Consolidated Financial Results
for the Six-Month Period Ended September 30, 2025 (Japan GAAP)
November 6, 2025
Company name: SQUARE ENIX HOLDINGS CO., LTD.
Shares traded: Tokyo Stock Exchange, Prime Market Company code: 9684
Company URL: https://www.hd.square-enix.com/eng
Representative: Takashi Kiryu, President and Representative Director
Contact: Takayuki Hamada, General Manager Financial Strategy Division Tel: (03) 5292-8000
Cash dividend payment commencement: December 5, 2025 (planned) Supplementary quarterly materials prepared: Yes
Quarterly results presentation held: Yes (for institutional investors and analysts)
(Amounts under one million yen are rounded down)
Consolidated Financial Results (April 1, 2025 through September 30, 2025)
Consolidated Financial Results (Millions of yen and year-on-year changes in percents)
Net sales
Operating
income
Ordinary
income
Profit attributable to owners of parent
Six months ended
％
％
％
％
September 30, 2025
133,895
(15.0)
27,278
28.8
28,553
57.4
10,052
(14.5)
September 30, 2024
157,591
(8.4)
21,176
22.1
18,141
(30.6)
11,750
(29.3)
Note: Six months ended September 30, 2025 Comprehensive income: 9,017 million yen [(25.4％)] Six months ended September 30, 2024 Comprehensive income: 12,090 million yen [(27.5％)]
Earnings per share, basic
Earnings per share, diluted
Six months ended
yen
yen
September 30, 2025
27.89
27.86
September 30, 2024
32.64
32.63
Note: The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The above figures for basic earnings per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.
Consolidated Financial Position (Millions of yen, ratios in percents and per share data)
Total assets
Net assets
Equity ratio
As of
％
September 30, 2025
409,653
333,820
81.3
March 31, 2025
416,160
336,368
80.7
Note. Total equity As of September 30, 2025: 333,239 million yen
As of March 31, 2025 335,709 million yen
Dividends
Dividends per share
1Q
2Q
3Q
4Q
Total
-
-
yen
yen
-
yen
yen
yen
Fiscal year ended March 31, 2025
28.00
101.00
129.00
Fiscal year ending March 31, 2026
54.00
Fiscal year ending March 31, 2026 (projection)
-
25.00
-
(Note) 1 No change in Dividend projection from previous announcement.
2 The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The year-end dividend per share for the fiscal year ending March 2026 (projection) as above is the figure presented after the stock split. The total annual dividend per share for the fiscal year ending March 2026 (projection) is not presented due to the stock split, because the interim dividend and the year-end dividend cannot be simply totaled. The year-end dividend per share for the fiscal year ending March 2026 (projection) without considering the stock split will be 75.00 yen and the total annual dividend will be 129.00 yen
Consolidated Forecasts (April 1, 2025 to March 31, 2026)
(Millions of yen, year-on-year changes in percents and per share data)
Net sales
Operating
income
Ordinary
income
Profit attributable to owners of parent
Earnings per share, basic
Fiscal year ending March 31, 2026
280,000
％
(13.7)
41,000
％
1.0
41,000
％
0.1
16,900
％
(30.8)
yen
46.88
(Note) 1 Revision to the consolidated forecasts from the previous announcement: Yes
The forecast for earnings per share, basic for the fiscal year ending March 2026 reflects the impact of the stock split noted in "2. Dividends." If the stock split is not considered, earnings per share, basic would be 140.65 yen.
For details, please refer to page 4 "1. Consolidated Results for the Six-Month Period Ended September 30, 2025 (3) Qualitative information on consolidated business forecasts."
Notes
Significant changes among major subsidiaries during the period: None
Adoption of special accounting treatment for quarterly consolidated financial statements: None
Changes in accounting policies, procedures, and methods of presentation for consolidated financial statements
Changes in accounting policies due to revisions to accounting standards: None
Changes other than 1. : None
Changes in accounting estimates: None
Retrospective restatement: None
Outstanding shares (common stock)
Number of shares issued and outstanding (including treasury stock): As of September 30, 2025 367,594,788
As of March 31, 2025 367,594,788
Number of treasury stock:
As of September 30, 2025 7,032,657
As of March 31, 2025 7,294,473
Average number of shares during the period (cumulative):
Six-Month period ended September 30, 2025 360,461,259
Six-Month period ended September 30, 2024 360,043,056
(Note) The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The above figures for basic earnings per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.
Consolidated Financial Results for the Six-Month Period Ended September 30, 2025 (Japan GAAP) are outside the scope of review by certified public accountants or audit firms.
