Rakuten Group (4755): FY2025 Results Summary — Record Revenue and First Full-Year Mobile EBITDA Profit

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Rakuten Group, Inc. announced its FY2025 fourth quarter and full year consolidated financial results (IFRS) on February 12, 2026. Note: Rakuten Group’s fiscal year ends in December, so FY2025 here refers to the fiscal year ended December 2025. Consolidated revenue reached JPY 2.5 tn, up 9.5% year on year, marking 29 years of consecutive revenue growth. Consolidated Non-GAAP operating income was JPY 106.3 bn, an improvement of +99.2 bn YoY, and the Mobile segment achieved its first full-year profit on an EBITDA basis.

Consolidated Results (Full-Year Actual)

Consolidated EBITDA rose 33.7% YoY to JPY 435.9 bn, reaching a new record high as the Mobile segment turned profitable. IFRS operating income was JPY 14.4 bn, versus JPY -53.9 bn in FY2024 (FY2024 excludes one-off gains related to the revaluation of AST shares); the company states it achieved positive IFRS OI without relying on one-off gains. Rakuten also achieved both earnings targets set at the beginning of 2025: expansion of consolidated Non-GAAP OI and Rakuten Mobile full-year EBITDA profitability.

Item	FY2025	FY2024	Change
Revenue	JPY 2.5 tn	—	+9.5% YoY
Non-GAAP operating income	JPY 106.3 bn	JPY 7.0 bn	+99.2 bn YoY
Consolidated EBITDA	JPY 435.9 bn	—	+33.7% YoY (record high)
IFRS operating income	JPY 14.4 bn	JPY -53.9 bn (excl. AST one-off gains)	Turned positive
Net loss	JPY -123.2 bn	—	—
Net loss attributable to owners of the company	JPY -177.9 bn	—	—

Below IFRS operating income, financial income/expenses were JPY -36.0 bn (including net interest income and expenses of -82.4 and derivative valuation gains/losses of 43.5), equity in earnings of affiliates was JPY -7.9 bn, and pre-tax loss was JPY -29.5 bn. After income tax of JPY -93.7 bn, the net loss was JPY -123.2 bn, and net loss attributable to owners of the company was JPY -177.9 bn. One-off items of JPY -71.1 bn included impairment losses for the online grocery business (27.9, Q3), Rakuten Symphony (20.5, Q4) and the logistics business (10.0, Q4); the company notes that recognizing these losses has helped reduce the risk of future impairment losses across the Group.

Segment Results

The Internet Services segment posted revenue of JPY 1.4 tn (+6.8% YoY) and Non-GAAP operating income of JPY 100.3 bn (+15.2% YoY, excluding minority investments; JPY 88.9 bn, +4.5% YoY, including minority investments), with Domestic EC driven by Rakuten Ichiba and Travel and improved losses in growth investment businesses such as logistics. The FinTech segment recorded double-digit revenue growth to JPY 975.9 bn (+19.0% YoY) and Non-GAAP operating income of JPY 199.9 bn (+30.3% YoY), driven by Rakuten Card’s GTV growth and Rakuten Bank’s interest income. The Mobile segment posted revenue of JPY 482.8 bn (+9.6% YoY), a Non-GAAP operating loss of JPY -161.8 bn (a +47.1 bn YoY improvement), and EBITDA of JPY 28.8 bn (a +65.1 bn YoY improvement) — its first full-year EBITDA profit, helped by improved profitability at Rakuten Symphony, which achieved its first-ever full-year profit at the Non-GAAP OI level.

