# SoftBank Group Corp.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YGH5)
> Page: https://vizora.meequs.com/en/company/softbank-group
> Retrieved: 2026-09-30T19:02:01.357Z

## Company

SoftBank Group, founded in 1981, is a company in Telecom Carriers listed on TSE Prime. It has 73,677 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SoftBank Group Corp. |
| Ticker | 9984 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9984.T) |
| Listing | TSE Prime |
| Head office | 東京都港区海岸一丁目7番1号 |
| Representative (per filing) | 代表取締役 会長兼社長執行役員 孫 正義 |
| Founded | Sep 1981 |
| Share capital | ¥238.8B |
| Employees (consolidated) | 73,677 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | March |
| Website | group.softbank (https://group.softbank/) |
| Corporate number | 1010401056795 |
| EDINET | E02778 |
| Industries (Vizora) | Telecom Carriers, Internet Services & Apps, Electric Power & Gas, Semiconductors, Professional Sports |

> Profile source: annual securities report (S100YGH5, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 40 |
| Efficiency | 1 | 52 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 90% of SoftBank Group's sales come from SoftBank, with AI Computing, Reportable segment and Other making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +7.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.8T |  |
| Operating income | — | Margin — |
| Net income | ¥5T | Margin 64.1% |
| Free cash flow | -¥2.16T |  |
| Largest business | SoftBank | of segment revenue 90.2% |
| Employees (consolidated) | 73,677 |  |
| EPS | ¥873.51 |  |
| Diluted EPS | ¥872.47 |  |
| Book value per share | ¥1195.94 |  |
| Equity ratio | 29.0% | Derived from disclosed figures |
| Shares outstanding | 5,711,848,120 |  |
| Treasury shares | 12,924,400 |  |
| Shareholders | 338,396 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 8.8% | Net cash -¥19.3T · Cash ÷ revenue 68.8% |
| ROE | 34.3% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.5× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5628167000000 | ¥7798650000000 | +38.6% |
| Employees | 58,786 people | 73,677 people | +25.3% |
| Cash and equivalents | ¥4662725000000 | ¥5362150000000 | +15.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソフトバンク事業 → ソフトバンク事業 | 90.2% |
| ソフトバンク事業 → 事業再編・廃止 | 2.0% |
| アーム事業 → 事業再編・廃止 | 3.7% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 2.5% |
| 新設・再編 → AIコンピューティング事業 | 8.2% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| SoftBank | 5 years | +6.3% | ¥7033969000000 | — | 2 |
| AI Computing, Reportable segment | — | — | ¥640309000000 | — | 2 |
| Other | 5 years | -11.4% | ¥124372000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,798,650 | 100.0% | S100YGH5 |
| Cost of revenue | 3,782,511 | 48.5% | S100YGH5 |
| Gross profit | 4,016,139 | 51.5% | S100YGH5 |
| SG&A | 4,020,928 | 51.6% | S100YGH5 |
| Pretax income | 6,134,905 | 78.7% | S100YGH5 |
| Income tax | 502,929 | 6.4% | S100YGH5 |
| Net income | 5,631,976 | 72.2% | S100YGH5 |
| Net income attributable to owners | 5,002,271 | 64.1% | S100YGH5 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 52 |
| Operating income | 0 |
| (Ref.) Net income | 64 |

