Uchida Yoko, the Tokyo-listed integrator that builds classroom and office IT systems, closed the year to July 2026 with record sales and profit across every line, and the reason is mostly one event: the scheduled replacement of Japan's "GIGA School" one-device-per-student tablets, first issued nationwide five years ago and now due for renewal.
Consolidated net sales rose 26.3% to ¥425.7bn, operating profit rose 28.4% to ¥15.6bn, ordinary profit rose 27.8% to ¥16.8bn, and profit attributable to owners of the parent rose 27.1% to ¥12.5bn. All four figures beat the prior year's own record, which itself had been driven by earlier education and Windows-refresh spending.
The growth was lopsided. Uchida Yoko's public-sector segment, which handles device procurement, kitting and rollout for schools and municipalities, posted sales of ¥161bn, up 73.6%, and operating profit of ¥8.97bn, up 71.2%, as the company says it deployed more devices in this refresh cycle than in the original GIGA rollout and picked up large contracts to merge school administrative and learning networks. The company's private-market businesses grew far more modestly.
| Segment | Sales (¥mn) | Sales change | Operating profit (¥mn) | Profit change |
|---|---|---|---|---|
| Public-sector | 161,038 | +73.6% | 8,974 | +71.2% |
| Office-related | 59,172 | -0.4% | 2,132 | +7.3% |
| Information-related | 204,447 | +11.3% | 4,293 | -6.5% |
| Other | 1,071 | -10.2% | 174 | -39.9% |
The information-related segment, which sells enterprise software licenses and IT infrastructure, grew sales 11.3% on continued cloud subscription uptake and lingering Windows 10 support-deadline replacement work, but its operating profit fell 6.5% because supply delays hit higher-margin small-business systems integration. The office-furniture and workspace segment was essentially flat on sales, down 0.4%, as a large prior-year contract did not repeat, though profit there rose 7.3% on overseas recovery.
Cash generation improved sharply: operating cash flow reached ¥13.1bn, up from just ¥549mn a year earlier, largely on higher pre-tax profit and a jump in contract liabilities from advance billings. The equity ratio climbed 5.5 points to 45.8%.
The board raised the year-end dividend to ¥76 per share, up from the ¥72 it had flagged in June, citing the profit beat and gains on listed security sales. That per-share figure reflects a 5-for-1 stock split effective January 21, 2026; on a pre-split basis the equivalent payout is ¥380 per share, and the company says next year's dividend is planned at the same ¥76 post-split level.
Management's own guidance is the tell that this year was largely a timing event rather than a new growth plateau. For the year to July 2027, Uchida Yoko forecasts sales down 6.0% to ¥400bn, operating profit down 4.0% to ¥15bn, ordinary profit down 4.6% to ¥16bn, and net profit down 15.9% to ¥10.5bn, as GIGA School device-replacement work tapers to a residual and Windows 10-driven IT refresh demand runs out. Even so, the company notes that guidance still runs well ahead of the ¥340bn sales and ¥11.5bn operating profit it originally penciled in for this stage of its current three-year plan, on the view that private-sector digital investment and municipal system-standardization work, some of which slipped into the coming year, will hold the baseline higher than once assumed.