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Subaru (7270) investor relations material

Subaru Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Subaru Corporation
Q2 2026 earnings summary10 Nov, 2025

Executive summary

  • Consolidated revenue for the first half of FYE 2026 rose to ¥2,385.7 billion, up 5.3% year-over-year, driven by higher unit sales and improved price/mix despite negative FX impacts.

  • Consolidated unit sales increased by 23,000 units to 473,000, with growth in the U.S. and domestic markets.

  • Operating profit declined sharply to ¥102.7 billion, down 53.8% year-over-year, mainly due to U.S. tariffs, increased R&D, higher raw material costs, and adverse business conditions.

  • Profit attributable to owners of parent fell 44.5% year-over-year to ¥90.4 billion.

Financial highlights

  • Revenue: ¥2,385.7 billion (+5.3% year-over-year).

  • Operating profit: ¥102.7 billion (-53.8% year-over-year).

  • Profit before tax: ¥129.5 billion (-41% year-over-year).

  • Profit attributable to owners: ¥90.4 billion (-44.5% year-over-year).

  • Free cash flow improved to ¥157.7 billion from ¥81.1 billion.

  • Gross profit for the period was ¥385.7 billion, down from ¥484.0 billion a year earlier.

  • Basic EPS declined to ¥123.90 from ¥219.09 year-over-year.

  • Cash and cash equivalents at period end increased to ¥1,023.2 billion.

Outlook and guidance

  • Full-year FYE 2026 guidance unchanged: revenue ¥4,580 billion, operating profit ¥200 billion, profit before tax ¥230 billion, net profit ¥160 billion.

  • Production and consolidated unit sales targets remain at 900,000 and 920,000 units, respectively.

  • Capex, depreciation, and R&D guidance unchanged.

  • No revisions to previously announced forecasts.

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Frequently asked questions

Subaru Corporation is a Japanese company known for manufacturing automobiles and aerospace products. Its automotive division produces passenger vehicles, including sedans, SUVs, and electric models, recognized for their all-wheel-drive systems and advanced safety technologies. The company’s aerospace segment designs and manufactures components for aircraft and defense equipment. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).

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