SoftBank Group Corp. Revenue & Financials

SoftBank reported $48.1 billion in FY2024 revenue, up from $46 billion in FY2023, with net income of $8.07 billion — a sharp recovery from the Vision Fund losses that produced net losses in FY2022 and FY2023. The recovery reflects both ARM Holdings' dramatic post-IPO performance and improved valuations across the Vision Fund portfolio as technology growth multiples recovered from the 2022 compression. The financial architecture is intentionally difficult to evaluate on conventional metrics. The telecommunications segment — SoftBank Corp — generates approximately $14-15 billion in revenue annually with EBITDA margins above 25%, producing the stable cash flows that service the group's bond debt and fund the Vision Fund's liquidity requirements. This segment is the anchor. The Vision Fund positions are marked to market quarterly, creating earnings volatility that makes quarterly GAAP results almost meaningless as a measure of the company's underlying value. ARM Holdings' post-IPO market performance has been the most significant driver of SoftBank's net asset value. SoftBank retained approximately 90% of ARM through the 2023 IPO, and ARM's AI narrative — the company's chips are increasingly used in data center processors and AI inference hardware — drove its market capitalization to levels that significantly increased SoftBank's net asset value per share. Market capitalization of approximately $110 billion compares to a net asset value that is substantially higher when ARM's retained stake is marked at current market prices, a discount that reflects the difficulty of valuing a highly leveraged holding company that owns a portfolio of illiquid technology investments alongside a Japanese telco and a majority stake in a publicly traded chip IP company. Son's target for the next capital deployment phase involves AI infrastructure at a scale that would dwarf the original Vision Fund.