# Rakuten

**Rakuten Group, Inc.** (楽天グループ株式会社) is a Japanese company which reported consolidated revenue of 2,496.6 billion yen in FY2025, a record high for the 29th consecutive year of growth since its founding.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup><sup> • </sup><sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup><sup> • </sup><sup>[3](https://corp.rakuten.co.jp/news/press/2025/0214_01.html)</sup>

| Key fact | Detail |
|---|---|
| Group revenue | FY2025 consolidated revenue 2,496.6 billion yen, up 9.5% YoY, a record for the 29th consecutive year<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup><sup> • </sup><sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup> |
| Group profit | FY2025 Non-GAAP operating income 106.3 billion yen (a 99.2 billion yen improvement YoY); record EBITDA of 435.9 billion yen, up 33.7%<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup> |
| Profit engines | FinTech: revenue 975.9 billion yen, Non-GAAP operating income 199.9 billion yen; Internet Services: revenue 1,369.7 billion yen, Non-GAAP operating income 88.9 billion yen<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup> |
| Mobile | Segment revenue 482.8 billion yen with a Non-GAAP operating loss of 161.8 billion yen, but first full-year segment EBITDA profit of 28.8 billion yen<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup><sup> • </sup><sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup> |
| Subscribers | Rakuten Mobile: 10.01 million subscriptions at end-December 2025, net ARPU 2,467 yen<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup> |
| Banking | Rakuten Bank: 17.63 million accounts and 13.2 trillion yen in deposits at end-December 2025<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup> |
| Loyalty platform | 70+ services, claims over 100 million members in Japan and 650 billion points issued annually<sup>[4](https://symphony.rakuten.com/ecosystem)</sup> |

## What Rakuten is

Rakuten reports its consolidated results in three segments: Internet Services (1,369.7 billion yen of FY2025 revenue), FinTech (975.9 billion yen), and Mobile (482.8 billion yen).<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup> The group's own loyalty platform powers more than 70 services across these segments.<sup>[4](https://symphony.rakuten.com/ecosystem)</sup>

The growth record is a defining claim of the company's reporting: FY2024 revenue of 2,279.2 billion yen marked 28 consecutive periods of growth since founding, and FY2025 extended the streak to 29 years, with all three segments growing.<sup>[3](https://corp.rakuten.co.jp/news/press/2025/0214_01.html)</sup><sup> • </sup><sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

## The ecosystem and Rakuten Points

The businesses are tied together by Rakuten Points, a loyalty currency issued across the group. The company's loyalty platform claims over 100 million members in Japan and 650 billion points issued annually, and it is marketed to merchants as a revenue-uplift mechanism spanning commerce, financial services, and digital engagement.<sup>[4](https://symphony.rakuten.com/ecosystem)</sup>

Mobile as an ecosystem play, not a telco play. Senior Rakuten executives have stated they do not see the company as a telco; the mobile business is described as part of the larger Rakuten services ecosystem, and the entry into mobile as a defensive move against Amazon and SoftBank, which had, in the company's own framing, eaten heavily into Rakuten's e-commerce share.<sup>[5](https://www.netcracker.com/documents/pdf/tm_forum-rakuten_report.pdf)</sup>

## Business segments and how they perform

The profit structure is asymmetric. FinTech is the largest earner, with FY2025 Non-GAAP operating income of 199.9 billion yen on revenue of 975.9 billion yen, up 30.3% and 19.0% respectively; Internet Services earned 88.9 billion yen of Non-GAAP operating income on 1,369.7 billion yen of revenue. Mobile, by contrast, recorded a Non-GAAP operating loss of 161.8 billion yen, though that loss narrowed from 208.9 billion yen in FY2024.<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup>

On an EBITDA basis the picture shifts: segment EBITDA was 129.7 billion yen for Internet Services, 268.9 billion yen for FinTech, and 28.8 billion yen for Mobile, the Mobile segment's first full-year EBITDA profitability.<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup><sup> • </sup><sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup> At the level of the individual carrier business rather than the reporting segment, Rakuten Mobile recorded FY2025 revenue of 374.7 billion yen, up 32.0% YoY, a Non-GAAP operating loss of 166.0 billion yen (improved by 50.3 billion yen), and its first full-year EBITDA profit of 12.9 billion yen since entering the mobile business.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

