CyberAgent (4751): FY2025 Results Summary — Operating Income Up 78.9% as ABEMA Turns Profitable

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

CyberAgent, Inc. (TSE Prime: 4751) announced its FY2025 full-year results (October 2024 – September 2025) on November 14, 2025. Consolidated sales reached 874.0 billion yen, up 9.1% year over year, marking sales growth for the 28th consecutive year, while operating income rose 78.9% to 71.7 billion yen, beyond the revised forecast. Net income attributable to owners of the parent doubled year-over-year to 31.6 billion yen, driven by the profitability improvement of AbemaTV, Inc. For FY2026, the company guides for sales of 880.0 billion yen and an operating income range of 50.0-60.0 billion yen, reflecting the volatility of the Game business.

Consolidated Results (Full-Year Actual)

Net sales rose 9.1% to 874,030 million yen and gross profit increased 20.7% to 264,051 million yen. With SG&A expenses up 7.6% to 192,349 million yen, operating income grew 78.9% to 71,702 million yen and the operating margin improved 3.2pt to 8.2%. Net income attributable to owners of the parent increased 98.2% to 31,667 million yen. The company notes that year-over-year changes are calculated based on figures reported as corrected on May 15, 2025. On the balance sheet, cash deposits stood at 229,849 million yen at the end of September 2025 and net cash was 129,801 million yen, up 31.1% year over year.

Item (million yen)	FY2025	FY2024	YoY
Net Sales	874,030	801,236	9.1%
Gross profit	264,051	218,764	20.7%
SG&A expenses	192,349	178,680	7.6%
Operating income	71,702	40,083	78.9%
Operating margin	8.2%	5.0%	3.2pt
Ordinary income	71,743	39,715	80.6%
Net income attributable to owners of the parent	31,667	15,977	98.2%

Segment Results

Media & IP: Sales rose 15.7% to 231.5 billion yen and operating income improved by 8.7 billion yen year over year to 7.2 billion yen, achieving profitability 10 years after ABEMA’s launch. ABEMA’s weekly active users reached 28.47 million (week of September 22-28, 2025), with strong viewership of anime, sports, and original programs. Six original dramas were streamed in FY2025, and the IP business progressed with Studio Kurm founded as the third animation studio in the group.

Internet Advertisement: Sales remained stable despite the loss of a large client, increasing 6.1% to 461.2 billion yen, while operating income decreased 14.0% to 17.6 billion yen due to investments in the new business utilizing AI. The company is rapidly launching AI-powered businesses, including AI-powered performance-based agency CyberGrip, Inc., an AI customer success center, and an AI video center.

Game: Sales increased 10.6% to 216.7 billion yen, driven by several new hit games, and operating income doubled year-over-year, up 96.5% to 60.0 billion yen. Seven new games were released in FY2025, and the transfer to an external payment method had a positive impact, with the Q4 operating margin reaching 33.5%. Overseas sales increased 6.0 times year-over-year to 20.0 billion yen.

Segment	Metric	FY2025	YoY
Media & IP	Sales	231.5 billion yen	up 15.7%
Media & IP	Operating income	7.2 billion yen	+8.7 billion yen
Internet Advertisement	Sales	461.2 billion yen	up 6.1%
Internet Advertisement	Operating income	17.6 billion yen	down 14.0%
Game	Sales	216.7 billion yen	up 10.6%
Game	Operating income	60.0 billion yen	up 96.5%

FY2026 Forecast

For FY2026 (October 2025 – September 2026), CyberAgent forecasts net sales of 880.0 billion yen, up 0.7% year over year. Operating income is guided as a range of 50.0-60.0 billion yen due to the nature of the Game business, which has a high degree of volatility in performance. Net income attributable to owners of the parent is forecast at 25.0-30.0 billion yen.

Item (billion yen)	FY2026 Forecast	FY2025	YoY
Net Sales	880.0	874.0	0.7%
Operating income	50.0-60.0	71.7	-30.3% to -16.3%
Ordinary income	50.0-60.0	71.7	-30.3% to -16.4%
Net income attributable to owners of the parent	25.0-30.0	31.6	-21.1% to -5.3%
Dividend	19 yen	17 yen	11.8%

Shareholder Returns

The FY2026 dividend is forecast at 19 yen per share, up 11.8% from 17 yen for FY2025. The company states that the dividend will rise in accordance with the DOE 5% guidance. The dividend forecast is planned to be discussed at the Annual General Meeting of Shareholders.

Medium to Long-Term Strategy and Leadership Transition

Under its medium to long-term profit growth plan, CyberAgent aims to build a high-profit business model by accumulating profits from the Media & IP business along with the Ad business, and striving to create new hit games in the Game business.

The company also announced changes in representative directors on November 14, 2025: Susumu Fujita is a candidate for Representative Director and Chairman, and Takahiro Yamauchi is a candidate for Representative Director and President. The matter is scheduled to be approved at the 28th Annual General Meeting of Shareholders, to be held on December 12, 2025, and at the subsequent meeting of the Board of Directors. Employee headcount grew by 434 year over year, including 397 new graduates, to 8,284 at the end of September 2025.

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.