Toei Animation business profile: ownership, segments, and strategy
Toei Animation is one of Japan's largest animation studios, but its corporate structure and revenue model are wider than any single title.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Toei Animation is a Tokyo Stock Exchange-listed animation studio best known for One Piece, Dragon Ball, and Pretty Cure. Toei Company holds 33.7% of its shares and TV Asahi holds 19.6%, giving the two companies combined control. The studio operates four business segments: Film, Licensing, Sales of Goods, and Others. For the fiscal year ended March 2026, Licensing generated both the highest revenue at JPY 48.9 billion and the highest operating income at JPY 26.7 billion.
What Toei Animation is and who owns it
Toei Animation Co., Ltd. is a Japanese animation production and licensing company listed on the Tokyo Stock Exchange under code 4816. Its headquarters are in Nakano, Tokyo, and it traces its animation roots to 1948, with full-scale production beginning after Toei Company acquired the studio in 1956. The company is best known for long-running global franchises including One Piece, Dragon Ball, Sailor Moon, Digimon, and Pretty Cure.
Ownership is concentrated. According to Toei Animation's shareholder disclosure, Toei Company, Ltd. owns 70.8 million shares, or 33.7% of voting rights, and TV Asahi Corporation owns 41.3 million shares, or 19.6%. Together these two companies hold a majority of voting power, making Toei Animation effectively a controlled subsidiary within the Toei Group. Other listed holders include JP Morgan Chase Bank at 4.8%, Toei Video at 3.2%, Fuji Media Holdings at 3.1%, and Bandai Namco Holdings at 2.7%.
How Toei Animation makes money
Toei Animation reports revenue and operating income through four segments: Film, Licensing, Sales of Goods, and Others. Film covers the planning, production, and sale of animated television programs and theatrical films, plus home video, streaming rights, and related distribution. Licensing grants character rights for toys, games, apparel, stationery, and other merchandise, as well as media rights exploitation. Sales of Goods covers the development and sale of character merchandise, while Others includes events and live character shows.
The model is vertically integrated in production and rights ownership, but it is not vertically integrated in retail. Toei Animation produces animation, owns or controls the underlying character rights, and licenses those rights to third parties rather than running most retail channels itself. This structure means the same IP can generate revenue in multiple segments at once: a theatrical film builds awareness, Licensing collects royalties from merchandise, and Sales of Goods captures direct merchandise sales.
Where revenue and profit sit by segment
For the fiscal year ended March 2026, Licensing produced the highest revenue at JPY 48.9 billion, followed by Film at JPY 31.2 billion, Sales of Goods at JPY 7.9 billion, and Others at JPY 6.3 billion. The operating income ranking also puts Licensing on top: Licensing generated JPY 26.7 billion in operating income, while Film generated JPY 8.8 billion. Sales of Goods and Others contributed JPY 0.7 billion and JPY 0.4 billion respectively.
Licensing is therefore both the largest revenue segment and the profit engine. The margin gap reflects cost structure: theatrical and television production require heavy upfront investment, while licensing revenue tied to established franchises scales with comparatively lower incremental cost. This dynamic is visible in the segment margin table below.
Toei Animation segment results, fiscal year ended March 2026, in millions of JPY. Source: Toei Animation IR segment table and J-LiC securities filing summary.| Segment | Revenue | Operating income | Operating margin |
|---|
| Licensing | JPY 48,905M | JPY 26,720M | 54.6% |
| Film | JPY 31,151M | JPY 8,751M | 28.1% |
| Sales of Goods | JPY 7,923M | JPY 734M | 9.3% |
| Others | JPY 6,325M | JPY 356M | 5.6% |
Segment naming note: Toei Animation's English IR labels the fiscal year ended March 2026 as FY2025, while its Japanese filings label it 2026年3月期. The segment names used here follow the English IR labels: Film, Licensing, Sales of Goods, and Others.
Subsidiaries and global footprint
Toei Animation operates through a parent company in Japan plus overseas subsidiaries. The company's US subsidiary, Toei Animation Inc., handles program licensing and consumer product licensing across North America, Latin America, South Africa, Australia, and New Zealand. Toei Animation Europe S.A.S. in Paris covers Europe, the Middle East, Africa, and Eastern Europe. Toei Animation Enterprises Limited in Hong Kong serves as the Asia base, while Toei Animation Phils. in the Philippines handles key drawings, in-between animation, backgrounds, and CG.
Other group companies include TAVAC, a recording and editing studio, and Toei Animation Music Publishing, which produces music and manages music rights. The company also maintains a Shanghai representative office for China market intelligence. As of March 2025, Toei Animation's content library comprised 275 theatrical features and 244 television programs totaling 14,076 episodes.
Strategy and where Toei fits in anime
Toei Animation's strategy centers on long-running franchise IP rather than seasonal one-off productions. Its management principles state the aim to become a leader in creations that deliver dreams and hope to children worldwide, and to set the standard for digital image production. The company has also emphasized expanding overseas licensing and streaming distribution, with overseas subsidiaries handling rights across the Americas, Europe, and Asia.
This makes Toei Animation structurally different from smaller production studios that rely mainly on production fees. Because Toei owns or co-owns major IP and licenses it globally, it captures downstream value from merchandise, games, and streaming. The trade-off is that its fortunes are tied to a small number of blockbuster franchises. When those franchises perform, both Film and Licensing benefit; when they slow, the entire segment stack feels the effect.
Frequently asked questions
Who owns Toei Animation?
Toei Company owns 33.7% of Toei Animation's shares and TV Asahi owns 19.6%, giving them combined voting control. Other significant holders include JP Morgan Chase Bank, Toei Video, Fuji Media Holdings, and Bandai Namco Holdings.
What are Toei Animation's main business segments?
Toei Animation reports four segments: Film (animation production and distribution), Licensing (character and media rights), Sales of Goods (direct merchandise sales), and Others (events and live shows).
Which Toei Animation segment is most profitable?
Licensing is the most profitable segment. For the fiscal year ended March 2026, Licensing generated JPY 48.9 billion in revenue and JPY 26.7 billion in operating income, a 54.6% margin, compared with Film's 28.1% margin.
Does Toei Animation have overseas subsidiaries?
Yes. Toei Animation has subsidiaries in the United States, France, Hong Kong, and the Philippines, plus a representative office in Shanghai. The US subsidiary handles licensing for the Americas and other territories, while the Europe and Asia subsidiaries cover their respective regions.
Sources and methodology
- About Us, Toei Animation. Company overview, management principles, library size as of March 2025, and list of overseas subsidiaries and affiliates.
- Segment Information: Revenue, Toei Animation. English segment revenue table, FY2021 through FY2025. FY2025 equals the fiscal year ended March 2026.
- Major Shareholders, Toei Animation. Shareholder register showing Toei Company at 33.7% and TV Asahi at 19.6%, plus other top holders.
- Toei Animation segment information, J-LiC. Segment definitions translated from Toei Animation securities filings, plus FY2026 segment revenue and operating income.