Rakuten Group (4755) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 revenue of JPY 665.5 billion, up 11.6% year-on-year, with all business segments contributing to growth; consolidated revenue for the six months ended June 30, 2026, rose 12.9% year-over-year to JPY 1,309,052 million.

• Net income attributable to owners returned to profit in Q2 FY2026 for the first time in six years, with net loss for the six months narrowing significantly to JPY 10,941 million from JPY 124,435 million year-over-year.

• Non-GAAP operating income for Q2 was JPY 42 billion, more than double the previous year, and surged 296.6% year-over-year to JPY 78,334 million for the six months.

• Consolidated EBITDA reached a record JPY 150.3 billion in Q2, up 11.7% year-on-year; for the six months, EBITDA increased 22.4% year-over-year to JPY 224,057 million.

• Raised JPY 200 billion in Q2 through asset sales and completed major bond redemptions, securing funding for 2026 obligations.

Financial highlights

• Net income swung from a loss of JPY 40.1 billion in Q2/25 to a profit of JPY 27.2 billion in Q2/26; quarterly net income attributable to owners returned to profit for the first time since Q2 2020.

• Internet Services revenue grew 4.2% YoY to JPY 338.1 billion in Q2; FinTech revenue up 27.0% YoY to JPY 295.4 billion; Mobile revenue up 8.3% YoY to JPY 121.4 billion.

• Non-GAAP operating income: Internet Services JPY 23.1 billion (+68.6% YoY), FinTech JPY 69.2 billion (+60.1% YoY), Mobile improved by JPY 4.1 billion YoY.

• EBITDA for the six months was JPY 224,057 million (+22.4% YoY); basic loss per share improved to JPY (5.03) from JPY (57.64) YoY.

• Total assets grew to JPY 31,135,930 million from JPY 28,804,400 million at year-end 2025.

Outlook and guidance

• Targeting sustainable profitability and ongoing growth across all segments, with high single-digit consolidated revenue growth for FY2026.

• Profitability in Non-GAAP operating income, income before income tax, and net income is expected for the full year.

• FinTech business reorganization expected to generate JPY 85 billion in synergies by FY ending March 2030, with reorganization planned for October 1, 2026.

• Continued focus on AI-driven growth, digital transformation, and operational efficiency.

• Targeting a non-FinTech net interest-bearing debt/EBITDA ratio of 5x or less by 2027.