MIZUHO FINANCIAL GROUP INC

For the period ended Mar 31, 2026. Filed Jun 26, 2026.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2026 · Filed Jun 26, 2026

MFG$9.40+0.1%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Selected Statistical Data

In preparing the selected statistical data set forth below, foreign activities are defined as business transactions that involve customers residing outside of Japan. However, as the operations of Mizuho Financial Group, Inc. and its subsidiaries (“the MHFG Group” or “the Group”) are highly and globally integrated, the MHFG Group has made certain estimates and assumptions in allocating assets, liabilities, income and expense between domestic and foreign operations. The Group considers domestic and foreign activities determined by such methods to be representative of the Group’s operations.

I. Distribution of assets, liabilities and equity; interest rates and interest differential

Average balances of balance sheet items, interest and dividend income, interest expense and average yields and rates

The following tables show the MHFG Group’s average balances of balance sheet items, Interest and dividend income, Interest expense, average yields on interest-earning assets, and average rates on interest-bearing liabilities for the fiscal years ended March 31, 2024, 2025 and 2026. Average balances are generally based on a daily average. Month-end, quarter-end orhalf-year-end averages are used for certain average balances where it is not practicable to obtain applicable daily averages. The average balances determined by such methods are considered to be representative of the MHFG Group’s operations.

	2024			2025			2026
	Averagebalance	Interest anddividendincome	Averageyield	Averagebalance	Interest anddividendincome	Averageyield	Averagebalance	Interest anddividendincome	Averageyield
(in billions of yen, except percentages)
Assets:
Interest-earning assets:
Interest-bearing deposits in other banks:
Domestic	45,926	30	0.07%	56,125	136	0.24%	51,152	278	0.54%
Foreign	19,600	991	5.06%	16,279	832	5.11%	14,543	584	4.01%
Total	65,526	1,021	1.56%	72,404	968	1.34%	65,695	861	1.31%
Call loans and funds sold:
Domestic	4,889	—	0.00%	197	1	0.46%	150	1	0.69%
Foreign	1,031	33	3.21%	747	20	2.71%	724	16	2.28%
Total	5,920	33	0.56%	944	21	2.24%	874	18	2.00%
Receivables under resale agreements and securities borrowing transactions:
Domestic	8,980	72	0.80%	11,437	86	0.75%	14,530	116	0.80%
Foreign	11,663	667	5.72%	14,726	782	5.31%	17,293	702	4.06%
Total	20,643	739	3.58%	26,163	868	3.32%	31,823	818	2.57%
Trading account assets:
Domestic	6,554	91	1.40%	6,638	98	1.48%	7,615	107	1.40%
Foreign	15,142	623	4.12%	17,061	724	4.24%	17,008	659	3.88%
Total	21,697	715	3.29%	23,699	822	3.47%	24,623	766	3.11%
Investments:
Domestic	24,888	96	0.38%	18,481	125	0.68%	18,307	200	1.09%
Foreign	7,332	210	2.87%	9,343	358	3.84%	10,581	369	3.49%
Total	32,220	306	0.95%	27,825	484	1.74%	28,888	569	1.97%
Loans (1):
Domestic	58,582	636	1.09%	60,835	748	1.23%	61,053	921	1.51%
Foreign	38,942	2,317	5.95%	38,452	2,256	5.87%	42,435	2,020	4.76%
Total	97,524	2,953	3.03%	99,287	3,004	3.03%	103,488	2,941	2.84%
Total interest-earning assets(2):
Domestic	149,820	925	0.62%	153,713	1,195	0.78%	152,806	1,623	1.06%
Foreign	93,710	4,842	5.17%	96,608	4,972	5.15%	102,585	4,353	4.24%
Total	243,529	5,767	2.37%	250,322	6,167	2.46%	255,391	5,976	2.34%
Noninterest-earning assets:
Cash and due from banks	2,148			2,212			2,957
Other noninterest-earning assets (3)	28,538			27,308			30,318
Allowance for credit losses	(727)			(761)			(718)
Total noninterest-earning assets	29,959			28,759			32,557
Total average assets	273,489			279,081			287,948

Notes:

(1)	Average balances of loans include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans.

(2)	Other interest income, which is not separately presented due to immateriality, is included in total interest and dividend income.

(3)	The fair value carrying amounts of derivative contracts are reported in Other noninterest-earning assets.

Within total average assets, the percentage attributable to foreign activities was 39.5%, 38.7% and 40.0%, respectively, for the fiscal years ended March 31, 2024, 2025 and 2026.

