# Rakuten Group,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/01/01－2025/12/31) (S100XTNW)
> Page: https://vizora.meequs.com/en/company/rakuten-group
> Retrieved: 2026-09-30T19:51:58.618Z

## Company

Rakuten, founded in 1997, is a company in Telecom Carriers listed on TSE Prime. It has 29,419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rakuten Group, Inc. |
| Ticker | 4755 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4755.T) |
| Listing | TSE Prime |
| Head office | 東京都世田谷区玉川一丁目14番1号 |
| Representative (per filing) | 代表取締役会長兼社長 三木谷 浩史 |
| Founded | Feb 1997 |
| Share capital | ¥459.5B |
| Employees (consolidated) | 29,419 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | December |
| Website | corp.rakuten.co.jp (https://corp.rakuten.co.jp/) |
| Corporate number | 9010701020592 |
| EDINET | E05080 |
| Industries (Vizora) | Telecom Carriers, Internet Services & Apps, E-commerce, Online & Retail-Affiliated Banks, Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100XTNW, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 25 |
| Profitability | 22.1 | 34 |
| Cash conversion | 98.1 | 27 |
| Efficiency | 1.5 | 34 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 48% of Rakuten's sales come from Internet Services, with FinTech and Mobile making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit -72.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.5T |  |
| Operating income | ¥14.4B | Margin 0.6% |
| Net income | -¥177.9B | Margin -7.1% |
| Free cash flow | ¥218.1B |  |
| Largest business | Internet Services | of segment revenue 48.4% |
| Employees (consolidated) | 29,419 |  |
| EPS | ¥-82.24 |  |
| Diluted EPS | ¥-82.26 |  |
| Book value per share | ¥706.33 |  |
| Equity ratio | 3.4% | Derived from disclosed figures |
| Shares outstanding | 2,169,972,100 |  |
| Treasury shares | 5,800 |  |
| Shareholders | 730,758 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 20.3% | Cash ÷ revenue 233.8% |
| Vs. industry median margin | -7.1 pp | Internet Services & Apps |
| ROA | -0.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1455538000000 | ¥2496575000000 | +71.5% |
| Operating income | ¥-93849000000 | ¥14382000000 | — |
| Operating margin | -6.4% | 0.6% | +7 pp |
| Employees | 23,841 people | 29,419 people | +23.4% |
| Cash and equivalents | ¥3021306000000 | ¥5837566000000 | +93.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インターネットサービス → インターネットサービス | 48.4% |
| インターネットサービス → 事業再編・廃止 | 5.5% |
| フィンテック → フィンテック | 34.5% |
| フィンテック → 事業再編・廃止 | 1.0% |
| モバイル → モバイル | 10.6% |
| 新設・再編 → モバイル | 6.4% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Internet Services | 5 years | +9.4% | ¥1369697000000 | — | 2 |
| FinTech | 5 years | +11.1% | ¥975931000000 | — | 2 |
| Mobile | 5 years | +22.9% | ¥482838000000 | — | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,496,575 | 100.0% | S100XTNW |
| Operating income | 14,382 | 0.6% | S100XTNW |
| Pretax income | -29,550 | -1.2% | S100XTNW |
| Income tax | 93,663 | 3.8% | S100XTNW |
| Net income | -123,213 | -4.9% | S100XTNW |
| Net income attributable to owners | -177,886 | -7.1% | S100XTNW |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 99 |
| Operating income | 1 |
| (Ref.) Net income | -7 |

