Kakaku.com, Inc. (2371): FY2025 Results Summary — Record Revenue as Tabelog and Kyujin Box Beat Plan

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Note: Kakaku.com labels the fiscal year ended March 31, 2026 as “FY26/3”; this article follows the site’s FY2025 classification for the most recently completed fiscal year, while the text, tables and segment labels keep the company’s own notation as reported. Kakaku.com, Inc. (TSE Prime: 2371) released its FY26/3 Results Briefing on May 8, 2026. Full-year revenue reached a record 94.1 billion yen (YoY +20%) while operating profit was 27.2 billion yen (YoY -7%), as Tabelog and Kyujin Box exceeded initial plans. Operating profit was anticipated to decline due to growth investments in Kyujin Box but fell slightly below forecast due to additional M&A-related expenses and AI investment costs. For FY27/3 the company forecasts revenue of 114.5 billion yen (YoY +22%) and operating profit of 30.8 billion yen (YoY +13%).

Consolidated Results (Full-Year Actual)

Full-year revenue was 94,127 million yen, up 15,692 million yen or +20.0% year on year, and came in at 102.3% of the full-year forecast of 92,000 million yen. Operating profit was 27,243 million yen, down 2,050 million yen or -7.0%, reaching 97.3% of the 28,000 million yen forecast, with the operating profit margin at 28.9% (-8.4pt) against a forecast margin of 30.4%. Profit attributable to owners of the parent company was 18,803 million yen (-6.1%) and EPS was 95.05 yen (-6.28 yen). In the fourth quarter alone, revenue rose +16.0% to 25,236 million yen while operating profit fell -15.5% to 6,110 million yen.

Item (million yen)	FY26/3 Full-Year	YoY Change (Amount)	YoY Change (%)	Full-Year Forecast (progress)
Revenue	94,127	+15,692	+20.0%	92,000 (102.3%)
Operating Profit	27,243	-2,050	-7.0%	28,000 (97.3%)
OP Margin	28.9%	-8.4pt	―	30.4%
Profit Before Income Taxes	27,347	-1,368	-4.8%	27,700 (98.7%)
Profit Attributable to Owners of the Parent Company	18,803	-1,230	-6.1%	19,000 (99.0%)
EPS (yen)	95.05	-6.28	―	―

Segment Results

Tabelog revenue rose +20.2% to 40,239 million yen and segment income rose +22.8% to 22,196 million yen, as restaurant reservations grew strongly throughout the year and restaurant advertising remained solid. Kyujin Box revenue grew +51.2% to 20,205 million yen, exceeding the full-year plan by over 10 percentage points, but the segment recorded a loss of 1,486 million yen after growth investments in brand awareness and sales channel expansion. Kakaku.com segment revenue was broadly flat at 23,611 million yen (-0.1%) as strong Shopping performance was offset by weakness in Personal Finance, while segment income increased +6.9% to 12,548 million yen due to the absence of one-time impairment losses recorded in the previous fiscal year combined with improved operational efficiency. Incubation revenue rose +26.6% to 10,071 million yen and segment income rose +42.3% to 2,740 million yen, driven by LiPLUS, which joined the Group in April 2025, and Time Design.

Segment (million yen)	Metric	FY26/3 Full-Year	YoY Change (Amount)	YoY Change (%)	Full-Year Forecast (progress)
Kakaku.com	Revenue	23,611	-32	-0.1%	24,000 (98.4%)
Kakaku.com	Segment Income	12,548	+814	+6.9%	12,800 (98.0%)
Tabelog	Revenue	40,239	+6,766	+20.2%	39,500 (101.9%)
Tabelog	Segment Income	22,196	+4,117	+22.8%	21,800 (101.8%)
Kyujin Box	Revenue	20,205	+6,841	+51.2%	18,500 (109.2%)
Kyujin Box	Segment Income	-1,486	-5,749	-134.9%	-1,500 (99.1%)
Incubation	Revenue	10,071	+2,117	+26.6%	10,200 (98.7%)
Incubation	Segment Income	2,740	+815	+42.3%	2,700 (101.5%)
Adjustment of Segment Income	―	-8,756	-2,048	-30.5%	-7,800 (112.3%)

On the KPI side, the number of Tabelog restaurants subscribing to either or both the restaurant promotion and online reservation services exceeded 100,000, with restaurant promotion contracts at 63,500 (ARPU 22,900 yen) and restaurant reservation contracts at 96,300 (ARPU 17,700 yen) at the end of the fourth quarter, and quarterly online reservations of 35.75 million. At Kyujin Box, brand awareness improved by 20 percentage points from approx. 35% in the previous year, quarterly average monthly users reached 14.37 million, active client accounts 14,500 and ARPU 13.3 (ten thousand yen).