	2024			2025			2026
	Averagebalance	Interest expense	Averagerate	Averagebalance	Interest expense	Averagerate	Averagebalance	Interest expense	Averagerate
(in billions of yen, except percentages)
Liabilities and equity:
Interest-bearing liabilities:
Deposits:
Domestic	98,446	130	0.13%	97,231	177	0.18%	99,660	358	0.36%
Foreign	44,214	2,047	4.63%	45,379	2,041	4.50%	49,697	1,723	3.47%
Total	142,660	2,177	1.53%	142,610	2,218	1.56%	149,357	2,082	1.39%
Call money and funds purchased:
Domestic	1,841	2	0.13%	2,393	7	0.30%	2,759	17	0.61%
Foreign	427	20	4.63%	238	9	3.98%	286	8	2.76%
Total	2,268	22	0.98%	2,630	17	0.63%	3,045	25	0.81%
Payables under repurchase agreements and securities lending transactions:
Domestic	7,250	137	1.89%	16,769	550	3.28%	22,463	658	2.93%
Foreign	29,076	1,580	5.43%	24,918	1,359	5.45%	18,399	738	4.01%
Total	36,326	1,716	4.72%	41,686	1,909	4.58%	40,861	1,396	3.42%
Other short-term borrowings(1):
Domestic	2,268	5	0.21%	2,993	18	0.59%	2,333	25	1.09%
Foreign	1,790	91	5.08%	1,673	131	7.85%	2,461	112	4.53%
Total	4,058	96	2.36%	4,666	149	3.19%	4,794	137	2.86%
Trading account liabilities:
Domestic	4,567	53	1.16%	4,062	61	1.50%	2,953	50	1.70%
Foreign	1,800	122	6.77%	1,939	164	8.47%	2,029	122	6.00%
Total	6,366	175	2.75%	6,001	225	3.75%	4,982	172	3.45%
Long-term debt:
Domestic	14,353	308	2.15%	14,488	315	2.17%	15,385	379	2.47%
Foreign	1,403	68	4.86%	1,720	75	4.36%	2,286	96	4.20%
Total	15,757	376	2.39%	16,208	390	2.41%	17,670	475	2.69%
Total interest-bearing liabilities(2):
Domestic	128,724	634	0.49%	137,935	1,127	0.82%	145,551	1,489	1.02%
Foreign	78,710	3,928	4.99%	75,866	3,780	4.98%	75,158	2,801	3.73%
Total	207,434	4,562	2.20%	213,801	4,907	2.30%	220,709	4,290	1.94%
Noninterest-bearing liabilities (3)	56,954			56,295			58,278
Equity	9,101			8,984			8,961
Total average liabilities and equity	273,489			279,081			287,948
Net interest income and average interest rate spread		1,205	0.17%		1,260	0.16%		1,687	0.40%
Net interest income as a percentage of average total interest-earning assets			0.49%			0.50%			0.66%

Notes:

(1)	Other short-term borrowings include commercial paper.

(2)	Other interest expense, which is not separately presented due to immateriality, is included in total interest expense.

(3)	The fair value carrying amounts of derivative contracts are reported in Noninterest-bearing liabilities.

Within total average liabilities, which is the total of interest-bearing liabilities and noninterest-bearing liabilities shown in the above table, the percentage attributable to foreign activities was 34.9%, 33.0% and 34.2%, respectively, for the fiscal years ended March 31, 2024, 2025 and 2026.

Analysis of net interest income

The following tables show changes in the MHFG Group’s Interest and dividend income, Interest expense, and Net interest income based on changes in volume and changes in rate for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024 and the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. Changes attributable to the combined impact of changes in rate and volume have been allocated proportionately to the changes due to volume changes and changes due to rate changes.

