Annual report

Period2025-01-01 → 2025-12-31
Filed2026-03-26
StandardIFRS
ConsolidatedYes
Data checks21 of 21 passed
Key figures · 152
MetricValuePeriodScopeSource row
Revenue¥2.50T2025-01-01 → 2025-12-31Cons.Revenue IFRS
Revenue¥2.28T2024-01-01 → 2024-12-31Cons.Revenue IFRS
Revenue¥2.07T2023-01-01 → 2023-12-31vCons.Revenue IFRS (5-year summary)
Revenue¥1.92T2022-01-01 → 2022-12-31vCons.Revenue IFRS (5-year summary)
Revenue¥1.68T2021-01-01 → 2021-12-31dCons.Revenue IFRS (5-year summary)
Operating income¥14.4bn2025-01-01 → 2025-12-31Cons.Operating profit loss IFRS
Operating income¥53.0bn2024-01-01 → 2024-12-31Cons.Operating profit loss IFRS
Profit before tax−¥29.6bn2025-01-01 → 2025-12-31Cons.Profit loss before tax IFRS
Profit before tax¥16.3bn2024-01-01 → 2024-12-31Cons.Profit loss before tax IFRS
Profit before tax−¥217.7bn2023-01-01 → 2023-12-31vCons.Profit loss before tax IFRS (5-year summary)
Profit before tax−¥415.6bn2022-01-01 → 2022-12-31vCons.Profit loss before tax IFRS (5-year summary)
Profit before tax−¥212.6bn2021-01-01 → 2021-12-31dCons.Profit loss before tax IFRS (5-year summary)
Net income (owners)−¥177.9bn2025-01-01 → 2025-12-31Cons.Profit loss attributable to owners of parent IFRS
Net income (owners)−¥162.4bn2024-01-01 → 2024-12-31Cons.Profit loss attributable to owners of parent IFRS
Net income (owners)−¥339.5bn2023-01-01 → 2023-12-31vCons.Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)−¥377.2bn2022-01-01 → 2022-12-31vCons.Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)−¥133.8bn2021-01-01 → 2021-12-31dCons.Profit loss attributable to owners of parent IFRS (5-year summary)
Net income−¥123.2bn2025-01-01 → 2025-12-31Cons.Profit loss IFRS
Net income−¥129.5bn2024-01-01 → 2024-12-31Cons.Profit loss IFRS
Total assets¥28.80Tat 2025-12-31Cons.Assets IFRS
Total assets¥26.51Tat 2024-12-31Cons.Assets IFRS
Total assets¥22.63Tat 2023-12-31vCons.Total assets IFRS (5-year summary)
Total assets¥20.40Tat 2022-12-31vCons.Total assets IFRS (5-year summary)
Total assets¥16.83Tat 2021-12-31dCons.Total assets IFRS (5-year summary)
Total liabilities¥27.45Tat 2025-12-31Cons.Liabilities IFRS
Total liabilities¥25.28Tat 2024-12-31Cons.Liabilities IFRS
Net assets / equity¥1.35Tat 2025-12-31Cons.Equity IFRS
Net assets / equity¥1.24Tat 2024-12-31Cons.Equity IFRS
Net assets / equity¥1.09Tat 2023-12-31vCons.Equity IFRS
Equity (owners)¥992.4bnat 2025-12-31Cons.Equity attributable to owners of parent IFRS
Equity (owners)¥927.9bnat 2024-12-31Cons.Equity attributable to owners of parent IFRS
Equity (owners)¥836.6bnat 2023-12-31vCons.Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)¥791.4bnat 2022-12-31vCons.Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)¥1.09Tat 2021-12-31dCons.Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents¥5.84Tat 2025-12-31Cons.Cash and cash equivalents IFRS
Cash & equivalents¥6.17Tat 2024-12-31Cons.Cash and cash equivalents IFRS
Cash & equivalents¥5.13Tat 2023-12-31vCons.Cash and cash equivalents IFRS
Cash & equivalents¥4.69Tat 2022-12-31vCons.Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents¥4.41Tat 2021-12-31dCons.Cash and cash equivalents IFRS (5-year summary)
Operating cash flow¥424.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in operating activities IFRS
Operating cash flow¥1.19T2024-01-01 → 2024-12-31Cons.Net cash provided by used in operating activities IFRS
Operating cash flow¥724.2bn2023-01-01 → 2023-12-31vCons.Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow−¥262.1bn2022-01-01 → 2022-12-31vCons.Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow¥582.7bn2021-01-01 → 2021-12-31dCons.Cash flows from used in operating activities IFRS (5-year summary)
Investing cash flow−¥779.8bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in investing activities IFRS
Investing cash flow−¥921.7bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in investing activities IFRS
