根據樂天集團（Rakuten Group）於2026年2月12日公布的最新年度財報內容，市場高度關注的「虧損1778億日圓」與其通信事業改革計畫，其實反映的是公司正處於長期轉型期的關鍵階段。整體財務狀況呈現出一種典型的科技與電信整合企業現象：營收持續成長，但高資本投入導致獲利能力短期承壓。

在截至2025年12月的2025財年中，樂天集團錄得最終淨損1778億日圓，這已是公司連續第七年出現年度虧損，且虧損規模較前一財年的1624億日圓赤字進一步擴大。儘管如此，公司核心業務仍展現強勁成長動能，全年營收年增9.5%，達到2兆4965億日圓，創下歷史新高，顯示電商、金融與數位服務生態系仍具穩定擴張能力。然而，營業利益僅為143億日圓，較上一年度大幅下降72.9%，反映成本結構仍受到重大投資拖累。

造成虧損擴大的最主要因素，來自通信事業的長期資本支出壓力。旗下行動通訊品牌Rakuten Mobile雖然用戶數持續增加，且單位虧損已有收斂跡象，但基地台建設、頻譜投資以及通訊基礎設施擴張仍需要龐大資金。此外，公司亦認列部分資產減損損失，使整體盈利能力進一步受到壓縮。這代表樂天仍處於「先建立網路、後追求獲利」的電信產業典型發展階段。

另一個使財報表面惡化的重要原因，則是一次性收益的消失。前一財年中，樂天因美國衛星通信公司AST SpaceMobile不再適用權益法會計，而認列一筆評價收益，對當年度盈餘形成支撐；然而在2025財年，這項帳面利多不復存在，使得年度比較基期出現落差，也放大虧損擴大的觀感。

面對通信事業長期虧損，樂天集團正加速推動結構性改善計畫。市場討論中的「再投入2000億日圓」資金，核心用途在於推進其以虛擬化為基礎的Open RAN（開放式無線接取網路）技術，並持續強化日本國內基地台覆蓋率。樂天希望透過軟體化與雲端化架構降低傳統電信設備成本，進而在中長期建立較同業更輕量化的網路營運模式，同時將技術輸出至海外市場，開創新的企業服務收入來源。

公司同時推行名為「Triple 20」的內部改革專案，目標是透過人工智慧導入，使營運效率、行銷精準度以及客戶端生產力各提升20%。該計畫的核心邏輯在於降低每位用戶的服務成本，而非單純追求用戶數成長。根據公司說法，AI導入後客服營運成本已較過去下降超過三成，顯示效率改善開始產生初步成果。

在資本運作層面，樂天亦採取更靈活的融資策略以維持現金流穩定。此前公司透過「出售並回租」（Sale and Leaseback）行動網路資產的方式，成功籌集約1700億日圓短期資金，在不完全放棄資產使用權的情況下改善流動性，為通信投資爭取時間。

整體而言，樂天目前的財務表現呈現出「營收創新高、獲利承壓」的轉型型企業特徵。短期虧損主要源於建立第四家日本行動電信商所需的高昂前期成本，而非核心業務衰退。未來關鍵在於通信事業能否隨著用戶規模擴大與 AI 降本策略發揮效果，成功跨越投資回收臨界點。一旦網路建設進入成熟階段，市場普遍認為樂天的獲利結構才可能出現真正的反轉。

According to the latest financial report released by Rakuten Group on February 12, 2026, the following are the detailed figures and background regarding the “¥177.8 billion net loss” and the company’s telecommunications improvement strategy:

Based on the financial results for fiscal year 2025 (ending December 2025), Rakuten Group recorded a net loss of ¥177.8 billion. This marks the company’s seventh consecutive year of final net losses. The deficit further widened compared with the previous fiscal year, when the company posted a net loss of ¥162.4 billion in fiscal 2024. Despite the continued losses, overall business performance showed growth momentum, with annual revenue increasing by 9.5% year-on-year to ¥2.4965 trillion, setting a new historical record for the group. Operating profit reached ¥14.3 billion, representing a sharp decline of 72.9% compared with the previous year.

The primary cause of the losses remains the heavy burden from the telecommunications business, particularly Rakuten Mobile. Although the mobile segment has seen subscriber growth and a gradual narrowing of operating losses, ongoing investments in base station construction, telecommunications infrastructure expansion, and impairment losses continue to place significant pressure on profitability. In addition, the company faced unfavorable comparison effects due to the absence of valuation gains recorded in the prior fiscal year. During fiscal 2024, Rakuten recognized an accounting gain after a U.S. satellite communications company, AST SpaceMobile, ceased to be accounted for under the equity method. The lack of a similar one-time accounting benefit in fiscal 2025 contributed to the apparent decline in profit performance.

Looking ahead, Rakuten Group is continuing to implement multiple strategies aimed at improving its telecommunications operations. The company plans additional investments totaling approximately ¥200 billion, primarily focused on accelerating the global deployment of its virtualized network technology, Open RAN, while further expanding domestic base station coverage across Japan. At the same time, the group is advancing its “Triple 20” initiative, which aims to leverage artificial intelligence to increase productivity in operations, marketing, and customer services by 20% each, thereby reducing per-user costs in the mobile business. The company has already achieved measurable results, including reducing customer support costs by more than 30%.

To maintain financial flexibility and secure investment liquidity, Rakuten previously carried out a sale-and-leaseback transaction involving mobile network assets, raising approximately ¥170 billion in short-term funding.