Updated Mar 21, 2026 by Kadokawa Corporation
Financial · February 12, 2026
Published by Kadokawa Corporation
This financial report details the consolidated results for KADOKAWA Corporation during the first nine months of the fiscal year ending March 31, 2026, covering the period from April 1, 2025, to December 31, 2025. The data reflects a challenging period for the Japanese media conglomerate, characterized by significant declines in profitability despite relatively stable net sales. Net sales reached 202.9 billion yen, a slight 1.7% decrease year-on-year, while operating profit plummeted 59.7% to 6.3 billion yen. Net income attributable to owners of the parent fell 70.0% to 2.2 billion yen. Performance varied significantly across industry segments. The Publication and IP segment saw a 90.2% drop in operating profit due to smaller-scale domestic hits and rising personnel costs, despite growth in overseas markets like the U.S. and Asia. The Animation and Live-Action segment transitioned to an operating loss of 904 million yen, attributed to a higher ratio of new, less established titles compared to the previous year’s major hits. The Game segment, led by FromSoftware, reported an 11.6% revenue decline; while the new title Elden Ring Nightreign performed well, it could not match the high bar set by the previous year’s Elden Ring expansion and repeat sales. Conversely, the Web Services and Education/EdTech segments showed resilience, with Web Services recovering from prior cyberattack impacts to post a 21.5% increase in sales. Strategically, the company continued its "Global Media-Mix with Technology" initiative, expanding its international footprint through the acquisition of Edizioni BD in Italy and SOZO Pte. Ltd. in Singapore. These moves aim to strengthen IP recognition and D2C capabilities in Europe and Southeast Asia. Despite the quarterly downturn, the company maintained its full-year forecast, projecting 278.2 billion yen in net sales and 10.3 billion yen in operating profit, while confirming a planned annual dividend of 30 yen per share.
2026年3月期 第3四半期決算短信〔日本基準〕(連結) 2026年2月12日 上場会社名 株式会社KADOKAWA 上場取引所 東 コード番号 9468 URL https://group.kadokawa.co.jp/ 代表者 (役職名) 取締役 代表執行役社長 CEO (氏名)夏野 剛 問合せ先責任者 (役職名) コーポレートコミュニケーション局長 (氏名)大上 智之 TEL 03-5216-8212 配当支払開始予定日 - 決算補足説明資料作成の有無:有 決算説明会開催の有無 :無 (百万円未満切捨て) 1.2026年3月期第3四半期の連結業績(2025年4月1日~2025年12月31日) (1)連結経営成績(累計) (%表示は、対前年同四半期増減率) 売上高 営業利益 経常利益 親会社株主に帰属する 四半期純利益 百万円 % 百万円 % 百万円 % 百万円 % 2026年3月期第3四半期 202,991 △1.7 6,377 △59.7 9,107 △47.1 2,211 △70.0 2025年3月期第3四半期 206,587 10.5 15,838 18.8 17,226 28.5 7,366 16.7 (注)包括利益 2026年3月期第3四半期 1,411百万円 (△87.4%) 2025年3月期第3四半期 11,186百万円 (18.2%)
6,377 △59.7 9,107 △47.1 2,211 △70.0 2025年3月期第3四半期 206,587 10.5 15,838 18.8 17,226 28.5 7,366 16.7 (注)包括利益 2026年3月期第3四半期 1,411百万円 (△87.4%) 2025年3月期第3四半期 11,186百万円 (18.2%) 1株当たり 潜在株式調整後 四半期純利益 1株当たり EBITDA 四半期純利益 円 銭 円 銭 百万円 % 2026年3月期第3四半期 15.07 14.18 13,144 △39.0 2025年3月期第3四半期 54.79 53.60 21,534 18.8 (注)EBITDA=営業利益+減価償却費+のれん償却費 (2)連結財政状態 総資産 純資産 自己資本比率 1株当たり純資産 百万円 百万円 % 円 銭 2026年3月期第3四半期 394,716 276,872 62.4 1,674.68 2025年3月期 410,029 277,408 60.9 1,704.48 (参考)自己資本 2026年3月期第3四半期 246,132百万円 2025年3月期 249,788百万円 2.配当の状況
410,029 277,408 60.9 1,704.48 (参考)自己資本 2026年3月期第3四半期 246,132百万円 2025年3月期 249,788百万円 2.配当の状況 年間配当金 第1四半期末 第2四半期末 第3四半期末 期末 合計 円 銭 円 銭 円 銭 円 銭 円 銭 2025年3月期 - 0.00 - 30.00 30.00 2026年3月期 - 0.00 - 2026年3月期(予想) 30.00 30.00 (注)直近に公表されている配当予想からの修正の有無:無 3.2026年3月期の連結業績予想(2025年4月1日~2026年3月31日) (%表示は、対前期増減率)
026年3月期(予想) 30.00 30.00 (注)直近に公表されている配当予想からの修正の有無:無 3.2026年3月期の連結業績予想(2025年4月1日~2026年3月31日) (%表示は、対前期増減率) 売上高 営業利益 経常利益 親会社株主に帰属 1株当たり EBITDA する当期純利益 当期純利益 百万円 % 百万円 % 百万円 % 百万円 % 円 銭 百万円 % 通期 278,200 0.1 10,300 △38.1 12,400 △30.1 4,900 △33.7 33.34 19,500 △21.7 (注)直近に公表されている業績予想からの修正の有無:無
