SoftBank's Earnings Beat Rode on a Paper Gain, Not Cash

SoftBank's Q1 FY2026 profit of 347.3 billion yen more than doubled the 148.4 billion yen LSEG consensus, largely on a 1.33 trillion yen gain from its Intel stake. That gain was an unrealized mark-to-market revaluation — a balance-sheet adjustment reflecting Intel's share price, not cash received. The bottom line swung with equity prices, not operating results.