Summary of Earnings
Results Briefing
for FY2025
| Date | Monday, May 11, 2026 4:00 pm - 5:25 pm |
|---|---|
| Speakers |
SoftBank Corp. Jun Shimba (Director & Chairman) Junichi Miyakawa (President & CEO) Kenichi Takashima (Deputy President & COO) Hayato Sakurai (Deputy President & COO) Osamu Akiyama (Senior Vice President & CFO) |
Summary
At the earnings results briefing, Mr. Junichi Miyakawa, President & CEO of SoftBank Corp., discussed "Consolidated Results for FY2025" and "Review of the Previous Medium-term Management Plan (announced in May 2023)." In addition, Mr. Miyakawa discussed the "Recognition of the Business Environment for the Next Medium-Term Management Plan" as well as the details of the "Medium-term Management Plan (FY2026 to FY2030)."
1. Consolidated Results for FY2025
Company-wide Results
- Revenue for FY2025 was ¥7,038.7 billion, up 8% year on year and reached record high. Revenue increased in all segments.
- Operating income*1 was ¥1,042.6 billion, up 5% year on year. Profit increased in four segments (Consumer / Enterprise / Distribution / Financial).
- Net income attributable to owners of SoftBank Corp.*1 was ¥550.8 billion, up 5% year on year.
- Primary free cash flow*3 was ¥633.6 billion, maintaining a high level.
- We plan to pay a year-end dividend per common share of ¥4.3*4 as committed at the beginning of the fiscal year (annual dividend per share of ¥8.6*4).
2. Review of the Previous Medium-term Management Plan (announced in May 2023)
- Operating income and net income attributable to owners of SoftBank Corp. exceeded initial forecasts at the previous Medium-term Management Plan in each of the past three fiscal years.
- Achieved financial targets (FY2025 revenue, operating income, and net income attributable to owners of SoftBank Corp.) by exceeding the revised figures after two upward revisions.
- Achieved all business targets across all segments.
- CAPEX achieved below ¥330.0 billion per year over three years. (Average ¥325.3 billion/year)
- Consistently generated over ¥600.0 billion annually in primary free cash flow*3.
- Maintained a stable dividend per common share of ¥8.6*5 from FY2023 through FY2025, continuing our commitment to high-level shareholder returns.
- Achieved the target for the ratio of renewable energy usage (electricity used by the Company)*6 ahead of schedule, originally set for FY2025. The target for FY2030 has been replaced by the new non-financial targets of the new Medium-term Management Plan.
Financial targets of the previous Medium-term Management Plan and financial results of FY2025
| Targets (announced in May 2023) |
Result | Evaluation | |
|---|---|---|---|
| Revenue | ¥6,500.0 billion | ¥7,038.7 billion | Exceeded targets after two upward revisions |
| Operating income*1 | ¥970.0 billion | ¥1,042.6 billion | |
| Net income attributable to owners of SoftBank Corp. *1 | ¥535.0 billion | ¥550.8 billion |
Shareholder return targets (FY2023 to FY2025)
| Targets (announced in May 2023) |
Result | Evaluation | |
|---|---|---|---|
| Dividend per share | Maintain high level of shareholder returns | Maintain ¥8.6*4*5 | Achieved |
3. Recognition of the Business Environment for the Next Medium-term Management Plan
- We anticipate that autonomous driving and robotics will become widespread as services within the next five years.
- As we enter an era where inference is executed on a daily basis, the focus of AI will shift toward inference.
- By leveraging the Next-generation Social Infrastructure we have proactively developed, we are transitioning to the social implementation and monetization phase of AI.
4. Medium-term Management Plan (FY2026 to FY2030)
- This Medium-term Management Plan represents the third phase of our roadmap toward the realization of our Long-term Vision.
- We aim to further grow our businesses while striving to complete the Next-generation Social Infrastructure.
(1) Promote the "Activate AI for Society" Growth Strategy
- We will aim to activate the potential of AI across all businesses and drive its implementation in society.
(2) Positioning of Long-term Vision
and Medium-term Management Plan
- Through the promotion of the growth strategy "Activate AI for Society," we will enhance corporate value through the realization of the Long-term Vision.