Investing cash flow−¥597.4bn2023-01-01 → 2023-12-31vCons.Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow−¥948.3bn2022-01-01 → 2022-12-31vCons.Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow−¥611.8bn2021-01-01 → 2021-12-31dCons.Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow¥14.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in financing activities IFRS
Financing cash flow¥757.5bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in financing activities IFRS
Financing cash flow¥292.0bn2023-01-01 → 2023-12-31vCons.Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow¥1.49T2022-01-01 → 2022-12-31vCons.Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow¥1.40T2021-01-01 → 2021-12-31dCons.Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)¥-82.242025-01-01 → 2025-12-31Cons.Basic earnings loss per share IFRS
EPS (basic)¥-75.612024-01-01 → 2024-12-31Cons.Basic earnings loss per share IFRS
EPS (basic)¥-177.272023-01-01 → 2023-12-31vCons.Basic earnings loss per share IFRS (5-year summary)
EPS (basic)¥-237.732022-01-01 → 2022-12-31vCons.Basic earnings loss per share IFRS (5-year summary)
EPS (basic)¥-87.622021-01-01 → 2021-12-31dCons.Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)¥-82.262025-01-01 → 2025-12-31Cons.Diluted earnings loss per share IFRS
EPS (diluted)¥-75.622024-01-01 → 2024-12-31Cons.Diluted earnings loss per share IFRS
EPS (diluted)¥-177.292023-01-01 → 2023-12-31vCons.Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)¥-237.892022-01-01 → 2022-12-31vCons.Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)¥-87.622021-01-01 → 2021-12-31dCons.Diluted earnings loss per share IFRS (5-year summary)
Net assets per share¥457.33at 2025-12-31Cons.Equity to asset ratio IFRS (5-year summary)
Net assets per share¥430.67at 2024-12-31Cons.Equity to asset ratio IFRS (5-year summary)
Net assets per share¥390.53at 2023-12-31vCons.Equity to asset ratio IFRS (5-year summary)
Net assets per share¥497.56at 2022-12-31vCons.Equity to asset ratio IFRS (5-year summary)
Net assets per share¥691.47at 2021-12-31dCons.Equity to asset ratio IFRS (5-year summary)
Equity ratio3.4%at 2025-12-31Cons.Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio3.5%at 2024-12-31Cons.Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio3.7%at 2023-12-31vCons.Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio3.9%at 2022-12-31vCons.Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio6.5%at 2021-12-31dCons.Ratio of owners equity to gross assets IFRS (5-year summary)
ROE-18.5%2025-01-01 → 2025-12-31Cons.Rate of return on equity IFRS (5-year summary)
ROE-18.4%2024-01-01 → 2024-12-31Cons.Rate of return on equity IFRS (5-year summary)
ROE-41.7%2023-01-01 → 2023-12-31vCons.Rate of return on equity IFRS (5-year summary)
ROE-40.4%2022-01-01 → 2022-12-31vCons.Rate of return on equity IFRS (5-year summary)
ROE-15.7%2021-01-01 → 2021-12-31dCons.Rate of return on equity IFRS (5-year summary)
Employees29,419at 2025-12-31Cons.Number of employees
Employees29,334at 2024-12-31Cons.Number of employees
Employees30,830at 2023-12-31vCons.Number of employees
Employees32,079at 2022-12-31vCons.Number of employees
Employees28,261at 2021-12-31dCons.Number of employees
Revenue¥967.4bn2025-01-01 → 2025-12-31StandaloneNet sales
Revenue¥897.7bn2024-01-01 → 2024-12-31StandaloneNet sales
Revenue¥860.6bn2023-01-01 → 2023-12-31vStandaloneNet sales (5-year summary)
Revenue¥749.4bn2022-01-01 → 2022-12-31vStandaloneNet sales (5-year summary)
Revenue¥783.3bn2021-01-01 → 2021-12-31dStandaloneNet sales (5-year summary)
Operating income¥70.0bn2025-01-01 → 2025-12-31StandaloneOperating income
Operating income¥13.0bn2024-01-01 → 2024-12-31StandaloneOperating income
Ordinary income¥26.1bn2025-01-01 → 2025-12-31StandaloneOrdinary income
Ordinary income−¥8.3bn2024-01-01 → 2024-12-31StandaloneOrdinary income
Ordinary income¥133.2bn2023-01-01 → 2023-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥113.5bn2022-01-01 → 2022-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥22.7bn2021-01-01 → 2021-12-31dStandaloneOrdinary income loss (5-year summary)
Profit before tax−¥27.0bn2025-01-01 → 2025-12-31StandaloneIncome before income taxes
Profit before tax¥293.4bn2024-01-01 → 2024-12-31StandaloneIncome before income taxes