Proper use of earnings forecasts, and other special matters (Cautionary statements with respect to forward-looking statements)
The forward-looking statements in this document are based upon the information currently available and necessarily include elements that are not entirely predictable. The achievement is not promised. Actual results may differ from the forward-looking statements in this document. For additional information about forecasts, please refer to "1. Consolidated Results for the Six Months Period Ended September 30, 2025 (3) Qualitative information on consolidated business forecasts" section on page 4 of Supplemental Information.
(Access to supplemental material for the consolidated financial results)
The Company posted the supplemental material for the consolidated financial results for the six months ended September 30, 2025, on the Company's website on Thursday, November 6, 2025.
Disclaimer: This document is a translation of the Japanese language "Kessan Tanshin" prepared in accordance with the guidelines of the Tokyo Stock Exchange. The Japanese language document shall prevail in the event any differences or discrepancies exist between this English translation and the original.
Supplemental Information － Index
Page
Consolidated Results for the Six-Month Period Ended September 30, 2025 2
Analysis of consolidated business results 2
Analysis of consolidated financial position 3
Qualitative information on consolidated business forecasts 4
Consolidated Financial Statements for the Six-Month Period Ended September 30, 2025 5
Consolidated Balance Sheets 5
Consolidated Income Statement and Consolidated Statement of Comprehensive Income 7
Consolidated Income Statement 7
Consolidated Statement of Comprehensive Income 8
Notes to Consolidated Financial Statements 9
(Note regarding going concern assumptions) 9
(Material changes in shareholders' equity) 9
(Segment information) 9
Consolidated Results for the Six-Month Period Ended September 30, 2025
Analysis of consolidated business results
The Square Enix group (the "Group") is continuing determined efforts to strengthen the competitiveness and profitability of its business segments of Digital Entertainment, Amusement, Publication and Merchandising. Net sales for the six-month period ended September 30, 2025 totaled ¥133,895 million (a decrease of 15.0％ from the same period of the prior fiscal year), and operating income amounted to ¥27,278 million (an increase of 28.8％ from the same period of the prior fiscal year), ordinary income amounted to ¥28,553 million (an increase of 57.4％ from the same period of the prior fiscal year). Profit attributable to owners of parent amounted to ¥10,052 million (a decrease of 14.5％ from the same period of the prior fiscal year), partly due to the recognition of ¥9,849 million in reorganization costs as an extraordinary loss.
A discussion of results by segment for the six-month period ended September 30, 2025 follows.
Digital Entertainment
The Digital Entertainment segment consists of planning, development, distribution, and operation of digital entertainment content primarily in the form of game. Digital entertainment content is offered to meet customer lifestyles across a variety of usage environments such as consumer game consoles (including handheld game machines), personal computers and smart devices.
The HD (High-Definition) Game sub-segment's net sales for the six-month period ended September 30, 2025 declined compared with the same period of the previous fiscal year as new titles generated lower sales than releases such as three "KINGDOM HEARTS" catalog titles on Steam had the previous year. However, the sub-segment returned to profitability from an operating loss in the same period of the previous fiscal year mainly due to lower development cost amortization and advertising expenses.
In the MMO (Massively Multiplayer Online) Game sub-segment, net sales and profits declined compared with the same period of the previous fiscal year as the previous year had seen the launch of "FINAL FANTASY XIV: Dawntrail," the latest expansion pack for "FINAL FANTASY XIV."
In the Games for Smart Devices/PC Browser sub-segment, net sales declined compared with the same period of the previous fiscal year mainly due to weak sales of existing titles, but profits increased mainly because payment method diversification resulted in improved profitability.
Net sales and operating income in the Digital Entertainment segment totaled ¥73,058 million (a decrease of 25.6％ from the same period of the prior fiscal year), and ¥20,090 million (an increase of 19.3％ from the same period of the prior fiscal year), respectively.
Amusement
The Amusement segment consists of the operation of amusement facilities and planning, development, and distribution of arcade game machines and related products for amusement facilities.
The six-month period ended September 30, 2025 saw net sales decline compared with the same period of the previous fiscal year due to lower sales of amusement machines, but operating income was roughly flat year on year, supported by higher same-store sales and sales of prize items to amusement facilities.
Net sales and operating income in the Amusement segment totaled ¥34,578 million (a decrease of 4.6％ from the same period of the prior fiscal year), and ¥4,217 million (a decrease of 0.3％ from the same period of the prior fiscal year), respectively.
Publication
The Publication segment consists of publication and licensing of comic magazines, comic books, and game-related books.
Net sales and operating income declined in the six-month period ended September 30, 2025 compared with the same period of the previous fiscal year due to a decrease in the number of new comic book releases.
