Mercari, Inc. (TSE: 4385) reported nine-month results for the third quarter of fiscal year ending June 30, 2026 (FY6/2026) under IFRS. Revenue rose 16.1% year-on-year to ¥167,291 million, core operating profit jumped 74.5% to ¥34,876 million, and operating profit climbed 69.7% to ¥34,518 million. Pre-tax profit reached ¥34,664 million (+60.0%), quarterly profit hit ¥19,400 million (+65.7%), and net profit attributable to owners reached ¥19,431 million (+65.6%). Basic EPS came in at ¥117.93 versus ¥71.49 prior year, and diluted EPS at ¥114.82. Comprehensive income totaled ¥19,867 million (+68.1%).
Japan Business: segment profit +53% as Marketplace and Fintech compound
The Japan Business segment posted 9-month revenue of ¥131,380 million (+17.5%) and segment profit of ¥39,985 million (+52.8%). Within Japan, the Marketplace business grew GMV by 11.0% to ¥939.4 billion as product-experience improvements lifted customer retention and active-user rates, with the entertainment / hobby category performing particularly well. Marketplace core operating profit climbed by ¥10.5 billion year-on-year to ¥33.2 billion — H2 investments having concentrated in Q4 left Q3 free of large investment outlays, lifting the run-rate margin.
The Fintech business was the standout. Mercari's AI-driven credit model supported staged credit-limit expansion, and combined receivables for "Mercari Pay Pay-Later" and "Mercari Smart Money" climbed 45.0% to ¥328.1 billion, with the 11-month collection rate holding at 99.4%. Fintech 9M revenue rose 27.0%, and Fintech core operating profit rose ¥3.9 billion year-on-year to ¥7.3 billion — even after sustained investment in "Mercard" credit-card customer acquisition.
US Mercari: segment swings to profit; GMV up 10%
In the United States, Mercari leveraged product-core enhancements and time-limited shipping-fee discount campaigns to lift "Mercari" GMV by 10.0% to US$602 million (¥92.1 billion) over the nine months. US revenue rose 9.2% to ¥30,380 million, US core operating profit improved ¥1.3 billion year-on-year to ¥1.5 billion under maintained investment discipline, and the US segment recorded a profit of ¥1,187 million — versus a ¥50 million loss the prior year. The US swing to profitability is the most meaningful structural step the segment has shown in years.
Balance sheet expansion: assets up ¥130bn on Fintech receivables build
Total assets reached ¥673,763 million, up ¥130,000 million from FY25 year-end, driven primarily by an ¥83,043 million jump in operating receivables (mainly Mercari Pay Pay-Later and Smart Money utilization) and an ¥89,803 million increase in other current financial assets from time-deposit and money-trust placement. Offsetting, security deposits fell ¥45,496 million as Mercari Pay deposit collateral was returned. Total liabilities rose by ¥109,149 million to ¥553,272 million, and equity attributable to owners reached ¥120,150 million (vs ¥99,269 million prior year-end), though the equity ratio eased slightly to 17.8% from 18.3% as bank-related liabilities grew faster than equity.
FY26 full-year guidance: ≥¥220bn revenue, ≥¥40bn core OP
Management revised full-year FY6/2026 guidance, now expecting consolidated revenue of at least ¥220,000 million (+14.2%) and core operating profit of at least ¥40,000 million (+45.1%) — both upgraded from prior guidance and now bracketed with the "or greater" qualifier. Mercari maintains a no-dividend policy for FY6/2026 and FY6/2027, consistent with prior periods. With Q4 expected to absorb the year's concentrated growth investments, the implied Q4 run-rate sets the table for FY6/2027 GMV-acceleration moves — particularly in the strategically prioritized cross-border-trade vertical.
| Metric | 9M FY6/26 | 9M FY6/25 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 167.3 | 144.1 | +16.1% |
| Core operating profit (¥ billion) | 34.9 | 20.0 | +74.5% |
| Operating profit (¥ billion) | 34.5 | 20.3 | +69.7% |
| Pre-tax profit (¥ billion) | 34.7 | 21.7 | +60.0% |
| Net profit attrib. to owners (¥ billion) | 19.4 | 11.7 | +65.6% |
| Basic EPS (¥) | 117.93 | 71.49 | +65.0% |
| Japan Business segment profit (¥ billion) | 40.0 | 26.2 | +52.8% |
| Japan Marketplace GMV (¥ billion) | 939.4 | 846.3 | +11.0% |
| Fintech receivables (¥ billion) | 328.1 | 226.3 | +45.0% |
| US Mercari GMV (US$ million) | 602 | 547 | +10.0% |
| US Mercari segment profit (¥ million) | 1,187 | -50 | Swung to profit |
| FY26 revenue guidance (¥ billion) | ≥220.0 | — | ≥+14.2% |
| FY26 core OP guidance (¥ billion) | ≥40.0 | — | ≥+45.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.