SoftBank Corp. (9434): FY2025 Results Summary — Record-High Revenue and Net Income, and a New FY2030 Plan Targeting JPY 1.7tn Operating Income

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

SoftBank Corp. announced its earnings results for the fiscal year ended March 31, 2026 (FY2025) on May 11, 2026. Revenue was JPY 7,038.7 bn (up 8% year on year), operating income was JPY 1,042.6 bn (up 5%), and net income was JPY 550.8 bn (up 5%). The materials describe revenue, net income and primary free cash flow as record highs, and note that revenue increased in all segments while profit increased in 4 segments. For FY2026 the company forecasts revenue of JPY 7,500.0 bn, operating income of JPY 1,100.0 bn and net income of JPY 560.0 bn, and it also disclosed a new Medium-term Management Plan with FY2030 targets of JPY 1.7 tn operating income and JPY 700.0 bn net income.

Consolidated Results (Full-Year Actual)

The consolidated results table on P.9 of the presentation shows the following figures in JPY bn. Operating income and net income are stated as including one-time factors. FY2025 one-time factors cited are the remeasurement gain on step acquisitions of LINE MAN CORPORATION PTE. LTD. and LINE Bank Taiwan Limited (operating income), plus the tax effect relating to PayPay Corporation and tax implications of organizational restructuring and others (net income). Net income refers to net income attributable to owners of SoftBank Corp.

Item [JPY bn]	FY2025	FY2024	YoY	YoY%
Revenue	7,038.7	6,544.3	+494.3	+8%
Operating Income*	1,042.6	989.0	+53.6	+5%
Net Income*	550.8	526.1	+24.7	+5%
Primary Free Cash Flow	633.6	603.3	–	–

Primary free cash flow (P.8) is described in the materials as a measure calculated by adding back the amounts spent as long-term growth investments to adjusted free cash flow (excluding LY Corporation and its subsidiaries, PayPay Corporation, etc.), with long-term growth investments including investments in AI computing infrastructure and AI data centers. The materials label FY2025 primary free cash flow of JPY 633.6 bn as a record high.

Segment Results

SoftBank Corp. reports five segments: Consumer, Enterprise, Distribution, Media & EC and Financial. The materials state that revenue increased in all segments and that profit increased in 4 segments, with Media & EC the exception at -7%. A note explains that from FY25, PayPay Bank Corporation, previously classified under the Media & EC segment, was transferred to the Financial segment, and FY24 figures for those two segments have been retrospectively adjusted.

Segment	Revenue FY2025 [JPY bn]	Revenue FY2024 [JPY bn]	Revenue YoY%
Consumer	3,015.1	2,952.9	+2%
Enterprise	1,002.9	922.4	+9%
Distribution	1,056.3	889.5	+19%
Media & EC	1,668.0	1,628.9	+2%
Financial	404.5	325.5	+24%
Other / Adjustment	-108.1	-174.8	–
Total	7,038.7	6,544.3	+8%

Segment	Operating Income FY2025 [JPY bn]	Operating Income FY2024 [JPY bn]	YoY%
Consumer	550.8	530.4	+4%
Enterprise	192.4	170.3	+13%
Distribution	35.3	30.4	+16%
Media & EC	240.4	258.8	-7%
Financial	86.3	41.7	+107%
Other / Adjustment	-62.6	-42.6	–
Total	1,042.6	989.0	+5%

FY2026 Forecast

For FY2026 the company forecasts revenue of JPY 7,500.0 bn (+JPY 461.3 bn, +7%), operating income of JPY 1,100.0 bn (+JPY 57.4 bn, +6%) and net income of JPY 560.0 bn (+JPY 9.2 bn, +2%). Forecast figures for operating income and net income are stated as including one-time factors.

Item [JPY bn]	FY2026 (Forecast)	FY2025 (Actual)	YoY	YoY%
Revenue	7,500.0	7,038.7	+461.3	+7%
Operating Income*	1,100.0	1,042.6	+57.4	+6%
Net Income*	560.0	550.8	+9.2	+2%

The operating income forecast is broken down by segment on P.96. Enterprise (+20%) and Financial (+27%) are guided to the largest percentage increases, while the negative contribution from Other / growth investments is forecast to widen from -62.6 to -100.0.

