v3.26.3
Segment Information
 6 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
25.
Segment Information
The Group CEO, as the Chief Operating Decision Maker (“CODM”), regularly allocates management resources and assesses segment performance by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.
Beginning with the current consolidated fiscal year, the Company has reorganized its reportable segments into Japan & APAC, Infrastructure, USA & Europe, and Insurance, reflecting changes in the segments used by the CODM for resource allocation and performance evaluation purposes. In connection with this change, segment information for the previous interim consolidated period and as of the end of the previous fiscal year has been retrospectively recast.
The principal businesses of each segment are as follows
Japan & APAC:
The Japan & APAC segment provides business solutions to corporate clients and engages in corporate investment activities in Japan, Asia and Australia. Its principal businesses include financial services such as leasing, lending and various types of financing; services such as life insurance sales, real estate brokerage and M&A advisory; automobile leasing and fleet management; rental of electronic measuring instruments, ICT-related equipment, transformers and other equipment; and corporate investments in Japan and overseas.
Infrastructure:
The Infrastructure segment engages in the development and operation of assets that support social and industrial infrastructure, as well as the provision of related services. Its principal businesses include environmental and energy-related businesses such as renewable energy power generation, electricity retailing and waste management; real estate investment and asset management; housing-related businesses; operation of hotels, Japanese inns and other facilities; and operation of airports and other public infrastructure. The segment also engages in investment, asset management and brokerage businesses related to aircraft and ships.
USA & Europe:
The USA & Europe segment engages primarily in investment, financing, asset management and advisory businesses in the United States and Europe. Its principal businesses include investment and financial services such as corporate finance, real estate finance, real estate investment, debt investment, asset valuation and private equity investment, as well as asset management businesses covering equities, fixed income and other asset classes.
Insurance:
The Insurance segment engages in the development and sale of insurance products and asset management activities.
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 CODM 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.
Effective from the current fiscal year, the Company has revised the method of allocating interest expense for certain transactions. Accordingly, segment figures for the prior interim period have been recast to conform to the current presentation.
On April 27, 2026, the Company decided to sell all shares in ORIX Bank, a consolidated subsidiary, to Daiwa Next Bank, Ltd. As a result of this decision, the operations of ORIX Bank, which had previously been reported as continuing operations, have been classified as discontinued operations in the current fiscal year in accordance with ASC 205-20 (“Presentation of Financial Statements—Discontinued Operations”). Segment information includes only amounts related to continuing operations and excludes the discontinued operations. Segment information for the previous interim consolidated period and as of the end of the previous fiscal year has also been recast to reflect this change. For further information on the discontinued operations, see Note 26 “Discontinued Operations.”
 
Segment information for the six months ended September 30, 2025 and six months ended September 30, 2026 is as follows:
 
    Millions of yen  
    Six months ended September 30, 2025  
    Japan & APAC     Infrastructure     USA & Europe     Insurance     Total  
Finance revenues
   ¥ 76,931     ¥ 8,637     ¥ 52,738     ¥ 72     ¥ 138,378  
Gains on investment securities and dividends
     3,041       21,446       17,238       0       41,725  
Operating leases
     235,545       75,830       1,038       0       312,413  
Life insurance premiums and related investment income
     0       0       0       300,947       300,947  
Sales of goods and real estate
     137,210       67,052       575       0       204,837  
Services income
     102,821       279,724       146,681       0       529,226  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Revenues
     555,548       452,689       218,270       301,019       1,527,526  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Interest expense
     26,994       20,925       25,245       259       73,423  
Costs of operating leases
     163,362       38,933       1,297       0       203,592  
Life insurance costs
     0       0       0       221,076       221,076  
Costs of goods and real estate sold
     96,692       56,424       267       0       153,383  
Services expense
     62,677       203,706       34,632       0       301,015  
Other (income) and expense *
     5,836       (7,017 )      2,953       (3 )      1,769  
Selling, general and administrative expenses
     111,406       43,029       123,649       28,857       306,941  
Provision for credit losses, and write-downs of long-lived assets and securities
     4,421       473       7,059       (26 )      11,927  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Expenses
     471,388       356,473       195,102       250,163       1,273,126  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity in Net income (Loss) of equity method investments and others
     41,545       104,792       (2,892 )      (0 )      143,445  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment Profits
     125,705       201,008       20,276       50,856       397,845  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Significant non-cash items:
          
Depreciation and amortization
     139,552       42,481       4,082       12,195       198,310  
Increase in policy liabilities and policy account balances
     0       0       0       196,700       196,700  
Expenditures for long-lived assets
     219,972       168,945       2,100       102       391,119  
 
*
“Other (income) and expense” includes items such as expenses of taxes and insurance premiums related to finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.
 
