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Yamaha (7951) investor relations material
Yamaha Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 revenue declined 7.4% year on year to ¥103.9 billion, with core operating profit at ¥4.7 billion and net profit at ¥2.4 billion, impacted by yen appreciation, U.S. tariffs, and slow recovery in musical instruments and audio equipment.
Core operating profit dropped 49.2% year-over-year, and net profit fell 74.7%, reflecting a challenging environment.
Additional U.S. tariffs and a deteriorated product mix, especially in professional audio, further reduced profits.
Structural reforms in piano manufacturing contributed positively, but overall profit was down from the previous year.
Segment reorganization moved Mobility Solutions into Audio Equipment.
Financial highlights
Q1 revenue: ¥103.9B (down 7.4% year-on-year); core operating profit: ¥4.7B (down from ¥9.2B); net profit: ¥2.4B (down from ¥9.4B).
Core operating profit margin decreased to 4.5% from 8.2% year-over-year.
Gross profit for Q1 was ¥38.7B, down from ¥45.2B year-over-year.
Cash and cash equivalents at period end rose to ¥103.2B, up from ¥98.0B a year earlier.
Operating cash flow was ¥5.1B, down from ¥11.1B year-over-year.
Outlook and guidance
Full-year revenue forecast revised down to ¥452.0B, a decrease from the previous year.
Core operating profit expected at ¥32.0B, down from ¥36.7B last year.
Net profit forecasted at ¥22.5B, up from ¥13.4B prior year due to absence of one-time expenses.
EPS guidance lowered to ¥49.63 for FY2026.3.
Tariffs expected to have a negative impact of ¥11.2B for the year, partially offset by countermeasures and structural reforms.
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