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Kioxia · Fragment 88

Kioxia Names Three Customers, Then One

Under (4) 主要な顧客に関する情報 in the segment note of Kioxia Holdings Corporation's annual securities report for the year to March 2026, one customer is printed: Appleグループ, 476,014 million yen (US$2,906.1 million), which the sales table on page 36 puts at 20.4 percent of sales. A year earlier the same note had three rows — Apple, Sandisk and Dell — at 17.6, 11.6 and 10.0 percent; the two names that left the note have no row in it, and the sales table prints them as dashes with a note that their share fell under 10 percent.

SubjectMajor customers in the segment note · Kioxia 285A Kioxia Holdings Corporation

TDThe Desk — unsigned by policy ·10 min read ·24 September 2026
10 primary sources · Filed nearby · figures as-of 24 Jul 2026 · ¥/USD 163.8 method · Corrections: 0

The segment note of Kioxia Holdings Corporation's annual securities report for its 8th fiscal year, April 2025 to March 2026, filed on EDINET on June 24, 2026, ends with a one-row table. Item (4) 主要な顧客に関する情報, information on major customers, on page 118 of 185, opens with the sentence 外部顧客への売上収益のうち、連結損益計算書の「売上収益」の10％以上を占める相手先は以下のとおりです — of revenue from external customers, the counterparties accounting for 10 percent or more of 売上収益 on the consolidated income statement are as follows — and prints Appleグループ, the Apple group, at 300,512 million yen (US$1,834.6 million) for the year to March 2025 and 476,014 million yen (US$2,906.1 million) for the year to March 2026. The 7th report, filed June 26, 2025, printed the same item on page 124 with three rows: Appleグループ, Sandiskグループ and Dellグループ. The percentages are in neither table; they are on page 36 of the 8th report and page 40 of the 7th, in a table of a different unit.

The report gives the same names in two places written to two forms. The note, under ６．セグメント情報, prints amounts in 百万円, millions of yen, for two years, with no percentage column and no segment column; item (1) of the same note says 当社グループは、メモリ事業の単一セグメントであるため、記載を省略しています — the group is a single segment, memory, so the segment breakdown is omitted. The other table is in 第２ 事業の状況, under ② 生産、受注及び販売の実績 on pages 35 and 36, introduced as 最近２連結会計年度の主な相手先別の販売実績及び当該販売実績の総販売実績に対する割合, sales by principal counterparty for the last two fiscal years and their share of total sales. That table prints 金額（億円）, amounts in hundreds of millions of yen, and 割合（％）, the share, for each name and each year. Both tables attach グループ, group, to each name.

For the year to March 2026 the page 36 table has one filled row and two rows of dashes. Appleグループ reads 3,005億円 (US$1,835 million) and 17.6 percent for the year to March 2025, then 4,760億円 (US$2,906 million) and 20.4 percent. Sandiskグループ reads 1,986億円 (US$1,212 million) and 11.6 percent, then − and −; Dellグループ reads 1,712億円 (US$1,045 million) and 10.0 percent, then − and −. The note under the table accounts for the dashes: 当連結会計年度のSandiskグループ及びDellグループに対する販売実績及び当該販売実績の総販売実績に対する割合については、当該割合が100分の10未満のため記載を省略しております — for the current year, sales to the Sandisk group and the Dell group and their share of total sales are omitted because the share was under 10 percent. Total 売上収益 for the year, on page 35, is ２兆3,376億円 (US$14,271 million), against １兆7,065億円 (US$10,418 million) a year earlier.

The 7th report's page 40 table has three filled rows for both of its years. Appleグループ: 2,253億円 (US$1,375 million) and 20.9 percent for the year to March 2024, 3,005億円 (US$1,835 million) and 17.6 percent for the year to March 2025. Sandiskグループ: 1,705億円 (US$1,041 million) and 15.8 percent, then 1,986億円 (US$1,212 million) and 11.6 percent. Dellグループ: 940億円 (US$574 million) and 8.7 percent, then 1,712億円 (US$1,045 million) and 10.0 percent. The Dell row prints its year-to-March-2024 figure at 8.7 percent, below the 10 percent line, beside the 10.0 percent of the following year. The note on page 124 prints the same three names in millions of yen: Appleグループ 225,296 and 300,512 (US$1,375.4 million and US$1,834.6 million); Sandiskグループ 170,475 and 198,572 (US$1,040.8 million and US$1,212.3 million); Dellグループ 93,993 and 171,157 (US$573.8 million and US$1,044.9 million).