Net income−¥25.8bn2025-01-01 → 2025-12-31StandaloneProfit loss
Net income¥249.9bn2024-01-01 → 2024-12-31StandaloneProfit loss
Net income¥226.0bn2023-01-01 → 2023-12-31vStandaloneNet income loss (5-year summary)
Net income−¥87.2bn2022-01-01 → 2022-12-31vStandaloneNet income loss (5-year summary)
Net income¥52.7bn2021-01-01 → 2021-12-31dStandaloneNet income loss (5-year summary)
Total assets¥4.79Tat 2025-12-31StandaloneAssets
Total assets¥5.27Tat 2024-12-31StandaloneAssets
Total assets¥4.21Tat 2023-12-31vStandaloneTotal assets (5-year summary)
Total assets¥3.71Tat 2022-12-31vStandaloneTotal assets (5-year summary)
Total assets¥3.16Tat 2021-12-31dStandaloneTotal assets (5-year summary)
Total liabilities¥3.21Tat 2025-12-31StandaloneLiabilities
Total liabilities¥3.69Tat 2024-12-31StandaloneLiabilities
Net assets / equity¥1.58Tat 2025-12-31StandaloneNet assets
Net assets / equity¥1.59Tat 2024-12-31StandaloneNet assets
Net assets / equity¥1.33Tat 2023-12-31vStandaloneNet assets
Net assets / equity¥782.3bnat 2022-12-31vStandaloneNet assets (5-year summary)
Net assets / equity¥803.2bnat 2021-12-31dStandaloneNet assets (5-year summary)
Cash and deposits¥397.3bnat 2025-12-31StandaloneCash and deposits
Cash and deposits¥465.2bnat 2024-12-31StandaloneCash and deposits
EPS (basic)¥-11.912025-01-01 → 2025-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥116.332024-01-01 → 2024-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥118.032023-01-01 → 2023-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-54.962022-01-01 → 2022-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥34.522021-01-01 → 2021-12-31dStandaloneBasic earnings loss per share (5-year summary)
EPS (diluted)¥113.112024-01-01 → 2024-12-31StandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥115.712023-01-01 → 2023-12-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥33.762021-01-01 → 2021-12-31dStandaloneDiluted earnings per share (5-year summary)
Dividend per share¥4.52022-01-01 → 2022-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥4.52021-01-01 → 2021-12-31dStandaloneDividend paid per share (5-year summary)
Net assets per share¥706.33at 2025-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥717.08at 2024-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥602.15at 2023-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥471.07at 2022-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥489.68at 2021-12-31dStandaloneNet assets per share (5-year summary)
Equity ratio32.0%at 2025-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio29.3%at 2024-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio30.7%at 2023-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio20.2%at 2022-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio24.5%at 2021-12-31dStandaloneEquity to asset ratio (5-year summary)
ROE-1.7%2025-01-01 → 2025-12-31StandaloneRate of return on equity (5-year summary)
ROE17.6%2024-01-01 → 2024-12-31StandaloneRate of return on equity (5-year summary)
ROE22.2%2023-01-01 → 2023-12-31vStandaloneRate of return on equity (5-year summary)
ROE-11.4%2022-01-01 → 2022-12-31vStandaloneRate of return on equity (5-year summary)
ROE8.4%2021-01-01 → 2021-12-31dStandaloneRate of return on equity (5-year summary)
Shares issued2,169,972,100at 2025-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued2,154,483,600at 2024-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued2,142,140,300at 2023-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued1,590,463,000at 2022-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued1,581,735,100at 2021-12-31dStandaloneTotal number of issued shares (5-year summary)
Employees9,989at 2025-12-31StandaloneNumber of employees
Employees9,885at 2024-12-31StandaloneNumber of employees
Employees10,350at 2023-12-31vStandaloneNumber of employees
Employees8,409at 2022-12-31vStandaloneNumber of employees
Employees7,744at 2021-12-31dStandaloneNumber of employees

Periods use the dates stated in the filing. d = earlier-year period dated by calendar; v = that date confirmed by the company's own earlier filing.

