Cookpad (2193) Q4 2025 earnings summary

Executive summary

• Sales revenue declined 9.2% year-over-year to ¥5,336 million, mainly due to a drop in Premium Services membership and premium service subscribers.

• Operating income fell 60.8% year-over-year to ¥264 million, reflecting lower revenue and increased investment in new businesses, with only modest cost reductions.

• Profit attributable to shareholders decreased 44.4% year-over-year to ¥741 million, impacted by higher income tax expense from the reversal of deferred tax assets.

• Comprehensive income dropped to ¥990 million from ¥1,933 million the previous year.

Financial highlights

• Full-year sales revenue was ¥5,336 million, down ¥540 million from the previous year.

• Gross profit was ¥5,263 million, down from ¥5,828 million year-over-year.

• SG&A expenses declined 2.6% year-over-year to ¥5,022 million, mainly due to lower personnel costs and cost reductions.

• Operating income for the year was ¥264 million, down ¥409 million year-over-year.

• Profit before tax decreased slightly by 1.0% year-over-year to ¥1,098 million, supported by financial income from securities investments.

• Basic EPS was ¥9.55, down from ¥15.58 year-over-year; EPS for 4Q FY2025 was ¥2.68, compared to ¥5.36 in 4Q FY2024.

Outlook and guidance

• No earnings forecast disclosed for FY2026 due to ongoing investments and uncertainty in the external environment, making reasonable estimates difficult.

• Management is prioritizing long-term value creation and business model transformation, especially in response to AI-driven changes in user behavior.