Read across the two reports, the note gives three years for one name and two for the others. Appleグループ is 225,296, 300,512 and 476,014 million yen (US$1,375.4 million, US$1,834.6 million, US$2,906.1 million) for the years to March 2024, 2025 and 2026, at 20.9, 17.6 and 20.4 percent of sales in the page 40 and page 36 tables. Sandiskグループ is 170,475 and 198,572 million yen (US$1,040.8 million and US$1,212.3 million), at 15.8 and 11.6 percent, and then a dash. Dellグループ is 93,993 and 171,157 million yen (US$573.8 million and US$1,044.9 million), at 8.7 and 10.0 percent, and then a dash. The chart plots the seven printed values and marks the two dashes as dashes. 売上収益 for the three years, from the five-year table on page 2 of the 8th report, is 1,076,584, 1,706,460 and 2,337,628 million yen (US$6,572.6 million, US$10,417.9 million, US$14,271.2 million).

PLATE 7 / HUMAN CAPITAL SPECIMEN CASEREGISTER C-127 / REQUIRED: 3 / VOLUNTARY: 9ratioleavegapvoluntaryvoluntaryvoluntaryvoluntaryvoluntaryvoluntaryvoluntaryvoluntaryvoluntaryPins fitted: 3 / Compartments: 12
Fig. — Three compartments are required and occupied. Nine are voluntary, and have remained so.

The customer names appear a third time, in prose, in ３【事業等のリスク】. Item ①特定の販売先への依存, dependence on particular customers, on page 27, describes the group as a フラッシュメモリ専業メーカー, a maker of flash memory only, whose sales depend largely on a limited set of customers and industries, 大手スマートフォンメーカーやSSDを必要とするハイパースケーラーを含む大規模なIT企業 — large smartphone makers and large IT companies including hyperscalers that need SSDs. The item lists what could change: trade friction between the United States and China, the situation in the Middle East, geopolitical risk around Taiwan, United States tariff policy, demand volumes, and 複数社購買における主要購買先の見直し, a review of the principal source under multi-vendor purchasing. It closes with a named sentence: なお、2026年３月期において、Appleグループの販売高が当社の連結売上収益の10％以上を占めており — in the year to March 2026, sales to the Apple group accounted for 10 percent or more of consolidated revenue. The 7th report's version of the sentence, on page 30, named Appleグループ、Sandiskグループ及びDellグループ for the year to March 2025.

One of the three names is also the group's manufacturing partner, and the report says so in its description of the business. ３【事業の内容】 on page 9 defines the その他 class of revenue as SDメモリカード、USBメモリ等のリテール向け製品及び製造合弁会社３社経由で計上されるSandiskグループ向けの売上収益等 — retail products such as SD memory cards and USB memory, and revenue to the Sandisk group recorded through the three manufacturing joint-venture companies. Page 10 sets out the arrangement: キオクシア株式会社 and the Sandisk group co-own three joint-venture companies, which procure production equipment, install it at the group's 四日市 and 北上 plants and commission キオクシア株式会社 to manufacture on it; the two partners share about 80 percent of the two plants' combined capacity through the ventures, about 40 percent each, and the group owns the remaining about 20 percent alone; the group holds 50.1 percent of the voting rights in each venture and, treating them as 共同支配事業, joint operations, under IFRS, records 50 percent of their assets, liabilities, revenue and expenses. Note 31 on page 162 lists the three — フラッシュパートナーズ㈲, フラッシュアライアンス㈲ and フラッシュフォワード合同会社, all in 三重県四日市市 — at 50.1 percent, with their business given as メモリ製品製造委託及び当社グループ等に製品の販売, contract manufacturing of memory products and sale of products to the group and others.

