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Rakuten Group (4755) investor relations material

Rakuten Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Consolidated revenue rose 11% year-over-year to ¥596.4B for Q2 FY2025, with all major segments contributing to growth and the first Q2 profit since FY2019 driven by operational efficiencies.

  • EBITDA for Q2 FY2025 surpassed ¥100B, the highest ever for a second quarter, reflecting strong segment contributions.

  • Non-GAAP operating income turned positive at ¥20.1B, a significant improvement from previous losses.

  • Net loss widened to ¥40.1B for Q2, mainly due to nonrecurring tax and compensation expenses.

  • AI initiatives advanced with the full launch of Rakuten AI, integrating agentic AI across services.

Financial highlights

  • Internet services revenue grew 6.8% year-over-year to ¥324.5B; fintech up 14.8% to ¥232.7B; mobile up 18.1% to ¥112.1B.

  • Consolidated non-GAAP operating income reached ¥20.1B, a turnaround from previous losses.

  • IFRS operating income turned positive at ¥8.8B, up ¥27.2B year-over-year.

  • EBITDA for the mobile segment turned positive, improving by ¥21.6B year-over-year to ¥9.6B.

  • Quarterly net loss was ¥40.1B, impacted by nonrecurring tax and compensation expenses.

Outlook and guidance

  • On track for full-year EBITDA profitability in 2025, with accelerated subscriber growth targeted in the second half.

  • Aims to accelerate mobile subscriber growth to surpass 10 million as soon as possible.

  • Medium-term target to reduce net interest-bearing debt to non-GAAP EBITDA (non-fintech) within 5x by 2027; revised FY2025 target to 8.5x.

  • Continued focus on cost reduction, efficiency, and core business profit growth.

  • Double-digit consolidated revenue growth targeted for FY2025, excluding the securities business.

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Q3 2025
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Frequently asked questions

Rakuten Group, Inc., together with its subsidiaries, provides internet services in Japan and internationally. It operates through five segments: Retail Business, Financial Services, Internet Media, Investment and Others. The company offers a suite of shopping, travel, banking, securities, credit card and insurance offerings. Its flagship service is Rakuten Ichiba that provides online shopping mall services; Rakuten Travel provides online travel booking services; Rakuten Card provides credit card services; Rakuten Bank offers financial services to third party companies as well as for bank customers; Kakaku.com operates an online price comparison service for consumers; and Buy.com is an online retailer in the United States.

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