Rakuten quarterly revenue reaches ¥697.1 billion as operating income grows 396.3%

Key Facts

Rakuten Group said on November 13, 2026, that consolidated revenue in the third quarter reached ¥697.1 billion, up 10.9% year over year and a record for the quarter. IFRS operating income rose to ¥39.5 billion, up 396.3% year over year, while non-GAAP operating income was ¥48.6 billion, an increase of 25.9%. The company said non-GAAP operating income was the highest quarterly figure since the launch of its mobile services. EBITDA, a measure the group uses to gauge cash flow generation, reached ¥123.5 billion, a third-quarter record and a 4.0% year-over-year increase. The group, however, posted a consolidated net loss of ¥47.5 billion, of which ¥62.7 billion was attributable to owners of the company.

Revenue growth was partly driven by the FinTech segment, whose revenue rose 22.1% to ¥306.0 billion. The segment’s non-GAAP operating income was ¥68.0 billion, up 23.7% year over year, making it the group’s leading driver of operating-profit growth. The total value of shopping transactions through Rakuten Card reached ¥7.2 trillion in the third quarter, up 7.0% year over year. The company completed the restructuring of its FinTech business on October 1 and said it would ensure the independence of the new Rakuten Bank Group while continuing to cooperate with the Rakuten ecosystem. The segment’s results show the expansion of financial services alongside a realignment of the group’s structure.

The Mobile segment continued to grow revenue and reduce its losses, but remained loss-making at the operating level. Segment revenue rose 18.3% to ¥140.4 billion, while its non-GAAP operating loss narrowed by ¥10.0 billion to ¥28.7 billion. Revenue from Rakuten Mobile itself was ¥111.4 billion, up 17.1%, and its non-GAAP operating loss narrowed to ¥30.3 billion, an annual improvement of ¥7.0 billion. Total service subscribers reached 11.05 million at the end of September, with a net addition of 1.72 million subscribers during the period. Net average revenue per user was also ¥2,545 in the third quarter, up ¥74 from a year earlier.

Internet services revenue was ¥347.3 billion, down 0.7% from the same period a year earlier. The segment’s non-GAAP operating income fell 31.3% to ¥16.4 billion, affected by valuation losses on some investments. For the group as a whole, net financial expenses totaled ¥37.6 billion during the quarter, alongside the consolidated net loss. Rakuten said derivative valuation losses reached ¥16.7 billion amid continued volatility in financial markets. It said currency swaps fix the principal and interest of bonds in yen, eliminating currency risk when principal is repaid or interest is paid.

On financing, Rakuten issued domestic wholesale and retail bonds totaling ¥400 billion in October 2026. The company said the issuance completed financing arrangements for senior bonds maturing in 2027, and that it expected to secure funding during the year for all bonds due through that year. The group kept its 2026 capital expenditure plan for the telecommunications business at ¥200 billion, after spending ¥40.3 billion in the third quarter. It said it would accelerate base-station construction to improve network quality. The company did not publish an annual earnings forecast, but is targeting net profit, Reuters reported via Yahoo! Finance Japan.

Rakuten shares, listed under ticker 4755.T, closed at ¥632.5 on November 12, 2026, according to EL7 data. The closing session preceded the results announcement on November 13, so the price reflects the close on the day before the announcement. The third-quarter results put the group’s revenue growth and improved operating income alongside its continued net loss, and show that the mobile business remains loss-making despite subscriber growth and a narrower operating deficit. The financing arrangements for bonds maturing in 2027 and the network investment plan will remain among the matters the company presented in its results. The company did not provide an annual earnings forecast in its announcement, while saying it was targeting net profit.