# Rakuten Bank, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YGME)
> Page: https://vizora.meequs.com/en/company/rakuten-bank
> Retrieved: 2026-09-30T21:11:45.038Z

## Company

Rakuten Bank, founded in 2000, is a company in Online & Retail-Affiliated Banks listed on TSE Prime. It has 1,186 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rakuten Bank, Ltd. |
| Ticker | 5838 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5838.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目16番5号 |
| Representative (per filing) | 代表取締役社長 東林 知隆 |
| Founded | Jan 2000 |
| Employees (consolidated) | 1,186 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.rakuten-bank.co.jp (https://www.rakuten-bank.co.jp/) |
| Corporate number | 5010701022527 |
| EDINET | E03621 |
| Industries (Vizora) | Online & Retail-Affiliated Banks |

> Profile source: annual securities report (S100YGME, filed 2026-06-22). As of filing

## Key points (generated from figures)

- Rakuten Bank brought in ¥255.6B in ordinary revenue.
- Out of every ¥100 of ordinary revenue, about ¥40 is left as ordinary profit.
- Ordinary revenue changed +38.5% from the prior year, ordinary profit +44.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥255.6B |  |
| Ordinary income | ¥103.1B | Margin 40.3% |
| Net income | ¥73.1B | Margin 28.6% |
| Employees (consolidated) | 1,186 |  |
| EPS | ¥418.44 |  |
| Diluted EPS | ¥417.78 |  |
| Book value per share | ¥2092.02 |  |
| Equity ratio | 2.2% |  |
| Shares outstanding | 174,499,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 27,094 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 4.8× net income
- FY2026, revenue is 2.4× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥103386000000 | ¥255579000000 | +147.2% |
| Employees | 916 people | 1,186 people | +29.5% |
| Cash and equivalents | ¥2682969000000 | ¥4139552000000 | +54.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 255,579 | 100.0% | S100YGME |
| Ordinary expenses | 152,488 | 59.7% | S100YGME |
| Ordinary income | 103,091 | 40.3% | S100YGME |
| Extraordinary loss | 0 | 0.0% | S100YGME |
| Pretax income | 103,091 | 40.3% | S100YGME |
| Income tax | 31,190 | 12.2% | S100YGME |
| Net income | 71,900 | 28.1% | S100YGME |
| Net income attributable to owners | 73,072 | 28.6% | S100YGME |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 60 |
| Ordinary income | 40 |
| (Ref.) Net income | 29 |

### Margin funnel

Ordinary margin 40.3% → Net margin 28.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.5%; Core profit growth: +44.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.15×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 184,534 | 255,579 | 71,045 | +38.5% |
| Net income attributable to owners | 50,779 | 73,072 | 22,293 | +43.9% |
| Operating cash flow | 183,758 | 354,295 | 170,537 | +92.8% |
| Free cash flow | 169,789 | 335,403 | 165,614 | +97.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 103,386 | — | — | 19,337 | 1,501,494 | — | S100W2TC |
| FY ending Mar 2022 | 106,026 | — | — | 20,039 | 1,461,945 | 1,456,506 | S100QZUI |
| FY ending Mar 2023 | 120,445 | — | — | 27,692 | 594,695 | 586,886 | S100VGRF |
| FY ending Mar 2024 | 137,950 | — | — | 34,436 | 1,027,880 | 1,018,511 | S100W2TC |
| FY ending Mar 2025 | 184,534 | — | — | 50,779 | 183,758 | 169,789 | S100YGME |
| FY ending Mar 2026 | 255,579 | — | — | 73,072 | 354,295 | 335,403 | S100YGME |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥215.5M |
| Net income per employee (consolidated) | ¥61.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 925 | 1,001 | 1,056 | 1,076 | 1,186 |
| Average salary (parent company) | — | ¥6.4M | ¥6.3M | ¥6.3M | ¥7.1M |
| Average age (parent company) | — | 37.1 years | 36.7 years | 36.8 years | 37.4 years |
| Average tenure (parent company) | — | 5.0 years | 5.2 years | 5.5 years | 5.5 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +38.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 354,295 | 138.6% | S100YGME |
| Capital expenditure | 18,892 | 7.4% | S100YGME |
| Free cash flow | 335,403 | 131.2% | 算出 |
| Investing cash flow | -457,557 | -179.0% | S100YGME |
| Financing cash flow | 0 | 0.0% | S100YGME |
| Share buyback | 0 | 0.0% | S100YGME |
| Change in cash | -102,300 | -40.0% | S100YGME |
| Cash and equivalents | 4,139,552 | 1619.7% | S100YGME |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天グループ株式会社 | Major shareholder | 49.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 380634(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.3% | 2026-03-31 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 384513 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.6% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.3% | 2026-03-31 |
| GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YGME | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGME,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W2TC | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2TC,, |
| 訂正有価証券報告書－第25期(2023/04/01－2024/03/31) | S100VGRF | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGRF,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100QZUI | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZUI,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).