Fiscal year ended March 31, 2025versusfiscal year ended March 31, 2024 · Fiscal year ended March 31, 2026versusfiscal year ended March 31, 2025
Increase (decrease) due tochanges in · Netchange · Increase (decrease) due tochanges in · Netchange
Volume · Yield · Volume · Yield
(in billions of yen)
Interest and dividend income:
Interest-bearing deposits in other banks:
Domestic	7	99	106	(12)	154	142
Foreign	(168)	9	(159)	(89)	(159)	(248)
Total	(161)	108	(53)	(101)	(6)	(107)
Call loans and funds sold:
Domestic	—	1	1	—	—	—
Foreign	(9)	(4)	(13)	(1)	(3)	(4)
Total	(9)	(3)	(12)	(1)	(3)	(4)
Receivables under resale agreements and securities borrowing transactions:
Domestic	20	(5)	15	23	6	30
Foreign	175	(61)	114	136	(216)	(80)
Total	195	(66)	129	160	(210)	(50)
Trading account assets:
Domestic	1	6	7	14	(6)	9
Foreign	79	22	101	(2)	(63)	(65)
Total	80	27	107	12	(69)	(56)
Investments:
Domestic	(25)	54	29	(1)	76	75
Foreign	58	91	148	47	(36)	11
Total	33	145	178	46	39	86
Loans:
Domestic	24	87	112	3	170	173
Foreign	(29)	(32)	(61)	234	(470)	(236)
Total	(5)	55	51	236	(300)	(63)
Total interest and dividend income:
Domestic	27	242	270	(7)	435	428
Foreign	106	24	130	308	(926)	(618)
Total	133	267	400	301	(491)	(191)

Fiscal year ended March 31, 2025versusfiscal year ended March 31, 2024 · Fiscal year ended March 31, 2026versusfiscal year ended March 31, 2025
Increase (decrease) due tochanges in · Netchange · Increase (decrease) due tochanges in · Netchange
Volume · Yield · Volume · Yield
(in billions of yen)
Interest expense:
Deposits:
Domestic	(2)	49	48	4	177	181
Foreign	54	(60)	(6)	194	(512)	(318)
Total	52	(11)	41	199	(335)	(137)
Call money and funds purchased:
Domestic	1	4	5	1	9	10
Foreign	(9)	(2)	(10)	2	(3)	(2)
Total	(8)	3	(6)	3	5	8
Payables under repurchase agreements and securities lending transactions:
Domestic	179	233	413	187	(79)	108
Foreign	(226)	5	(221)	(356)	(265)	(621)
Total	(46)	239	192	(169)	(344)	(513)
Other short-term borrowings:
Domestic	2	11	13	(4)	12	8
Foreign	(6)	46	40	62	(82)	(20)
Total	(4)	57	53	58	(70)	(12)
Trading account liabilities:
Domestic	(6)	14	8	(17)	6	(11)
Foreign	9	33	42	8	(50)	(42)
Total	4	47	50	(9)	(44)	(53)
Long-term debt:
Domestic	3	4	7	19	45	64
Foreign	15	(9)	7	25	(4)	21
Total	18	(5)	14	44	41	85
Total interest expense:
Domestic	177	316	493	62	300	362
Foreign	(162)	14	(148)	(35)	(944)	(979)
Total	15	330	345	27	(644)	(617)
Net interest income:
Domestic	(150)	(73)	(223)	(69)	135	66
Foreign	268	10	278	343	18	361
Total	118	(63)	55	274	153	427

II. Investment portfolio

The following table shows the book value, contractual maturity and the weighted average yield ofheld-to-maturity securities at March 31, 2026. The amortized cost is the basis of the book value forheld-to-maturity securities. The weighted average yield is calculated based on the amortized cost forheld-to-maturity securities and considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.

	Maturity
	One year or less		After one yearthroughfive years		After five yearsthroughten years		After ten years		Total
	Amount	Yield	Amount	Yield	Amount	Yield	Amount	Yield	Amount	Yield
(in billions of yen, except percentages)
Held-to-maturity securities:
Domestic:
Japanese government bonds	90	0.05%	120	0.12%	210	0.23%	—	—	420	0.16%
Total domestic	90	0.05%	120	0.12%	210	0.23%	—	—	420	0.16%
Foreign:
Agency mortgage-backed securities	—	—	—	—	—	—	4,433	4.93%	4,433	4.93%
Total foreign	—	—	—	—	—	—	4,433	4.93%	4,433	4.93%
Total	90	0.05%	120	0.12%	210	0.23%	4,433	4.93%	4,852	4.51%

In addition toheld-to-maturity securities, the MHFG Group’s Investments also include available-for-sale securities, equity securities and other investments. See Note 3 “Investments” to the consolidated financial statements included elsewhere in this annual report for information regarding available-for-sale securities, equity securities and other investments.

