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

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.

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 Representative Executive Officer President and Chief Executive Officer Responsible for Digital Innovation Unit Responsible for Corporate Strategy and Management Unit ORIX Corporation

 

Consolidated Financial Results

April 1, 2025 – December 31, 2025

 

 

February 9, 2026

In preparing 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 and uncertainties. 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 that could 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 and Exchange 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 that the 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 derive from 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, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: orix_corpcomm@orix.jp

 

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 Revenues				Year-on-Year Change				Operating Income				Year-on-Year Change				Income before Income Taxes				Year-on-Year Change				Net Income Attributable to ORIX Corporation Shareholders				Year-on-Year 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 Earnings Per Share				Diluted 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 dividend amounts, which are in single yen.

(2) Performance Highlights - Financial Position (Unaudited)

 

		Total Assets				Total Equity				Shareholders’ Equity				Shareholders’ 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’ Equity.”

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

2. Dividends (Unaudited)

 

		First Quarter-end				Second Quarter-end				Third 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 Income Taxes				Year-on-Year Change				Net Income Attributable to ORIX Corporation Shareholders				Year-on-Year 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 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.

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

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)

1. 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.

2. The number of treasury stock was 52,746,882 as of December 31, 2025, and 23,259,695 as of March 31, 2025.

3. 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.

 

- 1 -

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the Nine Months Ended December 31, 2025

 

				Nine months ended December 31, 2024				Nine months ended December 31, 2025				Change
												Amount				Percent (%)
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
(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 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.

 

- 2 -

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  December 31, 2024 (millions of yen)				Nine months ended  December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			66,214				80,181				13,967				21
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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 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.   Segment assets decreased 1% to ¥1,874,478 million 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 investment in operating leases, and net investment in leases.   Real Estate: Real estate development, rental and management; facility operations; real estate asset management
		Nine months ended  December 31, 2024 (millions of yen)				Nine months ended  December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			59,656				56,875				(2,781)				(5	)
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
Segment Assets			1,158,293				1,202,543				44,250				4

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.

 

- 3 -

PE Investment and Concession: Private equity investment and concession

		Nine months ended  December 31, 2024 (millions of yen)				Nine months ended  December 31, 2025 (millions of yen)				Change
										Amount  (millions of yen)				Percent   (%)
Segment Profits			66,181				93,956				27,775				42
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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  December 31, 2024 (millions of yen)				Nine months ended  December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			13,165				122,217				109,052				828
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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.

 

- 4 -

Insurance: Life insurance

 

		Nine months ended December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
Segment Profits			61,735				74,141				12,406				20
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
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 December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
Segment Profits			22,085				19,907				(2,178	)			(10	)
		As of March 31, 2025  (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
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.

 

- 5 -

Aircraft and Ships: Aircraft investment and management; ship-related finance and investment, maritime asset management and ship brokerage

 

		Nine months ended  December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			44,598				48,619				4,021				9
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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 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.   Segment assets increased 4% to ¥1,278,510 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.   ORIX USA: Finance, investment and asset management in the Americas
		Nine months ended  December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			27,836				13,982				(13,854	)			(50	)
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
Segment Assets			1,593,939				2,085,567				491,628				31

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.

 

- 6 -

ORIX Europe: Asset management of global equity and fixed income

 

		Nine months ended  December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			38,141				47,305				9,164				24
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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  December 31, 2024 (millions of yen)				Nine months ended December 31, 2025 (millions of yen)				Change
										Amount   (millions of yen)				Percent   (%)
Segment Profits			27,904				39,261				11,357				41
		As of March 31, 2025 (millions of yen)				As of December 31, 2025  (millions of yen)				Change
										Amount (millions of yen)				Percent (%)
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.

 

- 7 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity

 

				As of March 31, 2025				As of December 31, 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’ Equity” based on U.S. GAAP.

*Note 2:

“Shareholders’ Equity Per Share” is calculated using “Total ORIX Corporation 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.

 

- 8 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)

Assets				As of March 31, 2025				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 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 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 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 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

 

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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 ended December 31, 2024				Nine months ended December 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 ended December 31, 2024				Nine months ended December 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 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 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 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
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
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 and Australia				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
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
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 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 and Australia				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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