SoftBank (9434) Q4 2025 earnings summary

Executive summary

• Revenue for FY2024 rose to ¥6,544.3 billion, up 7.6% year-over-year, with all segments contributing to profit growth and the Financial segment turning profitable.

• Net income attributable to owners increased 7.6% to ¥526.1 billion, with overall net income up 11.0% to ¥655.3 billion.

• Adjusted EBITDA grew 5.1% to ¥1,753.1 billion, with a margin of 26.8%.

• Operating income rose 12.9% to ¥989.0 billion, achieving midterm plan targets ahead of schedule.

• PayPay surpassed ¥30 billion in operating income and began IPO preparations.

Financial highlights

• Free cash flow was ¥372.7 billion, with primary free cash flow at ¥603.3 billion.

• Capital expenditures increased to ¥912.8 billion, driven by AI and data center investments.

• Net interest-bearing debt at year-end was ¥4,283.3 billion, with net leverage ratio improving to 2.3–2.6x.

• Shareholders' equity rose by ¥366.6 billion, with equity ratio up to 17.0%.

• Cash and cash equivalents at year-end totaled ¥1,435.5–1,932.5 billion.

Outlook and guidance

• FY2025/FY2026 revenue forecast is ¥6,700.0 billion, with operating income of ¥1,000.0 billion and net income guidance of ¥540.0 billion.

• Dividend to be maintained, with annual dividend per share for FY2026 planned at ¥8.60 (post-split).

• CapEx for telecom to average ¥325–700 billion per year, with continued growth investments in AI.