III. Loans

Maturities and sensitivities of loans to changes in interest rates

The following table shows the details of the loan portfolio by time remaining until maturity by category at March 31, 2026:

Maturity · Loans due afterone year
	One year orless	After one yearthroughfive years	After five yearsthroughfifteenyears	Afterfifteenyears	Total	Fixedrates	Floatingrates
(in billions of yen)
Domestic:
Corporate:
Large companies	20,217	20,455	9,331	570	50,573	10,019	20,336
Small and medium-sized companies	1,023	873	622	209	2,727	358	1,346
Retail:
Housing Loan	429	1,328	2,714	2,160	6,630	783	5,419
Others	698	328	139	29	1,195	218	279
Sovereign	209	204	124	15	552	185	157
Banks and other financial institutions	702	321	42	—	1,065	119	244
Total domestic	23,278	23,508	12,973	2,983	62,742	11,682	27,782
Foreign:
Corporate	16,377	18,644	3,140	385	38,547	1,208	20,962
Retail	1	2	4	6	13	1	11
Sovereign	239	474	231	—	945	—	705
Banks and other financial institutions	1,667	1,674	122	126	3,590	283	1,639
Total foreign	18,284	20,794	3,498	518	43,094	1,493	23,317
Total	41,562	44,302	16,471	3,501	105,836	13,175	51,099

IV. Allowance for credit losses on loans

The following table shows the credit ratios of the MHFG Group’s loans, nonaccrual loans and allowance for credit losses at March 31, 2025 and 2026:

(1) Allowance for credit losses to total loans

	Allowance forcredit losses	Total loans	Ratio ofallowance forcredit losses tototal loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	598	45,879	1.30%
Small and medium-sized companies	41	2,746	1.49%
Retail:
Housing Loan	41	6,822	0.60%
Others	9	1,275	0.74%
Sovereign	—	3,693	—
Banks and other financial institutions	—	867	0.04%
Total domestic	690	61,282	1.13%
Foreign	127	37,975	0.33%
Total	816	99,257	0.82%
	Allowance forcredit losses	Total loans	Ratio ofallowance forcredit losses tototal loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	482	50,573	0.95%
Small and medium-sized companies	57	2,727	2.08%
Retail:
Housing Loan	39	6,630	0.58%
Others	9	1,195	0.80%
Sovereign	—	552	0.02%
Banks and other financial institutions	1	1,065	0.05%
Total domestic	587	62,742	0.94%
Foreign	170	43,094	0.39%
Total	757	105,836	0.72%

Ratio of allowance for credit losses to total loans in large companies of corporate under Domestic decreased by 0.35% from 1.30% at March 31, 2025 to 0.95% at March 31, 2026 due mainly to changes in the business environment surrounding some large borrowers.

(2) Nonaccrual loans to total loans

	Nonaccrualloans	Total loans	Ratio ofnonaccrualloans to totalloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	800	45,879	1.74%
Small and medium-sized companies	92	2,746	3.37%
Retail:
Housing Loan	30	6,822	0.44%
Others	43	1,275	3.37%
Sovereign	—	3,693	—
Banks and other financial institutions	—	867	—
Total domestic	965	61,282	1.58%
Foreign	96	37,975	0.25%
Total	1,062	99,257	1.07%
	Nonaccrualloans	Total loans	Ratio ofnonaccrualloans to totalloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	558	50,573	1.10%
Small and medium-sized companies	86	2,727	3.15%
Retail:
Housing Loan	28	6,630	0.42%
Others	41	1,195	3.41%
Sovereign	—	552	—
Banks and other financial institutions	—	1,065	—
Total domestic	712	62,742	1.14%
Foreign	187	43,094	0.43%
Total	899	105,836	0.85%

Ratio of nonaccrual loans to total loans in large companies of corporate under Domestic decreased by 0.64% from 1.74% at March 31, 2025 to 1.10% at March 31, 2026 due to a decrease in nonaccrual loans.

(3) Allowance for credit losses to nonaccrual loans

	Allowance forcredit losses	Nonaccrualloans	Ratio ofallowance forcredit losses tononaccrualloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	598	800	74.80%
Small and medium-sized companies	41	92	44.40%
Retail:
Housing Loan	41	30	134.24%
Others	9	43	21.98%
Sovereign	—	—	—
Banks and other financial institutions	—	—	—
Total domestic	690	965	71.45%
Foreign	127	96	131.78%
Total	816	1,062	76.91%
	Allowance forcredit losses	Nonaccrual loans	Ratio ofallowance forcredit losses tononaccrualloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	482	558	86.37%
Small and medium-sized companies	57	86	65.92%
Retail:
Housing Loan	39	28	138.87%
Others	9	41	23.31%
Sovereign	—	—	—
Banks and other financial institutions	1	—	—
Total domestic	587	712	82.44%
Foreign	170	187	90.86%
Total	757	899	84.19%

Ratio of allowance for credit losses to nonaccrual loans in large companies of corporate under Domestic increased by 11.57% from 74.80% at March 31, 2025 to 86.37% at March 31, 2026 due mainly to changes in the business environment surrounding some large borrowers.

