OpenDoor (3926): FY2025 Results Summary — Net Sales Up 2.0% and Operating Loss Narrows; Next-Year Forecast Withheld

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

Note: On this site, “FY2025” refers to OpenDoor’s fiscal year ended March 31, 2026, which the company’s materials label “FY2026 March” (2026/3); labels in the body and tables follow the materials.

OpenDoor Inc. (TSE Standard: 3926), operator of the travel comparison site Travelko, reported FY2026 March net sales of 2,453 million yen (up 2.0% from the previous year) and an operating profit/loss of -45 million yen, improving from -102 million yen in the previous year. Net income was -1,131 million yen, mainly attributable to a loss on valuation of investment securities (957 million yen) at VELTRA Corporation. In the fourth quarter the company returned to profitability, with operating profit of 48 million yen. Citing significant volatility in the Japanese leisure travel market due to macroeconomic factors such as the weak yen, the company is currently withholding its financial projections for the fiscal year ending March 2027.

Consolidated Results (Full-Year Actual)

According to the company, in the overall Japanese leisure travel market the escorted tour package market with a low online sales ratio performed well, while the transport & hotel inclusive, self-guided package market with a high online sales ratio remained sluggish. Even so, net sales increased year on year and operating profit and loss improved significantly. Net sales rose 48 million yen (+2.0%) to 2,453 million yen. Cost of sales fell 6.1% to 909 million yen, lifting gross profit 7.5% to 1,544 million yen, while selling, general and administrative expenses rose 3.3% to 1,589 million yen. The operating profit/loss improved by 56 million yen to -45 million yen, and ordinary profit improved by 67 million yen to -34 million yen. Net income was -1,131 million yen versus -120 million yen in the previous year.

Item (millions of yen)	2025/3 Results (Previous year)	2026/3 Results (Year under review)	Amount of change	YoY
Net sales	2,405	2,453	+48	+2.0%
Cost of sales	969	909	-59	-6.1%
Gross profit	1,435	1,544	+108	+7.5%
Selling, general and administrative expenses	1,538	1,589	+51	+3.3%
Operating profit/loss	-102	-45	+56	–
Ordinary profit	-101	-34	+67	–
Net income	-120	-1,131	-1,010	–

In the fourth quarter (January–March 2026), net sales rose 7.3% year on year to 628 million yen and gross profit rose 26.8% to 421 million yen. Operating profit/loss swung to 48 million yen from -46 million yen, for an operating margin of 7.7%, and ordinary profit was 50 million yen. The company states it returned to profitability, marking a significant improvement. Quarterly net income was -37 million yen, mainly due to an impairment loss (72 million yen).

Item (millions of yen)	2025/3 4Q Results (Previous year)	2026/3 4Q Results (Year under review)	Amount of change	Compared to 2025/3 4Q
Net sales	585	628	+43	+7.3%
Gross profit	332	421	+89	+26.8%
Selling, general and administrative expenses	379	373	-6	-1.7%
Operating profit/loss	-46	48	+95	–
Ordinary profit	-47	50	+97	–
Net income	-51	-37	+14	–
Operating margin	–	7.7%	–	–

On the balance sheet, total assets at the end of 2026/3 were 4,065 million yen (down 736 million yen), including cash and deposits of 2,141 million yen, while net assets were 3,477 million yen. The company notes that the capital-to-asset ratio is kept high at 85.1%. Cash and cash equivalents decreased by 70 million yen to 2,136 million yen.

Cost Structure (Single Business Overview)

The materials do not present results by reportable segment; the company’s business consists mainly of the travel comparison site Travelko, alongside the global site TRAVELKO, the traditional crafts information sites GALLERY JAPAN and KOGEI JAPAN, and the consolidated subsidiary Hotel Skip Inc. Instead, the company breaks down its key cost components. Outsourcing expenses (cost of sales) decreased as it accelerated the shift toward in-house development: “Others” within cost of sales fell by 148 million yen (-30.4%) to 340 million yen, while labor costs in cost of sales rose 18.6% to 569 million yen. Within SG&A, advertising costs increased by 125 million yen (+35.8%) to 476 million yen; the company describes this as a temporary increase and says it is promoting operational optimization and expects further improvement in cost-effectiveness in the following fiscal year and beyond.

Item (millions of yen)	2025/3 Results	% of sales	2026/3 Results	YoY	% of sales
Cost of sales	969	40.3%	909	-6.1%	37.1%
Labor costs	479	20.0%	569	+18.6%	23.2%
Others	489	20.3%	340	-30.4%	13.9%
Selling, general and administrative expenses	1,538	64.0%	1,589	+3.3%	64.8%
Personnel expenses	797	33.2%	746	-6.3%	30.4%
Advertising costs	351	14.6%	476	+35.8%	19.4%
Others	389	16.2%	365	-6.1%	14.9%

During FY2026 March, a total of 102 development projects were released, with a similar number or more planned for the following fiscal year. Travelko won the Grand Prize in the Travel Reservation category at the mybest AWARD 2025 (announced on November 28, 2025), as the only winner in the travel industry, and ranked No. 1 overall for the third consecutive year in the 2026 Oricon Customer Satisfaction® survey for hotel comparison sites.

FY2027 March Forecast

The company states that the Japanese leisure travel market is currently subject to significant volatility due to macroeconomic factors such as the weak yen, making it difficult to produce accurate forecasts, and it is therefore currently withholding its financial projections for the fiscal year ending March 2027. It says it will continue to drive company-wide improvements in operational efficiency and optimization, including AI-driven system development, to achieve both business growth and cost reductions, with the aim of further enhancing profitability. No forecast figures are disclosed in the materials.

Shareholder Returns

The results presentation does not include information on dividends or share buybacks. This cannot be confirmed from the materials.

Future Growth Measures

The company aims to capture additional demand by promoting SEM (search engine marketing), SEO (search engine optimization) and AIO (AI optimization) for Travelko, and to accelerate the expansion of its target market, including other sectors, through the proactive adoption of AI-driven development. Planned measures include: launching new products such as cruises on Travelko; introducing AI search on Travelko and providing AI services such as AI search and AI FAQ to other companies; accelerating the introduction of Group company Hotel Skip’s business travel system to travel agencies; enhancing the flight and hotel online reservation system already provided to travel agencies while increasing its number of users; and launching a cross-border EC marketplace business at KOGEI JAPAN for daily-use crafts, as GALLERY JAPAN’s overseas sales have already exceeded those in Japan.

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.