IX Orix Corporation

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number: 001-14856

ORIX Corporation

(Translation of Registrant’s Name into English)

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo, JAPAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒  Form 40-F ☐

Table of Contents

Material Contained in this Report

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Consolidated Financial Results

April 1, 2023 – September 30, 2023

November 1, 2023

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.

This document may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission.

The Company believes that it may have been a “passive foreign investment company” for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or American depositary shares of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

For further information please contact:

Investor Relations and Sustainability Department

ORIX Corporation

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: orix_corpcomm@orix.jp

Consolidated Financial Results from April 1, 2023 to September 30, 2023

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

1. Performance Highlights as of and for the Six Months Ended September 30, 2023

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥298,830 million for the six months ended September 30, 2023 (year-on-year change was a 9.9% decrease) and ¥331,731 million for the six months ended September 30, 2022.

(2) Performance Highlights - Financial Position (Unaudited)

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

LDTI standard has been adopted since April 1, 2023, with the transition date of April 1,2021, using the modified retrospective transition approach.

2. Dividends (Unaudited)

3. Forecast for the Year Ending March 31, 2024 (Unaudited)

Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

4. Other Information

(4) Number of Issued Shares (Ordinary Shares)

1. The number of issued shares, including treasury stock, was 1,234,849,342 as of September 30, 2023, and 1,234,849,342 as of March 31, 2023.

2. The number of treasury stock was 73,850,720 as of September 30, 2023, and 61,742,607 as of March 31, 2023.

3. The average number of outstanding shares was 1,165,399,765 for the six months ended September 30, 2023, and 1,187,884,502 for the six months ended September 30, 2022.

The Company’s shares held through the Board Incentive Plan Trust (2,800,866 shares as of September 30, 2023, and 2,800,866 shares as of March 31, 2023) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.

* These consolidated financial results from April 1, 2023 to September 30, 2023 are not subject to certified public accountant’s or audit firm’s quarterly review.

- 1 -

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the Six Months Ended September 30, 2023

Overview of Business Performance (April 1, 2023 to September 30, 2023)

Total revenues for the six months ended September 30, 2023 (hereinafter, “the second consolidated period”) remained relatively flat at ¥1,359,735 million compared to ¥1,364,816 million during the same period of the previous fiscal year due to a decrease in sales of goods and real estate offset by increases in finance revenues, life insurance premiums and related investment income and services income.

Total expenses decreased 1% to ¥1,195,700 million compared to ¥1,213,905 million during the same period of the previous fiscal year due to a decrease in costs of goods and real estate sold offset by increases in interest expense and selling, general and administrative expenses.

Equity in net income of affiliates increased by ¥10,180 million to ¥16,804 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and affiliates and liquidation losses, net decreased by ¥4,961 million to ¥3,628 million compared to the same period of the previous fiscal year.

Due to the above results, income before income taxes for the second consolidated period increased 11% to ¥184,467 million compared to ¥166,124 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 5% to ¥128,100 million compared to ¥122,310 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the second consolidated period increased 11% to ¥191,010 million compared to the same period of the previous fiscal year.

Since April 1, 2023, segment profits have been calculated with a broadened scope of profit sharing for inter-segment collaboration. As a result, segment data for the six months ended September 30, 2022 has been retrospectively restated.

LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. As a result of the adoption of LDTI, Insurance segment data for the previous fiscal year has been retrospectively restated. For further information, see “2. Financial Information (6) Changes in Accounting Policies - (Adoption of New Accounting Standards)”.

Segment information for the second consolidated period is as follows:

Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment

Segment profits increased 9% to ¥40,266 million compared to the same period of the previous fiscal year due to an increase in gains on investment securities and dividends.

Segment assets increased 1% to ¥1,523,394 million compared to the end of the previous fiscal year due to an increase in net investment in leases and an increase in investment in operating leases, despite a decrease in installment loans.

- 3 -

Real Estate: Real estate development, rental and management; facility operations; real estate asset management

Segment profits increased 42% to ¥26,867 million compared to the same period of the previous fiscal year due to an increase in services income and an increase in sales of goods and real estate.

Segment assets increased 7% to ¥1,004,443 million compared to the end of the previous fiscal year due to an increase in inventories.

PE Investment and Concession: Private equity investment; concession

Segment profits increased 141% to ¥9,674 million compared to the same period of the previous fiscal year due to an increase in equity in net income(loss) of affiliates at our three airports in Kansai in our concession business.

Segment assets increased 34% to ¥808,757 million compared to the end of the previous fiscal year due to an increase in investment in securities and an increase in installment loans.

- 4 -

Environment and Energy: Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and battery energy storage system; recycling and waste management

Segment profits decreased 7% to ¥8,138 million compared to the same period of the previous fiscal year due an increase in interest expense on investments in Elawan Energy S.L., despite a decrease in the loss in the electric power retailing business.

Segment assets increased 8% to ¥833,262 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

Insurance: Life insurance

Segment profits increased 151% to ¥37,038 million compared to the same period of the previous fiscal year due to a decrease in life insurance costs as a result of reduced payouts to policy holders compared to the same period of the previous fiscal year.

Segment assets increased 3% to ¥2,105,725 million compared to the end of the previous fiscal year due to an increase in investment in securities.

- 5 -

Banking and Credit: Banking; consumer finance

Segment profits increased 8% to ¥16,471 million compared to the same period of the previous fiscal year due to an increase in gains on investment securities and dividends and an increase in finance revenues, despite an increase in the provision for credit losses.

Segment assets totaled ¥2,705,802 million, remaining relatively unchanged compared to the end of the previous fiscal year.

