# Who are Hitachi's customers? Who does Hitachi earn revenue from?
Canonical: https://valuechain.wiki/hitachi · Facet: customers · Updated: 2026-10-14T20:23:20.853+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Hitachi discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 7 dated sources, 2 of them primary filings (as of 2026-10-14).

### 전력사·하이퍼스케일러 (히타치에너지 그리드) (high)
- metric: Revenue ¥911.9B · FY2026 Q1 · Energy segment revenue
- note: Hitachi Energy is a leading transformer and HVDC supplier. FY2026 Q1 Energy revenue rose 37% to JPY 911.9 billion, orders increased 87% on major European HVDC awards and transmission demand, and adjusted EBITA margin reached 14.2%.
- [confirms] Hitachi, Ltd. (EN, filing, published 2026-07-29) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/07/260729/2026_1Qpre.pdf: "Energy revenue rose 37% to JPY 911.9 billion, while orders grew 87% on major European HVDC awards and transmission demand."
- [confirms] Alt2 (KO, news, published 2026-07-29) https://www.alt2.co.kr/events/hitachi-2026-q2-earnings-call: "Energy revenue rose 37% to JPY 911.9 billion, while orders grew 87% on major European HVDC awards and transmission demand."
- [confirms] Hitachi Energy (EN, ir, published 2026-06-01) https://www.hitachienergy.com/news-and-events/features/2026/06/from-europe-factories-to-the-world-digital-backbone-european-made-transformers-power-critical-ai-infrastructure: "European-made transformers power critical AI infrastructure."
- [confirms] Investing.com (KR) (KO, news, published 2026-04-28) https://kr.investing.com/news/company-news/article-93CH-1913755: "Energy new orders $32.8bn, backlog $57.9bn; revenue seen up 15%."
- [confirms] Hitachi (EN, filing, published 2026-04-27) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_An.pdf: "Energy segment: revenues from external customers 3,200,844 million yen; segment profit (Adj. EBITA) 416,015 million yen (FY2025)."
- [confirms] Hitachi Energy (EN, ir, published 2025-08-01) https://www.hitachienergy.com/news-and-events/press-releases/2025/08/hitachi-energy-invests-106-million-usd-to-expand-transformer-component-manufacturing-capacity-at-facility-in-alamo-tennessee: "Hitachi Energy invests $106M to expand transformer component (HVDC/dry-type bushing) manufacturing at Alamo, Tennessee."

### 산업·빌딩·철도 고객 (커넥티브·모빌리티) (high)
- metric: Revenue ¥761B · FY2026 Q1 · Connective Industries segment revenue
- note: Building services and semiconductor manufacturing, measurement and inspection equipment led growth. FY2026 Q1 Connective Industries revenue rose 13% to JPY 761.0 billion and orders 25% to JPY 938.2 billion; Mobility revenue increased 21% to JPY 344.4 billion.
- [confirms] Hitachi, Ltd. (EN, filing, published 2026-07-29) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/07/260729/2026_1Qpre.pdf: "Connective Industries revenue rose 13% to JPY 761.0 billion and orders grew 25%, led by semiconductor manufacturing, measurement and inspection equipment."
- [confirms] Alt2 (KO, news, published 2026-07-29) https://www.alt2.co.kr/events/hitachi-2026-q2-earnings-call: "Connective Industries revenue rose 13% to JPY 761.0 billion and orders grew 25%, led by semiconductor manufacturing, measurement and inspection equipment."
- [confirms] Hitachi (EN, filing, published 2026-04-27) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_An.pdf: "Connective Industries external revenues 3,000,760; Mobility external revenues 1,320,631 million yen (FY2025)."

### 산업·공공 IT 고객 (디지털시스템&서비스·Lumada) (high)
- metric: Revenue ¥719B · FY2026 Q1 · Digital Systems & Services segment revenue
- note: Monetizes AX and modernization demand in finance, public services and transport through Lumada and AI productivity. FY2026 Q1 revenue rose 11% to JPY 719.0 billion and orders increased 7% to JPY 1,007.0 billion.
- [confirms] Hitachi, Ltd. (EN, filing, published 2026-07-29) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/07/260729/2026_1Qpre.pdf: "Digital Systems & Services revenue rose 11% to JPY 719.0 billion and orders reached JPY 1,007.0 billion."
- [confirms] Alt2 (KO, news, published 2026-07-29) https://www.alt2.co.kr/events/hitachi-2026-q2-earnings-call: "Digital Systems & Services revenue rose 11% to JPY 719.0 billion and orders reached JPY 1,007.0 billion."
- [mentions] Analyst consensus incl. JPMorgan (via MarketScreener) (EN, research, published 2026-05-01) https://www.marketscreener.com/quote/stock/HITACHI-LTD-6492458/consensus/: "JPMorgan: ~18% adj. operating-profit CAGR through FY2026 on power T&D and Lumada/genAI (Buy consensus)."
- [confirms] Hitachi (EN, filing, published 2026-04-27) https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_An.pdf: "Digital Systems & Services: revenues from external customers 2,756,551 million yen; segment profit 450,059 million yen (FY2025)."

Reverse side: https://valuechain.wiki/hitachi/suppliers.md · Ripple: https://valuechain.wiki/hitachi/ripple.md

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