Capcom (9697) Q4 2025 earnings summary

Executive summary

• Achieved record-high consolidated net sales of JPY 169.6B and operating income of JPY 65.7B in FY2024, marking 12 consecutive years of operating profit growth and 10 years of over 10% growth.

• Digital Contents business drove growth with Monster Hunter Wilds launch and strong catalog sales, reaching 51.87M units sold.

• Year-end dividend increased to JPY 22, totaling JPY 40 for the year, with a payout ratio of 34.5%.

• Expanded global reach, enhanced brand value through IP collaborations, esports, and new store formats in Arcade Operations.

• Acquired Leostar Co., Ltd. and Minimum Studios Co., Ltd. to strengthen development and animation capabilities.

Financial highlights

• Net sales: JPY 169.6B (+11.3% YoY); operating income: JPY 65.7B (+15.2% YoY); net income: JPY 48.4B (+11.7% YoY).

• Operating margin at 38.8%; gross profit margin at 58.2%.

• Cash and cash equivalents at year-end: JPY 150.4B, up JPY 41.3B YoY.

• Dividend per share: JPY 40 (pre-split), payout ratio 34.5%.

• Cash flows from operating activities reached JPY 67.6B, up JPY 30.6B YoY.

Outlook and guidance

• FY2025/2026 guidance: net sales JPY 190B (+12% YoY), operating income JPY 73B (+11%), net income JPY 51B (+5%).

• Digital Contents: net sales JPY 139.5B (+12%), operating income JPY 72.7B (+12%), 54M units planned.

• Arcade Operations: net sales JPY 25.4B (+12%), operating income JPY 2.7B (+11%), 10 new stores planned.

• Amusement Equipments: net sales JPY 18.4B (+18%), operating income JPY 7.4B (+10%), 43,000 units targeted.

• Annual dividend planned at JPY 40.