Rakuten Group reported its results for the third quarter of fiscal 2026 (July–September) on November 13, 2026. Consolidated revenue rose 10.9% year over year to ¥697.1 billion, and consolidated EBITDA grew 4.0% to ¥123.5 billion, both record highs for a third quarter. Growth in the fintech business and a narrower loss in the mobile business drove the improvement.
Consolidated Revenue and EBITDA Hit Third-Quarter Records
According to the company's earnings highlights, the main consolidated figures for the quarter were as follows.
| Item | Amount | YoY change |
|---|---|---|
| Revenue | ¥697.1 billion | +10.9% |
| EBITDA | ¥123.5 billion | +4.0% |
| Non-GAAP operating income | ¥48.6 billion | +25.9% |
| IFRS operating income | ¥39.5 billion | +396.3% |
Non-GAAP operating income was the highest since the mobile business launched its MNO (own-network) service. The sharp rise in IFRS operating income partly reflects the absence of an impairment on the online supermarket business that was booked in the same quarter a year earlier. Since Q1 2026, Rakuten has allocated a portion of AI-related development costs to each business, and prior-year figures have been restated on the same basis for comparison.
Fintech Revenue Grew More Than 20%, While Internet Services Profit Fell on a Valuation Loss
By segment, fintech revenue rose 22.1% year over year to ¥306.0 billion, and Non-GAAP operating income climbed 23.7% to ¥68.0 billion. Rakuten Bank had 18.81 million accounts (up 8.5%) and non-consolidated deposits of ¥13.6 trillion (up 11.2%), both as of the end of September 2026. Rakuten Securities had 14.83 million general securities accounts at the end of September (up 15.3%) and surpassed 15 million accounts in November.
In contrast, the internet services segment, which includes Rakuten Ichiba, saw revenue slip 0.7% to ¥347.3 billion and Non-GAAP operating income fall 31.3% to ¥16.4 billion. The decline was due to a valuation loss on certain shares held in the investment business; excluding it, Non-GAAP operating income would have been ¥33.9 billion (up 20.1%), the company said.
Mobile Revenue Kept Growing as the Loss Shrank by ¥10 Billion
Mobile segment revenue rose 18.3% year over year to ¥140.4 billion. The Non-GAAP operating loss was ¥28.7 billion, an improvement of ¥10.0 billion from a year earlier. On a standalone basis, Rakuten Mobile posted revenue of ¥111.4 billion (up 17.1%), a Non-GAAP operating loss of ¥30.3 billion (an improvement of ¥7.0 billion), and positive EBITDA of ¥8.7 billion.
Total subscriptions reached 11.05 million lines at the end of September 2026, an increase of 1.72 million over the year. Net ARPU per line was ¥2,545, up ¥74 from a year earlier.
¥400 Billion in Bonds Covers Notes Maturing in 2027
On the financial side, Rakuten issued a total of ¥400 billion in domestic wholesale and retail bonds in October 2026, completing the funding for senior notes maturing in 2027. The company said it is also preparing to issue perpetual subordinated bonds. Capital expenditure for the quarter was ¥40.3 billion, and the company kept its FY2026 capex plan of ¥200 billion unchanged.
Our Take
Rakuten Group's biggest challenge has long been losses in its mobile business. This quarter, revenue growth and a narrower loss came together, and Rakuten Mobile on its own stayed positive at the EBITDA level. The picture of fintech as the main profit engine supporting the group has also become clearer. On the other hand, internet services grew profit only when the valuation loss is excluded, and revenue was essentially flat. How long mobile subscription growth can continue, and how the cost of funding through bonds evolves, look like the key points to watch.
Summary
Rakuten Group's third quarter of FY2026 delivered revenue of ¥697.1 billion and EBITDA of ¥123.5 billion, both record highs for a third quarter. Fintech growth and a narrower mobile loss were the main drivers, and mobile subscriptions rose to 11.05 million lines. Detailed figures are available in the company's earnings highlights and on its results materials page.
