Mizuho Financial Group, Inc. (MFG) Cash Flow Statement
Where MFG’s cash came from and went, FY2026
March 31, 2026 · Japanese yen- Cash from operations
- ¥590.24B
- Capital expenditures
- ¥102.52B 1.1% of revenue
- Free cash flow
- ¥487.72B 5.1% margin
- Returned to shareholders
- ¥819.65B 168% of free cash flow
- Change in cash
- −¥11.05T cash at year-end ¥59.68T
Drawn to scale: where the cash came from and how it was used. Hover for values.
MFG operating cash flow, capex and free cash flow
MFG cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ¥4.69TFY2017 | ¥590.24BFY2026 | −20.6%/yr | |
| Capital expenditures | ¥391.19BFY2017 | ¥102.52BFY2026 | −13.8%/yr | |
| Free cash flow | ¥4.30TFY2017 | ¥487.72BFY2026 | −21.5%/yr | |
| Free cash flow margin | 143.0%FY2017 | 5.1%FY2026 | −137.9 pts | |
| Operating cash flow / net income | 5.98FY2017 | 0.45FY2026 | −5.54 | |
| Stock-based compensation | ¥502.69BFY2017 | ¥319.33BFY2021 | −10.7%/yr | |
| Dividends paid | ¥190.03BFY2017 | ¥390.94BFY2026 | +8.3%/yr | |
| Share buybacks (net) | ¥3.13BFY2017 | ¥428.71BFY2026 | +72.7%/yr | |
| Capex / revenue | 13.0%FY2017 | 1.1%FY2026 | −11.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFG cash flow by activity
MFG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MFG cash flow statement in Japanese yen
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ¥1.32T | ¥1.19T | ¥955.03B | ¥778.96B | ¥603.87B | ¥652.16B | ¥618.72B | ¥116.26B | ¥799.95B | ¥784.19B |
| Depreciation & amortization | ¥241.30B | ¥205.92B | ¥178.19B | ¥166.94B | ¥165.64B | ¥166.97B | ¥156.73B | ¥172.28B | ¥177.81B | ¥169.08B |
| Stock-based compensation | — | — | — | — | — | ¥319.33B | ¥596.57B | — | — | ¥502.69B |
| Change in working capital | −¥2.56T | −¥4.33T | ¥3.10T | ¥7.52T | ¥4.94T | ¥16.36T | ¥714.77B | −¥2.77T | ¥2.71T | ¥5.25T |
| Other non-cash items | ¥1.59T | −¥890.34B | −¥2.34T | ¥398.39B | −¥795.46B | −¥882.13B | −¥184.89B | −¥155.85B | −¥724.01B | −¥2.02T |
| Cash from operating activities | ¥590.24B | −¥3.82T | ¥1.88T | ¥8.87T | ¥4.92T | ¥16.61T | ¥1.90T | −¥2.64T | ¥2.97T | ¥4.69T |
| Investing activities | ||||||||||
| Capital expenditures | −¥102.52B | −¥344.94B | −¥257.01B | −¥183.18B | −¥139.26B | −¥216.20B | −¥236.85B | −¥154.30B | −¥239.62B | −¥391.19B |
| Investments (net) | −¥6.32T | ¥3.79T | ¥1.98T | ¥6.61T | −¥1.73T | −¥9.39T | −¥11.81T | −¥6.77T | −¥4.39T | −¥12.80T |
| Acquisitions & other investing | −¥8.79T | ¥344.94B | ¥257.01B | ¥183.18B | ¥9.13B | −¥153.87B | ¥6.24T | ¥12.42T | ¥2.31T | ¥18.99T |
| Cash from investing activities | −¥15.21T | ¥3.79T | ¥1.98T | ¥6.61T | −¥1.86T | −¥9.76T | −¥5.81T | ¥5.49T | −¥2.32T | ¥5.80T |
| Financing activities | ||||||||||
| Dividends paid | −¥390.94B | −¥304.43B | −¥234.79B | −¥209.46B | −¥196.78B | −¥190.50B | −¥190.39B | −¥190.41B | −¥190.38B | −¥190.03B |
| Share repurchases & issuance (net) | −¥428.71B | −¥102.92B | −¥3.38B | −¥43.62B | −¥1.93B | −¥7.26B | −¥38.29B | −¥2.12B | −¥1.61B | −¥3.13B |
| Net borrowing (repayment) | ¥249.85B | ¥107.50B | ¥8.69B | −¥351.44B | −¥317.09B | ¥239.37B | ¥255.00B | ¥470.00B | ¥367.40B | ¥196.68B |
| Shares issued | ¥2.26B | ¥2.86B | ¥2.77B | ¥1.61B | ¥873.0M | ¥894.0M | ¥1.52B | ¥954.0M | ¥0 | ¥0 |
| Other financing | ¥2.42T | −¥2.05B | −¥4.28B | −¥8.24B | −¥7.13B | −¥1.69B | −¥309.69B | −¥297.06B | −¥25.45B | −¥28.06B |
| Cash from financing activities | ¥1.85T | −¥299.03B | −¥230.99B | −¥611.14B | −¥522.06B | ¥40.82B | −¥281.85B | −¥18.64B | ¥149.96B | −¥24.54B |
| Summary | ||||||||||
| Net change in cash | −¥11.05T | −¥442.45B | ¥5.34T | ¥15.69T | ¥3.15T | ¥7.12T | −¥4.39T | −¥2.08T | ¥810.67B | ¥10.43T |
| Cash at end of period | ¥59.68T | ¥70.72T | ¥71.17T | ¥65.83T | ¥50.14T | ¥46.98T | ¥39.86T | ¥44.25T | ¥46.33T | ¥45.52T |
