{"url_path":"/sec/mfg/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-26","source_url":"https://www.sec.gov/Archives/edgar/data/1335730/0001193125-26-283791-index.html","accession_number":"0001193125-26-283791","cik":"0001335730","ticker":"MFG","issuer_name":"MIZUHO FINANCIAL GROUP INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1335730/0001193125-26-283791-index.html","primary_entity_key":"0001335730","primary_entity_name":"MIZUHO FINANCIAL GROUP INC"},"word_count":53241,"has_tables":true,"body_markdown":"ITEM 19.\n\nEXHIBITS\n\n \n\nExhibit\n\nNumber\n\n  \n\nDescription of Exhibits\n\n1.1\n  \n[Articles of Incorporation of Mizuho Financial Group, Inc., dated March 2, 2023 (English Translation)*](http://www.sec.gov/Archives/edgar/data/1335730/000119312523176656/d421865dex11.htm)\n\n1.2\n  \n[Regulations of the Board of Directors of Mizuho Financial Group, Inc., as amended on April 1, 2026 (English Translation)](d119090dex12.htm)\n\n1.3\n  \n[Share Handling Regulations of Mizuho Financial Group, Inc., dated September 1, 2022 (English Translation)*](http://www.sec.gov/Archives/edgar/data/1335730/000119312523176656/d421865dex13.htm)\n\n2.1\n  \n[Form of American Depositary Receipt**](http://www.sec.gov/Archives/edgar/data/1335730/000119312521206987/d130684dex21.htm)\n\n2.2\n  \n[Form of Deposit Agreement, amended and restated as of April 2, 2018, among the registrant, The Bank of New York Mellon as Depositary and all owners and holders from time to time of American Depositary Receipts issued thereunder***](http://www.sec.gov/Archives/edgar/data/1335730/000119312518211885/d524292dex22.htm)\n\n2.3\n  \n[Description of Our Shares of Common Stock and Preferred Stock—see “Item 10.B. Memorandum and Articles of Association.”](#txa119090_40)\n\n2.4\n  \n[Description of Our American Depositary Shares**](http://www.sec.gov/Archives/edgar/data/1335730/000119312521206987/d130684dex24.htm)\n\n8\n  \n[List of significant subsidiaries of Mizuho Financial Group, Inc.—see “Item 4.C. Information on the Company—Organizational Structure.”](#txa119090_13)\n\n11.1\n  \n[Code of Ethics for Financial Professionals of Mizuho Financial Group, Inc., as amended on February 10, 2026 (English Translation)](d119090dex111.htm)\n\n11.2\n  \n[Procedures for Controlling Insider Trading of Mizuho Financial Group, Inc., as amended on April 1, 2026 (English Translation)](d119090dex112.htm)\n\n11.3\n  \n[Regulations Pertaining to the Financial Transactions of Executives of Mizuho Financial Group, Inc., as amended on April 1, 2024 (English Translation)****](http://www.sec.gov/Archives/edgar/data/1335730/000119312524168491/d813285dex113.htm)\n\n11.4\n  \n[Regulations Pertaining to the Trading of Securities, Etc. of Outside Directors of Mizuho Financial Group, Inc., as amended on August 1, 2025 (English Translation)](d119090dex114.htm)\n\n12.1\n  \n[CEO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).](d119090dex121.htm)\n\n12.2\n  \n[CFO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).](d119090dex122.htm)\n\n13.1\n  \n[Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](d119090dex131.htm)\n\n15\n  \n[Consent of Independent Registered Public Accounting Firm](d119090dex15.htm)\n\n \n\n193\n\nExhibit\n\nNumber\n\n  \n\nDescription of Exhibits\n\n97\n  \n[Recovery Policy for Executive Compensation****](http://www.sec.gov/Archives/edgar/data/1335730/000119312524168491/d813285dex97.htm)\n\n101.INS\n  \nInline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\n\n101.SCH\n  \nInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\n\n104\n  \nThe cover page for the Company’s Annual Report on From 20-F for the year ended March 31, 2026 (formatted as Inline XBRL and contained in Exhibit 101)\n\n \n\n*\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on June 28, 2023.\n\n**\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on July 2, 2021.\n\n***\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on July 3, 2018, except Exhibit A thereto. For the latest Exhibit A, see Exhibit 2.1 to our annual report on Form 20-F (No. 001-33098) filed on July 2, 2021.\n\n****\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on June 26, 2024.\n\n \n\n194\n\nSELECTED STATISTICAL DATA\n\nIn 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.\n\n \n\nA-1\n\nI. Distribution of assets, liabilities and equity; interest rates and interest differential\n\nAverage balances of balance sheet items, interest and dividend income, interest expense and average yields and rates\n\nThe 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 or half-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.\n\n \n\n \n \n2024\n \n \n2025\n \n \n2026\n \n\n \n \nAverage\nbalance\n \n \nInterest and\ndividend\nincome\n \n \nAverage\nyield\n \n \nAverage\nbalance\n \n \nInterest and\ndividend\nincome\n \n \nAverage\nyield\n \n \nAverage\nbalance\n \n \nInterest and\ndividend\nincome\n \n \nAverage\nyield\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n(in billions of yen, except percentages)\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest-earning assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest-bearing deposits in other banks:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n45,926\n \n \n \n30\n \n \n \n0.07\n% \n \n \n56,125\n \n \n \n136\n \n \n \n0.24\n% \n \n \n51,152\n \n \n \n278\n \n \n \n0.54\n% \n\nForeign\n\n \n \n19,600\n \n \n \n991\n \n \n \n5.06\n% \n \n \n16,279\n \n \n \n832\n \n \n \n5.11\n% \n \n \n14,543\n \n \n \n584\n \n \n \n4.01\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n65,526\n \n \n \n1,021\n \n \n \n1.56\n% \n \n \n72,404\n \n \n \n968\n \n \n \n1.34\n% \n \n \n65,695\n \n \n \n861\n \n \n \n1.31\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nCall loans and funds sold:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n4,889\n \n \n \n — \n \n \n \n0.00\n% \n \n \n197\n \n \n \n1\n \n \n \n0.46\n% \n \n \n150\n \n \n \n1\n \n \n \n0.69\n% \n\nForeign\n\n \n \n1,031\n \n \n \n33\n \n \n \n3.21\n% \n \n \n747\n \n \n \n20\n \n \n \n2.71\n% \n \n \n724\n \n \n \n16\n \n \n \n2.28\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n5,920\n \n \n \n33\n \n \n \n0.56\n% \n \n \n944\n \n \n \n21\n \n \n \n2.24\n% \n \n \n874\n \n \n \n18\n \n \n \n2.00\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nReceivables under resale agreements and securities borrowing transactions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n8,980\n \n \n \n72\n \n \n \n0.80\n% \n \n \n11,437\n \n \n \n86\n \n \n \n0.75\n% \n \n \n14,530\n \n \n \n116\n \n \n \n0.80\n% \n\nForeign\n\n \n \n11,663\n \n \n \n667\n \n \n \n5.72\n% \n \n \n14,726\n \n \n \n782\n \n \n \n5.31\n% \n \n \n17,293\n \n \n \n702\n \n \n \n4.06\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n20,643\n \n \n \n739\n \n \n \n3.58\n% \n \n \n26,163\n \n \n \n868\n \n \n \n3.32\n% \n \n \n31,823\n \n \n \n818\n \n \n \n2.57\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTrading account assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n6,554\n \n \n \n91\n \n \n \n1.40\n% \n \n \n6,638\n \n \n \n98\n \n \n \n1.48\n% \n \n \n7,615\n \n \n \n107\n \n \n \n1.40\n% \n\nForeign\n\n \n \n15,142\n \n \n \n623\n \n \n \n4.12\n% \n \n \n17,061\n \n \n \n724\n \n \n \n4.24\n% \n \n \n17,008\n \n \n \n659\n \n \n \n3.88\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n21,697\n \n \n \n715\n \n \n \n3.29\n% \n \n \n23,699\n \n \n \n822\n \n \n \n3.47\n% \n \n \n24,623\n \n \n \n766\n \n \n \n3.11\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nInvestments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n24,888\n \n \n \n96\n \n \n \n0.38\n% \n \n \n18,481\n \n \n \n125\n \n \n \n0.68\n% \n \n \n18,307\n \n \n \n200\n \n \n \n1.09\n% \n\nForeign\n\n \n \n7,332\n \n \n \n210\n \n \n \n2.87\n% \n \n \n9,343\n \n \n \n358\n \n \n \n3.84\n% \n \n \n10,581\n \n \n \n369\n \n \n \n3.49\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n32,220\n \n \n \n306\n \n \n \n0.95\n% \n \n \n27,825\n \n \n \n484\n \n \n \n1.74\n% \n \n \n28,888\n \n \n \n569\n \n \n \n1.97\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nLoans (1):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n58,582\n \n \n \n636\n \n \n \n1.09\n% \n \n \n60,835\n \n \n \n748\n \n \n \n1.23\n% \n \n \n61,053\n \n \n \n921\n \n \n \n1.51\n% \n\nForeign\n\n \n \n38,942\n \n \n \n2,317\n \n \n \n5.95\n% \n \n \n38,452\n \n \n \n2,256\n \n \n \n5.87\n% \n \n \n42,435\n \n \n \n2,020\n \n \n \n4.76\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n97,524\n \n \n \n2,953\n \n \n \n3.03\n% \n \n \n99,287\n \n \n \n3,004\n \n \n \n3.03\n% \n \n \n103,488\n \n \n \n2,941\n \n \n \n2.84\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal interest-earning assets(2):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n149,820\n \n \n \n925\n \n \n \n0.62\n% \n \n \n153,713\n \n \n \n1,195\n \n \n \n0.78\n% \n \n \n152,806\n \n \n \n1,623\n \n \n \n1.06\n% \n\nForeign\n\n \n \n93,710\n \n \n \n4,842\n \n \n \n5.17\n% \n \n \n96,608\n \n \n \n4,972\n \n \n \n5.15\n% \n \n \n102,585\n \n \n \n4,353\n \n \n \n4.24\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n243,529\n \n \n \n5,767\n \n \n \n2.37\n% \n \n \n250,322\n \n \n \n6,167\n \n \n \n2.46\n% \n \n \n255,391\n \n \n \n5,976\n \n \n \n2.34\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nNoninterest-earning assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and due from banks\n\n \n \n2,148\n \n \n\n \n\n \n \n2,212\n \n \n\n \n\n \n \n2,957\n \n \n\n \n\nOther noninterest-earning assets (3)\n\n \n \n28,538\n \n \n\n \n\n \n \n27,308\n \n \n\n \n\n \n \n30,318\n \n \n\n \n\nAllowance for credit losses\n\n \n \n(727\n) \n \n\n \n\n \n \n(761\n) \n \n\n \n\n \n \n(718\n) \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\nTotal noninterest-earning assets\n\n \n \n29,959\n \n \n\n \n\n \n \n28,759\n \n \n\n \n\n \n \n32,557\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\nTotal average assets\n\n \n \n273,489\n \n \n\n \n\n \n \n279,081\n \n \n\n \n\n \n \n287,948\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\nNotes:\n\n(1)\n\nAverage balances of loans include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans.\n\n(2)\n\nOther interest income, which is not separately presented due to immateriality, is included in total interest and dividend income.\n\n(3)\n\nThe fair value carrying amounts of derivative contracts are reported in Other noninterest-earning assets.\n\n \n\nA-2\n\nWithin 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.\n\n \n\n \n \n2024\n \n \n2025\n \n \n2026\n \n\n \n \nAverage\nbalance\n \n \n Interest \nexpense\n \n \nAverage\nrate\n \n \nAverage\nbalance\n \n \n Interest \nexpense\n \n \nAverage\nrate\n \n \nAverage\nbalance\n \n \n Interest \nexpense\n \n \nAverage\nrate\n \n\n \n \n(in billions of yen, except percentages)\n \n\nLiabilities and equity:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest-bearing liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeposits:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n98,446\n \n \n \n130\n \n \n \n0.13\n% \n \n \n97,231\n \n \n \n177\n \n \n \n0.18\n% \n \n \n99,660\n \n \n \n358\n \n \n \n0.36\n% \n\nForeign\n\n \n \n44,214\n \n \n \n2,047\n \n \n \n4.63\n% \n \n \n45,379\n \n \n \n2,041\n \n \n \n4.50\n% \n \n \n49,697\n \n \n \n1,723\n \n \n \n3.47\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n142,660\n \n \n \n2,177\n \n \n \n1.53\n% \n \n \n142,610\n \n \n \n2,218\n \n \n \n1.56\n% \n \n \n149,357\n \n \n \n2,082\n \n \n \n1.39\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nCall money and funds purchased:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n1,841\n \n \n \n2\n \n \n \n0.13\n% \n \n \n2,393\n \n \n \n7\n \n \n \n0.30\n% \n \n \n2,759\n \n \n \n17\n \n \n \n0.61\n% \n\nForeign\n\n \n \n427\n \n \n \n20\n \n \n \n4.63\n% \n \n \n238\n \n \n \n9\n \n \n \n3.98\n% \n \n \n286\n \n \n \n8\n \n \n \n2.76\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n2,268\n \n \n \n22\n \n \n \n0.98\n% \n \n \n2,630\n \n \n \n17\n \n \n \n0.63\n% \n \n \n3,045\n \n \n \n25\n \n \n \n0.81\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nPayables under repurchase agreements and securities lending transactions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n7,250\n \n \n \n137\n \n \n \n1.89\n% \n \n \n16,769\n \n \n \n550\n \n \n \n3.28\n% \n \n \n22,463\n \n \n \n658\n \n \n \n2.93\n% \n\nForeign\n\n \n \n29,076\n \n \n \n1,580\n \n \n \n5.43\n% \n \n \n24,918\n \n \n \n1,359\n \n \n \n5.45\n% \n \n \n18,399\n \n \n \n738\n \n \n \n4.01\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n36,326\n \n \n \n1,716\n \n \n \n4.72\n% \n \n \n41,686\n \n \n \n1,909\n \n \n \n4.58\n% \n \n \n40,861\n \n \n \n1,396\n \n \n \n3.42\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nOther short-term borrowings(1):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n2,268\n \n \n \n5\n \n \n \n0.21\n% \n \n \n2,993\n \n \n \n18\n \n \n \n0.59\n% \n \n \n2,333\n \n \n \n25\n \n \n \n1.09\n% \n\nForeign\n\n \n \n1,790\n \n \n \n91\n \n \n \n5.08\n% \n \n \n1,673\n \n \n \n131\n \n \n \n7.85\n% \n \n \n2,461\n \n \n \n112\n \n \n \n4.53\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n4,058\n \n \n \n96\n \n \n \n2.36\n% \n \n \n4,666\n \n \n \n149\n \n \n \n3.19\n% \n \n \n4,794\n \n \n \n137\n \n \n \n2.86\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTrading account liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n4,567\n \n \n \n53\n \n \n \n1.16\n% \n \n \n4,062\n \n \n \n61\n \n \n \n1.50\n% \n \n \n2,953\n \n \n \n50\n \n \n \n1.70\n% \n\nForeign\n\n \n \n1,800\n \n \n \n122\n \n \n \n6.77\n% \n \n \n1,939\n \n \n \n164\n \n \n \n8.47\n% \n \n \n2,029\n \n \n \n122\n \n \n \n6.00\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n6,366\n \n \n \n175\n \n \n \n2.75\n% \n \n \n6,001\n \n \n \n225\n \n \n \n3.75\n% \n \n \n4,982\n \n \n \n172\n \n \n \n3.45\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nLong-term debt:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n14,353\n \n \n \n308\n \n \n \n2.15\n% \n \n \n14,488\n \n \n \n315\n \n \n \n2.17\n% \n \n \n15,385\n \n \n \n379\n \n \n \n2.47\n% \n\nForeign\n\n \n \n1,403\n \n \n \n68\n \n \n \n4.86\n% \n \n \n1,720\n \n \n \n75\n \n \n \n4.36\n% \n \n \n2,286\n \n \n \n96\n \n \n \n4.20\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n15,757\n \n \n \n376\n \n \n \n2.39\n% \n \n \n16,208\n \n \n \n390\n \n \n \n2.41\n% \n \n \n17,670\n \n \n \n475\n \n \n \n2.69\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal interest-bearing liabilities(2):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n \n \n128,724\n \n \n \n634\n \n \n \n0.49\n% \n \n \n137,935\n \n \n \n1,127\n \n \n \n0.82\n% \n \n \n145,551\n \n \n \n1,489\n \n \n \n1.02\n% \n\nForeign\n\n \n \n78,710\n \n \n \n3,928\n \n \n \n4.99\n% \n \n \n75,866\n \n \n \n3,780\n \n \n \n4.98\n% \n \n \n75,158\n \n \n \n2,801\n \n \n \n3.73\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n207,434\n \n \n \n4,562\n \n \n \n2.20\n% \n \n \n213,801\n \n \n \n4,907\n \n \n \n2.30\n% \n \n \n220,709\n \n \n \n4,290\n \n \n \n1.94\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\nNoninterest-bearing liabilities (3)\n\n \n \n56,954\n \n \n\n \n\n \n \n56,295\n \n \n\n \n\n \n \n58,278\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\nEquity\n\n \n \n9,101\n \n \n\n \n\n \n \n8,984\n \n \n\n \n\n \n \n8,961\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\nTotal average liabilities and equity\n\n \n \n273,489\n \n \n\n \n\n \n \n279,081\n \n \n\n \n\n \n \n287,948\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\nNet interest income and average interest rate spread\n\n \n\n \n \n1,205\n \n \n \n0.17\n% \n \n\n \n \n1,260\n \n \n \n0.16\n% \n \n\n \n \n1,687\n \n \n \n0.40\n% \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\nNet interest income as a percentage of average total interest-earning assets\n\n \n\n \n\n \n \n0.49\n% \n \n\n \n\n \n \n0.50\n% \n \n\n \n\n \n \n0.66\n% \n\n \n\nNotes:\n\n(1)\n\nOther short-term borrowings include commercial paper.\n\n(2)\n\nOther interest expense, which is not separately presented due to immateriality, is included in total interest expense.\n\n(3)\n\nThe fair value carrying amounts of derivative contracts are reported in Noninterest-bearing liabilities.\n\nWithin 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.\n\n \n\nA-3\n\nAnalysis of net interest income\n\nThe 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.\n\n \n\n \n  \nFiscal year ended March 31, 2025\nversus\nfiscal year ended March 31, 2024\n \n \nFiscal year ended March 31, 2026\nversus\nfiscal year ended March 31, 2025\n \n\n \n  \nIncrease (decrease) due to\nchanges in\n \n \nNet\nchange\n \n \nIncrease (decrease) due to\nchanges in\n \n \nNet\nchange\n \n\n \n  \nVolume\n \n \nYield\n \n \nVolume\n \n \nYield\n \n\n \n  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n  \n(in billions of yen)\n \n\nInterest and dividend income:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nInterest-bearing deposits in other banks:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n7\n \n \n \n99\n \n \n \n106\n \n \n \n(12\n) \n \n \n154\n \n \n \n142\n \n\nForeign\n\n  \n \n(168\n) \n \n \n9\n \n \n \n(159\n) \n \n \n(89\n) \n \n \n(159\n) \n \n \n(248\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(161\n) \n \n \n108\n \n \n \n(53\n) \n \n \n(101\n) \n \n \n(6\n) \n \n \n(107\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCall loans and funds sold:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n— \n \n \n \n1\n \n \n \n1\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nForeign\n\n  \n \n(9\n) \n \n \n(4\n) \n \n \n(13\n) \n \n \n(1\n) \n \n \n(3\n) \n \n \n(4\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(9\n) \n \n \n(3\n) \n \n \n(12\n) \n \n \n(1\n) \n \n \n(3\n) \n \n \n(4\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nReceivables under resale agreements and securities borrowing transactions:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n20\n \n \n \n(5\n) \n \n \n15\n \n \n \n23\n \n \n \n6\n \n \n \n30\n \n\nForeign\n\n  \n \n175\n \n \n \n(61\n) \n \n \n114\n \n \n \n136\n \n \n \n(216\n) \n \n \n(80\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n195\n \n \n \n(66\n) \n \n \n129\n \n \n \n160\n \n \n \n(210\n) \n \n \n(50\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTrading account assets:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n1\n \n \n \n6\n \n \n \n7\n \n \n \n14\n \n \n \n(6\n) \n \n \n9\n \n\nForeign\n\n  \n \n79\n \n \n \n22\n \n \n \n101\n \n \n \n(2\n) \n \n \n(63\n) \n \n \n(65\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n80\n \n \n \n27\n \n \n \n107\n \n \n \n12\n \n \n \n(69\n) \n \n \n(56\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nInvestments:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n(25\n) \n \n \n54\n \n \n \n29\n \n \n \n(1\n) \n \n \n76\n \n \n \n75\n \n\nForeign\n\n  \n \n58\n \n \n \n91\n \n \n \n148\n \n \n \n47\n \n \n \n(36\n) \n \n \n11\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n33\n \n \n \n145\n \n \n \n178\n \n \n \n46\n \n \n \n39\n \n \n \n86\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLoans:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n24\n \n \n \n87\n \n \n \n112\n \n \n \n3\n \n \n \n170\n \n \n \n173\n \n\nForeign\n\n  \n \n(29\n) \n \n \n(32\n) \n \n \n(61\n) \n \n \n234\n \n \n \n(470\n) \n \n \n(236\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(5\n) \n \n \n55\n \n \n \n51\n \n \n \n236\n \n \n \n(300\n) \n \n \n(63\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal interest and dividend income:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n27\n \n \n \n242\n \n \n \n270\n \n \n \n(7\n) \n \n \n435\n \n \n \n428\n \n\nForeign\n\n  \n \n106\n \n \n \n24\n \n \n \n130\n \n \n \n308\n \n \n \n(926\n) \n \n \n(618\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n133\n \n \n \n267\n \n \n \n400\n \n \n \n301\n \n \n \n(491\n) \n \n \n(191\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nA-4\n\n \n  \nFiscal year ended March 31, 2025\nversus\nfiscal year ended March 31, 2024\n \n \nFiscal year ended March 31, 2026\nversus\nfiscal year ended March 31, 2025\n \n\n \n  \nIncrease (decrease) due to\nchanges in\n \n \nNet\nchange\n \n \nIncrease (decrease) due to\nchanges in\n \n \nNet\nchange\n \n\n \n  \nVolume\n \n \nYield\n \n \nVolume\n \n \nYield\n \n\n \n  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n  \n(in billions of yen)\n \n\nInterest expense:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDeposits:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n(2\n) \n \n \n49\n \n \n \n48\n \n \n \n4\n \n \n \n177\n \n \n \n181\n \n\nForeign\n\n  \n \n54\n \n \n \n(60\n) \n \n \n(6\n) \n \n \n194\n \n \n \n(512\n) \n \n \n(318\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n52\n \n \n \n(11\n) \n \n \n41\n \n \n \n199\n \n \n \n(335\n) \n \n \n(137\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCall money and funds purchased:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n1\n \n \n \n4\n \n \n \n5\n \n \n \n1\n \n \n \n9\n \n \n \n10\n \n\nForeign\n\n  \n \n(9\n) \n \n \n(2\n) \n \n \n(10\n) \n \n \n2\n \n \n \n(3\n) \n \n \n(2\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(8\n) \n \n \n3\n \n \n \n(6\n) \n \n \n3\n \n \n \n5\n \n \n \n8\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nPayables under repurchase agreements and securities lending transactions:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n179\n \n \n \n233\n \n \n \n413\n \n \n \n187\n \n \n \n(79\n) \n \n \n108\n \n\nForeign\n\n  \n \n(226\n) \n \n \n5\n \n \n \n(221\n) \n \n \n(356\n) \n \n \n(265\n) \n \n \n(621\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(46\n) \n \n \n239\n \n \n \n192\n \n \n \n(169\n) \n \n \n(344\n) \n \n \n(513\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOther short-term borrowings:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n2\n \n \n \n11\n \n \n \n13\n \n \n \n(4\n) \n \n \n12\n \n \n \n8\n \n\nForeign\n\n  \n \n(6\n) \n \n \n46\n \n \n \n40\n \n \n \n62\n \n \n \n(82\n) \n \n \n(20\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(4\n) \n \n \n57\n \n \n \n53\n \n \n \n58\n \n \n \n(70\n) \n \n \n(12\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTrading account liabilities:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n(6\n) \n \n \n14\n \n \n \n8\n \n \n \n(17\n) \n \n \n6\n \n \n \n(11\n) \n\nForeign\n\n  \n \n9\n \n \n \n33\n \n \n \n42\n \n \n \n8\n \n \n \n(50\n) \n \n \n(42\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n4\n \n \n \n47\n \n \n \n50\n \n \n \n(9\n) \n \n \n(44\n) \n \n \n(53\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLong-term debt:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n3\n \n \n \n4\n \n \n \n7\n \n \n \n19\n \n \n \n45\n \n \n \n64\n \n\nForeign\n\n  \n \n15\n \n \n \n(9\n) \n \n \n7\n \n \n \n25\n \n \n \n(4\n) \n \n \n21\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n18\n \n \n \n(5\n) \n \n \n14\n \n \n \n44\n \n \n \n41\n \n \n \n85\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal interest expense:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n177\n \n \n \n316\n \n \n \n493\n \n \n \n62\n \n \n \n300\n \n \n \n362\n \n\nForeign\n\n  \n \n(162\n) \n \n \n14\n \n \n \n(148\n) \n \n \n(35\n) \n \n \n(944\n) \n \n \n(979\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n15\n \n \n \n330\n \n \n \n345\n \n \n \n27\n \n \n \n(644\n) \n \n \n(617\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet interest income:\n\n  \n\n \n\n \n\n \n\n \n\n \n\nDomestic\n\n  \n \n(150\n) \n \n \n(73\n) \n \n \n(223\n) \n \n \n(69\n) \n \n \n135\n \n \n \n66\n \n\nForeign\n\n  \n \n268\n \n \n \n10\n \n \n \n278\n \n \n \n343\n \n \n \n18\n \n \n \n361\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n118\n \n \n \n(63\n) \n \n \n55\n \n \n \n274\n \n \n \n153\n \n \n \n427\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nA-5\n\nII. Investment portfolio\n\nThe following table shows the book value, contractual maturity and the weighted average yield of held-to-maturity securities at March 31, 2026. The amortized cost is the basis of the book value for held-to-maturity securities. The weighted average yield is calculated based on the amortized cost for held-to-maturity securities and considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.\n\n \n\n \n \nMaturity\n \n\n \n \nOne year or less\n \n \nAfter one year\nthrough\nfive years\n \n \nAfter five years\nthrough\nten years\n \n \nAfter ten years\n \n \nTotal\n \n\n \n \nAmount\n \n \nYield\n \n \nAmount\n \n \nYield\n \n \nAmount\n \n \nYield\n \n \nAmount\n \n \nYield\n \n \nAmount\n \n \nYield\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n(in billions of yen, except percentages)\n \n\nHeld-to-maturity securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n90\n \n \n \n0.05\n% \n \n \n120\n \n \n \n0.12\n% \n \n \n210\n \n \n \n0.23\n% \n \n \n— \n \n \n \n— \n \n \n \n420\n \n \n \n0.16\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nTotal domestic\n\n \n \n90\n \n \n \n0.05\n% \n \n \n120\n \n \n \n0.12\n% \n \n \n210\n \n \n \n0.23\n% \n \n \n— \n \n \n \n— \n \n \n \n420\n \n \n \n0.16\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAgency mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4,433\n \n \n \n4.93\n% \n \n \n4,433\n \n \n \n4.93\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nTotal foreign\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4,433\n \n \n \n4.93\n% \n \n \n4,433\n \n \n \n4.93\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nTotal\n\n \n \n90\n \n \n \n0.05\n% \n \n \n120\n \n \n \n0.12\n% \n \n \n210\n \n \n \n0.23\n% \n \n \n4,433\n \n \n \n4.93\n% \n \n \n4,852\n \n \n \n4.51\n% \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n \n\nIn addition to held-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.\n\n \n\nA-6\n\nIII. Loans\n\nMaturities and sensitivities of loans to changes in interest rates\n\nThe following table shows the details of the loan portfolio by time remaining until maturity by category at March 31, 2026:\n\n \n\n \n \nMaturity\n \n \nLoans due after\none year\n \n\n \n \nOne year or\nless\n \n \nAfter one year\nthrough\nfive years\n \n \nAfter five years\nthrough\nfifteen\nyears\n \n \nAfter\nfifteen\nyears\n \n \nTotal\n \n \nFixed\nrates\n \n \nFloating\nrates\n \n\n \n \n(in billions of yen)\n \n \n \n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n20,217\n \n \n \n20,455\n \n \n \n9,331\n \n \n \n570\n \n \n \n50,573\n \n \n \n10,019\n \n \n \n20,336\n \n\nSmall and medium-sized companies\n\n \n \n1,023\n \n \n \n873\n \n \n \n622\n \n \n \n209\n \n \n \n2,727\n \n \n \n358\n \n \n \n1,346\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n429\n \n \n \n1,328\n \n \n \n2,714\n \n \n \n2,160\n \n \n \n6,630\n \n \n \n783\n \n \n \n5,419\n \n\nOthers\n\n \n \n698\n \n \n \n328\n \n \n \n139\n \n \n \n29\n \n \n \n1,195\n \n \n \n218\n \n \n \n279\n \n\nSovereign\n\n \n \n209\n \n \n \n204\n \n \n \n124\n \n \n \n15\n \n \n \n552\n \n \n \n185\n \n \n \n157\n \n\nBanks and other financial institutions\n\n \n \n702\n \n \n \n321\n \n \n \n42\n \n \n \n— \n \n \n \n1,065\n \n \n \n119\n \n \n \n244\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n23,278\n \n \n \n23,508\n \n \n \n12,973\n \n \n \n2,983\n \n \n \n62,742\n \n \n \n11,682\n \n \n \n27,782\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate\n\n \n \n16,377\n \n \n \n18,644\n \n \n \n3,140\n \n \n \n385\n \n \n \n38,547\n \n \n \n1,208\n \n \n \n20,962\n \n\nRetail\n\n \n \n1\n \n \n \n2\n \n \n \n4\n \n \n \n6\n \n \n \n13\n \n \n \n1\n \n \n \n11\n \n\nSovereign\n\n \n \n239\n \n \n \n474\n \n \n \n231\n \n \n \n— \n \n \n \n945\n \n \n \n— \n \n \n \n705\n \n\nBanks and other financial institutions\n\n \n \n1,667\n \n \n \n1,674\n \n \n \n122\n \n \n \n126\n \n \n \n3,590\n \n \n \n283\n \n \n \n1,639\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal foreign\n\n \n \n18,284\n \n \n \n20,794\n \n \n \n3,498\n \n \n \n518\n \n \n \n43,094\n \n \n \n1,493\n \n \n \n23,317\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n41,562\n \n \n \n44,302\n \n \n \n16,471\n \n \n \n3,501\n \n \n \n105,836\n \n \n \n13,175\n \n \n \n51,099\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nA-7\n\nIV. Allowance for credit losses on loans\n\nThe 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:\n\n(1) Allowance for credit losses to total loans\n\n \n\n \n  \nAllowance for\ncredit losses\n \n  \nTotal loans\n \n  \nRatio of\nallowance for\ncredit losses to\ntotal loans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2025\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n598\n \n  \n \n45,879\n \n  \n \n1.30\n% \n\nSmall and medium-sized companies\n\n  \n \n41\n \n  \n \n2,746\n \n  \n \n1.49\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n41\n \n  \n \n6,822\n \n  \n \n0.60\n% \n\nOthers\n\n  \n \n9\n \n  \n \n1,275\n \n  \n \n0.74\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n3,693\n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n867\n \n  \n \n0.04\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n690\n \n  \n \n61,282\n \n  \n \n1.13\n% \n\nForeign\n\n  \n \n127\n \n  \n \n37,975\n \n  \n \n0.33\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n816\n \n  \n \n99,257\n \n  \n \n0.82\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \nAllowance for\ncredit losses\n \n  \n  Total loans  \n \n  \nRatio of\nallowance for\ncredit losses to\ntotal loans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2026\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n482\n \n  \n \n50,573\n \n  \n \n0.95\n% \n\nSmall and medium-sized companies\n\n  \n \n57\n \n  \n \n2,727\n \n  \n \n2.08\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n39\n \n  \n \n6,630\n \n  \n \n0.58\n% \n\nOthers\n\n  \n \n9\n \n  \n \n1,195\n \n  \n \n0.80\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n552\n \n  \n \n0.02\n% \n\nBanks and other financial institutions\n\n  \n \n1\n \n  \n \n1,065\n \n  \n \n0.05\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n587\n \n  \n \n62,742\n \n  \n \n0.94\n% \n\nForeign\n\n  \n \n170\n \n  \n \n43,094\n \n  \n \n0.39\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n757\n \n  \n \n105,836\n \n  \n \n0.72\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nRatio 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.\n\n \n\nA-8\n\n(2) Nonaccrual loans to total loans\n\n \n\n \n  \nNonaccrual\nloans\n \n  \nTotal loans\n \n  \nRatio of\nnonaccrual\nloans to total\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2025\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n800\n \n  \n \n45,879\n \n  \n \n1.74\n% \n\nSmall and medium-sized companies\n\n  \n \n92\n \n  \n \n2,746\n \n  \n \n3.37\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n30\n \n  \n \n6,822\n \n  \n \n0.44\n% \n\nOthers\n\n  \n \n43\n \n  \n \n1,275\n \n  \n \n3.37\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n3,693\n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n867\n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n965\n \n  \n \n61,282\n \n  \n \n1.58\n% \n\nForeign\n\n  \n \n96\n \n  \n \n37,975\n \n  \n \n0.25\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n1,062\n \n  \n \n99,257\n \n  \n \n1.07\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \nNonaccrual\nloans\n \n  \n  Total loans  \n \n  \nRatio of\nnonaccrual\nloans to total\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2026\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n558\n \n  \n \n50,573\n \n  \n \n1.10\n% \n\nSmall and medium-sized companies\n\n  \n \n86\n \n  \n \n2,727\n \n  \n \n3.15\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n28\n \n  \n \n6,630\n \n  \n \n0.42\n% \n\nOthers\n\n  \n \n41\n \n  \n \n1,195\n \n  \n \n3.41\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n552\n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n1,065\n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n712\n \n  \n \n62,742\n \n  \n \n1.14\n% \n\nForeign\n\n  \n \n187\n \n  \n \n43,094\n \n  \n \n0.43\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n899\n \n  \n \n105,836\n \n  \n \n0.85\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nRatio 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.\n\n \n\nA-9\n\n(3) Allowance for credit losses to nonaccrual loans\n\n \n\n \n  \nAllowance for\ncredit losses\n \n  \nNonaccrual\nloans\n \n  \nRatio of\nallowance for\ncredit losses to\nnonaccrual\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2025\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n598\n \n  \n \n800\n \n  \n \n74.80\n% \n\nSmall and medium-sized companies\n\n  \n \n41\n \n  \n \n92\n \n  \n \n44.40\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n41\n \n  \n \n30\n \n  \n \n134.24\n% \n\nOthers\n\n  \n \n9\n \n  \n \n43\n \n  \n \n21.98\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n — \n \n  \n \n — \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n690\n \n  \n \n965\n \n  \n \n71.45\n% \n\nForeign\n\n  \n \n127\n \n  \n \n96\n \n  \n \n131.78\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n816\n \n  \n \n1,062\n \n  \n \n76.91\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \nAllowance for\ncredit losses\n \n  \n Nonaccrual \nloans\n \n  \nRatio of\nallowance for\ncredit losses to\nnonaccrual\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2026\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n482\n \n  \n \n558\n \n  \n \n86.37\n% \n\nSmall and medium-sized companies\n\n  \n \n57\n \n  \n \n86\n \n  \n \n65.92\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n39\n \n  \n \n28\n \n  \n \n138.87\n% \n\nOthers\n\n  \n \n9\n \n  \n \n41\n \n  \n \n23.31\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n1\n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n587\n \n  \n \n712\n \n  \n \n82.44\n% \n\nForeign\n\n  \n \n170\n \n  \n \n187\n \n  \n \n90.86\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n757\n \n  \n \n899\n \n  \n \n84.19\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nRatio 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.\n\n \n\nA-10\n\nThe following table shows ratio of net charge-offs to average loans at March 31, 2025 and 2026:\n\n \n\n \n  \n Average loans \n \n  \nNet charge-offs\n \n  \nRatio of net\n  charge-offs  \nto average\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2025\n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n45,863\n \n  \n \n4\n \n  \n \n0.01\n% \n\nSmall and medium-sized companies\n\n  \n \n2,503\n \n  \n \n5\n \n  \n \n0.18\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n6,983\n \n  \n \n1\n \n  \n \n0.02\n% \n\nOthers\n\n  \n \n1,340\n \n  \n \n4\n \n  \n \n0.28\n% \n\nSovereign\n\n  \n \n2,884\n \n  \n \n— \n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n952\n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n60,525\n \n  \n \n14\n \n  \n \n0.02\n% \n\nForeign\n\n  \n \n37,743\n \n  \n \n14\n \n  \n \n0.04\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n98,268\n \n  \n \n28\n \n  \n \n0.03\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \nAverage loans\n \n  \nNet charge-offs\n \n  \nRatio of net\ncharge-offs\nto average\nloans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\n2026\n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n48,006\n \n  \n \n240\n \n  \n \n0.50\n% \n\nSmall and medium-sized companies\n\n  \n \n2,700\n \n  \n \n5\n \n  \n \n0.17\n% \n\nRetail:\n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n6,735\n \n  \n \n1\n \n  \n \n0.01\n% \n\nOthers\n\n  \n \n1,240\n \n  \n \n2\n \n  \n \n0.17\n% \n\nSovereign\n\n  \n \n2,028\n \n  \n \n— \n \n  \n \n— \n \n\nBanks and other financial institutions\n\n  \n \n909\n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n61,618\n \n  \n \n248\n \n  \n \n0.40\n% \n\nForeign\n\n  \n \n40,208\n \n  \n \n19\n \n  \n \n0.05\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n101,826\n \n  \n \n267\n \n  \n \n0.26\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nA-11\n\nThe 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:\n\n \n\n \n  \n2025\n \n \n2026\n \n\n \n  \nAmount\n \n  \n% of loans in\neach category\nto total loans\n \n \nAmount\n \n  \n% of loans in\neach category\nto total loans\n \n\n \n  \n(in billions of yen, except percentages)\n \n\nDomestic:\n\n  \n\n  \n\n \n\n  \n\nCorporate:\n\n  \n\n  \n\n \n\n  \n\nLarge companies\n\n  \n \n598\n \n  \n \n46.22\n% \n \n \n482\n \n  \n \n47.78\n% \n\nSmall and medium-sized companies\n\n  \n \n41\n \n  \n \n2.77\n% \n \n \n57\n \n  \n \n2.58\n% \n\nRetail:\n\n  \n\n  \n\n \n\n  \n\nHousing Loan\n\n  \n \n41\n \n  \n \n6.87\n% \n \n \n39\n \n  \n \n6.26\n% \n\nOthers\n\n  \n \n9\n \n  \n \n1.28\n% \n \n \n9\n \n  \n \n1.13\n% \n\nSovereign\n\n  \n \n— \n \n  \n \n3.72\n% \n \n \n— \n \n  \n \n0.52\n% \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n0.87\n% \n \n \n1\n \n  \n \n1.01\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n690\n \n  \n \n61.74\n% \n \n \n587\n \n  \n \n59.28\n% \n\nForeign\n\n  \n \n127\n \n  \n \n38.26\n% \n \n \n170\n \n  \n \n40.72\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n816\n \n  \n \n100.00\n% \n \n \n757\n \n  \n \n100.00\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nA-12\n\nV. Deposits\n\nThe 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:\n\n \n\n \n  \n2024\n \n \n2025\n \n \n2026\n \n\n \n  \nAverage\namount\n \n  \nAverage\nrate\n \n \nAverage\namount\n \n  \nAverage\nrate\n \n \nAverage\namount\n \n  \nAverage\nrate\n \n\n \n  \n(in billions of yen, except percentages)\n \n\nDomestic offices:\n\n  \n\n  \n\n \n\n  \n\n \n\n  \n\nNoninterest-bearing demand deposits\n\n  \n \n28,177\n \n  \n \n— \n \n \n \n28,369\n \n  \n \n— \n \n \n \n25,224\n \n  \n \n —\n  \n\nInterest-bearing demand deposits\n\n  \n \n69,050\n \n  \n \n0.08\n% \n \n \n68,525\n \n  \n \n0.13\n% \n \n \n68,923\n \n  \n \n0.26\n% \n\nTime deposits\n\n  \n \n21,031\n \n  \n \n0.36\n% \n \n \n25,679\n \n  \n \n0.31\n% \n \n \n28,037\n \n  \n \n0.58\n% \n\nCertificates of deposit\n\n  \n \n8,365\n \n  \n \n — \n \n \n \n3,028\n \n  \n \n— \n \n \n \n2,700\n \n  \n \n0.47\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nForeign offices:\n\n  \n\n  \n\n \n\n  \n\n \n\n  \n\nNoninterest-bearing demand deposits\n\n  \n \n2,960\n \n  \n \n— \n \n \n \n2,822\n \n  \n \n — \n \n \n \n2,828\n \n  \n \n—\n  \n\nInterest-bearing deposits, principally time deposits\n\n  \n \n34,218\n \n  \n \n4.52\n% \n \n \n35,084\n \n  \n \n4.39\n% \n \n \n37,868\n \n  \n \n3.35\n% \n\nCertificates of deposit\n\n  \n \n9,996\n \n  \n \n5.00\n% \n \n \n10,294\n \n  \n \n4.87\n% \n \n \n11,830\n \n  \n \n3.85\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nTotal\n\n  \n \n173,796\n \n  \n \n1.25\n% \n \n \n173,801\n \n  \n \n1.28\n% \n \n \n177,409\n \n  \n \n1.17\n% \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\nThe 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.\n\nThe 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:\n\n \n\n \n  \nTime\ndeposits\n \n  \nCertificates of\ndeposit\n \n  \nTotal\n \n\n \n  \n(in billions of yen)\n \n\nDomestic offices:\n\n  \n\n  \n\n  \n\nDue in three months or less\n\n  \n \n12,305\n \n  \n \n2,132\n \n  \n \n14,436\n \n\nDue after three months through six months\n\n  \n \n3,062\n \n  \n \n43\n \n  \n \n3,105\n \n\nDue after six months through twelve months\n\n  \n \n2,596\n \n  \n \n48\n \n  \n \n2,643\n \n\nDue after twelve months\n\n  \n \n1,275\n \n  \n \n30\n \n  \n \n1,305\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n19,238\n \n  \n \n2,253\n \n  \n \n21,490\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign offices:\n\n  \n\n  \n\n  \n\nDue in three months or less\n\n  \n \n22,863\n \n  \n \n5,618\n \n  \n \n28,481\n \n\nDue after three months through six months\n\n  \n \n3,527\n \n  \n \n2,888\n \n  \n \n6,415\n \n\nDue after six months through twelve months\n\n  \n \n1,998\n \n  \n \n822\n \n  \n \n2,820\n \n\nDue after twelve months\n\n  \n \n34\n \n  \n \n335\n \n  \n \n369\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal(Note)\n\n  \n \n28,422\n \n  \n \n9,662\n \n  \n \n38,084\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n47,659\n \n  \n \n11,915\n \n  \n \n59,574\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote: The estimated amount that exceeded the Federal Deposit Insurance Corporation insurance limit in the United States was ¥404 billion as of March 31, 2026.\n\n \n\nA-13\n\nhttp://fasb.org/us-gaap/2025#FinanceLeaseLiabilityhttp://fasb.org/us-gaap/2025#FinanceLeaseLiability2026-042026-042026-042026-042027-092026-062031-092026-042056-032048-032041-052081-092067-112041-092031-09http://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#InterestExpenseDepositshttp://fasb.org/us-gaap/2025#AccruedInvestmentIncomeReceivablehttp://fasb.org/us-gaap/2025#AccruedInvestmentIncomeReceivablehttp://fasb.org/us-gaap/2025#InvestmentIncomeInterest77000000000http://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherAssets\n\nMIZUHO FINANCIAL GROUP, INC.\n\nIndex to Consolidated Financial Statements\n\n \n\n \n  \n\nPage\n\n \n\nConsolidated Financial Statements of Mizuho Financial Group, Inc. and Subsidiaries\n  \n\n[Reports of Independent Registered Public Accounting Firm (PCAOB ID: 789)](#fin119090_1)\n\n  \n \nF-2\n \n\n[Consolidated Balance Sheets as of March 31, 2025 and 2026](#fin119090_2)\n\n  \n \n\nF-8\n\n \n\n[Consolidated Statements of Income for the fiscal years ended March 31, 2024, 2025 and 2026](#fin119090_3)\n\n  \n \n\nF-10\n\n \n\n[Consolidated Statements of Comprehensive Income for the fiscal years ended March 31, 2024, 2025 and 2026](#fin119090_4)\n\n  \n \n\nF-11\n\n \n\n[Consolidated Statements of Equity for the fiscal years ended March 31, 2024, 2025 and 2026](#fin119090_5)\n\n  \n \n\nF-12\n\n \n\n[Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2024, 2025 and 2026](#fin119090_6)\n\n  \n \n\nF-13\n\n \n\n[Notes to Consolidated Financial Statements](#fin119090_7)\n\n  \n \n\nF-15\n\n \n\n \n\nF-1\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of\n\nMizuho Financial Group, Inc.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Mizuho Financial Group, Inc. and subsidiaries (the “Company”) as of March 31, 2026 and 2025, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026, in conformity with U.S. generally accepted accounting principles.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated June 26, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n \n\nF-2\n\n  \n\nAllowance for Credit Losses\n\nDescription of the Matter\n\n  \n\nThe Company’s loan portfolio and the associated allowance for credit losses (ACL) for the loan portfolio, were JPY 105,836 billion and JPY 757 billion as of March 31, 2026, respectively. As discussed in Notes 1 and 5 to the consolidated financial statements, the allowance for credit losses involves significant judgments on several matters including expectations of future economic conditions, assignment of obligor ratings, valuation of collateral, the timing and amount of future cash flows, and the development of qualitative adjustments. When determining expected credit losses, a single forward-looking macroeconomic scenario is considered over a reasonable and supportable forecast period. In terms of the internal risk ratings, for the corporate portfolio segment, the credit quality review process and the credit rating process serve as the basis for determining the allowance for credit losses on loans. Through such processes loans are categorized into groups to reflect the probability of default (PD), whereby the Company’s management assesses the ability of borrowers to service their debt, taking into consideration current financial information, ability to generate cash, historical payment experience, analysis of relevant industry segments and current trends. For the retail portfolio segment, the different categories of past due status of loans are primarily utilized in the credit quality review and the credit rating processes as the basis for determining the allowance for credit losses on loans. The quantitative calculation covers expected credit losses over an instrument’s expected life and is estimated by applying credit loss factors to the Company’s estimated exposure at default (EAD). The credit loss factors incorporate the PD as well as the loss given default (LGD) based on the historical loss rates. To supplement the historical loss data for overseas obligors, external credit ratings such as S&P are also used to calculate the PD. The Company estimates the allowance for certain individual loans by using either the fair value of the collateral, the loan’s observable market price or the discounted cash flow (DCF) method.\n\n \n\nThe Company’s methodology for determining ACL on loans also considers the imprecision inherent in the methodologies used. As a result, the amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors which include, but are not limited to, imprecision in macroeconomic scenario assumptions and emerging risks such as the conflict in the Middle East and their ripple effects on specific portfolio segments. Considering internal and external factors affecting the credit quality of the portfolio, the Company incorporated the estimated impacts of the conflict in the Middle East on domestic obligors, weakening obligor credit profiles driven by declining earnings, including ripple effects on the automotive supply chain, changes in interest rates, and other sources of economic uncertainty into the macroeconomic scenario. The macroeconomic scenario was revised to reflect updated key assumptions, including the forecasted business outlook for specific portfolio segments, and the current forecast for the growth rate of gross domestic product and interest rates.\n\n \n\nAuditing management’s ACL estimate is challenging due to the models used to estimate the PD, LGD and EAD which incorporate a forward-looking macroeconomic scenario and due to the subjective nature of the qualitative factors which require auditor judgment. Additionally, auditing management’s estimate of the timing and amount of expected future cash flows for large individual loans to borrowers experiencing financial difficulty, incorporating the likelihood and structure of loan modifications, if any, requires significant judgement.\n\n \n\nF-3\n\nHow We Addressed the Matter in Our Audit\n\n  \n\nWe obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over the Company’s process for establishing the ACL, including management’s controls over (i) selection and implementation of the forward-looking macroeconomic scenario used in determining PD, LGD and EAD, (ii) expected loss models and methodologies used in quantitative calculations, including model validation, (iii) completeness and accuracy of key inputs and assumptions used in quantitative calculations, (iv) determination of the present value of the timing and amount of expected future cash flows for large individual borrowers, and (v) adjustments to reflect management’s consideration of qualitative factors.\n\n \n\nWith the support of our specialists, we assessed the macroeconomic scenario by, among other procedures, evaluating management’s methodology and agreeing a sample of key economic factors used to external sources. We also performed and considered the results of various sensitivity analyses and analytical procedures, including comparison of a sample of the key economic factors to external sources, historical statistics and peer bank information.\n\n \n\nWith respect to expected loss models, with the support of our specialists, we evaluated model design and\nre-performed\nthe expected loss calculation for a sample of models. We also tested the appropriateness of key inputs and assumptions used in these models by agreeing a sample of inputs to internal and external sources, including historical loss statistics.\n\n \n\nRegarding management’s qualitative adjustments to the quantitative calculation, with support of our specialists, we evaluated the macroeconomic factors and emerging risks related to changes in the environment impacting specific industries within the corporate and retail portfolio segments. We also evaluated and tested internal and external data used in the qualitative adjustments by agreeing significant inputs and underlying data to internal and external sources, when available, that corroborated or contradicted management’s assumptions used in the qualitative adjustments.\n\n \n\nWith respect to the DCF method, we evaluated the present value of expected future cash flows through our assessment of the reasonableness of the obligors’ restructuring plans, as well as the timing and underlying sources of the repayment for a sample of individually evaluated loans. We performed back-testing of forecasted cash flows against actual cash flow results. We also assessed the appropriateness of significant inputs and assumptions used in the DCF method by agreeing them to internal and external sources such as financial statements, peer data, and current industry trends.\n\n \n\nWe evaluated the overall ACL amount, including model estimates and qualitative adjustments, and whether the overall ACL appropriately reflects expected credit losses on the loan portfolio. We reviewed peer-bank information, subsequent events and transactions including changes to the obligor ratings and other credit trends and considered whether they corroborate or contradict the Company’s measurement of the overall ACL.\n\n  \n\nValuation of Certain Level 3 Financial Instruments\n\nDescription of the Matter\n\n  \nAs described in Notes 1 and 26 to the consolidated financial statements, the Company carries various types of\nover-the-counter\nderivatives and long-term debt instruments with embedded derivatives measured at fair value. The Company carried JPY 43 billion, JPY 200 billion and JPY 569 billion of derivative assets,\n\n \n\nF-4\n\n  \n\nderivative liabilities and long-term debt with embedded derivatives measured at fair value as of March 31, 2026, respectively, which are classified within Level 3 of the fair value hierarchy. These Level 3 financial instruments are defined as having unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Management utilizes internally developed valuation models and unobservable inputs to value certain level 3 financial instruments. The significant unobservable inputs used by management to value these financial instruments include correlation and volatility.\n\n \n\nAuditing management’s valuation of certain level 3 financial instruments is challenging because the determination of certain valuation models and significant unobservable inputs requires significant judgment and effort in performing procedures related to valuing these instruments.\n\nHow We Addressed the Matter in Our Audit\n\n  \n\nWe obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over the Company’s derivatives and long-term debt fair value measurement processes. The controls tested included, but were not limited to, controls over significant unobservable inputs in the fair value measurements and controls over the appropriateness of the valuation models.\n\n \n\nOur audit procedures included, among others, evaluating the valuation techniques used, testing certain significant unobservable inputs used, comparing the Company’s valuation inputs to independent, third-party market information, when available, developing an independent estimate of fair value for a sample of these financial instruments using independent valuation models, and comparing management’s estimate to the independently developed estimate of fair value. We involved our specialists to evaluate certain significant unobservable inputs, and to perform a valuation of a sample of these financial instruments independent from the Company’s estimate of fair value.\n\n/s/ Ernst & Young ShinNihon LLC\n\nWe have served as the Company’s auditor for SEC reporting purposes since 2006, and as its Japanese statutory auditor since 2000, which included the years we served as joint auditors.\n\nTokyo, Japan\n\nJune 26, 2026\n\n \n\nF-5\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of\n\nMizuho Financial Group, Inc.\n\nOpinion on Internal Control Over Financial Reporting\n\nWe have audited Mizuho Financial Group, Inc. and subsidiaries’ internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Mizuho Financial Group, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on the COSO criteria.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of March 31, 2026 and 2025, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes and our report dated June 26, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\nDefinition and Limitations of Internal Control Over Financial Reporting\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the\ncompany\n; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\n \n\nF-6\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n/s/ Ernst & Young ShinNihon LLC\n\nTokyo, Japan\n\nJune 26, 2026\n\n \n\nF-7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED BALANCE SHEETS\n\nMARCH 31, 2025 AND 2026\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nAssets:\n\n  \n\n \n\n \n\n      \n\n \n\nCash and due from\nbanks\n\n  \n \n2,292,295\n \n \n \n2,699,180\n \n\nInterest-bearing deposits in other banks\n\n  \n \n71,143,684\n \n \n \n59,907,221\n \n\nCall loans and funds sold\n\n  \n \n776,183\n \n \n \n1,047,456\n \n\nReceivables under resale agreements\n\n  \n \n28,108,779\n \n \n \n30,571,740\n \n\nReceivables under securities borrowing transactions\n\n  \n \n2,078,216\n \n \n \n1,760,604\n \n\nTrading account assets (including assets pledged that secured parties are permitted to sell or repledge of ¥12,701,161 million in 2025 and ¥\n12,339,003\n \n\nmillion in 2026)\n\n  \n \n37,598,099\n \n \n \n48,696,032\n \n\nInvestments (Note 3):\n\n  \n\n \n\nAvailable-for-sale\n\nsecurities (including assets pledged that secured parties are permitted to sell or repledge of ¥2,055,780 million in 2025 and ¥1,690,645 million in 2026), net of allowance\n\n  \n \n15,058,617\n \n \n \n21,848,687\n \n\nHeld-to-maturity\n\nsecurities (including assets pledged that secured parties are permitted to sell or repledge of ¥4,067,125 million in 2025 and ¥35,848 million in 2026)\n\n  \n \n4,185,763\n \n \n \n4,852,384\n \n\nEquity securities\n\n  \n \n4,518,745\n \n \n \n5,710,985\n \n\nOther investments\n\n  \n \n1,000,589\n \n \n \n1,073,764\n \n\nLoans (Notes 4 and 5)\n\n  \n \n99,257,363\n \n \n \n105,835,923\n \n\nAllowance for credit losses on loans\n\n  \n \n(816,374\n) \n \n \n(757,159\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLoans, net of allowance\n\n  \n \n98,440,989\n \n \n \n105,078,764\n \n\nPremises and equipment—net (Note 6)\n\n  \n \n1,813,678\n \n \n \n1,823,020\n \n\nDue from customers on acceptances\n\n  \n \n273,944\n \n \n \n390,719\n \n\nAccrued income\n\n  \n \n672,897\n \n \n \n718,894\n \n\nGoodwill (Note 7)\n\n  \n \n163,593\n \n \n \n213,302\n \n\nIntangible assets (Note 7)\n\n  \n \n35,472\n \n \n \n42,220\n \n\nDeferred tax assets\n\n  \n \n345,179\n \n \n \n378,644\n \n\nOther assets (Note 12)\n\n  \n \n8,234,429\n \n \n \n8,082,090\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal assets\n\n  \n \n276,741,152\n \n \n \n294,895,707\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe following table presents the assets of consolidated variable interest entities (“VIE”s), which are included in the consolidated balance sheets above. The assets in the table below can be used only to settle obligations of consolidated VIEs.