fiscal year mainly due to an increase in Securities.

Securities amounted to ¥42,632.5 billion, increasing by ¥8,324.9 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥99,753.1 billion, increasing by ¥5,644.4 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥177,851.6 billion, increasing by ¥4,706.0 billion from the end of the previous fiscal year.

Net Assets amounted to ¥11,403.8 billion, increasing by ¥880.1 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥9,906.1 billion, Accumulated Other Comprehensive Income was ¥1,409.1 billion, and Non-controlling Interests was ¥87.3 billion.

Net Cash Used in Operating Activities was ¥4,838.5 billion mainly due to increased Trading Assets. Net Cash Used in Investing Activities was ¥6,668.3 billion mainly due to the purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥523.1 billion mainly due to the redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2026 was ¥59,677.5 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2025 and Dividend Estimates for Fiscal 2026

Based on our capital management policy of pursuing the optimal balance between capital adequacy, growth investment and enhancement of shareholder return, for Fiscal 2025, we maintain our shareholder return policy of keeping progressive increase of dividends per share, while executing flexible and intermittent share buybacks. In addition, we will increase dividends per share by approximately ¥5.0 each fiscal year, based on the steady growth of our stable earnings base. We will decide share buybacks, based on our business results, capital adequacy, our stock price and the opportunities for growth investment, using the total payout ratio of 50% or more as a guide.

 

1-2

Mizuho Financial Group, Inc.

 

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥72.5 of year-end cash dividends on common stock for Fiscal 2025 (annual cash dividends of ¥145.0 including interim dividends of ¥72.5), based on Profit Attributable to Owners of Parent for Fiscal 2025 of ¥1,248 billion.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.9%, thus again fulfilling the lower end of the 9-10% range that we consider as the necessary level.

 

Year-end cash dividends on Common Stock		¥72.5 per share
Annual cash dividends incl. interim dividends		¥145.0 per share

We note that, in accordance with the Articles of Incorporation, we are able to decide to issue dividends by resolution of the Board of Directors unless otherwise stipulated by laws and regulations.

As for the dividend estimates of common stock for Fiscal 2026, we predict ¥150.0 per share of common stock, which is an increase of ¥5.0 from Fiscal 2025. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

(Dividend Estimates for Fiscal 2026)

 

Common Stock		Cash Dividends per Share of which Interim and Year-end Dividends		¥150.0 (Increase of ¥5.0 from Fiscal 2025) ¥75.0 each

 

1-3

Mizuho Financial Group, Inc.

 

2. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of possible adoption in the future, MHFG is continuing research and study on the situation in Japan and overseas and/or the development of IFRS.

 

1-4

Mizuho Financial Group, Inc.

 

3. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets

 

		(Millions of yen)
		As of March 31, 2025				As of March 31, 2026
Assets
Cash and Due from Banks		¥	72,483,086			¥	61,567,751
Call Loans and Bills Bought			688,473				904,328
Receivables under Resale Agreements			28,107,374				30,571,427
Guarantee Deposits Paid under Securities Borrowing Transactions			2,078,999				1,771,938
Monetary Claims Bought			3,932,427				4,162,850
Trading Assets			22,240,796				30,477,937
Money Held in Trust			632,025				622,709
Securities			34,307,574				42,632,517
Loans and Bills Discounted			94,108,757				99,753,193
Foreign Exchanges			2,237,879				2,754,033
Derivatives other than for Trading Assets			3,497,747				6,187,816
Other Assets			7,008,874				7,202,972
Tangible Fixed Assets			1,122,592				1,137,346
Buildings			332,093				359,021
Land			570,345				560,025
Lease Assets			20,968				18,244
Construction in Progress			61,297				43,727
Other Tangible Fixed Assets			137,887				156,327
Intangible Fixed Assets			808,897				882,257
Software			453,171				518,250
Goodwill			108,029				140,127
Lease Assets			11,419				10,217
Other Intangible Fixed Assets			236,277				213,662
Net Defined Benefit Asset			758,783				776,413
Deferred Tax Assets			237,630				238,473
Customers’ Liabilities for Acceptances and Guarantees			9,824,242				11,233,375
Allowance for Loan Losses			(755,751	)			(637,302	)
Allowance for Investment Losses			(5	)			—
Total Assets		¥	283,320,404			¥	302,240,042

 

1-5

Mizuho Financial Group, Inc.

