Komatsu sales edged up to ¥4.13tn, but profits slipped back

Komatsu's latest annual report shows a familiar industrial tension: the company sold a bit more in the year to March 2026, but kept less of it. Under U.S. GAAP, revenue edged up to ¥4.13tn from ¥4.10tn, while profit before tax fell to ¥537.26bn from ¥604.84bn and net income attributable to owners of the parent slipped to ¥376.39bn from ¥439.61bn.

The longer series in the filing makes the shape of the cycle clearer. Revenue moved from ¥2.80tn in the year to March 2022 to ¥3.54tn in 2023, ¥3.87tn in 2024, ¥4.10tn in 2025 and now ¥4.13tn. Profit before tax followed a different curve, climbing from ¥324.57bn to ¥476.43bn, ¥575.66bn and ¥604.84bn before easing to ¥537.26bn this year. Net income attributable to owners of the parent showed the same broad pattern, rising from ¥224.93bn in 2022 to ¥439.61bn last year, then falling back to ¥376.39bn.

That still leaves Komatsu operating at considerable scale. The annual report materials put total assets at ¥6.42tn, and basic EPS at ¥413.90. Not every disclosed line weakened, either. The same annual-report excerpt shows comprehensive income attributable to owners of the parent at ¥627.35bn in the year to March 2026, versus ¥407.10bn a year earlier.

What the disclosed excerpt does not provide is a tidy explanation for the year-on-year drop in profit before tax and net income. It gives the figures, not the diagnosis. Separately, Komatsu said in an internal control report that it judged financial-reporting controls effective as of March 31, and that the business-process evaluation covered 78.4% of consolidated sales. For business readers, the near-term read-through is straightforward enough: Komatsu is still growing the top line, but last year's level of profitability proved harder to repeat.