Makuake Income Statement

Financials in millions JPY. Fiscal year is October - September.

Millions JPY. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Revenue	5,061	4,577	3,652	3,810	4,206	4,621
Revenue Growth (YoY)	40.44%	25.33%	-4.15%	-9.41%	-8.98%	43.29%
Cost of Revenue	1,308	1,142	875	751	848	816
Gross Profit	3,753	3,435	2,777	3,059	3,358	3,805
Selling, General & Admin	3,072	2,928	2,837	3,546	3,667	3,463
Amortization of Goodwill & Intangibles	-	-	-	-	4	2
Other Operating Expenses	-	60	-	-	-	-
Operating Expenses	3,072	2,988	2,840	3,548	3,682	3,476
Operating Income	680.93	447	-63	-489	-324	329
Currency Exchange Gain (Loss)	0.12	-	-1	-	-	-
Other Non Operating Income (Expenses)	27.93	27	5	7	22	-3
EBT Excluding Unusual Items	709.02	474	-59	-482	-302	326
Gain (Loss) on Sale of Investments	-35.74	-35	-78	-24	48	-
Gain (Loss) on Sale of Assets	2.02	-	-	-	-	-1
Asset Writedown	-18.61	-18	-	-	-1,009	-
Other Unusual Items	-5.56	3	6	3	-1	-
Pretax Income	651.12	424	-131	-503	-1,264	325
Income Tax Expense	57.85	17	-28	-12	83	79
Net Income	593.27	407	-103	-491	-1,347	246
Net Income to Common	593.27	407	-103	-491	-1,347	246
Net Income Growth	8936.85%	-	-	-	-	-33.33%
Shares Outstanding (Basic)	13	13	13	13	13	12
Shares Outstanding (Diluted)	13	13	13	13	13	13
Shares Change (YoY)	0.45%	0.58%	0.78%	0.56%	-0.29%	5.14%
EPS (Basic)	46.54	31.93	-8.11	-38.97	-107.52	20.38
EPS (Diluted)	46.42	31.87	-8.11	-38.97	-107.52	19.58
EPS Growth	8896.81%	-	-	-	-	-36.59%
Free Cash Flow	-	971	-1,097	-346	-848	144
Free Cash Flow Per Share	-	76.03	-86.40	-27.46	-67.69	11.46
Gross Margin	74.16%	75.05%	76.04%	80.29%	79.84%	82.34%
Operating Margin	13.46%	9.77%	-1.73%	-12.83%	-7.70%	7.12%
Profit Margin	11.72%	8.89%	-2.82%	-12.89%	-32.03%	5.32%
Free Cash Flow Margin	-	21.21%	-30.04%	-9.08%	-20.16%	3.12%
EBITDA	873.42	624	57	-454	-152	439
EBITDA Margin	17.26%	13.63%	1.56%	-11.92%	-3.61%	9.50%
D&A For EBITDA	192.49	177	120	35	172	110
EBIT	680.93	447	-63	-489	-324	329
EBIT Margin	13.46%	9.77%	-1.73%	-12.83%	-7.70%	7.12%
Effective Tax Rate	8.88%	4.01%	-	-	-	24.31%
Advertising Expenses	-	511	555	966	1,146	1,483

Source: S&P Global Market Intelligence. Standard template. Financial Sources.