ORIX leases equipment and vehicles to businesses, invests in companies, operates properties and airports, and provides life insurance to individuals. Alongside earning income while holding assets, it sells selected holdings and directs funds toward new investments.
Leasing required expertise in both finance and physical assets
For FY2026, ORIX reported ten segments. Alongside equipment leasing, activities such as supporting investee companies, operating airports, generating power and providing insurance contribute earnings.
The segment containing the original business is not the only profit center
DATA VIEW
Several businesses contribute substantial profit
Four of ORIX’s ten FY2026 segments. Values are in billions of yen; the same profit measure is compared on a zero-based scale.
Source: results presentation p.40. Sale and valuation gains made a substantial contribution to that year’s Environment and Energy profit.
¥115.8 billion of Environment & Energy profit included ¥95.0 billion from Greenko
Selling holdings recovers cash that can be deployed into new investments. ORIX calls this capital recycling. The profit associated with an exit and the cash received are different measures.
FY2026 capital gains reached ¥265.2 billion
ORIX makes new investments alongside those capital recoveries.
¥1.1 trillion came in while ¥800 billion went into new investments
Capital goes into assets and working businesses
An example of ORIX’s investment, operations and exits. Support during ownership illustrates its PE investment business.
1Invest in assets or companies
ORIX provides funds to acquire equipment or equity
→
2Run and support the business
Help investees with management, sales and finding customers
→
3Select assets to sell
Transfer assets or equity to buyers and receive cash
→
4Make new investments
Commit funds to aircraft, logistics facilities and other opportunities
A measure of profit¥265.2bnFY2026 capital gains
Gains recognized in connection with sales and other exits. Distinct from total cash received or the principal invested. Greenko’s ¥95.0bn includes both sale and valuation gains.
Arrows show business activities. ORIX does not sell every asset, and this is not a tracing of the same cash through each step.
FY2026 cash recovered and invested. These cash measures are separate from capital gains, which measure profit.
¥1.1tnCash In: capital recoupment
¥800bnCash Out: new investments
The FY2026 presentation also sets out the longer-term results of this model.
ORIX describes net income as 4.0× higher than FY2013
ORIX also groups its businesses into three functions that cut across industry segments.
Finance, Operation and Investments sit inside the same group
The next step is to earn more without putting every asset on ORIX’s own balance sheet.
AUM: ¥63 trillion toward a ¥100 trillion target
Recycle low-return assets and grow higher-return businesses
THE VIEW AFTER THE NUMBERS
What the numbers suggest
ORIX began by leasing equipment to companies and expanded into business operations and investment. It earns while holding assets and businesses, and also seeks earnings by selling selected holdings and directing funds toward new opportunities.
FY2026 capital gains of ¥265.2 billion measure profit. Cash In of ¥1.1 trillion and Cash Out of ¥800 billion measure the cash recovered and invested. Environment and Energy profit includes ¥95.0 billion of Greenko sale and valuation gains, which need to be distinguished from recurring operating earnings.
Its continuing decisions about what to own, where to take part in operations and when to recover capital connect ORIX’s varied businesses.
J-POWER sells electricity generated in Japan and purchased from the market, while its group transmission facilities support transfers between regions. Overseas, it combines long-term electricity contracts with sales of equity interests in developed projects. In the year ended March 2026, equity-method earnings associated with North American gas-power interests supported higher ordinary profit. Operating profit fell, and extraordinary losses also reduced final profit. Electricity sales, gains from equity sales and reassessments of equipment value appear at different stages of the accounts.
