PayPay (PAYP) Q4 2026 earnings summary

Executive summary

• Revenue grew 27% year-over-year to JPY 381bn for FY25, with Q4 revenue up 30% year-over-year.

• Adjusted EBITDA surged 89% year-over-year to JPY 111.1bn, with margin expanding to 29% for the full year.

• Profit for the year surged 201% year-over-year to JPY 117.8bn, driven by strong growth in both Payment and Financial Service segments.

• Take rate improved to 1.65% in Q4, supported by high-margin online GMV and increased credit/card interest income.

• Monthly Transacting Users (MTU) reached 41.0 million, up 10% year-over-year, outpacing registered user growth.

Financial highlights

• Full-year revenue reached JPY 380.7bn (+27% YoY); Q4 revenue was JPY 102.2bn (+30% YoY).

• Adjusted EBITDA margin expanded from 20% to 29% year-over-year.

• Full-year operating profit rose 126% year-over-year to JPY 80.1bn, with margin expanding to 21%.

• Revenue less transaction cost (RLTC) grew 30% year-over-year to JPY 296.4bn.

• Total GMV for the year reached JPY 19.4tn, up 23% year-over-year.

Outlook and guidance

• FY26 revenue guidance: JPY 454–462bn; Adjusted EBITDA guidance: JPY 134.5–140.5bn.

• Q1 FY26 revenue expected at JPY 103–105bn; Adjusted EBITDA at JPY 30.5–32.5bn.