ANYCOLOR Inc., the company behind the Nijisanji VTuber franchise, posted revenue of ¥16.62bn for the quarter to July 2026, up 5.4% from a year earlier. Operating profit moved the other way, falling 8.8% to ¥6.39bn, and net income dropped 10.6% to ¥4.37bn. Gross profit fell to ¥7.47bn from ¥8.0bn even though revenue grew, and the operating margin slipped six points to 38.5%.
The gap between the two lines starts with where the growth came from. Commerce, ANYCOLOR's largest segment, brought in ¥11.41bn, beating the company's own forecast of ¥10.8bn on unexpectedly strong music CD sales. Event revenue reached ¥1.71bn, also ahead of plan, as "Nijisanji Fes 2026" and several solo VTuber concerts generated a stronger response than the company had expected, even though it was still below the ¥2.12bn booked a year earlier. Promotion revenue landed close to plan at ¥2.05bn despite a handful of tie-in campaigns being pushed back in July, and live-streaming revenue held steady at ¥1.44bn.
| Segment | Q1 to July 2026 (¥mn) | Q1 to July 2025 (¥mn) |
|---|---|---|
| Live streaming | 1,444 | 1,385 |
| Commerce | 11,413 | 10,394 |
| Events | 1,707 | 2,117 |
| Promotion | 2,052 | 1,866 |
| Other | 4 | 7 |
Those wins came at a cost. ANYCOLOR's direct variable cost ratio, which covers VTuber payouts, platform fees, and merchandise and event production, rose to 49.0% of revenue from 44.1% a year earlier, a 4.9-point increase the company attributes to the impact of its larger event lineup. An inventory valuation loss of about ¥460mn came in roughly as planned.
Management left its guidance for the year to April 2027 unchanged: revenue of ¥56bn to ¥60bn and operating profit of ¥18bn to ¥20bn, a range the company itself frames as implying operating profit could fall as much as 10.8% or shrink by as little as 0.9%, with net income down between 2.8% and 12.5%. The forecast full-year dividend is ¥62 per share, down from ¥75 paid for the year to April 2026. Alongside the results, ANYCOLOR announced a buyback of up to 2.8 million shares, or 4.67% of shares outstanding, capped at ¥7.0bn, running from September 10, 2026 through April 30, 2027.
Underneath the margin squeeze, the franchise kept growing on the metrics that matter to its business model: VTubers under the Nijisanji and NIJISANJI EN banners reached 181, up 16 from a year earlier, and ANYCOLOR ID registrations, used for the official store, fan club and event tickets, rose 19.3% to 2.106 million. The quarterly financial statements were not reviewed by an independent auditor. For the quarter through October, management guides for revenue of ¥15.0bn and operating profit of ¥5.6bn, implying a similar 37.3% margin, only slightly below the quarter to July's 38.5%.