Income Statement Rakuten Group, Inc.

Equities

4755

JP3967200001

Internet Services

Delayed Japan Exchange Other stock markets 00:03:49 2025-12-09 EST			5-day change	1st Jan Change
955.30 ^JPY	+1.34%		+3.71%	+11.17%

11-21	Rakuten Group, Inc., Q3 2025 Earnings Call, Nov 13, 2025
11-13	Rakuten Group's Net Loss Widens in January-September	MT

1.wGAB67hXR58ewn9lwbkk8lgacEB1BCjn6ueRILWnyYA.hDJshdUzDNlK7ygckuBcmR1-Nhgea0qVoYT5Udjwm8yzL2md0hNz8HTxJg

Published financial data: RAKUTEN GROUP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1,456B	1,682B	1,928B	2,071B	2,279B
Total Revenues	1,456B	1,682B	1,928B	2,071B	2,279B
Cost of Goods Sold, Total	1,580B	1,966B	2,254B	2,235B	2,304B
Gross Profit	-124B	-285B	-326B	-164B	-24.57B
Other Operating Expenses	6.45B	74M	10.07B	11.5B	2.45B
Other Operating Expenses, Total	6.45B	74M	10.07B	11.5B	2.45B
Operating Income	-131B	-285B	-336B	-175B	-27.02B
Interest Expense, Total	-13.87B	-18.06B	-27.44B	-47.48B	-84.78B
Interest And Investment Income	901M	681M	-	-	-
Net Interest Expenses	-12.96B	-17.38B	-27.44B	-47.48B	-84.78B
Income (Loss) On Equity Invest.	-37.71B	1.83B	-2.55B	-13.73B	-9.03B
Currency Exchange Gains (Loss)	-1.85B	-10.71B	-21.31B	-10.62B	-17.96B
Other Non Operating Income (Expenses)	1.06B	-5.51B	-638M	365M	-1.77B
EBT, Excl. Unusual Items	-182B	-317B	-388B	-247B	-141B
Gain (Loss) On Sale Of Investments	106B	93.39B	-120B	17.22B	118B
Gain (Loss) On Sale Of Assets	-2.61B	-1.6B	-3.08B	-3.42B	-10.5B
Asset Writedown	-72.71B	12.08B	104B	15.06B	49.2B
EBT, Incl. Unusual Items	-151B	-213B	-408B	-218B	16.28B
Income Tax Expense	-35.18B	-76.8B	-31.98B	112B	146B
Earnings From Continuing Operations	-116B	-136B	-376B	-330B	-129B
Net Income to Company	-116B	-136B	-376B	-330B	-129B
Minority Interest	1.64B	2B	3.03B	-9.94B	-32.96B
Net Income - (IS)	-114B	-134B	-373B	-339B	-162B
Net Income to Common Incl Extra Items	-114B	-134B	-373B	-339B	-162B
Net Income to Common Excl. Extra Items	-114B	-134B	-373B	-339B	-162B
Per Share Items
Net EPS - Basic	-84	-87.62	-235	-177.27	-75.61
Basic EPS - Continuing Operations	-84	-87.62	-235	-177.27	-75.61
Basic Weighted Average Shares Outstanding	1.36B	1.53B	1.59B	1.91B	2.15B
Net EPS - Diluted	-84	-87.62	-235.16	-177.29	-75.62
Diluted EPS - Continuing Operations	-84	-87.62	-235.16	-177.29	-75.62
Diluted Weighted Average Shares Outstanding	1.36B	1.53B	1.59B	1.91B	2.15B
Normalized Basic EPS	-82.47	-128.2	-151.02	-85.67	-56.23
Normalized Diluted EPS	-82.47	-128.2	-151.02	-85.67	-56.23
Dividend Per Share	4.5	4.5	4.5	-	-
Payout Ratio	-5.34	-4.58	-1.91	-2.11	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	20.96B	-87.38B	-70.19B	125B	289B
EBITA	-131B	-285B	-336B	-175B	-27.02B
EBIT	-131B	-285B	-336B	-175B	-27.02B
Effective Tax Rate - (Ratio)	23.29	36.12	7.84	-51.34	895.51
Normalized Net Income	-112B	-196B	-240B	-164B	-121B
