On 10 November 2026, SoftBank Group reported a loss attributable to owners of the parent of ¥1.115 trillion for the three months ended 30 September 2026, against a profit of ¥2.502 trillion a year earlier. The results included a six-month loss on power-generation equipment procured for US AI data centres. For readers watching the AI build-out, it's a reminder that the expensive part is physical.
Key takeaways
- SoftBank Group reported a ¥1.115 trillion quarterly loss for July to September 2026.
- Sales still grew: ¥4.235 trillion over six months, up 13.3% year on year.
- Watch whether net asset value, the value of holdings less debt, steadies.
What SoftBank reported for July to September 2026
SoftBank Group released its second-quarter figures on 10 November 2026. Here are the numbers it published.
| Figure (quarter ended 30 Sep 2026) | Amount | What it means |
|---|---|---|
| Net sales | ¥2.215 trillion | What the businesses brought in |
| Loss attributable to owners of the parent | ¥1.115 trillion | The headline result |
| Total net loss | ¥1.061 trillion | Including minority shareholders |
| Finance costs | ¥461.9 billion | Interest and related costs |
| Net loss on investments | ¥133.6 billion | Change in value of holdings |
| Vision Funds segment loss | ¥81.581 billion | Result of the investment arm |
A year earlier, the same quarter produced a profit of ¥2.502 trillion. The quarter sits inside the financial year that ends on 31 March 2027.
What SoftBank Group actually is
SoftBank Group Corp. is a strategic investment holding company. It invests directly and through the Vision Funds, and it owns Arm as an AI-computing business. SoftBank Corp. is a different thing: a separately listed subsidiary that sells mobile and broadband services in Japan. When headlines say "SoftBank lost money", they usually mean the group.
Two holdings explain a lot of the attention. SoftBank held 923 million Arm shares as of the reporting period of its second-quarter presentation. And at 30 September 2026 it reported a cumulative OpenAI investment cost of $54.6 billion, a reported current value of $99.6 billion and $45.0 billion of cumulative investment gains. After the quarter ended, on 1 October 2026, SoftBank completed a final $10 billion instalment. This took its cumulative OpenAI investment to $64.6 billion and its ownership interest to approximately 13%.
For more on how the AI lab itself is valued, see our explainer on OpenAI's valuation.
Why the loss happened
The loss had two main causes. One was a large charge on power equipment. The other was softer values across the portfolio.
The ¥597 billion power-equipment charge
For the six months ended 30 September 2026, SoftBank recorded a ¥597,248 million loss after its SB7 unit realigned how it buys power-generation equipment for US AI data centres. It breaks into ¥457,030 million of non-refundable advance payments for manufacturing capacity and equipment, plus ¥140,218 million for contract changes and settlements. Note the period: this is a six-month figure, not a July to September one.
A write-down means money already committed is now carried at a lower value in the accounts. The loss included non-refundable advance payments and contract changes and settlements. Rebates of up to $2.1 billion on future purchases are conditional, and SoftBank did not record them as an asset because the amount was undetermined.
The equipment itself was bought for US AI data-centre projects. The company named PORTS-Pike in Pike County, Ohio, and said remaining equipment would serve PORTS-Pike and other projects, while clarifying that the ¥597.2 billion loss was unrelated to PORTS-Pike. At 30 September, PORTS-Pike was preparing for construction with 8.0 GW-IT capacity and a 20-year OpenAI contract.
Values moved the other way too
The consolidated "gain on investments" line was a net loss of ¥133.6 billion for July to September. Within the Vision Funds, quarterly public-portfolio changes totalled about −$1.1 billion and private-portfolio changes about +$1.5 billion, excluding exited investments. SoftBank named Coupang among public holdings whose share prices declined, and said changes in Arm's value do not affect consolidated profit or loss.
The Vision Funds segment posted a ¥81,581 million loss for the quarter despite ¥85,447 million of investment gains, with a ByteDance gain at SVF1 and valuation gains at SVF2 partly offsetting the declines. That segment also carried ¥161,278 million of finance costs in the quarter.
