SECURITIES AND EXCHANGE COMMISSION

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 April, 2004.

ORIX Corporation

3-22-8 Shiba, 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  þ     Form 40-F  o

     (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  o     No  þ

Table of Documents Filed

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, 2003 — March 31, 2004

April 26, 2004

For further information please contact:
     Corporate Communications
     ORIX Corporation
     3-22-8 Shiba, Minato-ku, Tokyo 105-8683
     JAPAN
     Tel: (03) 5419-5102
     Fax: (03) 5419-5901
     E-mail: leslie_hoy@orix.co.jp

Material Contained in this Report

The Company’s Financial information for the fiscal year from April 1, 2003 to March 31, 2004, filed with the Tokyo Stock Exchange and also made public by way of a press release.

Consolidated Financial Results from April 1, 2003 to March 31, 2004
(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

Date Approved by Board of Directors: April 26, 2004

1. Performance Highlights for the Years Ended March 31, 2004 and 2003

(1) Performance Highlights — Operating Results (Unaudited)

(2) Performance Highlights — Financial Position (Unaudited)

1. The number of outstanding shares was 83,691,007 as of March 31, 2004 and 83,693,009 as of March 31, 2003.

(3) Performance Highlights — Cash Flows (Unaudited)

(4) Number of Consolidated Subsidiaries and Affiliates

(5) Changes in Accounting Treatment

Additions to and deletions from consolidated subsidiaries and affiliates

  Additions: Consolidated Subsidiaries 9, Affiliates 4

  Deletions: Consolidated Subsidiaries 7, Affiliates 2

2. Forecasts for the Year Ending March 31, 2005 (Unaudited)

Note: Basic Earnings Per Share is forecasted to be JPY 716.92.

Group Position

Summary of Consolidated Financial Results

Management Policies

Objectives

     ORIX has continued to provide value-added financial products and services to meet its customers’ needs. As the services that customers demand have diversified, we have increased the number and quality of the financial solutions that we provide. As a result, ORIX’s financial services have expanded from leasing, rentals and lending to include life insurance, real estate finance and development, and investment banking activities. As new business opportunities arise in the future, we plan to build on our accumulated knowledge and experience to continue to provide creative and innovative value-added financial solutions.

     ORIX aims to achieve the optimum growth in long-term shareholder value and contribute to society by taking the lead in discovering customers’ needs in order to provide new value-added financial services. This is the basis of ORIX’s management philosophy and we will further strive to focus on areas that fully utilize the specialization of the entire ORIX Group in order to meet our customers’ needs.

     ORIX has placed primary importance on profitability by carefully selecting businesses and concentrating its resources to achieve maximum growth in shareholder value. However, in the Japanese financial market, it is quite difficult to achieve a level of risk-adjusted return that is comparable to global standards. In light of this, ORIX is striving to increase the efficiency of its asset-based business and is concentrating more of its resources on investment banking activities with the goal of improving profitability.

Dividend Policy

     We believe we should use retained earnings mainly to invest in new growth opportunities as we strive to achieve returns for shareholders by increasing our corporate value over the long run.

Unit Shares

     ORIX’s basic policy is to periodically review the number of common shares that make up one trading unit in order to promote broad participation by investors. With regards to the number of shares that make one unit, ORIX will consider demands from the market and weigh the costs and benefits associated with any changes to the present trading unit.

Corporate Governance

     ORIX has strengthened its corporate governance structure in order to more objectively ensure that business activities are being carried out to maximize shareholder value. For example, ORIX established an Advisory Board in 1997 made up of experienced individuals from outside the Company, introduced a Corporate Executive Officer system in 1998, and welcomed independent directors to the Board and set up the Executive Nomination and Compensation Committee in 1999. In order to take further steps to strengthen its corporate governance structure, ORIX received approval from shareholders at the 40th Annual General Meeting of Shareholders in 2003 to adopt a “Company with Committees” board model, which became possible on April 1, 2003 as a result of revisions to the Japanese Commercial Code. In addition, ORIX believes that compliance is a foundation of strong corporate governance and continues to strengthen its compliance based on the spirit of EC21, which is our guide to continue to be an “Excellent Company” in the 21st Century. We are actively promoting our Corporate Action Principles and Employee Action Principles as part of compliance.