The report dates the relationship and its latest change. The chronology on page 5 gives 2000年５月 for the start of collaboration with the Sandisk group on flash memory and 2002年４月 for the first jointly funded company at 四日市; the note on page 6 records that SanDisk Corporation, after integration with the Western Digital group, became SanDisk Limited Liability Company, and that in February 2025 the Western Digital group's flash memory business was spun off and listed on Nasdaq as Sandisk Corporation, which took over the contracts with the group and the interests in the manufacturing joint ventures. ５【重要な契約等】 on page 38 lists three master agreements, FLASH PARTNERS of September 10, 2004, FLASH ALLIANCE of July 7, 2006 and FLASH FORWARD of July 13, 2010, each running to December 31, 2034. Page 10 explains the end date: in January 2026 the group and the Sandisk group extended the term of the 四日市 joint venture by five years, from December 31, 2029, and revised the terms, under which the group is to receive a total of 11億6,500万米ドル, US$1,165 million, from 2026 to 2029 as consideration for manufacturing services to the Sandisk group. The 7th report's joint-venture note, on page 165, names the partner as 米国法人SanDisk Limited Liability Company; the 8th report's note 31 names Sandisk Corporation. The related-party note, 32 on page 162, prints 重要な取引はありません, no significant transactions, for both years.

The other two items of the note carry the group's own splits of the same revenue. Item (2) 製品及びサービスに関する情報 gives 売上収益 by application: SSD & ストレージ 991,147 and 1,362,638 million yen (US$6,051.0 million and US$8,318.9 million); スマートデバイス 501,142 and 759,978 (US$3,059.5 million and US$4,639.7 million); その他 214,171 and 215,012 (US$1,307.5 million and US$1,312.6 million); 合計 1,706,460 and 2,337,628 (US$10,417.9 million and US$14,271.2 million), for the years to March 2025 and 2026. Page 9 defines the classes: SSD & ストレージ is mainly SSD and memory products for PCs, data centres and enterprise; スマートデバイス is embedded memory with control functions for smartphones, tablets, televisions and other consumer devices, automotive and industrial equipment; その他 is the retail products and the Sandisk-group revenue through the ventures already quoted. The その他 line is not split further in the note, and the desk does not read it as a figure for sales to any one customer.

Item (3) 地域別に関する情報 splits revenue from external customers into 日本 243,849 and 263,252 million yen (US$1,488.7 million and US$1,607.2 million), 欧米 853,608 and 1,217,643 (US$5,211.3 million and US$7,433.7 million) and アジア 609,003 and 856,733 (US$3,718.0 million and US$5,230.4 million), and states its basis: 売上収益は、当社グループの事業拠点の所在地を基礎として分類しています — revenue is classified by the location of the group's business sites. A sentence under the table gives three countries: アメリカ 758,666 and 1,098,832 million yen (US$4,631.7 million and US$6,708.4 million), 中国 323,357 and 381,857 (US$1,974.1 million and US$2,331.2 million) and 台湾 158,091 and 300,932 (US$965.1 million and US$1,837.2 million). The 7th report's sentence on page 124 named America and China only, for the years to March 2024 and 2025. The basis is the site, not the customer, so the desk does not read the regional table as locating any named customer. Non-current assets in the same item are 日本 1,714,351 and 1,658,950 million yen (US$10,466.1 million and US$10,127.9 million), 欧米 2,172 and 1,986 (US$13.3 million and US$12.1 million) and アジア 6,594 and 6,298 (US$40.3 million and US$38.4 million), by the location of the assets.

外部顧客への売上収益のうち、連結損益計算書の「売上収益」の10％以上を占める相手先は以下のとおりです — the counterparties at 10 percent or more of revenue are as follows: one row in the 8th report, Appleグループ at 476,014 million yen (US$2,906.1 million); three rows in the 7th.

The sales table sits where the form asks for production and orders, and the report says why those two are not given. Page 35: the group makes and sells memory and related products, but products of the same kind differ in performance, structure and form, and 受注生産形態を取っていないため, because it does not make to order, it does not show production or order volumes by item in amount or quantity; production, orders and sales are described within ① 経営成績の状況 instead. That section gives the year's 売上収益 of ２兆3,376億円 (US$14,271 million), up 6,312億円 (US$3,853 million), and its reason in the report's words: 生成AI用途を中心としたデータセンター向け顧客の力強い需要による平均販売単価の大幅な上昇や出荷量（記憶容量ベース）が増加したこと — strong demand from data-centre customers, centred on generative AI uses, which raised the average selling price sharply, and higher shipments measured by storage capacity. The same page splits the year's revenue as SSD & ストレージ １兆3,626億円 (US$8,319 million), スマートデバイス 7,600億円 (US$4,640 million) and その他 2,150億円 (US$1,313 million).

