Bushiroad Inc.
7803・Growth Market・Other Products
Entertainment Business
Bushiroad's core segment, diversifying IP across TCG as its central pillar
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (external customers) | ¥49,851 million | ¥39,679 million | ↑ |
| Segment profit (operating profit basis) | ¥4,694 million | ¥439 million | ↑ |
| Segment assets | ¥46,871 million | ¥47,681 million | ↓ |
| Depreciation | ¥619 million | ¥746 million | ↓ |
| Increase in tangible and intangible fixed assets | ¥271 million | ¥768 million | ↓ |
Business Details
Comprised of five units: TCG Unit (planning, development, and release of Japanese- and English-language TCGs), Content Unit (mobile and console games), Live Entertainment Unit (music live shows and events), Merchandising Unit (goods planning and sales), and Ad Unit (advertising and event production). Under its "IP Developer" strategy, the company aims to build a global platform that deploys its own and third-party IP across TCG, live entertainment, merchandising, and digital channels. From the current fiscal year, the "BI (Bushiroad International) Unit" was abolished and integrated into the TCG Unit and Content Unit.
Recent Overview
All units performed steadily in the interim period of FY2026 (ending June 2026); transition to a unified segment underway
From the interim period of FY2026 (ending June 2026) (July–December 2025), the "Entertainment Business" and "Sports Business" were integrated into a single segment, the "Entertainment Business." Consolidated sales for the interim period were ¥27,839 million (up 8.2% year on year), with operating profit of ¥2,908 million (up 68.5% year on year), a substantial increase. Within the Bushiroad units, the TCG titles "Cardfight!! Vanguard" and "Weiss Schwarz" performed steadily, while the Live Entertainment Unit held large-scale events including an additional Shanghai performance of the MyGO!!!!! × Ave Mujica joint live concert. In the Merchandising Unit, the figure brand "PalVerse" performed well both domestically and internationally. The full-year earnings forecast was maintained at sales of ¥56,000 million (down 0.3% year on year) and operating profit of ¥4,500 million (down 7.6% year on year).
Key Products
Growth Drivers
- Launch of four new TCG titles (hololive, The Quintessential Quintuplets, Love Live!, Weiss Schwarz Rose) driving sales to a record high
- Both the Live Entertainment Unit and Merchandising Unit of the BanG Dream! project achieved record-high sales
- Growth in merchandising driven by the globalization of the events business and domestic and international sales expansion of the figure brand "PalVerse"
- Expansion of Bushiroad EXPO's regional footprint (held in 16 or more regions worldwide in 2025), boosting global brand recognition
- Accelerating overseas expansion into East Asia (centered on China) and North America (Asia sales of ¥9,168 million, up from ¥4,880 million in the prior period)
Risks
- Foreign exchange risk: overseas sales ratio has reached approximately 30%, meaning yen appreciation phases have a significant impact on sales and profit
- Risk of specification changes to new TCG titles: specification changes to "Weiss Schwarz" and "Cardfight!! Vanguard" are planned for the fourth quarter of FY2026 (ending June 2026), with the third quarter expected to be an adjustment period
- Softness in the Content Unit: console games overall performed weakly, presenting challenges to the earnings stability of the digital content business
- Increase in advertising and promotional expenses for new IP: a temporary increase in advertising, promotion, and marketing expenses is expected in the third quarter in connection with the announcement of the new IP "ZERO RISE" and the release of new mobile games
- IP licensing dependency risk: TCG and merchandise utilizing third-party IP are affected by changes in relationships with licensors and the rise and fall of popular IP
Sports Business
Home to New Japan Pro-Wrestling and Stardom, this wrestling promotion division achieved record quarterly sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (external customers, most recent final disclosed figure) | Not disclosed (no disclosure due to integration into a single segment) | ¥6,324 million (full-year FY2025, ended June 2025) | ↑ |
| Segment profit (most recent final disclosed figure) | Not disclosed (no disclosure due to integration into a single segment) | ¥174 million (full-year FY2025, ended June 2025) | ↑ |
| Quarterly attendance record (New Japan Pro-Wrestling, Tokyo Dome) | 46,913 attendees (January 4, 2026, sold out) | – | ↑ |
| Quarterly attendance record (Stardom, Osaka) | 2,563 attendees (February 7, 2026, new Kansai regional attendance record) | – | ↑ |
Business Details
The Sports Unit is comprised of New Japan Pro-Wrestling Co., Ltd., New Japan Pro-Wrestling of America Inc., and Stardom Co., Ltd. Its main services are professional wrestling promotion, merchandise sales, video content production and distribution, and fan club operations. From the first quarter of FY2026 (ending June 2026), it has been integrated into the single Entertainment Business segment, and standalone segment figures are no longer disclosed. Under the Medium-Term Vision 2030 policy of "providing more experiences," it is positioned as the core driver of expanding physical reach.
Recent Overview
Achieved record quarterly sales in the third quarter of FY2026 (ending June 2026), continuing strong performance
During the cumulative nine months of the third quarter of FY2026 (ending June 2026) (July 2025–March 2026), the Sports Unit achieved record quarterly sales. New Japan Pro-Wrestling held the Hiroshi Tanahashi retirement event at "WRESTLE KINGDOM 20" at the Tokyo Dome on January 4, 2026, drawing a sold-out crowd of 46,913 attendees. Stardom set a new Kansai regional attendance record of 2,563 attendees at its Osaka event on February 7, 2026. Note that from the first quarter of FY2026 (ending June 2026), the segment has been integrated into the single Entertainment Business segment, and standalone financial figures for the Sports Unit are no longer disclosed.
Key Products
Growth Drivers
- Increased attendance at New Japan Pro-Wrestling's major events driven by the Hiroshi Tanahashi retirement tour (sold-out crowd of 46,913 at Tokyo Dome)
- Acquisition of new fans through regional expansion, including Stardom's new Kansai regional attendance record
- Positioning of professional wrestling promotion as the core driver of expanding physical reach under the Medium-Term Vision 2030 policy of "providing more experiences"
- Expanded cross-promotion opportunities with group IP through integration with the Entertainment Business
- Development of overseas markets through North American promotions (New Japan Pro-Wrestling of America)
Risks
- Risk that integration into a single segment with the Entertainment Business will make it difficult to monitor the Sports Unit's standalone performance
- Risk of declining audience draw due to the departure or retirement of star wrestlers (maintaining attendance for New Japan Pro-Wrestling after Hiroshi Tanahashi's retirement is a challenge)
- Revenue volatility risk during periods without major events, inherent to an event-dependent business model
- Foreign exchange risk and rising overseas event cost risk (in connection with North American promotions)
- Risk of declining priority in group resource allocation, given the Sports Unit's relatively small scale compared to the overall Entertainment Business (cumulative Q3 sales of ¥42,356 million)
Last updated: July 17, 2026