   
Millions of yen
  
   
Six months ended September 30, 2026
  
   
Japan & APAC
    
Infrastructure
    
USA & Europe
    
Insurance
    
Total
  
Finance revenues
   ¥ 76,638     ¥ 14,807     ¥ 53,243     ¥ 74     ¥ 144,762  
Gains on investment securities and dividends
     (1,609 )      (159 )      81,151       0       79,383  
Operating leases
     244,028       81,332       2,596       0       327,956  
Life insurance premiums and related investment income
     0       0       0       313,593       313,593  
Sales of goods and real estate
     161,602       68,041       1,628       0       231,271  
Services income
     130,034       237,858       207,911       0       575,803  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Revenues
     610,693       401,879       346,529       313,667       1,672,768  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Interest expense
     32,015       22,005       28,684       254       82,958  
Costs of operating leases
     170,597       39,386       2,782       0       212,765  
Life insurance costs
     0       0       0       226,902       226,902  
Costs of goods and real estate sold
     117,658       55,949       939       0       174,546  
Services expense
     85,810       185,390       45,211       0       316,411  
Other (income) and expense *
     11,155       (3,648 )      (9,409 )      1       (1,901 ) 
Selling, general and administrative expenses
     123,381       46,138       183,958       29,346       382,823  
Provision for credit losses, and write-downs of long-lived assets and securities
     2,273       453       (241 )      79       2,564  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Expenses
     542,889       345,673       251,924       256,582       1,397,068  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity in Net income (Loss) of equity method investments and others
     848,610       25,873       (2,794 )      (0 )
 
     871,689  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment Profits
       916,414         82,079         91,811         57,085         1,147,389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Significant
non-cash
items:
          
Depreciation and amortization
     152,113       42,840       6,642       13,913       215,508  
Increase in policy liabilities and policy account balances
     0       0       0       123,224       123,224  
Expenditures for long-lived assets
     237,710       219,601       76,062       255       533,628  
 
*
“Other (income) and expense” includes items such as expenses of taxes and insurance premiums related to finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.
 
Segment information as of March 31, 2026 and September 30, 2026 is as follows:
 
   
Millions of yen
  
   
As of March 31, 2026
  
   
Japan & APAC
    
Infrastructure
    
USA & Europe
    
Insurance
    
Total
  
Net investment in leases
   ¥ 1,194,048     ¥ 52,913     ¥ 433     ¥ 0     ¥ 1,247,394  
Installment loans
     680,872       35,097       757,103       15,191       1,488,263  
Investment in operating leases
     1,118,843       976,673       39,605       25,457       2,160,578  
Investment in securities
     80,956       154,105       618,885       2,288,116       3,142,062  
Property under facility operations and servicing assets
     119,002       656,847       82,749       0       858,598  
Inventories
     45,020       223,164       699       0       268,883  
Advances for finance lease and operating lease
     11,317       78,924       0       0       90,241  
Equity method investments
     457,931       685,773       71,582       46,002       1,261,288  
Advances for property under facility operations
     4,001       123,899       0       0       127,900  
Goodwill, intangible assets acquired in business combinations *1
     384,231       221,750       690,949       4,452       1,301,382  
Other assets *2
     624,640       365,927       479,026       819,052       2,288,645  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment Assets
     4,720,861       3,575,072       2,741,031       3,198,270       14,235,234  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*1.
In USA & Europe segment, goodwill or intangible assets acquired in business combinations related to noncontrolling interests amount to ¥7,196 million, and goodwill and intangible assets acquired in business combinations related to redeemable noncontrolling interests amount to ¥47,981 million.
 
*2.
Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries,
reinsurance
recoverables and deferred acquisition costs.
 
   
Millions of yen
  
   
As of September 30, 2026
  
   
Japan & APAC
    
Infrastructure
    
USA & Europe
    
Insurance
    
Total
  
Net investment in leases
   ¥ 1,192,932     ¥ 36,065     ¥ 1,825     ¥ 0     ¥ 1,230,822  
Installment loans
     645,638       37,425       835,600       16,255       1,534,918  
Investment in operating leases
     1,130,077       1,042,058       107,837       25,870       2,305,842  
Investment in securities
     95,933       152,193       458,618       2,265,348       2,972,092  
Property under facility operations and servicing assets
     88,514       669,735       85,712       0       843,961  
Inventories
     47,053       231,894       996       0       279,943  
Advances for finance lease and operating lease
     14,431       58,192       0       0       72,623  
Equity method investments
     1,198,833       705,094       77,343       47,620       2,028,890  
Advances for property under facility operations
     204       126,177       0       0       126,381  
Goodwill, intangible assets acquired in business combinations *1
     364,295       224,187       665,063       4,452       1,257,997  
Other assets *2
     571,915       343,309       517,622       847,571       2,280,417  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment Assets
     5,349,825       3,626,329       2,750,616       3,207,116       14,933,886  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*1.
In USA & Europe segment, goodwill or intangible assets acquired in business combinations related to noncontrolling interests amount to ¥7,070 million, and goodwill and intangible assets acquired in business combinations related to redeemable noncontrolling interests amount to ¥44,566 million.
 
