Rakuten Group FY2025 and Q4 FY2025 Financial Results Highlights

- Rakuten Group achieves second consecutive year of IFRS operating income, expanded full-year consolidated Non-GAAP operating income, and first-ever full-year EBITDA profitability for Rakuten Mobile
- Rakuten Group achieves record-high consolidated revenue for the 29^th consecutive year

・In addition to IFRS operating income (14.4 billion yen), the Rakuten Group achieved its financial targets set at the start of FY2025: Expansion of full-year consolidated Non-GAAP operating income profit and full-year EBITDA profitability for Rakuten Mobile. For FY2026, the Group aims to significantly expand both consolidated Non-GAAP and IFRS operating income profitability in line with its fiscal policy and prioritize three key areas: Expanding Rakuten Mobile and ecosystem synergies, accelerating AI utilization and enhancing human resource development.

・Consolidated revenue for FY2025 reached 2.5 trillion yen, up 9.5% year-on-year (YoY), with record-high revenue for the 29^th consecutive year. All three segments – Internet Services, FinTech and Mobile – achieved YoY revenue growth for FY2025.

・In addition to revenue growth, significant improvements in Rakuten Mobile’s profitability contributed to consolidated Non-GAAP operating income of 106.3 billion yen for FY2025, an improvement of 99.2 billion yen YoY. The Group achieved a record high EBITDA^*1 for FY2025 of 435.9 billion yen, up 33.7% YoY.

・In July 2025, Rakuten Group successfully re-accessed the domestic retail bond market through the issuance of sustainability bonds. This was followed by the issuance of the Group’s first domestic perpetual subordinated bonds in October. Throughout the year, Rakuten Group continued the diversification of funding sources, including further improvements to the Group’s cash conversion cycle.

・The Group will maintain a policy of securing funds for Rakuten Mobile for 2026 onwards primarily through self-funding. For bond redemptions, Rakuten Group will closely monitor exchange rate and interest rate trends to make timely selections of the optimal funding methods from various accessible options in both domestic and international markets.

・The Internet Services segment recorded revenue of 1.37 trillion yen in FY2025, up 6.8% YoY, and Non-GAAP operating income of 88.9 billion yen, up 4.5％ YoY, achieving both revenue and profit growth. Excluding valuation gains and losses from the Minority Investment business, Non-GAAP operating income was 100.3 billion yen, up 15.2% YoY.

・Domestic e-commerce^*2 gross merchandise sales (GMS)^*3 in FY2025 reached 6.35 trillion yen, up 3.9％ YoY. Adjusted figures accounting for the impact of the leap year in 2024 on the number of days in the quarter put growth at 4.2%. In addition, Non-GAAP operating income reached 122.4 billion yen, up 12.6% YoY, with significant contributions to revenue growth from core businesses such as Rakuten Ichiba and Rakuten Travel, as well as initiatives to improve profitability in growth investment businesses, including Logistics.

・The Rakuten International business unit^*2,4 achieved revenue of USD 2.1 billion, up 2.4％ YoY. Non-GAAP operating income was USD 51.8 million, a significant increase of 35.3% YoY. Despite a decrease in Open Commerce^*4 revenue due to headwinds in the U.S. macroeconomic landscape, the business unit achieved increased revenue and profit overall, driven by strong sales of Rakuten Kobo devices and content along with robust communications and ad revenue from Rakuten Viber.

・The FinTech segment achieved revenue of 975.9 billion yen in FY2025, up 19.0% YoY, and Non-GAAP operating income of 199.9 billion yen, up 30.3% YoY, achieving growth in both revenue and profit. Growth was driven by customer base and transaction volume expansion with increased revenue across all businesses.

・Rakuten Card recorded steady growth in shopping gross transaction value (GTV), achieving 26.5 trillion yen in FY2025, up 10.3％ YoY, driven by its expanded membership base and increased spending per customer. Even with higher financial costs, Rakuten Card achieved profit growth, with rising revolving payment interest rates also contributing to higher revenue.

・Leveraging Group synergies to drive account acquisitions, Rakuten Bank reached 17.63 million customer accounts (non-consolidated)^*5 as of the end of December 2025, up 7.0％ YoY, and deposit balances (non-consolidated) increased by 10.0% YoY to 13.2 trillion yen^*5,6, supported by progress in becoming customers’ primary bank for everyday life. Increased managed assets and the Bank of Japan’s policy interest rate hike improved yields and boosted interest income, leading to substantial revenue and profit growth and new quarterly records for both ordinary income and ordinary profit.

