Seiko Epson (6724): Three segments, six lines beneath

Note ６．セグメント情報, segment information, in the consolidated financial statements of Seiko Epson Corporation's annual securities report for its 84th fiscal year, April 1, 2025 to March 31, 2026, filed on EDINET on June 24, 2026, runs from page 137 to page 140 of 206. It has four numbered parts: (1) 報告セグメントの概要, an outline of the reporting segments; (2) セグメント収益および業績, segment revenue and results; (3) 地域別に関する情報, information by region; and (4) 主要な顧客に関する情報, information on major customers. The reporting segments are three: プリンティングソリューションズ事業, ビジュアルコミュニケーション事業 and マニュファクチャリング関連・ウエアラブル事業, printing solutions, visual communications, and manufacturing-related and wearables. This piece reads the note, follows the three segments to the pages where the same report cuts them finer, and ends on the pages where the report names four different segments for the plan that begins with fiscal 2026.

Part (1) gives the basis first: エプソンの報告セグメントは、エプソンの構成単位のうち分離された財務情報が入手可能であり、取締役会が経営資源の配分の決定および業績の評価をするために定期的に検討を行う対象となっている事業セグメントを基礎に決定されております — the reporting segments rest on the operating segments for which separate financial information is available and which the board of directors reviews regularly to allocate resources and assess performance. The three are described as 製品の種類、性質、販売市場等から総合的に区分された, divided comprehensively by type and nature of product and by market. A table of 主要な製品等 follows: for printing solutions, オフィス・ホーム用インクジェットプリンター, シリアルインパクトドットマトリクスプリンター, カラーイメージスキャナー, 乾式オフィス製紙機, 商業・産業用インクジェットプリンター, インクジェットプリントヘッド, POSシステム関連製品, ラベルプリンター, their consumables and デジタル印刷ソフトウエアソリューション; for visual communications, 液晶プロジェクター、スマートグラス 等; for manufacturing-related and wearables, 産業用ロボット、ウオッチ、ウオッチムーブメント、水晶デバイス、半導体、金属粉末、表面処理加工、PC 等. The desk set this part beside the same part on page 135 of 205 in the 83rd-term report filed June 25, 2025, character by character after removing whitespace: the one difference is ページプリンター、, page printers, which stands in the earlier product list for printing solutions and not in the later one.

Part (2) prints one table for each year. For the year to March 2026, on page 139, 外部収益, revenue from external customers, is 1,029,483 million yen (US$6,285.0 million) for printing solutions, 181,388 million yen (US$1,107.4 million) for visual communications and 196,868 million yen (US$1,201.9 million) for manufacturing-related and wearables, with 報告セグメント計 1,407,740 million yen (US$8,594.3 million), 調整額 5,511 million yen (US$33.6 million) and 連結 1,413,251 million yen (US$8,627.9 million). A second row, セグメント間収益, prints 53, 0 and 9,194 million yen (US$0.32 million, zero and US$56.1 million), a subtotal of 9,248 (US$56.5 million) and an adjustment of △9,248 (US$56.5 million), so that 収益合計, total revenue, reads 1,029,537, 181,388 and 206,062 million yen (US$6,285.3 million, US$1,107.4 million and US$1,258.0 million), a subtotal of 1,416,988 (US$8,650.7 million), an adjustment of △3,737 (US$22.8 million) and the same 1,413,251 million yen (US$8,627.9 million) for the group. The introductory sentence adds that セグメント間の取引はおおむね市場実勢価格に基づいております, inter-segment transactions are broadly at market prices. The report states on page 119 that the statements are presented with amounts below one million yen cut off, 百万円未満の端数を切り捨てて表示; the desk therefore lists the printed rows and writes no sum of its own.