0 100,000 200,000 300,000 400,000 500,000 Appleグループ · Apple group 476,014 Sandiskグループ · Sandisk group 2026: − (under 10 percent, not printed) Dellグループ · Dell group 2026: − (under 10 percent, not printed) to March 2024 (7th report) to March 2025 to March 2026 (8th report) [ x = 売上収益 to the customer, millions of yen, as printed in the note; label = value for the year to March 2026 ]
Revenue from the customers named in the (4) 主要な顧客に関する情報 item of the segment note of Kioxia Holdings Corporation's annual securities reports, in millions of yen as printed: Apple group 225,296 / 300,512 / 476,014 for the years to March 2024 / 2025 / 2026; Sandisk group 170,475 / 198,572, and Dell group 93,993 / 171,157, for the years to March 2024 / 2025, with no row for either in the year to March 2026, where the sales table on page 36 prints − and a note that the share was under 10 percent; Dell group's value for the year to March 2024 is put at 8.7 percent of sales in the 7th report's sales table. Each dot is a printed value; nothing is added, divided or differenced.

The 10 percent line is the report's, and the two tables carry it differently across years. In the 8th report's sales table on page 36, Sandiskグループ and Dellグループ keep their rows: the year-to-March-2025 amounts and shares are printed, and the year-to-March-2026 cells are dashes, with the footnote that the share was under 10 percent. In the note on page 118 the same two names have no row at all, so their year-to-March-2025 amounts, 198,572 and 171,157 million yen (US$1,212.3 million and US$1,044.9 million), appear in the 7th report's note on page 124 but not in the 8th report's. The 7th report's note, for its part, prints Dellグループ's year-to-March-2024 amount, 93,993 million yen (US$573.8 million), which the page 40 table puts at 8.7 percent, beside its 171,157 million yen (US$1,044.9 million) for the following year. A dash in the sales table means what the footnote says, under 10 percent of total sales; the report prints no figure behind it, and the desk estimates none.

Both reports are filed by a company whose shares were listed part-way through the period the tables cover. The chronology on page 8 gives 2024年12月 for the listing on the Prime Market of the Tokyo Stock Exchange, and note 3 to the five-year table on page 2 says the price-earnings ratio is not given for the 4th to 6th fiscal years because the shares were unlisted. Of the three fiscal years in the customer tables, the year to March 2024 falls wholly before the listing; the year to March 2025, April 2024 to March 2025, spans the listing month; and the year to March 2026 falls wholly after it. The 7th report's tables cover the first two of those years and the 8th report's the last two. The five-year table's 売上収益 line — 1,526,495, 1,282,101, 1,076,584, 1,706,460 and 2,337,628 million yen (US$9,319.3 million, US$7,827.2 million, US$6,572.6 million, US$10,417.9 million, US$14,271.2 million) for the years to March 2022 through 2026 — is the line against which the desk's check in the method paragraph was made.

Method. The desk retrieved the 8th report (S100YJ18) and the 7th report (S100W440) as PDFs through the EDINET API and read pages 36 and 118 of the first and pages 40 and 124 of the second with pdfplumber's table extraction, keeping the whitespace that marks cell boundaries; the extracted rows are the ones quoted, and the sentences are from the page text of pages 2, 5, 6, 8, 9, 10, 27, 35, 38, 152 and 162 of the 8th report and pages 30, 39 and 165 of the 7th. As a check, each amount in the note was divided once by the 売上収益 of the same year from the five-year table, and each result, rounded to one decimal, matched the percentage printed on page 36 or page 40; each amount was also rounded once to 億円 and matched the amount printed there. The results of those checks are not used as figures. No share, difference or growth rate is computed, no figure is estimated for a dash, and dollar figures are conversions at ¥163.8 = US$1 for reference.