### Margin funnel

Gross margin 51.5% → Net margin 64.1%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,243,752 | 7,798,650 | 554,898 | +7.7% |
| Gross profit | 3,754,203 | 4,016,139 | 261,936 | +7.0% |
| Net income attributable to owners | 1,153,332 | 5,002,271 | 3,848,939 | +333.7% |
| Operating cash flow | 203,580 | -428,832 | -632,412 | -310.6% |
| Free cash flow | -650,593 | -2,162,662 | -1,512,069 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2015 | 8,504,135 | 918,720 | 10.8% | 668,361 | 1,155,174 | — | S100G1JI |
| FY ending Mar 2016 | 8,881,777 | 908,907 | 10.2% | 474,172 | 940,186 | — | S100IYQ1 |
| FY ending Mar 2017 | 8,901,004 | 1,025,999 | 11.5% | 1,426,308 | 1,500,728 | — | S100LVY9 |
| FY ending Mar 2018 | 9,158,765 | 1,303,801 | 14.2% | 1,038,977 | 1,088,623 | 23,788 | S100G1JI |
| FY ending Mar 2021 | 5,628,167 | — | — | 4,987,962 | 557,250 | -89,638 | S100OCUV |
| FY ending Mar 2022 | 6,221,534 | — | — | -1,708,029 | 2,725,450 | 1,890,377 | S100QZOM |
| FY ending Mar 2023 | 6,570,439 | — | — | -970,144 | 741,292 | 107,527 | S100TP3N |
| FY ending Mar 2024 | 6,756,500 | — | — | -227,646 | 250,547 | -372,065 | S100W4HN |
| FY ending Mar 2025 | 7,243,752 | — | — | 1,153,332 | 203,580 | -650,593 | S100YGH5 |
| FY ending Mar 2026 | 7,798,650 | — | — | 5,002,271 | -428,832 | -2,162,662 | S100YGH5 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105.8M |
| Net income per employee (consolidated) | ¥67.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 59,721 | 63,339 | 65,352 | 67,229 | 73,677 |
| Average salary (parent company) | ¥13.2M | ¥13.4M | ¥13.6M | ¥13.6M | ¥13.2M |
| Average age (parent company) | 40.6 years | 40.5 years | 41.5 years | 41.3 years | 41.2 years |
| Average tenure (parent company) | 9.4 years | 9.5 years | 10.3 years | 10.1 years | 10.1 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) +7.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| SoftBank | 7,033,969 | 90.2% | — | — |
| AI Computing, Reportable segment | 640,309 | 8.2% | — | — |
| Other | 124,372 | 1.6% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| SoftBank | 90.2% |
| AI Computing, Reportable segment | 8.2% |
| Other | 1.6% |

Segment → industry: SoftBank → Telecom Carriers / SoftBank → Internet Services & Apps / Other → Electric Power & Gas / AI Computing, Reportable segment → Semiconductors / Other → Professional Sports

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -428,832 | -5.5% | S100YGH5 |
| Capital expenditure | 1,733,830 | 22.2% | S100YGH5 |
| Free cash flow | -2,162,662 | -27.7% | 算出 |
| Investing cash flow | -4,507,172 | -57.8% | S100YGH5 |
| Financing cash flow | 6,377,307 | 81.8% | S100YGH5 |
| Dividends paid | 62,909 | 0.8% | S100YGH5 |
| Share buyback | 93,241 | 1.2% | S100YGH5 |
| Change in cash | 1,649,122 | 21.1% | S100YGH5 |
| Cash and equivalents | 5,362,150 | 68.8% | S100YGH5 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,169,001 | 6,925,153 | 6,186,874 | 3,713,028 | 5,362,150 | S100TP3N, S100W4HN, S100YGH5 |
| Total assets | 47,544,670 | 43,936,368 | 46,724,243 | 45,013,756 | 60,749,547 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Net assets | 11,707,762 | 10,649,215 | 13,237,169 | 13,953,026 | 20,468,432 | S100TP3N, S100W4HN, S100YGH5 |
| Share capital | 238,772 | 238,772 | 238,772 | 238,772 | 238,772 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Property, plant and equipment | 1,842,749 | 1,781,142 | 1,895,289 | 2,830,185 | 3,446,559 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Goodwill | 4,897,913 | 5,199,480 | 5,709,874 | 5,781,931 | 7,314,532 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Current assets | 10,028,589 | 10,586,482 | 11,441,393 | 9,432,918 | 11,815,601 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Interest-bearing debt | 21,457,432 | 19,478,194 | 20,567,524 | 18,006,330 | 24,685,116 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Total liabilities | 35,836,908 | 33,287,153 | 33,487,074 | 31,060,730 | 40,281,115 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Equity attributable to owners of parent | 9,975,674 | 9,029,849 | 11,162,125 | 11,561,541 | 17,621,823 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Retained earnings | 4,515,704 | 2,006,238 | 1,632,966 | 2,701,792 | 7,323,791 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |
| Treasury stock | -406,410 | -38,791 | -22,725 | -256,251 | -24,761 | S100QZOM, S100TP3N, S100W4HN, S100YGH5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGH5 |
| Property, plant and equipment | 6% | S100YGH5 |
| Intangibles and goodwill | 12% | — |
| Other assets | 73% | S100YGH5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 40% | S100YGH5 |
| Other liabilities | 26% | S100YGH5 |
| Equity | 34% | S100YGH5 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 47,544,670 | 43,936,368 | 46,724,243 | 45,013,756 | 60,749,547 |
| Equity | 11,707,762 | 10,649,215 | 13,237,169 | 13,953,026 | 20,468,432 |
| Interest-bearing debt | 21,457,432 | 19,478,194 | 20,567,524 | 18,006,330 | 24,685,116 |
| Cash | 5,169,001 | 6,925,153 | 6,186,874 | 3,713,028 | 5,362,150 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 44.2% | S100YGH5 |
| Fixed assets ÷ total assets | 5.7% | S100YGH5 |
| Goodwill ÷ parent equity | 41.5% | S100YGH5 |

