Daikin Industries (6367) Q4 2025 earnings summary

Executive summary

• Net sales reached ¥4,752.3B in FY2024, up 8.1% year-over-year, with record operating profit of ¥401.7B, driven by strong demand in select regions, strategic pricing, and cost reductions.

• Air Conditioning business grew in India and Japan, offsetting slow recovery in the Americas and Europe; Chemicals business faced profit declines due to weak semiconductor and automotive demand.

• Profit attributable to owners was ¥264.8B, up 1.7% year-over-year.

• Comprehensive income declined 47.9% to ¥256.7B due to negative foreign currency translation adjustments.

Financial highlights

• FY2024 net sales: ¥4,752.3B (+8% year-over-year); operating profit: ¥401.7B (+2% year-over-year); net income: ¥264.8B (+2% year-over-year).

• Gross profit increased to ¥1,626.7B; operating margin at 8.5%; ordinary profit rose to ¥366.4B.

• Total assets grew to ¥5,133.4B; equity ratio improved to 54.6%.

• Earnings per share rose to ¥904.27; net assets per share at year-end were ¥9,009.19.

• Dividend per share for FY2024 set at ¥330, with a commemorative ¥50 for the 100th anniversary.

Outlook and guidance

• FY2025 net sales forecast: ¥4,840.0B (+2% year-over-year); operating profit: ¥435.0B (+8% year-over-year); net income: ¥272.0B (+3% year-over-year).

• Focus on strengthening sales in the US, Europe, and India, expanding commercial solutions, and mitigating tariff impacts through pricing and cost reductions.

• Direct US tariff impact of ¥47B on operating profit expected to be offset by pass-through pricing and cost reductions.

• Full-year dividend forecast maintained at ¥330 per share.