Mizuho Financial (MFG) Q2 FY2026

Q2 profit rose to JPY 473.6B, and Mizuho raised its FY2026 profit outlook to JPY 1.60T.

Mizuho Financial Group · Q2 FY2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Mizuho Financial (MFG) Q2 FY2026

Quarter ended September 30, 2026 (H1 FY2026), Japanese GAAP, JPY

For information only, not investment advice. No rating or price target.

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1 · Mizuho Financial Group (MFG) Q2 FY2026 earnings review

Q2 profit rose to JPY 473.6B, and Mizuho raised its FY2026 profit outlook to JPY 1.60T

  1. 1.Q2 profit attributable to owners of parent was JPY 473.6B, up 19% from JPY 399.4B
  2. 2.Q2 profit beat the JPY 375.5B estimate in the SquawkNews headline by 26.1%
  3. 3.H1 profit was JPY 896.4B, or 64% of the July outlook of JPY 1.40T
  4. 4.The dividend estimate rose to JPY 200 a share, and the buyback total to JPY 400B
  5. 5.The ADR traded 1.6% higher in pre-market at $10.28 as of 4:58 AM ET on Nov 13, 2026, not a close

Note: ADR is American depositary receipt. Figures are Japanese GAAP in JPY; Q2 is H1 less Q1, a DeepCell calculation. The estimate gap and pre-market change are DeepCell calculations. Pre-market trading is not a close.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; SquawkNews, Nov 13, 2026; CNBC, Nov 13, 2026 4:58 AM ET on Nov 13, 2026

2

2 · Executive summary

Q2 profit of JPY 473.6B beat the SquawkNews estimate, and the FY2026 outlook is above it

Q2 FY2026 results and FY2026 outlook vs. estimates (SquawkNews headline, Nov 13, 2026)

MetricActualConsensusVarianceResult
Q2 profit to owners of parent (JPY B)473.6375.5+98.1 / +26.1%Beat
FY2026 net income outlook (JPY B)1,600.01,470.0+130.0 / +8.8%Above

ADR share price, Nov 12 regular close to Nov 13 pre-market last

Mizuho (NYSE ADR)Nov 12 closePre-market, 4:58 AM ETChange ($)Change (%)
MFG$10.12$10.28+$0.16+1.6%

Note: ADR is American depositary receipt. The estimate provider is not named in the SquawkNews headline, and it is the only estimate source found. Q2 profit is H1 less Q1. Prices are from CNBC; pre-market is not a close, and the change is a DeepCell calculation.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; SquawkNews, Nov 13, 2026; CNBC, Nov 13, 2026 4:58 AM ET on Nov 13, 2026

3

3 · Q2 results vs. consensus

Mizuho raised its FY2026 net income outlook by JPY 200B to JPY 1.60T, its second raise this year

FY2026 earnings outlook vs. prior outlooks, as stated on Nov 13, 2026 (JPY B)

MetricMay outlookJuly outlookNov 13 outlook
Net business profits1,630.01,750.01,950.0
Ordinary profits1,860.01,980.02,180.0
Profit attributable to owners of parent1,300.01,400.01,600.0
Annual dividend per share (JPY)150n.a.200
FY2026 share buybacks, maximumn.a.200.0400.0

Note: BOJ is Bank of Japan. May and July values are the Nov 13 outlook less the stated changes. Assumptions: BOJ rate 1.25%, Nikkei 225 JPY 57,000, USD/JPY 150. Buyback figures are cumulative.Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

4

4 · FY2026 outlook vs. prior

H1 profit rose 29.9% to JPY 896.4B; gross profits grew 25.6%

  1. Gross profits grewConsolidated gross profits rose +JPY 429.6B to JPY 2,102.7B, helped by corporate lending, trading and higher yen rates.
  2. Expenses rose lessG&A expenses on the pack basis were JPY 1,041.3B. The expense ratio fell to 49.5%.
  3. Credit costs stayed lowCredit-related costs were -JPY 7.5B, against a FY2026 outlook of -JPY 110.0B.

Key figures (Japanese GAAP)

JPY B unless notedH1 FY2025H1 FY2026YoY
Consolidated gross profits1,673.12,102.725.6%
Net business profits729.91,099.450.6%
Ordinary profits849.61,252.347.3%
Profit attributable to owners of parent689.9896.429.9%
Earnings per share (JPY)276.20368.8133.5%

Note: Gross profits YoY and ordinary profits YoY are as stated. Other YoY rates are DeepCell calculations. Prior-year gross profits are the current figure less the stated YoY change. Net business profits include ETF gains. Mizuho’s pack shows H1 profit as JPY 896.4B; the statements show 896,492 million yen.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

5

5 · H1 key financials

H1 profit rose to JPY 896.4B from JPY 689.9B, a third straight record first half

Profit attributable to owners of parent

JPY B, H1 FY2025 vs H1 FY2026

v · H1 FY2025: 689.9Bv · H1 FY2026: 896.4BH1 FY2025H1 FY202602505007501,000689.9B896.4B
Q2 profit was JPY 473.6B, up JPY 74.2B. Q1 profit was JPY 422.9B.

