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Mercari (4385) investor relations material
Mercari Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Aug, 2025
Executive summary
Core operating profit reached JPY 27.5B, a record high and above forecast, with revenue at JPY 192.6B, also a record but below forecast due to slower marketplace and US growth.
All core businesses—marketplace, fintech, and US—achieved profit growth; US segment turned profitable for the first time despite a revenue decline.
Group synergies expanded cross-border GMV to JPY 90B and over 5M Mercard cards issued.
New services launched, including Mercari Mobile, Mercari NFT, and Mircar Gold.
Top-line growth rate slowed, prompting a focus on AI-native transformation and core product experience.
Financial highlights
Core operating profit grew 46% year-on-year to JPY 27.5B, exceeding guidance.
Revenue increased 2.8–3% year-on-year to JPY 192.6B, marking a record but below forecast.
Marketplace GMV grew 4% year-on-year, below the 10% target.
Fintech core operating profit reached JPY 4.5B, up 479% year-on-year, with a 99.3% collection rate.
US business achieved first full-year profitability with JPY 0.9B core operating profit.
Outlook and guidance
FY 2026 revenue forecast is JPY 200–210B, with 3.8–9% year-on-year growth expected.
Core operating profit guidance for FY 2026 is JPY 28–32B, maintaining a 25% CAGR target.
Marketplace GMV growth forecast for FY 2026 is 3–5%, with core operating profit targeted at JPY 32–36B.
Fintech targets core operating profit of JPY 5–7.5B, focusing on Mercard holders and usage.
FY 2026 is positioned as a foundational year for growth beyond FY 2027, with continued investment in AI and product initiatives.
Explain US segment's improved profitability.
Assess impact of AI/LLM on Marketplace domain.
Why did Merpay deposit government bonds?
How will Mercari leverage AI to enhance UX?
Elaborate on US business's category strategy.
Explain the change in disclosure policy.
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Frequently asked questions
Mercari, Inc. engages in the planning, development, and operation of the Mercari marketplace applications in Japan and the United States. It allows users to bid or buy and sell items through mobile app for iOS and Android. The company was founded by Shintaro Yamada on February 18, 2013 and is headquartered in Tokyo, Japan.
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