SoftBank (9434) Q2 2026 earnings summary

Executive summary

• Revenue, operating income, and net income reached record highs for the first half of FY2025, with all segments showing year-on-year growth and strong progress toward full-year targets.

• Non-telecom revenue share expanded to 63%, reflecting successful diversification into DX, fintech, and AI.

• Strategic growth initiatives advanced, including the launch of Sovereign Cloud with Oracle, Sarashina Mini LLM, and the SB OpenAI Japan joint venture for Crystal Intelligence.

• Significant growth in the Financial segment, with operating income more than doubling year-over-year, driven by PayPay's strong performance.

• Strategic acquisitions, including BEENOS Inc., LINE Bank Taiwan Limited, and LINE MAN CORPORATION PTE. LTD., contributed to revenue and expansion.

Financial highlights

• Revenue reached JPY 3,400.8 billion, up 8% year-on-year, with all segments contributing to growth.

• Operating income hit JPY 628.9 billion, a 7% increase year-on-year, with a 63% progress rate toward the full-year goal of JPY 1 trillion.

• Net income was JPY 348.8 billion, up 8% year-on-year, with a 65% progress rate toward the annual target.

• PayPay consolidated GMV up 25% year-on-year to JPY 9.2 trillion; PayPay consolidated EBITDA up 100% to JPY 48.3 billion.

• Total assets rose 9.2% to JPY 17,579.2 billion, and total equity increased 5.0% to JPY 4,477.6 billion as of September 30, 2025.

Outlook and guidance

• On track to achieve JPY 6,700–7,000 billion in full-year revenue, with strong momentum across all business lines.

• Next midterm plan aims to grow enterprise segment revenue to match the consumer segment, targeting JPY 3 trillion each.

• Anticipates further growth in AI, cloud, and fintech, with new services and infrastructure investments.

• No changes to previously announced forecasts for FY2025.

• Progress by segment toward full-year operating income targets: Consumer 60%, Enterprise 55%, Distribution 69%, Media & EC 62%, Financial 100%.