Mercari (4385) Q4 2026 earnings summary

Executive summary

• Achieved record-high consolidated revenue of JPY 229.3 billion (up 19% year-over-year) and core operating profit of JPY 44.1 billion (up 60.2% year-over-year), surpassing revised forecasts and marking a return to double-digit growth for the first time in three years.

• All three business segments—Marketplace, FinTech, and U.S.—delivered improved revenue and profitability, with group-wide AI adoption driving productivity and operational enhancements.

• Company-wide AI initiatives led to significant efficiency gains, with output per engineer increasing 7.6x and nearly 495,000 hours of productivity improvement realized.

• Strategic investments in product experience, cross-border transactions, and AI-driven transformation positioned the company for continued growth.

• Operating profit rose 57.7% year-over-year to JPY 43.9 billion, and profit attributable to owners of parent increased 35.6% to JPY 35.4 billion.

Financial highlights

• Revenue grew 19% year-on-year to JPY 229.2 billion; core operating profit rose 60% to JPY 44.1 billion.

• Marketplace GMV reached JPY 1,285.6 billion (up 14.7–15% year-over-year), with core operating profit at JPY 42.9 billion.

• FinTech revenue was JPY 65.1 billion (up 29.2%), with core operating profit of JPY 9.1 billion and credit balance of JPY 358.1 billion (up 44.4%).

• U.S. business achieved 11% GMV growth, revenue of JPY 44.4 billion (up 12%), and JPY 2 billion in core operating profit.

• Fourth quarter GMV was JPY 346.2 billion, up 26% year-over-year.

Outlook and guidance

• FY2027 revenue forecast set at JPY 260–290 billion (up 13.4–27%), with core operating profit of JPY 45 billion or more.

• Aims for 12–16% three-year revenue CAGR and 34% or higher core OP CAGR.

• Marketplace targets 10–15% GMV growth and core OP of JPY 45 billion or more.

• FinTech aims for core OP of over JPY 10 billion; U.S. business targets 10%+ GMV growth while maintaining profitability.

• Continued focus on top-line growth and profitability, with investments in product development and global expansion.