Note: ROE is return on equity. Q2 profit is H1 less Q1, a DeepCell calculation. The summary pack shows H1 profit as JPY 896.4B; the statements show 896,492 million yen. ROE for the last 12 months was 13.1%, from 9.3%.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official Q1 FY2026 consolidated financial statements (three months ended Jun 30, 2026), Jul 30, 2026; analysis of company data

6

6 · Net profit trend

Customer Groups earned JPY 738.2B in net business profits, and Markets earned JPY 333.6B

  1. Customer Groups ledNet business profits rose JPY 192.6B to JPY 738.2B.
  2. Markets surgedMarkets (GMC) rose JPY 141.4B to JPY 333.6B.
  3. CIBCCorporate & Investment Banking Company rose JPY 107.8B to JPY 332.3B.

Net business profits by in-house company

JPY BProfitsYoY changeNet income
Customer Groups738.2+192.6624.8
RBC179.0+84.1123.6
CIBC332.3+107.8345.9
GCIBC214.9-0.0149.0
Markets (GMC)333.6+141.4229.3

Note: RBC is Retail & Business Banking Company; GCIBC is Global Corporate & Investment Banking Company; GMC is Global Markets Company. H1 FY2026, group aggregate and preliminary. Profits are net business profits; net income is profit to owners of parent. Customer Groups also include Asset Management (JPY 12.0B). YoY is as stated.Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

7

7 · Segment results

The NPL ratio fell to 0.63% at Sep 30, 2026 from 0.80% at Mar 31, 2026

Non-performing loan (NPL) ratio

Mar 31, 2025, Mar 31, 2026 and Sep 30, 2026

v · Mar 31, 2025: 0.97%v · Mar 31, 2026: 0.80%v · Sep 30, 2026: 0.63%Mar 31, 2025Mar 31, 2026Sep 30, 20260%0%1%1%1%1%0.97%0.80%0.63%
Credit-related costs were -JPY 7.5B, only a small part of the -JPY 110.0B outlook. Forward-looking reserves were JPY 163.9B.

Note: The NPL ratio fell 0.17 pts from Mar 31, 2026, a DeepCell calculation. The ratio is on Banking Act and Financial Reconstruction Act bases, consolidated.Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

8

8 · Asset quality

The expense ratio improved to 49.5% from 57.5% in H1 FY2025

Expense ratio

H1 FY2025, FY2025 and H1 FY2026

v · H1 FY2025: 57.5%v · FY2025: 59.4%v · H1 FY2026: 49.5%H1 FY2025FY2025H1 FY20260%25%50%80%57.5%59.4%49.5%
G&A expenses rose with yen depreciation, inflation and growth investment, but gross profits grew faster. The ratio fell 8.0 pts.

Note: The expense ratio is G&A expenses divided by gross profits plus ETF and other gains, as defined by the company. H1 FY2025 is the H1 FY2026 ratio plus the stated 8.0-point change.Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

9

9 · Expense ratio

Total assets rose to JPY 320.9T, and the CET1 ratio was 12.74%

  1. Funding grewDeposits rose to JPY 174.8T from JPY 165.9T at Mar 31, 2026.
  2. Capital ratio easedThe CET1 ratio fell to 12.74% from 13.16% at Mar 31, 2026.
  3. Unrealized lossesForeign bonds carried -JPY 509.2B of net unrealized losses on other securities.

Balance sheet and capital

JPY T unless notedMar 31, 2026Sep 30, 2026
Total assetsJPY 302.2TJPY 320.9T
Loans and bills discountedJPY 99.8TJPY 102.8T
DepositsJPY 165.9TJPY 174.8T
Total net assetsJPY 11.4TJPY 11.3T
CET1 ratio13.16%12.74%

Note: CET1 is common equity tier 1. Balance sheet rows compare Mar 31, 2026 with Sep 30, 2026. The CET1 ratio is the regulatory ratio and the change is a DeepCell calculation.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

10

10 · Balance sheet and capital

Rates, market volatility and capital ratios are the main watch items for the FY2026 outlook

Indicator
What to watch
Implication
Latest reading
BOJ policy rate
The outlook assumes a rate of 1.25%
Higher yen rates support gross profits
Assumed 1.25%
Market conditions
Trading gains rely on volatile markets
Markets profits rose sharply in H1
Markets JPY 333.6B
Capital ratio
The CET1 ratio fell in H1
Buybacks and unrealized losses weigh on it
CET1 12.74%

CET1 is common equity tier 1; BOJ is Bank of Japan. Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

