Dynasty Warriors and Ninja Gaiden developer Koei Tecmo has published its financial results for the first three quarters of the fiscal year (from April to December 2025). Like each year, Japanese fans have gathered to marvel at the very unusual-looking breakdown of the company’s income.
A viral post by Kanpo Blog, an X account dedicated to analyzing publicly traded businesses in Japan, pointed out that during the past three fiscal quarters, Koei Tecmo’s non-operating profit (meaning profit that doesn’t come from core activities such as video games) exceeded its operating profit. With a joking disclaimer that reminds users that yes, Koei Tecmo is indeed a game company, the blog contrasts the company’s 14.5 billion yen in operating profit against 16.528 billion in non-operating profit over the past nine months.
This is not a first for Koei Tecmo, as the company is known to function as an institutional investor, managing a large amount of capital through stocks and other financial assets in parallel with its game business. Chairwoman Keiko Erikawa, who is famous for being a skilled investor (and financing the company’s entry into the game industry in the first place), personally oversaw the management of a whopping 120 billion yen (over $775 million) in investment funds as of 2021. In February 2025, she became CEO of a new Koei Tecmo subsidiary dedicated exclusively to financial functions, called Koei Tecmo Corporate Finance.
On a less serious note, the news has once again prompted numerous comments from Japanese fans jokingly calling Koei Tecmo an “investment company disguised as a game company” and thanking “the Empress” Keiko Erikawa for the high budget and quality of recent game releases like Dynasty Warriors Origins.
Looking ahead, Koei Tecmo plans to release Pokémon Pokopia, the Pokémon series’ first life simulator game, as well as Team Ninja’s Nioh 3, scheduled to launch on February 26.
