Toho anime business profile: ownership, segments, and strategy
Toho is best known as a film distributor and Godzilla's home, but its IP and Anime segment is now a separately reported growth pillar.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Toho Co., Ltd. is a Tokyo Stock Exchange-listed entertainment group whose businesses include film, IP and anime, theater, and real estate. For the fiscal year ended February 28, 2026, consolidated operating revenue was JPY 360.7 billion and operating profit was JPY 67.9 billion. The company split out its anime and IP operations into a standalone reportable segment for the first time that year, with IP and Anime generating JPY 75.3 billion in revenue and JPY 17.3 billion in operating profit. Hankyu Hanshin Holdings is the largest shareholder at 13.6%.
What Toho is and who owns it
Toho Co., Ltd. is a Japanese entertainment company listed on the Tokyo Stock Exchange under securities code 9602. Founded in 1932 and headquartered in Chiyoda, Tokyo, it operates film production and distribution, theater operations, real estate, and, increasingly, anime and character intellectual property.
Ownership is relatively dispersed. According to J-LiC's summary of Toho's securities report for the fiscal year ended February 2026, Hankyu Hanshin Holdings is the largest shareholder with 13.6% of shares. The top ten shareholders hold a combined 53.6%, with Japan Master Trust Trust Bank, Hankyu Hanshin Real Estate, Japan Custody Bank, and Fuji Media Holdings among the listed holders. No single shareholder has outright control.
How Toho reports its anime business
Until fiscal 2025, Toho's anime and IP activities were embedded in the Film business. From the fiscal year ended February 28, 2026, Toho established IP and Anime as a standalone reportable segment, alongside Film, Theatrical, and Real Estate. The change was made to give investors clearer visibility into what Toho calls a growth area.
The IP and Anime segment covers production and licensing of video content, licensing of merchandising rights, and sales and merchandising for anime and character properties. The Film segment covers theatrical distribution, movie theaters, and non-anime video production and licensing.
Segment change note: Figures for fiscal 2025 were restated under the new segment classification, so year-on-year comparisons in Toho's fiscal 2026 report reflect the new structure.
Where revenue and profit sit by segment
For the fiscal year ended February 28, 2026, Film remained the largest segment by revenue at JPY 182.6 billion, followed by Real Estate at JPY 79.2 billion, IP and Anime at JPY 75.3 billion, and Theatrical at JPY 22.3 billion. Film also led in operating profit at JPY 37.3 billion, while Real Estate contributed JPY 19.0 billion and IP and Anime contributed JPY 17.3 billion.
The IP and Anime segment's operating margin was roughly 23%, above the company-wide operating margin of about 18.8%. That reflects the contribution of high-margin royalty and licensing revenue from properties such as Jujutsu Kaisen, Spy x Family, Haikyu!!, and Godzilla, even as the segment's operating profit fell 22.2% year on year.
Toho reportable segment results, fiscal year ended February 28, 2026, in millions of JPY. Source: Toho consolidated financial results and J-LiC segment summary.| Segment | Revenue | Operating income | Operating margin |
|---|
| Film | JPY 182,617M | JPY 37,302M | 20.4% |
| IP and Anime | JPY 75,265M | JPY 17,296M | 23.0% |
| Theatrical | JPY 22,310M | JPY 3,463M | 15.5% |
| Real Estate | JPY 79,179M | JPY 19,030M | 24.0% |
Subsidiaries and global footprint
Toho's anime and IP operations are supported by a network of subsidiaries. TOHO Global Inc. oversees overseas operations, Toho International handles the Americas, Toho Entertainment Asia covers Asia, and TOHO Europe Limited handles Europe. Toho also owns TOHO-TOWA, which distributes foreign films in Japan, and TOHO Cinemas, Japan's largest cinema circuit.
On the production side, Toho Studios, TOHO Eizo Bijutsu, and TOHO Stage Craft provide studio, art, and stage production services. As of May 25, 2026, Toho listed 48 consolidated subsidiaries and four equity-method affiliates on its group companies page.
Strategy and where anime fits
Toho's TOHO VISION 2032 management strategy positions IP and anime as a fourth pillar alongside film, theater, and real estate. The company has said it plans to invest approximately JPY 70.0 billion over three years in content and IP creation, plus JPY 100.0 billion in M&A and strategic investments, as part of its Mid-Term Plan 2028.
The strategy is to turn anime, character merchandise, and streaming rights into repeatable, scalable revenue streams. Toho is both an investor in production committees and a rights holder, which means it can earn from theatrical releases, streaming distribution, merchandising, and overseas licensing. The segment reporting change itself is evidence that Toho wants investors to track this business separately from traditional film.
What public disclosures do not show
Toho does not break out revenue or profit for individual anime titles, nor does it disclose the split between domestic and international IP and Anime revenue. The segment table tells you the size and profitability of the anime and IP business as a whole, not which franchise contributed most.
This is standard for Japanese entertainment conglomerates. Investors must estimate per-title performance from external data such as box office, streaming rankings, and merchandise sales. The absence of per-title disclosure is a scope limit worth keeping in mind when using the segment figures.
Frequently asked questions
Who owns Toho?
Toho has no single controlling shareholder. Hankyu Hanshin Holdings is the largest shareholder with 13.6% as of the fiscal year ended February 2026, followed by Japan Master Trust Trust Bank at 10.0% and Hankyu Hanshin Real Estate at 9.0%. The top ten shareholders hold 53.6% combined.
What are Toho's main business segments?
Toho reports four segments: Film, IP and Anime, Theatrical, and Real Estate. IP and Anime became a standalone reportable segment starting in the fiscal year ended February 28, 2026.
How big is Toho's anime and IP business?
For the fiscal year ended February 28, 2026, Toho's IP and Anime segment generated JPY 75.3 billion in revenue and JPY 17.3 billion in operating profit, a 23.0% operating margin.
Does Toho own its anime studios outright?
Toho operates anime and IP investment through subsidiaries such as TOHO Global, Toho International, Toho Entertainment Asia, and TOHO Europe, and participates in production committees. It does not publicly report owning a major animation studio outright in the same way as Toei Animation or Production I.G.
Sources and methodology
- Consolidated Financial Results for the Fiscal Year Ended February 28, 2026, TOHO CO., LTD.. Official IR filing released April 14, 2026, containing consolidated revenue, operating profit, segment results, and segment definitions.
- Toho Co., Ltd. (9602) company information and major shareholders, J-LiC. Summary of Toho's latest securities report, including consolidated financials and major shareholder table for the fiscal year ended February 2026.
- Toho major shareholders (9602), J-LiC. Named top shareholders and ownership percentages based on the fiscal year ended February 28, 2026 securities report.
- Group Companies, TOHO CO., LTD.. List of primary consolidated subsidiaries and equity-method affiliates as of May 25, 2026, including overseas IP and anime subsidiaries.