Capcom FY2024 Q1 Earnings Release
Download PDFJul, 2024 0 Capcom Public Relations & Investor Relations SectionCapcom Public Relations & Investor Relations Section
Capcom Co., Ltd.
(TSE Prime, 9697)
1st Quarter Report
Fiscal year ending March 31, 2025
1 Capcom Public Relations & Investor Relations Section
1. Major Takeaways …P2
2. FY25/3 Forecasts …P3
3. Q1 Financial Highlights …P4
4 . Business Segments …P6
5. Supplement …P12
Summary of Major Financial Information / Our Major IP
Forward -looking Statements
Strategies, plans, outlooks and other statements that are not historical facts are based on assumptions that use information cur rently
available and reasonable judgments. Actual performance may be significantly different from these statements for a number of r eas ons.
In the entertainment industry, which includes Capcom, performance may be highly volatile because of diverging user needs and oth er
changes in market conditions.
Factors that can affect Capcom’s performance include: (1) the number of hit titles and sales volume in the Home Video Game Bu sin ess,
which accounts for the majority of sales; (2) progress in developing home video games; (3) consumer demand for home video gam e
consoles; (4) sales outside Japan; (5) changes in stock prices and exchange rates; (6) alliances with other companies concern ing product
development, sales and other operations; and (7) changes in market conditions; (8) natural disasters, disease outbreaks, econ omi c crises
and other unforeseeable events. Please note that this is not a complete list of factors that can influence Capcom’s operating results.
page Contents
2 Capcom Public Relations & Investor Relations Section
Major Takeaways
◼ Q1 Results
• All business segments outperformed the company’s plan
• Ongoing pricing strategy drives solid start for catalog title sales,
especially for major IP
• Sales and profit grew YoY in Amusement Equipments and Arcade
Operations businesses
◼ Full -Year Business Plan
• Results weighted to H2 due to release timing of new titles
• Good progress toward achieving full -year plan
*YoY indicates percent change from the same term of the previous year
(100 million yen)H1 YoY H2 YoY 2025/3 Plan YoY
Net sales 438 74% 295 -3 3 % -142 570 -2 4 % 1,080 39% 1,650 8%
Operating income 240 99% 128 -4 6 % -111 200 -4 1 % 440 89% 640 12%
Operating margin 54.8% – 43.5% – – 35.1% – 40.7% – 38.8% –
Ordinary income 258 102% 134 -4 8 % -123 190 -4 8 % 440 89% 630 6%
Net income at t ribut ablet o owners of t he parent 181 102% 99 -4 5 % -81 140 -4 5 % 320 77% 460 6%
Difference 25/3 Plan 2023/6 YoY 2024/6 YoY
3 Capcom Public Relations & Investor Relations Section
Aiming for 12 consecutive years of OP growth
driven by steady growth of Digital Contents business
(100 million yen)
1. Forecasts for FY3/25
◼ Expect increased sales and profit due to digital sales growth in the Consumer sub -segment
◼ Earnings per share forecast: ¥109.98
◼ Dividend forecast: interim dividend of ¥18 and year -end dividend of ¥18
resulting in a ¥36 dividend for the fiscal year
*YoY indicates percent change from the same term of the previous year
*With an effective date of April 1, 2024, the Company performed a 2 -for -1 split of its common stock.21/3 YoY 22/3 YoY 23/3 YoY 24/3 YoY 25/3 Plan YoY Difference
Net sales 953 17% 1,100 16% 1,259 14% 1,524 21% 1,650 8% 125
Operating income 345 52% 429 24% 508 18% 570 12% 640 12% 69
Operating margin 36.3% – 39.0% – 40.3% – 37.5% – 38.8% – –
Ordinary income 348 52% 443 27% 513 16% 594 16% 630 6% 35
Net income at t ribut ablet o owners of t he parent 249 56% 325 31% 367 13% 433 18% 460 6% 26
4 Capcom Public Relations & Investor Relations Section
◼ FY6/24 Net Sales/Operating Income (by segment)
2 -1. Q1 Financial Highlights – Consolidated Business Results
*Adjustments include unallocated corporate operating expenses. The corporate operating expenses, which do not belong to any r epo rtable segment, mainly consist of administrative expenses. *YoY indicates percent change from the same term of the previous year.
