Sanrio Earnings: China Backlash May Hurt Short Term, but IP Strength Intact; Shares Undervalued
Sanrio’s September-quarter revenue grew 25%, while operating margin fell to 36.7% from 42.6% on higher merchandise mix and strategic investments. 2026 guidance is unchanged at 18% revenue growth and a 38.6% operating margin, down from 40.1% in 2025.