Mercari Inc

4385: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Mercari Earnings: Marketplace Growth Stalls, but Upside in Operating Margin With Fintech and AI

Pujance Chan

Aug 7, 2025

For fiscal 2025 (ending June 2025), Mercari’s marketplace gross merchandise value, or GMV, grew by 4%, which is below the 10% guidance. Meanwhile, its core operating profit of JPY 28 billion exceeded the guidance due to an overshoot in the fintech segment.

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Mercari Inc

Mercari Earnings: Marketplace Growth Stalls, but Upside in Operating Margin With Fintech and AI

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