(100 million yen)
⚫ All business segments outperformed plan, making good progress toward achieving full -year target; YoY net
sales and operating income growth in Arcade Operations, Amusement Equipments, and Other Business
⚫ Ordinary income includes foreign exchange gain of ¥620 million20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY Difference 25/3 Plan YoY
Net sales 237 32% 484 104% 252 -48% 438 74% 295 -33% -142 1,650 8%
Digital Contents 214 54% 439 105% 198 -55% 378 91% 214 -44% -164 1,250 4%
Arcade Operations 11 -56% 23 102% 32 38% 41 25% 48 18% 7 220 14%
Amusement Equipments 1 -20% 12 608% 6 -49% 8 38% 22 147% 13 127 41%
Other Businesses 8 -14% 8 -5% 14 73% 9 -33% 10 13% 1 53 26%
Operating income 107 39% 236 120% 120 -49% 240 99% 128 -46% -111 640 12%
Digital Contents 118 53% 244 107% 125 -49% 246 97% 128 -48% -118 669 12%
Arcade Operations -5 – -0 – 1 – 3 102% 5 37% 1 21 12%
Amusement Equipments 0 -47% 2 242% 2 11% 6 151% 10 60% 4 48 17%
Other Businesses 5 -20% 4 -6% 8 70% 4 -40% 6 34% 1 16 81%
Adjustments* -11 – -15 – -17 – -21 – -21 – – -114 –
Operating margin 45.2% – 48.7% – 47.8% – 54.8% – 43.5% – – 38.8% –
Ordinary income 106 38% 238 125% 128 -46% 258 102% 134 -48% -123 630 6%
78 44% 173 122% 90 -48% 181 102% 99 -45% -81 460 6% Net income attributable to
owners of the parent
5 Capcom Public Relations & Investor Relations Section
◼ FY6/24 Balance Sheet/Statement of Cashflows (Summary)
2 -2. Q1 Financial Highlights – Financial Position
(100 million yen)
Statement of Cashflows
Balance Sheet
(100 million yen)
*YoY indicates percent change from the end of the previous year20/6 21/6 22/6 23/6 24/6 Difference
Cash flows from operating activities 80 343 -55 129 94 -35
Net income before income taxes 106 238 128 258 136 -122
Increase (decrease) in notes and accounts receivable – trade 88 106 -101 84 118 33
Decrease (increase) in work in progress for game software -5 50 -46 -12 -58 -45
Increase (decrease) in deferred revenue 14 38 -39 -1 38
Cash flows from investing activities -20 -20 -13 -18 -8 10
Cash flows from financing activities -29 -50 -62 -87 -94 -6
Cash and cash equivalents at beginning of year 596 640 956 894 1,090 196
Cash and cash equivalents at end of quarter 626 914 851 947 1,102 155 Assets 21/3 Yo Y 22/3 Yo Y 23/3 Yo Y 24/3 Yo Y 24/6 Yo Y Difference
Cash on hand and in banks 712 9% 1,072 51% 1,021 -5% 1,251 23% 1,275 2% 23
Notes receivable – trade & Accounts receivable – trade 250 57% – – – – – – – – –
Accounts receivable – trade – – 74 – 249 237% 253 2% 136 -46% -117
Work in progress for game software 244 15% 311 28% 385 24% 390 24% 449 15% 58
Others 429 6% 415 -3% 517 25% 538 4% 547 2% 8
Total assets 1,637 14% 1,873 14% 2,173 16% 2,434 12% 2,407 -1% -26
Liabilities
Notes and accounts payable – trade & Electronically recorded monetary liabilities 37 -37% 36 -3% 55 54% 43 -22% 38 -11% -4
Deferred income 66 -13% 89 34% 54 -39% 6 -87% 5 -18% -1
Others 325 8% 283 -13% 452 60% 433 -4% 377 -13% -56
Total liabilities 429 -2% 408 -5% 562 38% 483 -14% 421 -13% -62
Total net assets 1,207 21% 1,464 21% 1,611 10% 1,950 21% 1,986 2% 35
Total liabilities and net assets 1,637 14% 1,873 14% 2,173 16% 2,434 12% 2,407 -1% -26
6 Capcom Public Relations & Investor Relations Section
Q1 results outperform company plan
Making good progress toward achieving full -year plan
3 -1. Business Segments – Digital Contents (1)
◼ Digital Contents Performance (100 million yen)
*Digital license indicates income from providing content etc. to online platforms. *Deferred revenue indicates the variance b etw een deferred revenue and reversed revenue stemming primarily from the release of free downloadable content that typically follows the release of a full game. *YoY indicates per cen t change from the same term of the previous year.