Segment	FY2026 Forecast [JPY bn]	FY2025 Actual [JPY bn]	YoY	YoY%
Consumer	560.0	550.8	+9.2	+2%
Enterprise	230.0	192.4	+37.6	+20%
Distribution	36.0	35.3	+0.7	+2%
Media & EC	264.0	240.4	+23.6	+10%
Financial	110.0	86.3	+23.7	+27%
Other / growth investments	-100.0	-62.6	-37.4	–
Total	1,100.0	1,042.6	+57.4	+6%

On the quarterly profile (P.97), the company states that revenue will be up but profit down in H1 FY2026, returning to revenue and profit growth for the full year. Two reasons are given: (1) the absence of one-time positive factors recorded in FY2025 — in the Media & EC business, a Q1 remeasurement gain on the step acquisition of LINE Bank Taiwan Limited by LY Corporation of JPY 14.5 bn and a Q2 remeasurement gain on the step acquisition of LINE MAN CORPORATION PTE. LTD. by LY Corporation of JPY 44.4 bn; and (2) the impact of past deferred acquisition costs, etc. in the Consumer business.

Shareholder Returns

The annual dividend per share was JPY 8.6 in FY2023 (actual) and JPY 8.6 in FY2024 (actual), and JPY 8.6 is scheduled for FY2025 — described in the materials as scheduled as committed at the beginning of FY2025. The notes state that the FY25 year-end dividend per share is scheduled to be submitted for approval to the Board of Directors at a meeting planned for May 15, 2026, and that the Company conducted a stock split at a ratio of 10 shares per common share with an effective date of October 1, 2024, with dividends per share prior to that date adjusted to reflect the split.

Under the new Medium-term Management Plan, the company states that it aims for continuous dividend increases over FY2026–FY2030, and forecasts a dividend per share of JPY 8.8 for FY2026. It also presents a dividend per share outlook linked to net income: JPY 9 per share at net income of JPY 600.0 bn, and JPY 10 per share at net income of JPY 700.0 bn. The materials add that if profits exceed expectations, additional shareholder returns will be considered, and that the decision will be made based on a comprehensive assessment of business performance, financial condition and cash flows, with a focus on maintaining stability and continuity.

Dividend per share [JPY]	Value	Status
FY2023	8.6	Actual
FY2024	8.6	Actual
FY2025	8.6	Scheduled
FY2026	8.8	Forecast

Medium-Term Management Plan

SoftBank Corp. disclosed a new Medium-term Management Plan. The summary slide (P.99) states that the company will promote “Activate AI for Society” and aim to maximize corporate value. Financial targets are to continuously achieve record-high operating income and net income, with FY2030 targets of operating income of JPY 1.7 tn and net income of JPY 700.0 bn. The non-financial target is to remain committed to achieving carbon neutrality by FY2030 (Scope 1 & 2), even with the expansion of AI data centers and related infrastructure. On shareholder returns, the plan is to aim for continuous dividend increases.

Medium-term Management Plan target	FY2030 (Plan)	FY2025 (Actual)
Operating Income	JPY 1.7 tn (CAGR 10%)	1,042.6
Net Income	700.0	550.8

Reference actuals shown alongside the targets are operating income of JPY 876.1 bn (FY2023), JPY 989.0 bn (FY2024) and JPY 1,042.6 bn (FY2025); and net income of JPY 489.1 bn (FY2023), JPY 526.1 bn (FY2024) and JPY 550.8 bn (FY2025).

Reviewing the previous Medium-term Management Plan (announced in May 2023), the company states that operating income exceeded initial forecasts in each of the past three fiscal years: JPY 876.1 bn versus an initial forecast of JPY 780.0 bn in FY2023, JPY 989.0 bn versus JPY 900.0 bn in FY2024, and JPY 1,042.6 bn versus the JPY 970.0 bn forecast announced with the Medium-term Management Plan in FY2025. On non-financial targets, the effective renewable energy ratio for electricity used by the Company reached 54% in FY2024 (actual) against an FY2025 target of 50%, described as achieved ahead of schedule, with 56% shown as the FY2025 estimate; the FY2030 100% target has been replaced with a non-financial target under the new Medium-term Management Plan.

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.