Non-Cash Pension Expense	7.58B	8.38B	12.62B	13.76B	16.38B
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	10.49B	17.29B	14.16B	14.31B	17.14B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	3,021B	4,410B	4,694B	5,128B	6,171B
Short Term Investments	275B	281B	161B	182B	289B
Total Cash And Short Term Investments	3,297B	4,691B	4,855B	5,310B	6,460B
Accounts Receivable, Total	2,277B	2,696B	3,140B	3,397B	3,919B
Total Receivables	2,277B	2,696B	3,140B	3,397B	3,919B
Other Current Assets, Total	5,153B	7,010B	9,339B	10,722B	13,024B
Total Current Assets	10,726B	14,397B	17,334B	19,429B	23,402B
Net Property Plant And Equipment	684B	975B	1,262B	1,268B	1,184B
Long-term Investments	348B	374B	584B	690B	728B
Goodwill	356B	478B	559B	594B	647B
Other Intangibles, Total	283B	381B	415B	430B	436B
Deferred Tax Assets Long-Term	126B	225B	282B	215B	117B
Total Assets	12,524B	16,831B	20,437B	22,626B	26,515B
Liabilities
Accounts Payable, Total	337B	392B	451B	420B	519B
Short-term Borrowings	2,487B	3,403B	4,913B	4,795B	5,462B
Current Income Taxes Payable	8.7B	13.5B	18.14B	30.14B	55.84B
Other Current Liabilities	8,513B	11,322B	13,577B	15,643B	18,490B
Total Current Liabilities	11,347B	15,130B	18,958B	20,888B	24,527B
Pension & Other Post Retirement Benefits	19.27B	29.75B	34.74B	41.05B	47.34B
Deferred Tax Liability Non Current	1.92B	2.49B	4.71B	3.6B	20.3B
Other Non Current Liabilities	527B	551B	569B	605B	682B
Total Liabilities	11,895B	15,714B	19,566B	21,538B	25,276B
Common Stock, Total	206B	290B	294B	447B	453B
Additional Paid In Capital	228B	312B	354B	542B	649B
Retained Earnings	290B	143B	-254B	-644B	-825B
Treasury Stock	-84.94B	-	-	-	-4M
Comprehensive Income and Other	-30.54B	349B	420B	492B	651B
Total Common Equity	609B	1,094B	814B	837B	928B
Minority Interest	20.28B	23.57B	57.36B	251B	311B
Total Equity	629B	1,117B	871B	1,088B	1,239B
Total Liabilities And Equity	12,524B	16,831B	20,437B	22,626B	26,515B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.36B	1.58B	1.59B	2.14B	2.16B
ECS Total Common Shares Outstanding	1.36B	1.58B	1.59B	2.14B	2.15B
Book Value / Share	446.78	691.47	511.63	390.53	430.67
Tangible Book Value	-30.85B	235B	-161B	-188B	-155B
Tangible Book Value Per Share	-22.64	148.4	-101	-87.59	-72.17
Total Debt	2,487B	3,403B	4,913B	4,795B	5,462B
Net Debt	-809B	-1,289B	57.32B	-515B	-998B
Debt Equivalent of Unfunded Proj. Benefit Obligation	19.27B	29.75B	34.74B	41.05B	47.34B
Minority Interest, Total (Incl. Fin. Div)	20.28B	23.57B	57.36B	251B	311B
Equity Method Investments, Total	58.07B	68.99B	77.54B	42.1B	35.11B
Full Time Employees	23.84K	28.26K	32.08K	30.83K	29.33K
Order Backlog	-	-	-	114B	77.89B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-151B	-213B	-408B	-218B	16.28B
Depreciation & Amortization - CF	152B	197B	266B	300B	316B
Depreciation & Amortization, Total	152B	197B	266B	300B	316B
(Gain) Loss From Sale Of Asset	7.59B	4.24B	10.95B	30.63B	17.76B
