Cookpad Inc. (2193): FY2025 Results Summary — Operating Income Down 60.8% as Premium Membership Declines

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Cookpad Inc. posted sales revenue of 5,336 million yen for FY2025, the fiscal year ended 31 December 2025, a decrease of 540 million yen, or 9.2%, from the previous year, primarily due to a decline in the Premium Services membership. Operating income fell by 60.8% to 264 million yen, as SG&A expenses declined only 2.6% to 5,022 million yen. Profit before tax was almost unchanged at 1,098 million yen, down 1.0%, reflecting an increase in finance income related to securities management, while profit attributable to shareholders of the Company decreased 44.4% to 741 million yen because the reversal of deferred tax assets increased income tax expense.

Consolidated Results (Full-Year Actual)

The company explains the full-year movements as follows: sales revenue decreased by 9.2% from the previous year, primarily due to a decline in the Premium Services membership; SG&A expenses declined by 2.6% from the previous year, owing to a drop in personnel expenses resulting from natural employee attrition, as well as cost reductions, although expenses related to investment in new businesses increased; operating income fell by 60.8% from the previous year as a result of the above; profit before tax fell by 1.0% from the previous year, as a result of an increase in finance income related to securities management; and profit attributable to shareholders of the Company decreased 44.4% from the previous year as a result of the reversal of deferred tax assets, which increased income tax expense.

Item (Millions of yen)	FY2025	FY2024	Change
Sales revenue	5,336	5,876	-540
SG&A expenses	5,022	5,156	-134
Operating income	264	673	-409
Profit before tax	1,098	1,109	-11
Profit attributable to shareholders of the Company	741	1,332	-591

Fourth-Quarter Results

On a fourth-quarter basis, sales revenue was 1,295 million yen against 1,411 million yen a year earlier, and SG&A expenses were 1,238 million yen against 1,260 million yen. Operating income was 63 million yen, down 57 million yen year on year, while profit before tax rose by 371 million yen to 604 million yen.

Item (Millions of yen)	4Q FY2025	4Q FY2024	Change
Sales revenue	1,295	1,411	-116
SG&A expenses	1,238	1,260	-22
Operating income	63	120	-57
Profit before tax	604	233	371

Quarterly Trend

Sales revenue for 4Q FY2025 decreased by 22 million yen, or 1.7%, from the previous quarter, with the decline in the Premium Services membership continuing to drive the sales decrease. SG&A expenses for 4Q FY2025 decreased by 18 million yen, or 1.4%, from the previous quarter. Following the previous quarter, 4Q FY2025 also concluded with an operating profit.

Item (Millions of yen)	4Q FY2024	1Q FY2025	2Q FY2025	3Q FY2025	4Q FY2025
Sales revenue	1,411	1,372	1,350	1,317	1,295
SG&A expenses	1,260	1,264	1,256	1,262	1,238
Operating income	120	89	71	39	63
Profit/loss before tax	233	149	-83	427	604
Balance of cash and cash equivalents at quarter end	12,083	12,138	10,238	5,545	5,885

SG&A Expense Breakdown

Within SG&A expenses, system usage fees fell by 11 million yen, or 5.9%, quarter on quarter through more efficient use of systems.

SG&A component (Millions of yen)	4Q FY2025	3Q FY2025
Personnel expenses	413	442
Outsourcing expenses	169	170
System usage fees	176	187
Sales fees	165	170
Other	315	293
Total	1,238	1,262

Workforce

The number of employees as of 31 December 2025 shrank by 13.7% from a year earlier to 101. The figure represents the number of Group employees, comprising regular employees and contract employees, and stood at 117 at the end of 4Q 2024, 105 at the end of 1Q FY2025, 101 at the end of 2Q FY2025 and 95 at the end of 3Q FY2025.

Earnings Forecast

Cookpad does not publish an earnings forecast. The company states that it will make investments aligned with the developments of the external environment, and that for this reason it does not disclose its earnings forecast.

Shareholder Returns

The presentation materials do not cover dividends or share buybacks. This cannot be confirmed from the materials.

Management Policy

Cookpad’s mission is to “Make Everyday Cooking Fun!” To achieve that mission, the company says it remains a tech-forward company dedicated to overcoming the challenges associated with cooking, and that it will continue to invest in product development to set future standards, as it pursues profits and allocates the earnings towards investment initiatives.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.