Investment Income Surpasses Gaming Revenue for Koei Tecmo in Recent Quarters

Dynasty Warriors and Ninja Gaiden developer Koei Tecmo has released its financial results for the first three quarters of fiscal year 2025 (April to December), revealing an unusual trend in the company’s income breakdown.

According to analysis by Kanpo Blog, a Japanese business account that tracks publicly traded companies, the income from activities outside its main video game business exceeded its operating profit during this period. Koei Tecmo earned 14.5 billion yen from its core gaming operations, while its investment activities generated 16.528 billion yen over the nine-month period.

コーエーテクモ 2026年3月期3Q ※ゲーム会社です

——-
営業利益：145億7100万円

---

Follow us on Twitter Follow @GamerBraves and Tweet us Tweet to @GamerBraves

---

①営業外収益：275億7700万円
-うち 投資有価証券売却益：109億5300万円
-うち 有価証券償還益：7億4200万円
-うち デリバティブ評価益：55億2400万円
-うち 為替差益：10億3000万円… pic.twitter.com/2hstDDsvnA

— 官報ブログ (@kanpo_blog) January 26, 2026

This pattern is not new for Koei Tecmo. The company has long operated as an institutional investor alongside its game development business, managing significant capital through stocks and other financial assets. Chairwoman Keiko Erikawa, who originally financed the company’s entry into the gaming industry, has been recognized for her investment skills. As of 2021, she personally managed approximately 120 billion yen (over $775 million) in investment funds. In February 2025, she became CEO of Koei Tecmo Corporate Finance, a new subsidiary focused entirely on financial operations.

The financial results have sparked reactions from Japanese fans online, with many jokingly referring to Koei Tecmo as “an investment company disguised as a game company.” Some fans have also credited Erikawa, nicknamed “the Empress,” for enabling the high budgets and quality of recent releases like Dynasty Warriors Origins.

Looking forward, Koei Tecmo has several major titles in development, including Pokémon Pokopia, the franchise’s first life simulator game, and Team Ninja’s Nioh 3, set to launch on February 26.

Available Now

On Nintendo Switch 2, PS5, PS4 & Steam

Buy Now

Beatrix

Undying Blue

An elite Society agent and contractor of the seal weapon Embrasque, Beatrix's ferocity when facing primal beasts is rivaled only by her insatiable hunger for glory.

Eustace

Earthrending Thunder

An elite Society marksman and contractor of the seal weapon Flamek Thunder, Eustace is efficient, laconic, and longs to live in a world of peace and quiet.

Fraux

Striking Strength

Pactbearer to The Devil, a primal seeking to create a new world order, Fraux is otherwise an ordinary skydweller whose heart, character, and temperament are filled with love and compassion.

Fediel

Darkness Personified

One of the Six Dragons, entities who exist beyond the confines of the natural world. Having dominion over darkness, she influences the very laws of nature.