The profit line is セグメント損益（事業利益）, which note 1 beneath the table defines: 売上収益から売上原価、販売費及び一般管理費を控除して算出, revenue less cost of sales and selling, general and administrative expenses. For the year to March 2026 it prints 120,572 million yen (US$736.1 million) for printing solutions, 12,253 million yen (US$74.8 million) for visual communications and 10,797 million yen (US$65.9 million) for manufacturing-related and wearables, a 報告セグメント計 of 143,622 (US$876.8 million), 調整額 of △59,833 (US$365.3 million) and 連結 of 83,788 million yen (US$511.5 million). Note 2 splits the adjustment into セグメント間取引消去 of 351 million yen (US$2.1 million) and 全社費用・その他 of △60,185 million yen (US$367.4 million), the latter being 主に基礎研究に関する研究開発費および報告セグメントに帰属しない新規事業・本社機能に係る収益、費用, mainly research expense on basic research and the income and costs of new businesses and head-office functions not attributed to a segment. Below the segment line the table walks to the statement of profit or loss: その他の営業収益及びその他の営業費用 △34,230 (US$209.0 million), 営業利益 49,558 (US$302.6 million), 金融収益及び金融費用 479 (US$2.9 million), 持分法による投資損益 △14 (US$0.09 million) and 税引前利益 50,023 million yen (US$305.4 million), the figure the five-year table on page 2 prints as 税引前利益 for the year.

A second block headed その他の項目 carries four more rows for the same three columns. 減価償却費及び償却費 is △48,785, △9,594 and △11,120 million yen (US$297.8 million, US$58.6 million and US$67.9 million), with 調整額 △8,037 (US$49.1 million) and 連結 △77,538 (US$473.4 million). 減損損失（非金融資産） is △27,464, △74 and △1,334 million yen (US$167.7 million, US$0.45 million and US$8.1 million), 調整額 △364 (US$2.2 million) and 連結 △29,238 (US$178.5 million); the first and third cells carry note marks, and note 4 says that within the printing-solutions figure the goodwill of Fiery社, 商業・産業プリンティング事業領域に含まれる, included in the commercial and industrial printing business area, took an impairment loss of △25,889 million yen (US$158.1 million), while note 5 says the マニュファクチャリングソリューションズ事業 took △1,295 million yen (US$7.9 million). 報告セグメント資産 is 795,237, 153,036 and 201,576 million yen (US$4,854.9 million, US$934.3 million and US$1,230.6 million), a subtotal of 1,149,851 (US$7,019.8 million), 調整額 385,019 (US$2,350.5 million), which note 3 says contains elimination of △4,326 (US$26.4 million) and corporate assets not attributed to a segment, and 連結 1,534,870 million yen (US$9,370.4 million), the 総資産額 printed on page 2. 資本的支出 is 47,875, 7,112 and 9,587 million yen (US$292.3 million, US$43.4 million and US$58.5 million), subtotal 64,575 (US$394.2 million), 調整額 9,903 (US$60.5 million) and 連結 74,478 (US$454.7 million).

The table for the year to March 2025, on page 138, has the same rows. 外部収益 was 980,078, 203,782 and 172,210 million yen (US$5,983.4 million, US$1,244.1 million and US$1,051.3 million), subtotal 1,356,070 (US$8,278.8 million), 調整額 6,873 (US$42.0 million) and 連結 1,362,944 (US$8,320.8 million). セグメント損益（事業利益） was 124,847 million yen (US$762.2 million) for printing solutions, 29,021 (US$177.2 million) for visual communications and △3,221 (US$19.7 million) for manufacturing-related and wearables, a subtotal of 150,646 (US$919.7 million), 調整額 △61,057 (US$372.8 million), made up of 487 (US$3.0 million) of eliminations and △61,545 (US$375.7 million) of corporate costs and other, and 連結 89,589 (US$546.9 million). Read across the two pages, the third segment prints a loss of △3,221 million yen (US$19.7 million) in the earlier year and a profit of 10,797 million yen (US$65.9 million) in the later one; the second prints 29,021 (US$177.2 million) and then 12,253 (US$74.8 million); the first prints 124,847 (US$762.2 million) and then 120,572 million yen (US$736.1 million). 減損損失 in the earlier year was △92, △29 and △792 (US$0.56 million, US$0.18 million and US$4.8 million), of which note 4 attributes △777 (US$4.7 million) to the マニュファクチャリングソリューションズ事業, with 連結 △1,256 (US$7.7 million); 報告セグメント資産 was 753,144, 153,773 and 179,415 (US$4,597.9 million, US$938.8 million and US$1,095.3 million) with 連結 1,456,461 (US$8,891.7 million); 資本的支出 was 46,429, 9,066 and 12,598 (US$283.4 million, US$55.3 million and US$76.9 million) with 連結 75,821 (US$462.9 million).

