CyberAgent Q3 FY2026: Operating Profit Soars 38% on Gaming, ABEMA Growth

CyberAgent's consolidated revenue for the cumulative nine months through June 2026 reached 709,272 million yen, an increase of 12.2% year-on-year. Operating profit rose 38.2% to 67,449 million yen, and ordinary profit climbed 42.3% to 69,182 million yen. Net profit attributable to owners of the parent soared 49.5% to 36,035 million yen, marking substantial growth in both revenue and profit. All three main business segments posted higher revenue, with the Games segment leading the charge. The Media & IP segment, centered on ABEMA, saw operating profit jump 88.0% year-on-year as its earnings structure improved. The Internet Advertising segment recorded revenue of 363,687 million yen (+4.9%), maintaining the high growth pace seen from the previous quarter. Key drivers of profit growth included the strong performance of major game titles and global hits in casual games, the profitability improvement at AbemaTV, and efficiency gains from AI adoption in advertising. As a result, all three core segments achieved revenue and profit growth, and quarterly net profit soared roughly 50% from a year earlier.

CyberAgent's operations consist of four segments: Media & IP, Internet Advertising, Games, and Investment and Incubation. The three main segments delivered both higher revenue and profit, driving overall performance.

Media & IP
Revenue grew 8.9% to 171,098 million yen, while operating profit surged 88.0% to 13,178 million yen. ABEMA, WINTICKET, and anime/IP-related businesses stacked earnings on multiple fronts. In particular, AbemaTV's move into the black directly fueled the profit leap, strengthening the broadcasting business's earnings base. Amid a global IP boom, the company is intensifying its focus on IP initiatives closely aligned with ABEMA.

Internet Advertising
Revenue rose 4.9% to 344,892 million yen, but operating profit edged down 1.7% to 15,425 million yen. Despite the slight profit dip, the segment maintained a high revenue growth rate from the previous quarter onward, with AI-enhanced ad effectiveness and new service rollouts expected to underpin the business. Intense competition persists in the internet advertising market, yet the company continues to capture digital ad demand as a stable revenue source.

Games
Revenue soared 37.8% to 193,038 million yen, with operating profit climbing 44.8% to 50,923 million yen — a sharp expansion in both measures. Established hits like "Umamusume Pretty Derby" and "Granblue Fantasy" remained strong, while casual games became new earnings pillars with global successes. Improved development efficiency and ongoing user acquisition efforts further reinforced the game portfolio.

Investment and Incubation
Revenue plummeted 83.0% to 243 million yen, and the operating loss widened to 1,648 million yen, compared with a loss of 860 million yen a year earlier, reflecting weaker investment returns centered on fund operations. The segment is small but susceptible to shifts in the startup investment environment.

Total assets at June 30, 2026, stood at 551,172 million yen, down 5,989 million yen from the previous fiscal year-end, mainly due to a decline in cash and deposits (to 212,081 million yen) from tax and dividend payments. Liabilities fell 28,206 million yen to 253,275 million yen, largely reflecting lower income taxes payable. Net assets expanded 22,216 million yen to 297,897 million yen, driven by an accumulation of retained earnings. The equity ratio improved to 37.2% from 32.3% at the prior year-end, signaling a healthier financial position.

A quarterly cash flow statement was not prepared, but depreciation and amortization rose to 8,580 million yen (from 6,209 million yen a year earlier), indicating ongoing investment.

The annual dividend forecast was raised from 17.00 yen to 20.00 yen per share, reflecting the sharp earnings upswing and a stronger shareholder return posture.

Notable risks disclosed in the earnings report include:

• Game hit dependency: Revenue is heavily influenced by major titles, exposing the company to sharp downturns from user trends or regulatory changes.
• Continued ABEMA investment: Even after achieving profitability, intensifying competition with other streaming services and rising content procurement costs could squeeze margins.
• Advertising market fluctuations: Economic downturns or cuts in corporate ad budgets would directly affect the advertising segment's earnings.
• IP strategy execution: If in-house IP creation and nurturing does not proceed as planned, the global growth scenario could be derailed.
• Foreign exchange volatility: A rapid strengthening of the yen could erode earnings as the overseas sales ratio continues to rise.

CyberAgent also upwardly revised its consolidated forecasts for the fiscal year ending September 2026, citing stronger-than-expected gaming performance and progress toward profitability in Media & IP. The new forecasts: revenue 950,000 million yen (up from 930,000 million), operating profit 77,000 million yen (up from 70,500 million), ordinary profit 78,000 million yen (up from 71,500 million), and net profit attributable to owners of the parent 41,000 million yen (up from 39,000 million). Earnings per share are seen at 80.85 yen.

The dividend forecast was also raised from 17 yen to 20 yen per share, underscoring a positive message on both earnings growth and shareholder returns. The fourth quarter (July–September) looks ahead to major game updates and the advertising demand season, raising expectations for full-year target achievement.