Segment	Metric	FY2025	YoY
Internet Services	Revenue	JPY 1.4 tn	+6.8%
Internet Services	Non-GAAP OI (excl. minority investments)	JPY 100.3 bn	+15.2%
Internet Services	Non-GAAP OI (incl. minority investments)	JPY 88.9 bn	+4.5%
FinTech	Revenue	JPY 975.9 bn	+19.0%
FinTech	Non-GAAP OI	JPY 199.9 bn	+30.3%
Mobile	Revenue	JPY 482.8 bn	+9.6%
Mobile	Non-GAAP OI	JPY -161.8 bn	+47.1 bn improvement
Mobile	EBITDA	JPY 28.8 bn	+65.1 bn improvement

Key KPIs: Domestic EC GMS was JPY 6.3 tn, +3.9% YoY (+4.2% adjusting for 2024 being a leap year). Rakuten Card shopping GTV reached JPY 26.5 tn (+10.3% YoY), Rakuten Bank’s deposit balance JPY 13.2 tn (+10.0% YoY) with 17.63 mm accounts, and Rakuten Securities’ general accounts 13.26 mm (+11.1% YoY) with deposited assets of JPY 48.7 tn. In Mobile, total subscribers reached 10.01 mm as of December 2025 (+1.71 mm YoY), Q4/25 ARPU was JPY 2,860, and the Rakuten Mobile business achieved full-year EBITDA of JPY 12.9 bn (+66.7 bn YoY), with pre-marketing cash flow of JPY 86.9 bn (+14.9 bn YoY).

Next Fiscal Year Policy and Targets

For FY2026, the company did not present numerical earnings forecasts in the presentation; its earnings policy is to aim for significant growth in both Non-GAAP and IFRS operating income. It will maintain targets for the non-FinTech net interest-bearing debt/EBITDA ratio, aiming for approx. 6x in fiscal 2026 (after improving from 11.7x in 2024 to 6.5x in 2025). Three priority areas are set out: expanding ecosystem synergies with Rakuten Mobile, acceleration of AI utilization, and strengthening HR development. Rakuten Mobile’s network-related capex plan for FY2026 is over JPY 200 bn to accelerate base station construction, after FY2025 capex fell behind the initial plan due to delays in securing construction company resources (orders worth just over JPY 100 bn were completed on an order basis).

Item	FY2026 Policy / Target	FY2025 (Reference)
Non-GAAP operating income	Aim for significant growth (no numerical forecast disclosed)	JPY 106.3 bn
IFRS operating income	Aim for significant growth (no numerical forecast disclosed)	JPY 14.4 bn
Non-FinTech net interest-bearing debt / EBITDA	Approx. 6x (target)	6.5x
Rakuten Mobile network-related capex	Over JPY 200 bn (plan)	Fell behind initial plan; orders worth just over JPY 100 bn completed
Profit generated by AI	3x of 2024 (target)	JPY 25.5 bn

Finance and Funding

In FY2025, Rakuten issued sustainability bonds totaling JPY 30 bn in July, a domestic retail bond of JPY 130 bn in August (re-accessing the domestic retail bond market for the first time since 2023), and a JPY-denominated perpetual subordinated bond of JPY 82 bn in October — which the company describes as the first perpetual subordinated bond of size successfully issued by a non-financial company in the domestic market, with capital recognition obtained from rating agencies. Under its future financing policy, Rakuten Mobile will in principle continue to seek ‘Self-Funding’ solutions (lease finance, securitization, etc.) for its capital needs, while the company considers early funding solutions for bond redemptions across domestic, international, wholesale and retail markets. The company also notes that market assessment of its credit continues to improve, with its 5-year CDS tightening and the price of its unsecured dollar-denominated corporate bond issued in 2024 rising.

Shareholder Returns

Dividend and share repurchase details are not included in this results presentation and cannot be confirmed from the materials.

Topics: AI Initiatives

AI contributed JPY 25.5 bn to Group profit in 2025 (profit generated by cost reduction and sales growth through AI projects across Rakuten services), beating the 2025 target of JPY 21 bn (2x of 2024’s JPY 10.5 bn); the 2026 target is 3x of 2024. Rakuten AI and its agentic platform were launched across the ecosystem, reaching 45.6 million active ecosystem users, with a full-scale launch of Rakuten AI on Rakuten Ichiba in December 2025. Raptor, Rakuten’s AI for customer service, is expected to deliver JPY 4.3 bn in annualized cost savings in 2026 with at least 10 businesses launching it. Rakuten AI 3.0, a next-generation LLM announced on December 18, is 10x bigger than Rakuten AI 2.0 (close to 700B parameters) and delivers up to 90% cost reduction when powering Rakuten Ecosystem services compared to GPT-4o.

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.