The management analysis in 第２ 事業の状況 restates the same three segments in 億円 and adds the report's own rates of change. Page 55 closes each segment passage with 以上の結果: printing solutions 売上収益 １兆295億円 (US$6,285 million), 前期比5.0％増, and セグメント利益 1,206億円 (US$736 million), 同3.4％減; visual communications 1,814億円 (US$1,107 million), 前期比11.0％減, and 123億円 (US$75.1 million), 同57.8％減; manufacturing-related and wearables 2,061億円 (US$1,258 million), 前期比13.6％増, and 108億円 (US$65.9 million), where the prior year was セグメント損失32億円 (US$19.5 million). The 調整額 is given as △598億円 (US$365 million) against △611億円 (US$373 million) a year earlier, the Fiery goodwill impairment as 259億円 (US$158 million) and the manufacturing-solutions impairment as 13億円 (US$7.9 million). The bridge table on page 54 lists the segments as 主な増減理由 for two lines: for 売上収益, printing solutions ＋494, visual communications △224 and manufacturing-related and wearables ＋246 (US$302 million, US$137 million and US$150 million); for 事業利益, △43, △168 and ＋140 (US$26.3 million, US$103 million and US$85.5 million), beside group revenue of 14,133億円 (US$8,628 million), 3.7％増, and 事業利益 of 838億円 (US$512 million), 6.5％減.

Beneath the segment, page 55 speaks in words. オフィス・ホームプリンティング事業 revenue was 若干の増収, a slight increase, on firm sales of office and home inkjet hardware; 商業・産業プリンティング事業 revenue was 増収, with the print-head external business 前期並み, flat, on continued soft demand in China; マニュファクチャリングソリューションズ事業 was 増収 on demand in China and Southeast Asia; ウエアラブル機器事業 was 増収 on inbound demand in Japan and new products; within マイクロデバイス事業, 水晶デバイス was 大幅な増収 and 半導体 was 増収 on a recovery at some customers. The figures that follow 以上の結果 are the segment totals above. The amounts behind the words are printed in a note later in the financial statements.

That note is 26．売上収益 (1) 収益の分解, disaggregation of revenue, on page 165, which opens: 「６．セグメント情報」で記載しているセグメント別の売上収益を、事業別に分解しています — the revenue by segment in note 6 is broken down by business. For the year to March 2026 it lists プリンティングソリューションズ事業セグメント 1,029,537 million yen (US$6,285.3 million) as オフィス・ホームプリンティング事業 695,221 (US$4,244.3 million), 商業・産業プリンティング事業 334,386 (US$2,041.4 million) and 事業間売上収益 △70 (US$0.43 million); ビジュアルコミュニケーション事業セグメント 181,388 (US$1,107.4 million) with no line beneath it; and マニュファクチャリング関連・ウエアラブル事業セグメント 206,062 (US$1,258.0 million) as マニュファクチャリングソリューションズ事業 23,527 (US$143.6 million), ウエアラブル機器事業 41,095 (US$250.9 million), マイクロデバイス事業 他 116,027 (US$708.3 million), PC事業 28,395 (US$173.4 million) and 事業間売上収益 △2,984 (US$18.2 million). Then come その他 △3,737 (US$22.8 million), which note 1 says holds revenue not attributed to a segment and inter-segment eliminations, 合計 1,413,251 (US$8,627.9 million), and a split of that total into 顧客との契約から認識した収益 1,406,935 (US$8,589.3 million) and その他の源泉から認識した収益 6,316 (US$38.6 million), the latter including lease income under IFRS 16. The three segment lines and the その他 and 合計 lines are the same five values as the 収益合計 row of note 6.