## Rakuten Mobile and open RAN

Rakuten Mobile entered a market of three incumbents, NTT DoCoMo, KDDI's au, and SoftBank, as a challenger operator, and built its network as a greenfield, fully virtualized open RAN system using disaggregated hardware and software, open interfaces, and AI/ML technologies.<sup>[6](https://doi.org/10.1109/dasa54658.2022.9764985)</sup> An academic case study of the deployment concludes that virtualized open RAN reduces capital expenditure, operating expenditure, and deployment time, but notes that Rakuten faced profit-generation challenges because the network was built on a new and largely unproven architecture.<sup>[6](https://doi.org/10.1109/dasa54658.2022.9764985)</sup>

Scale has grown steadily. The network exceeded 11,000 base stations supporting 10 million subscribers as of a December 2025 company release, with low cost and network flexibility cited as advantages in Japan's competitive market.<sup>[7](https://symphony.rakuten.com/cloud/blogs/rakuten-mobile-case-study-how-to-build-a-nationwide-greenfield-4g-5g-network)</sup> Subscriptions reached 10.01 million at end-December 2025, a net increase of 1.71 million in the year, with net ARPU of 2,467 yen, up 59 yen YoY.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

## By the numbers

- Consolidated FY2025: revenue 2,496.6 billion yen (+9.5%); Non-GAAP operating income 106.3 billion yen; EBITDA 435.9 billion yen (+33.7%).<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup><sup> • </sup><sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup>
- Segment revenue: Internet Services 1,369.7 billion yen (+6.8%), FinTech 975.9 billion yen (+19.0%), Mobile 482.8 billion yen (+9.6%).<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup>
- Segment operating income: Internet Services 88.9 billion yen, FinTech 199.9 billion yen, Mobile −161.8 billion yen.<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup>
- Mobile: 10.01 million subscriptions, net ARPU 2,467 yen, over 11,000 base stations.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup><sup> • </sup><sup>[7](https://symphony.rakuten.com/cloud/blogs/rakuten-mobile-case-study-how-to-build-a-nationwide-greenfield-4g-5g-network)</sup>
- Rakuten Bank: 17.63 million accounts (+7.0% YoY), deposits 13.2 trillion yen (+10.0% YoY).<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>
- FY2026 capital expenditure planned to exceed 200 billion yen, up 62.9 billion yen YoY, focused on new base stations and network quality.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

## Recent developments

Three developments reshaped the mobile and fintech businesses. First, Rakuten Bank priced its global IPO at 1,400 yen per share on April 13, 2023, giving the banking unit a separate listing.<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup> Second, Rakuten Mobile was allocated 700 MHz 4G spectrum in October 2023, with commercial use starting June 2024; its roaming agreement with KDDI was scheduled to run until September 30, 2026, a dependency that shaped the network's coverage up to that date.<sup>[2](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)</sup> Third, the mobile business crossed into EBITDA profitability: FY2025 was the first full year in which both the Mobile segment (28.8 billion yen) and the standalone carrier (12.9 billion yen) posted positive EBITDA.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

The trajectory is not one of declining investment: FY2026 capex is planned to rise above 200 billion yen, an increase of 62.9 billion yen, directed at new base stations and network quality.<sup>[1](https://global.rakuten.com/corp/news/press/2026/0212_01.html)</sup>

## References

1. [Rakuten Group FY2025 and Q4 FY2025 Financial Results Highlights](https://global.rakuten.com/corp/news/press/2026/0212_01.html)
2. [FY2025 Full Year and Fourth Quarter Consolidated Financial Results Appendix](https://global.rakuten.com/corp/investors/assets/doc/documents/25Q4PPT_E.pdf)
3. [楽天グループ株式会社2024年度通期および第4四半期決算ハイライトに関するお知らせ](https://corp.rakuten.co.jp/news/press/2025/0214_01.html)
4. [Rakuten Ecosystem | Loyalty Platform Driving Higher ARPU](https://symphony.rakuten.com/ecosystem)
5. [TM Forum / Netcracker report: Autonomous network and AI (Rakuten case)](https://www.netcracker.com/documents/pdf/tm_forum-rakuten_report.pdf)
6. [Economic and Technical Implications of Implementation of OpenRAN by 'RAKUTEN MOBILE'](https://doi.org/10.1109/dasa54658.2022.9764985)
7. [Rakuten Mobile case study: How to build a nationwide greenfield 4G/5G network](https://symphony.rakuten.com/cloud/blogs/rakuten-mobile-case-study-how-to-build-a-nationwide-greenfield-4g-5g-network)

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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Conglomerates and holding companies*

*Initially written Sep 17, 2026 · Reviewed: Sep 17, 2026; Sep 18, 2026; Oct 10, 2026 · Edited: Sep 18, 2026; Oct 10, 2026; Oct 11, 2026; Oct 15, 2026; Oct 21, 2026 · Last review: Oct 10, 2026*

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