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Money Forward Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary15 Oct, 2025
Executive summary
Q3 net sales rose 23% YoY to ¥12.07bn, with nine-month net sales up 19% YoY to ¥35,306mn and SaaS ARR up 30% YoY to ¥36.32bn.
Adjusted EBITDA reached a record ¥1.44bn in Q3 and ¥3,338mn for the nine months, up 124.9% YoY.
Business domain led growth, with corporate ARR up 35% YoY and medium-sized company ARR up 48% YoY, driven by price revisions and strong customer acquisition.
Operating loss narrowed to ¥1,979mn and net loss attributable to owners of parent was ¥3,384mn for the nine months.
Signed agreement to transfer SMARTCAMP, planning to book ¥6.3bn in extraordinary income in Q4.
Financial highlights
Consolidated gross profit hit a record ¥8.28bn in Q3 and ¥23,929mn for the nine months, with SaaS gross margin for back-office operations at 87%.
Adjusted EBITDA increased by ¥1.03bn YoY in Q3, with margin improving from 6% in Q2 to 12% in Q3.
Business domain EBITDA margin rose to 12%, up 8 percentage points YoY.
Total assets rose to ¥112,526mn and net assets to ¥51,097mn as of August 31, 2025.
Q3 cash flow from operating activities (excluding Pay Business) was ¥707mn, achieving profitability for the first time.
Outlook and guidance
FY11/25 SaaS ARR forecast: ¥39.2–41.2bn (+30.6% to +37.2% YoY); adjusted EBITDA: ¥2.5–4.5bn.
Full-year net sales forecast: ¥49,500–52,100mn, up 22.6–29.1% YoY; net loss attributable to owners of parent forecasted at ¥(4,700)–(2,300)mn.
Targeting improvement of adjusted EBITDA margin by +1 to +5 points over FY11/24.
Medium-term targets: FY11/28 net sales ¥100bn+, SaaS ARR ¥80bn+, EBITDA ¥30bn+, and long-term EBITDA margin of 40%+.
Earnings per share guidance is ¥(123.86)–(80.15).
Explain Q4 Adjusted EBITDA forecast implications.
Quantify impact of recent consolidation changes.
What drives the cash balance trend?
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Next Money Forward earnings date
Q4 202514 Jan, 2026
Next Money Forward earnings date
Q4 202514 Jan, 2026
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Frequently asked questions
Money Forward Inc. is a Japan-based company that provides financial software and services for individuals and businesses. The company offers cloud-based solutions for personal finance management, household budgeting, and corporate accounting. Its products include tools for expense tracking, invoicing, payroll, and tax management, aiming to streamline financial operations and enhance efficiency. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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