・Rakuten Securities’ total number of general securities accounts exceeded 13.26 million as of December 2025^*5, due to strong customer base expansion via the new NISA program. Rakuten Securities further strengthened its top market share in NISA accounts, with accounts surpassing 7 million in January 2026. Boosted by favorable market conditions, Rakuten Securities achieved record-high revenue^*6 due to growth in fees and financial income that drove a significant increase in revenue.

・At Rakuten Payment, increased transaction volume continued due to the expanding customer base centered on the Rakuten Pay app. In addition to significant growth in ad revenue, the business kept cost levels low and profitability continued. Operating profit also expanded, marking the second consecutive year of Non-GAAP operating income and reaching 9.5 billion yen, up 111.3％ YoY. 

・The Mobile segment recorded EBITDA^*1 of 28.8 billion yen, an improvement of 65.1 billion yen YoY, achieving full-year profitability. Revenue was 482.8 billion yen in FY2025, up 9.6% YoY. Non-GAAP operating losses were 161.8 billion yen, an improvement of 47.1 billion yen YoY.

・Rakuten Mobile recorded revenue^*8 of 374.7 billion yen, up 32.0％ YoY, driven by expanding subscriber numbers and higher ARPU^*7. Non-GAAP operating losses^*8,9 were 166.0 billion yen, an improvement of 50.3 billion yen YoY. EBITDA^*1,8,9 reached 12.9 billion yen, marking an improvement of 66.7 billion yen YoY and the first full-year EBITDA profit since entering the mobile carrier business.

・The total number of Rakuten Mobile subscriptions^*10 reached 10.01 million as of the end of December 2025, a net increase of 1.71 million YoY. This growth was due to increased brand awareness via Rakuten Ecosystem synergies, strong B2C customer acquisition and the successful conversion of the B2B pipeline at the end of the year. In addition, net ARPU, a key indicator for Rakuten’s operating income and EBITDA profitability, was 2,467 yen, up 59 yen YoY, with data ARPU continuing to be a major growth driver due to higher data consumption.

・In FY2026, capital expenditure^*11 is planned to exceed 200 billion yen, up 62.9 billion YoY.  Rakuten Mobile will further strengthen cooperation with partner companies, concentrate on our internal human resources, accelerate new base station buildout and aim to improve network quality.

・Rakuten Symphony achieved full-year Non-GAAP operating profit for the first time since founding. This was driven by contributions from expanded sales to key customers and strong performance in network operation support systems.

Notes:
*1 EBITDA is an indicator the Rakuten Group uses to assess the ability for business activities to generate cash flow. It is calculated by adding Non-GAAP operating income to depreciation costs, etc.
*2 Retroactive adjustments were made due to a reclassification of Internet Services segment businesses in Q1/25 and Q2/25.
*3 Domestic e-commerce GMS = Rakuten Ichiba, Rakuten Travel (GTV on checkout basis), Rakuten Books, Rakuten Books Network, golf business, Rakuten Fashion, Rakuten Dream businesses, Rakuten Beauty, Rakuten 24 and other first-party daily necessities shops, Rakuten Car, Rakuten Rakuma, Rakuten Rebates, Rakuten Mart, Rakuten Ticket, cross border trading, etc. Excludes some tax-exempt businesses and includes consumption tax.
*4 Open Commerce is the total of Rakuten Rewards (USA, Europe, Canada), Fillr, and overseas Ads business. Other Rakuten International businesses include Rakuten TV, Rakuten France, Rakuten Kobo, Rakuten Viber and Rakuten Viki, etc. This does not include Rakuten Symphony businesses, Taiwan e-commerce, or overseas financial subsidiaries.
*5 Figures are rounded down to the nearest unit.
*6 J-GAAP.
*7 ARPU is calculated using the average of MNO subscribers at the end of the most recent and previous quarters, excluding MVNE and BCP and other contracts. Within ARPU, the cost of sales associated with the revenue uplift from Rakuten Mobile's MNO subscribers and the effect of referring customers from Group companies to the Mobile business are deducted from Ecosystem ARPU. Mobile Ecosystem Contribution is calculated as (Net ARPU x number of MNO contract subscriptions), and is recorded in Rakuten Mobile, Inc.'s income statement after revenue and operating expenses.
*8 Rakuten Energy, Inc. was merged into Rakuten Mobile, Inc. in February 2025. Additionally, a portion of Rakuten Communication’s business was merged into Rakuten Mobile, Inc. in April 2025.
*9 Includes investment gains/losses related to the Mobile Segment starting from Q4/25.
*10 Total number of MNO, MVNE and MVNO subscribers, including BCP lines.
*11 Network-related capital expenditure.