- Revised material issues to enhance corporate value and realize a sustainable society.
(3) Financial Targets (FY2030)
| FY2030 Target | |
|---|---|
| Revenue | ¥9 trillion |
| Operating income | ¥1.7 trillion |
| Net income attributable to owners of SoftBank Corp. | ¥700 billion |
| Targets | |
|---|---|
| Shareholder returns | Dividend per common share is forecasted to increase to ¥8.8 for FY2026 Aim to continuously increase dividend per common share in line with profit growth during the Medium-term Management Plan |
(4) Growth Strategy by Segments
| Targets for the Medium-term Management Plan (FY2026–FY2030) | |
|---|---|
| Enterprise segment | Cloud & AI revenue: Double by FY2030 (compared to FY2025) |
| Segment income: Double by FY2030 (compared to FY2025) | |
| Consumer segment | Mobile service revenue: Continuous growth |
| Segment income: Continuous growth | |
| Distribution segment | Segment income: ¥40 billion (FY2030) |
| Financial segment | Continuous growth in existing businesses (payments and financial services) |
| Pursue domestic and global opportunities following U.S. listing | |
| Media & EC segment | Evolving customer experience and drive business growth through AI agents |
1. Enterprise segment
- We will integrate our commercial AI computing infrastructure and AI data centers into the Enterprise segment to clarify our growth strategy, as well as disclose "Cloud & AI" as a new focus area.
- Drive solution expansion and Cloud & AI growth, supported by steady progress in the telecommunications business.
- Starting to monetize Japan's top-level AI computing infrastructure and the AI data centers in Tomakomai City, Hokkaido Prefecture, and Sakai City, Osaka Prefecture, providing GPU cloud and sovereign cloud services.
- Leverage our enterprise customer base to accelerate monetization through the deployment of AI services like "Crystal intelligence."
2. Consumer segment
- Focus on penetration of new pricing plans, leveraging the Group ecosystem, and acquiring and retaining long-term users.
- Envisioning a society that coexists with AI, we will drive the evolution of services, customer touchpoints, and networks.
3. Financial segment
- Focus on expanding online and credit card payments, while targeting growth in the financial domain, primarily through SME (Small and Medium Enterprise) loans, to increase interest income.
- Maximize business opportunities by strengthening Group synergies and leveraging the strategic partnership with Visa Inc. (announced in February 2026).
4. Media & EC segment
- Aim to evolve customer experience and drive business growth through the AI agent service "Agent i," announced in April 2026.
5. Initiatives for Medium- to Long-term Growth
- Establish "AX (AI Transformation) Factory" and "GX (Green Transformation) Factory" at the Osaka Sakai AI Data Center.
- Develop the AX Factory as an AI data center with a 140MW power capacity*7, capable of housing AI computing infrastructure with 110 ExaFLOPS of performance.
- Manufacture innovative batteries (zinc-halogen batteries) at the GX Factory.
- Deploy these innovative batteries in our own facilities while aiming for future external sales and monetization. Revenue target for FY2030 is over ¥100 billion.
6. ESG Management / Non-financial Target
- Drive initiatives to achieve both AI-driven business growth and the realization of a sustainable society.
- Commit to achieving carbon neutrality (Scope 1 and 2) by FY2030 as a non-financial target, even as we expand AI data centers.
7. Capital Allocation
- Announced our capital allocation policy for the three-year cumulative period from FY2026 to FY2030 (excluding LY Corporation, PayPay Corporation, etc.).
- Generate ¥3.4 trillion in operating cash flow (primarily from Consumer and Enterprise segments)*8 by monetizing telecommunications and AI-related businesses.
- This operating cash flow will exceed the total of CAPEX for telecom-related (¥1.5 trillion), payments for land/building leases for base station deployment*9 (¥0.4 trillion), and total dividends (¥1.3 trillion), providing surplus funds for additional investment and financial improvement.
- While balancing financial soundness and capital efficiency, we have secured ¥1.0 trillion for strategic investments, including AI-related initiatives.
