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Edge1 May 2026
Making the Marlboro Man
The story of Marlboro's transformation from a women's cigarette to a global icon: one of the most effective brand repositionings in history.
PayPay
PayPay (PAYP) investor relations material
PayPay Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary6 May, 2026
Executive summary
Revenue grew 27% year-over-year to JPY 381bn for FY25, with Q4 revenue up 30% year-over-year.
Adjusted EBITDA surged 89% year-over-year to JPY 111.1bn, with margin expanding to 29% for the full year.
Profit for the year surged 201% year-over-year to JPY 117.8bn, driven by strong growth in both Payment and Financial Service segments.
Take rate improved to 1.65% in Q4, supported by high-margin online GMV and increased credit/card interest income.
Monthly Transacting Users (MTU) reached 41.0 million, up 10% year-over-year, outpacing registered user growth.
Financial highlights
Full-year revenue reached JPY 380.7bn (+27% YoY); Q4 revenue was JPY 102.2bn (+30% YoY).
Adjusted EBITDA margin expanded from 20% to 29% year-over-year.
Full-year operating profit rose 126% year-over-year to JPY 80.1bn, with margin expanding to 21%.
Revenue less transaction cost (RLTC) grew 30% year-over-year to JPY 296.4bn.
Total GMV for the year reached JPY 19.4tn, up 23% year-over-year.
Outlook and guidance
FY26 revenue guidance: JPY 454–462bn; Adjusted EBITDA guidance: JPY 134.5–140.5bn.
Q1 FY26 revenue expected at JPY 103–105bn; Adjusted EBITDA at JPY 30.5–32.5bn.
Drivers of Payment segment Take Rate expansion
Factors behind Financial Service interest surge
Impact of PayPay STEP revision on eKYC strategy
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Latest events from PayPay
Next PayPay earnings date
Q1 202712 Aug, 2026
PayPay
Next PayPay earnings date
Q1 202712 Aug, 2026
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