SoftBank Returns to Profit as AI Focus Drives Gains

SoftBank has moved back into the black, underpinned by a strong quarter and notable value increases in its AI-related bets. For the quarter through December 2025, the group posted a solid net profit, driven largely by the SoftBank Vision Fund?s marked gains, with OpenAI playing a pivotal role. The question remains how durable this AI-fueled momentum will prove to be.

Key figures at a glance
- Quarter net profit: 248.6 billion yen (October?December 2025)
- Nine-month profit: 3.17 trillion yen (April?December 2025)
- Quarterly revenue: 1.98 trillion yen (+8%)
- OpenAI stake value: about $19.8 billion (as of December)
- Share of OpenAI: about 11%
- Vision Fund result: +3.6 billion yen (April?December 2025)

OpenAI and the Vision Fund take center stage

The reported net income of 248.6 billion yen for the quarter ending December 2025 marks a clear reversal from the previous year and represents the fourth straight quarter of profit. The chief driver behind this turnaround is the SoftBank Vision Fund, which benefited from substantial valuation gains within its portfolio, notably from OpenAI, the creator of ChatGPT. SoftBank puts the investment gain on its OpenAI stake at roughly $19.8 billion as of December and indicates ownership of around 11% of OpenAI.

AI as the guiding strategic anchor

Chief Financial Officer Yoshimitsu Goto said the company is beginning to see the payoff from its AI bets, not only from OpenAI but also from other holdings such as Arm. To support this AI-centric strategy, SoftBank has actively rebalanced its portfolio. The moves included divesting the Nvidia stake for about $5.8 billion and trimming a portion of the T-Mobile position.

In addition, SoftBank announced plans to roll out a Japan-based service with OpenAI later this month aimed at helping enterprises adopt AI solutions.

Balance sheet, market backdrop and next steps

Ahead of the earnings release, SoftBank?s stock had risen, aided by a strong run in the telecoms segment and a rally in Arm shares.

Regarding leverage, SoftBank reported a Loan-to-Value ratio of 20.6% as of the end of December. Goto reiterated the company?s commitment to maintaining liquidity sufficient to cover bond repayments for two years.

One point remains open: discussions about a further investment in OpenAI?s next financing round are ongoing, but have not been concluded.