WillItSurvive
Enterprise and productivity software · Japan

Chatwork

chatwork.com ↗

Chatwork (kubell) runs Japan's SME business chat and task platform, now expanding into payroll and back-office services.

Protection under test
Assessed 23 July 2026 · Evidence as of 23 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 23 July 2026 · Checkable from mid-August 2026 · Every call on the record Checkpoint: Q2 FY2026 earnings report on integration progress and BPaaS growth toward the ¥15B revenue target
The call

Chatwork's Japanese SME base is sticky and profitable, but LINE WORKS already outsells it in the same market and ChatGPT Work is closing in on the same task and chat functions.

Chatwork sells messaging and task software to small Japanese companies, charging monthly fees. It competes directly against LINE WORKS (which already has more customers in Japan) and now faces OpenAI's ChatGPT Work, which can do many of the same task-tracking jobs for free or cheap. The company's real chance at staying valuable depends on whether its new payroll and HR services (its fastest-growing part) can lock in customers with regulations and compliance needs that AI tools cannot easily replace.

Why
01
AI pressure: OpenAI ChatGPT Work. ChatGPT Work (July 2026) adds task automation and reminders that overlap directly with Chatwork's core chat and task features. Could AI do the core job? Only partly.
02
Bigger players: LINE WORKS (Naver/Works Mobile). LINE WORKS has been Japan's top paid business chat app for seven straight years, with roughly ¥16B sales against Chatwork's ¥9.5B. Could a giant copy it? Probably.
03
What protects it. 886,000 companies stay on Chatwork at a 0.25% churn rate, and the company is shifting revenue into payroll, invoicing and postal BPaaS services that are harder to copy.
What would change this call
Chatwork's churn rate rises above 0.25% in a future quarterly report. Would show LINE WORKS or Teams is converting Chatwork's existing customers, not just new accounts.
BPaaS segment growth rate in Q2/Q3 FY2026 reports (vs 70.3% in Q1). Sustained high growth would support the pivot to a compliance platform; a drop would signal core chat weakness.
kubell's FY2026 revenue print against its ¥15 billion target with 10-15% EBITDA margin. Missing the target would show integration of acquisitions (atena, Paytner, Startia) is faltering.
Key numbers
  • Q1 FY2026 revenue ¥2.587B, up 15.8% YoY (2026-03-31)
  • BPaaS segment revenue up 70.3% in Q1 FY2026 (2026-03-31)
  • 886,000 companies use Chatwork, 0.25% churn (2024-12-31)
Named risks
  • LINE WORKS already outsells Chatwork in same SME chat niche with larger client base. Severity: high
  • ChatGPT Work (July 2026) and ChatGPT Tasks (Jan 2025) replicate core chat/task features. Severity: high
  • Integration risk from rapid BPaaS M&A spree (atena, Paytner, Startia) across 2025 to 2026. Severity: medium
  • Company flagged surge in sophisticated phishing scams targeting its platform (2026-03-31). Severity: medium
  • Post-rebrand brand confusion could slow BPaaS cross-sell toward FY2026 revenue target. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
LINE WORKSgaining onNo.1 paid Japan business chat 7 years running, ~600k clients, ~¥16B sales vs Chatwork's ~¥9.5B (2025-07)
Microsoft TeamscontestingBundled free with Microsoft 365, which many SMEs already pay for (as of 2025-07)
Slacklosing toChatwork dominates Japan SME segment; Slack limited to ~30,000 companies, mostly tech (2025-08)
OpenAI ChatGPT Workgaining onLaunched July 9, 2026 with task automation directly overlapping Chatwork's chat/task core
Questions people ask
Is Chatwork (kubell) profitable in 2026?
Yes. Chatwork, now legally kubell Co., Ltd., posted FY2025 net profit of ¥215 million versus a ¥1.17 billion loss in FY2024, and Q1 FY2026 (to March 31, 2026) profit attributable to owners was ¥197 million, up from a loss a year earlier, per MarketWatch and TipRanks.
Who owns Chatwork and is it publicly traded?
Chatwork trades on the Tokyo Stock Exchange Growth Market as kubell Co., Ltd. (ticker 4448) since its September 24, 2019 IPO. Pre-IPO, EC Studio Holdings held 67.4% and JAFCO 10.1%. Market cap was about ¥19.76 billion with 42.05 million shares as of March 31, 2026.
Who is Chatwork's biggest competitor in Japan?
LINE WORKS (Naver/Works Mobile) is the dominant rival in Japan's SME business-chat market, holding the No.1 paid share for seven consecutive years since 2017 with about 600,000 corporate clients and over ¥16 billion in annual sales as of July 2025, versus Chatwork's roughly ¥9.5 billion FY2025 revenue.
Could AI replace Chatwork's product?
Partially. OpenAI's ChatGPT Work, launched July 9, 2026 on GPT-5.6, adds multi-step task automation and cross-app orchestration that overlaps directly with Chatwork's core chat and task features, following ChatGPT's January 2025 Tasks reminder feature. Chatwork's BPaaS compliance layer, like payroll and postal services, is harder for generic AI to replicate.
Why did Chatwork change its name to kubell?
The operating company legally renamed itself from Chatwork Co., Ltd. to kubell Co., Ltd. on July 1, 2024, alongside a head-office relocation, as part of a strategic pivot toward BPaaS (Business Process as a Service). The flagship chat product retained the Chatwork brand name.
What is Chatwork's revenue and growth rate?
FY2025 consolidated revenue was ¥9.53 billion, up 12.5% year over year from ¥8.47 billion in FY2024, per a March 11, 2026 MarketWatch report. Q1 FY2026 revenue reached ¥2.587 billion, up 15.8% YoY, with BPaaS segment revenue surging 70.3% in that quarter.
Timeline
  • 2026-07-09OpenAI launches ChatGPT Work on GPT-5.6 with cross-app task automation
  • 2026-06-30Chatwork AI Features Terms of Use take effect, covering AI summaries and doc tools
  • 2026-05-15Q1 FY2026 results: revenue ¥2.587B (+15.8%), profit ¥197M vs prior-year loss
  • 2026-03-25kubell announces acquisition of atena Inc. for cloud postal BPaaS services
  • 2026-03-11FY2025 results: net profit ¥215M versus ¥1.17B loss in FY2024
  • 2025-12-31kubell pursues business alliance and acquisition involving Startia Holdings Group
  • 2025-07-10LINE WORKS reports 7 straight years as Japan's No.1 paid business chat, ¥16B+ sales
  • 2025-01-14OpenAI ships ChatGPT Tasks, duplicating basic reminder/task functions
  • 2024-07-01Chatwork Co., Ltd. legally renamed kubell Co., Ltd., head office relocated
  • 2019-09-24Chatwork IPOs on TSE Mothers Market
Revision history
23 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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