※ 注記事項 (1)当四半期連結累計期間における連結範囲の重要な変更:有 新規 2社 (社名)Edizioni BD S.r.l.、SOZO Pte. Ltd.、除外 -社 (社名)- (注)詳細は、添付資料12ページ「2.四半期連結財務諸表及び主な注記(4)四半期連結財務諸表に関する注記事 項(企業結合等関係)」をご覧ください。 (2)四半期連結財務諸表の作成に特有の会計処理の適用:無 (3)会計方針の変更・会計上の見積りの変更・修正再表示 ① 会計基準等の改正に伴う会計方針の変更 :無 ② ①以外の会計方針の変更 :無 ③ 会計上の見積りの変更 :無 ④ 修正再表示 :無 (4)発行済株式数(普通株式) ① 期末発行済株式数(自己株式を含む) 2026年3月期3Q 148,990,296株 2025年3月期 148,990,296株 ② 期末自己株式数 2026年3月期3Q 2,017,335株 2025年3月期 2,442,006株 ③ 期中平均株式数(四半期累計) 2026年3月期3Q 146,770,605株 2025年3月期3Q 134,458,181株 ※ 添付される四半期連結財務諸表に対する公認会計士又は監査法人によるレビュー:無 ※ 業績予想の適切な利用に関する説明、その他特記事項 本資料に記載されている業績見通し等の将来に関する記述は、当社が現在入手している情報及び合理的であると判 断する一定の前提に基づいており、実際の業績等は様々な要因により大きく異なる可能性があります。業績予想の前 提となる条件等については、4ページ「1.経営成績等の概況(3)連結業績予想などの将来予測情報に関する説明」 をご覧ください。
○添付資料の目次 1.経営成績等の概況 ……………………………………………………………………………………………………… 2 (1)当四半期の経営成績の概況 ……………………………………………………………………………………… 2 (2)当四半期の財政状態の概況 ……………………………………………………………………………………… 4 (3)連結業績予想などの将来予測情報に関する説明 ……………………………………………………………… 4 2.四半期連結財務諸表及び主な注記 …………………………………………………………………………………… 5 (1)四半期連結貸借対照表 …………………………………………………………………………………………… 5 (2)四半期連結損益計算書及び四半期連結包括利益計算書 ……………………………………………………… 7 四半期連結損益計算書 …………………………………………………………………………………………… 7 四半期連結包括利益計算書 ……………………………………………………………………………………… 8 (3)四半期連結キャッシュ・フロー計算書 ………………………………………………………………………… 9 (4)四半期連結財務諸表に関する注記事項 ………………………………………………………………………… 10 (継続企業の前提に関する注記) ………………………………………………………………………………… 10 (株主資本の金額に著しい変動があった場合の注記) ………………………………………………………… 10 (四半期連結損益計算書に関する注記) ………………………………………………………………………… 10 (セグメント情報等の注記) ……………………………………………………………………………………… 10 (企業結合等関係) ………………………………………………………………………………………………… 12 (重要な後発事象の注記)…………………………………………………………………………………………… 13
KADOKAWA’s financial performance through the third quarter of fiscal year 2026 reflects a period of transition characterized by a slight consolidated revenue decline to 202.9 billion yen and a sharp 59.7% drop in operating profit. This contraction stems primarily from profit margin compression in the publishing sector due to rising labor costs and smaller title scales, alongside difficult year-on-year comparisons in the gaming and anime divisions. While the previous fiscal year benefited from the massive global success of Elden Ring, current results show a normalization of earnings despite steady contributions from downloadable content and repeat sales totaling 2.5 million units. The gaming segment remains a focal point for future growth, with a strategic shift toward next-generation hardware. Development is currently underway for multiple titles for the successor to the Nintendo Switch, including Elden Ring Tarnished Edition and a platform-exclusive title, The Duskbloods, co-published with Nintendo. Although specific release dates and financial guidance for these projects remain undisclosed, they represent a core pillar of the long-term recovery strategy. Meanwhile, the anime segment continues to leverage a robust slate of 52 titles, including popular franchises like Re:Zero and Oshi no Ko, even as licensing income saw a temporary 22% decline. Geographically, international markets continue to play a vital role, with overseas revenue reaching 12.5 billion yen for the quarter. The United States and Asia remain the dominant territories, accounting for 45.6% and 39.3% of international sales, respectively. Positive momentum in the Education and EdTech divisions, which achieved 13.4% revenue growth through record student enrollment, provides a stabilizing counterweight to the volatility in entertainment software. Moving into the final quarter, recovery efforts will focus on strategic price revisions in publishing and a strong lineup of anime sequels to offset earlier margin pressures.
