Capcom (9697) Q3 2025 earnings summary

Executive summary

• Consolidated net sales and operating income for the nine months ended December 2024 were in line with plan, with growth in Monster Hunter series unit sales and increased net sales and profit in Arcade, Amusement, and Other businesses.

• Net sales for the nine months ended December 31, 2024, were 88,853 million yen, down 16.3% year-over-year, with operating income at 31,020 million yen, down 35.0% year-over-year, and net income attributable to owners at 23,066 million yen, down 33.4% year-over-year.

• No change in full-year forecast; results expected to be weighted to the second half due to new title releases.

• Digital Contents business saw a decrease in total sales volume due to timing of major releases, but catalog title sales increased, supporting earnings.

• Investments focused on digital sales growth, human capital, and acquisition of a 3DCG production company to strengthen development capabilities.

Financial highlights

• 9M net sales: ¥1,061 billion, up 33% year-over-year; operating income: ¥477 billion, up 43% year-over-year.

• Net income attributable to owners: ¥230 billion, down 33% year-over-year; operating margin at 44.9% for the period.

• Cash and cash equivalents at end of Q3: ¥1,073 billion, up ¥144 billion from the previous year.

• Earnings per share for the period were 55.15 yen, compared to 82.82 yen in the prior year (adjusted for stock split).

• Comprehensive income was 24,776 million yen, down 32.8% year-over-year.

Outlook and guidance

• Full-year forecast for FY ending March 31, 2025, remains unchanged: net sales of 165,000 million yen (+8.3% YoY), operating income of 64,000 million yen (+12.1% YoY), and net income attributable to owners at 46,000 million yen (+6.1% YoY).

• Earnings per share forecast for the full year is 109.98 yen; full-year dividend forecast: 36 yen per share (post 2-for-1 stock split effective April 1, 2024).

• Expectation of increased sales and profit driven by digital sales growth in the Consumer sub-segment.

• Major new title releases expected in Q4, including Monster Hunter Wilds.