SoftBank Group (9984): FY2025 Results Summary — Record ¥5.00 Trillion Net Income and Highest-Ever NAV on AI Investment Gains

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

SoftBank Group Corp. (SBG, TSE: 9984) reported FY2025 (fiscal year ended March 31, 2026) consolidated results on May 13, 2026, posting net income attributable to owners of the parent of ¥5,002.3B, the company’s highest-ever profit. Net asset value (NAV) rose to a record ¥40.1T as of March 31, 2026 (pro forma ¥47.7T based on share prices and FX rates as of May 12, 2026), while LTV improved to 17.0% and cash position increased to ¥3.5T. Significant investment gains were led by Arm, the SoftBank Vision Funds (SVF) segment, and SBG’s investment in OpenAI.

Consolidated Results (Full-Year Actual)

SBG posted significant growth across all profit measures in FY2025. Net sales increased to ¥7,798.7B from ¥7,243.8B, while gain/loss on investments swung to ¥7,286.5B from ¥3,701.1B a year earlier. Income before income tax rose to ¥6,134.9B from ¥1,704.7B, and net income attributable to owners of the parent reached ¥5,002.3B, up ¥3,848.9B year on year. Some figures are rounded and may not add up to the totals presented.

Item	FY2025	FY2024	Change
Net Sales	¥7,798.7B	¥7,243.8B	+¥554.9B
Gain/loss on Investments	¥7,286.5B	¥3,701.1B	+¥3,585.4B
Income Before Income Tax	¥6,134.9B	¥1,704.7B	+¥4,430.2B
Net Income	¥5,002.3B	¥1,153.3B	+¥3,848.9B

Key Indicators — NAV, LTV and Cash Position

SBG achieved significant NAV growth in FY2025, accompanied by an improved LTV and a stronger cash position. NAV reached ¥40.1T as of March 31, 2026, up from ¥25.7T a year earlier; on a pro forma basis using share prices and FX rates as of May 12, 2026, NAV was ¥47.7T. LTV (net debt / equity value of holdings) improved to 17.0% from 18.0%, and cash position rose to ¥3.5T from ¥3.4T.

Item	Mar 31, 2026	Mar 31, 2025
NAV (Net Asset Value)	¥40.1T	¥25.7T
LTV (Net debt / Equity value of holdings)	17.0%	18.0%
Cash Position	¥3.5T	¥3.4T

Segment Results: SoftBank Vision Funds (SVF)

The SoftBank Vision Funds (SVF) segment, comprising SVF1, SVF2 and the SoftBank Latin America Fund, recorded a cumulative investment gain of $45.7B since inception as of March 31, 2026, up $46.2B year on year. SVF2’s cumulative investment gain/loss turned positive during the period. The late-stage private portfolio (companies that have raised a Series E or later round, including OpenAI) had a total fair value of $118B as of March 31, 2026, up $81B year on year, while the SVF portfolio recorded 62 public listings since inception, including 7 in FY2025.

Metric	FY2025 (as of Mar 31, 2026)	YoY / Note
SVF Cumulative Investment Gain (since inception)	$45.7B	+$46.2B YoY
SVF2 Cumulative Investment Gain/Loss	Turned Positive	–
Late-Stage Private Portfolio Fair Value (Series E+, incl. OpenAI)	$118B	+$81B YoY
Public Listings	62 since inception	incl. 7 in FY2025

Key Portfolio Companies: Arm and OpenAI

Arm, in which SBG holds a controlling stake, posted record revenue of $4,920M in FY2025, up 23% year on year, driven by market share gains and Compute Subsystems (CSS) adoption; approximately 50% of CPU chips shipped to leading hyperscalers in 2025 were Arm-based. Arm’s fully-diluted EPS reached a record $1.77. Arm’s market capitalization stood at $221B as of May 12, 2026, near record levels and 4.2x its IPO price, and Arm announced its first in-house CPU chip during the period, alongside the completed acquisition of Ampere.