A fall in the reported value of an investment SoftBank still owns is different from a realised loss. SoftBank measures gains and losses on exited Vision Fund investments as exit proceeds less investment cost, separately from changes in the reported value of investments still held.
Sales grew while the result went negative
Revenue and profit are not the same thing. Net sales for the six months ended 30 September 2026 were ¥4,235,037 million, up ¥498,194 million, or 13.3% year on year from ¥3,736,843 million. Quarterly sales have climbed too: ¥1,916,502 million in the second quarter of FY2025, then ¥1,982,404 million, ¥2,079,403 million, ¥2,019,591 million and ¥2,215,446 million in the latest quarter.
The bottom line includes much more. In the July to September quarter, SoftBank booked ¥1.082 trillion of selling, general and administrative expenses, ¥461.9 billion of finance costs, the ¥133.6 billion net investment loss and ¥669.9 billion of other losses. That is how sales can rise and the result can still be deeply negative.
Net asset value and the share price
SoftBank reports a net asset value: the equity value of its holdings less its net debt. It stood at ¥59.84 trillion on 30 September 2026, down ¥12.5 trillion from ¥72.3 trillion three months earlier.
The shares closed at ¥3,855 on 11 November 2026. The Financial Times market-data page for SoftBank Group listed a market capitalisation of ¥22.12 trillion for 11 November 2026. On 11 November 2026, SoftBank shares fell about 3% after the results.
What this says about the AI build-out
Further AI-infrastructure plans were announced. On 9 November 2026, SoftBank, Grab and PETROS announced signed development agreements for a proposed $1 billion initial Sarawak AI-infrastructure project, with $800 million proposed from SoftBank, staged and subject to milestones and closing conditions. Not everything lands, either. On 6 November 2026, SoftBank disclosed that China's foreign-investment security review authority had prohibited its proposed acquisition of ABB's robotics business in China, and said it remained in dialogue with ABB.
What to watch next
Four things from the published figures.
- Whether the US data-centre projects, including the 753 MW-IT Milam County, Texas project under construction with a 15-year OpenAI contract, keep moving.
- Whether the conditional rebates of up to $2.1 billion ever get recognised.
- Whether net asset value steadies after the drop to ¥59.84 trillion.
- Finance costs, which ran at ¥461.9 billion in the quarter.
Frequently asked questions
Was the ¥597 billion charge all in this quarter?
No. SoftBank recognised the ¥597.248 billion power-equipment loss over the six months ended 30 September 2026, not in the July to September quarter alone. It was booked in the "Other gain (loss)" line of the interim consolidated statement of profit or loss.
Does Arm's share price change SoftBank's reported profit?
SoftBank said that changes in Arm's value do not affect its consolidated profit or loss. SoftBank identifies Arm as an AI-computing business within the group. SoftBank held 923 million Arm shares as of the reporting period of its second-quarter presentation.
How much of OpenAI does SoftBank own?
Roughly 13%, after the final $10 billion tranche completed on 1 October 2026 took cumulative investment to $64.6 billion. At 30 September, the stake was carried at a $99.6 billion fair value against $54.6 billion of cost, and SoftBank recorded no gain or loss in the first half because the valuation was unchanged from March.
Did the Vision Funds lose money everywhere?
No. The segment lost ¥81,581 million in the quarter, but it reported ¥85,447 million of investment gains inside that. Public holdings including Coupang and Grab declined, while a ByteDance gain at SVF1 and valuation gains at SVF2 pulled the other way.
What is net asset value here?
SoftBank calculates it as the equity value of its holdings less net debt. It was ¥59.84 trillion on 30 September 2026.
Sources
- SoftBank Group: Completion of OpenAI investment (1 October 2026)
- SoftBank Group: FY2026 Q2 earnings presentation (10 November 2026)
- SoftBank Group: FY2026 Q2 consolidated financial report (10 November 2026)
- Financial Times: SoftBank Group Corp share price and market data (11 November 2026)
- CNBC: Stock market live updates (11 November 2026)
- SoftBank Group: Sarawak AI infrastructure development agreements (9 November 2026)
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