The earlier year's column on the same page lists 680,478 (US$4,154.3 million) for office and home printing, 299,760 (US$1,830.0 million) for commercial and industrial printing and △89 (US$0.54 million) between them under a segment line of 980,148 (US$5,983.8 million); 203,782 (US$1,244.1 million) for visual communications; and, under 181,463 (US$1,107.8 million), 22,093 (US$134.9 million) for manufacturing solutions, 39,348 (US$240.2 million) for wearables, 103,701 (US$633.1 million) for microdevices and other, 20,722 (US$126.5 million) for PCs and △4,401 (US$26.9 million) between them, then その他 △2,450 (US$15.0 million) and 合計 1,362,944 (US$8,320.8 million), of which 1,357,525 (US$8,287.7 million) from contracts with customers and 5,418 (US$33.1 million) from other sources. In the pages read, this is the finest layer at which revenue is printed: six business lines under two of the three segments, in both years. In the same pages, the profit, asset and capital-expenditure rows stop at the segment.

The business lines of note 26 are the ones ３【事業の内容】 describes on pages 5 to 8. Page 5 says the printing-solutions segment オフィス・ホームプリンティング事業、商業・産業プリンティング事業から構成されており, is composed of the office and home printing business and the commercial and industrial printing business; page 7 says the third segment マニュファクチャリングソリューションズ事業、ウエアラブル機器事業、マイクロデバイス事業他、PC事業から構成されており, is composed of manufacturing solutions, wearable products, microdevices and other, and PCs, with the microdevices line subdivided on pages 7 and 8 into ［水晶デバイス］, ［半導体］ and ［その他］ for metal powders and surface treatment, and the PC business described as 国内市場において子会社を通じてPCなどの販売, sales of PCs in the domestic market through a subsidiary. Each business line has a table of 主要な関係会社 split into 製造会社 and 販売会社; Fiery, LLC appears among the manufacturing companies of commercial and industrial printing on page 6 and エプソンダイレクト㈱ under PCs on page 8. Page 5 also carries the sentence that fixes the count, なお、エプソンの報告セグメントは…の三つとしております, which in the 83rd-term report read 長期ビジョン「Epson 25 Renewed」に基づき、…の３つとしております; the phrase naming the long-term vision is absent from the later sentence, and the numeral is written 三つ rather than ３つ.

Three more tables in the same report use the three segments as their rows. The sales table on page 56 prints 販売実績 of 1,029,483, 181,388 and 196,868 million yen (US$6,285.0 million, US$1,107.4 million and US$1,201.9 million), the same values as the 外部収益 row of note 6, with 前期比 of 105.0, 89.0 and 114.3 percent, then 報告セグメント計 1,407,740 (US$8,594.3 million) at 103.8, その他 5,511 (US$33.6 million) at 80.2 and 合計 1,413,251 (US$8,627.9 million) at 103.7 percent; its note 2 reads 総販売実績に対する販売割合が10％以上の相手先はありません. The employee table on page 115 prints 51,926, 8,509 and 10,325 people, 報告セグメント計 70,760, その他 486, 全社（共通） 3,373 and 合計 74,619 as of March 31, 2026, with notes that the count is 就業人員数 and that 全社（共通） is staff in administrative departments 特定のセグメントに区分できない, that cannot be assigned to a specific segment. The filer-only table on page 116 prints 6,012, 1,396 and 2,035, 報告セグメント計 9,443, その他 0, 全社（共通） 2,868 and 合計 12,311.

