Starts Publishing Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	8,210	8,143	8,581	8,341	7,023	5,592
Revenue Growth (YoY)	-1.07%	-5.10%	2.88%	18.77%	25.59%	26.12%
Cost of Revenue	4,061	3,962	3,837	3,794	3,436	3,000
Gross Profit	4,149	4,181	4,744	4,547	3,587	2,592
Selling, General & Admin	2,517	2,410	2,389	2,253	1,978	1,754
Operating Expenses	2,531	2,424	2,406	2,274	2,000	1,776
Operating Income	1,618	1,757	2,338	2,273	1,587	816
Interest & Investment Income	119	110	94	86	104	96
Other Non Operating Income (Expenses)	10	9	9	6	7	12
EBT Excluding Unusual Items	1,747	1,876	2,441	2,365	1,698	924
Gain (Loss) on Sale of Investments	56	56	88	-	-	-
Asset Writedown	-	-	-	-	-8	-8
Pretax Income	1,803	1,932	2,529	2,365	1,690	916
Income Tax Expense	546	555	703	588	523	350
Net Income	1,257	1,377	1,826	1,777	1,167	566
Net Income to Common	1,257	1,377	1,826	1,777	1,167	566
Net Income Growth	-25.75%	-24.59%	2.76%	52.27%	106.18%	227.17%
Shares Outstanding (Basic)	4	4	4	4	2	4
Shares Outstanding (Diluted)	4	4	4	4	2	4
Shares Change (YoY)	-0.11%	-0.00%	-0.00%	100.00%	-50.00%	-
EPS (Basic)	327.75	358.63	475.57	462.80	607.86	147.41
EPS (Diluted)	327.75	358.63	475.57	462.80	607.86	147.41
EPS Growth	-25.67%	-24.59%	2.76%	-23.86%	312.37%	227.17%
Free Cash Flow	815	791	1,683	1,689	1,201	1,209
Free Cash Flow Per Share	212.50	206.01	438.32	439.88	625.57	314.87
Gross Margin	50.54%	51.34%	55.28%	54.51%	51.08%	46.35%
Operating Margin	19.71%	21.58%	27.25%	27.25%	22.60%	14.59%
Profit Margin	15.31%	16.91%	21.28%	21.30%	16.62%	10.12%
Free Cash Flow Margin	9.93%	9.71%	19.61%	20.25%	17.10%	21.62%
EBITDA	1,687	1,826	2,406	2,343	1,671	940
EBITDA Margin	20.55%	22.42%	28.04%	28.09%	23.79%	16.81%
D&A For EBITDA	69	69	68	70	84	124
EBIT	1,618	1,757	2,338	2,273	1,587	816
EBIT Margin	19.71%	21.58%	27.25%	27.25%	22.60%	14.59%
Effective Tax Rate	30.28%	28.73%	27.80%	24.86%	30.95%	38.21%
Advertising Expenses	-	818	726	746	578	500

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