What would change our mind

The count of three names then one is a count of rows that cross the report's 10 percent line, not of customers: a counterparty under 10 percent in both years of a report has no row in either table, so nothing here describes the customer base beyond the names printed. The dashes for Sandiskグループ and Dellグループ in the year to March 2026 mean what the footnote says, under 10 percent of total sales; the report prints no figure behind them and the desk estimates none, so the trail for those two names ends at the year to March 2025. The report's note on financial instruments, 29 on page 152, says of credit risk that the group's receivables are owed by many counterparties across industries and regions and that it has no excessive concentration of credit risk in a single counterparty or its group; that sentence is about receivables, and the 10 percent test in the customer note is about revenue, so the two are not set against each other here. The regional table classifies by the group's business sites, so no named customer is placed in a region. The Sandisk-group revenue that page 9 says is included in その他 is not separated from the retail products in that class, and the desk does not equate the その他 line with sales to Sandisk. The check that each note amount over the year's 売上収益 gives the printed percentage is arithmetic on printed figures and confirms that the two tables agree; it is not a computed share and is not used as one.

Filed nearby: related fragments

Sources

  1. キオクシアホールディングス株式会社 (Kioxia Holdings Corporation, 285A), 有価証券報告書 第８期 (2025/04/01–2026/03/31) filed 2026-06-24 — 連結財務諸表注記 ６．セグメント情報, p. 118: (1) 報告セグメント 単一セグメントであるため記載を省略; (2) 製品及びサービス SSD & ストレージ 991,147 / 1,362,638, スマートデバイス 501,142 / 759,978, その他 214,171 / 215,012, 合計 1,706,460 / 2,337,628; (3) 地域別 (事業拠点の所在地基礎) 日本 243,849 / 263,252, 欧米 853,608 / 1,217,643, アジア 609,003 / 856,733; アメリカ 758,666 / 1,098,832, 中国 323,357 / 381,857, 台湾 158,091 / 300,932; 非流動資産 日本 1,714,351 / 1,658,950, 欧米 2,172 / 1,986, アジア 6,594 / 6,298; (4) 主要な顧客に関する情報 Appleグループ 300,512 / 476,014 (百万円) — https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ18Financial Services Agency (EDINET)
  2. キオクシアホールディングス株式会社 (Kioxia Holdings Corporation, 285A), 有価証券報告書 第８期 filed 2026-06-24 (PDF, 185 pp.) — p. 1 表紙 (提出日 2026年６月24日, 英訳名 Kioxia Holdings Corporation); p. 2 主要な経営指標等 (売上収益 1,526,495 / 1,282,101 / 1,076,584 / 1,706,460 / 2,337,628; 注３ 第４〜６期は非上場); pp. 5–6 沿革 (2000年５月 Sandiskグループと協業開始, 2002年４月 フラッシュビジョン㈲; 注１ 2025年２月 Sandisk Corporation が Nasdaq 上場); p. 8 (2024年12月 東京証券取引所プライム市場に上場); pp. 9–10 事業の内容 (単一セグメント; アプリケーション別 3 区分; その他に製造合弁会社３社経由の Sandiskグループ向け売上収益; 製造合弁契約 約80％ / 各約40％ / 約20％, 議決権 50.1％, 50％ を連結; 2026年１月 四日市の契約期間を 2029年12月31日から 2034年12月31日に延長, 2026〜2029年に合計 11億6,500万米ドル); p. 27 事業等のリスク ①特定の販売先への依存 (2026年３月期 Appleグループ 10％以上); p. 35 経営成績 (売上収益 ２兆3,376億円 +6,312億円; SSD & ストレージ １兆3,626億円, スマートデバイス 7,600億円, その他 2,150億円; 生産・受注の記載省略の理由); p. 36 相手先別の販売実績 Appleグループ 3,005 17.6 / 4,760 20.4, Sandiskグループ 1,986 11.6 / − −, Dellグループ 1,712 10.0 / − − (注: 100分の10未満のため記載を省略); p. 38 重要な契約等 (FLASH PARTNERS 2004年９月10日, FLASH ALLIANCE 2006年７月７日, FLASH FORWARD 2010年７月13日, いずれも 2034年12月31日まで); p. 152 29．金融商品 信用リスク; p. 162 31．主要な共同支配の取決め及び関連会社 (フラッシュパートナーズ㈲・フラッシュアライアンス㈲・フラッシュフォワード合同会社 50.1; 注２ Sandisk Corporation), 32．関連当事者 (両年 重要な取引はありません) — https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdfFinancial Services Agency (EDINET)