Goodwill over 4 years: 4,897,913 → 7,314,532 JPY; total investing cash flow: -9,451,249 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 8.8% |
| Cash ÷ revenue | 68.8% |
| Net cash (cash − interest-bearing debt) | -¥19.3T |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -5,431,103 JPY mn (of net income -108.6%) |
| Shareholder returns / net income | 3.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 22.2% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -3.6% | —× | — | S100QZOM |
| 2023 | — | —× | -2.1% | —× | — | S100TP3N |
| 2024 | — | —× | -0.5% | —× | — | S100W4HN |
| 2025 | 15.9% | 0.16× | 2.5% | 4.04× | 10.2% | S100YGH5 |
| 2026 | 64.1% | 0.15× | 9.5% | 3.62× | 34.3% | S100YGH5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 孫 正義 | Major shareholder | 32.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 16.5% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.6% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 380763 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥7.8T, up +7.7% from ¥7.24T.
- Net income attributable to owners climbed from ¥1.15T to ¥5T, a +333.7% increase.
- Cash tells a different story: operating cash flow swung from ¥203.6B to -¥428.8B, and free cash flow widened to -¥2.16T.

### Drivers

- The Vision Fund segment recorded large investment gains on its OpenAI stake, lifting total investment gains well above the prior year
- Both the SoftBank segment and the AI Computing segment grew sales
- SG&A rose on smartphone sales costs, higher R&D at the AI Computing segment, and share-based pay at Energy Global

### Risks

- The value of its holdings moves with stock markets and with how investors price AI companies, and Arm makes up a large share
- It needs to refinance or repay the bridge facility taken out to fund the new OpenAI investment
- Tighter national-security rules and export controls could block or delay investments and sales

Cited: Annual Securities Report (46th fiscal year) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (46th fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YGH5 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGH5,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W4HN | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4HN,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TP3N | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP3N,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100QZOM | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZOM,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OCUV | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCUV,, |
| 訂正有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LVY9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVY9,, |
| 有価証券報告書－第40期(平成31年4月1日－令和2年3月31日) | S100IYQ1 | 2020-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IYQ1,, |
| 有価証券報告書－第39期(平成30年4月1日－平成31年3月31日) | S100G1JI | 2019-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G1JI,, |
| 有価証券報告書－第38期(平成29年4月1日－平成30年3月31日) | S100D87G | 2018-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100D87G,, |
| 有価証券報告書－第37期(2016/04/01－2017/03/31) | S100AHUP | 2017-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100AHUP,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).