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% year-over-year to ¥106,255 million, with operating profit up 73.3% to ¥19,779 million and profit attributable to owners of parent up 43.4% to ¥10,586 million.

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

Financial highlights

• Consolidated revenue forecast revised upward to JPY 210–220 billion; core operating profit forecast raised to JPY 32–36 billion.

• Marketplace GMV in Q2 grew 11% year-on-year to 329.1B JPY, with December GMV up 17% year-on-year; Marketplace revenue grew 13% YoY to 32.8B JPY.

• Fintech credit balance grew 41% year-on-year to 300.7B JPY, with fintech revenue up 20% YoY to 15.5B JPY and core operating profit at 1.8B JPY (+51% YoY).

• US GMV grew 12% year-on-year in Q2 to 196M USD, with revenue up 11% YoY to 10.1B JPY and core operating profit of 0.6B JPY.

• Gross profit increased to ¥77,829 million from ¥66,621 million year-over-year; basic earnings per share rose to ¥64.28 from ¥45.02.

Outlook and guidance

• Upward revisions made to revenue and core operating profit forecasts due to earlier-than-expected impact from product improvements.

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

• Fintech business expected to achieve core operating profit of JPY 5–7.5 billion, in line with targets and anticipated near the upper bound.

• US segment aims to maintain break-even and positive GMV growth YoY.

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