  3. キオクシアホールディングス株式会社 (Kioxia Holdings Corporation, 285A), 有価証券報告書 第７期 (2024/04/01–2025/03/31) filed 2025-06-26 — 連結財務諸表注記 ６．セグメント情報, p. 124: (2) 製品及びサービス SSD & ストレージ 516,361 / 991,147, スマートデバイス 374,293 / 501,142, その他 185,930 / 214,171, 合計 1,076,584 / 1,706,460; (3) 地域別 アメリカ 393,909 / 758,666, 中国 217,870 / 323,357; (4) 主要な顧客に関する情報 Appleグループ 225,296 / 300,512, Sandiskグループ 170,475 / 198,572, Dellグループ 93,993 / 171,157 (百万円) — https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W440Financial Services Agency (EDINET)
  4. キオクシアホールディングス株式会社 (Kioxia Holdings Corporation, 285A), 有価証券報告書 第７期 filed 2025-06-26 (PDF, 186 pp.) — p. 30 事業等のリスク ①特定の販売先への依存 (2025年３月期 Appleグループ、Sandiskグループ及びDellグループ 10％以上); p. 39 経営成績 (売上収益 １兆766億円 → １兆7,065億円); p. 40 相手先別の販売実績 Appleグループ 2,253 20.9 / 3,005 17.6, Sandiskグループ 1,705 15.8 / 1,986 11.6, Dellグループ 940 8.7 / 1,712 10.0; p. 165 32．主要な共同支配の取決め及び関連会社 (注２ 米国法人SanDisk Limited Liability Company), 33．関連当事者 (両年 重要な取引はありません) — https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100W440.pdfFinancial Services Agency (EDINET)
  5. EDINET document list API (v2), date 2026-06-24 — index row for S100YJ18: 有価証券報告書－第8期(2025/04/01－2026/03/31), キオクシアホールディングス株式会社, submitted 2026-06-24 11:15 (the endpoint requires a subscription key, which is not shown here) — https://api.edinet-fsa.go.jp/api/v2/documents.json?date=2026-06-24&type=2Financial Services Agency (EDINET)
  6. EDINET document list API (v2), date 2025-06-26 — index row for S100W440: 有価証券報告書－第7期(2024/04/01－2025/03/31), キオクシアホールディングス株式会社, submitted 2025-06-26 11:04 — https://api.edinet-fsa.go.jp/api/v2/documents.json?date=2025-06-26&type=2Financial Services Agency (EDINET)
  7. EDINET code list (EDINETコードリスト) — E35948, キオクシアホールディングス株式会社, 提出者名（英字） Kioxia Holdings Corporation, 決算日 3月末日, 提出者業種 電気機器, 証券コード 285A0 (the list's five-character form of 285A) — https://disclosure2.edinet-fsa.go.jp/weee0010.aspxFinancial Services Agency (EDINET)
  8. EDINET API (v2) specification — the document-list endpoint used to locate the two annual securities reports and the document-retrieval endpoint used to download their PDFs — https://disclosure2dl.edinet-fsa.go.jp/guide/static/disclosure/WZEK0110.htmlFinancial Services Agency (EDINET)
  9. Japanese yen exchange rate — the live quote page the ¥163.8 rate was retrieved from on 24 July 2026. It shows the current rate, not that date's; the reference-rate source below holds the dated value — https://tradingeconomics.com/japan/currencyTradingEconomics
  10. USD/JPY for 24 July 2026 — 163.82 on a dated reference series blended across central-bank sources. This URL keeps returning that date's value, so the rate behind every dollar figure here can be checked after the fact; the conversions use ¥163.8 — https://api.frankfurter.app/2026-07-24?from=USD&to=JPYFrankfurter (a dated series blended across central-bank sources)
Every figure above is traceable to the source it came from, and every source is linked. If one of them is wrong, write to [email protected] — we correct within 72 hours, at the top of the piece, and leave the history public.

This is general information about public disclosure, published freely to an unspecified readership. It is not investment advice, and contains no rating, target price, or recommendation.