The following table shows ratio of net charge-offs to average loans at March 31, 2025 and 2026:

	Average loans	Net charge-offs	Ratio of net charge-offs to averageloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	45,863	4	0.01%
Small and medium-sized companies	2,503	5	0.18%
Retail:
Housing Loan	6,983	1	0.02%
Others	1,340	4	0.28%
Sovereign	2,884	—	—
Banks and other financial institutions	952	—	—
Total domestic	60,525	14	0.02%
Foreign	37,743	14	0.04%
Total	98,268	28	0.03%
	Average loans	Net charge-offs	Ratio of netcharge-offsto averageloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	48,006	240	0.50%
Small and medium-sized companies	2,700	5	0.17%
Retail:
Housing Loan	6,735	1	0.01%
Others	1,240	2	0.17%
Sovereign	2,028	—	—
Banks and other financial institutions	909	—	—
Total domestic	61,618	248	0.40%
Foreign	40,208	19	0.05%
Total	101,826	267	0.26%

The following table shows an allocation of the MHFG Group’s allowance for credit losses and the percentage of loans in each category to total loans at March 31, 2025 and 2026:

	2025		2026
	Amount	% of loans ineach categoryto total loans	Amount	% of loans ineach categoryto total loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	598	46.22%	482	47.78%
Small and medium-sized companies	41	2.77%	57	2.58%
Retail:
Housing Loan	41	6.87%	39	6.26%
Others	9	1.28%	9	1.13%
Sovereign	—	3.72%	—	0.52%
Banks and other financial institutions	—	0.87%	1	1.01%
Total domestic	690	61.74%	587	59.28%
Foreign	127	38.26%	170	40.72%
Total	816	100.00%	757	100.00%

V. Deposits

The following table shows the average amount of, and the average rate on, the following deposit categories for the fiscal years ended March 31, 2024, 2025 and 2026:

	2024		2025		2026
	Averageamount	Averagerate	Averageamount	Averagerate	Averageamount	Averagerate
(in billions of yen, except percentages)
Domestic offices:
Noninterest-bearing demand deposits	28,177	—	28,369	—	25,224	—
Interest-bearing demand deposits	69,050	0.08%	68,525	0.13%	68,923	0.26%
Time deposits	21,031	0.36%	25,679	0.31%	28,037	0.58%
Certificates of deposit	8,365	—	3,028	—	2,700	0.47%
Foreign offices:
Noninterest-bearing demand deposits	2,960	—	2,822	—	2,828	—
Interest-bearing deposits, principally time deposits	34,218	4.52%	35,084	4.39%	37,868	3.35%
Certificates of deposit	9,996	5.00%	10,294	4.87%	11,830	3.85%
Total	173,796	1.25%	173,801	1.28%	177,409	1.17%

The total amounts of deposits by foreign depositors in domestic offices at March 31, 2024, 2025 and 2026 were ¥1,182 billion, ¥719 billion and ¥851 billion, respectively.

The estimated amounts of uninsured deposits at March 31, 2025 and 2026 were ¥118,917 billion and ¥124,957 billion, respectively. The uninsured deposits refer to the amounts of deposit accounts under certain categories that are not covered by the relevant insurance regimes and the aggregate amounts of the uninsured deposit accounts that exceed the respective limit of the insurance regime in each local jurisdiction. In Japan, categories such as deposits denominated in foreign currency and certificates of deposits are uninsured, and the insurance limit per client is ¥10 million. At March 31, 2026, the estimated amounts and remaining maturities of uninsured time deposits and certificates of deposit are shown in the following table:

	Timedeposits	Certificates ofdeposit	Total
(in billions of yen)
Domestic offices:
Due in three months or less	12,305	2,132	14,436
Due after three months through six months	3,062	43	3,105
Due after six months through twelve months	2,596	48	2,643
Due after twelve months	1,275	30	1,305
Total	19,238	2,253	21,490
Foreign offices:
Due in three months or less	22,863	5,618	28,481
Due after three months through six months	3,527	2,888	6,415
Due after six months through twelve months	1,998	822	2,820
Due after twelve months	34	335	369
Total(Note)	28,422	9,662	38,084
Total	47,659	11,915	59,574

Note: The estimated amount that exceeded the Federal Deposit Insurance Corporation insurance limit in the United States was ¥404 billion as of March 31, 2026.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.