SoftBank Group (9984) Q4 2026 earnings summary

Executive summary

• Achieved record net income of ¥5,002.3 billion for FY2025, the highest in Japanese corporate history, driven by significant investment gains, especially from OpenAI and Arm.

• Net asset value reached ¥40.1 trillion at March-end, up from ¥25.7 trillion the prior year, with latest pro forma estimate at ¥48 trillion.

• Strategic focus on AI, with major investments in OpenAI, Arm, and the creation of an AI Computing segment through the Ampere acquisition.

• Major AI infrastructure projects underway, including the PORTS Technology Campus in Ohio and expansion of data centers in the US and Japan.

• Vision Fund segments showed strong recovery, with cumulative investment gains and successful IPOs, notably PayPay.

Financial highlights

• FY2025 net sales: ¥7,798.7 billion (+7.7% YoY); net income: ¥5,002.3 billion (+333.7% YoY); income before tax: ¥6,134.9 billion (+259.9% YoY).

• NAV at March-end: ¥40.1 trillion; latest pro forma estimate: ¥48 trillion; cash position at March-end: ¥3.5 trillion.

• Arm delivered record revenue ($4.92 billion, +23% YoY) and record EPS ($1.63), despite higher R&D expenses.

• OpenAI valuation surged from $260 billion to $730 billion within the year; cumulative investment to reach $64.6 billion by October 2026.

• SVF segment cumulative investment gain reached $45.7 billion, with SVF2 turning positive.

Outlook and guidance

• Arm targets 5x revenue and EPS growth by 2030, aiming for at least 15% share of a $100 billion+ TAM.

• OpenAI enterprise revenue share expected to reach 50% by end of 2026, with ongoing expansion in AI infrastructure and robotics.

• ABB Robotics acquisition expected to close by end of 2026, adding global scale to the physical AI segment.