Net sales and operating income in the Publication segment totaled ¥14,420 million (a decrease of 3.1％ from the same period of the prior fiscal year) and ¥4,786 million (a decrease of 11.3％ from the same period of the prior fiscal year), respectively.
Merchandising
The Merchandising segment consists of planning, production, distribution, and licensing of derivative products of IPs owned by the Group.
The six-month period ended September 30, 2025 saw net sales and operating income rise compared with the same period of the previous fiscal year, driven by the recognition of royalty income from key IP.
Net sales and operating income in the Merchandising segment totaled ¥12,707 million (an increase of 32.3％ from the same period of the prior fiscal year), and ¥6,793 million (an increase of 100.7％ from the same period of the prior fiscal year), respectively.
Analysis of consolidated financial position
Assets
As of September 30, 2025, total current assets were ¥341,262 million, a decrease of ¥3,253 million compared to March 31, 2025. This was mainly due to decreases in cash and deposits of 4,396 million, notes and accounts receivable of ¥1,987 million, while the content productuon account increased by ¥2,979 million,merchandise and finished goods of ¥1,323 million. As of September 30, 2025, total non-current assets were ¥68,390 million, a decrease of ¥3,253 million compared to March 31, 2025.
As a result, total assets were ¥409,653 million, a decrease of ¥6,506 million compared to March 31, 2025.
Liabilities
As of September 30, 2025, total current liabilities were ¥61,269 million, a decrease of ¥6,090 million compared to March 31, 2025. This was mainly due to decreases in the other on current liabilities of ¥2,506 million, asset retirement obligations of ¥2,198 million, and provision for bonuses of ¥1,050 million, while the Income taxes payable increased by ¥2,082 million, respectively. As of September 30, 2025, total non-current liabilities were ¥14,563 million, an increase of ¥2,131 million compared to March 31, 2025.
As a result, total liabilities were ¥75,833 million, a decrease of ¥3,959 million compared to March 31, 2025.
Net assets
As of September 30, 2025, net assets were ¥333,820 million, a decrease of ¥2,547 million compared to March 31, 2025. This was mainly due to profit attributable to owners of parent of ¥10,052 million and dividend payments of ¥12,130 million.
As a result, the consolidated equity ratio stood at 81.3％ (80.7％ as of March 31, 2025).
Qualitative information on consolidated business forecasts
The Company has revised its consolidated financial forecast for the fiscal year ending March 31, 2026. For further details, please refer to the "Notice of Recognition of Extraordinary Loss and Revision to Full-Year Consolidated Financial Forecast" released today.
Consolidated Financial Statements for the Six-Month Period Ended September 30, 2025
Consolidated Balance Sheets
As of March 31,
2025
(Millions of yen)
As of September 30,
2025
Assets
Current assets
Cash and deposits
247,760
243,364
Notes and accounts receivable-trade
33,175
31,188
Merchandise and finished goods
4,840
6,163
Raw materials and supplies
856
688
Content production account
46,936
49,916
Other
11,101
10,067
Allowance for doubtful accounts
(155)
(126)
Total current assets
344,515
341,262
Non-current assets
Property, plant and equipment
27,829
28,308
Intangible assets
4,895
4,605
Investments and other assets
38,919
35,477
Total non-current assets
71,644
68,390
Total assets
416,160
409,653
As of March 31,
2025
(Millions of yen)
As of September 30,
2025
Liabilities
Current liabilities
Notes and accounts payable-trade
17,439
16,974
Income taxes payable
2,540
4,622
Provision for bonuses
4,977
3,927
Provision for office relocation
1,030
-
Refund liabilities
2,722
1,799
Asset retirement obligations
2,270
72
Other
36,379
33,873
Total current liabilities
67,360
61,269
Non-current liabilities
Net defined benefit liability
4,392
4,495
Asset retirement obligations
5,725
5,890
Provision for loss on litigation
220
220
Other
2,093
3,956
Total non-current liabilities
12,431
14,563
Total liabilities
79,792
75,833
Net assets
Shareholders' equity
Capital stock
24,039
24,039
Capital surplus
54,678
55,049
Retained earnings
272,434
270,356
Treasury stock
(7,452)
(7,187)
Total shareholders' equity
343,700
342,258
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
(280)
(140)
Foreign currency translation adjustment
(8,503)
(9,485)
Remeasurements of defined benefit plans
793
606
Total accumulated other comprehensive income
(7,990)
(9,018)
Subscription rights to shares
353
282
Non-controlling interests
304
