26 Major General Contractors: FY2025 Q1–Q2 Earnings – 21 Companies Increased Revenue, All Companies Increased Operating Profit

26 Major General Contractors: FY2025 Q1–Q2 Earnings – 21 Companies Increased Revenue, All Companies Increased Operating Profit

17 November 2025 – Business & Management

CONSOLIDATED FINANCIAL RESULTS OF 26 MAJOR CONSTRUCTION COMPANIES FOR THE APR-SEP 2025 PERIOD

Units: Billions of Yen, %

• Note: Each company has two rows of data:

  • Top Row (Bold): Actual figures for the First Half of the Fiscal Year (Apr 2025 - Sep 2025).

  • Bottom Row (Italic): Forecast for the Full Fiscal Year (Ending Mar 2026).

(Table continues with other companies...)

Earnings results for the first half (April–September 2025) of 26 major Japanese general contractors were released on 14 November. Consolidated sales grew for 21 companies, supported by steady progress in ongoing projects. Operating profit, reflecting core business earnings, increased for all companies compared with the same period last year, with nine companies reaching record highs. Many firms reported higher gross profit margins for individual completed projects than the previous year, demonstrating significant improvement in profitability. Upward revisions to full-year forecasts for FY2026 are also widespread. Companies continue to prioritize profit by improving contract-level profitability at the time of order acquisition.

Among the 21 companies that posted higher consolidated sales than the previous year, 12—including Kajima, Haseko Corporation, Infronia Holdings (HD), and Goyo Construction—set historical highs.

The 12 companies that achieved record operating profit are Kajima, Obayashi Corporation, Taisei Corporation, Infronia HD (business profit), Goyo Construction, Toda Corporation, Takamatsu Construction Group, Toa Construction Corporation, Okumura Corporation, Asanuma Corporation, PS Construction, and Tohken Corporation. “We have been selectively bidding for high-profit projects for several years, and results are starting to show,” commented Takamatsu Construction Group, reflecting the effectiveness of a profit-focused strategy.

Improvement in Project Profitability
Among 19 companies that disclosed gross profit margins separately for civil engineering and building works, 12 civil engineering companies and 17 building companies exceeded the previous year’s figures. Twelve civil engineering and ten building companies achieved double-digit margins. In addition to rising project profitability, companies have also raised profit levels through strict price adjustments reflecting raw materials and labor costs, as noted by Kumagai Corporation.

Thirteen companies reported higher standalone order intake compared with the same period last year, a leading indicator of future performance. Goyo Construction achieved record order intake, boosted by projects in defense, carbon-neutral initiatives, and large-scale logistics warehouses. Although the order environment remains favorable, some mid-tier companies expect this situation to last about three more years. Concerns include rising costs of imported materials and oil due to the weak yen, as well as tight labor supply.

Reflecting the strong business environment, 14 companies revised up their FY2026 earnings forecasts. Kajima set its full-year consolidated sales forecast at a record JPY 3 trillion. Companies maintain high performance by establishing reliable construction systems together with partner firms.