◼ Units Sales by Hardware (thousand units)20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 Plan
214 54% 439 105% 198 -55% 378 91% 214 -44% 1,250
Consumer breakdown
60 82% 184 207% 29 -84% 89 207% 24 -73% 144
143 42% 246 72% 163 -34% 285 75% 178 -38% 1,066
0 – 5 – 19 280% 2 -90% 10 400% 22
203 52% 430 112% 192 -55% 374 95% 203 -46% 1,210
-5 – -38 – 40 – 1 -98%
11 120% 9 -18% 6 -33% 4 -33% 10 150% 39
118 53% 244 107% 125 -49% 246 97% 128 -48% 669
55.0% – 55.7% – 63.1% – 65.2% – 59.9% – 53.5%
Deferred revenue portion
Net sales
Operating income
Operating margin
Package sales
Consumer total
Mobile Contents
Digital sales (incl. digital license)
Digital license portion 20/6 Share 21/6 Share 22/6 Share 23/6 Share 24/6 Share 2025/3 Plan
2,750 30% 3,900 29% 5,850 50% 6,150 46% 4,915 52%
4,600 50% 5,200 39% 4,550 39% 5,450 40% 3,911 41%
1,850 20% 4,200 32% 1,300 11% 1,900 14% 708 7% 3,400
PC units (digital)
Console units (digital)
Package units
7 Capcom Public Relations & Investor Relations Section
◼ Unit Sales for the 3 Months (Consumer)
3 -1. Business Segments – Digital Contents (2)
(units in thousands)
New title unit sales expected to be weighted to H2
Catalog unit sales off to a solid start
*New titles: titles released in the current fiscal year; Catalog titles: titles released in the previous fiscal year or earli er. *Includes distribution titles. *YoY indicates percent change from the same term of the previous year.Titles sold /
sales regions
YoY YoY YoY YoY YoY YoY
111.5% 44.6% -12.0% 15.4% -29.4% 8.9%
Share YoY Share YoY Share YoY Share YoY Share YoY Share YoY
Overseas units 8,100 88.0% 113.2% 10,800 81.2% 33.3% 8,700 74.4% -19.4% 10,800 80.0% 24.1% 7,819 82.0% -27.6% 41,500 83.0% 8.9%
Japan units 1,100 12.0% 100.0% 2,500 18.8% 127.3% 3,000 25.6% 20.0% 2,700 20.0% -10.0% 1,715 18.0% -36.5% 8,500 17.0% 9.1%
Digital units 7,350 79.9% 129.7% 9,100 68.4% 23.8% 10,400 88.9% 14.3% 11,600 85.9% 11.5% 8,826 92.6% -23.9% 46,600 93.2% 12.7%
Physical units 1,850 20.1% 60.9% 4,200 31.6% 127.0% 1,300 11.1% -69.1% 1,900 14.1% 46.2% 708 7.4% -62.7% 3,400 6.8% -25.1%
Catalog units 6,600 71.7% 69.2% 8,800 66.2% 33.3% 9,000 76.9% 2.3% 9,800 72.6% 8.9% 9,260 97.1% -5.5% 37,000 74.0% 1.9%
New units 2,600 28.3% 477.8% 4,500 33.8% 73.1% 2,700 23.1% -40.0% 3,700 27.4% 37.0% 274 2.9% -92.6% 13,000 26.0% 35.5%
Major titles
New
Catalog
Monster Hunter Rise: Sunbreak Street Fighter 6 MegaMan Battle Network Legacy
Collection Vol. 1 & Vol. 2
Monster Hunter Stories (port)
Monster Hunter Stories 2: Wings of Ruin (port)
Kunitsu-Gami: Path of the Goddess
2020/6 2021/6 2022/6 2023/6
11,700
2025/3 Plan 2024/6
13,300
Total
unit sales
297 / 206 283 / 224 290 / 198 299 / 200
Resident Evil 3 Resident Evil Village
Monster Hunter World: Iceborne Resident Evil 2
Resident Evil 7 biohazardMonster Hunter: World
Monster Hunter Rise
Resident Evil 7 biohazard Monster Hunter World: Iceborne
Resident Evil 2Resident Evil 3
Monster Hunter Rise