298
Total net assets
336,368
333,820
Total liabilities and net assets
416,160
409,653
Consolidated Income Statement and Consolidated Statement of Comprehensive Income
Consolidated Income Statement
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Net sales
157,591
133,895
Cost of sales
75,097
56,757
Gross profit
82,493
77,137
Selling, general and administrative expenses
61,317
49,859
Operating income
21,176
27,278
Non-operating income
Interest income
1,148
1,245
Dividend income
1,334
0
Foreign exchange gains
-
336
Gain on investments in securities
357
-
Miscellaneous income
195
136
Total non-operating income
3,036
1,718
Non-operating expenses
Interest expenses
66
47
Commission fee
462
-
Foreign exchange losses
4,154
-
Office transfer related expenses
508
135
Loss on valuation of crypto assets
190
4
Business restructuring expenses
647
-
Loss on investments in securities
-
254
Miscellaneous loss
41
1
Total non-operating expenses
6,070
443
Ordinary income
18,141
28,553
Extraordinary income
Gain on sale of non-current assets
38
0
Gain on reversal of share acquisition rights
5
22
Total extraordinary income
43
23
Extraordinary losses
Loss on sale of non-current assets
10
60
Loss on retirement of non-current assets
49
151
Loss on liquidation of subsidiaries and associates
-
17
Loss on valuation of investment securities
437
-
Reorganization costs
-
9,849
Other
0
-
Total extraordinary losses
497
10,080
Profit before income taxes
17,688
18,496
Income taxes-current
5,127
4,973
Income taxes-deferred
796
3,457
Total income taxes
5,924
8,430
Profit
11,764
10,066
Profit attributable to non-controlling interests
14
14
Profit attributable to owners of parent
11,750
10,052
Consolidated Statement of Comprehensive Income
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Profit
11,764
10,066
Other comprehensive income
Valuation difference on available-for-sale securities
320
140
Foreign currency translation adjustment
54
(1,002)
Remeasurements of defined benefit plans
(48)
(186)
Total other comprehensive income
326
(1,048)
Comprehensive income
12,090
9,017
(Breakdown)
Comprehensive income attributable to owners of parent
12,048
9,024
Comprehensive income attributable to non-controlling interests
41
(6)
Notes to Consolidated Financial Statements (Note regarding going concern assumptions)
None
(Material changes in shareholders' equity)
None
(Segment information)
Outline of reporting segments for the Six-Month period ended September 30, 2024
Information on sales and income or loss and disaggregated revenue disclosures by reporting segment
(Millions of yen)
Sales and operating income
Digital Entertainment
Reporting Segments
Amusement Publication Merchandising Total Adjustment
(Note 1)
Consolidated total (Note 2)
Net sales
Domestic
48,404
34,903
13,627
4,546
101,481
-
101,481
Overseas
49,694
724
1,236
4,405
56,060
-
56,060
Revenue from contracts with
customers
98,098
35,627
14,863
8,952
157,542
-
157,542
Other revenue
49
-
-
-
49
-
49
(1) Sales to outside customers
98,147
35,627
14,863
8,952
157,591
-
157,591
(2) Intersegment sales
3
619
20
652
1,296
(1,296)
-
Total
98,151
36,247
14,884
9,605
158,887
(1,296)
157,591
Segment operating
income
16,834
4,230
5,397
3,384
29,847
(8,671)
21,176
Notes: 1. Segment adjustments (¥8,671) million include unallocated corporate operating expenses (¥8,699) million.
Segment operating income is adjusted in operating income on the consolidated income statement.
Disaggregated revenue disclosures are distinguished between Domestic and Overseas.
Outline of reporting segments for the Six-Month period ended September 30, 2025
Information on sales and income or loss and disaggregated revenue disclosures by reporting segment
(Millions of yen)
Sales and operating income
Digital Entertainment
Reporting Segments
Amusement Publication Merchandising Total Adjustment
(Note 1)
Consolidated total (Note 2)
Net sales
Domestic
38,927
32,132
13,127
4,868
89,054
-
89,054
Overseas
34,112
2,082
1,273
7,354
44,822
-
44,822
Revenue from contracts with
customers
73,039
34,214
14,400
12,223
133,877
-
133,877
Other revenue
18
-
-
-
18
-
18
(1) Sales to outside customers
73,058
34,214
14,400
12,223
133,895
-
133,895
(2) Intersegment sales
0
363
19
484
868
(868)
-
Total
73,058
34,578
14,420
12,707
134,764
(868)
133,895
Segment operating income
20,090
4,217
4,786
6,793
35,887
(8,609)
27,278
Notes: 1. Segment adjustments (¥8,609) million include unallocated corporate operating expenses (¥8,629) million.
Segment operating income is adjusted in operating income on the consolidated income statement.
Disaggregated revenue disclosures are distinguished between Domestic and Overseas.