### Margin funnel

Operating margin 0.6% → Net margin -7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.5%; Core profit growth: -72.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.64×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,279,233 | 2,496,575 | 217,342 | +9.5% |
| Operating income | 52,975 | 14,382 | -38,593 | -72.9% |
| Net income attributable to owners | -162,442 | -177,886 | -15,444 | — |
| Operating cash flow | 1,190,882 | 424,093 | -766,789 | -64.4% |
| Free cash flow | 947,645 | 218,125 | -729,520 | -77.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 781,916 | — | — | 38,435 | 30,700 | — | S100L1HG |
| FY ending Dec 2017 | 944,474 | — | — | 110,488 | 162,056 | — | S100O061 |
| FY ending Dec 2018 | 1,101,480 | — | — | 141,889 | 145,615 | — | S100QDTK |
| FY ending Dec 2019 | 1,263,932 | 72,745 | 5.8% | -31,888 | 318,320 | 111,082 | S100L1HG |
| FY ending Dec 2020 | 1,455,538 | -93,849 | -6.4% | -114,199 | 1,041,391 | 656,317 | S100O061 |
| FY ending Dec 2021 | 1,681,757 | -194,726 | -11.6% | -133,828 | 582,707 | 172,066 | S100QDTK |
| FY ending Dec 2022 | 1,920,894 | -371,612 | -19.3% | -377,217 | -262,068 | -697,286 | S100T4X3 |
| FY ending Dec 2023 | 2,071,315 | -212,857 | -10.3% | -339,473 | 724,192 | 373,035 | S100VHZ5 |
| FY ending Dec 2024 | 2,279,233 | 52,975 | 2.3% | -162,442 | 1,190,882 | 947,645 | S100XTNW |
| FY ending Dec 2025 | 2,496,575 | 14,382 | 0.6% | -177,886 | 424,093 | 218,125 | S100XTNW |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.9M |
| Operating income per employee (consolidated) | ¥488.9K |
| Net income per employee (consolidated) | -¥6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28,261 | 32,079 | 30,830 | 29,334 | 29,419 |
| Average salary (parent company) | ¥7.7M | ¥8M | ¥7.9M | ¥8.2M | ¥8.5M |
| Average age (parent company) | 34.3 years | 34.4 years | 34.4 years | 35.3 years | 36.0 years |
| Average tenure (parent company) | 4.7 years | 4.7 years | 5.1 years | 5.8 years | 6.3 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +9.5%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet Services | 1,369,697 | 48.4% | — | — |
| FinTech | 975,931 | 34.5% | — | — |
| Mobile | 482,838 | 17.1% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Internet Services | 48.4% |
| FinTech | 34.5% |
| Mobile | 17.1% |

Segment → industry: Mobile → Telecom Carriers / Internet Services → Internet Services & Apps / Internet Services → E-commerce / FinTech → Online & Retail-Affiliated Banks / FinTech → Credit Cards & Consumer Credit

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 424,093 | 17.0% | S100XTNW |
| Capital expenditure | 205,968 | 8.3% | S100XTNW |
| Free cash flow | 218,125 | 8.7% | 算出 |
| Investing cash flow | -779,809 | -31.2% | S100XTNW |
| Financing cash flow | 14,134 | 0.6% | S100XTNW |
| Change in cash | -333,322 | -13.4% | S100XTNW |
| Cash and equivalents | 5,837,566 | 233.8% | S100XTNW |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,410,301 | 4,694,360 | 5,127,674 | 6,170,888 | 5,837,566 | S100T4X3, S100VHZ5, S100XTNW |
| Total assets | 16,831,221 | 20,402,281 | 22,625,576 | 26,514,728 | 28,804,400 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Net assets | 1,117,290 | 848,711 | 1,087,723 | 1,238,514 | 1,354,232 | S100T4X3, S100VHZ5, S100XTNW |
| Share capital | 289,674 | 294,061 | 446,769 | 452,647 | 459,508 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Property, plant and equipment | 975,362 | 1,262,115 | 1,267,837 | 1,184,182 | 1,068,509 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Goodwill | 477,770 | 559,003 | 594,472 | 647,454 | 647,213 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Total liabilities | 15,713,931 | 19,553,570 | 21,537,853 | 25,276,214 | 27,450,168 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Equity attributable to owners of parent | 1,093,719 | 791,351 | 836,572 | 927,868 | 992,402 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Retained earnings | 142,671 | -280,085 | -643,991 | -824,700 | -1,036,141 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |
| Treasury stock | 0 | 0 | 0 | -4 | -5 | S100QDTK, S100T4X3, S100VHZ5, S100XTNW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XTNW |
| Property, plant and equipment | 4% | S100XTNW |
| Intangibles and goodwill | 2% | — |
| Other assets | 74% | S100XTNW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 95% | S100XTNW |
| Equity | 5% | S100XTNW |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,831,221 | 20,402,281 | 22,625,576 | 26,514,728 | 28,804,400 |
| Equity | 1,117,290 | 848,711 | 1,087,723 | 1,238,514 | 1,354,232 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,410,301 | 4,694,360 | 5,127,674 | 6,170,888 | 5,837,566 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 42.8% | S100XTNW |
| Fixed assets ÷ total assets | 3.7% | S100XTNW |
| Goodwill ÷ parent equity | 65.2% | S100XTNW |

