Mitsubishi Heavy Industries, Ltd. · Fiscal year ended March 2026
¥5 trillion of revenue, ¥13 trillion of backlog: MHI runs on a longer clock.
Annual revenue alone does not capture the scale of Mitsubishi Heavy Industries. FY2025 revenue was ¥4.974 trillion. New order intake was ¥7.654 trillion, and year-end order backlog reached ¥13.238 trillion. Power systems, chemical plants, aircraft, defense and space programs often take years from contract to delivery. MHI began with shipbuilding in Nagasaki in 1884, so this article reads the company not only by what it sold during one year, but by how much contracted work stretches into the years ahead.
This is not investment advice or a stock recommendation. We reorder company-published primary-source facts to make the shape of the business easier to see.
MHI’s financial results put two numbers next to revenue that are even larger.
Order intake and order backlog.
Revenue is ¥4.974 trillion
The amount of new work booked during the same year was larger.
Order intake is ¥7.654 trillion
There is also contracted work that has not yet been recognized as revenue.
Order backlog is ¥13.238 trillion
Three different scales behind one fiscal year
FY2025. Revenue, period order intake and year-end backlog are different measures and should not be treated as directly interchangeable.
Why do orders and backlog become so large?
The current portfolio contains systems that take substantial time to engineer and deliver.
Energy Systems is ¥2.063tn
Aircraft, Defense & Space is ¥1.394tn
Plants & Infrastructure is ¥880.8bn
Logistics, Thermal & Drive is ¥630.8bn
Four operating groups behind current revenue
FY2025 revenue on the continuing-operations basis excluding the former Mitsubishi Logisnext-related businesses.
The long operating clock also fits the company’s origin.
MHI began with the Nagasaki shipyard in 1884
The range moved beyond ships relatively early.
By 1934: ships, machinery, aircraft and railroad cars
The present group is still large in organizational scale.
78,793 employees across 246 consolidated companies
Revenue records work recognized during the year.
Order intake records newly contracted work.
Backlog records contracted work still waiting to be executed.
For MHI, reading all three together reveals a longer clock than annual sales alone.
THE VIEW AFTER THE NUMBERS
What the numbers suggest
MHI generated ¥4.9741 trillion of revenue and ¥432.2 billion of business profit in FY2025.
Order intake was ¥7.6536 trillion, while year-end order backlog reached ¥13.2376 trillion.
Energy Systems generated ¥2.0626 trillion of revenue, Aircraft, Defense & Space ¥1.3938 trillion, Plants & Infrastructure Systems ¥880.8 billion, and Logistics, Thermal & Drive Systems ¥630.8 billion.
MHI began with the Nagasaki shipyard in 1884 and by 1934 had expanded from ships into heavy machinery, aircraft and railroad cars.
Large energy, infrastructure and aerospace programs do not necessarily turn into revenue in the same year they are ordered.
That makes MHI easier to understand as a company carrying several years of contracted engineering work at once, rather than only as a collection of products sold during one fiscal year.
Backlog is not guaranteed future revenue. Even so, more than ¥13 trillion of unfinished contracted work behind roughly ¥5 trillion of annual revenue makes the company’s longer operating clock visible.
Primary sources used
FY2025 Financial Results
Mitsubishi Heavy Industries, Ltd. · 2026-05-12
Pages used: p.4 / p.4-5 / p.5 / p.15
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