 

		(Millions of yen)
		As of March 31, 2025				As of March 31, 2026
Liabilities
Deposits		¥	158,746,762			¥	165,937,062
Negotiable Certificates of Deposit			14,398,784				11,914,568
Call Money and Bills Sold			2,745,165				3,191,543
Payables under Repurchase Agreements			38,393,650				37,731,778
Guarantee Deposits Received under Securities Lending Transactions			1,604,389				1,968,469
Commercial Paper			2,138,133				1,921,799
Trading Liabilities			14,290,572				19,146,460
Borrowed Money			4,008,514				5,098,065
Foreign Exchanges			840,486				1,188,938
Short-term Bonds			724,118				524,540
Bonds and Notes			12,877,794				15,444,980
Due to Trust Accounts			950,946				687,707
Derivatives other than for Trading Liabilities			4,566,669				7,657,456
Other Liabilities			6,267,822				6,737,864
Reserve for Bonus Payments			224,246				259,620
Reserve for Variable Compensation			2,226				2,880
Net Defined Benefit Liability			68,259				72,664
Reserve for Director and Corporate Auditor Retirement Benefits			484				403
Reserve for Possible Losses on Sales of Loans			1,266				6,707
Reserve for Contingencies			22,542				15,789
Reserve for Reimbursement of Deposits			7,146				4,936
Reserve for Reimbursement of Debentures			19,965				6,850
Reserves under Special Laws			4,247				5,386
Deferred Tax Liabilities			21,155				31,222
Deferred Tax Liabilities for Revaluation Reserve for Land			47,059				45,074
Acceptances and Guarantees			9,824,242				11,233,375
Total Liabilities		¥	272,796,651			¥	290,836,151
Net Assets
Common Stock		¥	2,256,767			¥	2,256,767
Capital Surplus			1,129,730				1,129,730
Retained Earnings			6,046,578				6,831,168
Treasury Stock			(9,462	)			(311,529	)
Total Shareholders’ Equity			9,423,614				9,906,137
Net Unrealized Gains (Losses) on Other Securities			867,697				1,314,449
Deferred Gains (Losses) on Hedges			(465,204	)			(855,219	)
Revaluation Reserve for Land			98,680				94,371
Foreign Currency Translation Adjustments			398,783				630,802
Remeasurements of Defined Benefit Plans			119,654				225,704
Own Credit Risk Adjustments, Net of Tax			(1,014	)			(925	)
Total Accumulated Other Comprehensive Income			1,018,596				1,409,182
Stock Acquisition Rights			5				1,208
Non-controlling Interests			81,536				87,361
Total Net Assets			10,523,753				11,403,890
Total Liabilities and Net Assets		¥	283,320,404			¥	302,240,042

 

1-6

Mizuho Financial Group, Inc.

 

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

 

		(Millions of yen)
		For the fiscal year ended March 31, 2025				For the fiscal year ended March 31, 2026
Ordinary Income		¥	9,030,374			¥	9,085,438
Interest Income			6,000,202				5,851,595
Interest on Loans and Bills Discounted			2,739,320				2,785,659
Interest and Dividends on Securities			861,082				929,657
Interest on Call Loans and Bills Bought			20,981				18,125
Interest on Receivables under Resale Agreements			801,353				788,222
Interest on Securities Borrowing Transactions			53,453				46,643
Interest on Due from Banks			951,617				887,638
Other Interest Income			572,394				395,649
Trust Fees			62,288				67,001
Fee and Commission Income			1,115,433				1,311,948
Trading Income			1,047,459				898,858
Other Operating Income			394,573				430,498
Other Ordinary Income			410,417				525,536
Recovery of Written-off Claims			10,698				6,265
Other			399,718				519,270
Ordinary Expenses			7,862,233				7,512,278
Interest Expenses			4,954,945				4,474,506
Interest on Deposits			1,690,300				1,677,004
Interest on Negotiable Certificates of Deposit			494,833				494,445
Interest on Call Money and Bills Sold			16,426				24,972
Interest on Payables under Repurchase Agreements			1,843,925				1,381,046
Interest on Securities Lending Transactions			39,037				37,451
Interest on Commercial Paper			65,808				96,394
Interest on Borrowed Money			60,493				55,561
Interest on Short-term Bonds			2,299				6,905
Interest on Bonds and Notes			404,367				443,047
Other Interest Expenses			337,452				257,676
Fee and Commission Expenses			208,639				231,530
Trading Expenses			—				3,947
Other Operating Expenses			535,969				372,617
General and Administrative Expenses			1,840,702				2,103,458
Other Ordinary Expenses			321,975				326,218
Provision for Allowance for Loan Losses			36,164				105,597
Other			285,811				220,620
Ordinary Profits		¥	1,168,141			¥	1,573,159

