SoftBank (9434) Q4 2026 Investor call earnings summary

Executive summary

• Achieved full-year forecasts for FY2025, balancing growth investments in AI and generative AI with revenue and profit growth.

• Announced a new Medium-term Management Plan targeting record profits and continuous dividend increases, driven by AI businesses.

• Strengthened capital allocation policy for FY26–FY28, focusing on operating cash flow, disciplined growth investments, and enhanced shareholder returns.

• FY2026 forecast targets profit growth across all segments, with enterprise and financial segments as core drivers.

• Major initiatives included investments in HAPS technology, AI infrastructure, and the launch of new AI and cloud services.

Financial highlights

• Revenue reached a record high of JPY 7,038.7 billion (+7.6% YoY), with increases across all segments; financial and distribution segments saw double-digit growth.

• Net income attributable to owners hit a record high of JPY 550.8 billion (+4.7% YoY), driven by operating income growth and tax effects from PayPay.

• Adjusted EBITDA reached JPY 1,819.6 billion (+3.8% YoY); operating income was JPY 1,042.6 billion (+5.4% YoY).

• CapEx for the year was JPY 340 billion, in line with forecasts, with significant investment in AI infrastructure.

• Free cash flow after dividends was -JPY 98.1 billion, with net interest-bearing debt reduced by JPY 60 billion and net leverage ratio down to 2.2%.

Outlook and guidance

• FY2026 revenue forecast is JPY 7,500.0 billion (+6.6% YoY), with operating income of JPY 1,100.0 billion (+5.5% YoY) and net income of JPY 560.0 billion (+1.7% YoY).

• Aims for record high operating income (JPY 1.7 trillion) and net income (JPY 700 billion) within five years.

• Plans to double cloud and AI revenue and segment income in the enterprise segment by FY2030 versus FY2025.

• Dividend per share set at JPY 8.8 for FY2026, with a goal of continuous increases aligned with profit growth.

• Expects revenue and profit growth for FY2026, with stronger performance in the second half as one-time factors subside.