Other Operating Activities, Total	-24.93B	-1.06B	-24.47B	-32.01B	-44.49B
Change In Accounts Receivable	-238B	-402B	-420B	-244B	-500B
Change In Accounts Payable	20.95B	45.04B	50.76B	-42.39B	86.04B
Change in Other Net Operating Assets	1,275B	952B	266B	930B	1,299B
Cash from Operations	1,041B	583B	-258B	724B	1,191B
Capital Expenditure	-279B	-287B	-299B	-194B	-83.95B
Cash Acquisitions	-37.18B	-66B	-31B	-243M	-401M
Divestitures	62.6B	-	-	22B	4.11B
Sale (Purchase) of Intangible assets	-106B	-124B	-141B	-157B	-159B
Investment in Marketable and Equity Securities, Total	-6.52B	-16.4B	-12.47B	-10.93B	-77.27B
Other Investing Activities, Total	62.83B	-119B	-470B	-257B	-605B
Cash from Investing	-303B	-612B	-952B	-597B	-922B
Short Term Debt Issued, Total	547B	117B	89.9B	-	206B
Long-Term Debt Issued, Total	573B	1,084B	2,414B	1,709B	1,133B
Total Debt Issued	1,120B	1,201B	2,503B	1,709B	1,340B
Short Term Debt Repaid, Total	-	-6B	-404B	-498B	-
Long-Term Debt Repaid, Total	-364B	-296B	-601B	-1,339B	-696B
Total Debt Repaid	-364B	-302B	-1,005B	-1,837B	-696B
Issuance of Common Stock	-	241B	-	294B	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-6.1B	-6.13B	-7.12B	-7.16B	-
Common & Preferred Stock Dividends Paid	-6.1B	-6.13B	-7.12B	-7.16B	-
Other Financing Activities, Total	58.08B	268B	-4.48B	133B	114B
Cash from Financing	808B	1,402B	1,487B	292B	757B
Foreign Exchange Rate Adjustments	-3.4B	15.85B	7.73B	14.58B	16.59B
Net Change in Cash	1,543B	1,389B	284B	433B	1,043B
Supplemental Items
Cash Interest Paid	-	-	-	36.89B	63.32B
Cash Income Tax Paid (Refund)	24.93B	1.06B	24.47B	32.01B	44.49B
Levered Free Cash Flow	938B	189B	-856B	217B	151B
Unlevered Free Cash Flow	947B	201B	-839B	247B	204B
Change In Net Working Capital	-1,262B	-592B	455B	-408B	-148B
Net Debt Issued / Repaid	756B	899B	1,498B	-128B	643B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-0.75	-1.21	-1.13	-0.51	-0.07
Return on Total Capital	-2.92	-4.66	-4.08	-1.88	-0.27
Return On Equity %	-16.96	-15.56	-37.81	-33.65	-11.13
Return on Common Equity	-16.99	-15.72	-39.1	-41.14	-18.41
Margin Analysis
Gross Profit Margin %	-8.53	-16.93	-16.92	-7.9	-1.08
EBITDA Margin %	1.44	-5.2	-3.64	6.02	12.7
EBITA Margin %	-8.97	-16.93	-17.44	-8.46	-1.19
EBIT Margin %	-8.97	-16.93	-17.44	-8.46	-1.19
Income From Continuing Operations Margin %	-7.96	-8.08	-19.5	-15.91	-5.68
Net Income Margin %	-7.85	-7.96	-19.34	-16.39	-7.13
Net Avail. For Common Margin %	-7.85	-7.96	-19.34	-16.39	-7.13
Normalized Net Income Margin	-7.7	-11.64	-12.43	-7.92	-5.3
Levered Free Cash Flow Margin	64.47	11.26	-44.4	10.49	6.64
Unlevered Free Cash Flow Margin	65.07	11.93	-43.51	11.93	8.97
Asset Turnover
Asset Turnover	0.13	0.11	0.1	0.1	0.09
Fixed Assets Turnover	2.74	2.03	1.72	1.64	1.86
Receivables Turnover (Average Receivables)	0.67	0.68	0.66	0.63	0.62
Short Term Liquidity