Research and capital spending are also cut by segment, in 億円 and with a fourth row called その他および全社. Page 60 says 当連結会計年度の研究開発費総額は468億円であり、売上収益の3.3％にあたります, research and development expense of 468億円 (US$286 million), 3.3 percent of revenue, and lists 227億円 (US$139 million) for printing solutions, 73億円 (US$44.6 million) for visual communications, 47億円 (US$28.7 million) for manufacturing-related and wearables and 122億円 (US$74.5 million) for その他および全社, which the text says includes research on technology foundations for strengthening businesses and creating new ones; note 27 on page 166 prints 研究開発費 of △46,757 million yen (US$285.5 million) within selling, general and administrative expenses. Page 64 gives 設備投資総額（有形固定資産およびソフトウエア） of 745億円 (US$455 million) and lists 479億円 (US$292 million), 71億円 (US$43.3 million), 96億円 (US$58.6 million) and 99億円 (US$60.4 million) for the same four rows. The segment note's 資本的支出 row prints 74,478 million yen (US$454.7 million) for the group and 9,903 (US$60.5 million) for 調整額; the two pages carry different labels, and the desk does not reconcile them.

The impairment note goes one level below the segment. 16．非金融資産の減損 on page 149 says that cash-generating units are grouped 管理会計上の事業区分を基準に, on the business divisions of management accounting, and that the year's impairment total of 29,238 million yen (US$178.5 million) consists mainly of のれん 25,889 (US$158.1 million), 建物及び構築物 1,816 (US$11.1 million) and ソフトウエア 704 (US$4.3 million). The goodwill is that of Fiery社, placed by the note in the 商業・産業プリンティング事業領域 of the printing-solutions segment; its carrying amount at year end is 13,827 million yen (US$84.4 million) against 36,103 (US$220.4 million) a year earlier, the recoverable amount of the unit was 57,427 million yen (US$350.6 million), and the pre-tax discount rate and long-term growth rate were 15.1 percent and 2.2 percent, against 14.0 and 2.1 the year before. The second item, 1,295 million yen (US$7.9 million) in the マニュファクチャリングソリューションズ事業, was measured against a recoverable amount of 4,146 million yen (US$25.3 million). Note 7 on page 141 records the acquisition of Fiery, LLC on December 2, 2024, for 100 percent of its equity, with 事業の内容 given as デジタル印刷ソフトウエアソリューション, and the auditor's report on page 201 names Fiery社に係るのれんの評価 as a key audit matter.

Part (3) of the segment note, on page 140, is cut by country rather than by segment. 外部顧客からの売上収益 is 日本 232,074 million yen (US$1,416.8 million), 米国 302,601 (US$1,847.4 million), 中華人民共和国 181,760 (US$1,109.6 million) and その他 696,814 (US$4,254.1 million), 合計 1,413,251 (US$8,627.9 million), against 225,920, 288,339, 182,176 and 666,507 (US$1,379.2 million, US$1,760.3 million, US$1,112.2 million and US$4,069.0 million) a year earlier, classified 顧客の所在地を基礎とし, by the customer's location. 非流動資産 has six rows: 日本 224,863 (US$1,372.8 million), 米国 98,581 (US$601.8 million), フィリピン 48,956 (US$298.9 million), インドネシア 35,093 (US$214.2 million), 中華人民共和国 29,570 (US$180.5 million) and その他 62,668 (US$382.6 million), 合計 499,734 (US$3,050.9 million), against 224,835, 120,200, 46,899, 33,306, 28,468 and 55,051 (US$1,372.6 million, US$733.8 million, US$286.3 million, US$203.3 million, US$173.8 million and US$336.1 million), 合計 508,762 (US$3,106.0 million), on the location of the assets and excluding equity-method investments, retirement-benefit assets, other financial assets and deferred tax assets. The region table and the segment table are separate tables; neither crosses the other. Part (4) is one sentence, エプソンの収益全体の10％を超える単一の外部顧客との取引はありません, the report's statement that no single external customer exceeds 10 percent of total revenue.