Goodwill over 4 years: 477,770 → 647,213 JPY; total investing cash flow: -3,859,068 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 20.3% |
| Cash ÷ revenue | 233.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2948.8% |
| Cash vs. profit gap | 601,979 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 183.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.8% | —× | — | S100QDTK |
| 2022 | — | —× | -2.0% | —× | — | S100T4X3 |
| 2023 | — | —× | -1.6% | —× | — | S100VHZ5 |
| 2024 | — | —× | -0.7% | —× | — | S100XTNW |
| 2025 | — | —× | -0.6% | —× | — | S100XTNW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.8% | 2025-12-31 |
| 合同会社クリムゾングループ | Major shareholder | 10.4% | 2025-12-31 |
| 三木谷 浩史 | Major shareholder | 8.1% | 2025-12-31 |
| 日本郵政株式会社 | Major shareholder | 6.0% | 2025-12-31 |
| 三木谷 晴子 | Major shareholder | 5.2% | 2025-12-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-12-31 |
| 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 | 2.3% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC）（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.1% | 2025-12-31 |
| 有限会社スピリット | Major shareholder | 1.9% | 2025-12-31 |
| 有限会社三木谷興産 | Major shareholder | 1.9% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥2.5T, up +9.5% from ¥2.28T.
- Operating income dropped -72.9%, from ¥53B to ¥14.4B. The prior year included a one-off gain, and this year carried heavy asset write-downs.
- Net income attributable to owners was -¥177.9B, a wider loss than the -¥162.4B a year earlier.
- Operating cash flow came to ¥424.1B, down -64.4% from ¥1.19T.

### Drivers

- In FinTech, every major domestic service (cards, banking, brokerage, insurance, payments) grew revenue; the bank earned much more on its funds after the Bank of Japan raised rates
- Mobile grew revenue on more subscribers, narrowed its segment loss, and turned positive on EBITDA (profit before depreciation)
- Last year's remeasurement gain on AST SpaceMobile shares did not repeat, and Rakuten booked impairments on its warehouse-based online grocery, logistics warehouses and the Open RAN business at Rakuten Symphony
- Operating cash flow shrank because the brokerage's financial assets and the bank's and card unit's loans grew, tying up cash

### Risks

- Every business faces many rivals, and newcomers from other industries could make competition tougher
- New services may not grow as planned, delaying payback on investment or leading to write-downs
- Global inflation, sudden interest-rate moves and unstable exchange rates could seriously affect operations

Cited: Annual securities report (FY ending Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XTNW | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTNW,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VHZ5 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZ5,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T4X3 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4X3,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QDTK | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDTK,, |
| 訂正有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100O061 | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O061,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L1HG | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1HG,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日本郵政 | Capital alliance | 資本・業務提携（物流・モバイル・DX・金融・EC。第三者割当増資の引受け） | S100YE7T |

## 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).