\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nAssets of consolidated VIEs:\n\n  \n\n  \n\n \n\n    \n\n \n\nCash and due from banks\n\n  \n \n6,054\n \n  \n \n2,358\n \n\nInterest-bearing deposits in other banks\n\n  \n \n65,453\n \n  \n \n70,444\n \n\nCall loans and funds sold\n\n  \n \n87,741\n \n  \n \n143,199\n \n\nTrading account assets\n\n  \n \n2,304,908\n \n  \n \n3,140,270\n \n\nInvestments\n\n  \n \n207,895\n \n  \n \n345,585\n \n\nLoans, net of allowance\n\n  \n \n8,654,827\n \n  \n \n9,242,423\n \n\nAll other assets\n\n  \n \n483,525\n \n  \n \n483,801\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets\n\n  \n \n 11,810,404\n \n  \n \n13,428,079\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED BALANCE SHEETS—(Continued)\n\nMARCH 31, 2025 AND 2026\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nLiabilities and equity:\n\n  \n\n \n\n \n\n    \n\n \n\nDeposits:\n\n  \n\n \n\nDomestic:\n\n  \n\n \n\nNoninterest-bearing deposits\n\n  \n \n31,705,002\n \n \n \n31,455,976\n \n\nInterest-bearing deposits\n\n  \n \n95,654,717\n \n \n \n98,319,260\n \n\nForeign:\n\n  \n\n \n\nNoninterest-bearing deposits\n\n  \n \n2,642,727\n \n \n \n2,986,715\n \n\nInterest-bearing deposits\n\n  \n \n43,788,236\n \n \n \n46,276,454\n \n\nDue to trust accounts\n\n  \n \n303,396\n \n \n \n301,964\n \n\nCall money and funds purchased\n\n  \n \n2,745,165\n \n \n \n3,191,544\n \n\nPayables under repurchase agreements (Note 28)\n\n  \n \n38,395,079\n \n \n \n37,732,081\n \n\nPayables under securities lending transactions (Note 28)\n\n  \n \n1,674,727\n \n \n \n2,067,005\n \n\nOther short-term borrowings (including liabilities accounted for at fair value of ¥244,157 million in 2025, and ¥106,746 million in 2026) (Notes 11 and 26)\n\n  \n \n5,537,351\n \n \n \n2,922,999\n \n\nTrading account liabilities\n\n  \n \n21,207,668\n \n \n \n28,802,058\n \n\nBank acceptances outstanding\n\n  \n \n273,944\n \n \n \n390,719\n \n\nIncome taxes payable\n\n  \n \n133,218\n \n \n \n239,103\n \n\nDeferred tax liabilities\n\n  \n \n36,677\n \n \n \n50,855\n \n\nAccrued expenses\n\n  \n \n570,845\n \n \n \n671,223\n \n\nLong-term debt (including liabilities accounted for at fair value of ¥3,764,171 million in 2025, and ¥4,693,080 million in 2026) (Notes 11 and 26)\n\n  \n \n14,914,120\n \n \n \n20,838,501\n \n\nOther liabilities (Note 12)\n\n  \n \n6,608,355\n \n \n \n7,171,197\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal liabilities\n\n  \n \n266,191,227\n \n \n \n283,417,654\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCommitments and contingencies (Note 22)\n\n \n\nEquity:\n\n  \n\n \n\nMHFG shareholders’ equity:\n\n  \n\n \n\nCommon stock (Note 14)—no par value, authorized 4,800,000,000 shares, and issued 2,513,757,794 shares at March 31, 2025, and 2,489,848,594 shares at March 31, 2026\n\n  \n \n5,799,003\n \n \n \n5,767,350\n \n\nRetained earnings\n\n  \n \n3,343,695\n \n \n \n4,065,899\n \n\nAccumulated other comprehensive income (loss), net of tax (Note 16)\n\n  \n \n931,779\n \n \n \n1,337,912\n\nLess: Treasury stock, at cost—Common stock 4,233,302 shares at March 31, 2025, and 51,325,298\n \nshares at March 31, 2026\n\n  \n \n(9,462\n) \n \n \n(311,529\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal MHFG shareholders’ equity\n\n  \n \n10,065,015\n \n \n \n10,859,633\n \n\nNoncontrolling interests\n\n  \n \n484,909\n \n \n \n618,420\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal equity\n\n  \n \n10,549,924\n \n \n \n11,478,053\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal liabilities and equity\n\n  \n \n276,741,152\n \n \n \n294,895,707\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe following table presents the liabilities of consolidated VIEs, which are included in the consolidated balance sheets above. The creditors or investors of the consolidated VIEs have no recourse to the MHFG Group, except where the Group provides credit enhancement through guarantees or other means.\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nLiabilities of consolidated VIEs:\n\n  \n\n  \n\n \n\n    \n\n \n\nPayables under securities lending transactions\n\n  \n \n70,338\n \n  \n \n98,536\n \n\nOther short-term borrowings\n\n  \n \n401,275\n \n  \n \n277,787\n \n\nTrading account liabilities\n\n  \n \n8,026\n \n  \n \n103,665\n \n\nLong-term debt\n\n  \n \n1,968,740\n \n  \n \n2,559,080\n \n\nAll other liabilities\n\n  \n \n1,017,893\n \n  \n \n1,100,123\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal liabilities\n\n  \n \n3,466,272\n \n  \n \n4,139,191\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF INCOME\n\nFOR THE FISCAL YEARS ENDED MARCH 31, 2024, 2025 AND 2026\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nInterest and dividend income:\n\n  \n\n \n\n      \n\n \n\n \n\n \n\n      \n\n \n\n \n\n \n\n      \n\n \n\nLoans, including fees\n\n  \n \n2,953,217\n \n \n \n3,003,985\n \n \n \n2,940,558\n \n\nInvestments:\n\n  \n\n \n\n \n\nInterest\n\n  \n \n192,116\n \n \n \n359,710\n \n \n \n430,760\n \n\nDividends\n\n  \n \n113,808\n \n \n \n123,899\n \n \n \n138,470\n \n\nTrading account assets\n\n  \n \n714,884\n \n \n \n822,358\n \n \n \n766,066\n \n\nCall loans and funds sold\n\n  \n \n32,963\n \n \n \n21,187\n \n \n \n17,518\n \n\nReceivables under resale agreements and securities borrowing transactions\n\n  \n \n739,016\n \n \n \n867,880\n \n \n \n817,844\n \n\nDeposits in other banks\n\n  \n \n1,020,997\n \n \n \n967,958\n \n \n \n861,349\n \n\nOther interest income\n\n  \n \n— \n \n \n \n— \n \n \n \n3,809\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal interest and dividend income\n\n  \n \n5,767,000\n \n \n \n6,166,977\n \n \n \n5,976,373\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nInterest expense:\n\n  \n\n \n\n \n\nDeposits\n\n  \n \n2,176,777\n \n \n \n2,218,010\n \n \n \n2,081,505\n \n\nTrading account liabilities\n\n  \n \n174,883\n \n \n \n225,020\n \n \n \n171,863\n \n\nCall money and funds purchased\n\n  \n \n22,167\n \n \n \n16,620\n \n \n \n24,734\n \n\nPayables under repurchase agreements and securities lending transactions\n\n  \n \n1,716,331\n \n \n \n1,908,525\n \n \n \n1,395,661\n \n\nOther short-term borrowings\n\n  \n \n95,704\n \n \n \n148,805\n \n \n \n137,000\n \n\nLong-term debt\n\n  \n \n376,214\n \n \n \n389,997\n \n \n \n475,470\n \n\nOther interest expense\n\n  \n \n— \n \n \n \n— \n \n \n \n3,604\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal interest expense\n\n  \n \n4,562,076\n \n \n \n4,906,978\n \n \n \n4,289,837\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet interest income\n\n  \n \n1,204,924\n \n \n \n1,259,999\n \n \n \n1,686,536\n \n\nProvision (credit) for credit losses (Notes 3 and 5)\n\n  \n \n47,135\n \n \n \n96,943\n \n \n \n188,465\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet interest income after provision (credit) for credit losses.\n\n  \n \n1,157,788\n \n \n \n1,163,055\n \n \n \n1,498,071\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNoninterest income (Note 24):\n\n  \n\n \n\n \n\nFee and commission income\n\n  \n \n1,117,826\n \n \n \n1,206,839\n \n \n \n1,375,976\n \n\nForeign exchange gains (losses)—net (Note 25)\n\n  \n \n(19,390\n) \n \n \n(185,963\n) \n \n \n(40,536\n)\n \n\nTrading account gains (losses)—net (Note 25)\n\n  \n \n390,260\n \n \n \n803,383\n \n \n \n102,749\n \n\nInvestment gains (losses)—net:\n\n  \n\n \n\n \n\nDebt securities\n\n  \n \n(6,446\n) \n \n \n(4,538\n) \n \n \n(74,307\n)\n\nEquity securities\n\n  \n \n1,010,288\n \n \n \n(181,948\n) \n \n \n1,035,589\n \n\nEquity in earnings (losses) of equity method investees—net\n\n  \n \n19,791\n \n \n \n28,233\n \n \n \n75,152\n \n\nGains on disposal of premises and equipment\n\n  \n \n10,128\n \n \n \n71,862\n \n \n \n17,372\n \n\nOther noninterest income\n\n  \n \n221,273\n \n \n \n265,045\n \n \n \n326,113\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal noninterest income\n\n  \n \n2,743,729\n \n \n \n2,002,912\n \n \n \n2,818,108\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNoninterest expenses:\n\n  \n\n \n\n \n\nSalaries and employee benefits\n\n  \n \n803,966\n \n \n \n883,410\n \n \n \n954,026\n \n\nGeneral and administrative expenses\n\n  \n \n751,187\n \n \n \n826,907\n \n \n \n962,945\n \n\nOccupancy expenses\n\n  \n \n168,473\n \n \n \n185,576\n \n \n \n195,813\n \n\nFee and commission expenses\n\n  \n \n239,246\n \n \n \n254,079\n \n \n \n272,935\n \n\nProvision (credit) for credit losses on\noff-balance-sheet\ninstruments\n\n  \n \n9,585\n \n \n \n27,080\n \n \n \n(500\n)\n\nOther noninterest expenses\n\n  \n \n305,950\n \n \n \n229,629\n \n \n \n245,334\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal noninterest expenses\n\n  \n \n2,278,406\n \n \n \n2,406,680\n \n \n \n2,630,553\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nIncome before income tax expense\n\n  \n \n1,623,112\n \n \n \n759,288\n \n \n \n1,685,627\n \n\nIncome tax expense (Note 19)\n\n  \n \n425,120\n \n \n \n199,532\n \n \n \n359,613\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income\n\n  \n \n1,197,992\n \n \n \n559,756\n \n \n \n1,326,013\n \n\nLess: Net income (loss) attributable to noncontrolling interests\n\n  \n \n285,519\n \n \n \n(33,637\n) \n \n \n167,983\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income attributable to MHFG shareholders\n\n  \n \n912,473\n \n \n \n593,393\n \n \n \n1,158,031\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEarnings per common share (Note 18):\n\n  \n\n \n\n \n\n(in yen)\n\n \n\n \n\nBasic net income per common share\n\n  \n \n359.70\n \n \n \n234.55\n \n \n \n466.16\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDiluted net income per common share\n\n  \n \n359.65\n \n \n \n234.52\n \n \n \n466.09\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDividends per common share:\n\n  \n\n \n\n \n\nCommon stock\n\n  \n \n105.00\n \n \n \n140.00\n \n \n \n145.00\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n10\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\nFOR THE FISCAL YEARS ENDED MARCH 31, 2024, 2025 AND 2026\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nNet income\n(Note)\n\n  \n \n1,197,992\n \n \n \n559,756\n \n \n \n1,326,013\n \n\nOther comprehensive income (loss), net of tax:\n\n  \n\n \n\n \n\nNet unrealized gains (losses) on\n\navailable-for-sale\n\nsecurities, net of tax\n\n  \n \n33,384\n \n \n \n(38,050\n) \n \n \n(47,020\n)\n\nForeign currency translation adjustments, net of tax\n\n  \n \n240,944\n \n \n \n50,359\n \n \n \n305,423\n \n\nDefined benefit plan adjustments, net of tax\n\n  \n \n75,987\n \n \n \n(77,149\n) \n \n \n153,623\n \n\nOwn credit risk adjustments, net of tax\n\n  \n \n(14,152\n) \n \n \n13,249\n \n \n \n(6,145\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal other comprehensive income (loss), net of tax\n\n  \n \n336,163\n \n \n \n(51,591\n) \n \n \n405,882\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal comprehensive income\n\n  \n \n  1,534,155\n \n \n \n  508,165\n \n \n \n1,731,895\n \n\nLess: Total comprehensive income (loss) attributable to noncontrolling interests\n\n  \n \n286,498\n \n \n \n(32,429\n) \n \n \n167,731\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal comprehensive income attributable to MHFG shareholders\n\n  \n \n1,247,657\n \n \n \n540,594\n \n \n \n1,564,164\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nThe amounts that have been reclassified out of Accumulated other comprehensive income (loss), net of tax into net income are presented in Note 16 “Accumulated other comprehensive income (loss), net of tax.”    \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n11\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF EQUITY\n\nFOR THE FISCAL YEARS ENDED MARCH 31, 2024, 2025 AND 2026\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nCommon stock:\n\n  \n\n \n\n \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n5,832,729\n \n \n \n5,833,660\n \n \n \n5,799,003\n \n\nPerformance-based stock compensation program\n\n  \n \n585\n \n \n \n10\n \n \n \n1,192\n \n\nChange in ownership interests in consolidated subsidiaries\n\n  \n \n463\n \n \n \n— \n \n \n \n— \n \n\nCancellation of common stock\n\n  \n \n— \n \n \n \n(34,670\n) \n \n \n(32,850\n)\n\nOther\n\n  \n \n(117\n) \n \n \n3\n \n \n \n5\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n5,833,660\n \n \n \n5,799,003\n \n \n \n5,767,350\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nRetained earnings:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n2,442,153\n \n \n \n3,120,236\n \n \n \n3,343,695\n \n\nNet income attributable to MHFG shareholders\n\n  \n \n912,473\n \n \n \n593,393\n \n \n \n1,158,031\n \n\nDividends declared\n\n  \n \n(234,802\n) \n \n \n(304,603\n) \n \n \n(368,911\n)\n\nCancellation of common stock\n\n  \n \n— \n \n \n \n(65,330\n) \n \n \n(67,150\n)\n\nOther\n\n  \n \n412\n \n \n \n— \n \n \n \n233\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n3,120,236\n \n \n \n3,343,695\n \n \n \n4,065,899\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAccumulated other comprehensive income (loss), net of tax (Note 16)\n(Note)\n:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n649,395\n \n \n \n984,578\n \n \n \n931,779\n \n\nChange during year\n\n  \n \n335,184\n \n \n \n(52,799\n) \n \n \n406,133\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n984,578\n \n \n \n931,779\n \n \n \n1,337,912\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTreasury stock, at cost:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n(8,786\n) \n \n \n(9,403\n) \n \n \n(9,462\n)\n \n\nPurchases of treasury stock\n\n  \n \n(3,384\n) \n \n \n(102,921\n) \n \n \n(404,325\n)\n\nDisposal of treasury stock\n\n  \n \n2,767\n \n \n \n2,862\n \n \n \n2,259\n \n\nCancellation of treasury stock\n\n  \n\n \n\n— \n\n \n\n \n\n \n\n100,000\n\n \n\n \n \n100,000\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n(9,403\n) \n \n \n(9,462\n) \n \n \n(311,529\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal MHFG shareholders’ equity\n\n  \n \n9,929,071\n \n \n \n10,065,015\n \n \n \n10,859,633\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNoncontrolling interests:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n809,643\n \n \n \n502,116\n \n \n \n484,909\n \n\nTransactions between the MHFG Group and the noncontrolling interest shareholders\n\n  \n \n(575,476\n) \n \n \n24,445\n \n \n \n(23,090\n)\n\nDividends paid to noncontrolling interests\n\n  \n \n(18,549\n) \n \n \n(9,223\n) \n \n \n(11,130\n)\n\nNet income (loss) attributable to noncontrolling interests\n\n  \n \n285,519\n \n \n \n(33,637\n) \n \n \n167,983\n \n\nOther\n\n  \n \n979\n \n \n \n1,208\n \n \n \n(252\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n502,116\n \n \n \n484,909\n \n \n \n618,420\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal equity\n\n  \n \n10,431,187\n \n \n \n10,549,924\n \n \n \n11,478,053\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nThe amounts that have been reclassified out of Accumulated other comprehensive income (loss), net of tax into net income are presented in Note 16 “Accumulated other comprehensive income (loss), net of tax.”\n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n12\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\nFOR THE FISCAL YEARS ENDED MARCH 31, 2024, 2025 AND 2026\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nCash flows from operating activities:\n\n  \n\n \n\n \n\n \n\n    \n\n \n\nNet income\n\n  \n \n1,197,992\n \n \n \n559,756\n \n \n \n1,326,013\n \n\nLess: Net income (loss) attributable to noncontrolling interests\n\n  \n \n285,519\n \n \n \n(33,637\n) \n \n \n167,983\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet income attributable to MHFG shareholders\n\n  \n \n912,473\n \n \n \n593,393\n \n \n \n1,158,031\n \n\nAdjustments to reconcile net income to net cash provided by (used in) operating activities:\n\n  \n\n \n\n \n\nDepreciation and amortization\n\n  \n \n222,714\n \n \n \n238,631\n \n \n \n278,340\n \n\nProvision (credit) for credit losses\n\n  \n \n47,135\n \n \n \n96,943\n \n \n \n188,465\n \n\nInvestment losses (gains)—net\n\n  \n \n(1,003,842\n) \n \n \n186,486\n \n \n \n(961,282\n)\n\nEquity in losses (earnings) of equity method investees—net\n\n  \n \n(19,791\n) \n \n \n(28,233\n) \n \n \n(75,152\n)\n\nForeign exchange losses (gains)—net\n\n  \n \n737,268\n \n \n \n(35,254\n) \n \n \n386,191\n \n\nDeferred income tax expense (benefit)\n\n  \n \n165,355\n \n \n \n(104,358\n) \n \n \n(65,445\n)\n\nNet change in trading account assets\n\n  \n \n(5,783,698\n) \n \n \n(1,946,305\n) \n \n \n(10,023,197\n)\n\nNet change in trading account liabilities\n\n  \n \n270,707\n \n \n \n595,934\n \n \n \n6,946,018\n \n\nNet change in loans held for sale\n\n  \n \n125,402\n \n \n \n(287,927\n) \n \n \n48,303\n \n\nNet change in accrued income\n\n  \n \n(148,029\n) \n \n \n17,830\n \n \n \n(23,629\n)\n\nNet change in accrued expenses\n\n  \n \n138,098\n \n \n \n(29,661\n) \n \n \n180,650\n \n\nOther—net\n\n  \n \n875,705\n \n \n \n761,563\n \n \n \n181,339\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by (used in) operating activities\n\n  \n \n(3,460,502\n) \n \n \n59,044\n\n \n\n \n \n(1,781,369\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from investing activities:\n\n  \n\n \n\n \n\nProceeds from sales of\n\nAvailable-for-sale\n\nsecurities\n\n  \n \n28,361,232\n \n \n \n29,403,773\n \n \n \n25,882,312\n \n\nProceeds from sales of Equity securities\n(Note)\n\n  \n \n2,834,790\n \n \n \n2,872,217\n \n \n \n5,513,705\n \n\nProceeds from maturities of\n\nAvailable-for-sale\n\nsecurities\n\n  \n \n39,223,805\n \n \n \n17,213,606\n \n \n \n5,579,293\n \n\nProceeds from maturities of\n\nHeld-to-maturity\n\nsecurities\n\n  \n \n450,249\n \n \n \n712,029\n \n \n \n716,207\n \n\nPurchases of\n\nAvailable-for-sale\n\nsecurities\n\n  \n \n(60,811,386\n) \n \n \n(43,329,158\n) \n \n \n(37,660,715\n)\n\nPurchases of\n\nHeld-to-maturity\n\nsecurities\n\n  \n \n(2,154,616\n) \n \n \n(943,708\n) \n \n \n(1,100,053\n)\n\nPurchases of Equity securities\n(Note)\n\n  \n \n(3,406,497\n) \n \n \n(2,354,450\n) \n \n \n(5,705,197\n)\n\nProceeds from sales of loans\n\n  \n \n681,116\n \n \n \n1,114,090\n \n \n \n1,399,457\n \n\nNet change in loans\n\n  \n \n(909,874\n) \n \n \n(2,208,464\n) \n \n \n(5,141,690\n)\n\nNet change in call loans and funds sold, and receivables under resale agreements and securities borrowing transactions\n\n  \n \n(7,739,449\n) \n \n \n(6,803,413\n) \n \n \n(942,767\n)\n\nProceeds from sales of premises and equipment\n\n  \n \n13,594\n \n \n \n94,134\n \n \n \n34,340\n \n\nPurchases of premises and equipment\n\n  \n \n(256,475\n) \n \n \n(338,013\n) \n \n \n(307,003\n)\n\nProceeds from sales of investments in subsidiaries (affecting the scope of consolidation)\n\n  \n \n89,522\n \n \n \n37,044\n \n \n \n5,636\n \n\nPurchases of investments in subsidiaries (affecting the scope of consolidation)\n\n  \n \n(55,469\n) \n \n \n— \n \n \n \n(41,308\n)\n\nPayments for sales of investments in subsidiaries (affecting the scope of consolidation)\n\n  \n \n— \n \n \n \n— \n \n \n \n(38,621\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash used in investing activities\n\n  \n \n(3,679,457\n) \n \n \n(4,530,312\n) \n \n \n(11,806,403\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from financing activities:\n\n  \n\n \n\n \n\nNet change in deposits\n\n  \n \n2,466,532\n \n \n \n1,846,792\n \n \n \n1,482,684\n \n\nNet change in call money and funds purchased, and payables under repurchase agreements and securities lending transactions\n\n  \n \n9,633,825\n \n \n \n1,693,993\n \n \n \n(1,157,853\n)\n \n\nNet change in due to trust accounts\n\n  \n \n(503,770\n) \n \n \n57,784\n \n \n \n(1,432\n)\n\nNet change in other short-term borrowings\n\n  \n \n14,167\n \n \n \n1,934,023\n \n \n \n(2,763,358\n)\n\nProceeds from issuance of long-term debt\n\n  \n \n3,061,735\n \n \n \n3,144,808\n \n \n \n7,655,894\n \n\nRepayment of long-term debt\n\n  \n \n(2,956,548\n) \n \n \n(4,336,484\n) \n \n \n(2,548,148\n)\n\nProceeds from noncontrolling interests\n\n  \n \n62,780\n \n \n \n33,292\n \n \n \n13,723\n \n\nPayments to noncontrolling interests\n\n  \n \n(67,169\n) \n \n \n(5,084\n) \n \n \n(44,401\n)\n\nProceeds from sales of treasury stock\n\n  \n \n2,768\n \n \n \n2,865\n \n \n \n2,263\n \n\nPurchases of treasury stock\n\n  \n \n(3,384\n) \n \n \n(102,921\n) \n \n \n(404,325\n)\n\nDividends paid\n\n  \n \n(234,787\n) \n \n \n(304,426\n) \n \n \n(368,704\n)\n\nDividends paid to noncontrolling interests\n\n  \n \n(18,549\n) \n \n \n(9,223\n) \n \n \n(11,130\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by financing activities\n\n  \n \n11,457,601\n \n \n \n3,955,420\n \n \n \n1,855,213\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEffect of exchange rate changes on cash and cash equivalents\n\n  \n \n1,803,107\n \n \n \n(161,217\n) \n \n \n902,982\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet increase (decrease) in cash and cash equivalents\n\n  \n \n6,120,748\n \n \n \n(677,064\n) \n \n \n(10,829,577\n)\n\nCash and cash equivalents at beginning of fiscal year\n\n  \n \n67,992,295\n \n \n \n74,113,043\n \n \n \n73,435,979\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash and cash equivalents at end of fiscal year\n\n  \n \n74,113,043\n \n \n \n73,435,979\n \n \n \n62,606,401\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n13\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)\n\nFOR THE FISCAL YEARS ENDED MARCH 31, 2024, 2025 AND 2026\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n \n \n \n \n \n \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nSupplemental disclosure of cash flow information:\n\n  \n \n \n \n \n \n \n\n    \n\n \n\nInterest paid\n\n  \n \n  4,758,832\n  \n \n \n  5,044,971\n  \n \n \n  4,376,289\n  \n\nIncome taxes paid\n\n  \n \n287,693\n \n \n \n124,107\n \n \n \n276,443\n \n\nNoncash investing activities:\n\n  \n\n \n\n \n\nTransfer of loans into loans held for sale\n\n  \n \n2,227\n \n \n \n31,866\n \n \n \n78,341\n \n\nTransfer of loans held-for-sale into loans\n\n  \n \n— \n \n \n \n— \n \n \n \n186,640\n \n\n \n\nNote:\n\nProceeds from sales of Equity securities as well as Purchases of Equity securities include cash activity related to Other investments, the amounts of which are not significant.    \n\n \n\n \n\n \n\n \n\n \n\nSee the accompanying Notes to the Consolidated Financial Statements.\n\n \n\nF-\n14\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n1. Basis of presentation and summary of significant accounting policies\n\nBasis of presentation\n\nMizuho Financial Group, Inc. (“MHFG”) is a joint stock corporation with limited liability under the laws of Japan. MHFG is a holding company for Mizuho Bank, Ltd. (“MHBK”), Mizuho Trust & Banking Co., Ltd. (“MHTB”), Mizuho Securities Co., Ltd. (“MHSC”), Asset Management One Co., Ltd. (“Asset Management One”), and other subsidiaries. MHFG, through its subsidiaries (“the MHFG Group,” or “the Group”), provides domestic and international financial services in Japan and other countries. For a discussion of the Group’s segment information, see Note 30 “Business segment information.”\n\nMHFG and its domestic subsidiaries as well as its foreign subsidiaries maintain their accounting records in accordance with the accounting standards of Japan and those standards of the countries in which they are domiciled. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform them to the accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements are stated in Japanese yen, the currency of the country in which MHFG is incorporated and principally operates.\n\nThe accompanying consolidated financial statements include the accounts of MHFG and its subsidiaries. MHFG’s fiscal year ends on March 31. MHFG’s subsidiaries fiscal year end is determined by each subsidiary. If the fiscal year end of a subsidiary has more than three months discrepancy from the MHFG’s fiscal year end, the subsidiary executes provisional financial closing. For those subsidiaries where the fiscal year end is not on March 31 and where the subsidiaries do not execute provisional financial close, the effect on the MHFG Group’s consolidated financial statements of all material events through the date of each of the periods presented in the consolidated financial statements has been considered for adjustment and/or disclosure. When determining whether to consolidate investee entities, the MHFG Group performs an analysis of the facts and circumstances of the particular relationships between the MHFG Group and the investee entities as well as the ownership of voting shares. The consolidated financial statements also include the accounts of VIEs for which MHFG or its subsidiaries have been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation” (“ASC 810”). All significant intercompany transactions and balances have been eliminated upon consolidation. The MHFG Group accounts for investments in entities over which it has significant influence by using the equity method of accounting. These investments are included in Other investments and the Group’s proportionate share of income or loss is included in Equity in earnings (losses) of equity method investees—net.\n\nCertain comparative amounts for the prior period have been reclassified in order to conform to the current period’s presentation.\n\nUse of estimates\n\nThe preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. Specific areas, among others, requiring the application of management’s estimates and judgment include assumptions pertaining to the allowance for credit losses, valuation of loans\n\nheld-for-sale,\n\nvaluation of deferred tax assets, valuation of derivative financial instruments, valuation of investments, valuation of certain other short-term borrowings and long-term debt where the fair value option has been elected, valuation of pension and other employee benefits, and impairment of long-lived assets. During times of geopolitical and macroeconomic uncertainty including uncertainty relating to the conflict in the Middle East, estimates become more sensitive and it is reasonably possible that actual results could differ from estimates and assumptions made.\n\n \n\nF-\n15\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nDefinition of cash and cash equivalents\n\nFor purposes of the consolidated statements of cash flows, Cash and cash equivalents consists of Cash and due from banks and Interest-bearing deposits in other banks. Cash deposited with central banks that must be maintained to meet minimum regulatory requirements is classified as restricted cash and included in Cash and cash equivalents. See Note 8 “Pledged assets and collateral” for more information on restricted cash.\n\nTranslation of foreign currency financial statements and foreign currency transactions\n\nFinancial statements of overseas entities are prepared using the functional currency of each entity and translated into Japanese yen for consolidation purposes. Assets and liabilities are translated using the\nfiscal-year-end\nexchange rate of each functional currency, and income and expenses are translated using the average rate of each functional currency for the period.\n\nForeign currency translation gains and losses related to the financial statements of overseas entities of the MHFG Group, net of related income tax effects, are credited or charged directly to Foreign currency translation adjustments, a component of Accumulated other comprehensive income (loss), net of tax (“AOCI”). The tax effects of gains and losses related to the foreign currency translation of financial statements of overseas entities are not recognized unless it is apparent that the temporary differences will reverse in the foreseeable future.\n\nAssets and liabilities of domestic and overseas entities denominated in foreign currencies are remeasured into the functional currency of the respective entity at the fiscal\nyear-end\nforeign exchange rates, and gains and losses resulting from such remeasurement are included in Foreign exchange gains (losses)—net. Foreign currency denominated income and expenses are remeasured using the average exchange rates for the period.\n\nCall loans and call money\n\nCall loans and call money represent lending/borrowing, primarily through the Japanese short-term money market, to/from other financial institutions such as banks, insurance companies, and securities brokerage houses.\n\nRepurchase and resale agreements, securities lending and borrowing and other secured financing transactions\n\nSecurities sold under agreements to repurchase (“repurchase agreements”), securities purchased under agreements to resell (“resale agreements”) and securities lending and borrowing transactions are accounted for as secured financing or lending transactions when control over the underlying securities is not deemed to be surrendered by the transferor. Otherwise, they are recorded as sales of securities with related forward repurchase commitments or purchases of securities with related forward resale commitments in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”).\n\nUnder resale agreements, securities borrowing and certain derivatives transactions, the MHFG Group receives collateral in the form of securities. In many cases, the MHFG Group is permitted to sell or repledge the securities obtained as collateral. Disclosures in respect of such collateral are presented in Note 8 “Pledged assets and collateral.” With respect to repurchase agreements and securities lending transactions, counterparties may have the right to sell or repledge securities that the MHFG Group has pledged as collateral. The MHFG Group separately discloses these pledged securities in the consolidated balance sheets.\n\nThe MHFG Group monitors credit exposure arising from resale agreements, repurchase agreements, securities borrowing and securities lending transactions on a regular basis, and additional collateral is obtained from or returned to counterparties, as appropriate.\n\n \n\nF-1\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nTrading securities and trading securities sold, not yet purchased\n\nTrading securities consist of securities and money market instruments that are bought and held principally for the purpose of reselling in the near term with the objective of generating profits on short-term fluctuations in price. Trading securities sold, not yet purchased, are securities and money market instruments sold to third parties that the MHFG Group does not own and is obligated to purchase at a later date to cover the short position. Trading securities and trading securities sold, not yet purchased, are recorded on the trade date. Trading securities and trading securities sold, not yet purchased, are recorded at fair value in the consolidated balance sheets in Trading account assets and Trading account liabilities with realized and unrealized gains and losses recorded on a trade date basis in Trading account gains (losses)—net in the consolidated statements of income. Interest and dividends on trading securities, including securities sold, not yet purchased, are recorded in Interest and dividend income or Interest expense on an accrual basis.\n\nInvestments\n\nDebt securities that the MHFG Group has both the positive intent and ability to hold to maturity are classified as\n\nHeld-to-maturity\n\nsecurities and carried at amortized cost. Debt securities that the MHFG Group may not hold to maturity, other than those classified as trading securities, are classified as\n\nAvailable-for-sale\n\nsecurities, and are carried at fair value, with unrealized gains and losses reported in AOCI after any applicable allowance for credit losses. Equity securities that do not meet the classification of trading securities are measured at fair value with unrealized gains and losses reported in Investment gains (losses)—net Equity securities.\n\nAt the end of each reporting period the MHFG Group performs a review to identify impaired\n\navailable-for-sale\n\nsecurities in accordance with ASC 326, “Financial Instruments—Credit Losses” (“ASC 326”). See allowance and provision (credit) for credit losses on\n\navailable-for-sale\n\nsecurities in this Note for further detail. Interest and dividends, as well as amortization of premiums and accretion of discounts, are reported in Interest and dividend income. Amortization of premiums and accretion of discounts on debt securities are recognized over their remaining maturities under the interest method. Gains and losses on disposition of investments are computed using the\nfirst-in\n\nfirst-out\nmethod for debt securities and the average method for equity securities, and are recorded on the trade date.\n\nOther investments include marketable and\nnon-marketable\nequity securities accounted for using the equity method and marketable and\nnon-marketable\ninvestments held by consolidated investment companies carried at fair value under specialized industry accounting principles for investment companies.\n\nDerivative financial instruments\n\nDerivative financial instruments are bought and held principally for the purpose of market making for customers, proprietary trading in order to generate trading revenues and fee income, and also to manage the MHFG Group’s exposure to interest rate, credit and market risks related to asset and liability management. Such derivative financial instruments include interest rate, foreign currency, equity, commodity and credit default swap agreements, options, caps and floors, and financial futures and forward contracts.\n\nDerivatives bought and held for trading purposes are recorded in the consolidated balance sheets at fair value in Trading account assets and Trading account liabilities. The fair values of derivatives in a gain position and a loss position are reported as Trading account assets and Trading account liabilities, respectively.\n\nDerivatives used for asset and liability management include contracts that qualify for hedge accounting under ASC 815, “Derivatives and Hedging” (“ASC 815”). To be eligible for hedge accounting, derivative instruments\n\n \n\nF-1\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nmust be highly effective in achieving offsetting changes in fair values or variable cash flows of the hedged items attributable to the particular risk being hedged. All qualifying hedging derivatives are valued at fair value and included in Trading account assets or Trading account liabilities. Derivatives that do not qualify for hedge accounting under ASC 815 are treated as trading positions and are accounted for as such. The fair value amounts recognized for all derivatives are presented on a gross basis and not offset against the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under the master netting agreement with the same counterparty.\n\nThe fair values of derivative financial instruments are determined based on quoted market prices or broker-dealer quotes, if available. If not available, the fair values are estimated using quoted market prices for similar instruments, option or binomial pricing models or a present value cash flow analysis, utilizing current observable market information, where available. In determining the fair values, the Group considers various factors such as exchange or\n\nover-the-counter\n\nmarket quotes, time value of money and volatility factors for options and warrants, observed prices for similar or synthetic instruments, and counterparty credit quality including potential exposure.\n\nChanges in the fair values of all derivatives are recorded in earnings, except for derivatives qualifying as net investment hedges under ASC 815 which are recorded in AOCI. The changes in the fair values of all derivatives relating to foreign currency exchange rates are included in Foreign exchange gains (losses)—net and Trading account gains (losses)—net. Other elements of the changes in the fair values, including interest rate, equity and credit related components, except these of certain credit derivatives hedging the credit risk in the corporate loan portfolio, are recognized in Trading account gains (losses)—net. The net gain (loss) resulting from changes in the fair values of certain credit derivatives where the Group purchases protection to mitigate its credit risk exposure related to its corporate loan portfolio is recorded in Other noninterest income (expenses). Interest income and expense on cash collateral and margin related to derivative transactions are also included within Noninterest income (expenses), consistent with derivative-related activities.\n\nCertain financial and hybrid instruments often contain embedded derivative instruments that possess implicit or explicit contract terms similar to those of a derivative instrument. Such derivative instruments are required to be fair-valued separately from the host contracts if they meet the bifurcation criteria of an embedded derivative. Such criteria include that the entire instrument is not marked to market through earnings, the economic characteristics and risks of the embedded contract terms are not clearly and closely related to those of the host contract and the embedded contract terms would meet the definition of a derivative on a stand-alone basis.\n\nLoans\n\nLoans are generally carried at the principal amount adjusted for unearned income and deferred net nonrefundable loan fees and costs. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the loan as an adjustment of yield using a method that approximates the interest method. Interest income on performing loans is accrued and credited to income as it is earned. Unearned income and discounts or premiums on purchased loans are deferred and recognized over the life of the loan using a method that approximates the interest method.\n\nLoans are considered nonaccrual when, based on current information and events, it is probable that the MHFG Group will be unable to collect all the scheduled payments of principal and interest when due according to the contractual terms of the loans. Factors considered by management in determining if a loan is nonaccrual include delinquency status and the ability of the debtor to make payments of the principal and interest when due. Nonaccrual loans include loans past due for 90 days or more and modified loans to borrowers experiencing financial difficulty. The majority of nonaccrual loans have no contractual delinquency due to interest reductions and/or postponement of principal and interest.\n\n \n\nF-1\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIn case loans are designated as nonaccrual loans, interest accruals and the amortization of net origination fees are suspended and capitalized interest\nis\nwritten off. Cash received on nonaccrual loans is accounted for as a reduction of the loan principal if the ultimate collectability of the principal amount is in doubt, otherwise, as interest income. Loans are not restored to accrual status until interest and principal payments are current and future payments are reasonably assured. Nonaccrual loans are restored to accrual loans and accrual status, when the MHFG Group determines that the borrower poses no concerns regarding current certainty of debt fulfillment. In general, such determination is made if the borrower qualifies for an obligor rating of E2 or above and is not classified as a special attention obligor. With respect to modified loans to borrowers experiencing financial difficulty, in general, such loans are restored to accrual loans, and accrual status, when the borrower qualifies for an obligor rating of D or above. See Note 4 “Loans” for the definitions of obligor ratings.\n\nLoans that have been identified for sale are classified as loans held for sale within Other assets and are accounted for at the lower of cost or fair value on an individual loan basis, with valuation changes recorded in Other noninterest income and expenses. If management decides to retain certain loans held for sale for the foreseeable future or until maturity or payoff, such items are transferred to Loans at the amortized cost.\n\nFinancial instruments—current expected credit losses (“CECL”)\n\nCECL established a single allowance framework for all financial assets measured at amortized cost and certain\noff-balance-sheet\ninstrument exposures. This framework requires management’s estimate to reflect credit losses over the instrument’s remaining expected life and consider expected future changes in macroeconomic conditions. ASC 326 reflects expected credit losses and requires consideration of a broader range of information such as relevant information about past events including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount, for the purpose of informing credit loss estimates. ASC 326 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASC 326 also requires that credit losses on\n\navailable-for-sale\n\ndebt securities be presented as an allowance for credit losses rather than as a write-down and limits the amount of the allowance for credit losses to the amount by which fair value is below amortized cost. Per the accounting policy election, the MHFG Group does not record expected credit losses for accrued interest receivables because uncollectible accrued interest is reversed through interest income in a timely manner in line with the Group’s nonaccrual and past due policies. The amount of accrued interest receivable reversed through interest income was not significant for the fiscal years ended March 31, 2025 and 2026.\n\nAllowance and provision (credit) for credit losses on loans\n\nEach reporting period, the MHFG Group makes adjustments to the allowance for credit losses on loans through Provision (credit) for credit losses in the consolidated statements of income. Loan principal that management judges to be uncollectible, based on detailed loan reviews and a credit quality assessment, is charged off against the allowance for credit losses on loans. In general, the Group charges off loans when the Group determines that the obligor should be classified as substantially bankrupt or bankrupt. See Note 4 “Loans” for the definitions of obligor categories. Obligors in the retail portfolio segment are generally determined to be substantially bankrupt when they are past due for more than six months, and as for obligors in the corporate portfolio segment, the Group separately monitors the credit quality of each obligor without using time-based triggers.\n\nThe MHFG Group maintains an appropriate allowance for credit losses on loans to represent management’s estimate of the expected credit losses in the Group’s loan portfolio. Management evaluates the appropriateness of\n\n \n\nF-1\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nthe allowance for credit losses on loans semi-annually. The allowance considers expected credit losses over the remaining expected lives of the applicable instruments. The expected life of each instrument is determined by considering expected prepayments, contractual terms and cancellation features. The allowance for credit losses involves significant judgments on a number of matters including expectations of future economic conditions, assignment of obligor ratings, valuation of collateral, the timing and amount of future cash flows, and the development of qualitative adjustments.\n\nWhen determining expected credit losses, a single forward-looking macroeconomic scenario is considered over a reasonable and supportable forecast period. This forward-looking macroeconomic scenario is in line with the scenario used for the Group’s business plan. If the scenarios are not reflective of management’s expectations, adjustments may be made to the scenarios. After the forecast period, the Group reverts to long-term historical loss experience with a certain graduated transition period, to estimate losses over the remaining lives of financial assets measured at amortized cost and certain\noff-balance-sheet\ninstruments. The macroeconomic scenario is updated semi-annually in principle and is reviewed to reflect current economic conditions and the Group’s expectation of future conditions on a timely basis. For March 31, 2025 and 2026, the Group used the most recent macroeconomic scenario available during the Group’s credit loss estimation process.\n\nIn terms of the internal risk ratings, for the corporate portfolio segment, the credit quality review process and the credit rating process serve as the basis for determining the allowance for credit losses on loans. Through such processes, loans are categorized into groups to reflect the probability of default, whereby the MHFG Group’s management assesses the ability of borrowers to service their debt, taking into consideration current financial information, ability to generate cash, historical payment experience, analysis of relevant industry segments and current trends. For the retail portfolio segment, the different categories of past due status of loans are primarily utilized in the credit quality review and the credit rating processes as the basis for determining the allowance for credit losses on loans.\n\nIn general, the MHFG Group estimates expected credit losses collectively on the loans in the case of normal and watch obligors, considering the risk associated with a particular pool and the probability that the exposures within the pool will deteriorate or default. The allowance for credit losses on nonaccrual loans generally includes the allowance for those loans that were individually evaluated for expected credit losses. See Note 4 “Loans” for the definitions of obligor categories and classification of nonaccrual loans.\n\nThe estimation of expected credit losses that are evaluated collectively begins with a quantitative calculation that considers the likelihood of the borrower changing delinquency status or moving from one obligor category or rating to another. The quantitative calculation covers expected credit losses over an instrument’s expected life and is estimated by applying credit loss factors to the MHFG Group’s estimated exposure at default. The credit loss factors incorporate the probability of default as well as the loss given default based on the historical loss rates. To supplement the historical loss data for overseas obligors, external credit ratings such as S&P are also used to calculate the probability of default. The model and inputs used to determine credit losses on loans that are evaluated collectively are analyzed on a periodic basis by comparing the estimated values with the actual results subsequent to the balance sheet date.\n\nThe MHFG Group divides its overall portfolio into domestic and foreign portfolios and categorizes the domestic portfolio into four portfolio segments according to their risk profiles: corporate, retail, sovereign, and banks and financial institutions.\n\nThe corporate portfolio segment consists of loans originated primarily by MHBK and MHTB, and includes mainly business loans such as those used for working capital and capital expenditure, as well as loans for which\n\n \n\nF-\n20\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nthe primary source of repayment of the obligation is income generated by the relevant assets such as project finance, asset finance and real estate finance. The corporate portfolio segment is divided into two classes based on their risk characteristics: large companies, and small and\nmedium-sized\ncompanies. For the corporate portfolio segment, the MHFG Group considers key economic factors such as gross domestic products for Japan and each relevant foreign location, where the portfolio is significant, and the interest rates in Japan when estimating the credit loss.\n\nThe retail portfolio segment consists mainly of residential mortgage loans originated by MHBK, and it is divided into two classes based on their risk characteristics: housing loans and others. For the retail portfolio segment, the Japanese unemployment rate is applied as a key factor. As it pertains to modified loans to borrowers experiencing financial difficulty in the retail portfolio segment, the restructuring itself, as well as subsequent payment defaults, if any, are considered in determining obligor categories. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously\ncharged-off,\nor expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral.\n\nThe allowance recorded for individually evaluated loans is based on (1) the present value of expected future cash flows, calculated using the discounted cash flow (DCF) method, which considers the restructuring effect and subsequent payment default with respect to modified loans to borrowers experiencing financial difficulty, discounted at the loan’s post-modification contractual effective interest rate, (2) the loan’s observable market price, or (3) the fair value of the collateral if the loan is collateral dependent. The collateral that the MHFG Group obtains for loans consists primarily of real estate. In obtaining the collateral, the Group evaluates the fair value of the collateral and its legal enforceability. The Group also performs subsequent\nre-evaluations\nat least once a year. As it pertains to real estate collateral, valuation is generally performed by an internal appraisal department which is independent from the Group’s loan origination departments by using generally accepted valuation techniques such as (1) the replacement cost approach, (2) the sales comparison approach or (3) the income approach. In the case of large real estate collateral, the Group generally engages third-party appraisers to perform the valuation.\n\nThe MHFG Group’s methodology for determining the appropriate allowance for credit losses on loans also considers the imprecision inherent in the methodologies used. As a result, the amounts determined under the methodologies described above could be adjusted by management to consider the potential impact of other qualitative factors which include, but are not limited to, imprecision in macroeconomic scenario assumptions and emerging risks such as the conflict in the Middle East and their ripple effects on specific portfolio segments. Considering internal and external factors affecting the credit quality of the portfolio, the Group incorporated the estimated impacts of the conflict in the Middle East on domestic obligors, weakening obligor credit profiles driven by declining earnings, including ripple effects on the automotive supply chain, changes in interest rates, and other sources of economic uncertainty into the macroeconomic scenario. The macroeconomic scenario was revised to reflect updated key assumptions, including the forecasted business outlook for specific portfolio segments and the current forecast for the growth rate of gross domestic product and interest rates.\n\nAllowance and provision (credit) for credit losses on\noff-balance-sheet\ninstruments\n\nThe MHFG Group maintains an allowance for credit losses on\noff-balance-sheet\ninstruments, such as guarantees and standby letters of credit in the same manner as the allowance for credit losses on loans. The Group similarly assesses the expected loss amounts for commitments to invest in securities and commitments to extend credit, considering the probability of drawdowns. The allowance is recorded in Other liabilities. Net changes in the allowance for credit losses on\noff-balance-sheet\ninstruments are accounted for in Provision (credit) for credit losses on\noff-balance-sheet\ninstruments in the consolidated statements of income.\n\n \n\nF-\n21\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAllowance and provision (credit) for credit losses on\n\navailable-for-sale\n\nsecurities\n\nThe MHFG Group performs periodic reviews to identify impaired securities in accordance with ASC 326.\n\nAvailable-for-sale\n\nsecurities are impaired if the fair value is less than the amortized cost (excluding accrued interest receivable). In the case where the Group has the intent to sell an\n\navailable-for-sale\n\ndebt security or more likely than not will be required to sell an\n\navailable-for-sale\n\ndebt security before the recovery of its amortized cost basis, the entire difference between amortized cost basis and fair value is recognized immediately through earnings. In other cases, the Group evaluates expected cash flows to be received and determines if a credit loss exists, and if so, the amount of the credit loss is recognized in Provision (credit) for credit losses, while the remaining decline in fair value is recognized in other comprehensive income, net of applicable taxes.\n\nPremises and equipment\n\nPremises and equipment are stated at historical cost, and depreciation and amortization are recorded over the estimated useful lives of the assets, except for leasehold improvements, which are amortized over the shorter of the estimated useful lives of the assets or the lease term. Depreciation and amortization are principally computed in accordance with the straight-line method with respect to buildings and leasehold improvements and in accordance with the declining-balance method with respect to other premises and equipment.\n\nThe useful lives of premises and equipment are as follows:\n\n \n\n \n  \n\nYears\n\n \n\nBuildings\n\n  \n \n3 to 50\n \n\nEquipment and furniture\n\n  \n \n2 to 20\n \n\nRegular repairs and maintenance costs that do not extend the estimated useful life of an asset are charged to expense as incurred. Upon sale or disposition of premises and equipment, the cost and related accumulated depreciation or amortization are removed from the accounts, and any\ngains\nor losses on disposal are included in Gains on disposal of premises and equipment or Occupancy expenses.