Record-high Group revenue and full year profitability in Mobile: Rakuten announces FY2025 and Q4 results
FY2025 was another year of delivery for Rakuten, defined by steady execution, improving profitability and continued momentum across the Group.
The company achieved the key financial targets it set at the beginning of the year, including a second consecutive year of IFRS operating income, expanded full-year consolidated Non-GAAP operating income and full-year EBITDA profitability for Rakuten Mobile for the first time.
AI avatars of Chairman and CEO Mickey Mikitani, as well as senior leaders from across the Rakuten Group shared full year highlights from the company’s diverse portfolio of 70+ services and offered updates on a range of AI-powered initiatives.
Here are the main takeaways from the presentation held at Rakuten’s global headquarters in Tokyo on February 12, 2026.
Record-high revenue for the 29th consecutive year
Rakuten reported consolidated revenue of 2.5 trillion yen, an increase of 9.5% year-on-year (YoY). This milestone represents the 29th consecutive year of record-high revenue.
In addition to revenue growth, notable improvements in Rakuten Mobile’s profitability contributed to consolidated Non-GAAP operating income of 106.3 billion yen for FY2025, an improvement of 99.2 billion yen YoY.
The Group achieved record high EBITDA for FY2025 of 435.9 billion yen, up 33.7% YoY. The strong performance was supported by Internet Services, FinTech and Mobile segments, which saw YoY revenue growth for FY2025.
“We have achieved the earnings targets we set at the beginning of 2025, demonstrating strong growth and solid profit improvement.” Mikitani noted.
Internet Services: Growth across core businesses
The company’s Internet Services segment achieved both revenue and profit growth in FY2025, recording revenue of 1.37 trillion yen, up 6.8% YoY and Non-GAAP operating income of 88.9 billion yen, up 4.5％ YoY.
Domestic e-commerce gross merchandise sales (GMS) in FY2025 reached 6.35 trillion yen, up 3.9％ YoY. In addition, Non-GAAP operating income reached 122.4 billion yen, up 12.6% YoY. This double-digit YoY increase was driven by significant contributions from core businesses such as Rakuten Ichiba and Rakuten Travel, as well as initiatives to improve profitability in growth investment businesses, including Logistics.
Fueled by strong sales of Rakuten Kobo’s devices and content along with robust communications and advertising revenue from Rakuten Viber, the International business unit recorded increased revenue and profit overall in FY2025. The unit achieved revenue of USD 2.1 billion, up 2.4％ YoY and Non-GAAP operating income was USD 51.8 million, up 35.3% YoY.
Expanding customer base and volume in the FinTech Segment
The FinTech segment posted revenue of 975.9 billion yen in FY2025, up 19.0% YoY, and Non-GAAP operating income of 199.9 billion yen, up 30.3% YoY, achieving growth in both revenue and profit. Expansion of the customer base and transaction volume drove growth, resulting in increased revenue across all businesses.
Rakuten Card reported steady growth in shopping gross transaction value (GTV), reaching 26.5 trillion yen in FY2025, up 10.3％ YoY and saw profit growth despite increased costs.
Leveraging Group synergies to drive account acquisitions, Rakuten Bank reached 17.63 million customer accounts (non-consolidated) as of the end of December 2025, up 7.0％ YoY.
Rakuten Securities’ total number of general securities accounts exceeded 13.26 million due to strong customer base expansion via the new NISA program. Meanwhile, Rakuten Payment achieved Non-GAAP operating income for the second consecutive year, climbing 111.3％ YoY to 9.5 billion yen in FY2025. This was attributed to increased transaction volume, growth in ad revenue and lowered costs.
Mobile reaches a new phase of profitability
The Mobile segment achieved full-year EBITDA profitability, recording revenue of 482.8 billion yen in FY2025, up 9.6% YoY and EBITDA of 28.8 billion yen, an increase of 65.1 billion yen YoY. Non-GAAP operating losses for the segment stood at 161.8 billion yen, an improvement of 47.1 billion yen YoY.
Rakuten Mobile recorded revenue of 374.7 billion yen, up 32.0％ YoY, driven by expanding subscriber numbers and higher ARPU. EBITDA reached 12.9 billion yen, marking an improvement of 66.7 billion yen YoY, and achieving 2025 full-year EBITDA profitability for the first time since entering the mobile carrier industry.
In another milestone, Rakuten Symphony reported Non-GAAP operating profit for the first time since its founding. This was driven by expanded sales to key customers and strong performance in network operation support systems.
Mikitani also outlined the priorities for the year, commenting that “In 2026, we will undertake company-wide efforts to strengthen our network, enabling even more customers to experience improved network quality. Simultaneously, we plan to accelerate the pace of subscriber growth by rolling out various initiatives that allow mobile subscribers to enjoy greater value from our Group services.”
AI drives further profit-making
Presenting via AI avatar, Rakuten Chief AI & Data Officer Ting Cai offered attendees an in-depth update on Rakuten’s AI initiatives.
In FY2025, AI contributed 25.5 billion yen to the Group’s profit, surpassing the fiscal year target of 21 billion yen and more than doubling its impact compared to 2024. This substantial achievement was driven by increased sales generated by improved user experiences, as well as cost reductions through increased operational efficiency. For example, Rakuten Ichiba increased sales growth by leveraging AI to match search terms to brands and categories and deliver relevant ads.
“These results were made possible by our relentless focus on execution, shipping products and services that solve real user problems.” said Cai. He also highlighted the strong cadence of AI-powered launches across the Ecosystem in 2025, including the Group’s largest LLM Rakuten AI 3.0 announced in December 2025, which delivers a dramatic leap in performance and world-class Japanese language capabilities.
“Looking forward, Rakuten AI is becoming an intelligent fabric that connects Rakuten services and grows Ecosystem users and usage.” noted Cai. “2026 is a pivotal year for AI in Rakuten, and for the entire technology industry, and we will continue to lead the way on high-impact, high-efficiency, high-ROI AI.”
For more business-by-business breakdowns of Rakuten’s FY2025 performance, see the full announcement here.
