SoftBank Corp. (9434.T): Q1 results positive: OP rose, contrary to forecasts, outlook for cloud and AI bullish

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SoftBank Corp. (9434.T): Q1 results positive: OP rose, contrary to forecasts, outlook for cloud and AI bullish

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04 Aug 2026 07:38:00 ET │ 10 pages

SoftBank Corp. (9434.T)

Q1 results positive: OP rose, contrary to forecasts, outlook for cloud and

AI bullish

CITI'S TAKE Buy

Price (04 Aug 26 15:30) ¥220.4 FY3/27 Q1 results saw SoftBank Corp. report revenue of ¥1.8trn (YoY

Target price ¥255.0 +9.4%) and OP of ¥302.3bn (YoY +4%), with the firm achieving both

revenue and profit growth. Last FY included one-time gains and the Expected share price return 15.7%

company had been anticipating a YoY OP decline, so the OP growth it Expected dividend yield 4.0%

actually delivered creates a positive impression. Consensus OP was Expected total return 19.7%

¥266bn. While we expected Q1 results from major listed subsidiaries in Market Cap ¥10,546,453M

media & e-commerce and finance businesses to exceed SoftBank's initial US$67,100M

expectations, businesses operated directly by SoftBank Corp. such as

enterprise and consumer also performed strongly. Notably, enterprise

cloud and AI revenue grew 31% YoY. For cloud AI, the company projected a

revenue outlook of ¥430bn in FY3/28 (CAGR of 30%), demonstrating Keiichi YoneshimaAC

confidence in future expansion. Both results and outlook create a positive +81-3-6776-8033

impression. keiichi.yoneshima@citi.com

Implications — Q1 results appear to have exceeded company expectations for OP by

several tens of billions of yen. We find it impressive that not only media & e-

commerce and finance performed well, but that consumer and enterprise also

showed strength. Moreover, SoftBank Corp. outlined a bullish outlook on cloud and

AI, stating that the firm will deliver gross margins above 30%, making this a notable

earnings driver to watch.