\n\nImpairment of long-lived assets\n\nThe MHFG Group’s long-lived assets that are held for use are reviewed periodically for events or changes in circumstances that indicate possible impairment. The Group’s impairment review is based on an undiscounted cash flow analysis of a group of assets, combined with associated liabilities, at the lowest level for which identifiable cash flows exist. Impairment occurs when the carrying value of the asset group exceeds the future undiscounted cash flows that the asset group is expected to generate. When impairment is identified, the future cash flows are then discounted to determine the estimated fair value of the asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value of the asset group. The long-lived assets to be disposed of by sale are carried at the lower of the carrying amount or fair value, less estimated cost to sell.\n\nSoftware\n\nInternal and external costs incurred in connection with developing and obtaining software for internal use during the application development stage are capitalized. Such costs include salaries and benefits for employees directly involved with and who devote time to the project, to the extent such time is incurred directly on the internal use software project. The capitalization of software ceases when the software project has been substantially completed. The capitalized software is amortized on a straight-line basis over the estimated useful life, generally\n\n \n\nF-\n22\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n5 to 10 years. Internal use software is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.\n\nGoodwill\n\nGoodwill represents the excess of the total fair value of the acquired company, which consists of the consideration transferred, the fair value of any interest in the acquiree already held by the acquirer and the fair value of any noncontrolling interest in the acquiree over the fair value of net identifiable assets acquired at the date of acquisition in a business combination. The MHFG Group accounts for goodwill in accordance with ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”). Goodwill is recorded at a designated reporting unit level for the purpose of assessing impairment. Goodwill is not amortized but is tested for impairment at least annually or more often if events or circumstances indicate there may be impairment. For both the annual and interim tests, the Group has the option to either (a) perform a quantitative impairment test or (b) first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the Group would perform the quantitative test. An impairment loss is recorded to the extent the carrying amount of goodwill exceeds its estimated fair value. The estimated fair value of the reporting units is derived based on valuation techniques that the Group believes market participants would use for each of the reporting units. The Group generally determines the estimated fair value by utilizing a discounted cash flow methodology or methodologies that incorporate\n\nprice-to-book\n\nmultiples of certain comparable companies.\n\nIntangible assets\n\nIntangible assets having definite useful lives are amortized over their estimated useful lives on either a straight-line basis or the method that reflects the pattern in which the economic benefits of the intangible assets are consumed. Intangible assets acquired in connection with the merger of MHSC and Shinko Securities Co., Ltd. (“Shinko”) and the integration of asset management functions of DIAM Co., Ltd. (“DIAM”), MHTB, Mizuho Asset Management Co., Ltd. (“MHAM”) and Shinko Asset Management Co., Ltd. (“Shinko Asset Management”) consist primarily of customer relationship intangibles, and are amortized over weighted-average amortization periods of 16 years and 16.9 years, respectively. Intangible assets having indefinite useful lives are not amortized and are subject to impairment tests. An impairment loss is recorded to the extent that the carrying amount of the indefinite-lived intangible asset exceeds its estimated fair value. For intangible assets subject to amortization, an impairment loss is recorded if the carrying amount is not recoverable and exceeds its estimated fair value.\n\nLeases\n\nThe MHFG Group, as a lessee, recognizes liabilities to make lease payments and\n\nright-of-use\n\nassets representing its right to use the underlying assets for the lease term. The lease terms include periods covered by options to extend or terminate the lease that the Group is reasonably certain to exercise. The Group uses its incremental borrowing rates at the lease commencement to determine the lease liability, which is measured at the present value of future lease payments, when the rate implicit in the lease is not readily determinable. The Group has elected not to separate lease and\nnon-lease\ncomponents of a contract that is or contains a lease for its equipment leases. The Group has elected not to recognize\n\nright-of-use\n\nassets and liabilities for leases with terms of twelve months or less. For operating leases, the\n\nright-of-use\n\nassets and related liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheets. Expenses are recognized on a straight-line basis over the lease term and are included in Occupancy expenses on the consolidated statements of income. Variable lease payments not included in the\n\nright-of-use\n\nassets or the lease liabilities are recognized as incurred\n\n \n\nF-\n23\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nin Occupancy expenses. For finance leases,\n\nright-of-use\n\nassets and related liabilities are included in Premises and equipment and Long-term debt, respectively, on the consolidated balance sheets.\n\nPension and other employee benefits\n\nMHFG and certain subsidiaries sponsor pension plans which provide defined benefits to retired employees and other postretirement benefit plans, including severance indemnities. Severance indemnities are amounts payable to eligible employees upon termination of employment and are payable as a lump sum. Periodic expense and accrued liabilities are computed based on the actuarial present value of benefits, net of investment returns expected from plan assets and their fair values at the balance sheet date. Net periodic expense is charged to Salaries and employee benefits. Net actuarial gains and losses that arise from differences between actual experience and assumptions are generally amortized over the average remaining service period of participating employees if they exceed the corridor, which is defined as the greater of 10% of plan assets or the projected benefit obligation.\n\nStock-based compensation\n\nMHFG, MHBK, MHTB and MHSC have stock options, in the form of stock acquisition rights, for directors (excluding the outside directors) and executive officers of the respective companies (hereinafter referred to collectively as the “Directors”). In this plan (“the MHFG Group’s Stock Plan”), 100 shares of MHFG common stock shall be issued or transferred upon exercise of each of the stock acquisition rights. The exercise price is 1 yen per share. The contractual term of the stock acquisition rights is 20 years. A holder may exercise the stock acquisition rights only after the date on which such holder loses the status as a Director of MHFG, MHBK, MHTB or MHSC. In May 2015, the MHFG Group discontinued the stock option program. Thereafter, the MHFG Group has not issued any new stock options. MHFG, MHBK, MHTB and MHSC have a responsibility-based stock compensation program for Directors (“Stock Compensation I”) and a performance-based stock compensation program for Directors (“Stock Compensation II”). MHFG and certain consolidated subsidiaries introduced both responsibility-based and performance-based stock compensation program for Operating Officers (“Stock Benefit”) in July 2021. For these programs, the stock-based compensation cost is determined based on the fair value of MHFG’s common stock as of grant date. The liability related to the cash-based compensation cost is remeasured at each reporting date based on the fair value of MHFG’s common stock. For Stock Compensation I, as the program is effectively vested on the grant date, the stock-based compensation cost is recognized on the grant date. For Stock Compensation II, the stock-based compensation costs are recognized evenly over the graded-vesting period, which is three years. For Stock Benefit, the stock-based compensation costs are recognized evenly over the vesting period, which is one year. Those Stock options and Stock Compensation plans did not have a material impact on the MHFG Group’s consolidated results of operations or financial condition.\n\nLong-term debt\n\nPremiums, discounts and issuance costs of long-term debt are amortized based on a method that approximates the interest method over the respective terms of the long-term debt.\n\nObligations under guarantees\n\nThe MHFG Group provides customers with a variety of guarantees and similar arrangements, including standby letters of credit, financial and performance guarantees, credit protection, and liquidity facilities. The MHFG Group recognizes guarantee fee income over the guarantee period. The MHFG Group receives such a guarantee\n\n \n\nF-\n24\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nfee at the inception of the guarantee or in installments and, in either case, the present value of the total fees approximates the fair value of the guarantee.\n\nFair value measurements\n\nThe MHFG Group carries certain of its financial assets and liabilities at fair value on a recurring basis. These financial assets and liabilities are primarily composed of trading account assets, trading account liabilities,\n\navailable-for-sale\n\nsecurities and equity securities. In addition, the Group measures certain financial assets and liabilities, at fair value on a\nnon-recurring\nbasis. Those assets and liabilities primarily include items that are measured at the lower of cost or fair value such as loans held for sale, and items that were initially measured at cost and have been written down to fair value due to impairments, such as loans and equity securities without readily determinable fair values.\n\nFair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, “Fair Value Measurement” (“ASC 820”), the Group classifies its financial assets and liabilities into the fair value hierarchy (Level 1, 2, and 3). See Note 26 “Fair value” for the detailed definition of each level.\n\nWhen determining fair value, the MHFG Group considers the principal or most advantageous market in which the Group would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. See Note 26 “Fair value” for descriptions of valuation methodologies used for its assets and liabilities by product.\n\nFee and commission income\n\nThe MHFG Group recognizes revenue from contracts with customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring control of a promised service. The timing of revenue recognition is dependent on whether the Group satisfies a performance obligation by transferring control of the service to a customer over time or at a point in time. Fee and commission income is presented exclusive of consumption taxes. The major components of fee and commission income are as follows.\n\nSecurities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues. Brokerage fees and commissions mainly include fees earned from the execution of customer transactions and sales commissions of stocks, bonds and investment trusts. Brokerage fees and commissions are recognized at the point in time on transaction date. Asset-based revenues mainly include fees received from investment trust management companies in return for administration services, such as record keeping services, of investment trusts. The amounts of asset-based revenues are calculated based on customer’s net asset value and recognized over time in the period when the related service is provided.\n\nDeposit-related fees include service charges on consumer and commercial deposit accounts such as account transfer charges. Deposit-related fees are recognized at the point in time when the transactions occur, or the related service is provided.\n\nLending-related fees include fees for lending business such as commitment fees and arrangement fees.\n\nRemittance business fees include service charges for domestic and international funds transfers and collections. These fees are recognized at the point in time when the related service is provided.\n\n \n\nF-\n25\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAsset management business fees consist of investment trust management fees and investment advisory fees for investment trusts. These fees are received from investment trusts in return for asset management services and/or investment advisory services on behalf of customers. The amounts of these fees are calculated based on a percentage of customer’s net asset value. These fees are recognized over time in the period when the management and/or advisory service is provided and the amount is fixed.\n\nTrust-related business fees consist of trust fees earned primarily through fiduciary asset management and administrative service and other trust-related fees. Fees for fiduciary asset management and administration services for corporate pension plans and investment funds are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the period when the related service is provided. Other trust-related fees mainly include brokerage commissions of real estate property, sales commissions of beneficial interest in real estate trust, consulting fees of real estate property and charges for stock transfer agent services. These fees are mainly earned on a transaction basis and recognized at the point in time when the related service is provided or over time in the period when the related service is provided.\n\nAgency business fees mainly include administration service fees related to the MHFG Group’s agency business such as Japan’s principal public lottery program and revenues from standing proxy services related to stocks and others. These fees are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.\n\nFees for other customer services include various revenues such as sales commissions of life insurance, service charges for electronic banking, financial advisory fees, and service charges for software development. Sales commissions from life insurance sales are received from insurance companies in return for selling insurance products and recognized when the insurance product is sold to customers. Service charges for electronic banking are mainly monthly basic usage fees and recognized over the related transaction period. Financial advisory fees are received as consideration for services supporting market research and business strategy planning, which are recognized over time in the period when the related advisory service based on the contract is rendered. Service charges for software development are recognized over time according to the progress of the development.\n\nFee and commission expenses\n\nThe principal items included in fee and commission expenses are fee and commission expenses for remittance services and brokerages fees paid for securities transactions. These expenses are generally recognized on an incurred basis.\n\nIncome taxes\n\nIncome taxes are accounted for in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred income taxes reflect the net tax effects of (1) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax purposes, and (2) operating loss and tax credit carryforwards. A valuation allowance is recorded for any portion of the deferred tax assets unless it is more likely than not that the deferred tax assets will be realized.\n\nDeferred income tax benefit or expense is recognized for the changes in the net deferred tax asset or liability between periods.\n\nEarnings per common share\n\nBasic earnings per common share are computed by dividing net income (loss) attributable to MHFG common shareholders by the weighted average number of common shares outstanding during the fiscal year. Diluted\n\n \n\nF-2\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nearnings per common share reflect all dilutive potential common shares such as stock options and the common shares of MHFG under the stock compensation programs. See Note 18 “Earnings per common share” for the computation of basic and diluted earnings per common share.\n\n2. Issued accounting pronouncements\n\nAdopted accounting pronouncements\n\nIn December 2023, the FASB issued ASU\nNo.2023-09,\n“Income Taxes (Topic 740)—Improvements to Income Tax Disclosures” (“ASU\nNo.2023-09”).\nThe ASU improves income tax disclosures primarily in relation to the rate reconciliation and information on income taxes paid on an annual basis. The MHFG Group adopted ASU\nNo.2023-09\non a prospective basis for its fiscal year ended March 31, 2026. See Note 19 “Income taxes” for further details.\n\nAccounting pronouncements issued but not yet effective as of March 31, 2026\n\nIn November 2024, the FASB issued ASU\nNo.2024-03,\n“Income Statement—Reporting Comprehensive Income—Expense Disaggregation\nDisclosures\n” (“ASU\nNo.2024-03”).\nThis ASU improves the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions (i.e., employee compensation, depreciation, intangible asset amortization) in a separate note to the financial statements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses. The transition method is prospective with the retrospective method permitted, and the ASU will be effective for the MHFG Group for its fiscal year ending March 31, 2028 and for interim periods beginning April 1, 2028. The Group is currently evaluating the potential impact that the adoption of ASU\nNo.2024-03\nwill have on disclosures in its consolidated financial statements.\n\nIn September 2025 the FASB issued ASU\nNo.2025-06,\n“Intangibles—Goodwill and\nOther—Internal-Use\nSoftware (Subtopic\n350-40)\nTargeted Improvements to the Accounting for\nInternal-Use\nSoftware” (“ASU\nNo.2025-06”).\nThe ASU improves the accounting for\ninternal-use\nsoftware by modernizing the related guidance. It eliminates the requirement to consider software project development stages and enhances the guidance on the\n\n“probable-to-complete”\n\nthreshold used to determine when capitalization of\ninternal-use\nsoftware costs begins. The ASU will be effective for the MHFG Group for its fiscal year ending March 31, 2029. The Group is currently evaluating the potential impact that the adoption of ASU\nNo.2025-06\nwill have on disclosures in its consolidated financial statements and results of operations or financial condition.\n\n \n\nF-2\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n3. Investments\n\nAvailable-for-sale\n\nand\n\nheld-to-maturity\n\nsecurities\n\nThe amortized cost, net of allowance for credit losses, gross unrealized gains and losses, and fair value of\n\navailable-for-sale\n\nand\n\nheld-to-maturity\n\nsecurities at March 31, 2025 and 2026 are as follows:\n\n \n\n \n \n\nAmortized\n\ncost\n(4)(5)\n\n \n \n\nGross\n\nunrealized\n\ngains\n\n \n \n\nGross\n\nunrealized\n\nlosses\n\n \n \n\nFair value\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\n2025\n\n \n\n \n\n \n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n8,378,639\n \n \n \n123\n \n \n \n16,329\n \n \n \n8,362,432\n \n\nJapanese local government bonds\n\n \n \n571,110\n \n \n \n5\n \n \n \n23,376\n \n \n \n547,739\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n127,719\n \n \n \n34\n \n \n \n123\n \n \n \n127,630\n \n\nOther foreign government bonds\n\n \n \n2,586,790\n \n \n \n6,078\n \n \n \n1,704\n \n \n \n2,591,164\n \n\nAgency mortgage-backed securities\n(1)\n\n \n \n340,583\n \n \n \n10\n \n \n \n25,034\n \n \n \n315,558\n \n\nResidential mortgage-backed securities\n\n \n \n21,802\n \n \n \n1\n \n \n \n897\n \n \n \n20,907\n \n\nCommercial mortgage-backed securities\n\n \n \n850,518\n \n \n \n4,693\n \n \n \n1,424\n \n \n \n853,787\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n1,436,823\n \n \n \n13,220\n \n \n \n11,952\n \n \n \n1,438,091\n \n\nForeign corporate bonds and other debt securities\n(2)\n\n \n \n800,601\n \n \n \n2,079\n \n \n \n1,371\n \n \n \n801,309\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n15,114,585\n \n \n \n26,243\n \n \n \n82,211\n \n \n \n15,058,617\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nHeld-to-maturity\n\nsecurities:\n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n419,480\n \n \n \n— \n \n \n \n19,601\n \n \n \n399,879\n \n\nAgency mortgage-backed securities\n(3)\n\n \n \n3,766,283\n \n \n \n23,982\n \n \n \n162,763\n \n \n \n3,627,502\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n4,185,763\n \n \n \n23,982\n \n \n \n182,364\n \n \n \n4,027,381\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\nAmortized\n\ncost\n(4)(5)\n\n \n \n\nGross\n\nunrealized\n\ngains\n\n \n \n\nGross\n\nunrealized\n\nlosses\n\n \n \n\nFair value\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\n2026\n\n \n\n \n\n \n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n14,977,828\n \n \n \n32\n \n \n \n52,939\n \n \n \n14,924,920\n \n\nJapanese local government bonds\n\n \n \n157,569\n \n \n \n1\n \n \n \n7,869\n \n \n \n149,702\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n137,811\n \n \n \n186\n \n \n \n25\n \n \n \n137,973\n \n\nOther foreign government bonds\n\n \n \n3,562,809\n \n \n \n4,412\n \n \n \n3,263\n \n \n \n3,563,958\n \n\nAgency mortgage-backed securities\n(1)\n\n \n \n342,743\n \n \n \n— \n \n \n \n60,907\n \n \n \n281,835\n \n\nResidential mortgage-backed securities\n\n \n \n11,794\n \n \n \n— \n \n \n \n— \n \n \n \n11,794\n \n\nCommercial mortgage-backed securities\n\n \n \n912,841\n \n \n \n4,040\n \n \n \n2,870\n \n \n \n914,012\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n926,093\n \n \n \n8,357\n \n \n \n11,722\n \n \n \n922,727\n \n\nForeign corporate bonds and other debt securities\n(2)\n\n \n \n942,239\n \n \n \n860\n \n \n \n1,332\n \n \n \n941,766\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n21,971,727\n \n \n \n17,887\n \n \n \n140,927\n \n \n \n21,848,687\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nHeld-to-maturity\n\nsecurities:\n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n419,568\n \n \n \n— \n \n \n \n26,355\n \n \n \n393,213\n \n\nAgency mortgage-backed securities\n(3)\n\n \n \n4,432,816\n \n \n \n36,938\n \n \n \n151,903\n \n \n \n4,317,851\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n4,852,384\n \n \n \n36,938\n \n \n \n178,258\n \n \n \n4,711,064\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:    \n\n(1)\n\nAgency mortgage-backed securities presented in this line consist of Japanese and Foreign agency mortgage-backed securities, of which the fair values were ¥315,536 million and ¥22 million, respectively, at March 31, 2025, and ¥281,815 million and ¥21 million,\n\n \n\nF-2\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \nrespectively, at March 31, 2026. All Japanese agency mortgage-backed securities are issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise. Foreign agency mortgage-backed securities primarily consist of Government National Mortgage Association (“Ginnie Mae”) securities, which are guaranteed by the United States government.\n\n(2)\n\nOther debt securities presented in this line primarily consist of Foreign negotiable certificates of deposit (“NCDs”) and asset-backed securities (“ABS”), of which the total fair values were ¥221,706 million at March 31, 2025, and ¥287,547 million at March 31, 2026.\n\n(3)\n\nAll Agency mortgage-backed securities presented in this line are Ginnie Mae securities.\n\n(4)\n\nAmortized cost, net of the allowance for credit losses, of which the amounts related to\n\navailable-for-sale\n\nsecurities were ¥nil at both March 31, 2025 and 2026.\n\n(5)\n\nAccrued interest receivables of ¥20,845 million at March 31, 2025, and ¥29,997 million at March 31, 2026 are excluded from amortized cost and included in Accrued income.\n\nContractual maturities\n\nThe amortized cost, net of allowance for credit losses, and fair value of\n\navailable-for-sale\n\nand\n\nheld-to-maturity\n\nsecurities at March 31, 2026 are shown in the table below based on their contractual maturities. Expected maturities may differ from contractual maturities because some securities are not due at a single maturity date, and some securities, such as mortgage-backed securities, contain embedded call or prepayment options.\n\n \n\nAmortized cost\n\n \n\nDue in one\n\nyear or less\n\n \n \n\nDue after one\n\nyear through\n\nfive years\n\n \n \n\nDue after five\n\nyears through\n\nten years\n\n \n \n\nDue after\n\nten years\n\n \n \n\nTotal\n\n \n\n \n \n\n(in millions of yen)\n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n12,024,349\n \n \n \n2,067,881\n \n \n \n865,813\n \n \n \n19,784\n \n \n \n14,977,828\n \n\nJapanese local government bonds\n\n \n \n40,544\n \n \n \n65,219\n \n \n \n51,513\n \n \n \n293\n \n \n \n157,569\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n137,811\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n137,811\n \n\nOther foreign government bonds\n\n \n \n2,933,330\n \n \n \n626,880\n \n \n \n1,302\n \n \n \n1,297\n \n \n \n3,562,809\n \n\nAgency mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n522\n \n \n \n342,221\n \n \n \n342,743\n \n\nResidential mortgage-backed securities\n\n \n \n127\n \n \n \n837\n \n \n \n9,666\n \n \n \n1,164\n \n \n \n11,794\n \n\nCommercial mortgage-backed securities\n\n \n \n6,070\n \n \n \n659,622\n \n \n \n246,150\n \n \n \n1,000\n \n \n \n912,841\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n92,304\n \n \n \n356,607\n \n \n \n131,633\n \n \n \n345,549\n \n \n \n926,093\n \n\nForeign corporate bonds and other debt securities\n\n \n \n608,186\n \n \n \n312,278\n \n \n \n21,309\n \n \n \n466\n \n \n \n942,239\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n15,842,720\n \n \n \n4,089,324\n \n \n \n1,327,908\n \n \n \n711,775\n \n \n \n21,971,727\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nHeld-to-maturity\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n89,991\n \n \n \n119,941\n \n \n \n209,636\n \n \n \n— \n \n \n \n419,568\n \n\nAgency mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4,432,816\n \n \n \n4,432,816\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n89,991\n \n \n \n119,941\n \n \n \n209,636\n \n \n \n4,432,816\n \n \n \n4,852,384\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-2\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nFair value\n\n \n\nDue in one\n\nyear or less\n\n \n \n\nDue after one\n\nyear through\n\nfive years\n\n \n \n\nDue after five\n\nyears through\n\nten years\n\n \n \n\nDue after\n\nten years\n\n \n \n\nTotal\n\n \n\n \n \n\n(in millions of yen)\n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n12,014,919\n \n \n \n2,057,650\n \n \n \n832,541\n \n \n \n19,810\n \n \n \n14,924,920\n \n\nJapanese local government bonds\n\n \n \n40,375\n \n \n \n62,607\n \n \n \n46,478\n \n \n \n241\n \n \n \n149,702\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n137,973\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n137,973\n \n\nOther foreign government bonds\n\n \n \n2,933,580\n \n \n \n627,779\n \n \n \n1,302\n \n \n \n1,297\n \n \n \n3,563,958\n \n\nAgency mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n512\n \n \n \n281,323\n \n \n \n281,835\n \n\nResidential mortgage-backed securities\n\n \n \n127\n \n \n \n837\n \n \n \n9,666\n \n \n \n1,164\n \n \n \n11,794\n \n\nCommercial mortgage-backed securities\n\n \n \n6,080\n \n \n \n659,530\n \n \n \n247,434\n \n \n \n967\n \n \n \n914,012\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n91,873\n \n \n \n352,530\n \n \n \n129,397\n \n \n \n348,928\n \n \n \n922,727\n \n\nForeign corporate bonds and other debt securities\n\n \n \n608,056\n \n \n \n311,856\n \n \n \n21,388\n \n \n \n466\n \n \n \n941,766\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n15,832,983\n \n \n \n4,072,790\n \n \n \n1,288,718\n \n \n \n654,197\n \n \n \n21,848,687\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nHeld-to-maturity\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n89,076\n \n \n \n115,131\n \n \n \n189,006\n \n \n \n— \n \n \n \n393,213\n \n\nAgency mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4,317,851\n \n \n \n4,317,851\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n89,076\n \n \n \n115,131\n \n \n \n189,006\n \n \n \n4,317,851\n \n \n \n4,711,064\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCredit losses\n\nThe MHFG Group did not recognize allowance for credit losses on\n\navailable-for-sale\n\nsecurities on March 31, 2024, 2025 and 2026. The Group did not recognize allowance for credit losses on\n\nheld-to-maturity\n\nsecurities on March 31, 2024, 2025 and 2026 because\n\nheld-to-maturity\n\nsecurities consist of Japanese government bonds and agency mortgage-backed securities like Ginnie Mae securities. See Note 1 “Basis of presentation and summary of significant accounting policies” for further details of the methodology used to determine the allowance for credit losses.\n\n \n\nF-\n30\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nContinuous unrealized loss position\n\nThe following table shows the gross unrealized losses, net of allowance for credit losses, and fair value of\n\navailable-for-sale\n\nsecurities, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2025 and 2026:\n\n \n\n \n \n\nLess than 12 months\n\n \n \n\n12 months or more\n\n \n \n\nTotal\n\n \n\n \n \n\nFair\n\nvalue\n\n \n \n\nGross\n\nunrealized\n\nlosses\n\n \n \n\nFair\n\nvalue\n\n \n \n\nGross\n\nunrealized\n\nlosses\n\n \n \n\nFair\n\nvalue\n\n \n \n\nGross\n\nunrealized\n\nlosses\n\n \n\n \n \n\n(in millions of yen)\n\n \n\n2025\n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n7,660,587\n \n \n \n16,325\n \n \n \n1,725\n \n \n \n5\n \n \n \n7,662,312\n \n \n \n16,329\n \n\nJapanese local government bonds\n\n \n \n54,117\n \n \n \n1,975\n \n \n \n493,411\n \n \n \n21,402\n \n \n \n547,528\n \n \n \n23,376\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n22,241\n \n \n \n123\n \n \n \n— \n \n \n \n— \n \n \n \n22,241\n \n \n \n123\n \n\nOther foreign government bonds\n\n \n \n757,135\n \n \n \n446\n \n \n \n138,034\n \n \n \n1,258\n \n \n \n895,169\n \n \n \n1,704\n \n\nAgency mortgage-backed securities\n(Note)\n\n \n \n63,435\n \n \n \n2,971\n \n \n \n245,191\n \n \n \n22,064\n \n \n \n308,626\n \n \n \n25,034\n \n\nResidential mortgage-backed securities\n\n \n \n1,952\n \n \n \n9\n \n \n \n17,188\n \n \n \n888\n \n \n \n19,140\n \n \n \n897\n \n\nCommercial mortgage-backed securities.\n\n \n \n71,383\n \n \n \n534\n \n \n \n113,411\n \n \n \n890\n \n \n \n184,795\n \n \n \n1,424\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n127,307\n \n \n \n1,972\n \n \n \n1,058,758\n \n \n \n9,980\n \n \n \n1,186,066\n \n \n \n11,952\n \n\nForeign corporate bonds and other debt securities\n\n \n \n142,540\n \n \n \n256\n \n \n \n42,959\n \n \n \n1,115\n \n \n \n185,499\n \n \n \n1,371\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n8,900,698\n \n \n \n24,609\n \n \n \n2,110,679\n \n \n \n57,602\n \n \n \n11,011,377\n \n \n \n82,211\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n2026\n\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDebt securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nJapanese government bonds\n\n \n \n12,516,541\n \n \n \n29,556\n \n \n \n2,085,665\n \n \n \n23,383\n \n \n \n14,602,206\n \n \n \n52,939\n \n\nJapanese local government bonds\n\n \n \n7,897\n \n \n \n235\n \n \n \n141,676\n \n \n \n7,633\n \n \n \n149,573\n \n \n \n7,869\n \n\nU.S. Treasury bonds and federal agency securities\n\n \n \n25,533\n \n \n \n25\n \n \n \n— \n \n \n \n— \n \n \n \n25,533\n \n \n \n25\n \n\nOther foreign government bonds\n\n \n \n1,338,162\n \n \n \n3,125\n \n \n \n156,683\n \n \n \n138\n \n \n \n1,494,845\n \n \n \n3,263\n \n\nAgency mortgage-backed securities\n(Note)\n\n \n \n27,499\n \n \n \n4,270\n \n \n \n254,316\n \n \n \n56,637\n \n \n \n281,815\n \n \n \n60,907\n \n\nResidential mortgage-backed securities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nCommercial mortgage-backed securities.\n\n \n \n53,439\n \n \n \n1,011\n \n \n \n98,330\n \n \n \n1,859\n \n \n \n151,769\n \n \n \n2,870\n \n\nJapanese corporate bonds and other debt securities\n\n \n \n66,140\n \n \n \n247\n \n \n \n571,520\n \n \n \n11,476\n \n \n \n637,661\n \n \n \n11,722\n \n\nForeign corporate bonds and other debt securities\n\n \n \n275,768\n \n \n \n1,157\n \n \n \n39,276\n \n \n \n175\n \n \n \n315,044\n \n \n \n1,332\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n14,310,978\n \n \n \n39,627\n \n \n \n3,347,467\n \n \n \n101,300\n \n \n \n17,658,445\n \n \n \n140,927\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nAgency mortgage-backed securities presented in this line consist of Japanese agency mortgage-backed securities, of which the fair values were ¥308,626 million at March 31, 2025, and ¥281,815 million at March 31, 2026. All Japanese agency mortgage-backed securities are issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise.    \n\nAvailable-for-sale\n\nsecurities are considered impaired if the fair value is less than the amortized cost. The MHFG Group recognizes impairment losses in earnings if the Group has the intent to sell the debt security, or if it is more likely than not that the Group will be required to sell the debt security before recovery of its amortized cost. For Japanese government bonds, U.S. Treasury bonds and federal agency securities and Agency mortgage-backed securities, their entire amortized cost bases are expected to be recovered since the unrealized losses had not resulted from credit deterioration, but primarily from changes in interest rates. For the debt securities other than those described above, except for the securities for which credit losses are recognized in income, the Group determined that their entire amortized cost bases are expected to be recovered, after considering various factors such as the extent to which their fair values were below their amortized cost bases, the external and/or internal\n\n \n\nF-\n31\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nratings and the present values of cash flows expected to be collected. Based on the aforementioned evaluation, except for the securities for which credit losses are recognized in income, the Group determined that the debt securities in an unrealized loss position were not considered credit losses.\n\nRealized gains and losses\n\nThe following table shows the realized gains and losses on sales of\n\navailable-for-sale\n\nsecurities for the fiscal years ended March 31, 2024, 2025 and 2026. See “Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2024, 2025 and 2026” for the proceeds from sales of investments.\n\n \n\n \n \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\nGross realized gains\n\n \n \n34,287\n \n \n \n  14,153\n \n \n \n34,290\n \n\nGross realized losses\n\n \n \n(51,384\n) \n \n \n(29,821\n) \n \n \n(113,063\n)\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet realized gains (losses) on sales of\n\navailable-for-sale\n\nsecurities\n\n \n \n(17,097\n) \n \n \n(15,668\n) \n \n \n(78,773\n)\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEquity securities\n\nEquity securities include securities which have readily determinable fair values, securities which qualify for the practical expedient to estimate fair value using the net asset value per share (or its equivalent), and securities which are without readily determinable fair values. Equity securities which have readily determinable fair values mainly consist of common stock of Japanese listed companies. Equity securities which are measured based on the net asset value per share (or its equivalent) consist of private equity and real estate funds. Equity securities without readily determinable fair values include\nnon-marketable\nstock.\n\nNet gains and losses\n\nThe following table shows the details of the net gains and losses on Equity securities for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\nNet gains (losses) recognized during the period on equity securities\n\n \n \n1,010,288\n \n \n \n(181,948\n) \n \n \n1,035,589\n \n\nLess: Net gains (losses) recognized during the period on equity securities sold during the period\n\n \n \n235,564\n \n \n \n72,627\n \n \n \n243,035\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nUnrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting period\n\n \n \n774,724\n \n \n \n(254,575\n) \n \n \n792,553\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEquity securities without readily determinable fair values\n\nThe following table shows carrying amounts of equity securities without readily determinable fair values, for which the measurement alternative is used, and cumulative amounts due to downward adjustments and impairments and upward adjustments, at March 31, 2024, 2025 and 2026:\n\n \n\n \n \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\nCarrying amounts at the end of the period\n\n \n \n357,938\n \n \n \n601,621\n \n \n \n686,545\n \n\nDownward adjustments and impairments\n\n \n \n11,002\n \n \n \n23,886\n \n \n \n28,869\n \n\nUpward adjustments\n\n \n \n13,764\n \n \n \n13,880\n \n \n \n13,713\n \n\n \n\nF-\n32\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table shows amounts recognized in earnings during the period due to downward adjustments and impairments and upward adjustments for equity securities without readily determinable fair values.\n\n \n\n \n \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\nDownward adjustments and impairments\n\n \n \n  7,296\n \n \n \n 14,328\n \n \n \n7,862\n \n\nUpward adjustments\n\n \n \n825\n \n \n \n826\n \n \n \n633\n \n\nThe MHFG Group elected to measure all equity securities without readily determinable fair values, which do not qualify for the practical expedient to estimate fair value, using the measurement alternative, which is made on an\n\ninstrument-by-instrument\n\nbasis. Under the measurement alternative, equity securities are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar securities of the same issuer. In addition, the Group assesses whether these equity securities are impaired. Impairment is primarily based on a liquidation value technique that considers the financial condition, credit ratings, and near-term prospects of the issuers. When observable price changes or impairments exist, the securities are adjusted to fair value, with the full difference between the fair value of the security and its carrying amount recognized in earnings.\n\nOther investments\n\nThe following table summarizes the composition of Other investments at March 31, 2025 and 2026:\n\n \n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n\n(in millions of yen)\n\n \n\nEquity method investments\n\n \n \n907,413\n \n \n \n978,287\n \n\nInvestments held by consolidated investment companies and other\n\n \n \n93,176\n \n \n \n95,477\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n1,000,589\n \n \n \n1,073,764\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEquity method investments\n\nInvestments in investees over which the MHFG Group has the ability to exert significant influence are accounted for using the equity method of accounting. Such investments included marketable equity securities with carrying values of ¥340,574 million and ¥377,044 million, at March 31, 2025 and 2026, respectively. The aggregate market values of these marketable equity securities were ¥452,117 million and ¥617,026 million, respectively. The majority of aggregate market values of these marketable equity securities as of March 31, 2026 include Joint Stock Commercial Bank for Foreign Trade of Vietnam, Mizuho Leasing Company, Limited and Orient Corporation of which the Group’s proportionate shares of the total outstanding common stock were 15.00\n%\n, 23.54\n%\nand 48.96\n%\n,\nrespectively. In addition, equity method investments as of March 31, 2026 include non-marketable equity securities such as Rakuten Securities, Inc., Custody Bank of Japan, Ltd. and Japan Investor Solutions & Technologies Co., Ltd. of which the MHFG Group’s proportionate shares of the total outstanding common stock were\n49.00\n%\n, 27.00\n%\nand 39.04%, respectively.\n\nInvestments held by consolidated investment companies\n\nThe MHFG Group consolidates certain investment companies over which it has control through either ownership or other means. Investment companies are subject to specialized industry accounting which requires investments to be carried at fair value, with changes in fair value recorded in earnings. The Group maintains this specialized industry accounting for investments held by consolidated investment companies, which consist of marketable and\nnon-marketable\ninvestments.\n\n \n\nF-\n33\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n4. Loans\n\nCredit quality information\n\nIn accordance with the MHFG Group’s credit risk management policies, the Group uses an internal rating system that consists of credit ratings for the corporate portfolio segment and pool allocations for the retail portfolio segment as the basis of its risk management infrastructure. Credit ratings consist of obligor ratings which represent the level of credit risk of the obligor, and transaction ratings which represent the ultimate possibility of losses expected on individual loans by taking into consideration various factors such as collateral or guarantees involved. In principle, obligor ratings are applied to all obligors except those to which pool allocations are applied, and are subject to regular review at least once a year as well as special review which is required whenever the obligor’s credit standing changes. Pool allocations are applied to small loans that are less than a specified amount by pooling customers and loans with similar risk characteristics, and the risk is assessed mainly based on past due status and managed according to such pools. The Group generally reviews the appropriateness and effectiveness of the approach to obligor ratings and pool allocations once a year in accordance with predetermined policies and procedures.\n\nThe Group does not record expected credit losses for accrued interest receivables because uncollectible\n\naccrued interest\n\nis reversed through interest income in a timely manner in line with the Group’s nonaccrual and past due policies for loans. The amount of accrued interest receivables included in Accrued income was ¥239 billion and ¥245 billion at March 31, 2025 and 2026, respectively.\n\nThe Group does not believe that its exposure to any particular geographic area and business sector results in a significant concentration of credit risk.\n\n \n\nF-\n34\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe table below presents the MHFG Group’s definition of obligor ratings used by MHBK and MHTB, and equivalent obligor ratings are determined for the other subsidiaries:\n\n \n\nObligor category\n(1) (2)\n\n  \n\nObligor rating\n\n  \n\nDefinition\n\nNormal\n\n  \nA\n  \nObligors whose certainty of debt fulfillment is very high, hence their level of credit risk is very low.\n\n  \nB\n  \nObligors whose certainty of debt fulfillment poses no problems for the foreseeable future, and their level of credit risk is low.\n\n  \nC\n  \nObligors whose certainty of debt fulfillment and their level of credit risk pose no problems for the foreseeable future.\n\n  \nD\n  \nObligors whose current certainty of debt fulfillment poses no problems, however, their resistance to future economic environmental changes is low.\n\nWatch\n\n  \nE1\n  \nObligors that require observation going forward because of either minor concerns regarding their financial position, or their somewhat weak or unstable business conditions.\n\n  \nE2\n  \nObligors that require special observation going forward because of problems with their borrowings such as reduced or suspended interest payments, problems with debt fulfillment such as failure to make principal or interest payments, or problems with their financial position as a result of their weak or unstable business conditions.\n\nIntensive control\n\n  \nF\n  \nObligors that are not yet bankrupt but are in financial difficulties and are deemed likely to become bankrupt in the future because of insufficient progress in implementing their management improvement plans or other measures (including obligors that are receiving ongoing support from financial institutions).\n\nSubstantially bankrupt\n\n  \nG\n  \nObligors that have not yet become legally or formally bankrupt but are substantially insolvent because they are in serious financial difficulties and are deemed to be incapable of being restructured.\n\nBankrupt\n\n  \nH\n  \nObligors that have become legally or formally bankrupt.\n\n \n\nNotes:    \n\n(1)\n\nSpecial attention obligors are watch obligors with modified debt or 90 days or more delinquent debt. Loans to such obligors are considered nonaccrual. \n\n(2)\n\nThe Group classifies loans to special attention, intensive control, substantially bankrupt and bankrupt obligors as nonaccrual loans.\n\n \n\nF-35\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe table below presents credit quality information of loans based on the MHFG Group’s internal rating system at March 31, 2025 and 2026:\n\n \n\n \n \n\nTerm loans by origination year\n\n \n \n \n \n \n \n \n\n \n \n\n2024\n\n \n \n\n2023\n\n \n \n\n2022\n\n \n \n\n2021\n\n \n \n\n2020\n\n \n \n\nPrior to\n\n2020\n\n \n \n\nRevolving\n\nLoans\n(2)\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n    14,418\n \n \n \n    5,880\n \n \n \n    4,464\n \n \n \n    3,358\n \n \n \n    3,391\n \n \n \n    5,256\n \n \n \n    7,775\n \n \n \n    44,542\n \n\nWatch obligors excluding special attention obligors\n\n \n \n153\n \n \n \n47\n \n \n \n29\n \n \n \n76\n \n \n \n21\n \n \n \n49\n \n \n \n162\n \n \n \n537\n \n\nNonaccrual loans\n\n \n \n97\n \n \n \n49\n \n \n \n27\n \n \n \n31\n \n \n \n46\n \n \n \n239\n \n \n \n309\n \n \n \n800\n \n\nSmall and\nmedium-sized\ncompanies:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n489\n \n \n \n313\n \n \n \n236\n \n \n \n164\n \n \n \n146\n \n \n \n621\n \n \n \n536\n \n \n \n2,506\n \n\nWatch obligors excluding\n\nspecial attention obligors\n\n \n \n41\n \n \n \n18\n \n \n \n12\n \n \n \n9\n \n \n \n7\n \n \n \n37\n \n \n \n24\n \n \n \n148\n \n\nNonaccrual loans\n\n \n \n8\n \n \n \n5\n \n \n \n6\n \n \n \n5\n \n \n \n10\n \n \n \n34\n \n \n \n24\n \n \n \n92\n \n\nRetail\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n342\n \n \n \n289\n \n \n \n370\n \n \n \n405\n \n \n \n320\n \n \n \n5,026\n \n \n \n—\n \n \n \n6,753\n \n\nWatch obligors excluding special attention obligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n37\n \n \n \n— \n \n \n \n39\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n29\n \n \n \n— \n \n \n \n30\n \n\nOthers:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n149\n \n \n \n105\n \n \n \n54\n \n \n \n38\n \n \n \n77\n \n \n \n306\n \n \n \n449\n \n \n \n1,179\n \n\nWatch obligors excluding special attention obligors\n\n \n \n15\n \n \n \n10\n \n \n \n5\n \n \n \n3\n \n \n \n8\n \n \n \n6\n \n \n \n7\n \n \n \n53\n \n\nNonaccrual loans\n\n \n \n4\n \n \n \n3\n \n \n \n1\n \n \n \n2\n \n \n \n5\n \n \n \n19\n \n \n \n8\n \n \n \n43\n \n\nSovereign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n3,212\n \n \n \n55\n \n \n \n47\n \n \n \n44\n \n \n \n86\n \n \n \n239\n \n \n \n4\n \n \n \n3,687\n \n\nWatch obligors excluding special attention obligors\n\n \n \n2\n \n \n \n2\n \n \n \n1\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n5\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nBanks and other financial institutions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n160\n \n \n \n81\n \n \n \n71\n \n \n \n252\n \n \n \n1\n \n \n \n80\n \n \n \n221\n \n \n \n867\n \n\nWatch obligors excluding special attention obligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n19,091\n \n \n \n6,857\n \n \n \n5,322\n \n \n \n4,390\n \n \n \n4,122\n \n \n \n11,979\n \n \n \n9,521\n \n \n \n61,282\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate\n(3)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n13,891\n \n \n \n4,670\n \n \n \n3,086\n \n \n \n1,254\n \n \n \n580\n \n \n \n1,268\n \n \n \n8,360\n \n \n \n33,108\n \n\nWatch obligors excluding special attention obligors\n\n \n \n220\n \n \n \n96\n \n \n \n95\n \n \n \n36\n \n \n \n113\n \n \n \n76\n \n \n \n95\n \n \n \n730\n \n\nNonaccrual loans\n\n \n \n17\n \n \n \n25\n \n \n \n19\n \n \n \n1\n \n \n \n4\n \n \n \n19\n \n \n \n10\n \n \n \n96\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n2\n \n \n \n1\n \n \n \n1\n \n \n \n1\n \n \n \n1\n \n \n \n4\n \n \n \n— \n \n \n \n10\n \n\nWatch obligors excluding special attention obligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nSovereign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n318\n \n \n \n220\n \n \n \n194\n \n \n \n7\n \n \n \n2\n \n \n \n3\n \n \n \n35\n \n \n \n778\n \n\nWatch obligors excluding special attention obligors\n\n \n \n— \n \n \n \n3\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nBanks and other financial institutions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n1,333\n \n \n \n631\n \n \n \n485\n \n \n \n112\n \n \n \n27\n \n \n \n193\n \n \n \n454\n \n \n \n3,235\n \n\nWatch obligors excluding special attention obligors\n\n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n— \n \n \n \n— \n \n \n \n11\n \n \n \n— \n \n \n \n16\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal foreign\n\n \n \n15,781\n \n \n \n5,645\n \n \n \n3,883\n \n \n \n1,411\n \n \n \n728\n \n \n \n1,574\n \n \n \n8,954\n \n \n \n37,975\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n34,872\n \n \n \n12,502\n \n \n \n9,205\n \n \n \n5,801\n \n \n \n4,850\n \n \n \n13,553\n \n \n \n18,475\n \n \n \n99,257\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-3\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n\nTerm loans by origination year\n\n \n \n \n \n \n \n \n\n \n \n\n2025\n\n \n \n\n2024\n\n \n \n\n2023\n\n \n \n\n2022\n\n \n \n\n2021\n\n \n \n\nPrior to\n\n2021\n\n \n \n\nRevolving\n\nLoans\n(2)\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n    16,827\n \n \n \n    7,098\n \n \n \n    4,561\n \n \n \n    3,462\n \n \n \n    2,377\n \n \n \n    5,846\n \n \n \n    8,981\n \n \n \n    49,151\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n226\n \n \n \n149\n \n \n \n128\n \n \n \n57\n \n \n \n33\n \n \n \n72\n \n \n \n197\n \n \n \n864\n \n\nNonaccrual loans\n\n \n \n103\n \n \n \n54\n \n \n \n39\n \n \n \n20\n \n \n \n13\n \n \n \n70\n \n \n \n259\n \n \n \n558\n \n\nSmall and\nmedium-sized\ncompanies:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n534\n \n \n \n295\n \n \n \n229\n \n \n \n173\n \n \n \n124\n \n \n \n569\n \n \n \n546\n \n \n \n2,472\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n55\n \n \n \n20\n \n \n \n14\n \n \n \n10\n \n \n \n8\n \n \n \n35\n \n \n \n28\n \n \n \n170\n \n\nNonaccrual loans\n\n \n \n9\n \n \n \n5\n \n \n \n5\n \n \n \n5\n \n \n \n3\n \n \n \n34\n \n \n \n24\n \n \n \n86\n \n\nRetail\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n508\n \n \n \n279\n \n \n \n273\n \n \n \n348\n \n \n \n381\n \n \n \n4,784\n \n \n \n— \n \n \n \n6,573\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n28\n \n \n \n— \n \n \n \n29\n \n\nNonaccrual loans\n\n \n \n1\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n27\n \n \n \n— \n \n \n \n28\n \n\nOthers:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n202\n \n \n \n59\n \n \n \n74\n \n \n \n35\n \n \n \n24\n \n \n \n269\n \n \n \n445\n \n \n \n1,109\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n14\n \n \n \n5\n \n \n \n6\n \n \n \n3\n \n \n \n2\n \n \n \n8\n \n \n \n7\n \n \n \n45\n \n\nNonaccrual loans\n\n \n \n5\n \n \n \n2\n \n \n \n3\n \n \n \n2\n \n \n \n2\n \n \n \n20\n \n \n \n7\n \n \n \n41\n \n\nSovereign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n128\n \n \n \n41\n \n \n \n46\n \n \n \n47\n \n \n \n46\n \n \n \n237\n \n \n \n3\n \n \n \n548\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n2\n \n \n \n— \n \n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nBanks and other financial institutions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n257\n \n \n \n80\n \n \n \n76\n \n \n \n9\n \n \n \n252\n \n \n \n21\n \n \n \n315\n \n \n \n1,009\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n56\n \n \n \n56\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n18,872\n \n \n \n8,088\n \n \n \n5,456\n \n \n \n4,171\n \n \n \n3,267\n \n \n \n12,020\n \n \n \n10,868\n \n \n \n62,742\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate\n(3)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n15,947\n \n \n \n5,187\n \n \n \n2,892\n \n \n \n1,826\n \n \n \n823\n \n \n \n1,087\n \n \n \n9,884\n \n \n \n37,646\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n278\n \n \n \n99\n \n \n \n109\n \n \n \n47\n \n \n \n16\n \n \n \n67\n \n \n \n97\n \n \n \n714\n \n\nNonaccrual loans\n\n \n \n36\n \n \n \n21\n \n \n \n28\n \n \n \n— \n \n \n \n14\n \n \n \n19\n \n \n \n69\n \n \n \n187\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n3\n \n \n \n1\n \n \n \n1\n \n \n \n1\n \n \n \n1\n \n \n \n4\n \n \n \n— \n \n \n \n13\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nSovereign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n558\n \n \n \n98\n \n \n \n119\n \n \n \n58\n \n \n \n4\n \n \n \n8\n \n \n \n100\n \n \n \n945\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nBanks and other financial institutions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNormal obligors\n\n \n \n1,701\n \n \n \n643\n \n \n \n354\n \n \n \n146\n \n \n \n10\n \n \n \n193\n \n \n \n533\n \n \n \n3,579\n \n\nWatch obligors excluding special attention\nobligors\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n8\n \n \n \n2\n \n \n \n11\n \n\nNonaccrual loans\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal foreign\n\n \n \n18,523\n \n \n \n6,049\n \n \n \n3,504\n \n \n \n2,079\n \n \n \n867\n \n \n \n1,387\n \n \n \n10,685\n \n \n \n43,094\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n37,395\n \n \n \n14,137\n \n \n \n8,960\n \n \n \n6,250\n \n \n \n4,134\n \n \n \n13,407\n \n \n \n21,553\n \n \n \n105,836\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-3\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nNotes:    \n\n(1)\n\nThe primary component of the retail portfolio segment is housing loans to individuals which obligor category is classified based on past due status. The trigger to reclassify obligors from normal obligors to watch obligors excluding special attention obligors is when the past due status is more than 30 days.