Square Enix manga business profile: Publication segment explained
Square Enix is best known for games, but its Publication segment is a major manga and comics business. The latest results show that segment under pressure.
Published: 2026-08-19. Updated: 2026-08-19.
Short answer: Square Enix Holdings Co., Ltd. reports manga and comics in its Publication segment, defined as the publication and licensing of comic magazines, comic books, and game-related books. For the fiscal year ended March 2026, the company reported consolidated net sales of ¥297.661 billion and operating income of ¥54.736 billion, while the Publication segment's net sales and operating income declined year on year due to lower comic book sales. The most recent disclosed Publication segment figures are for the fiscal year ended March 2025: net sales of ¥30.752 billion and operating income of ¥10.977 billion.
What Square Enix's Publication segment covers
Square Enix Holdings reports four business segments: Digital Entertainment, Amusement, Publication, and Merchandising. The Publication segment consists of the publication and licensing of comic magazines, comic books, and game-related books. This is where the company reports its manga and comics business.
The segment includes both print and digital formats. It benefits from Square Enix's game and anime intellectual property, since strategy guides, manga adaptations, and related books flow through Publication.
Latest consolidated results
For the fiscal year ended March 31, 2026, Square Enix Holdings reported consolidated net sales of ¥297.661 billion, down 8.3 percent year on year. Operating income was ¥54.736 billion, up 34.9 percent. Ordinary income rose 57.5 percent to ¥64.469 billion, and profit attributable to owners of the parent rose 21.3 percent to ¥29.616 billion.
The company-wide operating margin reached 18.4 percent, above the medium-term target of 15 percent. The improvement was driven by profitability gains in Digital Entertainment, not by Publication.
Square Enix Holdings consolidated results for the fiscal year ended March 31, 2026.| Metric | FY ended March 2026 | Year-on-year change |
|---|
| Net sales | ¥297.661 billion | -8.3% |
| Operating income | ¥54.736 billion | +34.9% |
| Ordinary income | ¥64.469 billion | +57.5% |
| Profit attributable to owners | ¥29.616 billion | +21.3% |
Publication segment performance
In the fiscal year ended March 2026, Square Enix said that Publication net sales and operating income declined compared with the prior year because of lower sales of comic books. The company did not disclose exact segment figures in the accessible English filings.
The most recently available segment figures are for the fiscal year ended March 2025, when Publication generated net sales of ¥30.752 billion, down 1.1 percent, and operating income of ¥10.977 billion, down 8.4 percent. That made Publication a high-margin but relatively small segment compared with Digital Entertainment, which reported FY2026 net sales of ¥172.883 billion.
Square Enix Publication segment results. FY2026 direction disclosed; exact figures were not included in the accessible English release.| Period | Net sales | Operating income |
|---|
| FY ended March 2025 | ¥30.752 billion | ¥10.977 billion |
| FY ended March 2026 | Declined (no exact figure disclosed) | Declined (no exact figure disclosed) |
Strategy and market context
Square Enix's medium-term plan focuses on HD games, multiplatform releases, and IP expansion across media. Publication supports that ecosystem through manga magazines, comic apps such as MANGA UP!, and game-related books. The company has noted that print comic sales are declining while e-book comics are growing.
Investors looking at Square Enix as a manga play should remember that Publication is a minority of the group. Games dominate revenue, and manga performance can move independently of game results.
Segment-definition and period note: Square Enix defines Publication as comic magazines, comic books, and game-related books. FY2026 segment-specific numbers were not included in the accessible English filings; the latest segment figures are for FY2025.
Frequently asked questions
What is Square Enix's Publication segment?
Publication and licensing of comic magazines, comic books, and game-related books.
How big is Square Enix's manga business?
FY2025 Publication net sales were ¥30.752 billion with operating income of ¥10.977 billion. FY2026 declined, but exact segment figures were not disclosed.
How does Square Enix report manga revenue?
In the Publication segment, one of four reporting segments alongside Digital Entertainment, Amusement, and Merchandising.
Is Square Enix profitable overall?
Yes. For FY2026, consolidated operating income was ¥54.736 billion, up 34.9 percent year on year.