Mercari (6TP0) Q4 2025 Earnings Report

The earnings call presented a mix of strong financial performance and significant challenges. Record profitability across all segments and notable fintech growth were overshadowed by underwhelming revenue growth and challenges in the U.S. market.

During Mercari's FY 2025 Full Year Financial Results Presentation, the company revealed that their core operating profit reached JPY 27.5 billion, surpassing forecasts with a year-on-year growth of 46%. However, revenue was JPY 192.6 billion, marking a 3% increase, but fell short of expectations due to a slowdown in marketplace and U.S. business growth. Despite these challenges, all three core segments—Marketplace, Fintech, and U.S.—achieved profitability, with cross-border transaction GMV surpassing JPY 90 billion and Mercard issuances exceeding 5 million. The company aims for a double-digit CAGR in revenue and over 25% CAGR in core operating profit by FY 2027, driven by Marketplace enhancements and Fintech growth, including a 32% increase in credit balance. For FY 2026, Mercari forecasts revenue of JPY 200-210 billion and core operating profit of JPY 28-32 billion, with plans to capitalize on AI to enhance user experience and maintain robust growth across all segments.