Starts Publishing Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	7,953	8,581	8,341	7,023	5,592	4,434
Revenue Growth (YoY)	-7.41%	2.88%	18.77%	25.59%	26.12%	-9.55%
Cost of Revenue	3,775	3,837	3,794	3,436	3,000	2,786
Gross Profit	4,178	4,744	4,547	3,587	2,592	1,648
Selling, General & Admin	2,360	2,389	2,253	1,978	1,754	1,471
Operating Expenses	2,377	2,406	2,274	2,000	1,776	1,478
Operating Income	1,801	2,338	2,273	1,587	816	170
Interest & Investment Income	102	94	86	104	96	86
Other Non Operating Income (Expenses)	8	9	6	7	12	5
EBT Excluding Unusual Items	1,911	2,441	2,365	1,698	924	261
Gain (Loss) on Sale of Investments	49	88	-	-	-	-
Asset Writedown	-	-	-	-8	-8	-
Pretax Income	1,960	2,529	2,365	1,690	916	261
Income Tax Expense	511	703	588	523	350	88
Net Income	1,449	1,826	1,777	1,167	566	173
Net Income to Common	1,449	1,826	1,777	1,167	566	173
Net Income Growth	-17.53%	2.76%	52.27%	106.18%	227.17%	-58.31%
Shares Outstanding (Basic)	4	4	4	2	4	4
Shares Outstanding (Diluted)	4	4	4	2	4	4
Shares Change (YoY)	-0.00%	-0.00%	100.00%	-50.00%	-	-
EPS (Basic)	377.38	475.57	462.80	607.86	147.41	45.06
EPS (Diluted)	377.38	475.57	462.80	607.86	147.41	45.06
EPS Growth	-17.53%	2.76%	-23.86%	312.37%	227.17%	-58.31%
Free Cash Flow	1,114	1,683	1,689	1,201	1,209	41
Free Cash Flow Per Share	290.13	438.32	439.88	625.57	314.87	10.68
Gross Margin	52.53%	55.28%	54.51%	51.08%	46.35%	37.17%
Operating Margin	22.65%	27.25%	27.25%	22.60%	14.59%	3.83%
Profit Margin	18.22%	21.28%	21.30%	16.62%	10.12%	3.90%
Free Cash Flow Margin	14.01%	19.61%	20.25%	17.10%	21.62%	0.92%
EBITDA	1,869	2,406	2,343	1,671	940	301
EBITDA Margin	23.50%	28.04%	28.09%	23.79%	16.81%	6.79%
D&A For EBITDA	68	68	70	84	124	131
EBIT	1,801	2,338	2,273	1,587	816	170
EBIT Margin	22.65%	27.25%	27.25%	22.60%	14.59%	3.83%
Effective Tax Rate	26.07%	27.80%	24.86%	30.95%	38.21%	33.72%
Advertising Expenses	-	726	746	578	500	342

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