Devil May Cry 5 Dragon’s Dogma: Dark A risen
Street Fighter V Monster Hunter: World
Resident Evil 4
Monster Hunter Rise: Sunbreak
Resident Evil 2
Resident Evil 3
Monster Hunter Rise
Monster Hunter: World
Monster Hunter World: Iceborne Monster Hunter Rise
Monster Hunter Rise: Sunbreak Resident Evil 4
Street Fighter 6
240 / 214
9,534
Monster Hunter Stories (port)Monster Hunter Stories 2:
Wings of Ruin (port)
Contunue to grow catalog unitsales via key brands: Resident
Evil, Monster Hunter, StreetFighter, Dragon’s Dogma, etc.
50,000 13,500 9,200
8 Capcom Public Relations & Investor Relations Section
3 -1. Business Segments – Digital Contents (3)
◼ 3 Months Highlights (Consumer)
⚫ Released titles such as Monster Hunter Stories for
additional platforms on June 14
⚫ Grew sales for catalog titles, especially major IPs such as
the Monster Hunter series
⚫ FY24 Top Title Unit Sales
Focused on long -term sales of catalog titles via pricing strategies
while releasing existing titles on additional platforms
(thousand units)
New release
Monster Hunter Stories (port)
Catalog title
Monster Hunter World: Iceborne Figures in the above list reflect totals that include ports to additional platforms following initial title release*1 Includes sales of Monster Hunter World: Iceborne Master Edition *2 Includes sales of Resident Evil 4 Gold Edition
*1
*2Title FY24 Lifetime
Monster Hunter: World 998 26,323
Monster Hunter World: Iceborne 819 13,419
Monster Hunter Rise 725 15,459
Monster Hunter Rise: Sunbreak 672 8,420
Resident Evil 4 483 7,664
Street Fighter 6 469 3,774
Dragon’s Dogma 2 461 3,084
9 Capcom Public Relations & Investor Relations Section
◼ 3 Months Highlights
⚫ Opened Plaza Capcom Oyabe Store (Toyama
prefecture) on April 26
⚫ Opened new areas, such as Capsule Lab at the
Ikebukuro Store on May 17
◼ 3 Months Business Results
(stores) ◼ Number of Stores
Sales and profit up due to efficient
operations of existing store
3 -2. Business Segments – Arcade Operations
(100 million yen)
*YoY indicates percent change from the same term of the previous year
Plaza Capcom Oyabe Store21/3 22/3 23/3 24/3 24/6 25/3 Plan
New stores 1 2 5 4 2 7
Closed stores 0 1 2 0 0 0
Total 41 42 45 49 51 56 20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 25/3 Plan
Net sales 11 -56% 23 102% 32 38% 41 25% 48 18% 220
Operating income -5 – -0 – 1 – 3 102% 5 37% 21
Operating margin – – – – 5.7% – 9.1% – 10.6% – 9.5%
Same store sales 37% – 214% – 130% – 109% – 111% – 102%
10 Capcom Public Relations & Investor Relations Section
Sales and profit up from sales of
new title that features popular IP
3 -3. Business Segments – Amusement Equipments
(100 million yen)
◼ 3 Months Highlights
⚫ Total 5,900 units sold (FY6/23: 2 machines, 3,000 units sold
(includes catalog title sales) )
New release Street Fighter V Chosensha No Michi sold 5,500 units
Licensing fees contributed to segment operating income
◼ 3 Months Business Results
◼ Pachislo Sales Volume