11

11 · Key risks to the outlook

Appendix: dividends and share buybacks

ClaimEvidenceCalculation
Annual dividend estimateJPY 200 a share+JPY 50 vs May; FY2025 was JPY 145
Interim dividendJPY 100 a sharePayment scheduled for Dec 4, 2026
Year-end dividend estimateJPY 100 a shareEstimate, as stated
FY2026 buyback totalJPY 400BUp JPY 200B vs July; all shares bought to be cancelled
Total payout ratio55%Based on the upgraded outlook, as stated

Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

12

12 · Appendix: Shareholder returns

Appendix: Q2 figures derived from H1 and Q1

ClaimEvidenceCalculation
Q2 profit to owners of parentJPY 473.6BH1 JPY 896.5B less Q1 JPY 422.9B
Q2 FY2025 profitJPY 399.4BH1 JPY 689.9B less Q1 JPY 290.5B
Q2 ordinary profitsJPY 653.4B+35.8% YoY, a DeepCell calculation
Q2 ordinary incomeJPY 2,472.2B+12.0% YoY, a DeepCell calculation
Implied H2 net incomeJPY 703.5BFY2026 outlook less H1 profit, a DeepCell calculation

Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official Q1 FY2026 consolidated financial statements (three months ended Jun 30, 2026), Jul 30, 2026; analysis of company data

13

13 · Appendix: Q2 derivation

Appendix: credit costs, stock gains and securities

ClaimEvidenceCalculation
Credit-related costs-JPY 7.5BFrom a JPY 32.4B reversal in H1 FY2025
Net gains related to stocksJPY 170.0BFrom JPY 86.3B in H1 FY2025
Forward-looking reservesJPY 163.9BPeriod-end balance, as stated
Other securities, unrealizedJPY 1,526.3BNet unrealized gains at Sep 30, 2026
Foreign bonds, unrealized-JPY 509.2BNet unrealized losses at Sep 30, 2026

Source: Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

14

14 · Appendix: Credit costs

Appendix: income statement detail

Ordinary income

JPY BH1 FY2025H1 FY2026YoY
Interest income2,891.33,127.68.2%
Fee and commission income584.8688.317.7%
Trading income424.6444.74.7%
Ordinary income4,337.54,993.115.1%

Earnings

JPY BH1 FY2025H1 FY2026YoY
Ordinary profits849.61,252.347.3%
Total income taxes206.1350.670.1%
Profit to owners of parent689.9896.529.9%

Note: Statutory Japanese GAAP lines, converted from yen million. Ordinary profits YoY is as stated in the financial highlights. Other YoY rates are DeepCell calculations. The 896.5 figure is 896,492 million yen at one decimal; the summary pack shows 896.4.Source: Mizuho official interim consolidated financial statements, six months ended Sep 30, 2026 (Japanese GAAP, yen million), Nov 13, 2026; Mizuho official results summary presentation, Nov 13, 2026 (JPY B); analysis of company data

15

15 · Appendix: Income statement

Appendix: sources

  • Consolidated Financial Statements for Q2 FY2026, Japanese GAAP (Nov 13, 2026) — https://library.mizuhogroup.com/asset/66a84923-61a1-432c-979f-e51583bb7fbe/fg-data26_2q.pdf
  • Summary of Financial Results for Q2 FY2026 (Nov 13, 2026) — https://library.mizuhogroup.com/asset/d7fb58a2-51bb-4b16-b43d-a77a2c183738/fg-data26_2q_2.pdf
  • Consolidated Financial Statements for Q1 FY2026 (Jul 30, 2026) — https://library.mizuhogroup.com/asset/fea20513-63d3-4eab-b6f9-1f98bdf10e09/fg-data26_1q.pdf
  • Estimates: SquawkNews headline, Nov 13, 2026, 06:33 UTC; estimate provider not named — https://squawknews.com/news/921382-mizuho-financial-group-q2-26-earnings
  • Share price: CNBC MFG quote, Nov 12, 2026 close $10.12 and pre-market last $10.28 at 4:58 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/MFG
  • Mizuho reports under Japanese GAAP in yen; yen million was converted to JPY B. Fiscal year FY2026 ends March 31, 2027. No USD conversion is shown.

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16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Mizuho Financial Group, Inc.’s Q2 FY2026 consolidated financial statements and results summary published on November 13, 2026, and its Q1 FY2026 statements of July 30, 2026. The estimate (SquawkNews) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are Japanese GAAP, in yen (JPY B), for the six months ended September 30, 2026 and 2025. Q2 figures are H1 less Q1, a DeepCell calculation. No USD conversion is shown.

Forward-looking statements. Company outlook, estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original releases.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 4:58 AM ET on Nov 13, 2026 on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

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Mizuho (MFG) Q2 FY2026 earnings: profit beat | DeepCell AI