CloverWorks business profile: ownership, profit, and strategy
CloverWorks was carved out of A-1 Pictures in 2018 to build a distinct brand, but it remains fully inside the Aniplex group.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: CloverWorks Inc. is a Japanese animation studio established on October 1, 2018 as a spin-out from A-1 Pictures. It is 100% owned by Aniplex Inc. For the fiscal year ended March 2026, CloverWorks reported a net loss of JPY 38.48 million, following a net loss of JPY 24.69 million in the previous fiscal year. The studio produces television series and theatrical films as part of the Sony Music Group/Aniplex ecosystem.
What CloverWorks is and who owns it
CloverWorks Inc. is a Tokyo-based animation production studio that began operation on October 1, 2018. Its official company profile states that it was newly established through a split from A-1 Pictures, with capital of JPY 100 million and 100% ownership by Aniplex Inc.
The studio's representative directors include Tomonori Ochikoshi as chairman and Akira Shimizu as president, the same leadership structure used at A-1 Pictures. CloverWorks is therefore a sibling studio to A-1 Pictures within the Aniplex group, not an independent company.
How CloverWorks makes money
CloverWorks produces television anime, theatrical films, music videos, promotional videos, and commercials. Its best-known titles include Bocchi the Rock!, Spy x Family CODE: White, WIND BREAKER, The Dress-Up Darling, and Rascal Does Not Dream.
Like A-1 Pictures, CloverWorks earns revenue mainly from production fees and planning work. Its hits have driven significant merchandise and music revenue for Aniplex, but those downstream rights are generally held or shared through production committees rather than accruing fully to the studio itself.
Where profit and loss sit
CloverWorks' public filings show small but persistent losses since its FY2024 peak. For the fiscal year ended March 2024, the studio recorded a net profit of JPY 203.71 million. It then swung to a net loss of JPY 24.69 million in FY2025 and widened that loss to JPY 38.48 million in FY2026.
The losses are modest relative to the scale of the productions involved, which suggests they reflect production timing and cost allocation rather than a crisis. Nonetheless, the trend shows that CloverWorks has not returned to its FY2024 profitability level.
CloverWorks net profit/loss from public filings in millions of JPY. Source: Gamebiz and official-gazette database.| Fiscal year | Net result | Change |
|---|
| FY2024 ended March 2024 | JPY +204M | Profit peak |
| FY2025 ended March 2025 | JPY -25M | Loss |
| FY2026 ended March 2026 | JPY -38M | Loss widened |
Reporting scope note: CloverWorks is an unlisted subsidiary of Aniplex. The figures come from Japanese official-gazette filings as reported by Gamebiz and the official-gazette database, not from audited IR materials. Revenue and operating income are not separately disclosed in the public summaries.
CloverWorks' place in the Aniplex group
CloverWorks sits alongside A-1 Pictures, Boundary, JOEN, and other Aniplex group companies. Its separation from A-1 Pictures was partly a branding move: CloverWorks was meant to develop a distinct creative identity while still benefiting from Aniplex's financing and distribution.
The studio has become closely associated with character-driven adaptations and strong production values. Whether that translates into sustained profit depends on Aniplex's commissioning decisions and the terms of the production committees on which CloverWorks participates.
Strategy and outlook
CloverWorks' public messaging emphasizes creating works that please audiences at home and abroad, with an approach that is distinct from A-1 Pictures. Its recruitment pages stress talent development and working environment, reflecting the industry-wide challenge of animator retention.
The studio's future financial performance will follow the same drivers as other production-fee studios: number of productions, production schedules, labor costs, and the share of rights it can negotiate. Its losses are small, but they show that brand recognition and hit titles do not automatically produce studio-level profit.
Frequently asked questions
Who owns CloverWorks?
Aniplex Inc. owns 100% of CloverWorks. The studio was split out of A-1 Pictures in October 2018 but remains in the same ownership structure.
Is CloverWorks profitable?
Not recently. It reported net profits of JPY 203.71 million in FY2024, but net losses of JPY 24.69 million in FY2025 and JPY 38.48 million in FY2026.
What is the difference between A-1 Pictures and CloverWorks?
CloverWorks was created from A-1 Pictures' Koenji studio in 2018 and operates as a separate brand, but both are wholly owned by Aniplex and share senior leadership.
What are CloverWorks' biggest hits?
Notable titles include Bocchi the Rock!, Spy x Family CODE: White, WIND BREAKER, and The Dress-Up Darling. These drive Aniplex group revenue but do not necessarily flow directly to CloverWorks' bottom line.