| Free cash flow | ¥487.72B | −¥4.17T | ¥1.63T | ¥8.68T | ¥4.78T | ¥16.40T | ¥1.67T | −¥2.79T | ¥2.73T | ¥4.30T |
| Free cash flow margin | 5.1% | −48.4% | 20.7% | 177.7% | 168.5% | 567.7% | 46.4% | −80.0% | 87.4% | 143.0% |
| Capex / revenue | 1.1% | 4.0% | 3.3% | 3.7% | 4.9% | 7.5% | 6.6% | 4.4% | 7.7% | 13.0% |
| Operating cash flow / net income | 0.45 | −3.21 | 1.97 | 11.38 | 8.14 | 25.47 | 3.07 | −22.67 | 3.71 | 5.98 |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | ¥304.04B | ¥399.43B | ¥30.06B | ¥276.84B | ¥247.0M | ¥1.53B | ¥1.18B |
| Depreciation & amortization | — | ¥105.31B | ¥198.61B | ¥93.56B | ¥173.17B | ¥42.99B | ¥43.20B |
| Change in working capital | −¥2.56T | −¥2.44T | −¥4.29T | −¥2.18T | ¥2.71T | — | — |
| Other non-cash items | ¥2.85T | −¥314.90B | ¥241.36B | ¥585.78B | −¥996.26B | ¥41.46B | ¥42.02B |
| Cash from operating activities | ¥590.24B | −¥2.25T | −¥3.82T | −¥1.22T | ¥1.88T | ¥85.98B | ¥86.40B |
| Investing activities | |||||||
| Capital expenditures | −¥102.52B | −¥141.97B | −¥344.94B | −¥150.57B | −¥257.01B | ¥0 | ¥0 |
| Acquisitions & other investing | −¥15.11T | −¥2.96T | ¥4.14T | ¥403.27B | ¥2.24T | — | — |
| Cash from investing activities | −¥15.21T | −¥3.10T | ¥3.79T | ¥252.69B | ¥1.98T | — | — |
| Financing activities | |||||||
| Dividends paid | −¥390.94B | −¥188.34B | −¥304.43B | −¥139.51B | −¥234.79B | — | — |
| Share repurchases & issuance (net) | −¥428.71B | −¥101.86B | −¥100.06B | −¥135.0M | −¥616.0M | — | — |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | ¥2.67T | ¥321.68B | ¥105.45B | ¥376.55B | ¥4.41B | — | — |
| Cash from financing activities | ¥1.85T | ¥31.48B | −¥299.03B | ¥236.91B | −¥230.99B | — | — |
| Summary | |||||||
| Net change in cash | — | −¥5.33T | −¥442.45B | −¥1.29T | ¥5.34T | ¥85.98B | ¥86.40B |
| Cash at end of period | — | — | — | — | ¥71.17T | ¥85.98B | ¥86.40B |
| Free cash flow | ¥487.72B | −¥2.39T | −¥4.17T | −¥1.37T | ¥1.63T | ¥85.98B | ¥86.40B |
| Free cash flow margin | 21.5% | −111.2% | −215.1% | −64.8% | 72.4% | 4.5% | 4.5% |
| Capex / revenue | 4.5% | 6.6% | 17.8% | 7.1% | 11.4% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.94 | −5.63 | −127.11 | −4.41 | 7,631.45 | 56.13 | 73.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.
MFG cash generation
In fiscal 2026 (ended March 31, 2026), Mizuho Financial generated ¥590.2 billion of cash from operations and spent ¥102.5 billion on capital expenditures, leaving free cash flow of ¥487.7 billion, 5.1% of revenue. It returned ¥819.6 billion to shareholders through dividends (¥390.9 billion) and net share buybacks (¥428.7 billion). Cash and equivalents fell by ¥11.05 trillion over the year.
Related: MFG income statement, MFG balance sheet, MFG dividend history. See the MFG stock overview for the latest quote and news.
MFG cash flow FAQ
What is Mizuho Financial's free cash flow?
Mizuho Financial's free cash flow was ¥487.7 billion in fiscal 2026: ¥590.2 billion of operating cash flow minus ¥102.5 billion of capital expenditures It was -¥4.17 trillion a year earlier..
How much cash does Mizuho Financial generate from operations?
Mizuho Financial generated ¥590.2 billion of cash from operating activities in fiscal 2026, 0.45 times its net income of ¥1.32 trillion.
How much does Mizuho Financial spend on capital expenditures?
Mizuho Financial spent ¥102.5 billion on capital expenditures in fiscal 2026, 1.1% of revenue, compared with ¥344.9 billion the year before.
How much stock does Mizuho Financial buy back?
Mizuho Financial spent ¥428.7 billion on net share repurchases in fiscal 2026.
How much does Mizuho Financial pay in dividends?
Mizuho Financial paid ¥390.9 billion in dividends in fiscal 2026, 80.2% of free cash flow.