Segments · 12
SegmentItemPeriodValue
Fin Techreportable segmentemployeesat 2025-12-316217 pure
Fin Techreportable segmentrevenue external2025-01-01 → 2025-12-31¥975.9bn
Internet Servicesreportable segmentemployeesat 2025-12-319793 pure
Internet Servicesreportable segmentrevenue external2025-01-01 → 2025-12-31¥1.37T
Mobilereportable segmentemployeesat 2025-12-314333 pure
Mobilereportable segmentrevenue external2025-01-01 → 2025-12-31¥482.8bn
Fin Techreportable segmentrevenue external2024-01-01 → 2024-12-31¥820.4bn
Internet Servicesreportable segmentrevenue external2024-01-01 → 2024-12-31¥1.28T
Mobilereportable segmentrevenue external2024-01-01 → 2024-12-31¥440.7bn
Fin Techreportable segmentemployeesat 2025-12-311 pure
Internet Servicesreportable segmentemployeesat 2025-12-315259 pure
Mobilereportable segmentemployeesat 2025-12-3140 pure

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 2,003
ItemContextValueUnit
Planned additions retirements etc of facilities (text)FilingDateInstantText · Plus
Total number of shares (text)FilingDateInstantText · Plus
Issued shares total number of shares etc (text)FilingDateInstantText · Plus
Class issued shares total number of shares etcFilingDateInstant_OrdinaryShareMember
Original text (Japanese)普通株式
Name of financial instruments exchange on which securities are listed or authorized financial instruments business association to which securities are registeredFilingDateInstant_OrdinaryShareMember
Original text (Japanese)東京証券取引所プライム市場
Description issued shares total number of shares etcFilingDateInstant_OrdinaryShareMember
Original text (Japanese)単元株式数は100株です。
Details of employee share option program (text)FilingDateInstantText · Plus
Description of rights plan (text)FilingDateInstantText · Plus
Other information on share acquisition rights (text)FilingDateInstantText · Plus
Exercises etc of moving strike convertible bonds etc (text)FilingDateInstantText · Plus
Changes in number of issued shares stated capital etc (text)FilingDateInstantText · Plus
Shareholding by shareholder category (text)FilingDateInstantText · Plus
Major shareholders (text)FilingDateInstantText · Plus
Name major shareholdersCurrentYearInstant_No1MajorShareholdersMember
Original text (Japanese)日本マスタートラスト信託銀行株式会社(信託口)
Address major shareholdersCurrentYearInstant_No1MajorShareholdersMember
Original text (Japanese)東京都港区赤坂1丁目8番1号 赤坂インターシティAIR
Name major shareholdersCurrentYearInstant_No2MajorShareholdersMember
Original text (Japanese)合同会社クリムゾングループ
Address major shareholdersCurrentYearInstant_No2MajorShareholdersMember
Original text (Japanese)東京都港区赤坂1丁目14-5 アークヒルズ エグゼクティブタワー N211号
Name major shareholdersCurrentYearInstant_No3MajorShareholdersMember
Original text (Japanese)三木谷 浩史
Address major shareholdersCurrentYearInstant_No3MajorShareholdersMember
Original text (Japanese)東京都港区
Name major shareholdersCurrentYearInstant_No4MajorShareholdersMember
Original text (Japanese)日本郵政株式会社
Address major shareholdersCurrentYearInstant_No4MajorShareholdersMember
Original text (Japanese)東京都千代田区大手町2丁目3番1号
Name major shareholdersCurrentYearInstant_No5MajorShareholdersMember
Original text (Japanese)三木谷 晴子
Address major shareholdersCurrentYearInstant_No5MajorShareholdersMember
Original text (Japanese)東京都渋谷区
Name major shareholdersCurrentYearInstant_No6MajorShareholdersMember
Original text (Japanese)MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社)
Address major shareholdersCurrentYearInstant_No6MajorShareholdersMemberText · Plus
Name major shareholdersCurrentYearInstant_No7MajorShareholdersMember
Original text (Japanese)株式会社日本カストディ銀行(信託口)
Address major shareholdersCurrentYearInstant_No7MajorShareholdersMember
Original text (Japanese)東京都中央区晴海1丁目8-12