 

1-7

Mizuho Financial Group, Inc.

 

		(Millions of yen)
		For the fiscal year ended March 31, 2025				For the fiscal year ended March 31, 2026
Extraordinary Gains		¥	58,371			¥	93,838
Gains on Disposition of Fixed Assets			36,367				12,062
Gains on Cancellation of Employee Retirement Benefit Trust			12,396				69,762
Gains on Sales of Shares of Affiliates			—				8,849
Accumulation (Amortization) of Unrecognized Prior Service Cost			9,015				—
Other Extraordinary Gains			592				3,163
Extraordinary Losses			36,428				44,712
Losses on Disposition of Fixed Assets			12,692				18,601
Losses on Impairment of Fixed Assets			23,270				24,971
Other Extraordinary Losses			465				1,139
Profit before Income Taxes			1,190,084				1,622,285
Income Taxes:
Current			308,588				453,785
Refund of Income Taxes			(7,062	)			(20,383	)
Deferred			(108	)			(65,275	)
Total Income Taxes			301,416				368,127
Profit			888,667				1,254,157
Profit Attributable to Non-controlling Interests			3,234				5,525
Profit Attributable to Owners of Parent		¥	885,433			¥	1,248,632

 

1-8

Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

		(Millions of yen)
		For the fiscal year ended March 31, 2025				For the fiscal year ended March 31, 2026
Profit		¥	888,667			¥	1,254,157
Other Comprehensive Income (Loss)			(270,483	)			397,052
Net Unrealized Gains (Losses) on Other Securities			(61,222	)			447,926
Deferred Gains (Losses) on Hedges			(166,963	)			(390,639	)
Revaluation Reserve for Land			(1,343	)			—
Foreign Currency Translation Adjustments			45,598				237,061
Remeasurements of Defined Benefit Plans			(92,478	)			103,306
Own Credit Risk Adjustments, Net of Tax			(562	)			89
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			6,488				(692	)
Comprehensive Income			618,184				1,651,210
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			614,332				1,643,527
Comprehensive Income Attributable to Non-controlling Interests			3,851				7,683

 

1-9

Mizuho Financial Group, Inc.

 

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2025

 

		(Millions of yen)
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				5,538,891				(9,402	)			8,915,987
Changes during the period
Cash Dividends											(304,603	)							(304,603	)
Profit Attributable to Owners of Parent											885,433								885,433
Repurchase of Treasury Stock															(102,921	)			(102,921	)
Disposition of Treasury Stock							2								2,861				2,864
Cancellation of Treasury Stock							(99,999	)							99,999				—
Transfer from Revaluation Reserve for Land											26,853								26,853
Transfer from Retained Earnings to Capital Surplus							99,996				(99,996	)							—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—				(0	)			507,686				(59	)			507,626
Balance as of the end of the period			2,256,767				1,129,730				6,046,578				(9,462	)			9,423,614

 

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non-Controlling Interests				Total Net Assets
		Net Unrealized Gains (Losses) on Other Securities				Deferred Gains (Losses) on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			929,815				(298,280	)			126,879				344,250				214,337				(452	)			1,316,550				5				79,591				10,312,135
Changes during the period
Cash Dividends																																							(304,603	)
Profit Attributable to Owners of Parent																																							885,433
Repurchase of Treasury Stock																																							(102,921	)
Disposition of Treasury Stock																																							2,864
Cancellation of Treasury Stock																																							—
Transfer from Revaluation Reserve for Land																																							26,853
Transfer from Retained Earnings to Capital Surplus																																							—
Net Changes in Items other than Shareholders’ Equity			(62,117	)			(166,924	)			(28,199	)			54,533				(94,683	)			(562	)			(297,954	)			—				1,944				(296,009	)
Total Changes during the period			(62,117	)			(166,924	)			(28,199	)			54,533				(94,683	)			(562	)			(297,954	)			—				1,944				211,617
Balance as of the end of the period			867,697				(465,204	)			98,680				398,783				119,654				(1,014	)			1,018,596				5				81,536				10,523,753

 

1-10

Mizuho Financial Group, Inc.