Akatsuki Inc. demonstrated significant financial growth during the first nine months of the fiscal year ending March 31, 2026, characterized by a substantial increase in profitability despite modest revenue gains. Net sales rose 2.1% to ¥16,497 million, while profit attributable to owners surged by 287.6% to reach ¥2,856 million. This performance was primarily driven by enhanced operational efficiencies within the core Games and Comics segment and the successful market entry of new intellectual properties, most notably the August 2025 launch of Kaiju No. 8 The Game. Although the gaming division experienced a slight decline in top-line revenue, its segment profit more than doubled to ¥3,391 million, reflecting a strategic shift toward high-margin operations and the liquidation of underperforming subsidiaries. The company expanded its operational scope through aggressive diversification and restructuring, establishing a new reporting framework consisting of Games and Comics, Entertainment and Lifestyle, and AI/DX Solutions. Strategic acquisitions played a pivotal role in this evolution, with the consolidation of entities such as CRAYON, Inc., PAPABUBBLE, Inc., and Natee Inc. contributing to a ¥3,880 million increase in goodwill. These investments bolstered the Entertainment and Lifestyle portfolio and provided the foundation for the new AI/DX Solutions segment, signaling a long-term commitment to integrating technology and lifestyle brands into the broader entertainment ecosystem. Geographically focused on the Japanese market for the period ending December 31, 2025, the financial results indicate a robust balance sheet bolstered by diversified revenue streams, including the growth of the Slash Gift online lottery service. However, management has opted not to provide a full-year earnings forecast, citing inherent volatility in the gaming sector and the ongoing impact of heavy investment activities. This cautious outlook underscores a focus on long-term structural growth and IP development over short-term predictability.
Akatsuki Inc. reported substantial year-over-year growth in sales and profitability for the third quarter of the fiscal year ending March 2026. Consolidated sales for the quarter reached ¥6,581 million, a 79% increase compared to the same period in the previous year, while operating profit rose to ¥1,338 million, reversing a loss from the prior year. This financial improvement was driven by the successful release of Kaiju No. 8 The Game, the continued performance of Dragon Ball Z Dokkan Battle, and the strategic consolidation of four acquired companies. The Games & Comics segment remains the primary revenue driver, contributing ¥5,225 million in quarterly sales. Profitability in this sector improved significantly due to a rigorous business portfolio review and enhanced operational efficiency for existing titles, which led to a large-scale reduction in expenses. Beyond gaming, the company expanded its scope through M&A activity, establishing a new AI / DX Solutions segment and bolstering the Entertainment & Lifestyle division. These new segments reflect the inclusion of acquired entities such as PAPABUBBLE, WOWs, Natee, and Akatsuki AI Technologies. Geographically, the company noted strong global performance for its legacy titles, specifically reaching top store rankings in five regions, including Japan and France. Financial data indicates a robust balance sheet with cash and equivalents totaling ¥33,266 million. The methodology for these results involves consolidated accounting of various subsidiaries and the use of Adjusted EBITDA to measure performance, which accounts for depreciation, amortization, and investment-related cash flows. Overall, the findings suggest a successful transition toward a more diversified and cost-efficient corporate structure.
Nihon Falcom’s financial results for the first quarter of the fiscal year ending September 2026 reveal significant year-over-year growth driven by strong international licensing performance. For the three-month period ending December 31, 2025, net sales reached 937 million yen, a 150.7% increase over the previous year. Profitability saw even sharper gains, with operating income rising 670.4% to 685 million yen and net income increasing 498.8% to 486 million yen. The licensing division served as the primary growth engine, generating 888 million yen in sales, a 218.3% increase. This surge was fueled by the global rollout of The Legend of Heroes: Trails in the Sky the 1st across multiple platforms, alongside continued international sales of the Trails and Ys series. Conversely, the product division, which handles direct domestic sales, saw revenue decline by 47.6% to 49 million yen, reflecting a period focused on development and upcoming releases. Geographically, the results highlight a heavy reliance on global markets and multi-platform availability, including Nintendo Switch, PlayStation 5, and Steam. Looking ahead, the company has upwardly revised its mid-term forecasts due to the steady performance of its flagship titles. However, full-year forecasts remain unchanged at 2.6 billion yen in net sales, as management remains cautious regarding the timing and market reception of upcoming projects like Kyoto Xanadu and the worldwide simultaneous release of Trails in the Sky the 2nd. The financial position remains stable with a high equity ratio of 96.4%. Total assets decreased slightly to 10.9 billion yen, primarily due to a 608 million yen share buyback and dividend payments. The company continues to focus on its single segment of game development and licensing, leveraging its established intellectual properties to maintain high profit margins.