SoftBank (9434) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2024, was ¥4,811.5 billion, up 6.6%–7% year-over-year, with all segments showing growth.

• Operating income rose 12%–12.3% to ¥821.9 billion, and net income attributable to owners increased 7%–7.4% to ¥436.6 billion.

• Adjusted EBITDA for the period was ¥1,371.8 billion (+4.8%), with Q3 FY24 at ¥435.4 billion and a margin of 26.2%.

• The company is progressing well against its revised earnings forecast, achieving over 85% of both operating and net income targets.

• Strategic focus on digitalization, AI, and diversifying revenue beyond telecommunications, with strong performance in financial, enterprise, and media/EC segments.

Financial highlights

• Enterprise segment revenue grew 10.4% to ¥673.6 billion, with cloud and security solutions up 27%.

• Media & EC revenue increased 4.4% to ¥1,252.3 billion; segment income surged 33.3%, with a one-time gain; excluding this, operating income was up 70%.

• Financial business revenue rose 19.2% to ¥203.6 billion, with PayPay's consolidated revenue up 18% and GMV up 23% to ¥11.3 trillion.

• Consumer business revenue was ¥2,181.0 billion, up 2.8%–3%, with mobile sales recovering and smartphone subscribers increasing by 4%.

• Distribution segment revenue was ¥616.0 billion (+35.2%), with strong ICT and AI product sales.

Outlook and guidance

• FY2025 forecast: Revenue ¥6,350.0 billion (+4.4% year-over-year), operating income ¥950.0 billion (+8.4%), net income attributable to owners ¥510.0 billion (+4.3%), basic EPS ¥10.66.

• Management expects positive revenue and income trends to continue for the full year, with a strong outlook for all segments.

• No change to previously announced guidance; focus remains on digital infrastructure and AI-driven growth.