Mercari (4385) Q2 2026 earnings summary

Executive summary

• Achieved record-high quarterly revenue of 56.8B JPY (+15% YoY) and core operating profit of 10.9B JPY (+54% YoY), with all three core businesses growing and Marketplace and US segments delivering double-digit GMV growth.

• Revenue for the six months ended December 31, 2025, rose 12.8% YoY to ¥106,255 million, with operating profit up 73.3% and profit attributable to owners of parent up 43.4%.

• Fintech credit balance grew 41% YoY to over JPY 300 billion, with a stable collection rate of 99.3%.

• Record high revenue and core operating profit were achieved, driven by product improvements and successful marketing initiatives.

• Marketplace MAU reached a record 24 million.

Financial highlights

• Marketplace GMV rose to 329.1B JPY (+11% YoY), with December GMV up 17% YoY.

• Fintech revenue increased 20% YoY to 15.5B JPY, with core operating profit at 1.8B JPY (+51% YoY).

• US GMV hit 196M USD (+12% YoY), with core operating profit of 0.6B JPY.

• Gross profit increased to ¥77,829 million from ¥66,621 million YoY.

• Cash and cash equivalents increased by ¥12,022 million to ¥159,051 million as of December 31, 2025.

Outlook and guidance

• Full-year consolidated revenue guidance raised to 210.0–220.0B JPY and core operating profit to 32.0–36.0B JPY.

• Marketplace GMV growth rate guidance revised upward to +5–10% YoY, with core operating profit expected at 35.0–39.0B JPY.

• Fintech guidance maintained, with continued investment to expand Mercard user base and core operating profit anticipated near the upper bound of 5.0–7.5B JPY.

• No dividends are planned for the fiscal year ending June 30, 2026.

• Focus for Q3 onwards on product innovation and organizational change, leveraging AI for further growth.