Name major shareholdersCurrentYearInstant_No8MajorShareholdersMember
Original text (Japanese)GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社)
Address major shareholdersCurrentYearInstant_No8MajorShareholdersMemberText · Plus
Name major shareholdersCurrentYearInstant_No9MajorShareholdersMember
Original text (Japanese)BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC)(常任代理人 株式会社三菱UFJ銀行)
Address major shareholdersCurrentYearInstant_No9MajorShareholdersMemberText · Plus
Name major shareholdersCurrentYearInstant_No10MajorShareholdersMember
Original text (Japanese)有限会社三木谷興産
Address major shareholdersCurrentYearInstant_No10MajorShareholdersMember
Original text (Japanese)東京都港区赤坂1丁目14-5 アークヒルズ・エグゼクティブタワーN211
Name major shareholdersCurrentYearInstant_No11MajorShareholdersMember
Original text (Japanese)有限会社スピリット
Address major shareholdersCurrentYearInstant_No11MajorShareholdersMember
Original text (Japanese)東京都港区赤坂1丁目14-5 アークヒルズ・エグゼクティブタワーN211
Issued shares voting rights (text)FilingDateInstantText · Plus
Description issued shares voting rightsCurrentYearInstant_SharesWithNoVotingRightsMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsTreasurySharesEtcMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsOtherMember-
Description issued shares voting rightsCurrentYearInstant_OrdinarySharesTreasurySharesSharesWithFullVotingRightsTreasurySharesEtcMember-
Description issued shares voting rightsCurrentYearInstant_OrdinarySharesSharesWithFullVotingRightsOtherMember-
Description issued shares voting rightsCurrentYearInstant_OrdinarySharesSharesLessThanOneUnitMember-
Treasury shares etc (text)FilingDateInstantText · Plus
Name of shareholder treasury shares etcCurrentYearInstant_Row1Member
Original text (Japanese)楽天グループ株式会社
Address of shareholder treasury shares etcCurrentYearInstant_Row1Member
Original text (Japanese)東京都世田谷区玉川一丁目14番1号
Classes of shares etc (text)FilingDateInstantText · Plus
Acquisitions by resolution of shareholders meeting (text)FilingDateInstantText · Plus
Acquisitions by resolution of board of directors meeting (text)FilingDateInstantText · Plus
Acquisitions not based on resolution of shareholders meeting or board of directors meeting (text)FilingDateInstantText · Plus
Disposals or holding of acquired treasury shares (text)FilingDateInstantText · Plus

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 21 of 21 passed
balance sheet identityconsolidated 2024-12-31pass
balance sheet identityconsolidated 2025-12-31pass
balance sheet identitynon_consolidated 2024-12-31pass rounding
balance sheet identitynon_consolidated 2025-12-31pass rounding
dei present pass
period resolution pass
statement vs summary · net assetsnon_consolidated 2023-12-31pass
statement vs summary · net assetsnon_consolidated 2024-12-31pass
statement vs summary · net assetsnon_consolidated 2025-12-31pass
statement vs summary · net income attributable to parentconsolidated 2024-01-01/2024-12-31pass
statement vs summary · net income attributable to parentconsolidated 2025-01-01/2025-12-31pass
statement vs summary · operating cash flowconsolidated 2024-01-01/2024-12-31pass
statement vs summary · operating cash flowconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenueconsolidated 2024-01-01/2024-12-31pass
statement vs summary · revenueconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenuenon_consolidated 2024-01-01/2024-12-31pass
statement vs summary · revenuenon_consolidated 2025-01-01/2025-12-31pass
statement vs summary · total assetsconsolidated 2024-12-31pass
statement vs summary · total assetsconsolidated 2025-12-31pass
statement vs summary · total assetsnon_consolidated 2024-12-31pass
statement vs summary · total assetsnon_consolidated 2025-12-31pass