 

For the fiscal year ended March 31, 2026

 

		(Millions of yen)
		Shareholders’ Equity
		Common Stock				Capital Surplus				Retained Earnings				Treasury Stock				Total Shareholders’ Equity
Balance as of the beginning of the period			2,256,767				1,129,730				6,046,578				(9,462	)			9,423,614
Changes during the period
Cash Dividends											(368,910	)							(368,910	)
Profit Attributable to Owners of Parent											1,248,632								1,248,632
Repurchase of Treasury Stock															(404,325	)			(404,325	)
Disposition of Treasury Stock							4								2,258				2,263
Cancellation of Treasury Stock							(99,999	)							99,999				—
Transfer from Revaluation Reserve for Land											4,309								4,309
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others											554								554
Transfer from Retained Earnings to Capital Surplus							99,994				(99,994	)							—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—				—				784,589				(302,066	)			482,523
Balance as of the end of the period			2,256,767				1,129,730				6,831,168				(311,529	)			9,906,137

 

		Accumulated Other Comprehensive Income																												Stock Acquisition Rights				Non-Controlling Interests				Total Net Assets
		Net Unrealized Gains (Losses) on Other Securities				Deferred Gains (Losses) on Hedges				Revaluation Reserve for Land				Foreign Currency Translation Adjustments				Remeasurements of Defined Benefit Plans				Own Credit Risk Adjustments, Net of Tax				Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period			867,697				(465,204	)			98,680				398,783				119,654				(1,014	)			1,018,596				5				81,536				10,523,753
Changes during the period
Cash Dividends																																							(368,910	)
Profit Attributable to Owners of Parent																																							1,248,632
Repurchase of Treasury Stock																																							(404,325	)
Disposition of Treasury Stock																																							2,263
Cancellation of Treasury Stock																																							—
Transfer from Revaluation Reserve for Land																																							4,309
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others																																							554
Transfer from Retained Earnings to Capital Surplus																																							—
Net Changes in Items other than Shareholders’ Equity			446,751				(390,015	)			(4,309	)			232,018				106,050				89				390,585				1,203				5,824				397,614
Total Changes during the period			446,751				(390,015	)			(4,309	)			232,018				106,050				89				390,585				1,203				5,824				880,137
Balance as of the end of the period			1,314,449				(855,219	)			94,371				630,802				225,704				(925	)			1,409,182				1,208				87,361				11,403,890

 

1-11

Mizuho Financial Group, Inc.

 

(4) Consolidated Statements of Cash Flows

 