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Financial Results

1. Fiscal Year Ended March 31, 2004

Economic Environment

     Although the world economy was unstable in the first part of the fiscal year ended March 31, 2004, from the middle of this fiscal year, we began to see signs of a global economic recovery. In the United States, tax breaks and loose monetary policy helped boost consumer consumption and spending on housing, while capital expenditures also increased helping to spur the economy. In Europe, external demand supported modest recovery, while Asia experienced strong economic growth thanks to exports against the backdrop of continued economic growth in China and recovery in demand in information technology-related industries. In Japan, strong export growth combined with the effects of corporate restructuring helped to raise corporate profits, and we also saw some signs of an improvement in consumer spending. An increase in stock prices and signs of an end to falling property prices in some areas of Tokyo were indications that Japan’s long period of economic stagnation may be coming to an end.

Financial Highlights

Revenues: 720,773 million yen (Up 6% year on year)

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Segment Information (“Profits” refer to income before income taxes)

Operations in Japan

Corporate Finance: The automobile leasing operations continued to perform well during the fiscal year, however, profits were down to 43,787 million yen compared to 44,158 million yen in the previous fiscal year as a result of fewer gains from securitization.

Equipment Operating Leases: Segment profits increased to 9,342 million yen compared to 4,402 million yen in the previous fiscal year due to improved profitability of the precision measuring and other equipment rental operations.

Real Estate-Related Finance: The segment saw a continued strong contribution from consumer housing loans and corporate loans, including non-recourse loans, while the loan servicing operations also made contributions. However, 3,174 million yen of gains from the listing and sale of shares in a J-REIT were recorded in the previous fiscal year and profits decreased to 18,102 million yen compared to 19,572 million yen in the previous fiscal year.

Real Estate: Revenues from condominium development and building maintenance continued to grow. In addition, gains from the sale of office buildings under operating leases contributed to earnings. In the fiscal year ended March 31, 2003, we also recorded 50,682 million yen in write-downs of certain real estate assets. As a result, profits in the fiscal year ended March 31, 2004 were 6,244 million yen compared to a loss of 39,441 million yen in the previous fiscal year.

Life Insurance: “Life insurance premiums and related investment income” were lower as a result of the continued shift to insurance-only life insurance products, but “life insurance costs” for policy reserves and related expenses also declined, resulting in an increase in profits to 5,382 million yen from 4,791 million yen in the previous fiscal year.

Other: The consumer card loan operations continued to contribute to earnings. The securities brokerage business also benefited from improvements in the Japanese stock markets, while both venture capital

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operations and equity method affiliates contributed to earnings. As a result, profits rose to 10,079 million yen compared to 8,452 million yen in the previous fiscal year.

Overseas Operations

The Americas: Segment profits improved to 7,601 million yen compared to 1,332 million yen in the previous fiscal year due largely to fewer “write-downs of securities” and lower “provision for doubtful receivables and probable loan losses.”

Asia and Oceania: Contributions from automobile leasing and corporate lending of a number of companies in the region, in addition to an increase in “equity in net income of affiliates” from Korea Life Insurance Co., Ltd. (refer to page 7, “5. Additional Information”), resulted in a rise in segment profits to 17,848 million yen compared to 9,765 million yen in the same period of the previous fiscal year.

Europe: A segment loss of 1,252 million yen was recorded compared to a loss of 736 million yen in the previous fiscal year due largely to the recording of losses on certain equity method investments.

2. Summary of Cash Flows (Fiscal Year Ended March 31, 2004)

“Cash and cash equivalents” decreased by 26% or 52,442 million yen, to 152,235 million yen compared to March 31, 2003 due primarily to the repayment of debt.

“Cash flows from operating activities” declined by 57,338 million yen to 152,812 million yen in this fiscal year compared to 210,150 million yen in the previous fiscal year. The major items resulting in this decline were “write-downs of long-lived assets,” which added 50,682 million yen to cash flows in the previous fiscal year compared to 12,345 million yen in this fiscal year, and a “decrease in policy liabilities” which reduced cash flows by 15,771 million yen in this fiscal year compared to an increase of 5,889 million yen in the previous fiscal year.

