CyberAgent,Inc.
4751・Prime Market・Services
Business
CyberAgent, Inc. was founded in 1998 and is listed on the Prime Market of the Tokyo Stock Exchange as a comprehensive internet company. It comprises 86 consolidated subsidiaries and 9 affiliated companies, operating four segments: Internet Advertising Business (net sales of ¥461,220 million), Media & IP Business (net sales of ¥231,543 million), Game Business (net sales of ¥216,710 million), and Investment Development Business. The company combines a media and IP strategy centered on ABEMA, the "new television of the future," a highly profitable Game Business centered on Cygames, Inc., and one of Japan's largest internet advertising agency businesses, achieving 28 consecutive periods of revenue growth since its founding. Its major customers span multiple layers, including advertiser companies, game users, and video viewers.
Business Model
The Internet Advertising Business forms a stable revenue base, accounting for approximately 53% of net sales, with the agency model at its core, recording net sales of ¥461,220 million against cost of sales of ¥404,841 million. The Game Business has a highly profitable structure, with net sales of ¥216,710 million and an operating margin of 27.7%. The Media & IP Business layers together ABEMA's advertising and subscription revenue, WINTICKET's public sports betting commission revenue, and IP licensing revenue. The company has set a DOE of 5% or higher as its dividend metric and continues shareholder returns.
Company Strengths
Achieved net sales of ¥874,030 million (up 9.1% year on year) for FY2025 (ending September 2025), marking 28 consecutive periods of revenue growth since founding. Net sales expanded approximately 31% over four years, from ¥666,149 million in FY2021 to ¥874,030 million in FY2025. Simultaneous growth across the three businesses—Internet Advertising, Game, and Media—has diversified the risk of dependence on a single business while sustaining revenue growth.
The Game Business, centered on Cygames, Inc., achieved net sales of ¥216,710 million and operating income of ¥60,063 million (up 96.5% year on year) in FY2025 (ending September 2025). A combination of major hits from multiple new titles, successful overseas expansion, and the effect of shifting to external payment settlement drove an operating margin of 27.7%, a high level. The Game Business generated approximately 84% of the group's total operating income of ¥71,702 million.
The Media & IP Business, which includes ABEMA and has continued upfront investment since its launch in 2016, recorded operating income of ¥7,291 million (up ¥8,739 million year on year) in FY2025 (ending September 2025), achieving its first profit in 10 years. Net sales also maintained a high growth rate, reaching ¥231,543 million (up 15.7% year on year), reflecting the functioning of a multi-layered earnings structure built up through ABEMA, WINTICKET, Anime & IP, and other businesses.
ENVALITH's Perspective
Performance Trend
Net sales continued a recovery trend from the trough in FY2023, accelerating to ¥478,584 million (up 13.6% year on year) in H1 FY2026 (ending September 2026). Operating income recovered sharply from the FY2023 trough of ¥22,351 million, reaching ¥71,702 million in FY2025 and continuing its substantial improvement with ¥52,459 million (up 79.8% year on year) in H1 FY2026 (ending September 2026). Key drivers include the strong performance of existing titles and successful overseas expansion in the Game Business, as well as the sustained profitability of AbemaTV in the Media & IP Business. The full-year earnings forecast maintains a conservative outlook that factors in increased costs in the second half, projecting net sales of ¥880,000 million (up 0.7% year on year) and operating income of ¥50,000 million to ¥60,000 million (down 30.3% to down 16.3% year on year). On the financial front, the equity ratio improved to 35.0% (from 32.3% at the previous fiscal year-end), and net assets increased to ¥284,384 million.
Growth Strategy
Transitioning to a high-profitability model along three axes: expanding ABEMA/IP business revenue, recovering returns from advertising AI investment, and creating new game titles
ABEMA, which achieved profitability for the full FY2025 (ending September 2025), continued to post profits in the first half of FY2026 (ending September 2026) as well. While strengthening the multi-layered revenue accumulation structure with WINTICKET, Anime & IP, Cypic, Inc. and others, the company is expanding IP businesses with high affinity to ABEMA both domestically and overseas, establishing a revenue base for the Media & IP Business.
Led by the AI Business Headquarters, the company is promoting the maximization and automation of internet advertising effectiveness to differentiate itself from competitors. Although operating profit for the first half of FY2026 (ending September 2026) declined year on year for the half as a whole, the second quarter alone saw a recovery to increased revenue and profit, and the shift to a phase of recouping AI investment is expected.
In addition to continuing stable operation of existing titles such as those from Cygames, the company is actively pursuing overseas expansion. In the first half of FY2026 (ending September 2026), revenue grew 47.4% year on year and operating profit grew 106.3% year on year, achieving substantial growth. The company aims to enhance the sustainability of earnings through the creation of new titles by multiple development subsidiaries.
Last updated: July 17, 2026