EarningsQ4 2025 Earnings Report
DSECF Q4 2025 EPS Results
Actual EPS$0.23
Consensus EPS$0.19
Beat/MissBeat by +$0.04
One Year Ago EPS$0.13
DSECF Q4 2025 Revenue Results
Actual Revenue$2.52B
Expected Revenue$2.43B
Beat/MissBeat by +$98.62M
YoY Revenue Growth+15.22%
Earnings Announcement Details
QuarterQ4 2025
Date04/27/2026
TimeBefore Open
Conference CallMonday, April 27, 2026
DSECF Upcoming Earnings
Daiwa's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q4 2025 Earnings Call Audio
DSECF Q4 2025 Earnings Call
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Q4 2025 Earnings Slide Deck
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple material achievements: strong base profit growth (+32.9% YoY), record dividend and shareholder returns, record levels and inflows in Wealth Management (wrap AUM, new contracts, asset-based revenues), robust Global Markets performance (equities and FICC), Daiwa Next Bank NII/profit expansion and record Asset Management AUM. Key strategic upside from the ORIX Bank acquisition was presented with quantified synergy scenarios (potential JPY 35 billion NII uplift), though the deal introduces capital ratio pressure, potential goodwill amortization, and execution risk. Notable negatives include a sharp decline in Global Investment Banking ordinary income (‑60.5%), losses in Alternative Asset Management, declines in real estate segment results, higher SG&A, and overseas profit weakness in the Americas. On balance, the positive operational momentum, record base profit and successful execution against the midterm plan significantly outweigh the setbacks, while the acquisition risk and one-off impairments are manageable if integration and synergy assumptions hold.Company Guidance
Quarterly Consolidated Results: Stable Revenue and Profit Growth
Net operating revenues were JPY 197.8 billion (+1.7% vs Q3 FY2025), profit attributable to owners was JPY 49.8 billion (+7.3% vs Q3), while ordinary income was JPY 67.0 billion (‑3.6% vs Q3). The firm maintained a high consolidated profit level despite a volatile market.
Base Profit and Midterm Plan Outperformance
FY2025 base profit (KPI for stable earnings) was JPY 182.7 billion, up 32.9% year-on-year, materially exceeding the JPY 150 billion target set for the final year of the medium-term management plan (achieved in year 2).
Record Shareholder Returns
Annual dividend set at a record-high JPY 64 per share (interim JPY 29 + year-end JPY 35), representing a dividend payout ratio of 50.8% and management commitment to a payout ratio of 50% or higher and an annual dividend floor of JPY 40.
Wealth Management: Record AUM, Contracts and Inflows
Wrap account AUM reached JPY 6.4046 trillion; new contracts JPY 386.2 billion and net inflows JPY 276.2 billion were all-time highs. Wrap-related revenues hit a record JPY 18.0 billion and asset-based revenues reached a new record JPY 33.4 billion. Wealth Management segment net operating revenues JPY 81.0 billion (+5.2%) and ordinary income JPY 33.1 billion (+12.1%).
Net Inflows and Balance-Based Revenue Momentum
Cumulative balance-based revenues for FY2025 rose to JPY 123.2 billion and net asset inflows totaled JPY 1.6342 trillion, indicating continued growth of a more stable, asset-based revenue base.
Global Markets Strong Performance
Global Markets net operating revenues JPY 51.3 billion (+13.4%) and ordinary income JPY 17.7 billion (+48.6%). Equities revenues rose ~6.2% and FICC revenues increased ~20% as the business captured customer flows amid high volatility.
Daiwa Next Bank: NII and Profit Expansion; Deposit Growth
Net interest income JPY 11.2 billion (+11.2%) and ordinary profit JPY 6.2 billion (+30.2%). Deposit balance surpassed JPY 5 trillion, supported by competitive deposit offers.
Asset Management AUM Records
Daiwa Asset Management publicly offered securities investment trust AUM topped a record JPY 37 trillion; Securities Asset Management net operating revenues JPY 19.7 billion (+5.9%) and ordinary income JPY 11.4 billion (+11.6%).
Strategic Acquisition with Potential Material Upside
Agreement to acquire ORIX Bank for JPY 370 billion (to be funded from own funds) and future merger planned. Management estimates potential synergy of JPY 2 trillion in deposit accumulation over 5 years, JPY 3.5 trillion planned lending/investment, and with a 1% margin improvement a potential JPY 35 billion increase in net interest income. ORIX Bank 5-year average ordinary income ~JPY 30 billion and net income ~JPY 20 billion.
DSECF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed