SONY · Sony Group Corporation

Sony Group Corporation's FY2025 continuing operations delivered sales of 12,479.6 billion yen, up 4% year-over-year, primarily from increases in Imaging & Sensing Solutions (I&SS, +352.5 bln yen) and Music (+277.5 bln yen), partially offset by declines in Entertainment, Technology & Services (ET&S, -148.7 bln yen). Operating income rose 13% to 1,447.5 billion yen, with gains in I&SS (+96.2 bln yen) and Music (+89.7 bln yen), though impacted by additional equity method losses in All Other from discontinuing Sony Honda Mobility EV models (44.9 bln yen). Key headwinds included lower unrealized gains on Spotify shares and higher tax expenses due to absence of prior-year subsidiary-related benefits, lifting effective tax rate to 26%. Q4 sales grew 8% to 3,036.4 billion yen on I&SS and Music strength, but operating income fell 24% to 163.5 billion yen amid segment-specific pressures. G&NS achieved record operating income excluding one-time Bungie impairments (120.1 bln yen total), with solid user engagement (125M MAUs in March). Music hit record profits excluding remeasurement gains, driven by 9-14% streaming growth in USD terms. For FY2026, Sony forecasts sales dip to 12,300 billion yen (-1%) on lower G&NS hardware, but operating income up 11% to 1,600 billion yen, led by G&NS (+136.7 bln yen, absent impairments) and I&SS (+42.7 bln yen), with dividend raised to 35 yen total. Spin-off of Sony Financial Group Inc. effective October 1, 2025, isolates Financial Services as discontinued, applying equity method from Q3 FY25.