*YoY indicates percent change from the same term of the previous year. *Includes catalog title sales
*YoY indicates percent change from the same term of the previous year
Smart Slot
Street Fighter V Chosensha no Michi20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 25/3 Plan
New titles 0 – 1 – 1 – 0 – 1 – 4
Sales (thousand units) – – 6 – 2.7 -55% 3 11% 5.9 97% 41.5 20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 25/3 Plan
Net sales 1 -20% 12 608% 6 -49% 8 38% 22 147% 127
Operating income 0 -47% 2 242% 2 11% 6 151% 10 60% 48
Operating margin 39.2% – 19.0% – 41.6% – 75.5% – 48.8% – 37.8%
11 Capcom Public Relations & Investor Relations Section
Promoted Single Content Multiple Usage strategy
in conjunction with game sales
3 -4. Business Segments – Other Businesses
◼ 3 Months Business Results
◼ 3 Months Highlights
⚫ Carried out various events and collaborations in conjunction with the Monster Hunter series
20 th anniversary
⚫ Announced that esports tournament Capcom Cup 11, which features $1 million grand prize,
will be held at Ryogoku Kokugikan arena in Japan
⚫ Street Fighter 6 selected for the Esports World Cup, which is scheduled to be held in Saudia
Arabia starting in July
(100 million yen)
*Beginning FY23/6, business results for Media have been incorporated with eSports. This change has been reflected in the abov e f ull year FY24/3 plan and business results for previous years. *YoY indicates percent change from the same term of the previous year.20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 25/3 Plan
8 -14% 8 -5% 14 73% 9 -33% 10 13% 53
Character 7 – 7 0% 13 86% 9 -31% 10 11% 47
eSports/Media 1 – 1 0% 1 0% 0 -58% 0 0% 6
5 -20% 4 -6% 8 70% 4 -40% 6 34% 16
Character 5 – 5 0% 9 80% 6 -33% 7 17% 31
eSports/Media -0 – -0 – -1 – -2 – -1 – -15
58.1% – 57.9% – 57.0% – 51.0% – 60.5% – 30.2%
Operating income
Operating margin
Net sales
12 Capcom Public Relations & Investor Relations Section
4 -1. Supplement: Summary of Major Financial Information (1)
*YoY indicates percent change from the same term of the previous year● Profit and Loss Sheet (100 million yen)
2021/3 YoY 2022/3 YoY 2023/3 YoY 2024/3 YoY 2025/3 plan YoY 2024/6
Net Sales 953 16.8% 1,100 15.5% 1,259 14.4% 1,524 21.0% 1,650 8.3% 295
Gross Profit 527 28.8% 613 16.3% 738 20.4% 846 14.7% – – 184
Margin (%) 55.3% – 55.7% – 58.6% – 55.5% – – – 62.5%
Sales and G&A Expenses 181 0.1% 184 1.5% 230 25.0% 275 19.8% – – 56
Operating Income 345 51.6% 429 24.0% 508 18.4% 570 12.3% 640 12.1% 128
Margin (%) 36.3% – 39.0% – 40.3% – 37.5% – 38.8% – 43.5%
Ordinary Income 348 51.8% 443 27.2% 513 15.9% 594 15.7% 630 6.0% 134
Margin (%) 36.6% – 40.3% – 40.8% – 39.0% – 38.2% – 45.6%
249 56.3% 325 30.6% 367 12.9% 433 18.1% 460 6.1% 99
Margin (%) 26.1% – 29.6% – 29.2% – 28.5% – 27.9% – 33.7%
● Sales and Profit by Business Segments (100 million yen)
2021/3 YoY 2022/3 YoY 2023/3 YoY 2024/3 YoY 2025/3 plan YoY 2024/6
Net Sales 753 25.6% 875 16.3% 981 12.1% 1,198 22.1% 1,250 4.3% 214
