What this is
Whether The Pokémon Company’s ¥23.8bn one-off gain in the year to February 2026 was taxed normally: it appears so, at about 31–32%. Net profit without it would be about ¥104bn.
How it’s built
- Assume ordinary profit (¥149.5bn) was taxed at last year’s effective rate, 30.66%, or the 30.5% statutory rate.
- The rest of the year’s ¥53.3bn tax bill, about ¥7.4–7.7bn, is 31–32% of the gain.
- Net profit less the gain after that tax is about ¥103.6–103.9bn.
What we assumed
- Ordinary profit was taxed at the prior year’s rate.The rate has been steady at 30–33% for six years, so it is a fair baseline.
- All the leftover tax relates to the gain.A residual test; it is accurate only to about ±3 points.
- If the gain was from Niantic, cash after tax was about ¥17.1–17.5bn.That depends on the Niantic reading and an assumed cost of ¥0.78–1.16bn.
Sanity check
The test only rules out a tax-exempt receipt such as a dividend; it does not prove the gain was a share sale.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- FiledEffective tax rate series (法人税等 / 税引前), year to February 2021–year to February 2026
- FiledCross-check: tax-rate effect of equity income (ei × statutory / PBT) against printed, year to March 2026 (Apr 2025–Mar 2026)-4.44 percentage points
- FiledTPC parent-only series: 法人税等 (current + adjustment) year to February 2021–year to February 2026, year to February 2021–year to February 2026
- EstimateTax cross-check: is the year to February 2026 gain taxed at the full rate?, year to February 2026
- FiledRetained earnings of The Pokémon Company's Tokyo company at the end of February 2026¥414bn
Show the working
- Implied rate on gain: 31.2 to 32.2%
- R1 after tax cash from exit: ¥17,148–17,536m
- R1 after tax cash % of retained earnings: 4.1 to 4.2
- 53,282 − 149,529×0.3066 = 7,436 (31.2% of 23,809)
- 120,056 − (23,809 − 7,436) = 103,683
- 24,584 − 7,436 = 17,148
Where it’s used
Related figures
Built from this one