Will PIXTA’s structural revenue decline continue into FY2026-Q3?

In FY2026-H1, revenue from the PIXTA business was ¥868.449 million, down 15.1% year on year, while segment profit was ¥318.781 million, down 14.4%. Subscription revenue also remained at ¥584.803 million, down 9.3%, and the decline in the core business was a major drag on first-half consolidated results, which comprised revenue of ¥1,202.587 million and an operating loss of ¥20.500 million.

The revenue decline reflects more than the reversal of a one-off large project and is accompanied by a shrinking buyer base. Cumulative monthly subscribers totaled 63,387, down 9.3% year on year, while cumulative monthly single-item buyers totaled 33,267, down 26.7%. The company has cited declines in users of small-volume download plans and the departure of light users. It continues to identify AI-generated images and the diversification of free-material services as competitive risks, making it important to determine whether the decline in volumes is temporary or structural.

PIXTA revenue declined from ¥1,134.087 million in FY2024-H1 to ¥1,022.821 million in FY2025-H1 and ¥868.449 million in FY2026-H1. Segment profit also contracted from ¥436.014 million to ¥372.239 million and ¥318.781 million, respectively, showing that the decline in revenue is directly reducing profit. Next time, it will be necessary to check not only revenue but also whether the segment profit margin is holding steady during this downturn.

In FY2026-Q3, the focus will be on disclosure of buyer numbers for subscriptions and single-item purchases, subscription revenue, and average pricing. Regional revenue, order intake and order backlog, and the impact of the revenue decline by factor have not been disclosed, so it is not possible to sufficiently break down which customer groups and product categories generated the 15.1% year-on-year revenue decline. A narrowing in the decline in buyer numbers, together with simultaneous improvement in the declines in revenue and segment profit, will provide a basis for determining whether the business has reached a structural bottom.