\n\n(2)\n\nThere were no significant revolving line of credit arrangements that converted to term loans during the fiscal year ended March 31, 2025 and 2026.\n\n(3)\n\nCorporate of foreign included ¥166 billion and ¥169 billion of lease receivables that were receivables arising from direct financing leasing at March 31, 2025 and 2026, respectively.\n\nThe table below presents gross charge-offs recognized for the fiscal year ended March 31, 2025 and 2026:\n\n \n\n \n \n\nMarch 31, 2025\n\n \n\n \n \n\n2024\n\n \n \n\n2023\n\n \n \n\n2022\n\n \n \n\n2021\n\n \n \n\n2020\n\n \n \n\nPrior to\n\n2020\n\n \n \n\nRevolving\n\nLoans\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n7\n \n \n \n3\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n \n \n13\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n2\n \n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n6\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n— \n \n \n \n1\n \n\nOthers\n\n \n \n— \n \n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n \n \n— \n \n \n \n4\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n10\n \n \n \n7\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n4\n \n \n \n24\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(Note)\n\n \n \n— \n \n \n \n11\n \n \n \n6\n \n \n \n— \n \n \n \n4\n \n \n \n2\n \n \n \n— \n \n \n \n24\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n  10\n \n \n \n  18\n \n \n \n   6\n \n \n \n  — \n \n \n \n   4\n \n \n \n   5\n \n \n \n   4\n \n \n \n  48\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\nMarch 31, 2026\n\n \n\n \n \n\n2025\n\n \n \n\n2024\n\n \n \n\n2023\n\n \n \n\n2022\n\n \n \n\n2021\n\n \n \n\nPrior to\n\n2021\n\n \n \n\nRevolving\n\nLoans\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nDomestic:\n\n \n \n   \n \n \n \n   \n \n \n \n   \n \n \n \n   \n \n \n \n   \n \n \n \n   \n \n \n \n   \n \n \n \n   \n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n6\n \n \n \n5\n \n \n \n1\n \n \n \n— \n \n \n \n1\n \n \n \n194\n \n \n \n39\n \n \n \n245\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n2\n \n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n1\n \n \n \n5\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n— \n \n \n \n1\n \n\nOthers\n\n \n \n— \n \n \n \n1\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n8\n \n \n \n8\n \n \n \n1\n \n \n \n— \n \n \n \n1\n \n \n \n196\n \n \n \n40\n \n \n \n254\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(Note)\n\n \n \n1\n \n \n \n1\n \n \n \n3\n \n \n \n— \n \n \n \n— \n \n \n \n14\n \n \n \n— \n \n \n \n19\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n9\n \n \n \n9\n \n \n \n4\n \n \n \n— \n \n \n \n1\n \n \n \n210\n \n \n \n40\n \n \n \n273\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote: The majority of total foreign consist of corporate.\n\nLoans are generally carried at the principal amount adjusted for unearned income and deferred net nonrefundable loan fees and costs. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the loan as an adjustment of yield using a method that approximates the interest method. Interest income on performing loans is accrued and credited to income as it is earned. Unearned income and discounts or premiums on purchased loans are deferred and recognized over the life of the loan using a method that approximates the interest method.\n\nUnearned income and deferred loan fees w\nere\n¥284 billion and ¥312 billion at March 31, 2025 and 2026, respectively.\n\n \n\nF-3\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe Group uses, as a practical expedient, the fair value of the collateral when recording the net carrying amounts of loans and determining the allowance for credit losses of such loans, for which the repayment is expected to be provided substantially through the operation or sale of the collateral, when the borrower is experiencing financial difficulty based on the assessment as of the reporting date. As of March 31, 2026, collateral relating to these loans was primarily comprised of real estate. There were no significant changes in the extent to which collateral secures these loans during this fiscal year and no significant concentration of collateral against any portfolio segment.\n\nNonaccrual loans\n\nThe MHFG Group considers loans to be nonaccrual when it is probable that the Group will be unable to collect all the scheduled payments of principal and interest when due according to the contractual terms of the loans. The Group classifies loans to special attention, intensive control, substantially bankrupt and bankrupt obligors as nonaccrual loans. There are no loans that are 90 days past due and still accruing. The Group does not have any loans to borrowers that cause management to have serious doubts as to the ability of such borrowers to comply with the present loan repayment terms for the periods presented other than those already designated as nonaccrual loans. The table below presents nonaccrual loans information at March 31, 2025 and 2026, and interest income recognized on nonaccrual loans for the fiscal years ended March 31, 2025 and 2026:\n\n \n\n \n  \n\nAmortized cost\n(1)\n\n \n  \n\nInterest\n\nincome\n\nrecognized\n(2)\n\n \n\n \n  \n\nNonaccrual\n\nloans with an\n\nallowance\n\n \n  \n\nNonaccrual\n\nloans without\n\nan allowance\n\n \n  \n\nTotal\n\nnonaccrual\n\nloans\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\n2025\n\n  \n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n788\n \n  \n \n12\n \n  \n \n800\n \n  \n \n12\n \n\nSmall and\nmedium-sized\ncompanies\n\n  \n \n79\n \n  \n \n13\n \n  \n \n92\n \n  \n \n1\n \n\nRetail:\n\n  \n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n18\n \n  \n \n12\n \n  \n \n30\n \n  \n \n1\n \n\nOthers\n\n  \n \n26\n \n  \n \n17\n \n  \n \n43\n \n  \n \n1\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n911\n \n  \n \n54\n \n  \n \n965\n \n  \n \n15\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign:\n\n  \n\n  \n\n  \n\n  \n\nTotal foreign\n(3)\n\n  \n \n92\n \n  \n \n4\n \n  \n \n96\n \n  \n \n5\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n1,003\n \n  \n \n58\n \n  \n \n1,062\n \n  \n \n20\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-3\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n\nAmortized cost\n(1)\n\n \n  \n\nInterest\n\nincome\n\nrecognized\n(2)\n\n \n\n \n  \n\nNonaccrual\n\nloans with an\n\nallowance\n\n \n  \n\nNonaccrual\n\nloans without\n\nan allowance\n\n \n  \n\nTotal\n\nnonaccrual\n\nloans\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\n2026\n\n  \n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n542\n \n  \n \n16\n \n  \n \n558\n \n  \n \n9\n \n\nSmall and\nmedium-sized\ncompanies\n\n  \n \n77\n \n  \n \n9\n \n  \n \n86\n \n  \n \n2\n \n\nRetail:\n\n  \n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n17\n \n  \n \n11\n \n  \n \n28\n \n  \n \n1\n \n\nOthers\n\n  \n \n24\n \n  \n \n17\n \n  \n \n41\n \n  \n \n1\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n659\n \n  \n \n53\n \n  \n \n712\n \n  \n \n12\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign:\n\n  \n\n  \n\n  \n\n  \n\nTotal foreign\n(3)\n\n  \n \n138\n \n  \n \n49\n \n  \n \n187\n \n  \n \n10\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n798\n \n  \n \n102\n \n  \n \n899\n \n  \n \n22\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nAmounts represent the outstanding balances of nonaccrual loans. The MHFG Group’s policy for placing loans in nonaccrual status is consistent with the Group’s definition of nonaccrual loans.\n\n(2)\n\nAmounts represent the amount of interest income on nonaccrual loans recognized on a cash basis and included in Interest income on loans in the consolidated statements of income.\n\n(3)\n\nThe majority of total foreign consist of corporate.\n\nThe remaining balance of nonaccrual loans that has been partially charged off, was ¥6,150 million and ¥18,032 million as of March 31, 2025 and 2026, respectively.\n\n \n\nF-\n40\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nLoan modifications to borrowers experiencing financial difficulty\n\nThe MHFG Group grants certain modifications of loans to borrowers experiencing financial difficulty. The following table presents loan modifications to borrowers experiencing financial difficulty by type of modification during the fiscal years ended March 31, 2025 and 2026:\n\n \n\n \n \n\nTerm\nextension\n(2)\n\n \n \n\nInterest\nrate\nreduction\n(2)\n\n \n \n\nTerm\nextension and\ninterest rate\nreduction\n(2)\n\n \n \n\nPrincipal\nforgiveness\n\n \n \n\nOther\n\n \n \n\nTotal\n(3)(4)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n408\n \n \n \n    — \n \n \n \n—  \n \n \n \n— \n \n \n \n3\n \n \n \n412\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n28\n \n \n \n— \n \n \n \n—  \n \n \n \n— \n \n \n \n— \n \n \n \n28\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n    — \n \n \n \n— \n \n \n \n    — \n \n \n \n    — \n \n \n \n    — \n \n \n \n    — \n \n\nOthers\n\n \n \n5\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n5\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n441\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n445\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(1)\n\n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n7\n \n \n \n9\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n443\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n10\n \n \n \n454\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\nTerm\nextension\n(2)\n\n \n \n\nInterest\nrate\nreduction\n(2)\n\n \n \n\nTerm\nextension and\ninterest rate\nreduction\n(2)\n\n \n \n\nPrincipal\nforgiveness\n\n \n \n\nOther\n\n \n \n\nTotal\n(3)(4)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n    159\n \n \n \n    — \n \n \n \n20\n \n \n \n10\n \n \n \n3\n \n \n \n193\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n28\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n29\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n— \n \n \n \n— \n \n \n \n    — \n \n \n \n    — \n \n \n \n    — \n \n \n \n    — \n \n\nOthers\n\n \n \n4\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n191\n \n \n \n— \n \n \n \n20\n \n \n \n10\n \n \n \n3\n \n \n \n225\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(1)\n\n \n \n— \n \n \n \n14\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n15\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n191\n \n \n \n15\n \n \n \n20\n \n \n \n10\n \n \n \n3\n \n \n \n240\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nThe majority of total foreign consist of corporate.\n\n(2)\n\nThe financial effects of loan modifications, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 11.0\n \nmonths and 20.2 months, and reducing the weighted-average contractual interest rate by 0.5% and 1.0% for the fiscal years ended March 31, 2025 and 2026, respectively.\n\n \n\nF-\n41\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n(3)\n\nCommitments to lend to borrowers experiencing financial difficulty that were granted modifications were immaterial at March 31, 2025 and 2026.\n\n(4)\n\nThe allowance for credit losses on loans is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of loans impact expected credit losses by affecting the likelihood of default.\n\nThe following table presents the delinquent status of modified loans to borrowers experiencing financial difficulty, including loans that were modified during the fiscal years ended March 31, 2025 and 2026:\n\n \n\n \n \n\n30-59 days\n\npast due\n\n \n \n\n60-89 days\n\npast due\n\n \n \n\n90 days or\nmore past due\n\n \n \n\nTotal past\ndue\n\n \n \n\nCurrent\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n   — \n \n \n \n   — \n \n \n \n3\n \n \n \n4\n \n \n \n408\n \n \n \n412\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n— \n \n \n \n— \n \n \n \n   — \n \n \n \n   — \n \n \n \n28\n \n \n \n28\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n   — \n \n \n \n   — \n \n\nOthers\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n5\n \n \n \n5\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n4\n \n \n \n441\n \n \n \n445\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(Note)\n\n \n \n— \n \n \n \n— \n \n \n \n7\n \n \n \n7\n \n \n \n2\n \n \n \n9\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n \n \n— \n \n \n \n— \n \n \n \n10\n \n \n \n11\n \n \n \n443\n \n \n \n454\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n \n\n30-59 days\n\npast due\n\n \n \n\n60-89 days\n\npast due\n\n \n \n\n90 days or\nmore past due\n\n \n \n\nTotal past\ndue\n\n \n \n\nCurrent\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\nDomestic:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge companies\n\n \n \n   — \n \n \n \n   — \n \n \n \n3\n \n \n \n3\n \n \n \n   189\n \n \n \n   193\n \n\nSmall and\nmedium-sized\ncompanies\n\n \n \n— \n \n \n \n— \n \n \n \n   — \n \n \n \n   — \n \n \n \n29\n \n \n \n29\n \n\nRetail:\n\n \n\n \n\n \n\n \n\n \n\n \n\nHousing Loan\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nOthers\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n4\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal domestic\n\n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n3\n \n \n \n222\n \n \n \n225\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign:\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal foreign\n(Note)\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n15\n \n \n \n15\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n3\n \n \n \n236\n \n \n \n240\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote: The majority of total foreign consist of corporate.\n\nPayment default is deemed to occur when the loan becomes three months past due or the obligor is downgraded to the category of substantially bankrupt or bankrupt. The loans modified and subsequently defaulted during the fiscal years ended March 31, 2025 and 2026 were insignificant.\n\n \n\nF-\n42\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAge analysis of past due loans\n\nThe table below presents an analysis of the age of the amortized cost basis in loans that are past due at March 31, 2025 and 2026:\n\n \n\n \n  \n\n30-59 days\n\npast due\n\n \n  \n\n60-89 days\n\npast due\n\n \n  \n\n90 days or\n\nmore past due\n\n \n  \n\nTotal past\n\ndue\n\n \n  \n\nCurrent\n\n \n  \n\nTotal\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\n2025\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n1\n \n  \n \n   — \n \n  \n \n38\n \n  \n \n39\n \n  \n \n45,840\n \n  \n \n45,879\n \n\nSmall and\nmedium-sized\ncompanies\n\n  \n \n— \n \n  \n \n1\n \n  \n \n5\n \n  \n \n6\n \n  \n \n2,741\n \n  \n \n2,746\n \n\nRetail:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n15\n \n  \n \n5\n \n  \n \n11\n \n  \n \n31\n \n  \n \n6,791\n \n  \n \n6,822\n \n\nOthers\n\n  \n \n4\n \n  \n \n1\n \n  \n \n9\n \n  \n \n15\n \n  \n \n1,260\n \n  \n \n1,275\n \n\nSovereign\n\n  \n \n   — \n \n  \n \n— \n \n  \n \n   — \n \n  \n \n   — \n \n  \n \n3,693\n \n  \n \n3,693\n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n867\n \n  \n \n867\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n21\n \n  \n \n6\n \n  \n \n63\n \n  \n \n90\n \n  \n \n61,192\n \n  \n \n61,282\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nTotal foreign\n(Note)\n\n  \n \n— \n \n  \n \n— \n \n  \n \n17\n \n  \n \n17\n \n  \n \n37,958\n \n  \n \n37,975\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n21\n \n  \n \n6\n \n  \n \n80\n \n  \n \n108\n \n  \n \n99,150\n \n  \n \n99,257\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n2026\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nDomestic:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nCorporate:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nLarge companies\n\n  \n \n— \n \n  \n \n1\n \n  \n \n44\n \n  \n \n44\n \n  \n \n50,528\n \n  \n \n50,573\n \n\nSmall and\nmedium-sized\ncompanies\n\n  \n \n1\n \n  \n \n— \n \n  \n \n6\n \n  \n \n7\n \n  \n \n2,721\n \n  \n \n2,727\n \n\nRetail:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nHousing Loan\n\n  \n \n10\n \n  \n \n3\n \n  \n \n10\n \n  \n \n23\n \n  \n \n6,608\n \n  \n \n6,630\n \n\nOthers\n\n  \n \n4\n \n  \n \n1\n \n  \n \n9\n \n  \n \n14\n \n  \n \n1,180\n \n  \n \n1,195\n \n\nSovereign\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n552\n \n  \n \n552\n \n\nBanks and other financial institutions\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n  \n \n1,065\n \n  \n \n1,065\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal domestic\n\n  \n \n15\n \n  \n \n4\n \n  \n \n69\n \n  \n \n88\n \n  \n \n62,654\n \n  \n \n62,742\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nTotal foreign\n(Note)\n\n  \n \n— \n \n  \n \n— \n \n  \n \n9\n \n  \n \n9\n \n  \n \n43,085\n \n  \n \n43,094\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n15\n \n  \n \n4\n \n  \n \n78\n \n  \n \n97\n \n  \n \n105,739\n \n  \n \n105,836\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote: The majority of total foreign consist of corporate.\n\nNet losses on sales of loans\n\nNet losses on sales of loans were ¥43,457 million, ¥6,604 million and ¥27,828 million for the fiscal years ended March 31, 2024, 2025 and 2026, respectively. These net losses include unrealized gains and losses on loans held for sale, representing the adjustments to the lower of cost or fair value at the end of each reporting period. The gains and losses on sales of loans are recorded in Other noninterest income and expenses, respectively.\n\n \n\nF-\n43\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n5. Allowance for credit losses on loans\n\nChanges in Allowance for credit losses on loans by portfolio segment for the fiscal years ended March 31, 2024, 2025 and 2026 are shown below:\n\n \n\n \n \n\nDomestic\n\n \n \n \n \n \n \n \n\n \n \n\nCorporate\n\n \n \n\nRetail\n\n \n \n\nSovereign\n\n \n \n\nBanks and\n\nother financial\n\ninstitutions\n\n \n \n\nForeign\n(2)\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in millions of yen)\n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at beginning of fiscal year\n\n \n \n505,901\n \n \n \n63,541\n \n \n \n53\n \n \n \n870\n \n \n \n130,594\n \n \n \n700,959\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nProvision (credit) for credit losses on loans\n\n \n \n83,702\n \n \n \n(4,208\n) \n \n \n(9\n) \n \n \n(597\n) \n \n \n(26,061\n) \n \n \n52,827\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCharge-offs\n\n \n \n(31,936\n) \n \n \n(4,882\n) \n \n \n  — \n \n \n \n  — \n \n \n \n(9,505\n) \n \n \n(46,323\n) \n\nRecoveries\n\n \n \n6,049\n \n \n \n1,338\n \n \n \n— \n \n \n \n— \n \n \n \n4,561\n \n \n \n11,948\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet charge-offs\n\n \n \n(25,887\n) \n \n \n(3,544\n) \n \n \n— \n \n \n \n— \n \n \n \n(4,945\n) \n \n \n(34,376\n) \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOthers\n(1)\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n30,660\n \n \n \n30,660\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n \n \n563,716\n \n \n \n55,790\n \n \n \n44\n \n \n \n273\n \n \n \n130,249\n \n \n \n750,071\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at beginning of fiscal year\n\n \n \n563,716\n \n \n \n55,790\n \n \n \n44\n \n \n \n273\n \n \n \n130,249\n \n \n \n750,071\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nProvision (credit) for credit losses on loans\n\n \n \n84,198\n \n \n \n(732\n) \n \n \n7\n \n \n \n105\n \n \n \n12,320\n \n \n \n95,897\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCharge-offs\n(3)\n\n \n \n(18,854\n) \n \n \n(5,546\n) \n \n \n— \n \n \n \n— \n \n \n \n(23,645\n) \n \n \n(48,044\n) \n\nRecoveries\n\n \n \n10,130\n \n \n \n639\n \n \n \n— \n \n \n \n— \n \n \n \n9,622\n \n \n \n20,390\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet charge-offs\n\n \n \n(8,724\n) \n \n \n(4,907\n) \n \n \n— \n \n \n \n— \n \n \n \n(14,023\n) \n \n \n(27,654\n) \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOthers\n(1)\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(1,940\n) \n \n \n(1,940\n) \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n \n \n639,190\n \n \n \n50,150\n \n \n \n51\n \n \n \n377\n \n \n \n126,606\n \n \n \n816,374\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at beginning of fiscal year\n\n \n \n639,190\n \n \n \n50,150\n \n \n \n51\n \n \n \n377\n \n \n \n126,606\n \n \n \n816,374\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nProvision (credit) for credit losses on loans\n\n \n \n143,988\n \n \n \n778\n \n \n \n32\n \n \n \n168\n \n \n \n43,469\n \n \n \n188,437\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCharge-offs\n(3)\n\n \n \n(249,954\n)\n \n \n(3,570\n)\n \n \n— \n \n \n \n— \n \n \n \n(19,461\n)\n \n \n(272,985\n)\n\nRecoveries\n\n \n \n5,108\n \n \n \n682\n \n \n \n— \n \n \n \n— \n \n \n \n603\n \n \n \n6,393\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet charge-offs\n\n \n \n(244,846\n)\n \n \n(2,888\n)\n \n \n— \n \n \n \n— \n \n \n \n(18,857\n)\n \n \n(266,591\n)\n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOthers\n(1)\n\n \n \n301\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n18,639\n \n \n \n18,940\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n \n \n538,634\n \n \n \n48,041\n \n \n \n83\n \n \n \n546\n \n \n \n169,856\n \n \n \n757,159\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nOthers includes primarily foreign exchange translation.\n\n(2)\n\nThe majority of total foreign consist of corporate.\n\n(3)\n\nCharge-offs\nin\ncreased\nby\n¥224,941 \nmillion from the fiscal year ended March 31, 2025 to\n¥272,985 \nmillion for the fiscal year ended March 31, 2026 due mainly to a downgrade in obligor rating at a domestic corporate borrower.\n\n \n\nF-\n44\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n6. Premises and equipment\n\nPremises and equipment at March 31, 2025 and 2026 consist of the following:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nLand\n\n  \n \n570,626\n \n  \n \n562,520\n \n\nBuildings\n\n  \n \n741,887\n \n  \n \n673,974\n \n\nEquipment and furniture\n\n  \n \n392,780\n \n  \n \n409,053\n \n\nLeasehold improvements\n\n  \n \n212,741\n \n  \n \n217,966\n \n\nConstruction in progress\n\n  \n \n62,010\n \n  \n \n44,441\n \n\nSoftware\n\n  \n \n1,581,741\n \n  \n \n1,660,387\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n3,561,785\n \n  \n \n3,568,341\n \n\nLess: Accumulated depreciation and amortization\n\n  \n \n1,748,107\n \n  \n \n1,745,321\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nPremises and equipment—net\n\n  \n \n1,813,678\n \n  \n \n1,823,020\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nDepreciation and amortization expense for premises and equipment for the fiscal years ended March 31, 2024, 2025 and 2026 was ¥214,157 million, ¥229,606 million and ¥270,162 million, respectively.\n\nDepreciation and amortization expense related to software was reported in General and administrative expenses, and all other depreciation and amortization expense was reported in Occupancy expenses.\n\nThe amount of impairment losses on premises and equipment for the fiscal year ended March 31, 2024, 2025 and 2026 was not significant.\n\n7. Goodwill and intangible assets\n\nGoodwill\n\nThe changes in Goodwill during the fiscal years ended March 31, 2024, 2025 and 2026 are as follows:\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nBalance at beginning of fiscal year\n\n  \n \n92,928\n \n  \n \n164,458\n \n \n \n163,593\n \n\nGoodwill acquired\n\n  \n \n66,980\n\n(1)\n \n  \n \n— \n \n \n \n45,109\n\n(2)\n \n\nForeign exchange translation\n\n  \n \n4,550\n \n  \n \n(865\n) \n \n \n4,600\n \n\nBalance at end of fiscal year\n\n  \n \n164,458\n \n  \n \n163,593\n \n \n \n213,302\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nGross amount of goodwill\n(\n3\n)\n\n  \n \n235,563\n \n  \n \n233,960\n \n \n \n284,181\n \n\nAccumulated impairment losses\n\n  \n \n71,105\n \n  \n \n70,367\n \n \n \n70,880\n \n\n \n\nNotes:\n\n(1)\n\nFor the fiscal year ended March 31, 2024, Goodwill acquired is entirely related to the acquisition of Greenhill & Co., Inc.\n\n(2)\n\nFor the fiscal year ended March 31, 2026, Goodwill acquired is mainly related to the acquisition of UPSIDER Holdings, Inc.\n\n(3)\n\nGoodwill is recorded at a designated reporting unit level for the purpose of assessing impairment. Goodwill is not allocated to the reportable segments in Note 30 “Business segment information.”\n\n \n\nF-\n45\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIntangible assets\n\nThe table below presents the gross carrying amount, accumulated amortization and net carrying amount of intangible assets at March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\nGross\n\ncarrying\n\namount\n\n \n  \n\nAccumulated\n\namortization\n\n \n  \n\nNet\n\ncarrying\n\namount\n\n \n  \n\nGross\n\ncarrying\n\namount\n\n \n  \n\nAccumulated\n\namortization\n\n \n  \n\nNet\n\ncarrying\n\namount\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nIntangible assets subject to amortization:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nCustomer relationships\n(Note)\n\n  \n \n135,756\n \n  \n \n109,570\n \n  \n \n26,186\n \n  \n \n150,652\n \n  \n \n117,197\n \n  \n \n33,455\n \n\nOther\n\n  \n \n7,498\n \n  \n \n5,131\n \n  \n \n2,366\n \n  \n \n6,988\n \n  \n \n5,054\n \n  \n \n1,934\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n143,254\n \n  \n \n114,702\n \n  \n \n28,552\n \n  \n \n157,640\n \n  \n \n122,251\n \n  \n \n35,389\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIntangible assets not subject to amortization:\n\n  \n\n  \n\n  \n\n  \n\n  \n\n  \n\nTotal\n\n  \n \n6,920\n \n  \n \n— \n \n  \n \n6,920\n \n  \n \n6,831\n \n  \n \n—\n \n  \n \n6,831\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n150,173\n \n  \n \n114,702\n \n  \n \n35,472\n \n  \n \n164,471\n \n  \n \n122,251\n \n  \n \n42,220\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nCustomer relationships were mainly acquired in connection with the merger of MHSC and Shinko on May 7, 2009 and the integration among asset management companies on October 1, 2016. See Note 1 “Basis of presentation and summary of significant accounting policies” for further information.\n\nFor the fiscal years ended March 31, 2024, 2025 and 2026, the MHFG Group recognized ¥8,557 million, ¥9,025 million and ¥8,178 million, respectively, of amortization expense in respect of intangible assets, reported in Other noninterest expenses.\n\nThe table below presents the estimated aggregate amortization expense in respect of intangible assets for the next five years:\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nFiscal year ending March 31:\n\n  \n\n2027\n\n  \n \n7,770\n \n\n2028\n\n  \n \n4,799\n \n\n2029\n\n  \n \n4,372\n \n\n2030\n\n  \n \n3,971\n \n\n2031\n\n  \n \n3,306\n \n\n8. Pledged assets and collateral\n\nThe following amounts, by balance sheet classification, have been pledged as collateral for borrowings and for other purposes at March 31, 2025 and 2026:\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nInterest-bearing deposits in other banks\n\n  \n \n53\n \n  \n \n     80\n \n\nTrading account assets\n\n  \n \n13,688\n \n  \n \n15,159\n \n\nInvestments\n\n  \n \n10,522\n \n  \n \n9,452\n \n\nLoans\n\n  \n \n10,056\n \n  \n \n7,205\n \n\nOther assets\n\n  \n \n2,047\n \n  \n \n2,777\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n36,366\n \n  \n \n34,674\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-4\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nAt March 31, 2025 and 2026, the MHFG Group pledged ¥17,542 billion and ¥20,608\n \n\nbillion of assets, respectively, which include assets that may not be sold or repledged by counterparties. The associated liabilities as of March 31, 2025 and 2026, which are collateralized by the assets presented in the table above, are summarized below:\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nDeposits\n\n  \n \n844\n \n  \n \n     794\n \n\nCall money and funds purchased\n\n  \n \n—\n \n  \n \n150\n \n\nPayables under repurchase agreements\n\n  \n \n18,087\n \n  \n \n13,069\n \n\nPayables under securities lending transactions\n\n  \n \n403\n \n  \n \n1,027\n \n\nOther short-term borrowings\n\n  \n \n2,271\n \n  \n \n214\n \n\nLong-term debt\n\n  \n \n576\n \n  \n \n3,888\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n22,180\n \n  \n \n19,143\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe Bank of Japan (“the BOJ”) requires private depository institutions to maintain a certain amount of funds as reserves in current accounts with the BOJ, based on average deposit balances and certain other factors. There are similar reserve deposit requirements for foreign branches and subsidiaries engaged in banking businesses in foreign countries. These amounts are deemed to be restricted cash. At March 31, 2025 and 2026, the deposit amounts maintained with the BOJ and foreign central banks, which were included in Cash and due from banks and Interest-bearing deposits in other banks, were ¥69,851 billion and ¥58,570 billion, respectively. These balances included the reserve funds required to be maintained by the MHFG Group, which amounted to ¥1,735 billion and ¥1,728 billion at March 31, 2025 and 2026, respectively.\n\nAt March 31, 2025 and 2026, the MHFG Group had received collateral that can be sold or repledged, with a fair value of ¥32,462 billion and ¥34,903 billion, respectively, of which ¥26,789 billion and ¥27,588 billion, respectively, was sold and repledged. Such collateral was primarily obtained in connection with resale or securities borrowing agreements, and was generally used as collateral for repurchase or securities lending agreements, or to cover short sales. This collateral received isn’t recognized on balance sheet, except for the securities received as collateral that the Group is permitted to sell or repledge in securities lending transactions where the Group acts as lender.\n\n9. Deposits\n\nThe balance and remaining maturities of time deposits and certificates of deposit issued by domestic and foreign offices at March 31, 2026 are shown in the following table:\n\n \n\n \n  \n\nTime\n\ndeposits\n\n \n  \n\nCertificates of\n\ndeposit\n\n \n  \n\nTotal\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nDomestic offices:\n\n  \n\nDue in one year or less\n\n  \n \n22,369,355\n \n  \n \n2,222,646\n \n  \n \n24,592,000\n \n\nDue after one year through two years\n\n  \n \n964,561\n \n  \n \n30,000\n \n  \n \n994,561\n \n\nDue after two years through three years\n\n  \n \n640,249\n \n  \n \n— \n \n  \n \n640,249\n \n\nDue after three years through four years\n\n  \n \n272,235\n \n  \n \n— \n \n  \n \n272,235\n \n\nDue after four years through five years\n\n  \n \n885,784\n \n  \n \n— \n \n  \n \n885,784\n \n\nDue after five years\n\n  \n \n376,872\n \n  \n \n— \n \n  \n \n376,872\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n25,509,056\n \n  \n \n2,252,646\n \n  \n \n27,761,702\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-4\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nTime\n\ndeposits\n\n \n\n  \n\nCertificates of\n\ndeposit\n\n \n\n  \n\nTotal\n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nForeign offices:\n\n  \n\n  \n\n  \n\nDue in one year or less\n\n  \n \n28,387,852\n \n  \n \n9,327,216\n \n  \n \n37,715,068\n \n\nDue after one year through two years\n\n  \n \n19,940\n \n  \n \n164,610\n \n  \n \n184,550\n \n\nDue after two years through three years\n\n  \n \n13,006\n \n  \n \n170,097\n \n  \n \n183,103\n \n\nDue after three years through four years\n\n  \n \n81\n \n  \n \n— \n \n  \n \n81\n \n\nDue after four years through five years\n\n  \n \n811\n \n  \n \n— \n \n  \n \n811\n \n\nDue after five years\n\n  \n \n4\n \n  \n \n— \n \n  \n \n4\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n28,421,694\n \n  \n \n9,661,923\n \n  \n \n38,083,617\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n53,930,750\n \n  \n \n11,914,569\n \n  \n \n65,845,319\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe aggregate estimated amounts of time deposits and certificates of deposit that meet or exceed insurance limit issued by domestic and foreign offices at March 31, 2025 and 2026 are shown in the following table:\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nDomestic offices:\n\n  \n\n  \n\nTime deposits\n\n  \n \n18,272\n \n  \n \n     19,238\n \n\nCertificates of deposit\n\n  \n \n2,809\n \n  \n \n2,253\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n21,081\n \n  \n \n21,490\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nForeign offices:\n\n  \n\n  \n\nTime deposits\n\n  \n \n24,877\n \n  \n \n28,422\n \n\nCertificates of deposit\n\n  \n \n11,590\n \n  \n \n9,662\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n36,467\n \n  \n \n38,084\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe aggregate amount of demand deposits in overdraft status that have been reclassified as loan balances at March 31, 2025 and 2026 was ¥539 billion and ¥549 billion, respectively.\n\n10. Due to trust accounts\n\nMHTB holds assets on behalf of its customers in an agent, fiduciary or trust capacity. Such trust account assets are not the MHFG Group’s proprietary assets and are managed and accounted for separately. However, the cash in individual trust accounts is often placed with MHTB for the customers’ short-term investment needs. These amounts, which MHTB owes to the trust accounts, are recorded as Due to trust accounts.\n\n11. Short-term borrowings and long-term debt\n\nShort-term borrowings\n\nShort-term borrowings consist of Due to trust accounts, Call money and funds purchased, Payables under repurchase agreements and securities lending transactions, and Other short-term borrowings.\n\n \n\nF-4\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nDetails of Other short-term borrowings at March 31, 2025 and 2026 are as follows:\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nShort-term notes issued by consolidated VIEs of asset-backed commercial paper programs\n(1)\n\n  \n \n157,118\n \n  \n \n171,041\n \n\nCommercial paper and short-term notes issued by MHFG’s subsidiaries\n(1) (2)\n\n  \n \n2,705,133\n \n  \n \n2,275,299\n \n\nBorrowings from the Bank of Japan\n\n  \n \n2,270,980\n \n  \n \n214,052\n \n\nOther\n\n  \n \n404,119\n \n  \n \n262,607\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n 5,537,351\n \n  \n \n2,922,999\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nShort-term notes are issued under the laws of Japan in the form of commercial paper. \n\n(2)\n\nThe amounts of commercial paper and short-term notes issued by MHFG’s subsidiaries were ¥2,138,133 million and ¥567,000 million, respectively, at March 31, 2025, and ¥1,921,799 million and ¥353,500 million, respectively, at March 31, 2026.\n\nLong-term debt\n\nLong-term debt with original maturities of more than one year at March 31, 2025 and 2026 is comprised of the following:\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nObligations under\n\nfinance leases\n\n  \n \n30,858\n \n  \n \n26,470\n \n\nLoan participation borrowings\n\n  \n \n272,164\n \n  \n \n366,766\n \n\nSenior borrowings and bonds\n\n  \n \n11,072,660\n \n  \n \n16,673,563\n \n\nSubordinated borrowings and bonds\n\n  \n \n3,538,438\n \n  \n \n3,771,702\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n14,914,120\n \n  \n \n20,838,501\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe following table presents the interest rates and maturities of senior borrowings and bonds, and subordinated borrowings and bonds:\n\n \n\n \n \n\nInterest rates \n(1)\n\n \n \n\nMaturities\n(2)\n\n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(%)\n\n \n \n \n \n\n(in millions of yen)\n\n \n\nSenior borrowings and bonds:\n\n \n\n \n\n \n\n \n\nfixed rate denominated in Japanese yen\n\n \n \n\n0.00-5.15\n\n \n \n\nApr.2026\n-\nMar.2056\n\n \n \n1,519,315\n \n \n \n4,676,495\n \n\nfixed rate denominated in U.S. dollars\n\n \n \n\n0.00-5.95\n\n \n \n\nApr.2026\n-\nMar.2048\n\n \n \n4,382,480\n \n \n \n5,124,262\n \n\nfixed rate denominated in other currencies\n\n \n \n\n0.00-6.03\n\n \n \n\nApr.2026\n-\nMay.2041\n\n \n \n2,347,671\n \n \n \n2,993,771\n \n\nfloating rate denominated in Japanese yen\n\n \n \n\n0.00-25.00\n\n \n \n\nApr.2026\n-\nSep.2081\n\n \n \n591,004\n \n \n \n765,345\n \n\nfloating rate denominated in U.S. dollars\n\n \n \n\n0.00-169.50\n\n \n \n\nApr.2026\n-\nNov.2067\n\n \n \n2,175,327\n \n \n \n3,095,371\n \n\nfloating rate denominated in other currencies\n\n \n \n\n0.00-10.00\n\n \n \n\nSep.2027\n-\nSep.2041\n\n \n \n56,863\n \n \n \n18,320\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n\n \n\n \n \n11,072,660\n \n \n \n16,673,563\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-4\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nInterest rates \n(1)\n\n \n\n \n\nMaturities\n(2)\n\n \n\n  2025  \n\n \n\n \n\n  2026  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(%)\n\n \n\n \n\n \n\n \n\n(in millions of yen)\n\n \n\nSubordinated borrowings and bonds:\n\n \n\n \n\n \n\n \n\nfixed rate denominated in Japanese yen\n\n \n \n\n0.41-4.26\n\n \n \n\nJun.2026\n-Perpetual\n \n \n3,276,760\n \n \n \n3,611,772\n \n\nfixed rate denominated in U.S. dollars\n\n \n \n\n2.56-2.56\n\n \n \n\nSep.2031\n-\nSep.2031\n\n \n \n261,678\n \n \n \n159,930\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n\n \n\n \n \n3,538,438\n \n \n \n3,771,702\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n\n \n\n \n \n14,611,098\n \n \n \n20,445,265\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nThe interest rates disclosed reflect the range of contractual rates in effect at March 31, 2026.\n\n(2)\n\nMaturity information disclosed is the range of maturities at March 31, 2026.\n\n(3)\n\nNone of the long-term debt issuances above are convertible to common stock.\n\n(4)\n\nCertain debt agreements permit the MHFG Group to redeem the related debt, in whole or in part, prior to maturity at the MHFG Group’s option on terms specified in the respective agreements.\n\nThe following is a summary of contractual maturities of long-term debt subsequent to March 31, 2026:\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nFiscal year ending March 31:\n\n  \n\n2027\n\n  \n \n4,983,631\n \n\n2028\n\n  \n \n2,602,911\n \n\n2029\n\n  \n \n1,228,200\n \n\n2030\n\n  \n \n1,363,025\n \n\n2031\n\n  \n \n2,067,460\n \n\n2032 and thereafter\n\n  \n \n8,593,273\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n20,838,501\n \n\n  \n\n \n\n \n\n \n\n12. Other assets and liabilities\n\nThe following table sets forth the details of other assets and liabilities at March 31, 2025 and 2026:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n(in millions of yen)\n\n \n \n \n \n\nOther assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccounts receivable:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReceivables from brokers, dealers and customers for securities transactions\n\n \n \n2,730,316\n \n \n \n\n \n\n \n\n \n\n \n\n2,190,046\n \n\n \n\n \n\n \n\n \n\nOther\n\n \n \n566,583\n \n \n \n\n \n\n \n\n \n\n \n\n572,031\n \n\n \n\n \n\n \n\n \n\nCollateral pledged:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateral pledged for derivative transactions\n\n \n \n1,666,564\n \n \n \n\n \n\n \n\n \n\n \n\n2,305,536\n \n\n \n\n \n\n \n\n \n\nMargins provided for futures contracts\n\n \n \n228,386\n \n \n \n\n \n\n \n\n \n\n \n\n303,332\n \n\n \n\n \n\n \n\n \n\nOther\n\n \n \n117,279\n \n \n \n\n \n\n \n\n \n\n \n\n137,164\n \n\n \n\n \n\n \n\n \n\nPrepaid pension cost\n\n \n \n682,222\n \n \n \n\n \n\n \n\n \n\n \n\n717,926\n \n\n \n\n \n\n \n\n \n\nRight-of-use\n\nasse\nts\n\n \n \n474,361\n \n \n \n\n \n\n \n\n \n\n \n\n483,068\n \n\n \n\n \n\n \n\n \n\nSecurity deposits\n\n \n \n76,648\n \n \n \n\n \n\n \n\n \n\n \n\n71,005\n \n\n \n\n \n\n \n\n \n\nLoans held for sale\n\n \n \n391,519\n \n \n \n\n \n\n \n\n \n\n \n\n162,289\n \n\n \n\n \n\n(1\n \n\n)\n \n\nOther\n\n \n \n1,300,551\n\n \n\n \n\n \n\n(2\n \n\n)(3)\n \n\n \n\n \n\n1,139,694\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n \n8,234,429\n \n \n \n\n \n\n \n\n \n\n \n\n8,082,090\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-\n50\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\n(in millions of yen)\n\n \n \n \n \n\nOther liabilities:\n\n \n\n \n\n \n\n \n\nAccounts payable:\n\n \n\n \n\n \n\n \n\nPayables to brokers, dealers and customers for securities transactions\n\n \n \n1,260,130\n \n\n \n\n \n\n \n\n \n\n \n \n1,002,531\n \n\n \n\n \n\n \n\n \n\nOther\n\n \n \n611,344\n \n\n \n\n \n\n \n\n \n\n \n \n1,136,689\n \n\n \n\n \n\n \n\n \n\nGuaranteed trust principal\n(\n4\n)\n\n \n \n703,851\n \n\n \n\n \n\n \n\n \n\n \n \n441,687\n \n\n \n\n \n\n \n\n \n\nLease liabilities\n\n \n \n502,997\n \n\n \n\n \n\n \n\n \n\n \n \n521,941\n \n\n \n\n \n\n \n\n \n\nCollateral accepted:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCollateral accepted for derivative transactions\n\n \n \n1,380,243\n \n\n \n\n \n\n \n\n \n\n \n \n2,163,341\n \n\n \n\n \n\n \n\n \n\nMargins accepted for futures contracts\n\n \n \n29,725\n \n\n \n\n \n\n \n\n \n\n \n \n57,053\n \n\n \n\n \n\n \n\n \n\nUnearned income\n\n \n \n93,491\n \n\n \n\n \n\n \n\n \n\n \n \n86,294\n \n\n \n\n \n\n \n\n \n\nOther\n\n \n \n2,026,574\n \n\n \n\n \n\n(3\n \n\n)\n \n\n \n \n1,761,662\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n \n6,608,355\n \n\n \n\n \n\n \n\n \n\n \n \n7,171,197\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nThe MHFG Group transferred certain loans from Loans held for sale to Loans at March 31, 2026, totaling ¥186,640 million.\n\n(2)\n\nThe MHFG Group included premises and equipment classified as held for sale in Other at March 31, 2025.\n\n(3)\n\nThe MHFG Group included assets of ¥68,966 million and liabilities of ¥131,210 million, which are mainly financial assets and financial liabilities, relating to a transferred business and classified as held for sale in Other at March 31, 2025.\n\n(4)\n\nGuaranteed trust principal, included in All other liabilities in the disclosure about consolidated VIEs in the accompanying balance sheets, is a liability of certain consolidated trust arrangements that meet the definition of a VIE for which the MHFG Group provides guarantees for the repayment of principal. See Note 23 “Variable interest entities and securitizations” for further discussion of the guaranteed principal money trusts.\n\n13. Preferred stock\n\nThe composition of preferred stock at March 31, 2024, 2025 and 2026 is as follows:\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\nClass of stock\n\n  \n\nAuthorized\n\n \n  \n\nIssued\n\n \n  \n\nAuthorized\n\n \n  \n\nIssued\n\n \n  \n\nAuthorized\n\n \n  \n\nIssued\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(number of shares)\n\n \n\nClass XIV preferred stock\n\n  \n \n90,000,000\n \n  \n \n— \n \n  \n \n90,000,000\n \n  \n \n— \n \n  \n \n90,000,000\n \n  \n \n— \n \n\nClass XV preferred stock\n\n  \n \n90,000,000\n \n  \n \n— \n \n  \n \n90,000,000\n \n  \n \n— \n \n  \n \n90,000,000\n \n  \n \n— \n \n\nClass XVI preferred stock\n\n  \n \n150,000,000\n \n  \n \n— \n \n  \n \n150,000,000\n \n  \n \n— \n \n  \n \n150,000,000\n \n  \n \n— \n \n\nHolders or registered pledgees of preferred stock are entitled to receive annual dividends, and distribution of residual assets of MHFG as set out above at the liquidation value per share, prior to holders of common stock but pari passu among themselves. MHFG may pay up to\none-half\nof the annual dividend payable on each class of preferred stock as an interim dividend. Dividends on preferred stock are not cumulative. Holders of preferred stock are not entitled to vote at a general meeting of shareholders except where the articles of incorporation entitle holders of preferred stock to vote.\n\nThere was no change in balance of the preferred stock in the fiscal years ended March 31, 2024, 2025 and 2026.\n\n \n\nF-5\n1\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n14. Common stock\n\nThe following table shows the changes in the number of issued shares of common stock during the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n \n \n  \n\n(shares)\n\n \n  \n \n \n\nBalance at beginning of fiscal year\n\n  \n \n2,539,249,894\n \n  \n \n2,539,249,894\n \n  \n \n2,513,757,794\n \n\nCancellation of common stock\n\n  \n \n— \n \n  \n \n25,492,100\n \n  \n \n23,909,200\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n2,539,249,894\n \n  \n \n2,513,757,794\n \n  \n \n2,489,848,594\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nMHFG resolved at the meeting of Board of Directors held on February 2, 2026 to repurchase up to the lesser of 65,000,000 shares of our common stock and ¥300 billion by market purchases from November 17, 2025 to March 31, 2026. Under this share repurchase program, MHFG repurchased 47,016,600 shares of MHFG’s common stock for ¥299,999,885,700 from November 2025 to March 2026.\n\nThe Board of Directors of MHFG approved the cancellation of 47,016,600 shares of treasury stock, which took effect on April 22, 2026. See Note 33 “Subsequent events” for further details regarding the cancellation of treasury stock.\n\n15. Dividends\n\nThe amount available for dividends under Japan’s Companies Act is based on the amount recorded in MHFG’s\nnon-consolidated\ngeneral books of account, maintained in accordance with accounting principles generally accepted in Japan (“Japanese GAAP”) and adjusted by post\nperiod-end\nchanges. Therefore, the consolidated shareholders’ equity under U.S. GAAP has no effect on the determination of the amount available for dividends.\nOn\nMarch 31, 2026, MHFG’s capital stock, capital surplus and retained earnings were ¥2,256,768 million, ¥1,196,660 million and ¥2,755,324 million, respectively, under Japanese GAAP.\n\nPursuant to the Companies Act, in making a distribution of retained earnings, an entity must set aside in its legal reserve an amount equal to\none-tenth\nof the amount of retained earnings so distributed, until its legal reserve reaches\none-quarter\nof its capital stock. MHFG’s legal reserve at March 31, 2026 was ¥1,201,010 million, of which ¥1,196,660 million was included in capital surplus and ¥4,350 million in retained earnings.\n\nIn addition to the provision that requires an appropriation for the legal reserve, the Companies Act and Japan’s Banking Act impose certain limitations on the amount available for dividends. Under the Companies Act, MHFG’s maximum amount available for dividends at March 31, 2026, was ¥\n2,443,111\n million, based on the amount recorded in MHFG’s general books of account under Japanese GAAP. Under the Banking Act and related regulations, MHFG has to meet the minimum capital adequacy requirements. Distributions of retained earnings, which are otherwise distributable to shareholders, are restricted in order to maintain the minimum capital requirements. See Note 17 “Regulatory matters” for further discussion of regulatory capital requirements.\n\nPayment of dividends on shares of common stock is also subject to the prior payment of dividends on shares of preferred stock, if any are outstanding.\n\n \n\nF-\n52\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n16. Accumulated other comprehensive income (loss), net of tax\n\nChanges in each component of AOCI for the fiscal years ended March 31, 2024, 2025 and 2026 are as follows:\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nAOCI, balance at beginning of fiscal year\n\n  \n \n649,395\n \n \n \n984,578\n \n \n \n931,779\n \n\nNet unrealized gains (losses) on\n\navailable-for-sale\n\nsecurities:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n(31,084\n) \n \n \n2,061\n \n \n \n(36,056\n)\n\nUnrealized holding gains (losses) during year\n\n  \n \n20,972\n \n \n \n(48,349\n) \n \n \n(101,373\n)\n\nLess: reclassification adjustments for losses (gains) included in net income\n\n  \n \n12,173\n \n \n \n10,231\n \n \n \n54,563\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange during year\n\n  \n \n33,145\n \n \n \n(38,118\n) \n \n \n(46,810\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n2,061\n \n \n \n(36,056\n) \n \n \n(82,866\n)\n\nForeign currency translation adjustments:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n227,660\n \n \n \n467,864\n \n \n \n517,081\n \n\nForeign currency translation adjustments during year\n\n  \n \n258,887\n \n \n \n52,255\n \n \n \n312,124\n \n\nLess: reclassification adjustments for losses (gains) included in net income\n\n  \n \n(18,682\n) \n \n \n(3,038\n) \n \n \n(6,566\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange during year\n\n  \n \n240,204\n \n \n \n49,217\n \n \n \n305,558\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n467,864\n \n \n \n517,081\n \n \n \n822,639\n \n\nDefined benefit plan adjustments:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n423,677\n \n \n \n499,663\n \n \n \n422,515\n \n\nUnrealized gains (losses) during year\n\n  \n \n97,847\n \n \n \n(42,062\n) \n \n \n181,244\n \n\nLess: reclassification adjustments for losses (gains) included in net income\n\n  \n \n(21,861\n) \n \n \n(35,086\n) \n \n \n(27,714\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange during year\n\n  \n \n75,986\n \n \n \n(77,148\n) \n \n \n  153,530\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n499,663\n \n \n \n422,515\n \n \n \n576,045\n \n\nOwn credit risk adjustments:\n\n  \n\n \n\n \n\nBalance at beginning of fiscal year\n\n  \n \n29,142\n \n \n \n14,990\n \n \n \n28,239\n \n\nUnrealized gains (losses) during year\n\n  \n \n(15,403\n) \n \n \n12,850\n \n \n \n(6,076\n)\n\nLess: reclassification adjustments for losses (gains) included in net income\n\n  \n \n1,251\n \n \n \n399\n \n \n \n(69\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange during year\n\n  \n \n(14,152\n) \n \n \n13,249\n \n \n \n(6,145\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n14,990\n \n \n \n28,239\n \n \n \n22,095\n \n\nTotal other comprehensive income (loss), net of tax attributable to MHFG shareholders\n\n  \n \n335,184\n \n \n \n(52,799\n) \n \n\n \n\n406,133\n\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAOCI, balance at end of fiscal year\n\n  \n\n \n\n984,578\n\n \n\n \n\n \n\n931,779\n\n \n\n \n \n1,337,912\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n53\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table shows the amounts reclassified out of AOCI into net income during the fiscal year ended March 31, 2026:\n\n \n\n \n \n\nBefore\n\ntax\n(1)\n\n \n \n\nTax\n\neffect\n(2)\n\n \n \n\nNet of tax\n\nbefore\n\nallocation to\n\nnoncontrolling\n\ninterests\n\n \n \n\nNet of tax\n\nattributable to\n\nnoncontrolling\n\ninterests\n(2)\n\n \n \n\nNet of tax\n\nattributable\n\nto MHFG\n\nshareholders\n\n \n  \n \n \n\n \n \n\n(in millions of yen)\n\n \n  \n \n \n\nAmounts reclassified out of AOCI into net income:\n\n \n\n \n\n \n\n \n\n \n\n  \n \n\n \nAffected line items in\nthe consolidated\nstatements of\nincome:\n \n \n \n \n\nNet unrealized gains (losses) on\n\navailable-for-sale\n\nsecurities\n\n \n \n(79,123\n)\n \n \n24,560\n \n \n \n(54,563\n)\n \n \n— \n \n \n \n(54,563\n)\n  \n \nInvestment gains\n(losses)—net\n \n \n\nForeign currency translation adjustments\n\n \n \n6,566\n \n \n \n— \n \n \n \n6,566\n \n \n \n— \n \n \n \n6,566\n \n  \n \n \n\nForeign exchange\ngains (losses)—net\n\nOther noninterest\nincome\n\n \n \n\n \n \n\nDefined benefit plan adjustments\n\n \n \n40,220\n \n \n \n(12,509\n)\n \n\n \n \n27,711\n \n \n \n2\n \n \n \n27,714\n \n  \n \nSalaries and\nemployee benefits\n \n \n\nOwn credit risk adjustments\n\n \n \n100\n \n \n \n(32\n)\n \n \n69\n \n \n \n— \n \n \n \n69\n \n  \n \nOther noninterest\nincome (expenses)\n \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\nTotal\n\n \n \n     (32,237\n)\n \n\n \n \n     12,020\n \n \n \n     (20,217\n)\n \n\n \n \n   2\n \n \n \n     (20,215\n)\n \n\n  \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\nNotes:\n\n(1)\n\nThe financial statement line item in which the amounts in the before tax column are reported in the consolidated statements of income is listed to the right of the table.\n\n(2)\n\nThe financial statement line items in which the amounts in the tax effect and the net of tax attributable to noncontrolling interest columns are reported in the consolidated statements of income are Income tax expense (benefit) and Net income (loss), respectively.\n\n17. Regulatory matters\n\nRegulatory capital requirements\n\nMHFG, MHBK, and MHTB are subject to regulatory capital requirements supervised by the Financial Services Agency in accordance with the provisions of Japan’s Banking Act and related regulations. Certain foreign banking subsidiaries are subject to regulation and control by local supervisory authorities, including central banks. Failure to meet minimum capital requirements may initiate certain mandatory actions by regulators that, if undertaken, could have a direct material effect on the MHFG Group’s consolidated financial condition and results of operations.\n\n \n\nF-\n54\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe capital requirements and regulatory adjustments are being phased in over a transitional period as follows:\n\n \n\n \n  \n\nMarch\n\n2025\n\n \n \n\nMarch\n\n2026\n\n \n \n\nMarch\n\n2027\n\n \n \n\nMarch\n\n2028\n\n \n\nMinimum Common Equity Tier 1 capital\n\n  \n \n4.5\n% \n \n \n4.5\n% \n \n \n4.5\n% \n \n \n4.5\n% \n\nMinimum Tier 1 capital\n\n  \n \n6.0\n% \n \n \n6.0\n% \n \n \n6.0\n% \n \n \n6.0\n% \n\nMinimum total capital\n\n  \n \n8.0\n% \n \n \n8.0\n% \n \n \n8.0\n% \n \n \n8.0\n% \n\nCapital conservation buffer\n\n  \n \n2.5\n% \n \n \n2.5\n% \n \n \n2.5\n% \n \n \n2.5\n% \n\nCountercyclical capital buffer\n(1)\n\n  \n \n0.11\n% \n \n \n0.13\n% \n \n \n0.13\n% \n \n \n0.13\n% \n\nAdditional loss absorbency requirements for\nG-SIBs\nand\nD-SIBs\n\n(2)\n\n  \n \n1.0\n% \n \n \n1.0\n% \n \n \n1.0\n% \n \n \n1.0\n% \n\nMinimum Leverage Ratio\n(3)\n\n  \n \n3.7\n% \n \n \n3.7\n% \n \n \n3.7\n% \n \n \n3.7\n% \n\n \n\nNotes:\n\n(1)\n\nFigures assume that the countercyclical capital buffer will continue to be 0.13% after March 2026.    \n\n(2)\n\nFigures assume that the additional loss absorbency requirements applied to the Group as a\nG-SIB\nand\nD-SIB\ncontinue to be 1.0% on a fully effective basis in future years.\n\n(3)\n\nThe ratios disclosed above include a leverage ratio buffer required to be met at 50% of the additional loss absorbency requirements applied to the Group as a\nG-SIB\nunder the finalized Basel III reforms.    \n\nIf the capital adequacy ratio and leverage ratio of a financial institution falls below the required level, the Financial Services Agency may, depending upon the extent of capital deterioration, take certain corrective action, including requiring the financial institution to submit an improvement plan to strengthen its capital base, reduce its total assets, restrict its business operations or other actions that could have a material effect on its financial condition and results of operations.\n\nCapital adequacy ratios and leverage ratios of MHFG, MHBK, and MHTB as of March 31, 2025 and 2026 calculated in accordance with Japanese GAAP and the guidelines established by the Financial Services Agency are set forth in the following table:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n  Amount  \n\n \n  \n\n  Ratio  \n\n \n  \n\n  Amount  \n\n \n  \n\n  Ratio  \n\n \n\n \n  \n\n(in billions of yen, except percentages)\n\n \n\nConsolidated:\n\n  \n\n  \n\n  \n\n  \n\nMHFG:\n\n  \n\n  \n\n  \n\n  \n\nCommon Equity Tier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n(1)\n\n  \n \n5,826\n \n  \n \n8.11\n \n  \n \n6,579\n \n  \n \n8.13\n \n\nActual\n\n  \n \n9,506\n \n  \n \n13.23\n \n  \n \n10,650\n \n  \n \n13.16\n \n\nTier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n(1)\n\n  \n \n6,904\n \n  \n \n9.61\n \n  \n \n7,793\n \n  \n \n9.63\n \n\nActual\n\n  \n \n11,248\n \n  \n \n15.65\n \n  \n \n12,733\n \n  \n \n15.73\n \n\nTotal risk-based capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n(1)\n\n  \n \n8,341\n \n  \n \n11.61\n \n  \n \n9,411\n \n  \n \n11.63\n \n\nActual\n\n  \n \n12,755\n \n  \n \n17.75\n \n  \n \n14,252\n \n  \n \n17.61\n \n\nLeverage Ratio\n(2)\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n(3)\n\n  \n \n8,715\n \n  \n \n3.70\n \n  \n \n9,658\n \n  \n \n3.70\n \n\nActual\n\n  \n \n11,248\n \n  \n \n4.77\n \n  \n \n12,733\n \n  \n \n4.87\n \n\n \n\nF-\n55\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\n  Amount  \n\n \n\n  \n\n  Ratio  \n\n \n\n  \n\n  Amount  \n\n \n\n  \n\n  Ratio  \n\n \n\n \n\n  \n\n(in billions of yen, except percentages)\n\n \n\nMHBK:\n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\nCommon Equity Tier 1 capital:\n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\nRequired\n\n  \n\n \n\n2,964\n\n \n\n  \n\n \n\n4.50\n\n \n\n  \n\n \n\n3,339\n\n \n\n  \n\n \n\n4.50\n\n \n\nActual\n\n  \n\n \n\n7,529\n\n \n\n  \n\n \n\n11.42\n\n \n\n  \n\n \n\n8,586\n\n \n\n  \n\n \n\n11.57\n\n \n\nTier 1 capital:\n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\n  \n\n \n \n \n\nRequired\n\n  \n \n3,952\n \n  \n \n6.00\n \n  \n \n4,452\n \n  \n \n6.00\n \n\nActual\n\n  \n \n9,267\n \n  \n \n14.06\n \n  \n \n10,673\n \n  \n \n14.38\n \n\nTotal risk-based capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n5,270\n \n  \n \n8.00\n \n  \n \n5,936\n \n  \n \n8.00\n \n\nActual\n\n  \n \n10,718\n \n  \n \n16.27\n \n  \n \n12,161\n \n  \n \n16.38\n \n\nLeverage Ratio\n(2)\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n6,837\n \n  \n \n3.15\n \n  \n \n7,578\n \n  \n \n3.15\n \n\nActual\n\n  \n \n9,267\n \n  \n \n4.26\n \n  \n \n10,673\n \n  \n \n4.43\n \n\nMHTB:\n\n  \n\n  \n\n  \n\n  \n\nCommon Equity Tier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n70\n \n  \n \n4.50\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n493\n \n  \n \n31.60\n \n  \n \n— \n \n  \n \n— \n \n\nTier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n93\n \n  \n \n6.00\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n493\n \n  \n \n31.60\n \n  \n \n— \n \n  \n \n— \n \n\nTotal risk-based capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n125\n \n  \n \n8.00\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n493\n \n  \n \n31.60\n \n  \n \n— \n \n  \n \n— \n \n\nLeverage Ratio\n(2)\n(4)\n\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n115\n \n  \n \n3.15\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n493\n \n  \n \n13.49\n \n  \n \n— \n \n  \n \n— \n \n\nCore capital\n(4)\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n— \n \n  \n \n— \n \n  \n \n59\n \n  \n \n4.00\n \n\nActual\n\n  \n \n— \n \n  \n \n— \n \n  \n \n436\n \n  \n \n29.28\n \n\nNon-consolidated:\n\n  \n\n  \n\n  \n\n  \n\nMHBK:\n\n  \n\n  \n\n  \n\n  \n\nCommon Equity Tier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n2,737\n \n  \n \n4.50\n \n  \n \n3,086\n \n  \n \n4.50\n \n\nActual\n\n  \n \n6,116\n \n  \n \n10.05\n \n  \n \n6,758\n \n  \n \n9.85\n \n\nTier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n3,649\n \n  \n \n6.00\n \n  \n \n4,115\n \n  \n \n6.00\n \n\nActual\n\n  \n \n7,843\n \n  \n \n12.89\n \n  \n \n8,832\n \n  \n \n12.87\n \n\nTotal risk-based capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n4,866\n \n  \n \n8.00\n \n  \n \n5,487\n \n  \n \n8.00\n \n\nActual\n\n  \n \n9,258\n \n  \n \n15.22\n \n  \n \n10,319\n \n  \n \n15.04\n \n\nLeverage Ratio\n(2)\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n6,240\n \n  \n \n3.15\n \n  \n \n6,763\n \n  \n \n3.15\n \n\nActual\n\n  \n \n7,843\n \n  \n \n3.95\n \n  \n \n8,832\n \n  \n \n4.11\n \n\nMHTB:\n\n  \n\n  \n\n  \n\n  \n\nCommon Equity Tier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n66\n \n  \n \n4.50\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n454\n \n  \n \n30.86\n \n  \n \n— \n \n  \n \n— \n \n\n \n\nF-5\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n  Amount  \n\n \n  \n\n  Ratio  \n\n \n  \n\n  Amount  \n\n \n  \n\n  Ratio  \n\n \n\n \n  \n\n(in billions of yen, except percentages)\n\n \n\nTier 1 capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n88\n \n  \n \n6.00\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n454\n \n  \n \n30.86\n \n  \n \n— \n \n  \n \n— \n \n\nTotal risk-based capital:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n117\n \n  \n \n8.00\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n454\n \n  \n \n30.86\n \n  \n \n— \n \n  \n \n— \n \n\nLeverage Ratio\n(2)\n(4)\n\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n110\n \n  \n \n3.15\n \n  \n \n— \n \n  \n \n— \n \n\nActual\n\n  \n \n454\n \n  \n \n12.98\n \n  \n \n— \n \n  \n \n— \n \n\nCore capital\n(4)\n:\n\n  \n\n  \n\n  \n\n  \n\nRequired\n\n  \n \n— \n \n  \n \n— \n \n  \n \n57\n \n  \n \n4.00\n \n\nActual\n\n  \n \n— \n \n  \n \n— \n \n  \n \n416\n \n  \n \n29.04\n \n\n \n\nNotes:\n\n(1)\n\nThe required ratios disclosed above, at March 31, 2025 and 2026, include the capital conservation buffer of 2.5%, the countercyclical capital buffer of 0.11% and 0.13%, respectively, and the additional loss absorbency requirements for\nG-SIBs\nand\nD-SIBs\nof 1.0%, which are all in addition to the regulatory minima. The respective required amounts are determined by applying the ratios to the sum of the risk weighted assets and certain other risk amounts.\n\n(2)\n\nThe required and actual amounts disclosed above at March 31, 2025 and 2026 exclude amounts of deposits to the Bank of Japan.\n\n(3)\n\nThe required ratios disclosed above, at March 31, 2025 and 2026, include a leverage ratio buffer required to be met at 50% of the additional loss absorbency requirements applied to the Group as a\nG-SIB\nunder the finalized Basel III reforms.\n\n(4)\n\nThe core capital ratio is a Japan-specific regulatory indicator that measures capital adequacy under the domestic standard applicable to banks with only domestic operations. Since transitioning to a domestic standard applicable to banks with only domestic operations from December 31, 2025, Mizuho Trust & Banking is subject to the domestic standard and is no longer subject to the leverage ratio requirements.\n\nMHFG’s securities subsidiary in Japan is also subject to the capital adequacy requirement under Japan’s Financial Instruments and Exchange Act. Under this requirement, securities firms must maintain a minimum capital adequacy ratio of 120% calculated as a percentage of capital accounts less certain assets, as calculated using Japanese GAAP figures, against amounts equivalent to market, counterparty, and basic risks. Specific guidelines are issued as a ministerial ordinance that details the definition of essential components of the capital ratios, including capital, disallowed assets and risks, and related measures. Failure to maintain a minimum capital ratio will trigger mandatory regulatory actions. A capital ratio of less than 140% will call for regulatory reporting and a capital ratio of less than 100% may lead to a temporary suspension of all or part of the business operations and further, to the cancellation of the license to act as a securities broker and dealer.\n\nManagement believes, as of each latest balance sheet date, that MHFG, MHBK, MHTB, and their securities subsidiary in Japan and foreign banking subsidiaries were in compliance with all capital adequacy requirements to which they were subject.\n\n \n\nF-5\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n18. Earnings per common share\n\nThe following table sets forth the computation of basic and diluted earnings per common share for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nNet income:\n\n  \n\n  \n\n  \n\nNet income attributable to MHFG common shareholders\n\n  \n \n912,473\n \n  \n \n593,393\n \n  \n \n1,158,031\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nEffect of dilutive securities\n\n  \n \n— \n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income attributable to common shareholders after assumed conversions\n\n  \n \n912,473\n \n  \n \n593,393\n \n  \n \n1,158,031\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n  2026  \n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(thousands of shares)\n\n \n\nShares:\n\n  \n\n  \n\n  \n\nWeighted average common shares outstanding\n\n  \n \n2,536,775\n \n  \n \n2,529,903\n \n  \n \n2,484,190\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nEffect of dilutive securities:\n\n  \n\n  \n\n  \n\nStock options and the common shares of MHFG under the stock compensation programs\n\n  \n \n325\n \n  \n \n379\n \n  \n \n392\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nWeighted average common shares after assumed conversions\n\n  \n \n2,537,100\n \n  \n \n2,530,282\n \n  \n \n2,484,581\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in yen)\n\n \n\nEarnings per common share:\n\n  \n\n  \n\n  \n\nBasic net income per common share\n\n  \n \n359.70\n \n  \n \n234.55\n \n  \n \n466.16\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nDiluted net income per common share\n\n  \n \n359.65\n \n  \n \n234.52\n \n  \n \n466.09\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-5\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n19. Income taxes\n\nIncome before income tax expense\n\nThe following table presents the components of Income before income tax expense for the fiscal year ended March 31, 2026:\n\n \n\n \n  \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nDomestic\n\n  \n \n241,757\n \n\nForeign\n\n  \n \n1,443,869\n \n\n  \n\n \n\n \n\n \n\nTotal Income before income tax expense\n\n  \n \n\n1,685,627\n\n \n\n  \n\n \n\n \n\n \n\nIncome tax expense\n\nThe following tables present the components of Income tax expense for the fiscal years ended March 31, 2024, 2025 and 2026; the table for the fiscal years ended March 31, 2024 and 2025 reflects applicable U.S. GAAP requirements prior to the adoption of ASU No.2023-09:\n\n \n\n \n\n  \n\n  2024  \n\n \n\n \n\n  2025  \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nCurrent:\n\n  \n\n \n\n     \n\n \n\n \n\n \n\n     \n\n \n\nDomestic\n\n  \n \n36,237\n \n \n \n92,815\n \n\nForeign\n\n  \n \n223,529\n \n \n \n211,075\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal current tax expense\n\n  \n \n259,765\n \n \n \n303,890\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDeferred:\n\n  \n\n \n\n \n\nDomestic\n\n  \n \n170,106\n \n \n \n(101,241\n)\n\nForeign\n\n  \n \n(4,750\n) \n \n \n(3,116\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal deferred tax expense (benefit)\n\n  \n \n165,355\n \n \n \n(104,358\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal income tax expense\n\n  \n \n425,120\n \n \n \n199,532\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nCurrent:\n\n  \n\n \n\n     \n\n \n\nDomestic:\n\n  \n\nNational\n\n  \n\n \n\n221,284\n\n \n\nLocal\n\n  \n\n \n\n32,838\n\n \n\nForeign\n\n  \n\n \n\n170,937\n\n \n\n  \n\n \n\n \n\n \n\nTotal current tax expense\n\n  \n\n \n\n425,059\n\n \n\n  \n\n \n\n \n\n \n\nDeferred:\n\n  \n\nDomestic:\n\n  \n\nNational\n\n  \n\n \n\n(70,405\n\n) \n\nLocal\n\n  \n\n \n\n(4,044\n\n) \n\nForeign\n\n  \n\n \n\n9,003\n\n \n\n  \n\n \n\n \n\n \n\nTotal deferred tax expense (benefit)\n\n  \n\n \n\n(65,445\n\n) \n\n  \n\n \n\n \n\n \n\nTotal income tax expense\n\n  \n\n \n\n359,613\n\n \n\n  \n\n \n\n \n\n \n\n \n\nF-5\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIncome taxes paid\n\nThe following table presents the components of Income taxes paid for the fiscal year ended March 31, 2026:\n\n \n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nJapan:\n\n  \n\n \n\n     \n\n \n\nNational\n\n  \n\n \n\n95,979\n\n \n\nLocal\n\n  \n\n \n\n8,903\n\n \n\nForeign:\n\n  \n\nThe United States:\n\n  \n\nFederal\n\n  \n\n \n\n57,759\n\n \n\nState and local\n\n  \n\n \n\n15,820\n\n \n\nOther jurisdictions\n\n  \n\n \n\n97,982\n\n \n\n  \n\n \n\n \n\n \n\nTotal income taxes paid\n\n  \n\n \n\n276,443\n\n \n\n  \n\n \n\n \n\n \n\nThe preceding table does not reflect the tax effects of items recorded directly in Equity for the fiscal years ended March 31, 2024, 2025 and 2026. The detailed amounts recorded directly in Equity are as follows:\n\n \n\n \n\n  \n\n  2024  \n\n \n\n \n\n  2025  \n\n \n\n \n\n  2026  \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nNet unrealized gains (losses) on\n\navailable-for-sale\n\nsecurities:\n\n  \n\n \n\n    \n\n \n\n \n\n \n\n    \n\n \n\n \n\n \n\n    \n\n \n\nUnrealized gains (losses)\n\n  \n \n8,273\n \n \n \n(22,487\n) \n \n \n(45,991\n)\n\nLess: reclassification adjustments\n\n  \n \n5,151\n \n \n \n5,586\n \n \n \n24,560\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n13,425\n \n \n \n(16,901\n) \n \n \n(21,431\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign currency translation adjustments:\n\n  \n\n \n\n \n\nUnrealized gains (losses)\n\n  \n \n— \n \n \n \n2,181\n \n \n \n(2,181\n)\n\nLess: reclassification adjustments\n\n  \n \n— \n \n \n \n— \n \n \n \n— \n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n— \n \n \n \n2,181\n \n \n \n(2,181\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nDefined benefit plan adjustments:\n\n  \n\n \n\n \n\nUnrealized gains (losses)\n\n  \n \n42,415\n \n \n \n(18,658\n) \n \n \n81,940\n \n\nLess: reclassification adjustments\n\n  \n \n(9,759\n) \n \n \n(14,301\n) \n \n \n(12,509\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n32,655\n \n \n \n(32,960\n) \n \n \n69,431\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOwn credit risk adjustments:\n\n  \n\n \n\n \n\nUnrealized gains (losses)\n\n  \n \n(6,590\n) \n \n \n6,485\n \n \n \n(2,838\n)\n \n\nLess: reclassification adjustments\n\n  \n \n552\n \n \n \n197\n \n \n \n(32\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n(6,038\n) \n \n \n6,682\n \n \n \n(2,869\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal tax effect before allocation to noncontrolling interests\n\n  \n \n40,043\n \n \n \n(40,998\n) \n \n \n42,949\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n\n60\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nReconciliation of Income tax expense\n\nThe following table shows a reconciliation of the applicable statutory tax rate to the effective tax rate for the fiscal years ended March 31, 2024 and 2025, and is based on the applicable U.S. GAAP requirements prior to the adoption of ASU No.2023-09:\n\n \n\n \n\n  \n\n2024\n\n \n\n \n\n2025\n\n \n\nEffective statutory tax rate\n(2)\n\n  \n \n    30.62\n% \n \n \n    30.62\n% \n\nIncome not subject to tax\n\n  \n \n(0.58\n) \n \n \n(1.22\n) \n\nExpenses not deductible for tax purposes\n\n  \n \n0.08\n \n \n \n0.18\n \n\nTax rate differentials of subsidiaries\n\n  \n \n(0.92\n) \n \n \n(1.35\n) \n\nChange in valuation allowance\n\n  \n \n(2.34\n) \n \n \n(0.07\n) \n\nChange in undistributed earnings of subsidiaries\n\n  \n \n0.52\n \n \n \n1.43\n \n\nNoncontrolling interest income (loss) of consolidated VIEs.\n\n  \n \n(5.35\n) \n \n \n2.06\n \n\nEffect of enacted change in tax rates\n\n  \n \n— \n \n \n \n(0.36\n)\n(1)\n \n\nForeign tax credit and payments\n\n  \n \n3.80\n \n \n \n(1.80\n) \n\nIncome excluded from taxable income of enterprise tax\n\n  \n \n(1.04\n) \n \n \n(2.14\n) \n\nControlled foreign company rules\n\n  \n \n0.06\n \n \n \n0.03\n \n\nOther\n\n  \n \n1.34\n \n \n \n(1.10\n) \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nEffective income tax rate\n\n  \n \n26.19\n% \n \n \n26.28\n% \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\n(1)\n\nOn March 31, 2025, the National Diet of Japan approved a bill affecting the effective statutory tax rates of MHFG and its domestic subsidiaries. As a result, the effective statutory tax rate will be increased to 31.52% from the previous rate of 30.62% beginning on or after the fiscal year ending March 31, 2027. The increase in the Group’s balance of net deferred tax assets, reflecting such tax rate increases, was recognized as a reduction to Income tax expense in the fiscal year ended March 31, 202\n5\n.\n\nThe following table shows a reconciliation of the applicable statutory tax rate to the effective tax rate for the fiscal year ended March 31, 2026.\n\n \n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\n  Amount  \n\n \n\n \n\n  Percent  \n\n \n\n \n\n  \n\n(in millions of yen, expect percentages)\n\n \n\nTax at Japan national statutory tax rate\n(2)\n\n  \n\n \n\n431,352\n\n \n\n \n\n \n\n25.59\n\n% \n\nLocal taxes, net of national income tax effect\n(3)\n\n  \n\n \n\n20,765\n\n \n\n \n\n \n\n1.23\n\n \n\nForeign tax effects:\n\n  \n\n \n\nThe United States\n\n  \n\n \n\n(21,702\n\n) \n\n \n\n \n\n(1.29\n\n) \n\nOther foreign jurisdictions\n\n  \n\n \n\n12,369\n\n \n\n \n\n \n\n0.73\n\n \n\nEffect of cross-border tax laws\n\n  \n\n \n\n2,335\n\n \n\n \n\n \n\n0.14\n\n \n\nNontaxable or nondeductible items:\n\n  \n\n \n\n    \n\n \n\n \n\n \n\n   \n\n \n\nNoncontrolling interest income from consolidated VIEs\n\n  \n\n \n\n(33,077\n\n) \n\n \n\n \n\n(1.96\n\n) \n\nOthers\n\n  \n\n \n\n(6,827\n\n) \n\n \n\n \n\n(0.41\n\n) \n\nTax credits\n\n  \n\n \n\n(13,693\n\n) \n\n \n\n \n\n(0.81\n\n) \n\nChange in valuation allowance\n\n  \n\n \n\n(580\n\n) \n\n \n\n \n\n(0.03\n\n) \n\nOther adjustments\n\n  \n\n \n\n(31,329\n\n) \n\n \n\n \n\n(1.86\n\n) \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal income tax expense and effective tax rate\n\n  \n\n \n\n359,613\n\n \n\n \n\n \n\n21.33\n\n% \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(2)\n\nIncome taxes applicable to us in Japan are imposed by the national and local governments, and the aggregate of these taxes resulted in a combined normal effective statutory tax rate of 30.62% for each of the\n\n \n\nF-\n\n61\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nfiscal years ended March 31, 2024 and 2025. MHFG used the Japanese statutory corporate income tax rate of 25.59% as the applicable national statutory tax rate in the reconciliation of the statutory tax rate to the effective tax rate for the fiscal year ended March 31, 2026. Foreign subsidiaries are subject to income taxes of the jurisdictions in which they operate, and these taxes are reflected in the effective income tax rate.\n\n(3)\n\nLocal taxes in Tokyo made up the majority (greater than 50%) of the tax effect in this category.\n\nDeferred tax assets and liabilities\n\nThe components of net deferred tax assets at March 31, 2025 and 2026 are as follows:\n\n \n\n \n\n  \n\n  2025  \n\n \n\n \n\n  2026  \n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nDeferred tax assets:\n\n  \n\n \n\nDerivative financial instruments\n\n  \n\n \n\n224,074\n\n \n\n \n\n \n\n408,829\n\n \n\nAllowance for credit losses\n\n  \n\n \n\n288,385\n\n \n\n \n\n \n\n364,516\n\n \n\nLease liabilities\n\n  \n\n \n\n158,220\n\n \n\n \n\n \n\n166,026\n\n \n\nTrading securities\n\n  \n\n \n\n115,783\n\n \n\n \n\n \n\n92,607\n\n \n\nForeign tax credit and payments\n(1)\n\n  \n\n \n\n112,412\n\n \n\n \n\n \n\n87,110\n\n \n\nPremises and equipment\n\n  \n\n \n\n45,797\n\n \n\n \n\n \n\n52,928\n\n \n\nAvailable-for-sale\n\nsecurities\n\n  \n\n \n\n1,454\n\n \n\n \n\n \n\n38,313\n\n \n\nNet operating loss carryforwards\n(2)(3)\n\n  \n\n \n\n151,390\n\n \n\n \n\n \n\n134,675\n\n \n\nOther\n\n  \n\n \n\n338,067\n\n \n\n \n\n \n\n325,147\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n1,435,582\n\n \n\n \n\n \n\n1,670,149\n\n \n\nValuation allowance\n(1)(2)(3)\n\n  \n\n \n\n(215,626\n\n) \n\n \n\n \n\n(185,857\n\n) \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax assets, net of valuation allowance\n\n  \n\n \n\n1,219,956\n\n \n\n \n\n \n\n1,484,291\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax liabilities:\n\n  \n\n \n\nInvestments\n\n  \n\n \n\n370,063\n\n \n\n \n\n \n\n606,109\n\n \n\nPrepaid pension cost and accrued pension liabilities\n\n  \n\n \n\n203,490\n\n \n\n \n\n \n\n212,903\n\n \n\nRight-of-use\n\nassets\n\n  \n\n \n\n148,989\n\n \n\n \n\n \n\n152,952\n\n \n\nOther\n\n  \n\n \n\n188,913\n\n \n\n \n\n \n\n184,537\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax liabilities\n\n  \n\n \n\n911,454\n\n \n\n \n\n \n\n1,156,502\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet deferred tax assets\n\n  \n\n \n\n308,502\n\n \n\n \n\n \n\n327,790\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nThe amount includes ¥82,572 million and ¥59,644 million related to MHBK’s foreign tax credit carryforwards as of March 31, 2025 and 2026, respectively. The amount is mainly offset by valuation allowance, and if not utilized, the amount will expire during the fiscal year ending March 31, 2027.\n\n(2)\n\nThe amount includes ¥11,423 million and ¥1,613\nmillion related to MHSC’s net operating loss carryforwards resulting mainly from the organizational restructuring of certain foreign subsidiaries as of March 31, 2025 and 2026, respectively. The tax effect of the net operating loss carryforwards as of March 31, 2025 is substantially offset by\n¥4,408\nmillion of valuation allowance as a result of considering all available evidence regarding sources of future taxable income including historical trends in taxable income in the preceding periods and forecasted taxable income. \n\n(3)\n\nThe amount includes ¥24,943 million and ¥24,852 million related to MHFG’s net operating loss carryforwards resulting mainly from intercompany capital transactions in relation to the share buyback conducted by MHSC as of March 31, 2025 and 2026, respectively. The tax effect of the net operating loss carryforwards is fully offset by ¥24,943 million and ¥24,852 million, respectively, of valuation allowance as\n\n \n\nF-6\n2\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\na result of considering all available evidence regarding sources of future taxable income including historical trends in taxable income in the preceding periods and forecasted taxable income.\n\nMHFG has neither the plan nor the intention to dispose of investments in such foreign subsidiaries and, accordingly, does not expect to record capital gains or losses as of March 31, 2026.\n\nDeferred tax assets and deferred tax liabilities within the same tax jurisdiction have been netted for presentation purposes in the consolidated balance sheets.\n\nAs of March 31, 2026, the accumulated amount of undistributed earnings that will be indefinitely reinvested and the unrecognized deferred tax liabilities related to such subsidiaries are approximately ¥580 billion and ¥68 billion, respectively.\n\nThe following table and accompanying footnotes provide a breakdown of deferred tax assets and the valuation allowance recognized in respect of net operating loss carryforwards by tax jurisdiction and by year of expiration as of March 31, 2025 and\n2026\n:\n\n \n  \n\nDeferred tax assets\n\n \n  \n\nValuation allowance\n\n \n \n\nDeferred tax assets,\n\nnet of valuation allowance\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\n2025\n\n  \n\n  \n\n \n\nJapan\n(1)\n\n  \n \n54\n \n  \n \n(35\n) \n \n \n20\n \n\nThe United States\n\n  \n \n5\n \n  \n \n— \n \n \n \n5\n \n\nThe United Kingdom\n(2)\n\n  \n \n90\n \n  \n \n(90\n) \n \n \n— \n \n\nOthers\n\n  \n \n2\n \n  \n \n— \n \n \n \n2\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n151\n \n  \n \n(125\n) \n \n \n26\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n2026\n\n  \n\n  \n\n \n\nJapan\n(3)\n\n  \n \n31\n \n  \n \n(26\n)\n \n \n5\n \n\nThe United States\n\n  \n \n5\n \n  \n \n(1\n)\n \n \n4\n \n\nThe United Kingdom\n(2)\n\n  \n \n98\n \n  \n \n(98\n)\n \n \n— \n \n\nOthers\n\n  \n \n1\n \n  \n \n— \n \n \n \n1\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n135\n \n  \n \n(125\n)\n \n \n10\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\n¥25 billion of the Japan deferred tax assets of ¥54 billion is related to MHFG, which is fully offset by a valuation allowance, and will mostly expire during the fiscal year ending March 31, 2032. ¥12 billion of the Japan deferred tax assets of ¥54 billion is related to MHBK and will mostly expire during the fiscal year ending March 31, 2034.\n\n(2)\n\nThe United Kingdom net operating loss carryforwards may be carried forward indefinitely for tax purposes.\n\n(3)\n\n¥25 billion of the Japan deferred tax assets of ¥31 billion is related to MHFG, which is fully offset by a valuation allowance, and will mostly expire during the fiscal year ending March 31, 2032. ¥3 billion of the Japan deferred tax assets of ¥31 billion is related to MHBK and will mostly expire during the fiscal year ending March 31, 2034.\n\nDetermination of valuation allowance\n\nIn accordance with ASC 740, when the MHFG Group determines whether and to what extent a valuation allowance is needed, the Group considers all available evidence, both positive and negative, to estimate future\n\n \n\nF-\n\n63\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ntaxable income. In this regard, the Group considers reversals of existing taxable temporary differences, projected future taxable income (exclusive of reversals of existing temporary differences) and qualifying\ntax-planning\nstrategies to be possible sources of future taxable income. The Group considers the specific pattern and timing of future reversals of existing taxable and deductible temporary differences on\n\navailable-for-sale\n\nsecurities and equity securities to constitute a prudent and feasible\ntax-planning\nstrategy and strong positive evidence. The Group has the ability to control when its\n\navailable-for-sale\n\nsecurities and equity securities with unrealized gains and losses are sold in order to accelerate or decelerate taxable or deductible amounts. The Group also has a long history of effecting such sales as necessary in order to utilize net operating loss carryforwards or otherwise realize deferred tax assets.\n\nPositive evidence includes the Group’s results of operations for the current and preceding years on an overall consolidated basis and for most of the principal subsidiaries. In particular, the strong results of operations in recent years of MHFG’s principal banking subsidiaries in Japan represent positive evidence that can be objectively verified.\n\nNegative evidence includes the existence of significant amounts of net operating loss carryforwards or cumulative losses recorded at certain entities, and the expiration of unused net operating loss carryforwards in recent years.\n\nA valuation allowance is recorded against deferred tax assets as of the balance sheet date to the extent the Group estimates it is more likely than not that sufficient future taxable income is not available to realize such deferred tax assets. The Group has applied the consolidated taxation system from the fiscal year ended March 31, 2022 and has shifted to the Japanese Group Relief System beginning with the fiscal year ended March 31, 2023. A consolidated basis for corporate income taxes results in the reporting of taxable income or loss based upon the combined profits or losses of the parent company and its wholly-owned domestic subsidiaries. Therefore, when calculating deferred tax assets and liabilities and valuation allowance as of March 31, 2022, the Group considered the effect of the shift to the Japanese Group Relief System. The impact of the shift to the Japanese Group Relief System was not material to the consolidated financial statements. The changes in the valuation allowance are primarily due to changes in deductible temporary differences, net operating loss carryforwards and the estimated availability of future taxable income sources.\n\nIn general, a valuation allowance is recognized against deferred tax assets related to entities that have accumulated significant net operating loss carryforwards. As of March 31, 2026, the Group’s valuation allowance was primarily related to entities in Japan, the United States and the United Kingdom. The valuation allowance was partially recognized in Japan and in the United States, while the valuation allowance was fully recognized in the United Kingdom.\n\nThe Group determined whether cumulative losses were recognized by aggregating pretax\nresults\nfor the recent three years as part of the analysis of potential indicators of negative evidence. In each tax jurisdiction, certain entities recognized a cumulative loss on the basis of the most recent three years’ pretax results as of March 31, 2026. A valuation allowance was fully recognized against the deferred tax assets if the Group determined there was no positive evidence that overcame the negative evidence. As of March 31, 2026, MHFG’s securities subsidiary in the United Kingdom has come out of three-year cumulative loss position. However, it has a history of cumulative loss in prior periods. The Group evaluated the weight of both positive and negative evidence, including the subsidiary’s historically limited profitability and significant uncertainty regarding future earnings potential. Due to the uncertainty around the sustainability of earnings and absence of objectively verifiable future taxable income, the company continues to maintain a full valuation allowance for this subsidiary. MHFG and its principal banking subsidiaries in Japan did not record cumulative losses in the periods presented.\n\n \n\nF-\n\n64\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nChange in valuation allowance\n\nThe following table presents a roll-forward of the valuation allowance for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nBalance at beginning of fiscal year\n\n  \n \n198,800\n \n \n \n233,991\n \n \n \n215,626\n \n\nChanges that directly affected Income tax expense\n\n  \n \n(38,055\n) \n \n \n(538\n) \n \n \n(5,100\n)\n\nChanges that did not affect Income tax expense:\n\n  \n\n \n\n \n\nExpiration of net operating loss carryforwards\n\n  \n \n— \n \n \n \n— \n \n \n \n— \n \n\nOthers\n\n  \n \n73,246\n \n \n \n(17,826\n) \n \n \n(24,668\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n73,246\n \n \n \n(17,826\n) \n \n \n(24,668\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBalance at end of fiscal year\n\n  \n \n233,991\n \n \n \n215,626\n \n \n \n185,857\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe decrease in the fiscal year ended March 31, 2024 of ¥38,055 million in the valuation allowance that directly affected Income tax expense was primarily related to a decrease of the realizability of deferred tax assets of MHFG and its subsidiaries. The increase in the fiscal year ended March 31, 2024 of ¥73,246 million in others was primarily related to an increase in the valuation allowance that is fully recognized against the MHBK’s foreign tax credit carryforwards.\n\nThe decrease in the fiscal year ended March 31, 2025 of ¥538 million in the valuation allowance that directly affected Income tax expense was primarily related to a decrease of the realizability of deferred tax assets of MHFG and its subsidiaries. The decrease in the fiscal year ended March 31, 2025 of ¥17,826 \nmillion in others was primarily related to a decrease in the valuation allowance that is fully recognized against the MHBK’s foreign tax credit carryforwards. \n\nThe decrease in the fiscal year ended March 31, 2026 of ¥5,100 million in the valuation allowance that directly affected Income tax expense was primarily related to a decrease of the realizability of deferred tax assets of MHFG and its subsidiaries. The decrease in the fiscal year ended March 31, 2026 of ¥24,668 million in others was primarily related to a decrease in the valuation allowance that is mainly recognized against the MHBK’s foreign tax credit carryforwards.\n\nNet operating loss carryforwards\n\nAt March 31, 2026, the MHFG Group had net operating loss carryforwards totaling ¥416 billion. These carryforwards are scheduled to expire as follows:\n\n \n\n \n  \n\nNet operating loss\n\ncarryforwards\n (1)(3)\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nFiscal year ending March 31:\n\n  \n\n2027\n\n  \n \n— \n \n\n2028\n\n  \n \n— \n \n\n2029\n\n  \n \n— \n \n\n2030\n\n  \n \n— \n \n\n2031\n\n  \n \n— \n \n\n2032 and thereafter\n(2)\n\n  \n \n415\n \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n     416\n \n\n  \n\n \n\n \n\n \n\n \n\nF-\n\n65\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nNotes:    \n\n(1)\n\nNet operating loss carryforwards related to Japanese local taxes at MHFG amounted to\n ¥518 \nbillion (tax-effected\n¥25 billion)\nas of March 31, 2026 and are not included in the table. The net operating loss carryforwards are fully offset by valuation allowance and will mostly expire during the fiscal year ending\nMarch 31, 2032.    \n\n(2)\n\nIncluding the net operating loss carryforwards which may be carried forward indefinitely in the United Kingdom.\n\n(3)\n\nNet operating loss carryforwards related to Japanese local taxes at MHBK amounted to\n¥80 \nbillion (tax-effected\n¥3\nbillion) as of March 31, 2026 and are not included in the table. The net operating loss carryforwards will mostly expire during the fiscal year ending\nMarch 31, 2034.\n\nUncertainty in income tax\n\nThe following table is a roll-forward of unrecognized tax benefits for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nTotal unrecognized tax benefits at beginning of fiscal year\n\n  \n \n7,043\n \n \n \n7,639\n \n \n \n4,766\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nGross amount of increases (decreases) related to positions taken during prior years\n\n  \n \n205\n \n \n \n(1,132\n) \n \n \n130\n \n\nGross amount of increases related to positions taken during the current year\n\n  \n \n1,080\n \n \n \n585\n \n \n \n678\n \n\nAmount of decreases related to settlements\n\n  \n \n(1,633\n) \n \n \n(2,232\n) \n \n \n(522\n)\n \n\nForeign exchange translation\n\n  \n \n944\n \n \n \n(94\n) \n \n \n331\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal unrecognized tax benefits at end of fiscal year\n\n  \n \n7,639\n \n \n \n4,766\n \n \n \n    5,383\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nThe total amount of unrecognized tax benefits including ¥3,014 million, ¥1,477 million and ¥1,746 million of interest and penalties was ¥7,639 million, ¥4,766 million and ¥5,383 million at March 31, 2024, 2025 and 2026, respectively, which would, if recognized, affect the Group’s effective tax rate. The Group classifies interest and penalties accrued relating to unrecognized tax benefits as Income tax expense.\n\nThe MHFG Group is currently subject to ongoing tax audits in some jurisdictions. The oldest years open to tax audits in Japan, the United States and the United Kingdom are 2017, 2011 and 2020, respectively.\n\n20. Pension and other employee benefit plans\n\nSeverance indemnities and pension plans\n\nMHFG and certain subsidiaries sponsor and offer their employees, other than directors and corporate auditors, contributory and\nnon-contributory\ndefined benefit plans. Under these plans, employees are provided with\nlump-sum\ncash payments upon leaving the company. The amount of benefits under each plan is principally determined based on the positions in career, the length of service and the reason for severance. When employees meet certain conditions including the length of service, they may opt to receive annuity payments instead of\nlump-sum\npayments. MHFG and certain subsidiaries also offer special termination benefits to former employees whose contributions during their careers were deemed meritorious and to those with particular circumstances.\n\n \n\nF-\n6\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nCertain foreign offices and subsidiaries have defined contribution plans and/or defined benefit plans, of which disclosures are combined with those for domestic benefit plans, as they are not significant and those plans don’t use significantly different assumptions.\n\nMHFG and certain subsidiaries have several defined contribution plans. The costs recognized in respect of contributions to the plans for the fiscal years ended March 31, 2024, 2025 and 2026 were ¥9,004 million, ¥16,359 million and ¥23,115 million, respectively.\n\nPension plans are not fully integrated among subsidiaries of MHFG and plan assets are managed separately by each plan.\n\nNet periodic benefit cost and funded status\n\nThe following table presents the components of net periodic benefit cost of the severance indemnities and pension plans for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nService cost-benefits earned during the fiscal year\n\n  \n \n28,936\n \n \n \n21,288\n \n \n \n18,192\n \n\nInterest costs on projected benefit obligations\n\n  \n \n9,982\n \n \n \n14,459\n \n \n \n19,280\n \n\nExpected return on plan assets\n\n  \n \n(34,565\n) \n \n \n(31,835\n) \n \n \n(32,633\n)\n\nAmortization of prior service cost (benefits)\n\n  \n \n(4,890\n) \n \n \n(5,553\n) \n \n \n(5,682\n)\n\nAmortization of net actuarial loss (gain)\n\n  \n \n(29,045\n) \n \n \n(38,339\n) \n \n \n(32,420\n\n \n)\n\nSpecial termination benefits\n\n  \n \n1,244\n \n \n \n971\n \n \n \n835\n \n\nLoss (gain) on settlement\n\n  \n \n2,210\n \n \n \n— \n \n \n \n— \n \n\nOther\n\n  \n \n3,179\n \n \n \n2,004\n \n \n \n2,118\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet periodic benefit cost\n\n  \n \n(22,948\n) \n \n \n(37,005\n) \n \n \n(30,310\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nOther changes in plan assets and benefit obligations recognized in other comprehensive income (loss)\nbefore-tax\nfor the fiscal years ended March 31, 2025 and 2026 are summarized as follows:\n\n \n\n \n  \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nNet actuarial gain (loss)\n\n  \n \n(72,336\n) \n \n \n259,652\n \n\nAmortization of net actuarial loss (gain)\n\n  \n \n(38,339\n) \n \n \n(32,420\n)\n \n\nPrior service benefits (cost)\n\n  \n \n9,360\n \n \n \n— \n \n\nAmortization of prior service cost (benefits)\n\n  \n \n(5,553\n) \n \n \n(5,682\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal recognized in other comprehensive income (loss)\nbefore-tax\n\n  \n \n(106,868\n) \n \n \n221,550\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nWeighted-average assumptions used to determine benefit obligations and net periodic benefit cost are as follows:\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\nWeighted-average assumptions used to determine benefit obligations at fiscal year end:\n\n  \n\n \n\n \n\nDiscount rates\n\n  \n \n1.00\n% \n \n \n1.67\n% \n \n \n2.49\n% \n\nRates of increase in future compensation levels\n\n  \n \n2.00\n% \n \n \n2.00\n% \n \n \n2.00\n% \n\nInterest credit rates\n\n  \n \n4.52\n% \n \n \n4.79\n% \n \n \n5.20\n% \n\nF-6\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\n  2024  \n\n \n\n \n\n  2025  \n\n \n\n \n\n  2026  \n\n \n\nWeighted-average assumptions used to determine net periodic benefit cost during the year:\n\n  \n\n \n\n \n\nDiscount rates\n\n  \n \n0.82\n% \n \n \n1.00\n% \n \n \n1.67\n% \n\nRates of increase in future compensation levels\n\n  \n \n2.00\n% \n \n \n2.00\n% \n \n \n2.00\n% \n\nExpected rates of return on plan assets\n\n  \n \n1.66\n% \n \n \n1.61\n% \n \n \n1.83\n% \n\nInterest credit rates\n\n  \n \n4.45\n% \n \n \n4.52\n% \n \n \n4.79\n% \n\nIn estimating the discount rates, the MHFG Group looks to interest rates on a portfolio of high-quality fixed-income government and corporate bonds. The durations of these bonds closely match those of the benefit obligations. Discount rates are evaluated at each measurement date. The expected rate of return for each asset category is based primarily on various aspects of the long-term prospects for the economy that include historical performance and the market environment.\n\nThe following table sets forth the combined funded status and amounts recognized in the accompanying consolidated balance sheets at March 31, 2025 and 2026 for the plans of MHFG and its subsidiaries:\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n \n \n \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nChange in benefit obligations:\n\n  \n\n \n\nBenefit obligations at beginning of fiscal year\n\n  \n \n1,216,964\n \n \n \n1,125,955\n \n\nService cost\n\n  \n \n21,288\n \n \n \n18,192\n \n\nInterest cost\n\n  \n \n14,459\n \n \n \n19,280\n \n\nPlan participants’ contributions\n\n  \n \n335\n \n \n \n— \n \n\nAmendments\n(1)\n\n  \n \n(9,360\n)\n \n \n— \n \n\nActuarial loss (gain)\n\n  \n \n(49,329\n) \n \n \n(68,762\n)\n\nForeign exchange translation\n\n  \n \n756\n \n \n \n2,358\n \n\nBenefits paid\n\n  \n \n(53,521\n) \n \n \n(53,859\n)\n\nLump-sum\npayments\n\n  \n \n(15,367\n) \n \n \n(16,670\n)\n\nOther\n\n  \n \n(270\n) \n \n \n(360\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nBenefit obligations at end of fiscal year\n\n  \n \n1,125,955\n \n \n \n1,026,135\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nChange in plan assets:\n\n  \n\n \n\nFair value of plan assets at beginning of fiscal year\n\n  \n \n1,956,619\n \n \n \n1,784,082\n \n\nActual return (negative return) on plan assets\n\n  \n \n(84,844\n) \n \n \n186,730\n \n\nForeign exchange translation\n\n  \n \n633\n \n \n \n3,302\n\nPartial withdrawal of assets from employee retirement benefits trusts\n(2)\n.\n\n  \n \n(59,552\n) \n \n \n(218,991\n)\n\nEmployer contributions\n\n  \n \n24,395\n \n \n \n19,845\n \n\nPlan participants’ contributions\n\n  \n \n335\n \n \n \n— \n\nBenefits paid\n\n  \n \n(53,521\n) \n \n \n(53,859\n)\n\nOther\n\n  \n \n17\n \n \n \n(155\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nFair value of plan assets at end of fiscal year\n\n  \n \n1,784,082\n \n \n \n1,720,955\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nFunded status\n\n  \n \n658,126\n \n \n \n694,820\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\nAmounts recognized in the consolidated balance sheets consist of:\n\n  \n\n \n\nPrepaid pension cost\n\n  \n\n \n\n682,222\n\n \n\n \n\n \n\n717,926\n\n \n\nAccrued pension liability\n\n  \n\n \n\n(24,095\n\n) \n\n \n\n \n\n(23,106\n\n) \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet amount recognized\n\n  \n\n \n\n658,126\n\n \n\n \n\n \n\n694,820\n\n \n\n  \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nF-6\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\n2025\n\n \n\n  \n\n2026\n\n \n\n \n\n  \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n(in millions of yen)\n\n \n\nAmounts recognized in Accumulated other comprehensive income (loss)\nbefore-tax\nconsist of:\n\n  \n\n  \n\nPrior service benefits (cost)\n\n  \n \n57,023\n \n \n \n51,334\n \n\nNet actuarial gain (loss)\n\n  \n \n526,116\n \n \n \n753,354\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet amount recognized\n\n  \n \n583,139\n \n \n \n804,688\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nIn June 2024, based on various approvals, MHFG and certain domestic subsidiaries communicated to their employees the amendment to the defined benefit plans that was effective as of July 1, 2024. In accordance with ASC 715, “Compensation—Retirement Benefits” (“ASC 715”), any change in projected benefit obligations due to a plan amendment is required to be recognized as prior service benefits (cost) as of the amendment date. Accordingly, the MHFG Group recognized \n¥9,360\nmillion of prior service benefits for the fiscal year ended March 31, 2025.\n\n(2)\n\nDuring the fiscal years ended March 31, 2025 and 2026, certain subsidiaries of MHFG partially withdrew assets from employee retirement benefit trusts, which were established for the payment of employees’ severance pay and retirement pensions. Overall, the trusts remain in overfunded status as of March 31, 2026. No gains or losses have been recognized as a result of these transactions.    \n\nThe aggregated accumulated benefit obligations of these plans were ¥1,125,955 million and ¥1,026,135 million, as of March 31, 2025 and 2026, respectively. The defined benefit plans generally employ a multi-variable and\nnon-linear\nformula based upon rank and years of service. Employees with service in excess of one year are qualified to receive\nlump-sum\nseverance indemnities.\n\nThe following table shows the projected benefit obligations and the fair value of plan assets for the plans of MHFG and its subsidiaries with projected benefit obligations in excess of plan assets, and the accumulated benefit obligations and the fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets at March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nPlans with projected benefit obligations in excess of plan assets:\n\n  \n\n  \n\nProjected benefit obligations\n\n  \n \n28,770\n \n  \n \n34,583\n \n\nFair value of plan assets\n\n  \n \n4,675\n \n  \n \n11,477\n \n\nPlans with accumulated benefit obligations in excess of plan assets:\n\n  \n\n  \n\nAccumulated benefit obligations\n\n  \n \n28,770\n \n  \n \n34,583\n \n\nFair value of plan assets\n\n  \n \n4,675\n \n  \n \n11,477\n \n\n \n\nNote:\n\nThe plans with projected benefit obligations in excess of plan assets include those with accumulated benefit obligations in excess of plan assets.    \n\nInvestment policies and asset allocation\n\nIn managing plan assets, the MHFG Group determines the appropriate levels of risk that the Group can assume under the given circumstances to gain total returns from a long-term perspective while ensuring that sufficient funds will be available to plan participants and beneficiaries. The long-term asset allocation to each asset category such as Japanese equity securities, Japanese debt securities, foreign equity securities and foreign debt\n\n \n\nF-\n69\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nsecurities is determined based upon the optimal portfolio, which aims to gain total returns within the range of an acceptable level of risk from a long-term perspective. Additionally, the asset allocation is reviewed every five years, unless there are any significant changes in the circumstances such as market fluctuations. When selecting an investment in each asset category, the MHFG Group takes into consideration credit standing of an investee, concentration of credit risk to a certain investee and liquidity of a financial instrument among other things. The investments in each asset category are further diversified across funds, strategies and sectors along with other things. There is no significant investment in a single investee except Japanese government bonds.\n\nCertain subsidiaries of MHFG established employee retirement benefit trusts and transferred their assets to the trusts as plan assets. These assets are separated from the employer’s proprietary assets for the payment to the plan beneficiaries. The assets held in these trusts are primarily Japanese equity securities and have been entrusted directly to qualified trustees including trust banks.\n\nMHFG and certain subsidiaries’ target allocation for the plan assets, excluding those of the employee retirement benefit trusts, at March 31, 2026 is as follows:\n\n \n\nAsset category\n\n  \n\nAsset ratio\n\n \n\nJapanese equity securities\n\n  \n \n3.00\n% \n\nJapanese debt securities\n\n  \n \n32.00\n% \n\nForeign equity securities\n\n  \n \n  26.00\n% \n\nForeign debt securities\n\n  \n \n24.00\n% \n\nGeneral account of life insurance companies\n\n  \n \n10.00\n% \n\nOther\n\n  \n \n5.00\n% \n\n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n100.00\n% \n\n  \n\n \n\n \n\n \n\n \n\nNote:\n\nGeneral account of life insurance companies is a contract with life insurance companies which guarantees payments of principal and predetermined interest payments.    \n\nFair value of plan assets\n\nThe following table presents the fair value of plan assets of MHFG and its subsidiaries at March 31, 2025 and 2026, by asset class. For the detailed information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methodologies, see Note 26 “Fair value.”\n\n \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nJapanese equity securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommon stocks\n(1)\n\n \n\n \n\n758\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n758\n\n \n\n \n\n \n\n672\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n672\n\n \n\nPooled funds\n(2)\n\n \n\n \n\n5\n\n \n\n \n\n \n\n8\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n13\n\n \n\nJapanese debt securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGovernment bonds\n\n \n\n \n\n83\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n83\n\n \n\n \n\n \n\n84\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n84\n\n \n\nPooled funds\n(2)\n\n \n\n \n\n— \n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n10\n\n \n\nOther\n\n \n\n \n\n— \n\n \n\n \n\n \n\n18\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n18\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n15\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n15\n\n \n\nForeign equity securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommon stocks\n\n \n\n \n\n121\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n121\n\n \n\n \n\n \n\n117\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n117\n\n \n\nPooled funds\n(2)\n\n \n\n \n\n1\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n14\n\n \n\n \n\nF-\n70\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n$\n            \n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nTotal\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nForeign debt securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGovernment bonds\n\n \n\n \n\n144\n\n \n\n \n\n \n\n24\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n168\n\n \n\n \n\n \n\n142\n\n \n\n \n\n \n\n24\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n167\n\n \n\nPooled funds\n(2)\n\n \n\n \n\n— \n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n3\n\n \n\nOther\n\n \n\n \n\n— \n\n \n\n \n\n \n\n30\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n31\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n32\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n32\n\n \n\nGeneral account of life insurance companies\n(3)\n\n \n\n \n\n— \n\n \n\n \n\n \n\n118\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n118\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n108\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n108\n\n \n\nOther\n\n \n\n \n\n46\n\n(4)\n \n\n \n\n \n\n(2\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n44\n\n \n\n \n\n \n\n64\n\n(4)\n \n\n \n\n \n\n(5\n\n) \n\n \n\n \n\n— \n\n \n\n \n\n \n\n59\n\n \n\nPlan assets measured at net asset value\n(5)\n\n \n\n \n\n \n\n \n\n \n\n408\n\n \n\n \n\n \n\n \n\n \n\n \n\n428\n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal assets at fair value\n\n \n\n \n\n1,158\n\n \n\n \n\n \n\n218\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n1,784\n\n \n\n \n\n \n\n1,085\n\n \n\n \n\n \n\n208\n\n \n\n \n\n \n\n— \n\n \n\n \n\n \n\n1,721\n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:    \n\n(1)\n\nThis class represents equity securities held in the employee retirement benefit trusts of ¥758 billion and ¥672 billion carried at fair value at March 31, 2025 and 2026, respectively, which are well-diversified across industries.\n\n(2)\n\nThese classes primarily include pension investment fund trusts. Investments in these classes are generally measured at fair value and can be redeemed within a short-term period upon request.\n\n(3)\n\nInvestments in this class are measured at conversion value, which is equivalent to fair value.\n\n(4)\n\nAmounts primarily include cash and short-term assets carried at fair value.\n\n(5)\n\nIn accordance with ASC 820, certain plan assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.\n\nThere were no returns on and purchases and sales of Level 3 assets during the fiscal years ended March 31, 2025 and 2026.\n\nContributions\n\nThe total contribution of approximately ¥20 billion is expected to be paid to the pension plans during the fiscal year ending March 31, 2027, based on the current funded status and expected asset return assumptions.