Aircraft and Ships: Aircraft investment and management; ship-related finance and investment

Segment profits decreased 2% to ¥10,415 million compared to the same period of the previous fiscal year due to a decrease in operating leases revenues in our ship-related business resulting from the sale of owned vessels.

Segment assets increased 22% to ¥907,147 million compared to the end of the previous fiscal year due to an increase in investment in operating leases and an increase in investment in affiliates resulting from foreign exchange effects.

- 6 -

ORIX USA: Finance, investment and asset management in the Americas

Segment profits decreased 24% to ¥16,332 million compared to the same period of the previous fiscal year due to a decrease in gains on investment securities and dividends, and the absence of gains on the sales of subsidiaries and affiliates due to the sale of certain investees recorded in the same period of the previous fiscal year, despite an increase in services income.

Segment assets increased 4% to ¥1,525,455 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in installment loans.

ORIX Europe: Asset management of global equity and fixed income

Segment profits decreased 19% to ¥13,362 million compared to the same period of the previous fiscal year due to an increase in interest expense on the investment in ORIX Corporation Europe N.V.

Segment assets increased 8% to ¥453,037 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

- 7 -

Asia and Australia: Finance and investment businesses in Asia and Australia

Segment profits decreased 49% to ¥12,447 million compared to the same period of the previous fiscal year due to the absence of gains on the sales of subsidiaries and affiliates through the sale of certain investees recorded in the same period of the previous fiscal year and a decrease in equity in net income(loss) of affiliates.

Segment assets increased 13% to ¥1,569,913 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

- 8 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity

Total assets increased 3% to ¥15,795,220 million compared to the end of the previous fiscal year due to increases in net investment in leases, investment in operating leases, investment in securities and investments in affiliates despite a decrease in cash and cash equivalents. In addition, segment assets increased 7% to ¥13,436,935 million compared to the end of the previous fiscal year.

Total liabilities increased 2% to ¥11,951,381 million compared to the end of the previous fiscal year due to increases in short- and long-term debt despite decreases in trade notes, accounts and other payable and policy liabilities and policy account balances.

Shareholders’ equity increased 6% to ¥3,761,098 million compared to the end of the previous fiscal year.

- 9 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)

- 10 -

- 11 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)

- 12 -

(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(4) Assumptions for Going Concern

There is no corresponding item.

(5) Significant Changes in Shareholders’ Equity

There is no corresponding item.

- 13 -

(6) Changes in Accounting Policies

(Adoption of New Accounting Standards)

In August 2018, Accounting Standards Update 2018-12 (“Targeted Improvements to the Accounting for Long-Duration Contracts”—ASC 944 (“Financial Services—Insurance”)) was issued, and the original effective date was deferred by two years by related amendments which were issued thereafter. These updates change the recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. These updates require an insurance entity to review and, if there is a change, update cash flow assumptions at least annually and to update the discount rate used for the liability for future policy benefits at each reporting date for nonparticipating traditional long-duration and limited-payment contracts. The effect of updating the discount rate is recognized in other comprehensive income (loss). These updates also require market risk benefits to be measured at fair value, and simplify amortization of deferred policy acquisition costs. Furthermore, these updates require additional disclosures for long-duration contracts. These updates are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early application is permitted. For the liability for future policy benefits and deferred policy acquisition costs, these updates are applied to contracts in force as of the beginning of the earliest period presented (hereinafter, “the transition date” of these updates) on a modified retrospective basis, and an insurance entity may elect to apply retrospectively. For the market risk benefits, these updates are applied retrospectively at the transition date, and the difference between fair value and carrying value requires an adjustment to retained earnings at the transition date. The cumulative effect of changes in the discount rates between contract inception date and the transition date should be recognized in accumulated other comprehensive income at the transition date. The Company and its subsidiaries adopted these updates on April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. Upon adoption of these updates, the measurement method of the liability for future policy benefits, etc. have been changed. In addition, as of the transition date, the effect of the adoption on the Company and its subsidiaries’ financial position was an increase of ¥28,937 million in policy liabilities and policy account balances and a decrease of ¥24,641 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)) on the consolidated balance sheet. These were due to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly a decline in Japanese yen interest rates). The balance of deferred policy acquisition costs (included in other assets) immediately before the transition date were carried forward upon transition. As of and for the fiscal year ended March 31, 2022, the effect of the adoption of LDTI on the Company and its subsidiaries’ results of operations and financial position was an increase of ¥10,012 million in deferred policy acquisition costs (included in other assets), a decrease of ¥50,925 million in policy liabilities and policy account balances, an increase of ¥37,535 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of ¥5,241 million in retained earnings in the consolidated balance sheet, and a decrease of ¥4,571 million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), and a change in the amortization period of deferred policy acquisition costs. Furthermore, as of and for the fiscal year ended March 31, 2023, the effect of the adoption of these updates on the Company and its subsidiaries’ results of operations and financial position was an increase of ¥23,194 million in deferred policy acquisition costs (included in other assets), a decrease of ¥233,309 million in policy liabilities and policy account balances, an increase of ¥164,516 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of ¥22,506 million in retained earnings in the consolidated balance sheet, and a decrease of ¥25,010 million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), reversals of policy liabilities and policy account balances due to update net insurance premium rates (resulting from variances between actual and expected benefits paid), and changes in the amortization period of deferred policy acquisition costs.

- 14 -

(7) Segment Information (Unaudited)

Segment Information by Sector

(8) Subsequent Events

There are no material subsequent events.

- 15 -