Mitsubishi Heavy Industries, Ltd.

MHI generated ¥4.9741tn of revenue and ¥432.2bn of business profit in FY2025. Order intake was ¥7.6536tn and year-end order backlog was ¥13.2376tn. Energy Systems generated ¥2.0626tn of revenue, Aircraft, Defense & Space ¥1.3938tn, Plants & Infrastructure Systems ¥880.8bn, and Logistics, Thermal & Drive Systems ¥630.8bn. MHI began with the Nagasaki shipyard in 1884 and by 1934 had expanded from ships into heavy machinery, aircraft and railroad cars. Many current businesses still involve large, complex systems delivered over long periods, so orders accumulate before all of the related revenue appears. Backlog is not guaranteed future revenue, but reading it alongside annual sales reveals the longer operating clock of the company.