GMO Financial Holdings (7177) Q4 2025 earnings summary

Executive summary

• Operating revenue decreased 7% year-over-year to ¥49,518 million, but operating and net income reached record highs, with net income surpassing ¥10,448 million, driven by a rebound from prior year’s large provision for doubtful accounts in the Thai securities business.

• FX trading volume and customer margin balances remained steady, while CFD revenues surged in Q4 due to active commodity markets.

• New business initiatives included entry into insurance via acquisition of LASHIC and launch of an AI-powered cloud-based medical records platform.

• Shareholder returns were strengthened, with a record annual dividend and a new DOE 10% policy for FY2026.

Financial highlights

• Operating revenue: ¥49,518 million, down 7% year-over-year; operating income: ¥15,866 million, up 77.8%; net income: ¥10,448 million, up 120.2%.

• Comprehensive income rose 114.4% year-over-year to ¥10,836 million.

• Total assets increased to ¥1,406,809 million, up ¥11,990 million from the previous year.

• Equity ratio improved to 3.8% from 3.4% year-over-year.

• EPS was ¥88.55, more than double the previous year’s ¥40.22.

Outlook and guidance

• FY2026 targets a minimum dividend of ¥42.08 per share and a payout ratio of at least 65%, with DOE 10% as a floor.

• No consolidated earnings forecast disclosed due to high sensitivity to market conditions in securities, FX, and crypto businesses.

• Continued focus on maximizing core business profitability and expanding into high-growth areas such as insurance and healthcare platforms.

• Preparation for GMO Coin's IPO is ongoing, with timing subject to regulatory approval.