Operating Income 370 53.2% 453 22.6% 535 18.0% 598 11.8% 669 11.8% 128
Margin (%) 49.1% – 51.8% – 54.5% – 49.9% – 53.5% – 59.9%
Net Sales 98 -18.4% 124 25.7% 156 25.8% 193 23.9% 220 13.7% 48
Operating Income 1 -87.7% 6 337.6% 12 88.2% 18 52.2% 21 12.4% 5
Margin (%) 1.5% – 5.3% – 7.9% – 9.7% – 9.5% – 10.6%
Net Sales 70 8.5% 57 -18.9% 78 35.7% 90 15.6% 127 40.8% 22
Operating Income 24 15.4% 23 -2.5% 34 46.2% 41 19.9% 48 16.6% 10
Margin (%) 33.9% – 40.8% – 44.0% – 45.6% – 37.8% – 48.8%
Net Sales 30 0.9% 43 43.4% 43 -0.1% 42 -3.6% 53 26.1% 10
Operating Income 9 81.4% 15 53.7% 14 -5.5% 8 -38.4% 16 81.2% 6
Margin (%) 32.4% – 34.7% – 32.9% – 21.0% – 30.2% – 60.5%
Digital Contents
Arcade Operations
Amusement
Equipments
Others
Net income attributable to owners of the parent
13 Capcom Public Relations & Investor Relations Section
4 -1. Supplement: Summary of Major Financial Information (2)
*YoY indicates percent change from the same term of the previous year● Promotional Expense (100 million yen)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
7 -14.3% 14 100.8% 7 -48.1% 20 166.8% 9 -55.0% 93
● Number of Stores (stores)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
40 8.1% 41 2.5% 43 4.9% 47 9.3% 51 8.5% 56
● Capital Expenditure (100 million yen)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
9 14.2% 20 108.4% 13 -33.7% 18 32.1% 9 -44.7% 98
● Depreciation (100 million yen)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
6 10.5% 6 -6.5% 7 24.4% 9 16.3% 10 18.0% 54
● Number of Employees (people)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
3,202 6.6% 3,319 3.7% 3,350 0.9% 3,517 5.0% 3,715 5.6% 3,792
Consolidated Developers 2,312 7.1% 2,452 6.1% 2,494 1.7% 2,666 6.9% 2,810 5.4% 2,843
● R&D Investment Cost (100 million yen)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
62 -2.4% 73 18.8% 85 15.7% 92 8.3% 111 20.4% 535
● Foreign Exchange Rate (end of March)
20/6 YoY 21/6 YoY 22/6 YoY 23/6 YoY 24/6 YoY 2025/3 plan
107 0.0% 110 2.8% 136 23.6% 145 6.6% 161 11.0% 135
121 -0.8% 131 8.3% 142 8.4% 157 10.6% 172 9.6% 145
Consolidated
R&D Investment Cost
USD/JPY
Euro/JPY
Consolidated
Consolidated
Consolidated
Consolidated
14 Capcom Public Relations & Investor Relations Section
◼ Cumulative Unit Sales and Examples of Brand Utilization
Capcom owns a wealth of globally popular
brands originating from its games
4 -2. Supplement: Our Major IP
• Resident Evil series: 160 million units
Resident Evil Village became the fastest
title in the series to reach 10 million
units after just 3 years
Akuma, the fourth Year 1 character for
Street Fighter 6 was released on May 22
Monster Hunter series was used in Capcom’s
Supporting Match for Cerezo Osaka in April as part of
the series’ 20th Anniversary activities
• Street Fighter series: 55 million units
• Monster Hunter series: 103 million units
・ Mega Man series: 42 million units
・ Devil May Cry series: 32 million units
・ Dead Rising series: 17 million units
・ Dragon’s Dogma series: 12 million units