Current Ratio	0.95	0.95	0.91	0.93	0.95
Quick Ratio	0.49	0.49	0.42	0.42	0.42
Operating Cash Flow to Current Liabilities	0.09	0.04	-0.01	0.03	0.05
Days Sales Outstanding (Average Receivables)	544.09	539.68	552.5	576.01	587.4
Average Days Payable Outstanding	77.26	67.74	68.25	71.08	74.59
Long Term Solvency
Total Debt/Equity	395.45	304.57	563.98	440.84	440.99
Total Debt / Total Capital	79.82	75.28	84.94	81.51	81.52
Total Liabilities / Total Assets	94.98	93.36	95.74	95.19	95.33
EBIT / Interest Expense	-9.41	-15.77	-12.26	-3.69	-0.32
EBITDA / Interest Expense	1.51	-4.84	-2.56	2.62	3.41
(EBITDA - Capex) / Interest Expense	-18.63	-20.72	-13.44	-1.46	2.42
Total Debt / EBITDA	118.67	-38.94	-69.99	38.48	18.87
Net Debt / EBITDA	-38.6	14.75	-0.82	-4.13	-3.45
Total Debt / (EBITDA - Capex)	-9.63	-9.09	-13.32	-69.29	26.58
Net Debt / (EBITDA - Capex)	3.13	3.44	-0.16	7.44	-4.86
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.16	15.54	14.63	7.44	10.04
Gross Profit, 1 Yr. Growth %	4.08K	129.4	14.61	-49.84	-84.98
EBITDA, 1 Yr. Growth %	-79.82	-516.86	-19.67	-277.55	132.23
EBITA, 1 Yr. Growth %	5.11K	118.11	18.11	-47.92	-84.57
EBIT, 1 Yr. Growth %	5.11K	118.11	18.11	-47.92	-84.57
Earnings From Cont. Operations, 1 Yr. Growth %	250.3	17.26	176.76	-12.34	-60.71
Net Income, 1 Yr. Growth %	258.13	17.19	178.63	-8.96	-52.15
Normalized Net Income, 1 Yr. Growth %	59.71	74.66	22.37	-31.53	-26.36
Diluted EPS Before Extra, 1 Yr. Growth %	256.7	4.31	168.38	-24.61	-57.35
Accounts Receivable, 1 Yr. Growth %	11.03	18.42	16.47	8.18	15.35
Net Property, Plant and Equip., 1 Yr. Growth %	81.74	42.57	29.4	0.45	-6.6
Total Assets, 1 Yr. Growth %	36.64	34.39	21.42	10.71	17.19
Tangible Book Value, 1 Yr. Growth %	-124.44	-860.82	-168.44	16.8	-17.13
Common Equity, 1 Yr. Growth %	-17.25	79.67	-25.6	2.81	10.91
Cash From Operations, 1 Yr. Growth %	227.15	-44.05	-144.27	-380.75	64.44
Capital Expenditures, 1 Yr. Growth %	158.44	2.71	4.12	-35.1	-56.69
Levered Free Cash Flow, 1 Yr. Growth %	174.61	-79.82	-552.12	-125.39	-30.33
Unlevered Free Cash Flow, 1 Yr. Growth %	172.78	-78.82	-518.14	-129.44	-17.25
Dividend Per Share, 1 Yr. Growth %	0	0	0	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	14.95	15.35	15.09	10.98	8.73
Gross Profit, 2 Yr. CAGR %	29.74	879.01	62.14	-24.18	-72.56
EBITDA, 2 Yr. CAGR %	-62.6	-8.28	82.99	19.42	103.06
EBITA, 2 Yr. CAGR %	29.86	965.72	60.51	-21.57	-71.65
EBIT, 2 Yr. CAGR %	29.86	965.72	60.51	-21.57	-71.65
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.65	102.67	80.14	55.76	-41.31
Net Income, 2 Yr. CAGR %	-10.41	104.86	80.7	59.27	-34
Normalized Net Income, 2 Yr. CAGR %	62.14	67.02	46.2	-8.47	-29
Diluted EPS Before Extra, 2 Yr. CAGR %	-10.29	92.89	67.31	42.24	-43.29
Accounts Receivable, 2 Yr. CAGR %	17.65	14.66	17.44	12.25	11.71
Net Property, Plant and Equip., 2 Yr. CAGR %	173.68	60.97	35.83	14.01	-3.14
