Money Forward Income Statement

Financials in millions JPY. Fiscal year is December - November.

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Revenue	50,349	40,363	30,380	21,477	15,632
Revenue Growth (YoY)	24.74%	32.86%	41.45%	37.39%	38.12%
Cost of Revenue	16,120	13,303	11,298	8,079	4,814
Gross Profit	34,229	27,060	19,082	13,398	10,818
Selling, General & Admin	35,800	31,679	25,185	21,820	11,874
Other Operating Expenses	1,085	121	212	46	-
Operating Expenses	36,883	31,795	25,412	21,867	11,880
Operating Income	-2,654	-4,735	-6,330	-8,469	-1,062
Interest Expense	-263	-172	-239	-83	-48
Interest & Investment Income	57	6	2	1	-
Earnings From Equity Investments	-928	-307	-70	-922	-
Currency Exchange Gain (Loss)	34	-65	-60	-	-
Other Non Operating Income (Expenses)	-125	-80	-42	-107	-325
EBT Excluding Unusual Items	-3,879	-5,353	-6,739	-9,580	-1,435
Gain (Loss) on Sale of Investments	7,821	-14	-	-33	3
Asset Writedown	-12	-218	-67	-1	-
Other Unusual Items	-538	-58	1	-	2
Pretax Income	3,392	-5,643	-6,805	-9,614	-1,430
Income Tax Expense	1,211	558	54	86	152
Earnings From Continuing Operations	2,181	-6,201	-6,859	-9,700	-1,582
Net Income to Company	2,181	-6,201	-6,859	-9,700	-1,582
Minority Interest in Earnings	-594	-129	544	251	100
Net Income	1,587	-6,330	-6,315	-9,449	-1,482
Net Income to Common	1,587	-6,330	-6,315	-9,449	-1,482
Shares Outstanding (Basic)	55	54	54	54	49
Shares Outstanding (Diluted)	56	54	54	54	49
Shares Change (YoY)	2.02%	0.81%	0.80%	8.30%	6.28%
EPS (Basic)	28.77	-116.31	-116.98	-176.43	-29.97
EPS (Diluted)	28.58	-116.31	-116.98	-176.43	-29.97
Free Cash Flow	717	-4,925	1,827	-4,457	-2,531
Free Cash Flow Per Share	12.91	-90.50	33.84	-83.22	-51.18
Gross Margin	67.98%	67.04%	62.81%	62.38%	69.20%
Operating Margin	-5.27%	-11.73%	-20.84%	-39.43%	-6.79%
Profit Margin	3.15%	-15.68%	-20.79%	-44.00%	-9.48%
Free Cash Flow Margin	1.42%	-12.20%	6.01%	-20.75%	-16.19%
EBITDA	2,376	-1,184	-3,901	-6,905	-195
EBITDA Margin	4.72%	-2.93%	-12.84%	-32.15%	-1.25%
D&A For EBITDA	5,030	3,551	2,429	1,564	867
EBIT	-2,654	-4,735	-6,330	-8,469	-1,062
EBIT Margin	-5.27%	-11.73%	-20.84%	-39.43%	-6.79%
Effective Tax Rate	35.70%	-	-	-	-
Advertising Expenses	6,929	6,612	5,669	6,585	2,695

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.