The same report names a different set of segments on the pages about the plan. Page 16 says that in March 2026 the company formulated a new long-term vision, ENGINEERED FUTURE 2035, whose Phase １ is the medium-term plan for fiscal 2026 to fiscal 2028. Page 17 then reads: 成長領域を再定義し、事業セグメントの再編を行うことで、各事業の役割を明確化し、資本効率を重視した経営資源配分を推進します — redefine the growth areas and reorganise the business segments, so as to clarify each business's role and allocate resources with weight on capital efficiency. Four names follow: プレシジョンイノベーションセグメント, built on インクジェットソリューションズ事業, マイクロデバイス事業 and エプソンアトミックス（微細合金粉末）事業; インダストリアル＆ロボティクスセグメント, covering 商業・産業プリンティング事業 and ロボティクス事業; オフィス・ホームプリンティングセグメント; and ビジュアル＆ライフスタイルセグメント, under which page 18 places ビジュアルプロダクツ事業 and ウエアラブルプロダクツ事業. Page 19 sets 2028年度 targets beside the year's figures, 売上収益 14,133億円 (US$8,628 million) to 15,000億円 (US$9,158 million), ROIC 5.5 to 8.0 percent, ROE 2.2 to 10.0 percent, ROS 5.9 to 8.0 percent and 産業領域事業利益構成比 45 to 60 percent, with footnote ※３ defining the last as the share of ４事業セグメント利益合算値, the combined profit of four business segments.

Two places in the report are already set out under the new names. ３【設備の新設、除却等の計画】 on page 68 gives a capital-expenditure plan of 850億円 (US$519 million) for the year after the fiscal year end, 2026年度計画, as プレシジョンイノベーション 330億円 (US$201 million), インダストリアル＆ロボティクス 100億円 (US$61.1 million), オフィス・ホームプリンティング 240億円 (US$147 million), ビジュアル＆ライフソリューションズ 100億円 (US$61.1 million) and その他および全社 80億円 (US$48.8 million), including leased equipment. The fourth row of that table is printed as ビジュアル＆ライフソリューションズ, while pages 17 to 19 and 23 print ビジュアル＆ライフスタイルセグメント; this piece uses each page's own label. Page 45 carries a figure, embedded as an image and headed ■ 長期ビジョン「ENGINEERED FUTURE 2035」で再編した事業セグメントの位置付けに応じた知的財産活動（レベル４）, with the four as columns and, in a row labelled 事業, インクジェットソリューションズ, マイクロデバイス and エプソンアトミックス under the first, 商業・産業プリンティング and ロボティクス under the second, オフィス・ホームIJP under the third, and ビジュアルプロダクツ, ウエアラブルプロダクツ and PC under the fourth; its 位置づけ row reads 成長エンジン, Phase 2 での本格成長, 収益基盤 and 収益基盤. Page 60 dates a reorganisation of the research structure into three development centres to April 1, 2026. The segment note itself and the tables of the year's results read here are printed under the three segments of part (1).

Read as layers, then: note 6 prints three segments with revenue, segment profit, depreciation, impairment, assets and capital expenditure, and reconciles them to 税引前利益 and to 総資産額; note 26 prints revenue, and revenue alone, for six business lines beneath two of the segments; pages 5 to 8 name those lines and their principal companies; pages 54 to 56, 60, 64 and 115 to 116 repeat the three segments for the analysis, research, capital spending and headcount; note 16 names a 事業領域 below the segment for the year's largest impairment; part (3) gives three named countries and その他 for revenue and five named countries and その他 for non-current assets; and pages 17 to 19 and 68 carry four segment names, under which the report sets out the figure on page 45 and the 2026年度 capital-expenditure plan on page 68. The region rows and the business lines are never crossed in the pages read, and nothing here computes a share, a difference or a margin from them. The sentence on page 17 is the report's own description of what comes next; the numbers in this piece are the ones printed for the year that has closed.