\n\nEstimated future benefit payments\n\nThe following table presents forecasted benefit payments including the effect of expected future service for the fiscal years indicated:\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nFiscal year ending March 31:\n\n  \n\n2027\n\n  \n \n77,600\n \n\n2028\n\n  \n \n79,313\n \n\n2029\n\n  \n \n79,739\n \n\n2030\n\n  \n \n80,254\n \n\n2031\n\n  \n \n75,406\n \n\n2032-2036\n\n  \n \n326,146\n \n\n \n\nF-\n71\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n21. Derivative financial instruments\n\nThe MHFG Group enters into derivative financial instruments in response to the diverse needs of customers, to manage the risk related to the assets and liabilities of the Group, as part of its asset and liability management, and for proprietary trading purposes. The Group is exposed primarily to market risk associated with interest rate, commodity, foreign currency, and equity products. Market risk arises from changes in market prices or indices, interest rates and foreign exchange rates that may result in an adverse change in the market value of the financial instrument or an increase in its funding costs. Exposure to market risk is managed by imposing position limits and monitoring procedures and by initiating hedging transactions. In addition to market risk, the Group is exposed to credit risk associated with counterparty default or nonperformance in respect of transactions. Counterparty credit risk arises when a counterparty fails to perform according to the terms and conditions of the contract and the value of the underlying collateral held, if applicable, is not sufficient to recover resulting losses. The exposure to counterparty credit risk is measured by the fair value of all derivatives and its potential exposure at the balance sheet dates. The exposure to counterparty credit risk is managed by entering into legally enforceable master netting agreements to mitigate the overall counterparty credit risk, requiring underlying collateral and guarantees based on an individual credit analysis of each obligor and evaluating the credit features of each instrument. In addition, credit approvals, limits and monitoring procedures are also imposed.\n\nNotional and fair value amounts of derivative instruments\n\nThe following table summarizes the notional and fair value amounts of derivative instruments outstanding as of March 31, 2025 and 2026. The fair values of derivatives are presented on a gross basis; derivative receivables\n \n\nand payables are not offset. In addition, they are not offset against the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements in the consolidated balance sheets, or the table below.\n\n \n\n \n  \n \n \n  \n\nFair value\n\n \n\n \n  \n \n \n  \n\nDerivative receivables\n(2)\n\n \n  \n\nDerivative payables\n(2)\n\n \n\n2025\n\n  \n\nNotional amount\n(1)\n\n \n  \n\nDesignated\n\nas hedges\n\n \n  \n\nNot designated\n\nas hedges\n\n \n  \n\nDesignated\n\nas hedges\n\n \n  \n\nNot designated\n\nas hedges\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nInterest rate contracts\n\n  \n \n2,673,102\n \n  \n \n — \n \n  \n \n10,830\n \n  \n \n — \n \n  \n \n10,910\n \n\nForeign exchange contracts\n\n  \n \n318,749\n \n  \n \n— \n \n  \n \n4,534\n \n  \n \n— \n \n  \n \n4,813\n \n\nEquity-related contracts\n\n  \n \n14,584\n \n  \n \n— \n \n  \n \n261\n \n  \n \n— \n \n  \n \n313\n \n\nCredit-related contracts\n\n  \n \n33,847\n \n  \n \n— \n \n  \n \n245\n \n  \n \n— \n \n  \n \n210\n \n\nOther contracts\n\n  \n \n878\n \n  \n \n— \n \n  \n \n21\n \n  \n \n— \n \n  \n \n21\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n3,041,160\n \n  \n \n— \n \n  \n \n15,891\n \n  \n \n— \n \n  \n \n16,267\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n  \n \n \n  \n\nFair value\n\n \n\n \n  \n \n \n  \n\nDerivative receivables\n(2)\n\n \n  \n\nDerivative payables\n(2)\n\n \n\n2026\n\n  \n\nNotional amount\n(1)\n\n \n  \n\nDesignated\n\nas hedges\n\n \n  \n\nNot designated\n\nas hedges\n\n \n  \n\nDesignated\n\nas hedges\n\n \n  \n\nNot designated\n\nas hedges\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nInterest rate contracts\n\n  \n \n3,456,811\n \n  \n \n — \n \n  \n \n16,440\n \n  \n \n — \n \n  \n \n16,892\n \n\nForeign exchange contracts\n\n  \n \n391,538\n \n  \n \n— \n \n  \n \n6,725\n \n  \n \n— \n \n  \n \n6,566\n \n\nEquity-related contracts\n\n  \n \n19,645\n \n  \n \n— \n \n  \n \n355\n \n  \n \n— \n \n  \n \n550\n \n\nCredit-related contracts\n\n  \n \n27,092\n \n  \n \n— \n \n  \n \n206\n \n  \n \n— \n \n  \n \n134\n \n\nOther contracts\n\n  \n \n636\n \n  \n \n— \n \n  \n \n57\n \n  \n \n— \n \n  \n \n63\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n3,895,722\n \n  \n \n— \n \n  \n \n23,782\n \n  \n \n— \n \n  \n \n24,205\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-\n72\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nNotes:    \n\n(1)\n\nNotional amount includes the sum of gross long and gross short third-party contracts.    \n\n(2)\n\nDerivative receivables and payables are recorded in Trading account assets and Trading account liabilities, respectively.\n\nThe MHFG Group provided and/or accepted cash collateral for derivative transactions under master netting agreements. The cash collateral, which was not offset against derivative positions, was included in Other assets and Other liabilities, respectively, of which the amounts were ¥\n1,667\n billion and ¥\n1,380\n billion at March 31, 2025, and ¥\n2,306\n billion and ¥\n2,163\n billion at March 31, 2026, respectively.\n\nHedging activities\n\nIn order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged. Each derivative must be designated as a hedge, with documentation of the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, and how effectiveness is to be assessed prospectively and retrospectively. The extent to which a hedging instrument is effective at achieving offsetting changes in fair value or cash flows must be assessed at least quarterly. The MHFG Group’s hedging activities include net investment hedges.\n\nN\n\net investment hedges\n\nThe MHFG Group uses forward foreign exchange contracts and foreign currency-denominated debt instruments to protect the value of net investments in\nnon-Japanese\nsubsidiaries from foreign currency exposure. Under net investment hedges, both derivatives and nonderivative financial instruments qualify as hedging instruments. The foreign currency-denominated debt instruments qualifying as hedging instruments include deposits and long-term debt, of which the carrying amounts of the portion designated as net investment hedges are included within the respective items in the consolidated balance sheets as well as relevant accompanying notes. For net investment hedges, the entire change in the fair value of a hedging derivative instrument or nonderivative hedging financial instrument is recorded in Foreign currency translation adjustments within Accumulated other comprehensive income (loss), provided that the hedging instrument is designated as a hedge of the net investment. The gains and losses recorded in other comprehensive income (loss) related to net investment hedges were immaterial.\n\nDerivative instruments not designated or qualifying as hedges\n\nThe MHFG Group enters into the following derivative transactions that do not qualify for hedge accounting with a view to implementing risk management strategies: (1) interest-rate swap transactions for the purpose of economically managing the interest-rate risks in deposits, loans, etc., (2) currency swap transactions for the purpose of economically managing the foreign exchange risk of these assets, (3) equity-related derivatives for the purpose of economically managing the risk of stock price fluctuation involved in holding equity products, and (4) credit derivatives for the purpose of economically managing the credit risk in loans, residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLO”) and other similar assets. Such derivatives are accounted for as trading positions. The changes in fair value of these instruments are primarily recorded in Trading account gains (losses)—net, even though they are used to mitigate or transform the risk of exposures arising from banking activities. The net gains (losses) resulting from changes in the fair value of certain credit derivatives where the Group purchases protection to mitigate its credit risk exposure, related to its corporate loan portfolio, is recorded in Other noninterest income (expenses).\n\n \n\nF-7\n3\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table summarizes gains and losses on derivatives not designated or qualifying as hedges during the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\nGains (losses) recorded in income\n\n \n\n \n  \n\n  2024  \n\n \n \n\n  2025  \n\n \n \n\n  2026  \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nInterest rate contracts\n\n  \n \n(22,003\n) \n \n \n(10,636\n)\n \n \n(709,941\n)\n\nForeign exchange contracts\n\n  \n \n387,591\n \n \n \n464,463\n \n \n \n332,489\n \n\nEquity-related contracts\n\n  \n \n240,277\n \n \n \n64,292\n \n \n \n(317,436\n)\n \n\nCredit-related contracts\n(Note)\n\n  \n \n(3,053\n) \n \n \n6,531\n \n \n \n(22,718\n)\n\nOther contracts\n\n  \n \n(42,005\n) \n \n \n(5,678\n) \n \n \n4,166\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n560,806\n \n \n \n518,972\n \n \n \n(713,441\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nAmounts include the net gains (losses) of ¥(952) million, ¥(964) million and ¥(809) million on the credit derivatives economically managing the credit risk of loans during the fiscal years ended March 31, 2024, 2025 and 2026, respectively.\n\nCredit derivatives\n\nA credit derivative is a bilateral contract between a seller and a buyer of protection against the credit risk of a particular entity. Credit derivatives generally require that the seller of credit protection make payments to the\n \n\nbuyer upon the occurrence of predefined credit events, which include bankruptcy, dissolution or insolvency of the referenced entity. The MHFG Group either purchases or writes protection on either a single name or a portfolio of reference credits. The Group enters into credit derivatives to help mitigate credit risk in its corporate loan portfolio and other cash positions, to take proprietary trading positions, and to facilitate client transactions.\n\nThe notional amount of credit derivatives represents the maximum potential amount of future payments the seller could be required to make. If the predefined credit event occurs, the seller will generally have a right to collect on the underlying reference credit and the related cash flows, while being liable for the full notional amount of credit protection to the buyer. The Group manages credit risk associated with written protection by purchasing protection with identical or similar underlying reference credits, which substantially offsets its exposure. Thus, the notional amount is not necessarily a reliable indicator of the Group’s actual loss exposure.\n\nThe following table summarizes the notional and fair value amounts of credit derivatives at March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\nNotional amount\n\n \n  \n\nFair value\n\n \n \n\nNotional amount\n\n \n  \n\nFair value\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nCredit protection written:\n\n  \n\n  \n\n \n\n  \n\nInvestment grade\n\n  \n \n9,201\n \n  \n \n59\n \n \n \n9,191\n \n  \n \n53\n \n\nNon-investment\ngrade\n\n  \n \n6,549\n \n  \n \n106\n \n \n \n3,402\n \n  \n \n38\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n15,750\n \n  \n \n164\n \n \n \n12,592\n \n  \n \n91\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nCredit protection purchased\n\n  \n \n18,097\n \n  \n \n(129\n) \n \n \n14,499\n \n  \n \n(19\n)\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nThe rating scale is based upon either the external ratings or the internal ratings of the underlying reference credit. The lowest investment grade rating is considered to be\nBBB-,\nwhile anything below or unrated is considered to be\nnon-investment\ngrade.\nNon-investment\ngrade credit derivatives primarily consist of unrated credit default swap indices such as CDX and iTraxx.\n\n \n\nF-\n74\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table shows the maximum potential amount of future payments for credit protection written by expiration period at March 31, 2025 and 2026:\n\n \n\n \n  \n\nMaximum payout/Notional amount\n\n \n\n \n  \n\n  2025  \n\n \n  \n\n  2026  \n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nOne year or less\n\n  \n \n1,173\n \n  \n \n1,844\n \n\nAfter one year through five years\n\n  \n \n13,125\n \n  \n \n9,008\n \n\nAfter five years\n\n  \n \n1,452\n \n  \n \n1,740\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n15,750\n \n  \n \n12,592\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nThe maximum potential amount of future payments is the aggregate notional amount of the credit derivatives where the Group wrote the credit protection, and it has not been reduced by the effect of any amounts that the Group may possibly collect on the underlying assets and the related cash flows, nor netted against that of credit protection purchased.\n\nCredit-related contingent features\n\nCertain of the MHFG Group’s derivative instruments contain provisions that require the Group’s debt to maintain an investment grade credit rating from the major credit rating agencies. If the Group’s debt credit rating were to fall below investment grade, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments which are in net liability positions for the Group.\n\nThe following table shows the quantitative information about derivative instruments with credit-risk-related contingent features at March 31, 2025 and 2026:\n\n \n\n \n\n  \n\n  2025  \n\n  \n\n  2026  \n\n \n\n  \n\n \n\n  \n\n \n\n \n\n  \n\n(in billions of yen)\n\nAggregate fair value of derivative instruments with credit-risk-related contingent features in net liability positions\n\n  \n \n \n1,359\n\n  \n \n \n1,563\n\n \n \n \n\nCollateral provided to counterparties in the normal course of business\n\n  \n \n \n1,118\n\n  \n \n \n1,183\n\nAmount required to be posted as collateral or settled immediately if credit-risk-related contingent features were triggered\n\n  \n \n \n241\n\n  \n \n \n    380\n\n22. Commitments and contingencies\n\nObligations under guarantees\n\nThe MHFG Group provides guarantees or indemnifications to counterparties to enhance their credit standing and enable them to complete a variety of business transactions. A guarantee represents an obligation to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing arrangement or other contractual obligation.\n\nThe types of guarantees under ASC 460, “Guarantees” (“ASC 460”) provided by the MHFG Group are described below.\n\nPerformance guarantees\n\nPerformance guarantees are issued to guarantee customers’ performance under contractual arrangements such as a tender bid on a construction project or the completion of a construction project.\n\n \n\nF-\n75\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nGuarantees on loans\n\nGuarantees on loans include obligations to guarantee the customers’ borrowing contracts. The MHFG Group is required to make payments to the guaranteed parties in the event that customers fail to fulfill obligations under the contracts.\n\nGuarantees on securities\n\nGuarantees on securities include obligations to guarantee securities, such as bonds issued by customers.\n\nOther guarantees\n\nOther guarantees include obligations to guarantee customers’ payments, such as tax payments.\n\nGuarantees for the repayment of trust principal\n\nThe MHFG Group provides certain trust products with guarantees for the repayment of trust principal, e.g., loan trusts and certain jointly operated designated money trusts. Pursuant to Japanese trust-related laws, trustees are prohibited from compensating beneficiaries for any loss in the beneficial interests in each trust. However, under a special condition of the Japanese trust-related laws, trust banks as trustees are allowed to enter into an agreement to provide compensation for any loss in the principal of the trust. The MHFG Group manages and administers the trust assets to minimize exposures against losses from the guarantees for the repayment of trust principal, including\nwriting-off\nnonaccrual loans and charging it to the trust account profits. In performing its fiduciary duties, the MHFG Group also manages the trust assets separately from its own proprietary assets on behalf of customers and keeps separate records for the trust activities. The MHFG Group consolidates certain guaranteed principal money trusts. See Note 23 “Variable interest entities and securitizations” for further discussion of the guaranteed principal money trusts. The contract amounts of guarantees for repayment of unconsolidated trust principal are presented in the tables below.\n\nPart of the trust account profits is set aside as a reserve in trust accounts to absorb losses in the trust asset portfolios in accordance with relevant Japanese laws concerning the trust business and/or trust agreements. Statutory reserves for loan trusts and reserves for jointly operated designated money trusts are calculated based on the trust principal or the balance of loans and other assets in the trust accounts. Since the probability of principal indemnification is considered to be remote, the MHFG Group had no related reserve for credit losses recorded in its consolidated financial statements.\n\nLiabilities of trust accounts\n\nThe MHFG Group, as trustee, may enter into an agreement with a third party who is not the party to the relevant trust agreement to the extent necessary to handle the trust affairs for the purpose of fulfilling the objectives of the trust and, as such, the trustee shall be allowed to assume certain liabilities. Pursuant to Japanese trust-related laws, the trustee is ultimately liable to pay those liabilities out of its proprietary assets in the event that the trust assets are insufficient to cover those liabilities. The amount of trust liabilities rarely exceeds the amount of trust assets and, therefore, those liabilities are generally covered by the corresponding trust assets. To avoid the demand for payment out of the proprietary assets, the trustee can enter into a special covenant of limited liability under which the trust creditors agree to limit the trustee’s liability to the value of the trust assets and to waive the right for compulsory execution against the trustee’s proprietary assets. The MHFG Group regularly monitors the condition of trust accounts to minimize exposures against making payment.\n\n \n\nF-\n7\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe amounts of such liabilities in the trust accounts, excluding those with the special covenant of limited liability, are presented in the tables below. Liabilities of trust accounts principally include obligations to return collateral under security lending transactions and other transactions.\n\nDerivative financial instruments\n\nCertain written options and credit default swaps are deemed guarantees pursuant to the definition of guarantees in ASC 460 if these contracts require the MHFG Group to make payments to counterparties based on changes in an underlying instrument or index that is related to an asset, a liability, or an equity security of the counterparties. The MHFG Group’s payments could involve a gross settlement or a net settlement. Because it is difficult in practice to determine whether the counterparty has the asset, the liability or the equity security relating to the underlying, the MHFG Group has decided to include all credit default swaps and written options, excluding written options outside the scope of ASC 460, in the guarantee disclosures.\n\nThe MHFG Group records all guarantees and similar obligations subject to ASC 460 at fair value in the consolidated balance sheets at the inception of the guarantee. The total carrying amount of guarantees and similar obligations at March 31, 2025 and 2026 was ¥615 billion and ¥1,845 billion, respectively, and was included in Other liabilities and Trading account liabilities. The total includes the carrying amounts of derivatives that are deemed to be guarantees, which amounted to ¥583 billion and ¥1,815 billion at March 31, 2025 and 2026, respectively.\n\nT\n\nhe table below summarizes the remaining term and maximum potential amount of future payments by type of guarantee at March 31, 2025 and 2026. The maximum potential amount of future payments disclosed below represents the contractual amounts that could be required to be repaid in the event of the guarantees being executed, without consideration of possible recoveries under recourse provisions or from collateral held. With respect to written options included in derivative financial instruments in the table below, in theory, the MHFG Group is exposed to unlimited losses; therefore, the table shows the notional amounts of the contracts as a substitute for the maximum exposure.\n\nThe MHFG Group, when necessary, requires collateral such as cash, investment securities and real estate or third-party guarantees depending on the amount of credit risk involved, and employs means such as\nsub-participation\nto reduce the credit risk associated with guarantees. The maximum exposure or notional amount below does not represent the expected losses from the execution of the guarantees.\n\n \n\n \n  \n\nMaximum potential/\n\nContractual or\nNotional amount\n\n \n  \n\nAmount by expiration period\n\n \n\n2025\n\n  \n\nOne year\nor less\n\n \n  \n\nAfter one year\n\nthrough\n\nfive years\n\n \n  \n\nAfter\nfive years\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nPerformance guarantees\n\n  \n \n4,100\n \n  \n \n2,233\n \n  \n \n1,651\n \n  \n \n217\n \n\nGuarantees on loans\n\n  \n \n220\n \n  \n \n126\n \n  \n \n79\n \n  \n \n15\n \n\nGuarantees on securities\n\n  \n \n92\n \n  \n \n— \n \n  \n \n92\n \n  \n \n— \n \n\nOther guarantees\n\n  \n \n3,309\n \n  \n \n2,709\n \n  \n \n494\n \n  \n \n106\n \n\nGuarantees for the repayment of trust principal\n\n  \n \n11\n \n  \n \n— \n \n  \n \n2\n \n  \n \n8\n \n\nLiabilities of trust accounts\n\n  \n \n330\n \n  \n \n98\n \n  \n \n61\n \n  \n \n171\n \n\nDerivative financial instruments\n\n  \n \n80,505\n \n  \n \n38,199\n \n  \n \n35,858\n \n  \n \n6,448\n \n\n \n\nF-7\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n  \n\nMaximum potential/\n\nContractual or\nNotional amount\n\n \n\n  \n\nAmount by expiration period\n\n \n\n2026\n\n  \n\nOne year\nor less\n\n \n\n  \n\nAfter one year\n\nthrough\n\nfive years\n\n \n\n  \n\nAfter\nfive years\n\n \n\n \n\n  \n\n \n\n \n\n  \n\n \n\n \n\n  \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n(in billions of yen)\n\n \n\nPerformance guarantees\n\n  \n \n4,777\n \n  \n \n2,644\n \n  \n \n1,852\n \n  \n \n281\n \n\nGuarantees on loans\n\n  \n \n244\n \n  \n \n199\n \n  \n \n32\n \n  \n \n12\n \n\nGuarantees on securities\n\n  \n \n131\n \n  \n \n30\n \n  \n \n101\n \n  \n \n— \n \n\nOther guarantees\n\n  \n \n3,793\n \n  \n \n3,043\n \n  \n \n642\n \n  \n \n109\n \n\nGuarantees for the repayment of trust principal\n\n  \n \n7\n \n  \n \n— \n \n  \n \n— \n \n  \n \n7\n \n\nLiabilities of trust accounts\n\n  \n \n404\n \n  \n \n129\n \n  \n \n51\n \n  \n \n224\n \n\nDerivative financial instruments\n\n  \n \n75,897\n \n  \n \n44,514\n \n  \n \n25,480\n \n  \n \n5,903\n \n\nThe table below presents the maximum potential amount of future payments of performance guarantees, guarantees on loans, guarantees on securities and other guarantees classified based on internal ratings at March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nInvestment grade\n\n  \n \n5,900\n \n  \n \n6,755\n \n\nNon-investment\ngrade\n\n  \n \n1,821\n \n  \n \n2,190\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n7,721\n \n  \n \n8,945\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nInvestment grade in the internal rating scale generally corresponds to\nBBB-\nor above in the external rating scale.\n\nOther\noff-balance-sheet\ninstruments\n\nIn addition to guarantees, the MHFG Group issues other\noff-balance-sheet\ninstruments to its customers, such as lending-related commitments and commercial letters of credit. Under the terms of these arrangements, the MHFG Group is required to extend credit or make certain payments upon the customers’ requests.\n\nCommitments to extend credit\n\nCommitments to extend credit are legally binding agreements to lend to customers on demand. They usually have set maturity dates. These agreements differ from guarantees in that they are generally revocable or contain provisions that enable the MHFG Group to avoid payment or reduce the amount of credit extended under certain conditions, such as the deterioration of the borrower’s financial condition or other reasonable conditions. The MHFG Group monitors the financial condition of the potential borrowers throughout the commitment period to determine whether additional collateral or changes in the terms of the commitment are necessary. Since many of these commitments to extend credit expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.\n\nCommitments to invest in securities\n\nCommitments to invest in securities include legally binding contracts to make additional contributions to investment funds, such as private equity funds in accordance with the terms of investment agreements.\n\nCommercial letters of credit\n\nCommercial letters of credit are issued in connection with customers’ trade transactions. Normally, the customers cannot receive the goods until they make payment to a bank, and therefore these commercial letters of credit are\n\n \n\nF-7\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\ncollateralized by the underlying goods. Upon issuance of commercial letters of credit, the MHFG Group monitors the credit risk associated with these transactions to determine if additional collateral is required.\n\nThe table below summarizes the contractual amounts with regard to these undrawn commitments at March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nCommitments to extend credit\n(Note)\n\n  \n \n119,733\n \n  \n \n130,737\n \n\nCommercial letters of credit\n\n  \n \n1,829\n \n  \n \n1,879\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n121,562\n \n  \n \n132,615\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nCommitments to extend credit include commitments to invest in securities.\n\nAllowance for credit losses on\noff-balance-sheet\ninstruments\n\nThe amounts of allowance for credit losses on\noff-balance-sheet\ninstruments at March 31, 2025 and 2026 were ¥115 billion and ¥116 billion, respectively, and were included in Other liabilities.\n\nLegal proceedings and investigations\n\nThe MHFG Group is involved in normal collection proceedings initiated by the Group, other legal proceedings and investigations in the ordinary course of business. In accordance with ASC 450, “Contingencies” (“ASC 450”), the Group recognizes a liability for loss contingencies arising from such proceedings and investigations when a loss is probable and the loss amount or the range of the loss can be reasonably estimated. However, if a loss is reasonably possible but the range of loss is not probable and reasonably estimable, the Group does not recognize a liability but discloses the detail of such proceedings and investigations. Based on the information available as of the date of the consolidated financial statements, the Group believes that the outcome of the collection, legal proceedings and investigations will not have a significant adverse effect on the consolidated financial statements.\n\nLeases\n\nThe MHFG Group is obligated under a number of lease arrangements. The Group’s lessee arrangements mainly consist of operating leases for real estate, such as office space, including its head office, and branches. Finance leases are not significant. Some of the Group’s operating leases include variable lease payments.\n\nThe following table presents the consolidated balance sheet information related to operating leases as of March 31, 2025 and 2026:\n\n \n\n \n  \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n \n \n \n \n \n\n \n  \n\n(in millions of yen, except for remaining lease\n\nterm and discount rate)\n\n \n\nRight-of-use\n\nassets\n(Note)\n\n  \n \n474,361\n \n \n \n483,068\n \n\nLease liabilities\n\n(Note)\n\n  \n \n502,997\n \n \n \n521,941\n \n\nWeighted average:\n\n  \n\n \n\nRemaining lease term\n\n  \n \n13.5\n years \n \n \n12.6\n years \n\nDiscount rate\n\n  \n \n1.06\n\n%\n\n \n \n1.35\n% \n\n \n\nNote:\n\nRight-of-use\n\nassets and lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheets.    \n\n \n\nF-7\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table presents lease cost and supplemental information related to operating leases for the fiscal years ended March 31, 2024, 2025 and 2026:\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nLease cost\n(Note)\n\n  \n \n104,314\n \n  \n \n103,386\n \n  \n \n103,283\n \n\nRight-of-use\n\nassets obtained in exchange for new lease liabilities\n\n  \n \n52,831\n \n  \n \n37,637\n \n  \n \n88,028\n \n\nOperating cash flows\n\n  \n \n83,100\n \n  \n \n82,634\n \n  \n \n75,803\n \n\n \n\nNote:\n\nLease cost for operating leases are included in Occupancy expenses on the consolidated statements of income. The Group’s variable lease costs and costs for leases with terms of twelve months or less are not significant.    \n\nThe following table shows future lease payments under operating leases as of March 31, 2026:\n\n \n\n \n  \n\nAs of March 31, 2026\n\n \n\n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nFiscal year ending March 31:\n\n  \n\n2027\n\n  \n \n75,083\n \n\n2028\n\n  \n \n61,426\n \n\n2029\n\n  \n \n57,231\n \n\n2030\n\n  \n \n50,674\n \n\n \n  \n \n \n\n2031\n\n  \n \n37,883\n \n\n2032 and thereafter\n\n  \n \n269,594\n \n\n  \n\n \n\n \n\n \n\nTotal lease payments\n\n  \n \n551,891\n \n\n  \n\n \n\n \n\n \n\nAmount representing interest\n\n  \n \n29,951\n \n\n  \n\n \n\n \n\n \n\nTotal lease liabilities for operating leases\n\n  \n \n521,941\n \n\n  \n\n \n\n \n\n \n\n23. Variable interest entities and securitizations\n\nVariable interest entities\n\nIn the normal course of business, the MHFG Group is involved with VIEs primarily through the following types of transactions: asset-backed commercial paper/loan programs, asset-backed securitizations, investments in securitization products, investment funds, trust arrangements, and structured finance. The Group consolidates certain of these VIEs, where the Group is deemed to be the primary beneficiary because it has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Group reassesses whether it is the primary beneficiary on an ongoing basis as long as the Group has any continuing involvement with the VIE. There are also other VIEs, where the Group has determined that it is not the primary beneficiary but has significant variable interests. In evaluating the significance of the variable interests, the Group takes into consideration the extent of its involvement with each VIE, such as the seniority of its investments, the share of its holding in each tranche and the variability it expects to absorb, as well as other relevant facts and circumstances. The likelihood of loss is not necessarily relevant to the determination of significance, and therefore, “significant” does not imply that there is high likelihood of loss. The maximum exposure to loss that is discussed in this section refers to the maximum loss that the Group could possibly be required to record in its consolidated statements of income as a result of its involvement with the VIEs. This represents exposures associated with both\non-balance-sheet\nassets and\noff-balance-sheet\nliabilities related to the\n\n \n\nF-\n80\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nVIEs. Further, this maximum potential loss is disclosed regardless of the probability of such losses and, therefore, it is not indicative of the ongoing exposure which is managed within the Group’s risk management framework.\n\nThe table below shows the consolidated assets of the MHFG Group’s consolidated VIEs as well as total assets and maximum exposure to loss for its significant unconsolidated VIEs, in which the Group has determined that its maximum exposure to loss is greater than specific thresholds or meets certain other criteria as of March 31, 2025 and 2026:\n\n \n\n \n  \n\nConsolidated VIEs\n\n \n  \n\nSignificant\n\nunconsolidated VIEs\n\n \n\n2025\n\n  \n\nConsolidated assets\n\n \n  \n\nTotal assets\n\n \n  \n\nMaximum\n\nexposure to loss\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nAsset-backed commercial paper/loan programs\n\n  \n \n3,387\n \n  \n \n— \n \n  \n \n— \n \n\nAsset-backed securitizations\n\n  \n \n1,609\n \n  \n \n181\n \n  \n \n100\n \n\nInvestments in securitization products\n\n  \n \n384\n \n  \n \n— \n \n  \n \n— \n \n\nInvestment funds\n\n  \n \n1,562\n \n  \n \n5,642\n \n  \n \n1,421\n \n\nTrust arrangements and other\n\n  \n \n4,869\n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n11,810\n \n  \n \n5,823\n \n  \n \n1,521\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n  \n\nConsolidated VIEs\n\n \n  \n\nSignificant\n\nunconsolidated VIEs\n\n \n\n2026\n\n  \n\nConsolidated assets\n\n \n  \n\nTotal assets\n\n \n  \n\nMaximum\n\nexposure to loss\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nAsset-backed commercial paper/loan programs\n\n  \n \n2,252\n \n  \n \n— \n \n  \n \n— \n \n\nAsset-backed securitizations\n\n  \n \n3,457\n \n  \n \n183\n \n  \n \n96\n \n\nInvestments in securitization products\n\n  \n \n382\n \n  \n \n— \n \n  \n \n— \n \n\nInvestment funds\n\n  \n \n2,246\n \n  \n \n7,773\n \n  \n \n1,974\n \n\nTrust arrangements and other\n\n  \n \n5,090\n \n  \n \n— \n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n13,428\n \n  \n \n7,955\n \n  \n \n2,070\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nAs of March 31, 2025 and 2026, the noncontrolling interests in consolidated VIEs amounted to ¥389 billion and ¥509 billion, respectively, and are included in the MHFG Group’s equity-classified noncontrolling interests.\n\nThe MHFG Group has not provided financial or other support to consolidated or unconsolidated VIEs that the Group was not previously contractually required to provide.\n\nThe tables below present the carrying amounts and classification of assets and liabilities on the MHFG Group’s balance sheets that relate to its variable interests in significant unconsolidated VIEs, as of March 31, 2025 and 2026:\n\n \n\nAssets on the MHFG Group’s balance sheets related to unconsolidated VIEs:\n\n \n\n2025\n\n \n \n\n2026\n\n \n\n \n \n\n(in billions of yen)\n\n \n\nTrading account assets\n\n \n \n93\n \n \n \n99\n \n\nInvestments\n\n \n \n863\n \n \n \n1,514\n \n\nLoans\n\n \n \n254\n \n \n \n203\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n1,210\n \n \n \n1,815\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n81\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nLiabilities on the MHFG Group’s balance sheets and maximum exposure to loss related to unconsolidated VIEs:\n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n(in billions of yen)\n\n \n\nTrading account liabilities\n\n \n \n3\n \n \n \n3\n \n\nTotal\n\n \n \n3\n \n \n \n3\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nMaximum exposure to loss\n(Note)\n\n \n \n1,521\n \n \n \n2,070\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nThis represents the maximum amount the Group could possibly be required to record in its consolidated statements of income associated with\non-balance-sheet\nexposures and\noff-balance-sheet\nliabilities such as undrawn commitments.\n\nIn the table above the nature of the MHFG Group’s variable interest can take different forms, as described further in the notes below. Additionally, the Group’s exposure to the obligations of VIEs is generally limited to its interest in these entities. In certain instances the Group provides undrawn commitments to the VIEs.\n\nThe MHFG Group’s maximum exposure to loss presented in the table above does not include the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. Furthermore, the Group’s maximum exposure to loss presented in the table above is not reduced by the amount of collateral held as part of the transaction with the VIE or any party to the VIE directly against a specific exposure to loss.\n\nAsset-backed commercial paper/loan programs\n\nThe MHFG Group manages several multi-seller asset-backed commercial paper/loan programs that provide its clients with\noff-balance-sheet\nand/or cost-effective financing. The VIEs used in the programs purchase financial assets, primarily receivables, from clients participating in the programs and provide liquidity through the issuance of commercial paper or borrowings from the Group backed by the financial assets. While customers normally continue to service the transferred receivables, the Group underwrites, distributes, and makes a market in commercial paper issued by the conduits. The Group typically provides program-wide liquidity and credit support facilities and, in some instances, financing to the VIEs. The Group has the power to determine which assets will be held by the VIEs and has an obligation to monitor these assets. The Group is also responsible for liability management. In addition, through the liquidity and credit support facilities provided to the VIEs, the Group has the obligation to absorb losses that could potentially be significant to the VIEs. Therefore, the Group consolidates such VIEs.\n\nAsset-backed securitizations\n\nThe MHFG Group acts as an arranger of various types of structured finance schemes to meet its clients’ needs for off-balance-sheet financing. In substantially all of these structured financing transactions, the transfer of the financial asset by the client is structured to be bankruptcy remote by use of a bankruptcy remote entity, which is deemed to be a VIE because its equity holder does not have decision making rights. The Group receives fees for structuring and/or distributing the securities sold to investors. In some cases, the Group itself purchases the securities issued by the entities and/or provides loans to the VIEs.\n\nIn addition, the MHFG Group establishes several single-issue and multi-issue special purpose entities that issue collateralized debt obligations (“CDO”) or CLO, synthetic CDO/CLO or other repackaged instruments to meet clients’ and investors’ financial needs. The Group also arranges securitization transactions including CMBS, RMBS and others. In these transactions, the Group acts as an underwriter, placement agent, asset manager, derivatives counterparty, and/or investor in debt and equity instruments.\n\n \n\nF-\n82\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nIn these cases, the MHFG Group considers that these variable interests are not significant as the Group does not have material balance sheet or\noff-balance\nexposure at risk related to these variable interests. However, when the Group has invested in securities issued by the VIEs and/or provides loans to the VIEs and its investment is most part of shares, such variable interests are deemed to be “significant.” In certain VIEs, where the Group provides liquidity and credit support facilities, writes credit protection or invests in debt or equity instruments in its role as an arranger, servicer, administrator or asset manager, etc., the Group has the power to determine which assets will be held by the VIEs or to manage and monitor these assets. In addition, through the variable interests above, the Group has the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIEs. Therefore, the Group consolidates such VIEs.\n\nThe MHFG Group manages Tender Option Bond (“TOB”) programs which are associated with trusts that hold highly-rated, fixed-rate and\ntax-exempt\nmunicipal bonds. The trust finances the purchase of their municipal bonds by issuing two types of certificates: (1) short-term puttable and floating-rate certificates (“floaters”), typically purchased by money market funds and (2) certificates that earn all excess cash flow received by the trust after floaters and fees are paid (“residuals”), purchased by the transferor of the municipal bond to the trust as a sponsor. The Group is engaged in two types of TOB trusts: customer TOB trusts and\nnon-customer\nTOB trusts. Customer TOB trusts are those for which the residuals are purchased by customers of the Group, whereas the residuals issued by\nnon-customer\nTOB trusts are purchased by the Group. Both types of TOB trusts are deemed to be VIEs because its equity holder does not have decision making rights. The Group considers that it is a “significant” variable interest when the Group has the residuals as a sponsor and/or provides liquidity and credit support facilities. The Group often commits to provide liquidity to customer TOB trusts and the residual holders of customer TOB trusts are obligated to reimburse the Group for any payment the Group makes under those liquidity and credit support facilities. In\nnon-customer\nTOB trusts, where the Group holds the residuals as a sponsor, the Group has the power to determine which assets will be held by the VIEs or to manage and monitor these assets. In addition, through the variable interests above, the Group has the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIEs. Therefore, the Group consolidates such VIEs. Customer TOB trusts are not consolidated in the financial statements of the Group, as the residuals are held by customers and the Group does not have power to determine which assets will be held by the VIEs or to manage and monitor these assets.\n\nInvestments in securitization products\n\nThe MHFG Group invests in, among other things, various types of CDO/CLO, synthetic CDO/CLO and repackaged instruments, CMBS and RMBS arranged by third parties for the purpose of generating current income or capital appreciation, which all utilize entities that are deemed to be VIEs. By design, such investments were investment grade at issuance and held by a diverse group of investors. The potential loss amounts of the securities and the loans are generally limited to the amounts invested because the Group has no contractual involvement in such VIEs beyond its investments. Since the Group is involved in these VIEs only as an investor, the Group does not ordinarily have the power to direct the VIEs’ activities that most significantly impact the VIEs’ economic performance. Similar to the criteria noted in the asset-backed securitization section, the Group views this investment activity to be “significant” when it has a large investment share and/or provides loans to the VIEs. The Group consolidates VIEs, where the transactions are tailored by the third-party arrangers to meet the Group’s needs as a main investor, who is ultimately deemed to have the power to determine which assets are to be held by the VIEs. The Group also invests in certain beneficial interests issued by VIEs which hold real estate that the Group utilizes. In addition to these variable interests, when the Group has the power including the sole unilateral ability to liquidate the VIEs, the Group consolidates such VIEs.\n\n \n\nF-83\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nInvestment funds\n\nThe MHFG Group invests in various investment funds, including securities investment trusts, which collectively invest in equity and debt securities that include listed Japanese securities and investment grade bonds. Investment advisory companies or fund management companies, including the Group’s subsidiaries and affiliates, administer and make investment decisions about such investment funds. The Group considers that it is a “significant” variable interest when the Group’s investment share is greater than threshold. The Group consolidates certain investment funds where it is deemed to be the primary beneficiary.\n\nThe MHFG Group determines whether it is the primary beneficiary by evaluating whether it has both (1) the power to make investment decisions about the investment funds and (2) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the investment funds. The Group consolidates certain investment funds where it is deemed to be the primary beneficiary.\n\nTrust arrangements\n\nThe MHFG Group offers a variety of asset management and administration services under trust arrangements including security investment trusts, pension trusts and trusts used in the securitization of assets originated by and transferred to third parties. The Group receives trust fees for providing services as an agent or fiduciary on behalf of beneficiaries. In these cases, the Group considers that these variable interests are not significant except for its specific involvement as noted below.\n\nWith respect to guaranteed principal money trust products, the MHFG Group assumes certain risks by providing guarantees for the repayment of principal as required by the trust agreements or relevant Japanese legislation. The Group manages entrusted funds primarily through the origination of high-quality loans and other credit-related products, investing in investment grade marketable securities such as Japanese government bonds and placing cash with the Group’s subsidiary trust banks. The Group has the power to determine which assets will be held by the VIEs or to manage these assets. In addition, through the principal guarantee agreements, the Group has the obligation to absorb losses that could potentially be significant to the VIEs. Therefore, the Group consolidates such VIEs. However, the Group does not consolidate certain guaranteed principal money trusts, which invest all the entrusted funds in the Group itself, as the Group has determined that it has no variable interests. See Note 22 “Commitments and contingencies” for the balances of guaranteed trust principal that are not consolidated at March 31, 2025 and 2026.\n\nWith respect to\nnon-guaranteed\ntrust arrangements, the MHFG Group manages and administers assets on behalf of its customers (trust beneficiaries) in the capacity of a trustee and fiduciary. For substantially all\nnon-guaranteed\ntrust arrangements, the Group generally does not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance or has neither the obligation to absorb losses nor the right to receive benefits that could potentially be significant to the VIEs. Therefore, such trust accounts are not included in the consolidated financial statements of the Group.\n\nThe MHFG Group established a trust in August 2020, which holds the Group’s housing loans and in turn issues beneficiary interests to the Group. The Group pledges the beneficiary interests as a collateral for borrowing from the Bank of Japan. In its role as a servicer, the Group has power to direct the entity’s activities that most significantly impact the entity’s economic performance by managing mortgage loans owned by a trust. The Group considers that it is a “significant” variable interest since the Group can determine which assets will be held by the VIE. In addition, through the beneficiary interest, the Group has the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. Therefore, the Group consolidates the VIE.\n\n \n\nF-84\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nSpecial purpose entities created for structured finance\n\nThe MHFG Group is involved in real estate, commercial aircraft and other vessel and machinery and equipment financing to VIEs and financing in securitized receivable. As the Group typically only provides senior financing with credit enhanced by subordinated interests and may sometimes act as an interest rate swap counterparty, the Group has determined that it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance, or it does not have significant variable interests. Therefore, the Group does not consolidate such VIEs.\n\nSecuritization\n\nThe MHFG Group engages in securitization activities and securitizes mortgage loans, other loans, government and corporate securities and other types of financial assets in the normal course of business. In these securitization transactions, the Group records the transfer of a financial asset as a sale when all the accounting criteria for a sale under ASC 860 are met. These criteria are (1) the transferred financial assets are legally isolated from the Group’s creditors, (2) the transferee or beneficial interest holder has the right to pledge or exchange the transferred financial assets, and (3) the Group does not maintain effective control over the transferred financial assets. If all the criteria are not met, the transfer is accounted for as a secured borrowing.\n\nFor the fiscal years ended March 31, 2024, 2025 and 2026, the MHFG Group neither made significant transfers of financial assets nor recognized significant gains or losses in securitization transactions accounted for as sales. Therefore, the Group did not have significant assets obtained as proceeds and significant liabilities incurred in the transfer. The Group did not recognize significant continuing involvement and retain significant interests in securitization transactions accounted for as sales as of March 31, 2025 and 2026.\n\n24. Noninterest income\n\nDetails of Noninterest income for the fiscal years ended March 31, 2024, 2025 and 2026 are as follows:\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nFee and commission income:\n\n  \n\n \n\n \n\nSecurities-related business\n(1)\n\n  \n \n246,865\n \n \n \n262,916\n \n \n \n306,811\n \n\nDeposits-related business\n(1)\n\n  \n \n15,591\n \n \n \n16,018\n \n \n \n15,446\n \n\nLending-related business\n(2)(4)\n\n  \n \n232,626\n \n \n \n252,267\n \n \n \n299,353\n \n\nRemittance business\n(1)\n\n  \n \n106,762\n \n \n \n102,349\n \n \n \n105,124\n \n\nAsset management business\n(1)\n\n  \n \n115,504\n \n \n \n126,684\n \n \n \n136,475\n \n\nTrust-related business\n(1)\n\n  \n \n136,800\n \n \n \n145,298\n \n \n \n169,243\n \n\nAgency business\n(1)\n\n  \n \n38,329\n \n \n \n40,663\n \n \n \n40,727\n \n\nGuarantee-related business\n(3)\n\n  \n \n43,791\n \n \n \n46,629\n \n \n \n50,742\n \n\nFees for other customer services\n(1)\n\n  \n \n181,558\n \n \n \n214,016\n \n \n \n252,054\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal Fee and commission income\n\n  \n \n1,117,826\n \n \n \n1,206,839\n \n \n \n1,375,976\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nForeign exchange gains (losses)—net\n(3)\n\n  \n \n(19,390\n) \n \n \n(185,963\n) \n \n \n(40,536\n)\n\nTrading account gains (losses)—net\n(2)\n\n  \n \n390,260\n \n \n \n803,383\n \n \n \n102,749\n \n\nInvestment gains (losses)—net:\n\n  \n\n \n\n \n\nDebt securities\n(3)\n\n  \n \n(6,446\n) \n \n \n(4,538\n) \n \n \n(74,307\n)\n \n\nEquity securities\n(3)\n\n  \n \n1,010,288\n \n \n \n(181,948\n) \n \n \n1,035,589\n \n\nEquity in earnings (losses) of equity method investees—net\n(3)\n\n  \n \n19,791\n \n \n \n28,233\n \n \n \n75,152\n \n\nGains on disposal of premises and equipment\n(3)\n\n  \n \n10,128\n \n \n \n71,862\n \n \n \n17,372\n \n\nOther noninterest income\n(2)(5)\n\n  \n \n221,273\n \n \n \n265,045\n \n \n \n326,113\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n  \n \n2,743,729\n \n \n \n2,002,912\n \n \n \n2,818,108\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n85\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nNotes:\n\n(1)\n\nThese amounts are revenues from contracts within the scope of ASC 606, “Revenue from contracts with customers” (“ASC 606”).\n\n(2)\n\nPart of these amounts are considered to be revenues from contracts that are within the scope of ASC 606.\n\n(3)\n\nThese amounts are revenues from contracts that do not meet the scope of ASC 606.\n\n(4)\n\nMost of the lending-related fees such as commitment fees and arrangement fees are not within the scope of ASC 606.\n\n(5)\n\nThese amounts include the net unrealized gains resulting from changes in fair values of structured notes that contain embedded derivatives. See Note 26 “Fair value” for further details.\n\nCertain Fee and commission income, Trading account gains (losses)—net and Other noninterest income outlined in the table above are considered to be revenues from contracts that are within the scope of ASC 606. The MHFG Group disaggregates Fee and commission income, which is the main part of revenues within the scope of ASC 606, by type of business or service in the table above.\n\nFee and commission income\n\nFor the MHFG Group’s accounting policy for the recognition of Fee and commission income, see Note 1 “Basis of presentation and summary of significant accounting policies.”\n\nTrust-related business fees consist of trust fees earned primarily through fiduciary asset management and administrative service and other trust-related fees, which amounted to ¥58 billion and ¥79 billion for the fiscal\n \n\nyear ended March 31, 2024, respectively, ¥\n59\n billion and ¥\n87\n billion for the fiscal year ended March 31, 2025, respectively, and ¥\n64\nbillion and ¥\n105\nbillion for the fiscal year ended March 31, 2026, respectively.\n\nTrading account gains (losses)—net and Other noninterest income\n\nIn addition to Fee and commission income, Trading account gains (losses)—net and Other noninterest income include certain revenues within the scope of ASC 606. Underwriting fees from trading securities, which amounted to ¥93 billion, ¥113 billion and ¥113 billion for the fiscal years ended March 31, 2024, 2025 and 2026, respectively, are within the scope of ASC 606 and accounted for in Trading account gains (losses)—net. Underwriting fees are primarily recognized on the date which all the considerations of the transaction are fixed. For the fiscal years ended March 31, 2024, 2025 and 2026, approximately ¥25 billion, ¥33 billion and ¥31 billion, respectively, of Other noninterest income were within the scope of ASC 606. Credit card interchange fees are within the scope of ASC 606 and accounted for in Other noninterest income. Credit card interchange fees are earned on credit card transactions conducted through payment networks and recognized upon settlement of the credit card payment transactions.\n\nContract balances relating to revenues from contracts with customers subject to ASC 606\n\nContract assets and receivables from contracts with customers subject to ASC 606 are recognized in Accrued income or accounts receivable of Other assets. As of March 31, 2025 and 2026, the balance of contract assets was not material. Contract liabilities are recognized in unearned income of Other liabilities. As of March 31, 2025 and 2026, the balance of contract liabilities was not material.\n\nRemaining performance obligations relating to revenues from contracts with customers subject to ASC 606\n\nRemaining performance obligations are services that the MHFG Group has committed to provide in the future in connection with its contracts with customers. As of March 31, 2025 and 2026, the amount of expected revenues\n\n \n\nF-8\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nfrom current obligations to provide services in the future was not material. It excludes revenues from contracts less than one year or contracts that have provisions that allow the Group to recognize revenue at the amount it has the right to invoice.