SBG’s investment amount in OpenAI totaled $32.4B in FY2025. OpenAI’s valuation rose from $260B (March 2025) to $730B (February 2026), and SBG announced an additional $30B follow-on investment commitment in February 2026, which will bring SBG’s cumulative investment in OpenAI to $64.6B by October 2026 and its ownership to approximately 13%.

Company	Metric	FY2025	Reference
Arm	Revenue (US-GAAP)	$4,920M	$3,233M (FY2023) / $4,007M (FY2024)
Arm	Fully-Diluted EPS (Non-GAAP)	$1.77	$1.27 (FY2023) / $1.63 (FY2024)
Arm	Market Capitalization	$221B (May 12, 2026)	$52B (at IPO, Sep 2023)
OpenAI	SBG Investment Amount	$32.4B (FY2025)	$2.2B (FY2024)
OpenAI	Valuation	$730B (Feb 2026)	$260B (Mar 2025)

FY2026 Forecast

SBG has committed to an additional $30B follow-on investment in OpenAI, funded in three $10.0B tranches (1st tranche funded April 1, 2026; 2nd tranche planned July 1, 2026; 3rd tranche planned October 1, 2026), which will bring cumulative SBG investment in OpenAI to $64.6B by October 2026. As of March 31, 2026, SBG’s total investment commitment (SBG+SVF, including identified investments and further opportunities) stood at $38.5B, supported by a $40B bridge loan arranged in March 2026, of which $10B was paid in April 2026. SBG’s financial policy remains unchanged: maintain LTV below 25% in normal times (up to 35% even in times of emergency) and maintain at least two years’ worth of bond redemptions in cash position.

Item	FY2026 (Planned)	FY2025 (Actual)
OpenAI Additional Investment Commitment	$30.0B (three $10.0B tranches)	$32.4B investment amount
Cumulative OpenAI Investment (SBG)	$64.6B (by Oct 2026)	–
Total SBG+SVF Investment Commitment	$38.5B (as of Mar 31, 2026)	–

Physical AI and AI Infrastructure

SBG announced the $5.4B acquisition of ABB Ltd.’s Robotics Business in October 2025 (closing expected in the second half of 2026), bringing together approximately 20 robotics portfolio companies under the newly established Robo HD, whose ownership as of March 31, 2026 was split 58.7% / 41.3% between SBG and SVF2. ABB Robotics has a global presence in more than 50 countries, approximately 7,000 employees, more than 500,000 robots installed, and annual production capacity of approximately 100,000 units. In AI infrastructure, SBG announced a 10GW power and 10GW data center project (PORTS Technology Campus, Ohio) in partnership with the U.S. Department of Energy, the U.S. Department of Commerce, SB Energy and AEP Ohio, and SB Energy separately signed a 15-year lease with OpenAI for a 1.2GW data center in Milam County, Texas.

Item	Metric	Value
ABB Robotics Acquisition	Announced Acquisition Amount	$5.4B (announced Oct 2025)
Robo HD	Ownership (as of Mar 31, 2026)	SBG 58.7% / SVF2 41.3%
PORTS Technology Campus (Ohio)	Planned Capacity	10GW power / 10GW data center
SB Energy Milam County Data Center	Capacity / Tenant	1.2GW; OpenAI (15-year lease)

Shareholder Returns and Financial Policy

SBG repurchased shares for a cumulative amount of ¥93.2B in FY2025. SBG’s financial policy remains unchanged: maintaining LTV below 25% in normal times (with an upper threshold of 35% even in times of emergency) and maintaining at least two years’ worth of bond redemptions in cash position.

Medium-Term Plan / Strategic Topics

At SBG’s Annual General Meeting on June 27, 2025, the company reaffirmed its goal ‘To become the No.1 ASI platform provider,’ organizing its strategy around AI Model, AI Chip, AI Infrastructure and Physical AI. Speaking at SBG’s New Employee Ceremony in April 2026, SBG’s Chairman & CEO stated that the company aims ‘to be at the center of the AI revolution’ over the next 30 years.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.