SoftBank Group Corporation (TSE: 9984) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY2026) under IFRS. Revenue rose 7.7% year-on-year to ¥7,798.7 billion, while pre-tax profit surged 259.9% to ¥6,134.9 billion. Profit attributable to owners of the parent reached ¥5,002.3 billion, up 333.7% from ¥1,153.3 billion in the prior year, lifting basic EPS to ¥873.51 (versus ¥195.20, restated for the 1-for-4 share split effective January 1, 2026). The parent-owners' equity ratio improved to 29.0% from 25.7%.
Vision Fund 2 carries the year on OpenAI
The principal driver was the Vision Fund (SVF) segment, which delivered investment gains of ¥6,638.6 billion versus ¥387.6 billion a year earlier. SVF2 alone recorded gains of ¥6,853.7 billion, predominantly from a ¥6,465.5 billion mark-up on OpenAI exposure. By fiscal year-end, cumulative investment in OpenAI stood at US$34.6 billion with a fair value of US$79.6 billion — unrealized gains of US$45.0 billion. SoftBank completed the second closing of its US$40 billion (later raised to US$41 billion) commitment via a US$22.5 billion injection in December 2025 and, in February 2026, signed a further US$30 billion commitment across three tranches.
The Holding Company Investment segment posted gains of only ¥218.1 billion (versus ¥3,413.8 billion) and a segment loss of ¥472.1 billion. NVIDIA disposals contributed ¥339.1 billion (32.1 million shares sold for US$5.83 billion); the September 2025 Intel investment was marked up ¥278.6 billion. These were offset by T-Mobile losses of ¥656.8 billion (75.4 million shares sold for US$16.25 billion) and Alibaba forward-contract losses of ¥169.7 billion.
Telecom steady, AI Computing in investment mode
The SoftBank telecommunications segment generated revenue of ¥7,040.9 billion (+7.6%) and segment profit of ¥965.0 billion (+6.5%), with PayPay listing ADSs on Nasdaq in March 2026 (proceeds of ¥96.3 billion to PayPay and ¥57.6 billion to SVF2; SoftBank retained 90.7% control). The newly disclosed AI Computing segment (Arm, Ampere, Graphcore) posted revenue of ¥640.3 billion (+8.5%) but a segment loss of ¥137.3 billion on higher R&D, Ampere consolidation costs and acquisition-related expenses. Ampere Computing Holdings was acquired for US$6.5 billion (closed November 25, 2025), generating provisional goodwill of ¥1,078.6 billion. Arm unveiled its first in-house silicon, the Arm AGI CPU, developed with Meta and targeting OpenAI and SAP — a strategic shift from IP licensing toward direct chip supply.
Aggressive financing for the OpenAI program
Operating cash flow was negative ¥428.8 billion (tax payments ¥821.6 billion); investing cash outflow reached ¥4,507.2 billion, including SVF investment outflows of ¥5,106.1 billion (mainly OpenAI) and Ampere-related cash outflow of ¥930.8 billion. Financing inflows of ¥6,377.3 billion reflected ¥11,948.2 billion of new debt, including ¥1,120 billion of domestic bonds, ¥2,000 billion of hybrid notes, US$15 billion of bridge loans for OpenAI/Ampere, and a US$11.5 billion increase in the Arm-collateralized margin loan. Period-end cash and equivalents rose to ¥5,362.2 billion. Post-period, in April 2026, SoftBank drew US$20 billion under a newly arranged US$40 billion bridge facility primarily for OpenAI funding.
Full-year FY26 dividends totaled ¥44.00 on a pre-split basis (interim ¥22.00 plus year-end ¥5.50 post-split). For FY27, SoftBank guides ¥11.00 annual (¥5.50 interim and year-end). A ¥330.3 billion share buyback program completed in August 2025, and 42,033,200 treasury shares were cancelled on October 31, 2025. Management refrained from issuing FY27 earnings guidance.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 7,798.7 | 7,242.0 | +7.7% |
| Pre-tax profit (¥ billion) | 6,134.9 | 1,704.5 | +259.9% |
| Net profit attrib. to owners (¥ billion) | 5,002.3 | 1,153.3 | +333.7% |
| Basic EPS (¥, post split-adjusted) | 873.51 | 195.20 | +347.5% |
| SVF investment gain (¥ billion) | 6,638.6 | 387.6 | ×17 |
| Total assets (¥ billion) | 60,749.5 | 53,876.0 | +12.8% |
| Equity ratio (parent owners) | 29.0% | 25.7% | +3.3pp |
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.