*2.
Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, reinsurance recoverables and deferred acquisition costs.
 
The reconciliation of segment totals to the condensed consolidated financial statement amounts is as follows:
 
     Millions of yen  
     Six months ended
September 30, 2025		     Six months ended
September 30, 2026		  
Segment revenues:
     
Total revenues for segments
    ¥ 1,527,526     ¥ 1,672,768  
Revenues related to corporate assets
      38,104       42,797  
Revenues from inter-segment transactions
      (38,031 )      (41,690 ) 
  
 
 
    
 
 
  
Total consolidated revenues
    ¥ 1,527,599     ¥ 1,673,875  
  
 
 
    
 
 
  
Segment profits:
     
Total profits for segments
    ¥ 397,845     ¥ 1,147,389  
Corporate profits (losses)
      (23,140 )      (35,559 ) 
Net Income before Income Taxes Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests
      4,246       6,050  
  
 
 
    
 
 
  
Total consolidated income from continuing operations before income taxes
    ¥ 378,951     ¥ 1,117,880  
  
 
 
    
 
 
  
 
The following information represents disaggregation of revenues for revenues from contracts with customers, by goods or services category for the six months ended September 30, 2025 and 2026.
For the six months ended September 30, 2025
 
    Millions of yen      
    Six months ended September 30, 2025  
    Reportable segments     Corporate
revenue and
intersegment
transactions		     Total
revenues		  
    Japan & APAC     Infrastructure     USA & Europe     Insurance     Total  
Goods or services category
              
Sales of goods
   ¥ 137,210     ¥ 4,242     ¥ 575     ¥ 0     ¥ 142,027     ¥ 2,127     ¥ 144,154  
Real estate sales
     0       62,810       0       0       62,810       0       62,810  
Asset management and servicing
     352       3,899       129,171       0       133,422       (161 )      133,261  
Automobile related services
     44,597       93       0       0       44,690       (78 )      44,612  
Facilities operation
     790       51,101       0       0       51,891       (213 )      51,678  
Environment and energy services
     1,826       87,642       0       0       89,468       (650 )      88,818  
Real estate management and brokerage
     0       53,841       0       0       53,841       (650 )      53,191  
Real estate contract work
     27,049       49,015       0       0       76,064       (827 )      75,237  
Other
     28,043       11,383       5,888       0       45,314       5,276       50,590  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
     239,867       324,026       135,634       0       699,527       4,824       704,351  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other revenues *
     315,681       128,663       82,636       301,019       827,999       (4,751 )      823,248  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment revenues/Total revenues
   ¥ 555,548     ¥ 452,689     ¥ 218,270     ¥ 301,019     ¥ 1,527,526     ¥ 73     ¥ 1,527,599  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
*
Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.
 
For the six months ended September 30, 2026
 
   
Millions of yen
  
   
Six months ended September 30, 2026
  
   
Reportable segments
    
Corporate

revenue and

intersegment

transactions
    
Total

revenues
  
   
Japan & APAC
    
Infrastructure
    
USA & Europe
    
Insurance
    
Total
  
Goods or services category
              
Sales of goods
   ¥ 161,602     ¥ 9,498     ¥ 1,628     ¥ 0     ¥ 172,728     ¥ 1,997     ¥ 174,725  
Real estate sales
     0       58,543       0       0       58,543       0       58,543  
Asset management and servicing
     0       4,703       173,671       0       178,374       (224 )     178,150  
Automobile related services
     46,370       53       0       0       46,423       0       46,423  
Facilities operation
     2,926       50,245       0       0       53,171       (68 )      53,103  
Environment and energy services
     1,654       68,058       0       0       69,712       (1,024 )      68,688  
Real estate management and brokerage
     0       53,738       0       0       53,738       (536 )      53,202  
Real estate contract work
     29,455       49,996       0       0       79,451       (514 )      78,937  
Other
     49,580       10,829       22,545       0       82,954       5,480       88,434  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
     291,587       305,663       197,844       0       795,094       5,111       800,205  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other revenues *
     319,106       96,216       148,685       313,667       877,674       (4,004 )     873,670  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment revenues/Total revenues
   ¥ 610,693     ¥ 401,879     ¥ 346,529     ¥ 313,667     ¥ 1,672,768     ¥ 1,107     ¥ 1,673,875  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.