Is Cross Marketing Group profitable in 2026?

Yes, but margins are shrinking. For the nine months through March 2026, Cross Marketing posted net income of JPY 1.303 billion, down 2.6% YoY, while operating profit fell 10.6% YoY to JPY 2.118 billion despite revenue growing 5.9% to JPY 23.596 billion.

Could AI replace Cross Marketing's research services?

The higher-margin layer, survey design, cross-tabulation, and reporting, is exposed to generic LLM tools and synthetic-respondent panels. Its defense is a proprietary 14.73 million person panel (April 2026, vendor-claimed) and a LINE distribution partnership that AI-only entrants cannot replicate.

Who is Cross Marketing Group's biggest competitor?

Cross Marketing is ranked third of Japan's 'big 3' research firms, behind Intage Holdings and Macromill, all TSE Prime listed as of 2025. Dentsu's Macromill Insight JV represents an adjacent incumbent with greater scale.

Who owns Cross Marketing Group?

Cross Marketing Group is a standalone public company, ticker 3675.T on the Tokyo Stock Exchange since 2008, with no controlling parent. Market capitalization was approximately JPY 11 billion as of July 25, 2026, per gurufocus.com.

Is Cross Marketing Group stock down in 2026?

Yes. The stock fell from a 52-week high of JPY 817 in August 2025 to a low of JPY 538 by June 2026, underperforming the Nikkei 225 by roughly 35-58% over the trailing 6-12 months as of July 25, 2026.

Is Cross Marketing Group a takeover target?

Retail-investor commentary from January 17, 2026 listed Cross Marketing among 20 Japanese TOB/MBO candidates amid PBR-reform pressure, but this is speculative and unconfirmed by any announced deal as of mid-2026.

Financial data and information services · Japan

Cross Marketing Group

cross-m.co.jp ↗

Tokyo-listed online survey and market research firm running Japan's third-largest respondent panel.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from August 14, 2026 · Every call on the record Checkpoint: FY2026/6 full-year earnings release

The call

Revenue keeps growing but operating profit keeps shrinking, a pattern that shows up when AI starts doing the analysis work clients used to pay a research firm for.

Cross Marketing Group runs survey research and data analysis for companies in Japan, using a database of 14.7 million people and a partnership with LINE to collect responses. Its real strength is in that database and LINE tie-up, but the easier work (designing surveys, organizing data, making reports) is being replaced by AI tools that anyone can now use for cheaper, making it hard for Cross to charge premium prices. The key test is whether the company can build profitable new AI-powered offerings fast enough, or whether competitors like Intage and Macromill steal customers by shipping better AI-native research products first.

Why

AI pressure: Generic LLM-based survey design tools and synthetic-respondent panels. AI tools now draft surveys and cross-tabs cheaply, squeezing the higher-margin service work Cross Marketing sells on top of its panel. Could AI do the core job? Only partly.

Bigger players: Intage Holdings and Macromill. Japan's other two big research firms compete for the same corporate research budgets with similar panel and reporting offerings. Could a giant copy it? Yes, easily.

What protects it. A 14.7 million person proprietary panel, a LINE distribution partnership, and 8,000+ existing client relationships.

What would change this call

Cross Marketing's August 14, 2026 FY2026/6 full-year results show operating profit trend. Reversal or continuation of the current 10.6% YoY operating-profit decline.
Intage, Macromill, or Dentsu Macromill Insight announce an AI-native research product. Would show a peer moving first to commoditize Cross's service-layer margin.
Any cut to Cross Marketing's forecast ¥15 full-year dividend. Would confirm financial strain beyond the reported margin compression.

Key numbers

9-month operating profit down 10.6% YoY to ¥2.118B (2026-03-31)
Domestic panel size: 14.73 million respondents (2026-04-01)
FY2026/6 guidance: revenue ¥32.00B, up 11% YoY (2026-02-12)

Named risks

Operating profit down 10.6% YoY through 9 months of FY2026/6 despite revenue growth, signaling margin erosion. Severity: high
AI-driven commoditization of survey design, cross-tabulation, and reporting, the higher-margin service layer. Severity: high
Stock underperformed Nikkei 225 by 35-58% over trailing 6-12 months into July 2026. Severity: medium
Conflicting sources on TSE listing segment, Prime vs Standard, as of 2026. Severity: low
Unconfirmed speculation naming Cross Marketing a TOB/MBO candidate as of January 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Intage Holdings	contesting	Both TSE Prime-listed 'big 3' peers with equivalent panel and survey infrastructure as of 2025
Macromill	contesting	Pioneer of internet research in Japan since 2000, parity player alongside Cross Marketing
Dentsu Macromill Insight	gaining on	Adjacent ad-conglomerate-backed research JV with greater scale, as of 2026 industry mapping

Questions people ask

Is Cross Marketing Group profitable in 2026?: Yes, but margins are shrinking. For the nine months through March 2026, Cross Marketing posted net income of JPY 1.303 billion, down 2.6% YoY, while operating profit fell 10.6% YoY to JPY 2.118 billion despite revenue growing 5.9% to JPY 23.596 billion.
Could AI replace Cross Marketing's research services?: The higher-margin layer, survey design, cross-tabulation, and reporting, is exposed to generic LLM tools and synthetic-respondent panels. Its defense is a proprietary 14.73 million person panel (April 2026, vendor-claimed) and a LINE distribution partnership that AI-only entrants cannot replicate.
Who is Cross Marketing Group's biggest competitor?: Cross Marketing is ranked third of Japan's 'big 3' research firms, behind Intage Holdings and Macromill, all TSE Prime listed as of 2025. Dentsu's Macromill Insight JV represents an adjacent incumbent with greater scale.
Who owns Cross Marketing Group?: Cross Marketing Group is a standalone public company, ticker 3675.T on the Tokyo Stock Exchange since 2008, with no controlling parent. Market capitalization was approximately JPY 11 billion as of July 25, 2026, per gurufocus.com.
Is Cross Marketing Group stock down in 2026?: Yes. The stock fell from a 52-week high of JPY 817 in August 2025 to a low of JPY 538 by June 2026, underperforming the Nikkei 225 by roughly 35-58% over the trailing 6-12 months as of July 25, 2026.
Is Cross Marketing Group a takeover target?: Retail-investor commentary from January 17, 2026 listed Cross Marketing among 20 Japanese TOB/MBO candidates amid PBR-reform pressure, but this is speculative and unconfirmed by any announced deal as of mid-2026.

Timeline

2026-05-149-month FY2026/6 results filed: operating profit down 10.6% YoY to JPY 2.118B
2026-02-12H1 FY2026/6 results: operating profit down 16.6% YoY; segments cut from three to two
2025-06-30FY2025/6 fiscal year end: net sales JPY 28.90B, net income ~JPY 1.36B
2025-06-05Acquired Coum, a management and IT consulting firm
2024-08-09FY2024/6 results filed: net sales JPY 26.19B, operating profit JPY 1.84B (-5.5% YoY)
2024-01-01Acquired Traffix Co., an Osaka promotion and events firm
2018-05-11Subsidiary Kadence International opened a New York office
2013Transitioned to holding-company structure
2008Listed on Tokyo Stock Exchange under code 3675
2003-04-01Founded as Cross Marketing Inc.

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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