FY2026 Forecast (FY27/3)

For FY27/3 the company forecasts revenue of 114.5 billion yen (YoY +21.6%) and operating profit of 30.8 billion yen (YoY +13.1%), implying an operating profit margin of 26.9% versus 28.9% in FY26/3 and 37.3% in FY25/3. The Tabelog and HR segments are expected to serve as the primary growth drivers, with the company maintaining its commitment to growth investments in the HR segment. From FY27/3 Q1 the combined total of Kyujin Box and the engage business will form the “HR” segment; for Kyujin Box on a standalone basis, revenue of 26.2 billion yen (YoY +30%) and operating profit of 0 billion yen (an improvement of 1.5 billion yen year on year) are forecast.

Segment (billion yen)	Metric	FY27/3 Forecast	YoY
Kakaku.com	Revenue	24.6	+4%
Kakaku.com	Segment Income	13.3	+6%
Tabelog	Revenue	46.5	+16%
Tabelog	Segment Income	25.4	+14%
HR (Kyujin Box + engage)	Revenue	31.8	―
HR (Kyujin Box + engage)	Segment Income	-0.9	―
Incubation	Revenue	11.7	+15%
Incubation	Segment Income	3.1	+13%
Adjustment of Segment Income	―	-9.9	+13%
Consolidated	Revenue	114.5	+21.6%
Consolidated	Operating Profit	30.8	+13.1%

Shareholder Returns

The FY26/3 dividend per share was 50 yen, consisting of an interim dividend of 25 yen and a year-end dividend of 25 yen, with a payout ratio of 52.6%. For FY27/3 the company forecasts a dividend per share of 54 yen (interim 27 yen, year-end 27 yen) with a payout ratio of 51.6%. In FY25/3 the dividend per share was 80 yen, consisting of a regular dividend of 50 yen and a special dividend of 30 yen, with a payout ratio of 78.9%; excluding the special dividend, the dividend per share was 50 yen with a payout ratio of 49.3%. The company’s capital allocation policy is to actively pursue growth investments while providing a certain level of shareholder returns: continuously pay dividends (twice a year, payout ratio of 50% or more) and, after growth investments, flexibly return surplus funds to shareholders through buybacks and special dividends. Management indices are set at ROE of 40% or more, an equity ratio of 50% or more (cost of equity recognized to be around 7-8%) and an operating profit margin of 40% or more. No treasury stock was acquired in FY25/3 or FY26/3, leaving the total return ratio at 52.6% in FY26/3.

Item	FY25/3	FY26/3	FY27/3 (Forecast)
Dividend per share (yen)	80	50	54
└ Ordinary Dividend (yen)	50	50	54
└ Special Dividend (yen)	30	–	―
Payout ratio	78.9%	52.6%	51.6%
EPS (yen)	101.33	95.05	―
ROE	35.4%	29.7%	―
Capital-to-Asset Ratio	66.1%	70.3%	―

Balance Sheet and Cash Flow

As of March 31, 2026, cash and cash equivalents were 46,468 million yen, other current assets 20,292 million yen, goodwill and other intangible assets 11,403 million yen and other non-current assets 14,312 million yen, against current liabilities of 24,016 million yen, non-current liabilities of 3,289 million yen and total equity of 65,170 million yen. Cash and cash equivalents decreased due to the payment of the year-end dividend in June (55 yen per share, totaling 10.9 billion yen) and the FY26/3 interim dividend in December (25 yen per share, totaling 5.0 billion yen), while goodwill and intangible assets increased primarily due to the acquisition of LiPLUS Holdings, Inc. Operating cash flow was 25,354 million yen (-7.5% YoY), investing cash flow -11,415 million yen and financing cash flow -18,374 million yen, with dividends paid of 15,820 million yen and payments into time deposits of 10,000 million yen among the main components.

Medium-Term Plan (for reference)

The briefing restates the medium-term plan on a reference basis, targeting a consolidated 5-year revenue CAGR of +13% through FY30/3. By segment, the FY30/3 plan calls for Kakaku.com revenue of 27.0 billion yen (5-year CAGR +3%) and segment income of 15.0 billion yen (+5%); Tabelog revenue of 54.0 billion yen (+10%) and segment income of 30.0 billion yen (+11%); Kyujin Box revenue of 50.0 billion yen (+31%) and segment income of 15.0 billion yen (+29%); and Incubation revenue of 12.0 billion yen (+9%) and segment income of 4.0 billion yen (+16%).

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.