SBI Holdings FY26 Net Profit Soars 164% to ¥428bn as Revenue Jumps 31% to ¥1.90trn; Brokerage, Banking and Investment Gains Combine

SBI Holdings, Inc. (TSE: 8473), the diversified Japanese financial-services group built around SBI SECURITIES — Japan's largest retail online broker — released its FY3/2026 consolidated earnings short report (Kessan Tanshin) under IFRS on May 1, 2026. Revenue rose 31.4% year-on-year to a record ¥1,896.6 billion, profit before income tax expense surged 83.0% to ¥516.7 billion, and profit for the year leapt 127.6% to ¥430.5 billion. Profit attributable to owners of the parent more than doubled, up 163.7% to ¥427.6 billion (from ¥162.1 billion), with basic EPS of ¥666.82 against ¥536.09 a year earlier — both figures restated for the 1-for-2 stock split effected on December 1, 2025. Total comprehensive income jumped 344.7% to ¥511.1 billion.

Net profit more than doubles to a record ¥428 billion

The headline figure for FY3/2026 is a near-tripling of profit attributable to owners — a 163.7% increase to ¥427.6 billion, by far a record for the group. The gain was broad-based rather than driven by a single one-off: SBI's two largest profit centres, online brokerage and banking, both grew strongly; equity-method investment income climbed sharply; and the venture/private-equity investment business booked substantial valuation gains. Pre-tax profit of ¥516.7 billion (+83.0%) and the larger jump in bottom-line profit reflect both operating strength and a favourable mix of investment results and minority-interest allocations across the sprawling group structure.

Online brokerage and banking power the revenue engine

SBI's core franchise is SBI SECURITIES, which by retail account count and order flow is Japan's largest online broker — a position cemented by the group's pioneering move to zero-commission domestic equity trading, which drove account growth and lifted ancillary revenue from FX, margin lending, investment trusts and underwriting. Alongside the securities business, SBI Shinsei Bank contributed a growing share of group revenue as the banking platform expanded its loan book and integrated more deeply with the group's retail customer base. Together, the brokerage and banking operations — reported within SBI's Financial Services Business — were the primary driver of the 31.4% revenue increase to ¥1,896.6 billion, the group's first year above the ¥1.9 trillion mark.

Investment-business valuation gains and ¥95.5 billion equity-method income

The second leg of the result was SBI's investment business — its venture-capital and private-equity portfolio, asset management, crypto-asset operations and strategic holdings. Rising public and private market valuations translated into substantial fair-value and realised gains on the investment portfolio during the year. Reinforcing this, equity-method investment income — earnings from associates and joint ventures accounted for under the equity method — more than tripled to ¥95.5 billion, up from ¥29.5 billion the prior year. This combination of valuation gains and equity-method earnings is what tipped pre-tax profit up 83% even as the underlying financial-services operations grew at a more measured pace.

¥38 trillion balance sheet, 1-for-2 split, and ¥1.69trn operating cash flow

As a financial group spanning a bank, a brokerage, insurance and investment vehicles, SBI carries a very large balance sheet: total assets stood at ¥38,290.8 billion (¥38.29 trillion) at fiscal year-end. Owners' equity was ¥1,794.9 billion, giving an owners' equity ratio of 4.7% — a level typical for a deposit-taking, asset-heavy financial holding company rather than a sign of leverage stress, since the bulk of the balance sheet is matched banking and customer assets. Operating cash flow was a robust ¥1,694.8 billion. During the year, SBI effected a 1-for-2 stock split on December 1, 2025, halving the per-share unit price to broaden retail ownership; all per-share figures in this report — including the ¥666.82 EPS and the dividend — are restated as if the split had been in force from the start of the prior year.

Dividend set at ¥115; FY27 payout undecided

For FY3/2026, SBI set a total annual dividend of ¥115 per share — a ¥40 interim dividend plus a ¥75 year-end dividend — for total dividend payments of ¥61,689 million and a consolidated payout ratio of 14.2%. On a pre-split basis the prior year's reference was ¥170, so the headline per-share figure reflects the December 2025 split rather than a cut in distribution policy. The modest payout ratio leaves the group ample retained capital to fund its banking growth, investment commitments and continued M&A. The FY3/2027 dividend was left undecided at this stage, consistent with SBI's practice of fixing distributions as visibility on investment results and group capital needs firms up through the year.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.