\n\n25. Trading account gains and losses\n\nThe MHFG Group performs trading activities through market making, sales, and arbitrage. Accordingly, Trading account gains (losses)—net include gains and losses from transactions undertaken for trading purposes, including both market making for customers and proprietary trading, or transactions through which the Group seeks to capture gains arising from short-term changes in market value. Trading account gains (losses)—net also include gains and losses related to changes in the fair value of derivatives and other financial instruments not eligible for hedge accounting under U.S. GAAP that are utilized to offset mainly interest rate risk related to the Group’s various assets and liabilities, as well as gains and losses related to changes in the fair value of foreign currency-denominated debt securities reported as Trading securities. Net trading gains (losses) for the fiscal years ended March 31, 2024, 2025 and 2026 are comprised of the following:\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nTrading account gains (losses)—net:\n\n  \n\n \n\n \n\nTrading securities\n\n  \n \n(171,498\n) \n \n \n283,448\n \n \n \n815,381\n \n\nDerivative contracts:\n\n  \n\n \n\n \n\nInterest rate contracts\n\n  \n \n(22,003\n) \n \n \n(10,636\n) \n \n \n(709,941\n)\n \n\nForeign exchange contracts\n(1)\n\n  \n \n387,591\n \n \n \n464,463\n \n \n \n332,489\n \n\nEquity-related contracts\n\n  \n \n240,277\n \n \n \n64,292\n \n \n \n(317,436\n)\n\nCredit-related contracts\n(2)\n\n  \n \n(2,101\n) \n \n \n7,495\n \n \n \n(21,910\n)\n\nOther contracts\n\n \n\n  \n \n(42,005\n) \n \n \n(5,678\n) \n \n \n4,166\n \n\nTotal\n\n  \n \n390,260\n \n \n \n803,383\n \n \n \n102,749\n \n\nForeign exchange gains (losses)—net\n(3)\n\n  \n \n(19,390\n) \n \n \n(185,963\n) \n \n \n(40,536\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet trading gains (losses)\n\n  \n \n370,870\n \n \n \n617,420\n \n \n \n62,213\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nAmounts include gains and losses on currency swaps.\n\n(2)\n\nAmounts do not include the net gains (losses) of ¥(952) million, ¥(964) million and ¥(809) million on the credit derivatives economically managing the credit risk of loans during the fiscal years ended March 31, 2024, 2025 and 2026, respectively. The net gains (losses) is recorded in Other noninterest income (expenses).\n\n(3)\n\nAmounts include realized and unrealized gains and losses on both derivative instruments and nonderivative instruments. Amounts on derivative instruments include gains and losses on forward foreign exchange contracts and currency options. Amounts on nonderivative instruments include translation gains and losses related to foreign currency-denominated debt securities reported as Trading securities.\n\n26. Fair value\n\nFair value measurements\n\nASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when\n\n \n\nF-8\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nmeasuring fair value. In addition, ASC 820 precludes (1) the deferral of gains and losses at inception of certain derivative contracts whose fair value was not evidenced by market-observable data, and (2) the use of block discounts when measuring the fair value of instruments traded in an active market, which were previously applied to large holdings of publicly traded financial instruments.\n\nFair value hierarchy\n\nASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. The standard describes the following three levels of inputs that may be used to measure fair value:\n\n \n\nLevel 1\n\n  \nQuoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market.\n\n \n\nLevel 2\n\n  \nObservable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments. If no quoted market prices are available, the fair values of debt securities and\n\nover-the-counter\n\nderivative contracts in this category are determined using pricing models with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.\n\nLevel 3\n\n  \nUnobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.\n\nValuation process\n\nThe MHFG Group has established valuation policies which govern the principles of fair value measurements and the authority and duty of each department. The Group has also established procedure manuals which describe valuation techniques and related inputs for determining the fair values of various financial instruments. The policies require that the measurement of fair values be carried out in accordance with the procedures performed by the risk management departments or the back offices which are independent from the front offices. The policies also require the risk management departments to assess whether the valuation methodologies defined in the procedure manuals are fair and proper and the internal audit departments to periodically review the compliance with the procedures throughout the Group. Although the valuation methodologies and related inputs are consistently applied from period to period, a change in the market environment sometimes leads to a change in the valuation methodologies and the inputs. For instance, a change in market liquidity due to a delisting or a new listing is one of the key drivers of revisions to the valuation methodologies and the inputs. The key drivers also include the availability or the lack of market observable inputs and the development of new valuation methodologies. Price verification performed through the Group’s internal valuation process has an important role in identifying whether the valuation methodologies and the inputs need to be changed. The internal valuation process over the prices broker-dealers provide, primarily for Japanese securitization products, is described in more detail below in\n\nAvailable-for-sale\n\nsecurities\n\n. A change in the valuation methodologies and/or the inputs requires the revision of the valuation policies and procedure manuals, which is required to be approved by the appropriate authority, either the CEO, the head of risk management, and/or the head of accounting, depending on the nature and characteristics of the change.\n\n \n\nF-8\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following is a description of valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis, including the general classification of such instruments pursuant to the fair value hierarchy and the MHFG Group’s valuation techniques used to measure fair values. During the fiscal year ended March 31, 2026, there were no significant changes made to the Group’s valuation techniques and related inputs.\n\nTrading securities and trading securities sold, not yet purchased\n\nWhen quoted prices for identical securities are available in an active market, the Group uses the quoted prices to measure the fair values of securities and such securities are classified in Level 1 of the fair value hierarchy. Level 1 securities include highly liquid government bonds and equity securities. When quoted prices for identical securities are available, but not actively traded, such securities are classified in Level 2 of the fair value hierarchy. When no quoted market prices are available, the Group estimates fair values by using pricing models with inputs that are observable in the market and such securities are classified in Level 2 of the fair value hierarchy. Level 2 securities include Japanese local government bonds, corporate bonds, and commercial paper. When less liquid market conditions exist for securities, the quoted prices are stale or the prices from independent sources vary significantly, such securities are generally classified in Level 3 of the fair value hierarchy. The fair values of securitization products such as RMBS, CMBS, ABS, and CLO are determined primarily by using a discounted cash flow model. The key inputs used for the model include prepayment rates, default rates, recovery rates, and discount margin. Though most securitization products are classified in Level 2, if the significant inputs are unobservable or cannot be corroborated by observable market data, these financial instruments are classified in Level 3.\n\nHedge funds the Group invests in are primarily multi-strategy funds that employ a fundamental\nbottom-up\ninvestment approach across various asset classes globally. Hedge funds are measured at the net asset value (“NAV”) per share and the Group has the ability to redeem its investment with the investees at the NAV per share at the measurement date or within the near term. Private equity funds have specific investment objectives in connection with their acquisition of equity interests in new and emerging firms in need of capital. Employing venture capital strategies, they provide financing and other support to\nstart-up\nbusinesses, medium and small entities in particular geographical areas, and to companies with certain technologies or companies in high-growth industries. Real estate funds invest globally and primarily in real estate companies, debt recapitalizations and direct property. Private equity funds and real estate funds are measured using the NAV per share practical expedient and the Group does not have the ability to redeem its investment in the investees at the NAV per share at the measurement date or within the near term. It is estimated that the underlying assets of the funds would be liquidated within a\nten-year\nperiod.\n\nDerivative financial instruments\n\nExchange-traded derivatives are valued using quoted market prices and consequently are classified in Level 1 of the fair value hierarchy. However, the majority of derivatives entered into by the Group are executed\n\nover-the-counter\n\nand are valued using internal valuation techniques as no quoted market prices are available for such instruments. The valuation techniques depend on the type of derivatives. The principal techniques used to value these instruments are discounted cash flow models and the Black-Scholes option pricing model, which are widely accepted in the financial services industry. The key inputs vary by the type of derivatives and the nature of the underlying instruments and include interest rate yield curves, foreign exchange rates, the spot price of the underlying, volatility and correlation. Each item is classified in either Level 2 or Level 3 depending on the observability of the significant inputs to the model. Level 2 derivatives include plain vanilla interest rate and currency swaps and option contracts. Derivative contracts valued using significant unobservable correlation or volatility are classified in Level 3 of the fair value hierarchy. In addition, the Group records credit-risk valuation adjustments on\n\nover-the-counter\n\nderivatives to reflect the credit quality of its counterparties. The Group calculates\n\n \n\nF-8\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nthese credit-risk valuation adjustments using modeled expected exposure, and default probabilities and severity factors that are developed from market credit spreads and other related market information. Also, the Group records funding valuation adjustments to reflect the impact of funding on uncollateralized\n\nover-the-counter\n\nderivatives and derivatives where the Group is not permitted to use the collateral received, and is recognized where there is evidence that a market participant would incorporate the adjustment into the transfer of the instrument. The Group calculates these funding valuation adjustments incorporating the expected future funding requirements arising from the Group’s positions and the estimated market funding cost which considers the Group’s credit risk. The Group measures these valuation adjustments based on net exposure of a group of financial assets and financial liabilities to credit risk.\n\nAvailable-for-sale\n\nsecurities\n\nThe fair values of\n\navailable-for-sale\n\nsecurities are determined primarily using the same procedures described under trading securities above. Since private placement bonds have no quoted market prices, the fair values of such bonds are estimated based on a discounted cash flow model using interest rates approximating the current rates for instruments with similar maturities and credit risk. Private placement bonds are classified in either Level 2 or Level 3 depending on the observability of the significant inputs to the model, such as credit risk. The fair values of securitization products such as RMBS, CMBS and ABS are generally based upon single\nnon-binding\nquoted prices from broker-dealers. Such quotes are validated through the Group’s internal processes and controls. In rare instances where the Group finds the quoted prices to be invalid through its internal valuation process, it adjusts those prices or alternatively estimates their fair values by using a discounted cash flow model to incorporate the Group’s estimates of key inputs such as the most recent value of each underlying asset, cash flows of the underlying assets, and discount margin. The validation of such prices varies depending on the nature and type of the products. For the majority of RMBS and ABS, broker quotes are validated by investigating significant unusual monthly valuation fluctuations and comparing to prices internally computed through discounted cash flow models using assumptions and parameters provided by brokers such as the cash flows of underlying assets, yield curve, prepayment speed and credit spread. For the majority of CMBS, the Group validates broker quotes through a review process that includes the investigation of significant unusual monthly valuation fluctuations and/or a review of underlying assets with significant differences between the valuations of the Group and the broker-dealers being identified. Though most securitization products are classified in Level 2, if the significant inputs are unobservable or cannot be corroborated by observable market data, these financial instruments are classified in Level 3.\n\nEquity securities\n\nEquity securities mainly consist of marketable equity securities. The fair values of the marketable equity securities are based upon quoted market prices for identical equity securities trading as securities in an active market. Equity securities also include investments in certain investment funds measured using the NAV per share practical expedient including private equity funds and real estate funds. These securities are determined primarily using the same procedures described under\n\nTrading securities and trading securities sold, not yet purchased\n\nabove.\n\nOther investments\n\nOther investments consist of investments held by consolidated investment companies. These companies typically hold investments in marketable and\nnon-marketable\nequity securities and debt securities. The fair value of the marketable equity securities is based upon quoted market prices. The fair value of the\nnon-marketable\nequity securities is based upon significant management judgment, as very limited quoted prices exist. When evaluating such securities, the Group firstly considers recent market transactions of identical securities, if applicable.\n\n \n\nF-\n90\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThereafter, the Group uses commonly accepted valuation techniques such as earnings multiples based on comparable public securities.\nNon-marketable\nequity securities are generally classified in Level 3 of the fair value hierarchy. The fair value of the debt securities is estimated using a discounted cash flow model, since they have no quoted market prices. Those debt securities are classified in Level 3, because the credit risk is unobservable.\n\nOther assets\n\nOther assets measured at fair value mainly consist of securities received as collateral that may be sold or repledged under securities lending transactions. The securities received as collateral under lending transactions mainly consist of certain foreign government bonds and securitization products which are valued using the valuation techniques described under\n\nTrading securities and trading securities sold, not yet purchased\n\nabove.\n\nLong-term debt and Other short-term borrowings\n\nFair value accounting is elected for certain debt instruments with embedded derivatives. The fair values are determined using a discounted cash flow model that considers the embedded derivatives and the terms and payment structures of the notes. The fair values of the derivatives embedded in such notes are primarily derived by using the same procedures described in\n\nDerivative financial instruments\n\nabove. Such notes are classified in Level 2 or Level 3 depending on the observability of the significant inputs into the model used to determine the fair value of the embedded derivatives. The Group also measures certain notes that contain embedded derivatives at fair value under the practicability exception. For these instruments, fair value is based on quoted prices for identical debt traded as a security in inactive markets. These instruments are classified in Level 2 of the fair value hierarchy.\n\nOther liabilities\n\nOther liabilities measured at fair value consist of obligation to return securities received as collateral under securities lending transactions, which are measured at the fair value of the securities received as collateral. The securities consist primarily of certain foreign government bonds and securitization products, whose fair values are measured using the valuation techniques described under\n\nTrading securities and trading securities sold, not yet purchased\n\nabove.\n\n \n\nF-\n91\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nItems measured at fair value on a recurring basis\n\nAssets and liabilities measured at fair value on a recurring basis at March 31, 2025 and 2026, including those for which the MHFG Group has elected the fair value option, are summarized below:\n\n \n\n2025\n\n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n  \n\nAssets/\n\nLiabilities\n\nmeasured\n\nat fair value\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nAssets:\n\n  \n\n  \n\n  \n\n  \n\nTrading securities\n(1)\n:\n\n  \n\n  \n\n  \n\n  \n\nJapanese government bonds\n\n  \n \n2,111\n \n  \n \n16\n \n  \n \n— \n \n  \n \n2,126\n \n\nJapanese local government bonds\n\n  \n \n— \n \n  \n \n98\n \n  \n \n— \n \n  \n \n98\n \n\nU.S. Treasury bonds and federal agency securities\n\n  \n \n4,274\n \n  \n \n1,034\n \n  \n \n— \n \n  \n \n5,308\n \n\nOther foreign government bonds\n\n  \n \n975\n \n  \n \n728\n \n  \n \n— \n \n  \n \n1,703\n \n\nAgency mortgage-backed securities\n\n  \n \n— \n \n  \n \n5,494\n \n  \n \n— \n \n  \n \n5,494\n \n\nCertificates of deposit and commercial paper\n\n  \n \n— \n \n  \n \n956\n \n  \n \n— \n \n  \n \n956\n \n\nCorporate bonds and other\n(2)\n\n  \n \n6\n \n  \n \n2,851\n \n  \n \n174\n \n  \n \n3,030\n \n\nEquity securities\n\n  \n \n2,735\n \n  \n \n133\n \n  \n \n21\n \n  \n \n2,888\n \n\nTrading securities measured at net asset value\n(3)\n\n  \n\n  \n\n  \n\n  \n \n103\n \n\nDerivative financial instruments:\n\n  \n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n \n25\n \n  \n \n10,801\n \n  \n \n4\n \n  \n \n10,830\n \n\nForeign exchange contracts\n\n  \n \n— \n \n  \n \n4,526\n \n  \n \n8\n \n  \n \n4,534\n \n\nEquity-related contracts\n\n  \n \n83\n \n  \n \n175\n \n  \n \n4\n \n  \n \n261\n \n\nCredit-related contracts\n\n  \n \n— \n \n  \n \n242\n \n  \n \n3\n \n  \n \n245\n \n\nOther contracts\n\n  \n \n6\n \n  \n \n10\n \n  \n \n5\n \n  \n \n21\n \n\nAvailable-for-sale\n\nsecurities:\n\n  \n\n  \n\n  \n\n  \n\nJapanese government bonds\n\n  \n \n7,938\n \n  \n \n424\n \n  \n \n— \n \n  \n \n8,362\n \n\nJapanese local government bonds\n\n  \n \n— \n \n  \n \n548\n \n  \n \n— \n \n  \n \n548\n \n\nU.S. Treasury bonds and federal agency securities\n\n  \n \n128\n \n  \n \n— \n \n  \n \n— \n \n  \n \n128\n \n\nOther foreign government bonds\n\n  \n \n1,150\n \n  \n \n1,441\n \n  \n \n— \n \n  \n \n2,591\n \n\nAgency mortgage-backed securities\n\n  \n \n— \n \n  \n \n316\n \n  \n \n— \n \n  \n \n316\n \n\nResidential mortgage-backed securities\n\n  \n \n— \n \n  \n \n15\n \n  \n \n6\n \n  \n \n21\n \n\nCommercial mortgage-backed securities\n\n  \n \n— \n \n  \n \n851\n \n  \n \n3\n \n  \n \n854\n \n\nJapanese corporate bonds and other debt securities\n\n  \n \n— \n \n  \n \n1,252\n \n  \n \n186\n \n  \n \n1,438\n \n\nForeign corporate bonds and other debt securities\n\n  \n \n— \n \n  \n \n788\n \n  \n \n13\n \n  \n \n801\n \n\nEquity securities:\n\n  \n\n  \n\n  \n\n  \n\nEquity securities with readily determinable fair values\n\n  \n \n3,034\n \n  \n \n545\n \n  \n \n— \n \n  \n \n3,578\n \n\nEquity securities measured at net asset value\n(3)\n\n  \n\n  \n\n  \n\n  \n \n339\n \n\nOther investments\n\n  \n \n2\n \n  \n \n— \n \n  \n \n86\n \n  \n \n88\n \n\nOther assets\n(4)\n\n  \n \n34\n \n  \n \n82\n \n  \n \n37\n \n  \n \n154\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets measured at fair value on a recurring basis\n\n  \n \n22,499\n \n  \n \n33,325\n \n  \n \n550\n \n  \n \n56,816\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLiabilities:\n\n  \n\n  \n\n  \n\n  \n\nTrading securities sold, not yet purchased\n\n  \n \n3,320\n \n  \n \n1,621\n \n  \n \n— \n \n  \n \n4,941\n \n\nDerivative financial instruments:\n\n  \n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n \n18\n \n  \n \n10,885\n \n  \n \n6\n \n  \n \n10,910\n \n\nForeign exchange contracts\n\n  \n \n— \n \n  \n \n4,811\n \n  \n \n2\n \n  \n \n4,813\n \n\nEquity-related contracts\n\n  \n \n71\n \n  \n \n165\n \n  \n \n77\n \n  \n \n313\n \n\nCredit-related contracts\n\n  \n \n— \n \n  \n \n205\n \n  \n \n5\n \n  \n \n210\n \n\nOther contracts\n\n  \n \n9\n \n  \n \n9\n \n  \n \n3\n \n  \n \n21\n \n\nOther short-term borrowings\n(5)\n\n  \n \n— \n \n  \n \n244\n \n  \n \n— \n \n  \n \n244\n \n\nLong-term debt\n(5)\n\n  \n \n— \n \n  \n \n3,276\n \n  \n \n489\n \n  \n \n3,764\n \n\nOther liabilities\n\n  \n \n5\n \n  \n \n82\n \n  \n \n37\n \n  \n \n125\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal liabilities measured at fair value on a recurring basis\n\n  \n \n3,424\n \n  \n \n21,298\n \n  \n \n619\n \n  \n \n25,341\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-\n92\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n2026\n\n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n  \n\nAssets/\n\nLiabilities\n\nmeasured\n\nat fair value\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nAssets:\n\n  \n\n  \n\n  \n\n  \n\nTrading securities\n(1)\n:\n\n  \n\n  \n\n  \n\n  \n\nJapanese government bonds\n\n  \n \n3,106\n \n  \n \n27\n \n  \n \n— \n \n  \n \n3,134\n \n\nJapanese local government bonds\n\n  \n \n— \n \n  \n \n122\n \n  \n \n— \n \n  \n \n122\n \n\nU.S. Treasury bonds and federal agency securities\n\n  \n \n4,658\n \n  \n \n1,789\n \n  \n \n— \n \n  \n \n6,447\n \n\nOther foreign government bonds\n\n  \n \n1,159\n \n  \n \n890\n \n  \n \n— \n \n  \n \n2,049\n \n\nAgency mortgage-backed securities\n\n  \n \n— \n \n  \n \n4,695\n \n  \n \n— \n \n  \n \n4,695\n \n\nCertificates of deposit and commercial paper\n\n  \n \n— \n \n  \n \n1,103\n \n  \n \n— \n \n  \n \n1,103\n \n\nCorporate bonds and other\n(2)\n\n  \n \n1\n \n  \n \n3,207\n \n  \n \n177\n \n  \n \n3,384\n \n\nEquity securities\n\n  \n \n3,694\n \n  \n \n159\n \n  \n \n21\n \n  \n \n3,873\n \n\nTrading securities measured at net asset value\n(3)\n\n  \n\n  \n\n  \n\n  \n \n108\n \n\nDerivative financial instruments:\n\n  \n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n \n38\n \n  \n \n16,390\n \n  \n \n11\n \n  \n \n16,440\n \n\nForeign exchange contracts\n\n  \n \n— \n \n  \n \n6,719\n \n  \n \n6\n \n  \n \n6,725\n \n\nEquity-related contracts\n\n  \n \n130\n \n  \n \n210\n \n  \n \n14\n \n  \n \n355\n \n\nCredit-related contracts\n\n  \n \n— \n \n  \n \n202\n \n  \n \n4\n \n  \n \n206\n \n\nOther contracts\n\n  \n \n31\n \n  \n \n18\n \n  \n \n8\n \n  \n \n57\n \n\nAvailable-for-sale\n\nsecurities:\n\n  \n\n  \n\n  \n\n  \n\nJapanese government bonds\n\n  \n \n14,205\n \n  \n \n720\n \n  \n \n— \n \n  \n \n14,925\n \n\nJapanese local government bonds\n\n  \n \n— \n \n  \n \n150\n \n  \n \n— \n \n  \n \n150\n \n\nU.S. Treasury bonds and federal agency securities\n\n  \n \n138\n \n  \n \n— \n \n  \n \n— \n \n  \n \n138\n \n\nOther foreign government bonds\n\n  \n \n1,804\n \n  \n \n1,760\n \n  \n \n— \n \n  \n \n3,564\n \n\nAgency mortgage-backed securities\n\n  \n \n— \n \n  \n \n282\n \n  \n \n— \n \n  \n \n282\n \n\nResidential mortgage-backed securities\n\n  \n \n— \n \n  \n \n— \n \n  \n \n12\n \n  \n \n12\n \n\nCommercial mortgage-backed securities\n\n  \n \n— \n \n  \n \n914\n \n  \n \n— \n \n  \n \n914\n \n\nJapanese corporate bonds and other debt securities\n\n  \n \n— \n \n  \n \n694\n \n  \n \n228\n \n  \n \n923\n \n\nForeign corporate bonds and other debt securities\n\n  \n \n— \n \n  \n \n942\n \n  \n \n— \n \n  \n \n942\n \n\nEquity securities:\n\n  \n\n  \n\n  \n\n  \n\nEquity securities with readily determinable fair values\n\n  \n \n3,459\n \n  \n \n1,086\n \n  \n \n— \n \n  \n \n4,545\n \n\nEquity securities measured at net asset value\n(3)\n\n  \n\n  \n\n  \n\n  \n \n479\n \n\nOther investments\n\n  \n \n1\n \n  \n \n— \n \n  \n \n89\n \n  \n \n90\n \n\nOther assets\n\n  \n \n2\n \n  \n \n36\n \n  \n \n40\n \n  \n \n77\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets measured at fair value on a recurring basis\n\n  \n \n32,425\n \n  \n \n42,115\n \n  \n \n610\n \n  \n \n75,737\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLiabilities:\n\n  \n\n  \n\n  \n\n  \n\nTrading securities sold, not yet purchased\n\n  \n \n3,297\n \n  \n \n1,300\n \n  \n \n— \n \n  \n \n4,597\n \n\nDerivative financial instruments:\n\n  \n\n  \n\n  \n\n  \n\nInterest rate contracts\n\n  \n \n39\n \n  \n \n16,838\n \n  \n \n15\n \n  \n \n16,892\n \n\nForeign exchange contracts\n\n  \n \n— \n \n  \n \n6,563\n \n  \n \n3\n \n  \n \n6,566\n \n\nEquity-related contracts\n\n  \n \n185\n \n  \n \n194\n \n  \n \n171\n \n  \n \n550\n \n\nCredit-related contracts\n\n  \n \n— \n \n  \n \n131\n \n  \n \n3\n \n  \n \n134\n \n\nOther contracts\n\n  \n \n22\n \n  \n \n33\n \n  \n \n8\n \n  \n \n63\n \n\nOther short-term borrowings\n(5)\n\n  \n \n— \n \n  \n \n107\n \n  \n \n— \n \n  \n \n107\n \n\nLong-term debt\n(5)\n\n  \n \n— \n \n  \n \n4,124\n \n  \n \n569\n \n  \n \n4,693\n \n\nOther liabilities\n\n  \n \n2\n \n  \n \n36\n \n  \n \n40\n \n  \n \n77\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal liabilities measured at fair value on a recurring basis\n\n  \n \n3,546\n \n  \n \n29,325\n \n  \n \n808\n \n  \n \n33,679\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-\n93\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\nNotes:\n\n(1)\n\nTrading securities include foreign currency denominated securities for which the MHFG Group elected the fair value option.\n\n(2)\n\nThe amount includes CLO and convertible bonds, which are classified in Level 3.\n\n(3)\n\nIn accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented for these classes of assets are intended to permit the reconciliation of the fair value hierarchy to the amounts presented in the statements of financial position. The amounts of unfunded commitments related to these investments at March 31, 2025 and 2026 were ¥58 billion and ¥190 billion, respectively.\n\n(4)\n\nThe amount includes highly liquid government bonds classified as held for sale relating to a transferred business, which are classified in Level 1.\n\n(5)\n\nAmounts represent items for which the Group elected the fair value option or for which it applied the practicability exception. \n\nItems measured at fair value on a recurring basis using significant unobservable inputs (Level 3)\n\nThe following table presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis\nusing\nsignificant unobservable inputs (Level 3) for the fiscal years ended March 31, 2025 and 2026:\n\n \n\n2025\n\n \n\nApril 1,\n\n2024\n\n \n \n\nGains\n\n(losses) in\n\nEarnings\n\n \n \n\nGains\n\n(losses)\n\nin OCI\n\n \n \n\nTransfers\n\ninto\n\nLevel 3\n\n \n \n\nTransfers\n\nout of\n\nLevel 3\n\n \n \n\nPurchases\n\n \n \n\nSales\n\n \n \n\nIssuances\n\n \n \n\nSettle-\n\nments\n\n \n \n\nMarch 31,\n\n2025\n\n \n \n\nChange in\n\nunrealized\n\ngains\n\n(losses)\n\nstill held\n(6)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate bonds and other\n\n \n \n189\n \n \n \n3\n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n47\n \n \n \n(61\n) \n \n \n— \n \n \n \n(5\n) \n \n \n174\n \n \n \n2\n \n\nEquity securities\n\n \n \n21\n \n \n \n1\n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(1\n) \n \n \n21\n \n \n \n1\n \n\nDerivative financial instruments, net\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate contracts.\n\n \n \n13\n \n \n \n(13\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(2\n) \n \n \n(2\n) \n \n \n(13\n) \n\nForeign exchange contracts\n\n \n \n(9\n) \n \n \n11\n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n6\n \n \n \n12\n \n\nEquity-related contracts\n\n \n \n(70\n) \n \n \n(11\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n8\n \n \n \n(73\n) \n \n \n(10\n) \n\nCredit-related contracts\n\n \n \n(5\n) \n \n \n— \n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n(2\n) \n \n \n(1\n) \n\nOther contracts\n\n \n \n— \n \n \n \n2\n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n1\n \n \n \n2\n \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nResidential mortgage-\n\nbacked securities\n\n \n \n8\n \n \n \n— \n\n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(1\n) \n \n \n6\n \n \n \n— \n \n\nCommercial mortgage-backed securities\n\n \n \n4\n \n \n \n— \n\n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n(1\n) \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n— \n \n\nJapanese corporate bonds and other debt securities\n\n \n \n167\n \n \n \n— \n\n(3)\n \n \n \n(10\n)\n(4)\n \n \n \n— \n \n \n \n— \n \n \n \n35\n \n \n \n— \n \n \n \n— \n \n \n \n(7\n) \n \n \n186\n \n \n \n(9\n) \n\nForeign corporate bonds and other debt securities\n\n \n \n23\n \n \n \n— \n\n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n(10\n) \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n13\n \n \n \n— \n \n\nOther investments\n\n \n \n80\n \n \n \n— \n\n(3)\n \n \n \n— \n \n \n \n— \n \n \n \n(2\n) \n \n \n55\n \n \n \n(1\n) \n \n \n— \n \n \n \n(46\n) \n \n \n86\n \n \n \n(2\n) \n\nOther assets\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n37\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n37\n \n \n \n— \n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt\n\n \n \n427\n \n \n \n22\n\n(5)\n \n \n \n6\n\n(4)\n \n \n \n7\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n250\n \n \n \n(168\n) \n \n \n489\n \n \n \n30\n \n\nOther liabilities\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n37\n \n \n \n— \n \n \n \n37\n \n \n \n— \n \n\n \n\nF-\n94\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n2026\n\n \n\nApril 1,\n\n2025\n\n \n \n\nGains\n\n(losses) in\n\nEarnings\n\n \n \n\nGains\n\n(losses)\n\nin OCI\n\n \n \n\nTransfers\n\ninto\n\nLevel 3\n\n \n \n\nTransfers\n\nout of\n\nLevel 3\n\n \n \n\nPurchases\n\n \n \n\nSales\n\n \n \n\nIssuances\n\n \n \n\nSettle-\n\nments\n\n \n \n\nMarch 31,\n\n2026\n\n \n \n\nChange in\n\nunrealized\n\ngains\n\n(losses)\n\nstill held\n(6)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrading securities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate bonds and other\n\n \n \n174\n \n \n \n19\n\n(2)\n \n \n \n— \n \n \n \n20\n \n \n \n— \n \n \n \n225\n \n \n \n(160\n) \n \n \n— \n \n \n \n(102\n) \n \n \n177\n \n \n \n34\n \n\nEquity securities\n\n \n \n21\n \n \n \n— \n\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n21\n \n \n \n— \n \n\nDerivative financial instruments, net\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate contracts.\n\n \n \n(2\n) \n \n \n(2\n)\n(2)\n \n \n \n— \n \n \n \n6\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(6\n) \n \n \n(4\n) \n \n \n(6\n) \n\nForeign exchange contracts\n\n \n \n6\n \n \n \n(7\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n3\n \n \n \n(1\n) \n\nEquity-related contracts\n\n \n \n(73\n) \n \n \n(113\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n29\n \n \n \n(156\n) \n \n \n(44\n) \n\nCredit-related contracts\n\n \n \n(2\n) \n \n \n(1\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n4\n \n \n \n1\n \n \n \n5\n \n\nOther contracts\n\n \n \n1\n \n \n \n(4\n)\n(2)\n \n \n \n— \n \n \n \n— \n \n \n \n(1\n) \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n \n \n(1\n) \n \n \n(1\n) \n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nResidential mortgage- backed securities\n\n \n \n6\n \n \n \n(1\n)\n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n— \n \n \n \n11\n \n \n \n(3\n) \n \n \n— \n \n \n \n(1\n) \n \n \n12\n \n \n \n— \n \n\nCommercial mortgage-backed securities\n\n \n \n3\n \n \n \n—\n \n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n(3\n) \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n\nJapanese corporate bonds and other debt securities\n\n \n \n186\n \n \n \n—\n \n(3)\n \n \n \n(6\n)\n(4)\n \n \n \n— \n \n \n \n— \n \n \n \n61\n \n \n \n— \n \n \n \n— \n \n \n \n(13\n) \n \n \n228\n \n \n \n(6\n) \n\nForeign corporate bonds and other debt securities\n\n \n \n13\n \n \n \n—\n \n(3)\n \n \n \n— \n\n(4)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n(13\n) \n \n \n— \n \n \n \n— \n \n\nOther investments\n\n \n \n86\n \n \n \n(1\n)\n(3)\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n60\n \n \n \n— \n \n \n \n— \n \n \n \n(55\n) \n \n \n89\n \n \n \n1\n \n\nOther assets\n\n \n \n37\n \n \n \n—\n  \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n40\n \n \n \n— \n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt\n\n \n \n489\n \n \n \n(2\n)\n(5)\n \n \n \n(6\n)\n(4)\n \n \n \n41\n \n \n \n(5\n) \n \n \n— \n \n \n \n— \n \n \n \n281\n \n \n \n(244\n) \n \n \n569\n \n \n \n7\n \n\nOther liabilities\n\n \n \n  37\n \n \n \n  —\n  \n \n \n  — \n \n \n \n  — \n \n \n \n  — \n \n \n \n  — \n \n \n \n  — \n \n \n \n  3\n \n \n \n  — \n \n \n \n  40\n \n \n \n  — \n \n\n \n\nNotes:\n\n(1)\n\nTotal Level 3 derivative exposures have been netted on the table for presentation purposes only.\n\n(2)\n\nGains (losses) in Earnings are reported in Trading account gains (losses)—net, Foreign exchange gains (losses)—net or Other noninterest income (expenses).\n\n(3)\n\nGains (losses) in Earnings are reported in Investment gains (losses)—net.\n\n(4)\n\nGains (losses) in OCI are reported in Other comprehensive income (loss).\n\n(5)\n\nGains (losses) in Earnings are reported in Other noninterest income (expenses).\n\n(6)\n\nAmounts represent total gains or losses recognized in earnings and other comprehensive income (loss) during the period. These gains or losses were attributable to the change in fair value relating to assets and liabilities classified as Level 3 that were still held at March 31, 2025 and 2026. The amounts of unrealized gains (losses) in other comprehensive income (loss) are related to\n\nAvailable-for-sale\n\nsecurities and Long-term debt, which were ¥(10) billion and ¥6 billion, respectively, at March 31, 2025, and ¥(6) billion and ¥(6) billion, respectively, at March 31, 2026.\n\nTransfers between levels\n\nDuring the fiscal year ended March 31, 2025, the transfers into Level 3 included ¥7 billion of Long-term debt. Transfers into Level 3 for Long-term debt were primarily due to the decrease in the observability of the default rate when valuing certain structured notes and loans. During the fiscal year ended March 31, 2025, the transfers out of Level 3 included ¥11 billion of\n\nAvailable-for-sale\n\nsecurities and ¥2 billion of Other investments. Transfers out of Level 3 for\n\nAvailable-for-sale\n\nsecurities were primarily due to increased price transparency for certain Foreign corporate bonds and other debt securities. Transfers out of Level 3 for Other investments were primarily due to increased price transparency for certain investments.\n\n \n\nF-9\n5\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nDuring the fiscal year ended March 31, 2026, the transfers into Level 3 included ¥20 billion of Trading securities, ¥6 billion of net Derivative assets and ¥41 billion of Long-term debt. Transfers into Level 3 for Trading securities were primarily due to decreased liquidity for certain foreign bonds. Transfers into Level 3 for net Derivative assets were primarily due to the increase in significance of unobservable inputs used to measure fair value of certain interest rate derivatives. Transfers into Level 3 for Long-term debt were primarily due to the increase in significance of unobservable inputs used to measure fair value of certain structured notes. During the fiscal year ended March 31, 2026, the transfers out of Level 3 included ¥1 billion of net Derivative assets, ¥3 billion of\n\nAvailable-for-sale\n\nsecurities and ¥5 billion of Long-term debt. Transfers out of Level 3 for net Derivative assets were primarily due to the increase in the observability of the inputs used to measure fair value of certain commodity derivatives. Transfers out of Level 3 for\n\nAvailable-for-sale\n\nsecurities were primarily due to increased price transparency for certain Commercial\nmortgage-backed\nsecurities. Transfers out of Level 3 for Long-term debt were primarily due to the increase in the observability of the default rate when valuing certain structured notes and loans.\n\nQuantitative information about Level 3 fair value measurements\n\nThe following table presents information about significant unobservable inputs related to the MHFG Group’s material classes of Level 3 assets and liabilities at March 31, 2025 and 2026:\n\n \n\n2025\n\n \n \n \n \n \n \n \n \n \n \n \n \n\nProducts/Instruments\n\n \n\nFair value\n\n \n \n\nPrincipal valuation technique\n\n \n\nUnobservable inputs\n\n \n\nRange of input values\n\n \n\nAverage\n(4)\n\n \n\n(in billions of yen, except for percentages and basis points)\n\n \n\nTrading securities\n\nand Available-for-sale\n\nsecurities:\n\n \n\n \n\n \n\n \n\n \n\nResidential mortgage-backed securities\n\n \n \n6\n \n \nDiscounted cash flow\n \nPrepayment rate\n \n0.4%–5.8%\n \n \n3.6%\n \n\n \n\n \nPrice-based\n \nRecovery rate\n \n100.0%–100.0%\n \n \n100.0%\n \n\n \n\n \n\n \nDiscount margin\n \n30.0bps–52.0bps\n \n \n39.8bps\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCommercial mortgage-backed securities\n\n \n \n3\n \n \n\nDiscounted cash flow\n\nPrice-based\n\n \nDiscount margin\n \n173.3bps–180.6bps\n \n \n178.8bps\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate bonds and other debt securities\n\n \n \n373\n \n \nDiscounted cash flow\n \nPrepayment rate\n(1)\n\n \n2.9%–2.9%\n \n \n2.9%\n \n\n \n\n \nPrice-based\n \nDefault rate\n(1)\n\n \n0.3%–0.3%\n \n \n0.3%\n \n\n \n\n \n\n \nRecovery rate\n(1)\n\n \n36.5%–36.5%\n \n \n36.5%\n \n\n \n\n \n\n \nDiscount margin\n(1)\n\n \n58.1bps–58.1bps\n \n \n58.1bps\n \n\n \n\n \n\n \nDiscount margin\n(2)\n\n \n47.0bps–47.0bps\n \n \n47.0bps\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative financial instruments, net:\n\n \n\n \n\n \n\n \n\n \n\nInterest rate contracts\n\n \n \n(2\n) \n \nInternal valuation model\n(3)\n\n \nIR – IR correlation\n \n23.2%–100.0%\n \n \n71.4%\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign exchange contracts\n\n \n\n \n \n6\n \n \nInternal valuation model\n(3)\n\n \nFX – IR correlation\n \n13.8%–72.5%\n \n \n29.9%\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity-related contracts\n\n \n \n(73\n) \n \nInternal valuation model\n(3)\n\n \nEquity – IR correlation\n \n25.0%–25.0%\n \n \n25.0%\n \n\n \n\n \n\n \nEquity volatility\n \n12.7%–175.2%\n \n \n51.0%\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit-related contracts\n\n \n \n(2\n) \n \nInternal valuation model\n(3)\n\n \nDefault rate\n \n0.0%–6.5%\n \n \n1.4%\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther contracts\n\n \n \n1\n \n \nInternal valuation model\n(3)\n\n \nCommodity volatility\n \n17.1%–27.7%\n \n \n18.1%\n \n\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt\n\n \n \n489\n \n \nInternal valuation model\n(3)\n\n \nIR – IR correlation\n \n23.2%–100.0%\n \n \n71.4%\n \n\n \n\n \n\n \nFX – IR correlation\n \n5.5%–59.2%\n \n \n29.9%\n \n\n \n\n \n\n \nEquity –  IR correlation\n \n25.0%–25.0%\n \n \n25.0%\n \n\n \n\n \n\n \nEquity –  FX correlation\n \n-5.4%–93.3%\n \n \n0.0%\n \n\n \n\n \n\n \nEquity correlation\n \n39.9%–100.0%\n \n \n87.3%\n \n\n \n\n \n\n \nEquity volatility\n \n10.3%–97.0%\n \n \n29.7%\n \n\n \n\n \n\n \nDefault rate\n \n0.0%–6.8%\n \n \n1.3%\n \n\n \n\n \n\n \nCredit correlation\n \n22.8%–100.0%\n \n \n57.5%\n \n\n \n\nF-9\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n2026\n\n \n\n \n \n \n \n \n \n\nProducts/Instruments\n\n \n\nFair value\n\n \n\n \n\nPrincipal valuation technique\n\n \n\nUnobservable inputs\n\n \n\nRange of input values\n\n \n\nAverage\n(4)\n\n \n\n(in billions of yen, except for percentages and basis points)\n\n \n\nTrading securities and\n\nAvailable-for-sale\n\nsecurities:\n\n \n\n \n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCorporate bonds and other debt securities\n\n \n\n \n\n405\n\n \n\n \n\nDiscounted cash flow\n\n \n\nDiscount margin\n(1)\n\n \n\n30.5bps–30.5bps\n\n \n\n \n\n30.5bps\n\n \n\n \n\n \n \n \n\n \n\nPrice-based\n\n \n\n \n\n \n\n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n\n \n\n \n\nDiscount\nmargin\n\n(2)\n\n \n\n67.9bps–86.3bps\n\n \n\n \n\n71.1bps\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative financial instruments, net:\n\n \n\n \n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n \n\nInterest rate contracts\n\n \n\n \n\n(4\n\n) \n\n \n\nInternal valuation model\n(3)\n\n \n\nIR – IR\ncorrelation\n\n \n\n23.2%–100.0%\n\n \n\n \n\n72.4%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nIR volatility\n\n \n\n0.3%–1.4%\n\n \n\n \n\n0.8%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign exchange contracts\n\n \n\n \n\n3\n\n \n\n \n\nInternal valuation model\n(3)\n\n \n\nFX – IR correlation\n\n \n\n-6.2%–72.5%\n\n \n\n \n\n14.9%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nIR – IR correlation\n\n \n\n66.5%–66.5%\n\n \n\n \n\n66.5%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nFX volatility\n\n \n\n9.0%–11.5%\n\n \n\n \n\n9.7%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity-related contracts\n\n \n\n \n\n(156\n\n) \n\n \n\nInternal valuation model\n(3)\n\n \n\nEquity – IR correlation\n\n \n\n25.0%–25.0%\n\n \n\n \n\n25.0%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity correlation\n\n \n\n80.2%–100.0%\n\n \n\n \n\n93.4%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity volatility\n\n \n\n12.3%–491.1%\n\n \n\n \n\n52.4%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit-related contracts\n\n \n\n \n\n1\n\n \n\n \n\nInternal valuation model\n(3)\n\n \n\nDefault rate\n\n \n\n0.0%–2.2%\n\n \n\n \n\n0.4%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther contracts\n\n \n\n \n\n(1\n\n) \n\n \n\nInternal valuation model\n(3)\n\n \n\nCommodity volatility\n\n \n\n0.0%–165.0%\n\n \n\n \n\n40.7%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term debt\n\n \n\n \n\n569\n\n \n\n \n\nInternal valuation model\n(3)\n\n \n\nIR – IR correlation\n\n \n\n64.0%–66.5%\n\n \n\n \n\n65.3%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nIR volatility\n\n \n\n0.3%–1.4%\n\n \n\n \n\n0.8%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nFX – IR correlation\n\n \n\n-6.2%–63.2%\n\n \n\n \n\n14.9%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nFX volatility\n\n \n\n9.0%–11.5%\n\n \n\n \n\n9.7%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity – IR correlation\n\n \n\n25.0%–25.0%\n\n \n\n \n\n25.0%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity – FX correlation\n\n \n\n-3.4%–92.4%\n\n \n\n \n\n0.0%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity correlation\n\n \n\n45.1%–100.0%\n\n \n\n \n\n87.3%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nEquity volatility\n\n \n\n10.3%–75.1%\n\n \n\n \n\n35.8%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nDefault rate\n\n \n\n0.0%–6.5%\n\n \n\n \n\n0.7%\n\n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n\nCredit correlation\n\n \n\n26.4%–100.0%\n\n \n\n \n\n59.2%\n\n \n\n \n\nNotes:\n\n(1)\n\nThese inputs are mainly used for determining the fair values of securitization products such as CDO, CLO and ABS, other than RMBS and CMBS.\n\n(2)\n\nThis input is mainly used for determining the fair values of Japanese corporate bonds.\n\n(3)\n\nInternal valuation model includes discounted cash flow models and the Black-Scholes option pricing model.\n\n(4)\n\nAverages are calculated by weighting each input by the relative fair value of the respective financial instruments except for derivative related inputs where medians are used.\n\n(5)\n\nThe range of inputs for equity securities is not disclosed, as there is a dispersion of values given the number of positions.\n\nIR\n\n= Interest rate\n\nFX\n\n= Foreign exchange\n\n \n\nF-9\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nUncertainty of fair value measurements relating to unobservable inputs and interrelationships among unobservable inputs\n\nThe following is a description of the uncertainty of the fair value measurements from the use of significant unobservable inputs and a description of interrelationships of the significant unobservable inputs used to measure the fair values of Level 3 assets and liabilities.\n\n(1) Prepayment rate\n\nThe prepayment rate is the estimated rate at which voluntary unscheduled repayments of the principal of the underlying assets are expected to occur. The movement of the prepayment rate is generally negatively correlated with borrower delinquency. A change in prepayment rate would impact the valuation of the fair values of financial instruments either positively or negatively, depending on the structure of financial instruments.\n\n(2) Default rate\n\nThe default rate is an estimate of the likelihood of not collecting contractual payments. An increase in the default rate would generally be accompanied by a decrease in the recovery rate and an increase in the discount margin. It would also generally impact the valuation of the fair values of financial instruments negatively.\n\n(3) Recovery rate\n\nThe recovery rate is an estimate of the percentage of contractual payments that would be collected in the event of a default. An increase in recovery rate would generally be accompanied by a decrease in the default rate. It would also generally impact the valuation of the fair values of financial instruments positively.\n\n(4) Discount margin\n\nThe discount margin is the portion of the interest rate over a benchmark market interest rate such as Tokyo Interbank Offered Rate (“TIBOR”) or swap rates. It primarily consists of a risk premium component which is the amount of compensation that market participants require due to the uncertainty inherent in the financial instruments’ cash flows resulting from credit risk. An increase in discount margin would generally impact the valuation of the fair values of financial instruments negatively.\n\n(5) Correlation\n\nCorrelation is the likelihood of the movement of one input relative to another based on an established relationship. The change in correlation would impact the valuation of derivatives either positively or negatively, depending on the nature of the underlying assets.\n\n(6) Volatility\n\nVolatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.\n\n \n\nF-9\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nItems measured at fair value on a nonrecurring basis\n\nCertain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities primarily include items that are measured at the lower of cost or fair value, and items that were initially measured at cost and have been written down to fair value as a result of impairment. The following table shows the fair value hierarchy for these items as of March 31, 2025 and 2026:\n\n \n\n2025\n\n \n\nTotal\n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nAggregate cost\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\nLoans\n\n \n \n84\n \n \n \n— \n \n \n \n— \n \n \n \n84\n \n \n \n345\n \n\nLoans\n\nheld-for-sale\n\n \n \n54\n \n \n \n— \n \n \n \n48\n \n \n \n5\n \n \n \n57\n \n\nEquity securities (without readily determinable fair values)\n\n \n \n10\n \n \n \n— \n \n \n \n1\n \n \n \n9\n \n \n \n23\n \n\nOther investments\n\n \n \n68\n \n \n \n66\n \n \n \n— \n \n \n \n2\n \n \n \n106\n \n\nPremises and equipment—net\n\n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n\nOther assets\n\n \n \n3\n \n \n \n— \n \n \n \n— \n \n \n \n3\n \n \n \n10\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal assets measured at fair value on a nonrecurring basis\n\n \n \n219\n \n \n \n66\n \n \n \n49\n \n \n \n104\n \n \n \n543\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n2026\n\n \n\nTotal\n\n \n \n\nLevel 1\n\n \n \n\nLevel 2\n\n \n \n\nLevel 3\n\n \n \n\nAggregate cost\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\nAssets:\n\n \n\n \n\n \n\n \n\n \n\nLoans\n\n \n \n116\n \n \n \n— \n \n \n \n— \n \n \n \n116\n \n \n \n172\n \n\nLoans\n\nheld-for-sale\n\n \n \n70\n \n \n \n— \n \n \n \n47\n \n \n \n23\n \n \n \n92\n \n\nEquity securities (without readily determinable fair values)\n\n \n \n5\n \n \n \n— \n \n \n \n2\n \n \n \n3\n \n \n \n9\n \n\nPremises and equipment—net\n\n \n \n2\n \n \n \n— \n \n \n \n— \n \n \n \n2\n \n \n \n3\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal assets measured at fair value on a nonrecurring basis\n\n \n \n193\n \n \n \n— \n \n \n \n49\n \n \n \n144\n \n \n \n276\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNote:\n\nThe fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred. Accordingly, the carrying values may not equal current fair value.    \n\nLoans in the table above are classified as nonaccrual and are measured based upon the observable market price of the loan, which are classified as Level 2, or the fair value of the underlying collateral, which are classified as Level 3.\n\nLoans\n\nheld-for-sale\n\nin the table above are accounted for at the lower of cost or fair value at the end of the period. The items for which fair values are determined by using actual or contractually determined selling price data are classified as Level 2. Due to the lack of current observable market information, the determination of the fair values for items other than the aforementioned may require significant adjustment based upon management judgment and estimation, which results in such items being classified in Level 3 of the hierarchy. Loans\n\nheld-for-sale\n\nclassified as Level 3 were measured at fair value based on market comparables. The significant unobservable inputs were price, with a price of ¥80.0\nat March 31, 2025, and a range of ¥74.5 to ¥83.9 and a weighted average of ¥77.7 at March 31, 2026.\n\nEquity securities (without readily determinable fair values) in the table above consist of\nnon-marketable\nequity securities which are measured at fair value on a nonrecurring basis, using the measurement alternative for\nnon-marketable\nequity securities. These equity securities are on a nonrecurring basis either (1) written down to fair value as a result of impairment or (2) adjusted upward or downward to fair value as a result of transactions observed for the identical or similar securities of the same issuer. The fair values of the impaired\nnon-marketable\nequity securities are determined primarily by using a liquidation value technique. As significant management\n\n \n\nF-9\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\njudgment or estimation is required in the determination of the fair values of\nnon-marketable\nequity securities, they are classified as Level 3. The fair values of\nnon-marketable\nequity securities adjusted based on observed transaction prices are mainly classified as Level 2.\n\nOther investments in the table above include certain equity method investments which have been impaired and written down to fair value. The fair values of the impaired marketable equity method investments are determined by their quoted market prices. As the securities are traded on an active exchange market, they are classified as Level 1. The fair values of the impaired\nnon-marketable\nequity method investments are determined primarily by using a liquidation value technique. As significant management judgment or estimation is required in the determination of the fair values of\nnon-marketable\nequity method investments, they are classified as Level 3. Other investments were not measured at fair value on a nonrecurring basis as of March 31, 2026.\n\nPremises and equipment—net and Other assets in the table above have been impaired and written down to fair value. Other assets include premises and equipment classified as held for sale. Other assets were not measured at fair value on a nonrecurring basis as of March 31, 2026.\n\nFair value option\n\nThe MHFG Group elected the fair value option for certain eligible financial instruments described below.\n\nForeign currency denominated debt securities\n\nThe MHFG Group elected the fair value option for foreign currency denominated debt securities to mitigate the volatility in earnings due to the difference in the recognition of foreign exchange risk between foreign currency denominated debt securities and financial liabilities. Following the election of the fair value option, these debt securities are reported as trading securities in Trading account assets.\n\nCertain hybrid financial instruments\n\nThe MHFG Group issues structured notes as part of its client-driven activities. Structured notes are debt instruments that contain embedded derivatives. The Group elected the fair value option for certain structured notes to mitigate accounting mismatches and to achieve operational simplifications. The fair value option has only been elected for part of the portfolio as the Group would not achieve operational simplifications. In addition, the Group measures certain notes that contain embedded derivatives at fair value under the practicability exception. These notes continue to be reported in Other short-term borrowings and Long-term debt. The interest on these notes continues to be reported in Interest expense on other short-term borrowings and long-term debt based on the contractual rates. Only an immaterial amount included in Other short-term borrowings and Long-term debt in the statement of financial position is not eligible for the fair value option. The differences between the aggregate fair value of these notes and the aggregate unpaid principal balance of such instruments were ¥109 billion and ¥226 billion at March 31, 2025 and 2026, respectively. The net unrealized gains (losses) resulting from changes in fair values of these notes recorded in Other noninterest income (expenses) were ¥(48) billion, ¥7 billion and ¥147 billion for the fiscal years ended March 31, 2024, 2025 and 2026, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond\n\nmarket.