GREE Holdings, Inc.
3632・Prime Market・Information & Communication
Games Business
GREE HD's largest segment, with smartphone game development and operation as its core revenue driver.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (cumulative Q3 FY2026, ending June 2026) | ¥22,628 million | ¥27,871 million (cumulative Q3 FY2025, ending June 2025) | ↓ |
| Operating income (cumulative Q3 FY2026, ending June 2026) | ¥2,698 million | ¥2,962 million (cumulative Q3 FY2025, ending June 2025) | ↓ |
| Operating margin (cumulative Q3 FY2026, ending June 2026) | approx. 11.9% | approx. 10.6% (cumulative Q3 FY2025, ending June 2025) | ↑ |
| Net sales, year-on-year change | -18.8% | – | ↓ |
| Operating income, year-on-year change | -8.9% | – | ↓ |
| Net sales (full year FY2025, ended June 2025) | ¥36,936 million | – | ↓ |
| Operating income (full year FY2025, ended June 2025) | ¥4,596 million | – | ↓ |
| Net sales (H1 FY2026, ending June 2026) | ¥14,651 million | – | ↓ |
| Operating income (H1 FY2026, ending June 2026) | ¥1,275 million | – | ↓ |
Business Details
Centered on the development and operation of various smartphone games by WFS, distributing numerous popular titles both domestically and internationally. GREE Studios also plans and develops consumer games. GREE Inc. operates and develops the Social Game Platform "GREE." In-app purchase revenue from Apple Inc. and Google Inc. is the primary revenue source. During the cumulative nine months of FY2026 (ending June 2026), operations centered on existing titles resulted in soft performance.
Recent Overview
Soft performance due to operations centered on existing titles; net sales down 18.8% year on year.
In the cumulative nine months of FY2026 (ending June 2026) (July 2025 to March 2026), the Games Business posted net sales of ¥22,628 million (down 18.8% year on year) and operating income of ¥2,698 million (down 8.9% year on year). Business operations centered on existing titles resulted in soft performance. However, since the decline in operating income (down 8.9%) was smaller than the decline in net sales (down 18.8%), the operating margin improved from approximately 10.6% in the same period of the prior year to approximately 11.9%. In addition, the segment name was changed from "Games & Anime Business" in the prior fiscal year to "Games Business," with the anime and licensing-related business transferred to the newly established IP Business.
Key Products
Growth Drivers
- Maintaining the revenue base through long-term stable operation of existing smartphone game titles
- Revenue contribution from the release of new smartphone game titles
- Improved earning power through overseas expansion (promotion of global distribution)
- Maximizing revenue opportunities through multi-platform deployment, including development outsourcing projects and consumer game planning and development
- Improvement in operating margin through cost structure improvements (cost reductions exceeding the pace of the sales decline)
Risks
- Risk of continued gradual decline in net sales due to the natural attrition of existing titles (net sales declined 18.8% year on year, continuing the downward trend)
- Uncertainty in generating hit new titles, making a clear outlook for revenue recovery difficult to establish
- High dependence on sales through Apple Inc. and Google Inc., making the business susceptible to platform policy changes
- Risk of accelerated user attrition from existing titles due to intensifying competition in the domestic gaming market
- Difficulty for investors in grasping the outlook, as consolidated earnings forecasts are not disclosed
Last updated: September 26, 2025