Mercari (4385) Q4 2026 earnings summary

Executive summary

• Achieved record-high consolidated revenue of 229.3B JPY (+19% YoY) and core operating profit of 44.1B JPY (+60% YoY), surpassing revised forecasts.

• Returned to double-digit revenue and GMV growth, driven by enhancements in core product experience, group synergy, and strong performance across Marketplace, Fintech, and US segments.

• Productivity improvements from AI adoption reached 495,000 hours, with average development output per engineer up 7.6x since FY2024.6.

• Fintech credit balance rose 44.4% YoY to 358.1B JPY, with a high collection rate of 99.4%.

• Profit attributable to owners of parent increased 35.6% to 35.4B JPY.

Financial highlights

• Consolidated revenue: 229.3B JPY (+19% YoY); core operating profit: 44.1B JPY (+60% YoY); gross profit: 168.9B JPY.

• Marketplace GMV: 1,285.6B JPY (+14.7% YoY); MAU: 24.1M (+5% YoY); core operating profit: 42.9B JPY (+41% YoY).

• Fintech revenue: 65.1B JPY (+29% YoY); core operating profit: 9.1B JPY (+102% YoY); credit balance: 358.1B JPY (+44% YoY).

• US GMV: $1,015M (+11% YoY); revenue: 44.4B JPY (+12% YoY); core operating profit: 2.0B JPY (+107% YoY, break-even maintained).

• Basic earnings per share rose to 214.74 JPY from 159.05 YoY.

Outlook and guidance

• FY2027.6 revenue forecast: 260.0–290.0B JPY (+13–27% YoY); core operating profit: 45.0B JPY or more.

• Marketplace aims for GMV growth of +10–15% YoY and core operating profit of 45.0B JPY or more.

• Fintech targets core operating profit of 10.0B JPY or more; US business targets GMV growth of +10% or more YoY while maintaining break-even.

• Strategic focus on AI-native transformation, crossborder expansion, and enhancing entertainment value to drive user engagement.