\n\nFair value of financial instruments\n\nASC 825, “Financial Instruments” (“ASC 825”), requires the disclosure of the estimated fair value of financial instruments. The fair value of financial instruments is the amount that would be exchanged between willing parties, other than in a forced sale or liquidation. Quoted market prices, if available, are best utilized as estimates\n\n \n\nF-\n100\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nof the fair values of financial instruments. However, since no quoted market prices are available for certain financial instruments, fair values for such financial instruments have been estimated based on management’s assumptions, discounted cash flow models or other valuation techniques. Such estimation methods are described in more detail below. These estimates could be significantly affected by different sets of assumptions. There are certain limitations to management’s best judgment in estimating fair values of financial instruments and inherent subjectivity involved in estimation methodologies and assumptions used to estimate fair value. Accordingly, the net realizable or liquidation values could be materially different from the estimates presented below.\n\nThe following is a description of the valuation methodologies used for estimating the fair value of financial assets and liabilities not carried at fair value on the MHFG Group’s consolidated balance sheets.\n\nCash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions\n\nThe carrying value of short-term financial assets, such as cash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions approximates the fair value of these assets since they generally involve limited losses from credit risk or have short-term maturities with interest rates that approximate market rates.\n\nInvestments\n\nThe fair value of\n\nheld-to-maturity\n\nsecurities is determined primarily by using the same procedures and techniques described for trading securities and\n\navailable-for-sale\n\nsecurities aforementioned in this Note. The fair value of\nnon-marketable\nequity securities is not readily determinable, nor practicable to estimate, due to the lack of available information. Their carrying amounts of ¥602 billion and ¥687 billion at March 31, 2025 and 2026, respectively, were not included in the disclosure.\n\nLoans\n\nLoans have been fair valued based on the type of loan, credit quality, prepayment assumptions and remaining maturity. The fair value of loans is determined based on discounted cash flows using interest rates approximating the MHFG Group’s current rates for similar loans. The fair value of collateral dependent nonaccrual loans is determined based on the fair value of the underlying collateral.\n\nOther financial assets\n\nThe carrying value of other financial assets, which primarily consist of accounts receivable from brokers, dealers, and customers for securities transactions, accrued income and collateral provided for derivative transactions, approximates the fair value of these assets since they generally involve limited losses from credit risk or have short-term maturities with interest rates that approximate market rates. The majority of other financial assets are classified as Level 2, and all are included in the table in Note 12 “Other assets and liabilities.”\n\nNoninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions\n\nThe carrying value of short-term financial liabilities, such as noninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions approximates the fair value of these liabilities since they generally have short-term maturities with interest rates that approximate market rates.\n\n \n\nF-\n101\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\nInterest-bearing deposits\n\nThe carrying value of demand deposits approximates the fair value since it represents the amount payable on demand at the balance sheet date. The fair value of time deposits and certificates of deposit is primarily estimated based on discounted cash flow analysis using current interest rates for instruments with similar maturities. The carrying value of short-term certificates of deposit approximates the fair value.\n\nDue to trust accounts\n\nThe carrying value of due to trust accounts approximates the fair value since they generally have short-term maturities with interest rates that approximate market rates.\n\nOther short-term borrowings\n\nThe carrying value of the majority of other short-term borrowings approximates the fair value since they generally have short-term maturities with interest rates that approximate market rates. The fair value of certain borrowings is estimated based on discounted cash flow analysis using interest rates approximating the MHFG Group’s incremental borrowing rates for instruments with similar maturities.\n\nLong-term debt\n\nLong-term debt is fair valued using quoted market prices, if available. Otherwise, the fair value of long-term debt is estimated based on discounted cash flow analysis using interest rates approximating the MHFG Group’s incremental borrowing rates for instruments with similar maturities.\n\nOther financial liabilities\n\nThe carrying value of other financial liabilities, which primarily consist of accounts payable to brokers, dealers, and customers for securities transactions, accrued expenses and collateral accepted for derivative transactions, approximates the fair value since they generally have short-term maturities with interest rates that approximate market rates. The majority of other financial liabilities are classified as Level 2, and all are included in the table in Note 12 “Other assets and liabilities.”\n\nThe fair value of certain\noff-balance-sheet\nfinancial instruments, such as commitments to extend credit and commercial letters of credit, was not considered material to the consolidated balance sheets at March 31, 2025 and 2026.\n\n \n\nF-\n102\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe following table shows the carrying amounts and fair values at March 31, 2025 and 2026, of certain financial instruments, excluding financial instruments which are carried at fair value on a recurring basis and those outside the scope of ASC 825 such as equity method investments as defined in ASC 323, “Investments-Equity Method and Joint Ventures” (“ASC 323”) and lease contracts as defined in ASC 842, “Leases” (“ASC 842”):\n\n \n\n \n  \n\n2025\n\n \n\n \n  \n\nCarrying\n\namount\n\n \n  \n\nEstimated fair value\n\n \n\n \n  \n\nTotal\n\n \n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nFinancial assets:\n\n  \n\n  \n\n  \n\n  \n\n  \n\nCash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions\n\n  \n \n104,399\n \n  \n \n104,399\n \n  \n \n71,405\n \n  \n \n32,994\n \n  \n \n— \n \n\nInvestments\n\n  \n \n4,186\n \n  \n \n4,027\n \n  \n \n400\n \n  \n \n3,628\n \n  \n \n— \n \n\nLoans, net of allowance\n(Note)\n\n  \n \n98,275\n \n  \n \n99,450\n \n  \n \n— \n \n  \n \n— \n \n  \n \n99,450\n \n\nFinancial liabilities:\n\n  \n\n  \n\n  \n\n  \n\n  \n\nNoninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions\n\n  \n \n77,163\n \n  \n \n77,163\n \n  \n \n— \n \n  \n \n77,163\n \n  \n \n— \n \n\nInterest-bearing deposits\n\n  \n \n139,443\n \n  \n \n139,338\n \n  \n \n— \n \n  \n \n139,338\n \n  \n \n— \n \n\nDue to trust accounts\n\n  \n \n303\n \n  \n \n303\n \n  \n \n— \n \n  \n \n303\n \n  \n \n— \n \n\nOther short-term borrowings\n\n  \n \n5,293\n \n  \n \n5,293\n \n  \n \n— \n \n  \n \n5,293\n \n  \n \n— \n \n\nLong-term debt\n\n  \n \n11,119\n \n  \n \n10,900\n \n  \n \n— \n \n  \n \n9,378\n \n  \n \n1,521\n \n\n \n  \n\n2026\n\n \n\n \n  \n\nCarrying\n\namount\n\n \n  \n\nEstimated fair value\n\n \n\n \n  \n\nTotal\n\n \n  \n\nLevel 1\n\n \n  \n\nLevel 2\n\n \n  \n\nLevel 3\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nFinancial assets:\n\n  \n\n  \n\n  \n\n  \n\n  \n\nCash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions\n\n  \n \n95,986\n \n  \n \n95,986\n \n  \n \n60,583\n \n  \n \n35,403\n \n  \n \n— \n \n\nInvestments\n\n  \n \n4,852\n \n  \n \n4,711\n \n  \n \n393\n \n  \n \n4,318\n \n  \n \n— \n \n\nLoans, net of allowance\n(Note)\n\n  \n \n104,910\n \n  \n \n105,804\n \n  \n \n— \n \n  \n \n— \n \n  \n \n105,804\n \n\nFinancial liabilities:\n\n  \n\n  \n\n  \n\n  \n\n  \n\nNoninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions\n\n  \n \n77,433\n \n  \n \n77,433\n \n  \n \n— \n \n  \n \n77,433\n \n  \n \n— \n \n\nInterest-bearing deposits\n\n  \n \n144,596\n \n  \n \n144,400\n \n  \n \n— \n \n  \n \n144,400\n \n  \n \n— \n \n\nDue to trust accounts\n\n  \n \n302\n \n  \n \n302\n \n  \n \n— \n \n  \n \n302\n \n  \n \n— \n \n\nOther short-term borrowings\n\n  \n \n2,816\n \n  \n \n2,816\n \n  \n \n— \n \n  \n \n2,816\n \n  \n \n— \n \n\nLong-term debt\n\n  \n \n16,119\n \n  \n \n15,873\n \n  \n \n— \n \n  \n \n14,236\n \n  \n \n1,637\n \n\n \n\nNote:\n\nLoans, net of allowance include items measured at fair value on a nonrecurring basis.\n\n \n\nF-\n103\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n27. Offsetting of financial assets and financial liabilities\n\nDerivatives\n\nThe MHFG Group enters into master netting arrangements such as International Swaps and Derivatives Association, Inc. (“ISDA”) or similar agreements with counterparties to manage mainly credit risks associated with counterparty default. If the predetermined events including counterparty default occur, these enforceable master netting arrangements or similar agreements give the Group the right to offset derivative receivables and derivative payables and related financial collateral such as cash and securities with the same counterparty.\n\nRepurchase and resale agreements and securities lending and borrowing transactions\n\nRepurchase and resale agreements and securities lending and borrowing transactions are generally covered by industry standard master repurchase agreements and industry standard master securities lending agreements with netting terms to manage mainly credit risks associated with counterparty default. In the event of default by the counterparty, these agreements with netting terms provide the Group with the right to offset receivables and payables related to such transactions with the same counterparty, and to liquidate the collateral held.\n\nThe following table provides information about the offsetting of financial assets and financial liabilities at March 31, 2025 and 2026. The table includes derivatives, repurchase and resale agreements, and securities lending and borrowing transactions that are subject to enforceable master netting arrangements or similar agreements irrespective of whether or not they are offset on the Group’s consolidated balance sheets.\n\n \n\n \n \n\nGross amounts\n\nrecognized\n\n \n \n\nGross amounts\n\noffset on the\n\nbalance sheet\n\n \n \n\nNet amounts\n\npresented on the\nbalance sheet\n(2)\n\n \n \n\nAmounts not offset on\n\nthe balance sheet\n(3)\n\n \n \n\nNet\n\namounts\n\n \n\n \n \n\nFinancial\n\ninstruments\n(4)\n\n \n \n\nCash\n\ncollateral\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nAssets\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives\n\n \n \n15,891\n \n \n \n— \n \n \n \n15,891\n\n(5)\n \n \n \n(13,315\n) \n \n \n(850\n) \n \n \n1,725\n \n\nReceivables under resale agreements\n\n \n \n28,109\n \n \n \n— \n \n \n \n28,109\n\n(6)\n \n \n \n(26,652\n) \n \n \n— \n \n \n \n1,457\n \n\nReceivables under securities borrowing transactions\n\n \n \n2,078\n \n \n \n— \n \n \n \n2,078\n\n(7)\n \n \n \n(2,048\n) \n \n \n— \n \n \n \n31\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n46,078\n \n \n \n— \n \n \n \n46,078\n \n \n \n(42,015\n) \n \n \n(850\n) \n \n \n3,213\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives\n\n \n \n16,267\n \n \n \n— \n \n \n \n16,267\n\n(5)\n \n \n \n(12,793\n) \n \n \n(1,579\n) \n \n \n1,894\n \n\nPayables under repurchase agreements\n\n \n \n38,395\n \n \n \n— \n \n \n \n38,395\n\n(6)\n \n \n \n(37,550\n) \n \n \n— \n \n \n \n845\n \n\nPayables under securities lending transactions\n\n \n \n1,675\n \n \n \n— \n \n \n \n1,675\n\n(7)\n \n \n \n(1,585\n) \n \n \n— \n \n \n \n89\n \n\nOther liabilities\n(8)\n\n \n \n125\n \n \n \n— \n \n \n \n125\n \n \n \n(125\n) \n \n \n— \n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n56,461\n \n \n \n     — \n \n \n \n56,461\n \n \n \n(52,054\n) \n \n \n(1,579\n) \n \n \n2,828\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-\n104\n\nMIZUHO FINANCIAL GROUP, INC. AND\nSUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n \n\nGross amounts\n\nrecognized\n\n \n \n\nGross amounts\n\noffset on the\n\nbalance sheet\n\n \n \n\nNet amounts\n\npresented on the\nbalance sheet\n(2)\n\n \n \n\nAmounts not offset on\n\nthe balance sheet\n(3)\n\n \n \n\nNet\n\namounts\n\n \n\n \n \n\nFinancial\n\ninstruments\n(4)\n\n \n \n\nCash\n\ncollateral\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n(in billions of yen)\n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\nAssets\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives\n\n \n \n23,782\n \n \n \n— \n \n \n \n23,782\n\n(5)\n \n \n \n(20,421\n)\n \n \n(1,480\n)\n \n \n1,880\n \n\nReceivables under resale agreements\n\n \n \n30,572\n \n \n \n— \n \n \n \n30,572\n\n(6)\n \n \n \n(28,729\n)\n \n \n— \n \n \n \n1,843\n \n\nReceivables under securities borrowing transactions\n\n \n \n1,761\n \n \n \n— \n \n \n \n1,761\n\n(7)\n \n \n \n(1,740\n)\n \n \n— \n \n \n \n20\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n56,114\n \n \n \n— \n \n \n \n56,114\n \n \n \n(50,890\n)\n \n \n(1,480\n)\n \n \n3,744\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nLiabilities\n(1)\n:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivatives\n\n \n \n24,205\n \n \n \n— \n \n \n \n24,205\n\n(5)\n \n \n \n(19,600\n)\n \n \n(1,991\n)\n \n \n2,614\n \n\nPayables under repurchase agreements\n\n \n \n37,732\n \n \n \n— \n \n \n \n37,732\n\n(6)\n \n \n \n(35,906\n)\n \n \n— \n \n \n \n1,826\n \n\nPayables under securities lending transactions\n\n \n \n2,067\n \n \n \n— \n \n \n \n2,067\n\n(7)\n \n \n \n(1,950\n)\n \n \n— \n \n \n \n117\n \n\nOther liabilities\n(8)\n\n \n \n77\n \n \n \n— \n \n \n \n77\n \n \n \n(77\n)\n \n \n— \n \n \n \n— \n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nTotal\n\n \n \n64,081\n \n \n \n     — \n \n \n \n64,081\n \n \n \n(57,533\n)\n \n \n(1,991\n)\n \n \n4,558\n \n\n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nNotes:\n\n(1)\n\nAmounts relating to master netting arrangements or similar agreements where the MHFG Group does not have the legal right of\nset-off\nor where uncertainty exists as to the enforceability of these agreements are excluded. For derivatives, the table includes amounts relating to\n\nover-the-counter\n\n(“OTC”) and\nOTC-cleared\nderivatives that are subject to enforceable master netting arrangements or similar agreements.\n\n(2)\n\nDerivative assets and liabilities are recorded in Trading account assets and Trading account liabilities, respectively.\n\n(3)\n\nAmounts do not exceed the net amounts presented on the balance sheet and do not include the effect of overcollateralization, where it exists.\n\n(4)\n\nFor derivatives, amounts include derivative assets or liabilities and securities collateral that are eligible for offsetting under enforceable master netting arrangements or similar agreements.\n\n(5)\n\nThe amounts of derivative assets and liabilities subject to enforceable master netting arrangements or similar agreements were ¥15,324 billion and ¥15,722\n \nbillion, respectively, at March 31, 2025, and ¥23,448\n \nbillion and ¥23,745\n \nbillion, respectively, at March 31, 2026.\n\n(6)\n\nThe amounts of Receivables under resale agreements and Payables under repurchase agreements subject to enforceable industry standard master repurchase agreements with netting terms were ¥26,995\n \nbillion and ¥37,646\n \nbillion, respectively, at March 31, 2025, and ¥29,092\n \nbillion and ¥36,715\n \nbillion, respectively, at March 31, 2026.\n\n(7)\n\nThe amounts of Receivables under securities borrowing transactions and Payables under securities lending transactions subject to enforceable industry standard master lending agreements with netting terms were ¥2,078 billion and ¥1,602 billion, respectively, at March 31, 2025, and ¥1,761\n \nbillion and ¥1,968\n \nbillion, respectively, at March 31, 2026.\n\n(8)\n\nAmounts relate to transactions where the Group acts as lender in a securities lending agreement and receives securities that can be sold or pledged as collateral. In these transactions, the Group recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Other liabilities.\n\n \n\nF-\n105\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n28. Repurchase agreements and securities lending transactions accounted for as secured borrowings\n\nThe following table shows the gross amounts of liabilities associated with repurchase agreements and securities lending transactions, by remaining contractual maturity at March 31, 2025 and 2026:\n\n \n\n \n  \n\nOvernight and\n\ncontinuous\n\n \n  \n\nUp to 30 days\n\n \n  \n\n31-90 days\n\n \n  \n\nGreater than\n\n90 days\n\n \n  \n\nTotal\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\n2025\n\n  \n\n  \n\n  \n\n  \n\n  \n\nRepurchase agreements\n\n  \n \n16,755\n \n  \n \n17,725\n \n  \n \n1,986\n \n  \n \n1,929\n \n  \n \n38,395\n \n\nSecurities lending transactions\n\n  \n \n1,303\n \n  \n \n302\n \n  \n \n— \n \n  \n \n70\n \n  \n \n1,675\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n18,058\n \n  \n \n18,027\n \n  \n \n1,986\n \n  \n \n1,999\n \n  \n \n40,070\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n2026\n\n  \n\n  \n\n  \n\n  \n\n  \n\nRepurchase agreements\n\n  \n \n20,073\n \n  \n \n14,076\n \n  \n \n1,923\n \n  \n \n1,659\n \n  \n \n37,732\n \n\nSecurities lending transactions\n\n  \n \n1,771\n \n  \n \n198\n \n  \n \n— \n \n  \n \n99\n \n  \n \n2,067\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n21,844\n \n  \n \n14,274\n \n  \n \n1,923\n \n  \n \n1,758\n \n  \n \n39,799\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nThe following table shows the gross amounts of liabilities associated with repurchase agreements and securities lending transactions, by class of underlying collateral at March 31, 2025 and 2026:\n\n \n\n \n  \n\nRepurchase\n\nagreements\n\n \n  \n\nSecurities lending\n\ntransactions\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\n2025\n\n  \n\n  \n\nJapanese government bonds and Japanese local government bonds\n\n  \n \n6,556\n \n  \n \n77\n \n\nForeign government bonds and foreign agency mortgage-backed securities\n\n  \n \n29,467\n \n  \n \n302\n \n\nCommercial paper and corporate bonds\n\n  \n \n734\n \n  \n \n— \n \n\nEquity securities\n\n  \n \n902\n \n  \n \n1,296\n \n\nOther\n\n  \n \n736\n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n(Note)\n\n  \n \n38,395\n \n  \n \n1,675\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n2026\n\n  \n\n  \n\nJapanese government bonds and Japanese local government bonds\n\n  \n \n6,276\n \n  \n \n15\n \n\nForeign government bonds and foreign agency mortgage-backed securities\n\n  \n \n27,984\n \n  \n \n252\n \n\nCommercial paper and corporate bonds\n\n  \n \n835\n \n  \n \n— \n \n\nEquity securities\n\n  \n \n989\n \n  \n \n1,801\n \n\nOther\n\n  \n \n1,648\n \n  \n \n— \n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n(Note)\n\n  \n \n37,732\n \n  \n \n2,067\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nThe above table does not include\n\nsecurities-for-securities\n\nlending transactions of ¥125 billion at March 31, 2025 and ¥\n77\n\n \nbillion at March 31, 2026, where the MHFG Group acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Group recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Other liabilities.\n\nThe MHFG Group is required to post securities as collateral with a fair value equal to or in excess of the principal amount of the cash borrowed under repurchase agreements. For securities lending transactions, the Group receives collateral in the form of cash. These contracts involve risks, including (1) the counterparty may\n\n \n\nF-10\n6\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nfail to return the securities at maturity and (2) the fair value of the securities posted may decline below the amount of the Group’s obligation and therefore the counterparty may require additional amounts. The Group attempts to mitigate these risks by entering into transactions mainly with central counterparty clearing houses which revalue assets and perform margin maintenance activities on a regular basis, diversifying the maturities and counterparties, and using mainly highly liquid securities.\n\n29. Related party transactions\n\nThe banking subsidiaries of MHFG make loans to the MHFG Group’s directors, executive officers, and other related parties. At March 31, 2025 and 2026, the aggregate loans to the Group’s equity method investees amounted to ¥1,045 billion and ¥1,030 billion, respectively, and outstanding loans to the Group’s directors, executive officers, and other related parties were not considered significant. There were no loans to related parties that were considered nonaccrual. During the fiscal years ended March 31, 2025 and 2026, certain subsidiaries of MHFG partially withdrew assets from employee retirement benefit trusts, which were established for the payment of employees’ severance pay and retirement pensions. See Note 20 “Pension and other employee benefit plans” for further details. In addition, the other transactions with the related parties excluding loan transactions and partial withdrawal of assets from employee retirement benefit trusts, are considered immaterial.\n\nSummarized Financial Information of the MHFG Group’s Equity Method Investees\n\nSummarized financial information of the MHFG Group’s equity method investees as of March 31, 2025 and 2026, and for each of the fiscal years ended March 31, 2024, 2025 and 2026, is as follows:\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nLoans\n\n  \n \n6,978\n \n  \n \n7,049\n \n\nTotal assets\n\n  \n \n26,562\n \n  \n \n26,779\n \n\nDeposits\n\n  \n \n700\n \n  \n \n569\n \n\nTotal liabilities\n\n  \n \n22,003\n \n  \n \n21,548\n \n\nTotal equity\n\n  \n \n4,559\n \n  \n \n5,231\n \n\nNoncontrolling interests\n\n  \n \n26\n \n  \n \n34\n \n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nTotal interest and dividend income\n\n  \n \n   958\n \n  \n \n   962\n \n  \n \n1,019\n \n\nTotal interest expense\n\n  \n \n384\n \n  \n \n323\n \n  \n \n380\n \n\nProvision (credit) for credit losses\n\n  \n \n83\n \n  \n \n83\n \n  \n \n70\n \n\nNet interest income after provision (credit) for credit losses\n\n  \n \n490\n \n  \n \n556\n \n  \n \n569\n \n\nIncome before income tax expense\n\n  \n \n394\n \n  \n \n474\n \n  \n \n545\n \n\nNet income\n\n  \n \n298\n \n  \n \n354\n \n  \n \n407\n \n\n30. Business segment\ninformation\n\nThe MHFG Group consists of the following five\nin-house\ncompanies which are categorized based on a customer segment: the Retail & Business Banking Company (“RBC”); the Corporate & Investment Banking Company (“CIBC”); the Global Corporate & Investment Banking Company (“GCIBC”); the Global Markets Company (“GMC”); and the Asset Management Company (“AMC”). These customer segments are regarded as operating segments and constitute reportable segments, and they reflect the manner in which our financial information is\n\n \n\nF-10\n7\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nevaluated by the Group’s Executive Management Committee, whose members act collectively as the Group’s chief operating decision maker (“CODM”).\n\nThe services that each\nin-house\ncompany provides are as follows.\n\nRBC\n\nThis company provides financial services for individual customers, small and\nmedium-sized\nenterprises and middle market firms in Japan.\n\nCIBC\n\nThis company provides financial services for large corporations, financial institutions and public corporations in Japan.\n\nGCIBC\n\nThis company provides financial services for Japanese overseas affiliated corporate customers and\nnon-Japanese\ncorporate customers.\n\nGMC\n\nThis company invests in financial products with market risk, such as interest rate risk, equity risk, and credit risk.\n\nAMC\n\nThis company develops financial products and provides financial services that match the asset management needs of its wide range of customers from individuals to institutional investors.\n\n \n\nF-10\n8\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nThe reportable segment information, set forth below, is derived from the internal management reporting systems used by the CODM to assess the performance of the Group’s operating segments. The CODM assesses the performance of each of the operating segments in accordance with internal managerial accounting rules and practices. The CODM’s review of the reported measures of reportable segments includes evaluation of segment profitability and assessment of actual results compared to the budget. These measures are regularly provided to the CODM and are a component of a multifaceted decision-making process regarding segment performance as well as resource and capital allocation. In addition, the format and information are presented primarily on the basis of Japanese GAAP. Therefore, they are not consistent with the consolidated financial statements prepared in accordance with U.S. GAAP. A reconciliation is provided for the total amount of all business segments’ “Net business profits (losses) + Net gains (losses) related to ETFs and others” with income before income tax expense under U.S. GAAP, and the total amount of all business segments’ “Fixed assets” with the total amount of Premises and equipment—net, Goodwill, Intangible assets, and\n\nright-of-use\n\nassets related to operating leases\nincluded\nin Other assets reported under U.S. GAAP. “Fixed assets” pertaining to MHBK, MHTB, and MHSC have been allocated to each segment.\n\n \n\n \n  \n\nMHFG (Consolidated)\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n2024\n(1)\n\n  \n\nRBC\n\n \n  \n\nCIBC\n\n \n  \n\nGCIBC\n\n \n  \n\nGMC\n\n \n  \n\nAMC\n\n \n  \n\nOthers\n(6)\n\n \n  \n\nTotal\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nGross profits + Net gains (losses) related to ETFs and others\n(2)\n\n  \n \n 749.2\n \n  \n \n 556.3\n \n  \n \n 754.4\n \n  \n \n 452.7\n \n  \n \n 57.2\n \n  \n \n102.3\n \n  \n \n2,672.2\n \n\nGeneral and administrative expenses\n(3)\n\n  \n \n651.5\n \n  \n \n218.1\n \n  \n \n390.1\n \n  \n \n320.3\n \n  \n \n36.1\n \n  \n \n65.5\n \n  \n \n1,681.9\n \n\nEquity in earnings (losses) of equity method investees—net\n\n  \n \n6.9\n \n  \n \n7.6\n \n  \n \n24.1\n \n  \n \n—\n \n  \n \n(13.9\n)\n \n\n  \n \n1.4\n \n  \n \n26.2\n \n\nAmortization of goodwill and others\n\n  \n \n—\n \n  \n \n0.8\n \n  \n \n2.5\n \n  \n \n—\n \n  \n \n6.4\n \n  \n \n0.8\n \n  \n \n10.7\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet business profits (losses)\n(4)\n+ Net gains (losses) related to ETFs and others\n\n  \n \n104.5\n \n  \n \n344.9\n \n  \n \n385.8\n \n  \n \n132.3\n \n  \n \n0.6\n \n  \n \n37.3\n \n  \n \n1,005.8\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nFixed assets\n(5)\n\n  \n \n533.7\n \n  \n \n157.1\n \n  \n \n197.9\n \n  \n \n90.3\n \n  \n \n—\n \n  \n \n885.4\n \n  \n \n1,864.6\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\n \n  \n\nMHFG (Consolidated)\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n2025\n(1)\n\n  \n\nRBC\n\n \n  \n\nCIBC\n\n \n  \n\nGCIBC\n\n \n  \n\nGMC\n\n \n  \n\nAMC\n\n \n  \n\nOthers\n(6)\n\n \n  \n\nTotal\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nGross profits + Net gains (losses) related to ETFs and others\n(2)\n\n  \n \n\n 832.1\n\n \n\n  \n\n \n\n 636.7\n\n \n\n  \n\n \n\n 809.3\n\n \n\n  \n\n \n\n 508.6\n\n \n\n  \n\n \n\n 59.8\n\n \n\n  \n\n \n\n 118.9\n\n \n\n  \n\n \n\n2,965.6\n\n \n\nGeneral and administrative expenses\n(3)\n\n  \n \n\n702.3\n\n \n\n  \n\n \n\n239.6\n\n \n\n  \n\n \n\n463.3\n\n \n\n  \n\n \n\n351.7\n\n \n\n  \n\n \n\n38.5\n\n \n\n  \n\n \n\n58.9\n\n \n\n  \n\n \n\n1,854.5\n\n \n\nEquity in earnings (losses) of equity method investees—net\n\n  \n \n\n10.4\n\n \n\n  \n\n \n\n9.6\n\n \n\n  \n\n \n\n25.4\n\n \n\n  \n\n \n\n— \n\n \n\n  \n\n \n\n(3.3\n\n)\n \n\n  \n\n \n\n4.4\n\n \n\n  \n\n \n\n46.7\n\n \n\nAmortization of goodwill and others\n\n  \n \n\n— \n\n \n\n  \n\n \n\n0.8\n\n \n\n  \n\n \n\n6.0\n\n \n\n  \n\n \n\n— \n\n \n\n  \n\n \n\n6.1\n\n \n\n  \n\n \n\n0.6\n\n \n\n  \n\n \n\n13.6\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nNet business profits (losses)\n(4)\n+ Net gains (losses) related to ETFs and others\n\n  \n \n\n140.3\n\n \n\n  \n\n \n\n405.9\n\n \n\n  \n\n \n\n365.3\n\n \n\n  \n\n \n\n156.8\n\n \n\n  \n\n \n\n11.8\n\n \n\n  \n\n \n\n63.8\n\n \n\n  \n\n \n\n1,144.2\n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\n  \n\n \n\n \n\n \n\nFixed assets\n(5)\n\n  \n \n\n603.7\n\n \n\n  \n\n \n\n171.7\n\n \n\n  \n\n \n\n224.4\n\n \n\n  \n\n \n\n101.1\n\n \n\n  \n\n \n\n— \n\n \n\n  \n\n \n\n830.3\n\n \n\n  \n\n \n\n1,931.4\n\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-10\n9\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n\nMHFG (Consolidated)\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n  \n \n \n\n2026\n(1)\n\n  \n\nRBC\n\n \n  \n\nCIBC\n\n \n  \n\nGCIBC\n\n \n  \n\nGMC\n\n \n  \n\nAMC\n\n \n  \n\nOthers\n(6)\n\n \n  \n\nTotal\n\n \n\n \n  \n\n(in billions of yen)\n\n \n\nGross profits + Net gains (losses) related to ETFs and others\n(2)\n\n  \n \n984.6\n \n  \n \n739.2\n \n  \n \n856.9\n \n  \n \n664.8\n \n  \n \n73.5\n \n  \n \n196.4\n \n  \n \n3,515.6\n \n\nGeneral and administrative expenses\n(3)\n\n  \n \n756.6\n \n  \n \n250.5\n \n  \n \n510.6\n \n  \n \n404.9\n \n  \n \n46.2\n \n  \n \n122.5\n \n  \n \n2,091.7\n \n\nEquity in earnings (losses) of equity method investees—net\n\n  \n \n11.7\n \n  \n \n11.9\n \n  \n \n26.8\n \n  \n \n— \n \n  \n \n(1.8\n)\n \n\n  \n \n3.7\n \n  \n \n52.2\n \n\nAmortization of goodwill and others\n\n  \n \n2.1\n \n  \n \n0.8\n \n  \n \n5.3\n \n  \n \n— \n \n  \n \n5.7\n \n  \n \n1.0\n \n  \n \n15.0\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet business profits (losses)\n(4)\n+ Net gains (losses) related to ETFs and others\n\n  \n \n237.5\n \n  \n \n499.7\n \n  \n \n367.7\n \n  \n \n259.9\n \n  \n \n19.6\n \n  \n \n76.4\n \n  \n \n1,461.1\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nFixed assets\n(5)\n\n  \n \n  648.9\n \n  \n \n173.8\n \n  \n \n235.3\n \n  \n \n102.4\n \n  \n \n— \n \n  \n \n859.1\n \n  \n \n2,019.6\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNotes:    \n\n(1)\n\nIncome and expenses of foreign branches of MHBK and foreign subsidiaries with functional currencies other than Japanese Yen have been translated for purposes of segment reporting using the budgeted foreign currency rates. Prior period comparative amounts for such foreign currency income and expenses have been translated using current period budgeted foreign currency rates.\n\n(2)\n\n“Gross profits + Net gains (losses) related to ETFs and others” is reported instead of sales reported by general corporations. Gross profits is defined as the sum of net interest income, fiduciary income, net fee and commission income, net trading income and net other operating income. Net gains (losses) related to ETFs and others consist of net gains (losses) on ETFs held by MHBK and MHTB on their\nnon-consolidated\nbasis and net gains (losses) on operating investment securities of MHSC on its consolidated basis. For the fiscal years ended March 31, 2024, 2025 and 2026, net gains (losses) related to ETFs and others amounted to ¥(31.0) billion, ¥45.2 billion and ¥38.3 billion, respectively, of which ¥(37.0) billion, ¥37.0 billion and ¥30.8 billion are included in GMC, respectively.\n\n(3)\n\n“General and administrative expenses” excludes\nnon-allocated\ngains (losses), net, which primarily includes personnel expenses, depreciation expenses, and occupancy expenses. When the CODM assesses segment performance and decides how to allocate resources, these expenses are regularly provided to the CODM in an aggregated form as “General and administrative expenses” and may be used, for example, to evaluate the expense ratio against segment profits and to compare them with the budgeted expense information.\n\n(4)\n\nNet business profits (losses) is used in Japan as a measure of the profitability of core banking operations, and is defined as gross profits (as defined above) less general and administrative expenses (excluding\nnon-allocated\ngains (losses), net) plus equity in earnings (losses) of equity method investees—net less amortization of goodwill and others. Measurement of net business profits (losses) is required for regulatory reporting to the Financial Services Agency of Japan.\n\n(5)\n\n“Fixed assets” is presented based on Japanese GAAP and corresponds to the total amount of the following U.S. GAAP accounts: Premises and equipment—net; Goodwill; Intangible assets; and\n\nright-of-use\n\nassets related to operating leases included in Other assets. The above table does not include other asset amounts because “Fixed assets” is the only balance sheet measure that the CODM uses when evaluating and making decisions pertaining to the operating segments. “Others” in “Fixed assets” includes assets of headquarters that have not been allocated to each segment, “Fixed assets” pertaining to consolidated subsidiaries that are not subject to allocation, consolidating adjustments and others. Certain “Fixed assets” expenses have been allocated to each segment using reasonable allocation criteria.\n\n(6)\n\n“Others” includes the following items:\n\n \n•\n \n\nprofits and expenses pertaining to consolidated subsidiaries that are not subject to allocation;\n\n \n•\n \n\nconsolidating adjustments, including elimination of internal transaction between each segment;\n\n \n\nF-1\n10\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n•\n \n\nequity in earnings (losses) of equity method investees—net that are not subject to allocation; and\n\n \n•\n \n\nprofits and losses pertaining to derivative transactions that reflect the counterparty risk of the individual parties and other factors in determining fair market value.\n\nReconciliation\n\nAs explained above, the measurement bases of the internal management reporting systems and the income and expenses items included are different from the accompanying consolidated statements of income. Therefore, it is impracticable to present reconciliations of all the business segment’s information, other than net business profits (losses), to the corresponding items in the accompanying consolidated statements of income. A reconciliation of “Net business profits (losses) + Net gains (losses) related to ETFs and others” for the fiscal years ended March 31, 2024, 2025 and 2026 presented above to income before income tax expense shown on the consolidated statements of income and a reconciliation of “Fixed assets” at March 31, 2024, 2025 and 2026 to the total amount of Premises and equipment—net, Goodwill, Intangible assets, and\n\nright-of-use\n\nassets related to operating leases included in Other assets are as follows:\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n \n \n \n \n \n \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nNet business profits (losses) + Net gains (losses) related to ETFs and others\n\n  \n \n1,005.8\n \n \n \n1,144.2\n \n \n \n1,461.1\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nAdjustment to reconcile management reporting to Japanese GAAP:\n\n  \n\n \n\n \n\nGeneral and administrative expenses:\nnon-allocated\ngains (losses), net\n\n  \n \n28.6\n \n \n \n27.5\n \n \n \n3.3\n \n\nExpenses related to portfolio problems (including reversal of (provision for) general reserve for losses on loans)\n\n  \n \n(114.0\n) \n \n \n(62.1\n) \n \n \n(142.1\n)\n\nGains on reversal of reserves for possible losses on loans, and others\n\n  \n \n7.6\n \n \n \n10.5\n \n \n \n9.1\n \n\nNet gains (losses) related to stocks—Net gains (losses) related to ETFs and others\n\n  \n \n54.7\n \n \n \n95.9\n \n \n \n286.8\n \n\nNet extraordinary gains (losses)\n\n  \n \n40.9\n \n \n \n21.9\n \n \n \n49.1\n \n\nOthers\n\n  \n \n(68.8\n) \n \n \n(47.9\n) \n \n \n(45.0\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nIncome before income tax expense under Japanese GAAP\n\n  \n \n955.0\n \n \n \n1,190.0\n \n \n \n1,622.2\n \n\nAdjustment to reconcile Japanese GAAP to U.S. GAAP:\n\n  \n\n \n\n \n\nDerivative financial instruments and hedging activities\n\n  \n \n50.5\n \n \n \n(243.2\n) \n \n \n(579.1\n)\n\nInvestments\n\n  \n \n571.7\n \n \n \n(147.4\n) \n \n \n695.6\n \n\nLoans\n\n  \n \n(8.8\n) \n \n \n(9.1\n) \n \n \n(8.4\n)\n\nAllowances for credit losses\n\n  \n \n25.3\n \n \n \n(73.5\n) \n \n \n(83.7\n)\n\nPremises and equipment\n\n  \n \n(55.1\n) \n \n \n(29.9\n) \n \n \n(38.3\n)\n\nLand revaluation\n\n  \n \n4.9\n \n \n \n39.0\n \n \n \n7.4\n \n\nBusiness combinations\n\n  \n \n10.8\n \n \n \n7.4\n \n \n \n10.5\n \n\nPension liabilities\n\n  \n \n(60.4\n) \n \n \n(20.7\n) \n \n \n(48.8\n)\n\nConsolidation of variable interest entities\n\n  \n \n211.2\n \n \n \n24.5\n \n \n \n212.4\n \n\nForeign currency translation\n\n  \n \n(83.2\n) \n \n \n10.5\n \n \n \n(94.3\n)\n\nOthers\n\n  \n \n0.9\n \n \n \n11.5\n \n \n \n(9.9\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nIncome before income tax expense under U.S. GAAP\n\n  \n \n1,623.1\n \n \n \n759.3\n \n \n \n1,685.6\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n \n\nF-1\n11\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n \n  \n\n2024\n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nFixed assets\n\n  \n \n1,864.6\n \n  \n \n1,931.4\n \n  \n \n2,019.6\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nU.S. GAAP adjustments\n(Note)\n\n  \n \n582.2\n \n  \n \n555.6\n \n  \n \n542.0\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nPremises and equipment—net, Goodwill, Intangible assets, and\n\nright-of-use\n\nassets related to operating leases included in Other assets\n\n  \n \n2,446.9\n \n  \n \n2,487.1\n \n  \n \n2,561.6\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNote:\n\nThe U.S. GAAP adjustments are primarily comprised of GAAP differences mainly from\n\nright-of-use\n\nassets related to operating leases not recognized under Japanese GAAP; internally developed software, which was impaired under Japanese GAAP; land, which was revalued under Japanese GAAP; and the consolidation of certain variable interest entities, which are not consolidated under Japanese GAAP.    \n\n \n\nF-1\n12\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n31. Foreign activities\n\nThe following table presents consolidated income statement and total assets information by major geographic area. Foreign activities are defined as business transactions that involve customers residing outside of Japan. However, as the MHFG Group’s operations are highly integrated globally, estimates and assumptions have been made for an allocation among the geographic areas.\n\n \n\n \n  \n \n \n \n\nAmericas\n\n \n \n \n \n \n \n \n  \n \n \n\n \n  \n\nJapan\n\n \n \n\nUnited\n\nStates of\n\nAmerica\n\n \n  \n\nOthers\n\n \n \n\nEurope\n\n \n \n\nAsia/\n\nOceania\n\nexcluding\n\nJapan,\n\nand others\n\n \n  \n\nTotal\n\n \n\n \n  \n \n \n \n \n \n  \n \n \n \n \n \n \n \n \n  \n \n \n\n \n  \n \n \n \n \n \n  \n \n \n \n \n \n \n \n \n  \n \n \n\n \n  \n\n(in billions of yen)\n\n \n\nFiscal year ended March 31, 2024:\n\n  \n\n \n\n  \n\n \n\n \n\n  \n\nTotal revenue\n(1)\n\n  \n \n2,827.1\n \n \n \n3,584.4\n \n  \n \n198.5\n \n \n \n803.7\n \n \n \n1,097.1\n \n  \n \n8,510.7\n \n\nTotal expenses\n(2)\n\n  \n \n2,171.8\n \n \n \n2,978.7\n \n  \n \n191.6\n \n \n \n817.1\n \n \n \n728.4\n \n  \n \n6,887.6\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome (loss) before income tax expense\n\n  \n \n655.3\n \n \n \n605.6\n \n  \n \n6.8\n \n \n \n(13.3\n) \n \n \n368.6\n \n  \n \n1,623.1\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income (loss)\n\n  \n \n449.0\n \n \n \n491.1\n \n  \n \n(1.6\n) \n \n \n(50.0\n) \n \n \n309.5\n \n  \n \n1,198.0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets at end of fiscal year\n\n  \n \n170,063.8\n \n \n \n57,036.0\n \n  \n \n4,483.0\n \n \n \n19,142.1\n \n \n \n21,448.2\n \n  \n \n272,173.2\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nFiscal year ended March 31, 2025:\n\n  \n\n \n\n  \n\n \n\n \n\n  \n\nTotal revenue\n(1)\n\n  \n \n2,151.3\n \n \n \n3,724.5\n \n  \n \n246.9\n \n \n \n840.6\n \n \n \n1,206.6\n \n  \n \n8,169.9\n \n\nTotal expenses\n(2)\n\n  \n \n2,681.2\n \n \n \n2,701.8\n \n  \n \n297.0\n \n \n \n902.2\n \n \n \n828.4\n \n  \n \n7,410.6\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome (loss) before income tax expense (benefit)\n\n  \n \n(529.9\n) \n \n \n1,022.7\n \n  \n \n(50.1\n) \n \n \n(61.6\n) \n \n \n378.2\n \n  \n \n759.3\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income (loss)\n\n  \n \n(521.5\n) \n \n \n926.3\n \n  \n \n(59.0\n) \n \n \n(91.1\n) \n \n \n305.1\n \n  \n \n559.8\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets at end of fiscal year\n\n  \n \n171,683.9\n \n \n \n58,654.1\n \n  \n \n3,990.2\n \n \n \n19,835.4\n \n \n \n22,577.7\n \n  \n \n276,741.2\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nFiscal year ended March 31, 2026:\n\n  \n\n \n\n  \n\n \n\n \n\n  \n\nTotal revenue\n(1)\n\n  \n \n3,467.9\n \n \n \n3,299.5\n \n  \n \n226.2\n \n \n \n795.6\n \n \n \n1,005.3\n \n  \n \n8,794.5\n \n\nTotal expenses\n(2)\n\n  \n \n3,226.2\n \n \n \n2,110.3\n \n  \n \n211.8\n \n \n \n793.6\n \n \n \n767.1\n \n  \n \n7,108.9\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome before income tax expense\n\n  \n \n241.8\n \n \n \n1,189.2\n \n  \n \n14.4\n \n \n \n2.1\n \n \n \n238.2\n \n  \n \n1,685.6\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income (loss)\n\n  \n \n62.1\n \n \n \n1,112.3\n \n  \n \n5.5\n \n \n \n(25.9\n)\n \n \n172.0\n \n  \n \n1,326.0\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal assets at end of fiscal year\n\n  \n \n175,801.6\n \n \n \n64,059.6\n \n  \n \n5,035.8\n \n \n \n23,341.1\n \n \n \n26,657.6\n \n  \n \n294,895.7\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nNotes:    \n\n(1)\n\nTotal revenue is comprised of Interest and dividend income and Noninterest income.    \n\n(2)\n\nTotal expenses are comprised of Interest expense, Provision (credit) for credit losses and Noninterest expenses. \n\n \n\nF-1\n13\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\n32. Mizuho Financial Group, Inc., parent company\n\nThe following tables present the parent company only financial information of MHFG:\n\nCondensed balance sheets\n\n \n\n \n  \n\n2025\n\n \n  \n\n2026\n\n \n\n \n  \n \n \n  \n \n \n\n \n  \n\n(in millions of yen)\n\n \n\nAssets:\n\n  \n\n  \n\nCash and due from banking subsidiaries\n\n  \n \n35,683\n \n  \n \n36,614\n \n\nInterest-bearing deposits in banking subsidiaries\n\n  \n \n440\n \n  \n \n410\n \n\nInvestments in subsidiaries and affiliated companies:\n\n  \n\n  \n\nBanking subsidiaries\n\n  \n \n8,460,561\n \n  \n \n9,283,191\n \n\nNon-banking\nsubsidiaries and affiliated companies\n\n  \n \n1,452,849\n \n  \n \n1,655,189\n \n\nLong-term loans receivable from subsidiaries:\n\n  \n\n  \n\nA banking subsidiary\n\n  \n \n9,949,664\n \n  \n \n11,528,769\n \n\nA\nnon-banking\nsubsidiary\n\n  \n \n514,000\n \n  \n \n544,000\n \n\nOther assets\n\n  \n \n525,732\n \n  \n \n524,333\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n20,938,928\n \n  \n \n23,572,507\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nLiabilities and shareholders’ equity:\n\n  \n\n  \n\nShort-term borrowings from a banking subsidiary\n\n  \n \n530,000\n \n  \n \n815,000\n \n\nLong-term debt\n\n  \n \n9,921,424\n \n  \n \n11,473,541\n \n\nOther liabilities\n\n  \n \n422,489\n \n  \n \n424,333\n \n\nShareholders’ equity\n\n  \n \n10,065,015\n \n  \n \n10,859,633\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n20,938,928\n \n  \n \n23,572,507\n \n\n  \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-1\n14\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nCondensed statements of income\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n  \n\n2026 \n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nIncome:\n\n  \n\n \n\n  \n\nDividends from subsidiaries and affiliated companies:\n\n  \n\n \n\n  \n\nBanking subsidiaries\n\n  \n \n547,487\n \n \n \n527,035\n \n  \n \n538,058\n \n\nNon-banking\nsubsidiaries and affiliated companies\n\n  \n \n11,826\n \n \n \n10,466\n \n  \n \n31,838\n \n\nManagement fees from subsidiaries\n\n  \n \n51,770\n \n \n \n56,745\n \n  \n \n58,247\n \n\nInterest income on loans and discounts\n\n  \n \n232,272\n \n \n \n269,329\n \n  \n \n319,574\n \n\nOther income\n\n  \n \n4,444\n \n \n \n13,579\n \n  \n \n29,805\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n847,800\n \n \n \n877,154\n \n  \n \n977,522\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nExpenses:\n\n  \n\n \n\n  \n\nOperating expenses\n\n  \n \n60,037\n \n \n \n65,673\n \n  \n \n69,651\n \n\nInterest expense\n\n  \n \n230,780\n \n \n \n267,294\n \n  \n \n318,464\n \n\nOther expense\n\n  \n \n11,286\n \n \n \n4,076\n \n  \n \n3,457\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nTotal\n\n  \n \n302,103\n \n \n \n337,043\n \n  \n \n391,572\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nEquity in undistributed net income of subsidiaries and affiliated companies—net\n\n  \n \n365,266\n \n \n \n53,548\n \n  \n \n567,966\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nIncome before income tax expense (benefit)\n\n  \n \n910,964\n \n \n \n593,660\n \n  \n \n1,153,917\n \n\nIncome tax expense (benefit)\n\n  \n \n(1,509\n) \n \n \n267\n \n  \n \n(4,114\n)\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\nNet income\n\n  \n \n912,473\n \n \n \n593,393\n \n  \n \n1,158,031\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n  \n\n \n\n \n\n \n\n \n\nF-1\n15\n\nMIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)\n\n \n\nCondensed statements of cash flows\n\n \n\n \n  \n\n2024\n\n \n \n\n2025\n\n \n \n\n2026\n\n \n\n \n  \n\n(in millions of yen)\n\n \n\nCash flows from operating activities:\n\n  \n\n \n\n \n\nNet income\n\n  \n \n912,473\n \n \n \n593,393\n \n \n \n1,158,031\n \n\nAdjustments and other\n\n  \n \n(421,191\n) \n \n \n61,316\n \n \n \n(587,254\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by operating activities\n\n  \n \n491,282\n \n \n \n654,709\n \n \n \n570,776\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from investing activities:\n\n  \n\n \n\n \n\nPurchases of Equity securities\n\n  \n \n— \n \n \n \n(167,188\n) \n \n \n— \n \n\nProceeds from sales of Equity securities\n\n  \n \n— \n \n \n \n167,188\n \n \n \n1\n \n\nNet change in loans\n\n  \n \n(130,719\n) \n \n \n(543,376\n) \n \n \n(974,616\n)\n\nPurchases of investments in subsidiaries and affiliated companies\n\n  \n \n(91,200\n) \n \n \n(65,212\n) \n \n \n(50,888\n)\n\nNet change in other investing activities\n\n  \n \n(9,983\n) \n \n \n(1,998\n) \n \n \n(4,651\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash used in investing activities\n\n  \n \n(231,902\n) \n \n \n(610,586\n) \n \n \n(1,030,153\n)\n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash flows from financing activities:\n\n  \n\n \n\n \n\nNet change in short-term borrowings\n\n  \n \n(179,000\n) \n \n \n(101,000\n) \n \n \n285,000\n \n\nProceeds from issuance of long-term debt\n\n  \n \n1,363,655\n \n \n \n1,342,656\n \n \n \n1,793,792\n \n\nRepayment of long-term debt\n\n  \n \n(1,232,936)\n \n \n \n(869,280\n) \n \n \n(849,176\n)\n\nPurchases of treasury stock\n\n  \n \n(2,478\n) \n \n \n(101,908\n) \n \n \n(402,628\n)\n\nDividends paid\n\n  \n \n(234,787\n) \n \n \n(304,426\n) \n \n \n(368,704\n)\n \n\nNet change in other financing activities\n\n  \n \n2,116\n \n \n \n2,132\n \n \n \n1,993\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet cash provided by (used in) financing activities\n\n  \n \n(283,431\n) \n \n \n(31,826\n) \n \n \n460,278\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nNet increase (decrease) in cash and cash equivalents\n\n  \n \n(24,050\n) \n \n \n12,298\n \n \n \n901\n \n\nCash and cash equivalents at beginning of fiscal year\n\n  \n \n47,875\n \n \n \n23,825\n \n \n \n36,123\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\nCash and cash equivalents at end of fiscal year\n\n  \n \n23,825\n \n \n \n36,123\n \n \n \n37,024\n \n\n  \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n\n33. Subsequent events\n\nCancellation of own shares\n\nOn April 22, 2026, MHFG has completed the cancellation of its own shares, as resolved by the Board of Directors at its meetings held on November 14, 2025 and February 2, 2026. The cancellation of its own shares was carried out to improve capital efficiency. The number of shares cancelled was 47,016,600 shares, equivalent to approximately 1.9% of the total number of shares issued prior to the cancellation.\n\nRepurchase and Cancellation of own shares\n\nAt the meeting of the Board of Directors of MHFG (“the Board”) held on May 15, 202\n6\n, MHFG resolved to repurchase its common stock through market purchases during the period from May 18, 2026, to August 31, 2026. The repurchase program allows for the acquisition of up to 25,000,000 shares, equivalent to approximately 1.0% of the total number of outstanding common shares (excluding treasury shares), for a total amount of up to ¥100 billion. On September 2\n4\n, 202\n\n6\n\n, MHFG will cancel all the repurchased shares in accordance with the resolution adopted by the Board on May 15, 202\n6\n. The shareholder return policy is to progressively increase dividends per share, while executing flexible and intermittent share buybacks. In accordance with this policy, the share buybacks were decided, based on our business results, capital adequacy, stock price and the opportunities for growth investment, using the total payout ratio of 50% or more as a guide.\n\n \n\nF-11\n6\n\nEXHIBIT INDEX\n\n \n\nExhibit\n\nNumber\n\n  \n\nDescription of Exhibits\n\n1.1\n  \n[Articles of Incorporation of Mizuho Financial Group, Inc., March 2, 2023 (English Translation)*](http://www.sec.gov/Archives/edgar/data/1335730/000119312523176656/d421865dex11.htm)\n\n1.2\n  \n[Regulations of the Board of Directors of Mizuho Financial Group, Inc., as amended on April 1, 2026 (English Translation)](d119090dex12.htm)\n\n1.3\n  \n[Share Handling Regulations of Mizuho Financial Group, Inc., dated September 1, 2022 (English Translation)*](http://www.sec.gov/Archives/edgar/data/1335730/000119312523176656/d421865dex13.htm)\n\n2.1\n  \n[Form of American Depositary Receipt**](http://www.sec.gov/Archives/edgar/data/1335730/000119312521206987/d130684dex21.htm)\n\n2.2\n  \n[Form of Deposit Agreement, amended and restated as of April 2, 2018, among the registrant, The Bank of New York Mellon as Depositary and all owners and holders from time to time of American Depositary Receipts issued thereunder***](http://www.sec.gov/Archives/edgar/data/1335730/000119312518211885/d524292dex22.htm)\n\n2.3\n  \n[Description of Our Shares of Common Stock and Preferred Stock—see “Item 10.B. Memorandum and Articles of Association.”](#txa119090_40)\n\n2.4\n  \n[Description of Our American Depositary Shares**](http://www.sec.gov/Archives/edgar/data/1335730/000119312521206987/d130684dex24.htm)\n\n8\n  \n[List of significant subsidiaries of Mizuho Financial Group, Inc.—see “Item 4.C. Information on the Company—Organizational Structure.”](#txa119090_13)\n\n11.1\n  \n[Code of Ethics for Financial Professionals of Mizuho Financial Group, Inc., as amended on February 10, 2026 (English Translation)](d119090dex111.htm)\n\n11.2\n  \n[Procedures for Controlling Insider Trading of Mizuho Financial Group, Inc., as amended on April 1, 2026 (English Translation)](d119090dex112.htm)\n\n11.3\n  \n[Regulations Pertaining to the Financial Transactions of Executives of Mizuho Financial Group, Inc., as amended on April 1, 2024 (English Translation)****](http://www.sec.gov/Archives/edgar/data/1335730/000119312524168491/d813285dex113.htm)\n\n11.4\n  \n[Regulations Pertaining to the Trading of Securities, Etc. of Outside Directors of Mizuho Financial Group, Inc., as amended on August 1, 2025 (English Translation)](d119090dex114.htm)\n\n12.1\n  \n[CEO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).](d119090dex121.htm)\n\n12.2\n  \n[CFO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).](d119090dex122.htm)\n\n13.1\n  \n[Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](d119090dex131.htm)\n\n15\n  \n[Consent of Independent Registered Public Accounting Firm](d119090dex15.htm)\n\n97\n  \n[Recovery Policy for Executive Compensation****](http://www.sec.gov/Archives/edgar/data/1335730/000119312524168491/d813285dex97.htm)\n\n101.INS\n  \nInline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\n\n101.SCH\n  \nInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\n\n104\n  \nThe cover page for the Company’s Annual Report on From 20-F for the year ended March 31, 2026 (formatted as Inline XBRL and contained in Exhibit 101)\n\n \n\n*\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on June 28, 2023.\n\n**\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on July 2, 2021.\n\n***\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on July 3, 2018, except Exhibit A thereto. For the latest Exhibit A, see Exhibit 2.1 to our annual report on Form 20-F (No. 001-33098) filed on July 2, 2021.\n\n****\n\nIncorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on June 26, 2024.\n\nSignature\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\n \n\nMIZUHO FINANCIAL GROUP, INC.\n\nBy:\n\n \n\n/s/ Masahiro Kihara\n\nName:\n\n \nMasahiro Kihara\n\nTitle:\n\n \nPresident & Group CEO\n\nJune 26, 2026"}