“Cash flows from investing activities” decreased by 58,972 million yen to 123,978 million yen compared to 182,950 million yen in the previous fiscal year. While cash outflows for the “purchase of lease equipment,” “installment loans made to customers,” and the “purchase of available for sale securities” all declined as a result of lower business volumes, inflows also declined due primarily to a decrease of “net proceeds from securitization of lease and loan receivables,” and a reduction in “proceeds from sales of available-for-sale securities.”

542,040 million yen was used in “cash flows from financing activities” in the previous fiscal year, while 328,284 million yen was used in the current fiscal year due to the lower level of operating assets and the ensuing repayment of debt.

3. Summary of Fourth Quarter (Three Months Ended March 31, 2004)

In the fourth quarter of the fiscal year ended March 31, 2004, revenues increased by 18,807 million yen compared with the fourth quarter of the previous fiscal year to 203,969 million yen. Revenues from “direct financing leases” and “interest on loans and investment securities” were lower due to the cautious selection of new assets and the resulting lower level of assets. On the other hand, “brokerage commissions and net gains on investment securities” increased due to improvement in stock and bond markets in Japan and overseas, “residential condominium sales” increased due to more condominiums sold to buyers, and “other operating revenues” rose as a result of growth in building maintenance operations and revenues from companies in which we have invested as part of our corporate rehabilitation business. On the other hand, expenses declined by 16,277 million yen. “Costs of residential condominium sales” and “other operating expenses” rose in line with increases in revenues, and “selling, general and administrative expenses” rose due to the increase in the number of consolidated companies. However, “write-downs of long-lived assets” declined by 27,874 million yen and “write-downs of securities” declined by 5,156 million

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yen. There were also declines in “interest expense” and “provisions for doubtful receivables and probable loan losses.” As a result, “operating profits” in the fourth quarter of the fiscal year ended March 31, 2004 were up 35,084 million yen to 17,181 million yen, “income before income taxes” was up 35,839 million yen to 20,465 million yen and “net income” was up 13,097 million yen to 8,128 million yen.

4. Outlook and Forecasts for the Fiscal Year Ending March 31, 2005

For the fiscal year ending March 31, 2005, we forecast “revenues” of 760,000 million yen (up 5% compared with the fiscal year ended March 31, 2004), “income before income taxes” of 109,000 million yen (up 7%), and “net income” of 60,000 million yen (up 11%).

5. Additional Information

“Equity in net income of affiliates” for the fiscal year ended March 31, 2004 included 10,047 million yen from Korea Life Insurance Co., Ltd., or KLI. This amount included ORIX’s proportionate interest in the ordinary operating results of KLI and our proportionate interest in the recognition of deferred tax assets of 5,380 million yen attributable to a change in tax rules in Korea.

The change in Korean tax rules in May 2003 will enable KLI to apply certain historical losses to reduce future taxable income. As a result of this change, KLI recorded a tax benefit in earnings and a corresponding deferred tax asset in the first quarter of our fiscal year ended March 31, 2004. ORIX recorded a proportionate interest in income reported by KLI in the second quarter of our fiscal year ended March 31, 2004 in accordance with the Company’s policy of recording its equity in the income of KLI on a one-quarter lag basis.

ORIX has plans to sell a portion of its interest in KLI in the future. However, no definitive agreements of sale have been arranged at the time of this announcement. The corresponding increase in the carrying value of ORIX’s ownership interest as a result of the recording of the above recognition of deferred tax assets in KLI is not necessarily reflective of an increase in the fair value of our equity interest in the event of a sale to a third party. Therefore, we believe that there is a possibility that we will be unable to sell our portion of KLI at or above the carrying value of our investment at the time of sale. In such an event, we will record a loss on the sale in the period in which a definitive agreement of sale is arranged.

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Consolidated Financial Highlights
(For the Years Ended March 31, 2004 and 2003)
(Unaudited)

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Condensed Consolidated Statements of Income
(For the Years Ended March 31, 2004 and 2003)
(Unaudited)

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Condensed Consolidated Statements of Income

(For the Three Months Ended March 31, 2004 and 2003)
(Unaudited)

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Condensed Consolidated Statements of Shareholders’ Equity
(For the Years Ended March 31, 2004 and 2003)
(Unaudited)

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Condensed Consolidated Statements of Cash Flows
(For the Years Ended March 31, 2004 and 2003)
(Unaudited)

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Segment Information
(For the Years Ended March 31, 2004 and 2003)
(Unaudited)

(millions of JPY)