Mercari (4385) Q2 2026 earnings summary

Executive summary

• Achieved record-high quarterly revenue of 56.8B JPY (+15% YoY) and core operating profit of 10.9B JPY (+54% YoY), with six-month revenue up 12.8% YoY to 106.26B JPY and operating profit up 73.3% YoY to 19.78B JPY.

• Marketplace and US segments delivered double-digit GMV growth, with Marketplace MAU reaching a record 24M and GMV up 8.3% YoY to 599.4B JPY.

• Fintech credit balance grew 41% YoY to 300.7B JPY, with a stable collection rate of 99.3%.

• Upward revision of full-year guidance, reflecting earlier-than-anticipated results from product enhancements.

• Profit attributable to owners of parent rose 43.4% YoY to 10.59B JPY.

Financial highlights

• Marketplace GMV rose to 329.1B JPY (+11% YoY), Fintech credit balance reached 300.7B JPY (+41% YoY), and US GMV hit 196M USD (+12% YoY).

• Core operating profit reached 20.23B JPY, up 80.9% YoY, and gross profit increased to 77.83B JPY.

• Marketplace revenue grew 13% YoY to 32.8B JPY, with core operating profit at 10.6B JPY (+2.3B JPY YoY).

• Fintech revenue increased 20% YoY to 15.5B JPY, with core operating profit at 1.8B JPY (+51% YoY).

• Basic earnings per share rose to 64.28 JPY from 45.02 JPY YoY.

Outlook and guidance

• Full-year consolidated revenue guidance raised to 210.0–220.0B JPY and core operating profit to 32.0–36.0B JPY.

• Marketplace GMV growth rate guidance revised upward to +5–10% YoY, with core operating profit expected at 35.0–39.0B JPY.

• Fintech core operating profit anticipated near the upper bound of 5.0–7.5B JPY guidance.

• US segment aims to maintain break-even and positive GMV growth YoY.

• No dividends are planned for the fiscal year ending June 30, 2026.