		(Millions of yen)
		For the fiscal year ended March 31, 2025				For the fiscal year ended March 31, 2026
Cash Flow from Operating Activities
Profit before Income Taxes		¥	1,190,084			¥	1,622,285
Depreciation			198,607				231,791
Losses on Impairment of Fixed Assets			23,270				24,971
Amortization of Goodwill			7,315				9,507
Equity in Loss (Gain) from Investments in Affiliates			(46,782	)			(52,266	)
Increase (Decrease) in Allowance for Loan Losses			(33,639	)			(128,544	)
Increase (Decrease) in Allowance for Investment Losses			0				(6	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans			(7,379	)			5,440
Increase (Decrease) in Reserve for Contingencies			3,759				(7,868	)
Increase (Decrease) in Reserve for Bonus Payments			39,356				26,492
Increase (Decrease) in Reserve for Variable Compensation			(301	)			654
Decrease (Increase) in Net Defined Benefit Asset			(26,725	)			188,696
Increase (Decrease) in Net Defined Benefit Liability			477				4,138
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits			(57	)			(80	)
Increase (Decrease) in Reserve for Reimbursement of Deposits			(3,232	)			(2,209	)
Increase (Decrease) in Reserve for Reimbursement of Debentures			(5,159	)			(13,115	)
Interest Income—accrual basis			(6,000,202	)			(5,851,595	)
Interest Expenses—accrual basis			4,954,945				4,474,506
Losses (Gains) on Securities			2,393				(161,535	)
Losses (Gains) on Money Held in Trust			(739	)			(2,031	)
Foreign Exchange Losses (Gains)—net			160,885				(930,252	)
Losses (Gains) on Disposition of Fixed Assets			(23,674	)			6,538
Losses (Gains) on Revision of Retirement Benefit Plan			(9,015	)			—
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust			(12,396	)			(69,762	)
Net Decrease (Increase) in Trading Assets			(897,685	)			(7,351,013	)
Net Increase (Decrease) in Trading Liabilities			449,391				4,334,858
Net Decrease (Increase) in Derivatives other than for Trading Assets			(901,858	)			(2,636,735	)
Net Increase (Decrease) in Derivatives other than for Trading Liabilities			757,438				3,044,316
Net Decrease (Increase) in Loans and Bills Discounted			(1,525,099	)			(2,940,996	)
Net Increase (Decrease) in Deposits			(975,924	)			4,667,281
Net Increase (Decrease) in Negotiable Certificates of Deposit			2,903,305				(3,513,290	)
Net Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)			(1,446,750	)			1,105,527
Net Decrease (Increase) in Due from Banks (excluding Due from Central Banks)			15,123				(2,522	)
Net Decrease (Increase) in Call Loans, etc.			(6,833,612	)			(1,625,825	)
Net Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions			278,464				307,060
Net Increase (Decrease) in Call Money, etc.			1,735,093				(1,351,228	)
Net Increase (Decrease) in Commercial Paper			986,546				(365,043	)
Net Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions			297,966				364,080
Net Decrease (Increase) in Foreign Exchanges (Assets)			2,059				(389,154	)
Net Increase (Decrease) in Foreign Exchanges (Liabilities)			(59,192	)			246,286
Net Increase (Decrease) in Short-term Bonds (Liabilities)			158,381				(199,577	)
Increase (Decrease) in Bonds and Notes			795,718				2,129,257
Net Increase (Decrease) in Due to Trust Accounts			(32,930	)			(263,238	)
Interest and Dividend Income—cash basis			5,907,980				5,714,521
Interest Expenses—cash basis			(5,043,512	)			(4,373,578	)
Other—net			(679,389	)			(797,853	)
Subtotal			(3,696,692	)			(4,521,113	)
Cash Refunded (Paid) in Income Taxes			(124,107	)			(317,420	)
Net Cash Provided by (Used in) Operating Activities			(3,820,800	)			(4,838,533	)

 

1-12

Mizuho Financial Group, Inc.

 

		(Millions of yen)
		For the fiscal year ended March 31, 2025				For the fiscal year ended March 31, 2026
Cash Flow from Investing Activities
Payments for Purchase of Securities			(60,070,019	)			(57,996,992	)
Proceeds from Sale of Securities			43,264,042				43,523,266
Proceeds from Redemption of Securities			20,901,192				8,157,021
Payments for Increase in Money Held in Trust			(55,845	)			(58,722	)
Proceeds from Decrease in Money Held in Trust			6,826				68,595
Payments for Purchase of Tangible Fixed Assets			(94,936	)			(96,688	)
Payments for Purchase of Intangible Fixed Assets			(250,009	)			(222,263	)
Proceeds from Sale of Tangible Fixed Assets			88,745				22,405
Proceeds from Sale of Intangible Fixed Assets			125				213
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)			—				(54,240	)
Payments from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)			—				(16,607	)
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)			2,970				5,636
Net Cash Provided by (Used in) Investing Activities			3,793,092				(6,668,376	)
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money			10,000				—
Repayments of Subordinated Borrowed Money			—				(45,000	)
Proceeds from Issuance of Subordinated Bonds			514,500				724,000
Payments for Redemption of Subordinated Bonds			(417,000	)			(429,147	)
Proceeds from Investments by Non-controlling Shareholders			1,446				1,571
Cash Dividends Paid			(304,425	)			(368,703	)
Cash Dividends Paid to Non-controlling Shareholders			(3,494	)			(3,812	)
Payments for Repurchase of Treasury Stock			(102,921	)			(404,325	)
Proceeds from Sale of Treasury Stock			2,864				2,263
Net Cash Provided by (Used in) Financing Activities			(299,030	)			(523,153	)
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents			(115,716	)			984,282
Net Increase (Decrease) in Cash and Cash Equivalents			(442,454	)			(11,045,780	)
Cash and Cash Equivalents at the beginning of the fiscal year			71,165,815				70,723,361
Cash and Cash Equivalents at the end of the fiscal year		¥	70,723,361			¥	59,677,580

 

1-13

Mizuho Financial Group, Inc.