- ¥1.0 trillion for strategic investment will be secured and executed while maintaining our financial discipline (adjusted net leverage ratio*10 in the mid-2x range) and considering capital efficiency (consolidated adjusted ROE*11 around 20%).
5. Financial Forecast for FY2026
Consolidated Financial Forecast
| FY2025 (Actual) |
FY2026 (Forecast) |
YoY | YoY% | |
|---|---|---|---|---|
| Revenue | ¥7,038.7 billion | ¥7,500.0 billion | +¥461.3 billion | +7% |
| Operating income | ¥1,042.6 billion | ¥1,100.0 billion | +¥57.4 billion | +6% |
| Net income attributable to owners of SoftBank Corp. | ¥550.8 billion | ¥560.0 billion | +¥9.2 billion | +2% |
Operating Income Forecast by Segment
| FY2025 (Actual) |
FY2026 (Forecast) |
YoY | YoY% | |
|---|---|---|---|---|
| Consumer segment | ¥550.8 billion | ¥560.0 billion | +¥9.2 billion | +2% |
| Enterprise segment | ¥192.4 billion | ¥230.0 billion | +¥37.6 billion | +20% |
| Distribution segment | ¥35.3 billion | ¥36.0 billion | +¥0.7 billion | +2% |
| Media & EC segment | ¥240.4 billion | ¥264.0 billion | +¥23.6 billion | +10% |
| Financial segment | ¥86.3 billion | ¥110.0 billion | +¥23.7 billion | +27% |
| Other / growth investments | -¥62.6 billion | -¥100.0 billion | -¥37.4 billion | - |
| Total | ¥1,042.6 billion | ¥1,100.0 billion | +¥57.4 billion | +6% |
- [Notes]
-
- *1Including one-time factors*2
- *2Operating income:
FY2024: Gain relating to loss of control of IPX Corporation (formerly LINE Friends Corporation), LINE NEXT Corporation, and ValueCommerce Co., Ltd.
FY2025: Remeasurement gain on step acquisitions of LINE MAN CORPORATION PTE. LTD. and LINE Bank Taiwan Limited
Net income attributable to owners of SoftBank Corp.:
FY2024: Gain relating to loss of control of IPX Corporation (formerly LINE Friends Corporation), LINE NEXT Corporation, and ValueCommerce Co., Ltd., tax implications of organizational restructuring, and others
FY2025: Remeasurement gain on step acquisitions of LINE MAN CORPORATION PTE. LTD. and LINE Bank Taiwan Limited, tax effects relating to PayPay Corporation, and tax implications of organizational restructuring, and others - *3Primary free cash flow is 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.). Long-term growth investments include investments in AI computing infrastructure and AI data centers.
- *4The year-end dividend per share for FY2025 is scheduled to be submitted for approval to the Board of Directors of the Company at a meeting planned for May 15, 2026.
- *5The Company has conducted a stock split whereby each share of the Company's common shares was split into 10 shares, with the effective date being October 1, 2024. The equity per share attributable to owners of the Company prior to October 1, 2024 have been adjusted to reflect this stock split.
- *6Total of SoftBank Corp. and Wireless City Planning Inc.
- *7The power capacity assumed to be required for the AI computing infrastructure with a performance of 110 ExaFLOPS currently under development.
- *8Includes the effect of securitization of installment sales receivables.
- *9Payments of lease liabilities related to network equipment, properties for base stations and space for structures, properties for communications network, and lease expenses for offices and warehouses, etc.
- *10Excludes net interest-bearing debt and adjusted EBITDA of A Holdings Corporation, LY Corporation and its subsidiaries, B Holdings Corporation, PayPay Corporation, PayPay Card Corporation, PayPay Bank Corporation, PayPay Securities Corporation, etc. as well as interest-bearing debt of securitization of installment sales receivables, and cash reserve for securitization of sales receivables. Net leverage ratio = net interest-bearing debt / adjusted EBITDA (LTM)
- *11(Net income attributable to owners of SoftBank Corp. - Total dividends on Bond-type Class Shares) / (Equity attributable to owners of SoftBank Corp. - outstanding balance of Bond-type Class Shares)
- *1