Total Assets, 2 Yr. CAGR %	30.58	35.51	27.74	15.94	13.9
Tangible Book Value, 2 Yr. CAGR %	-62.61	36.37	128.19	-10.59	-1.61
Common Equity, 2 Yr. CAGR %	-11.34	21.93	15.62	-12.54	6.78
Cash From Operations, 2 Yr. CAGR %	167.43	35.3	-50.23	11.48	114.87
Capital Expenditures, 2 Yr. CAGR %	245.16	62.93	3.41	-17.8	-46.98
Levered Free Cash Flow, 2 Yr. CAGR %	152.33	-25.56	-4.49	7.14	-57.94
Unlevered Free Cash Flow, 2 Yr. CAGR %	155.6	-23.98	-5.88	10.96	-50.64
Dividend Per Share, 2 Yr. CAGR %	0	0	0	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.51	15.15	15.11	12.48	10.66
Gross Profit, 3 Yr. CAGR %	5.09	56.88	378.92	9.66	-55.8
EBITDA, 3 Yr. CAGR %	-49.36	-16.45	-12.24	81.16	49.06
EBITA, 3 Yr. CAGR %	6.85	54.36	411.91	10.29	-54.39
EBIT, 3 Yr. CAGR %	6.85	54.36	411.91	10.29	-54.39
Earnings From Cont. Operations, 3 Yr. CAGR %	1.59	-1.45	124.85	41.69	-1.58
Net Income, 3 Yr. CAGR %	1.08	-2.02	126.98	43.79	6.67
Normalized Net Income, 3 Yr. CAGR %	23.7	66.21	50.57	13.53	-14.87
Diluted EPS Before Extra, 3 Yr. CAGR %	1.95	-5.67	115.34	28.27	-4.79
Accounts Receivable, 3 Yr. CAGR %	19	17.9	15.26	14.27	13.27
Net Property, Plant and Equip., 3 Yr. CAGR %	110.67	120.21	49.67	22.83	6.68
Total Assets, 3 Yr. CAGR %	26.52	31.84	30.64	21.79	16.36
Tangible Book Value, 3 Yr. CAGR %	-41.78	2.08	8.37	82.53	-12.83
Common Equity, 3 Yr. CAGR %	-3.77	12.19	3.42	11.18	-5.33
Cash From Operations, 3 Yr. CAGR %	85.92	58.76	-6.77	-11.4	26.9
Capital Expenditures, 3 Yr. CAGR %	106.16	130.44	40.34	-11.46	-33.61
Levered Free Cash Flow, 3 Yr. CAGR %	172.11	8.71	35.81	-38.59	-7.18
Unlevered Free Cash Flow, 3 Yr. CAGR %	169.37	11.44	34.19	-36.11	0.62
Dividend Per Share, 3 Yr. CAGR %	0	0	0	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	15.32	16.55	15.34	13.46	12.52
Gross Profit, 5 Yr. CAGR %	1.97	22.23	24.99	17.29	52.6
EBITDA, 5 Yr. CAGR %	-32.47	-9.84	-15.34	-3.62	22.75
EBITA, 5 Yr. CAGR %	3.64	22.68	25.74	17.74	60.89
EBIT, 5 Yr. CAGR %	3.64	22.68	25.74	17.74	60.89
Earnings From Cont. Operations, 5 Yr. CAGR %	21.21	29.01	27.75	18.36	31.39
Net Income, 5 Yr. CAGR %	20.78	28.64	27.52	19	38.49
Normalized Net Income, 5 Yr. CAGR %	10.75	26.37	32.25	30.93	11.47
Diluted EPS Before Extra, 5 Yr. CAGR %	21.22	27.08	24.29	11.18	26.28
Accounts Receivable, 5 Yr. CAGR %	19.41	18.96	18.37	15.61	13.83
Net Property, Plant and Equip., 5 Yr. CAGR %	69.82	78.87	76.75	69.23	25.76
Total Assets, 5 Yr. CAGR %	24.01	29.59	27.01	25.23	23.67
Tangible Book Value, 5 Yr. CAGR %	-26.85	6.15	0.55	-3.19	4.26
Common Equity, 5 Yr. CAGR %	-1.66	9.96	3.56	1.55	4.75
Cash From Operations, 5 Yr. CAGR %	67.82	80.16	9.74	37.83	30.2
Capital Expenditures, 5 Yr. CAGR %	69.97	86.67	56.44	52.58	-4.92
Levered Free Cash Flow, 5 Yr. CAGR %	119.11	22.52	79.01	8.08	-15.02
Unlevered Free Cash Flow, 5 Yr. CAGR %	125.27	23.25	76.88	11.25	-10.05
Dividend Per Share, 5 Yr. CAGR %	0	0	0	-	-