 

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Business Segments Information)

1. Summary of reportable segments

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

The services that each in-house company is in charge of are as follows:

RBC:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

CIBC:

Services for large corporations, financial institutions and public corporations in Japan

GCIBC:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

GMC:

Investment services with respect to interest rates, equities and credits, etc. , and other services

AMC:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segments information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

2. Calculating method of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others, and Fixed Assets by reportable segment

The following information of reportable segment is based on internal management reporting.

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is the total amount of Interest Income, Trust Fees, Fee and Commission Income, Trading Income, Other Operating Income, and Net Gains (Losses) related to ETFs and others.

Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others is the amount of which General and Administrative Expenses (excluding Non-Recurring Losses and others), Equity in Income from Investments in Affiliates, and Amortization of Goodwill and others (including Amortization of Intangible Assets) are deducted from, or added to, Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others.

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others relating to transactions between segments is based on the current market price.

Fixed Assets disclosed as asset information by segment are the total amount of Tangible Fixed Assets and Intangible Fixed Assets. Fixed Assets pertaining to Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. have been allocated to each segment.

 

1-14

Mizuho Financial Group, Inc.

 

3. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others, and Fixed Assets by reportable segment

 

		(Millions of yen)
		MHFG (Consolidated)
		RBC				CIBC				GCIBC				GMC				AMC				Others (Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			984,610				739,268				856,952				664,856				73,572				196,415				3,515,673
General and Administrative Expenses (excluding Non-Recurring Losses and others)			756,663				250,574				510,695				404,901				46,274				122,599				2,091,706
Equity in Income from Investments in Affiliates			11,712				11,920				26,817				—				(1,895	)			3,712				52,266
Amortization of Goodwill and others			2,144				824				5,339				—				5,725				1,051				15,083
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others			237,515				499,790				367,735				259,955				19,678				76,476				1,461,149
Fixed Assets			648,906				173,847				235,306				102,403				—				859,142				2,019,604

Notes: 1.		Gross Profits (excluding the amounts of credit costs of trust accounts) +Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥ 38,373 million, of which ¥ 30,852 million is included in the GMC.
2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.		“Others” in Fixed Assets includes assets of headquarters that have not been allocated to each segment, Fixed Assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.
		Among Fixed Assets that have not been allocated to each segment, some related expenses are allocated to each segment using a reasonable criteria of allocation.
4.		Income and expenses of foreign branches of MHBK and foreign subsidiaries with functional currencies other than Japanese Yen have been translated for purposes of segment reporting using the budgeted foreign currency rates.

 

1-15

Mizuho Financial Group, Inc.

 

4. The difference between the total amounts of reportable segments and the recorded amounts in the Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others and that of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others derived from internal management reporting by reportable segment are different from the amounts recorded in the Consolidated Statement of Income.

The differences for the period are as follows:

 

(1)	The total of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income

 

		(Millions of yen)
		Amount
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			3,515,673
Net Gains (Losses) related to ETFs and others			(38,373	)
Other Ordinary Income			525,536
General and Administrative Expenses			(2,103,458	)
Other Ordinary Expenses			(326,218	)
Ordinary Profits recorded in Consolidated Statement of Income			1,573,159

 

(2)

The total of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others of Segment Information and Profit before Income Taxes recorded in the Consolidated Statement of Income

 

		(Millions of yen)
		Amount
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others			1,461,149
General and Administrative Expenses (Non-Recurring Losses)			3,331
Expenses related to Portfolio Problems (including reversal of (provision for) general allowance for loan losses)			(142,198	)
Gains on Reversal of Allowance for Loan Losses, and others			9,126
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others			286,802
Net Extraordinary Gains (Losses)			49,125
Others			(45,051	)
Profit before Income Taxes recorded in Consolidated Statement of Income			1,622,285

 

1-16