Rakuten Group reported record-high second-quarter consolidated revenue of 665.5 billion yen in Q2 FY2026, up 11.6% year over year, and said it posted its first quarterly net income in six years.
The group also reported consolidated non-GAAP operating income of 42.0 billion yen, while IFRS operating income rose to 20.0 billion yen. EBITDA hit a second-quarter record of 115.3 billion yen, and net income attributable to owners of the parent company came in at 7.7 billion yen, an improvement of 58.7 billion yen year over year.
Mobile losses narrowed, but the business is still deep in the red
Rakuten Group said all three segments — Internet Services, FinTech, and Mobile — posted year-over-year revenue growth. The Mobile segment recorded revenue of 121.4 billion yen, up 8.3% year over year, while non-GAAP operating losses narrowed to 33.1 billion yen.
Rakuten Mobile itself recorded revenue of 101.3 billion yen, up 11.9% year over year. Its non-GAAP operating losses narrowed to 32.3 billion yen, EBITDA reached 5.9 billion yen, and total subscriptions rose to 10.75 million at the end of June 2026.
Subscription growth and ARPU are moving together
Rakuten said it had built a sustainable growth structure centered on loyal customers by curbing short-term subscriptions, with net additions continuing after the peak sales season. Net ARPU rose to 2,516 yen, up 42 yen year over year, driven by stronger option ARPU.
Base station build-out stayed on plan
Capital expenditure reached 39.3 billion yen in the quarter. Rakuten said it is accelerating base station construction by concentrating internal human resources and reforming construction processes, including bringing some operations in-house, to improve network quality.
The company said there was no change to its FY2026 capital investment plan of 200 billion yen.
Balance-sheet repair is still part of the story
Rakuten raised approximately 200 billion yen in May 2026 through the sale of held securities. It also fully redeemed its U.S. dollar-denominated perpetual subordinated bonds in April and its yen-denominated senior bonds in June 2026.
Rakuten said funding for all 2026 bond redemptions is secured and that it intends to manage funding needs from 2027 onward using a combination of methods.