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.

• FY2026/2027 forecasts target 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 JPY 7,038.7 billion (+7.6% YoY), exceeding forecasts, with all segments growing.

• Adjusted EBITDA was JPY 1,819.6 billion (+3.8% YoY); operating income JPY 1,042.6 billion (+5.4% YoY); net income attributable to owners JPY 550.8 billion (+4.7% YoY), all record highs.

• Financial and Distribution segments recorded double-digit growth; Media & EC segment impacted by ASKUL incident but maintained profit excluding ASKUL.

• CapEx for the year was JPY 340 billion, with significant investment in AI computing infrastructure and data centers.

• Net interest-bearing debt decreased by JPY 60 billion, and net leverage ratio declined to 2.2%.

Outlook and guidance

• FY2026/2027 revenue forecast: JPY 7,500.0 billion (+6.6% YoY); operating income: JPY 1,100.0 billion (+5.5% YoY); net income: JPY 560.0 billion (+1.7% YoY).

• Medium-term plan targets JPY 9,000.0 billion revenue and JPY 1,700.0 billion operating income by FY2030, with a 10% CAGR in operating income.

• Plans to double Cloud & AI revenue and segment income in Enterprise by FY2030.

• Dividend per share set at JPY 8.8 for FY2026/2027, with a goal of continuous increases aligned with profit growth.

• Expects revenue and profit growth for FY2026/2027, with stronger price revision effects and reduced one-time factors in the latter half.