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Yamaha (7951) investor relations material
Yamaha Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue rose 12% year-over-year to JPY 116.3 billion in Q1 FY2027.3, driven by recovery in musical instrument sales, new product launches, and a weaker yen.
Core operating profit nearly doubled to JPY 9.3 billion, supported by improved product mix, price optimization, and favorable exchange rates.
Net profit surged 348.8% year-over-year to JPY 10.7 billion, boosted by a JPY 4.3 billion U.S. tariff refund.
Comprehensive income reached JPY 20.6 billion, up from JPY 1.4 billion in the prior year.
New product launches, especially in pianos and digital instruments, contributed significantly to growth.
Financial highlights
Revenue: JPY 116.3 billion (+12% YoY); core operating profit: JPY 9.3 billion (+97.7% YoY); net profit: JPY 10.7 billion (+348.8% YoY), including U.S. tariff refunds.
Core operating profit ratio improved from 4.5% to 8.0% YoY.
Gross profit increased to JPY 46.9 billion from JPY 38.7 billion YoY.
Cash and cash equivalents at period end were JPY 120.9 billion, up from JPY 103.2 billion a year earlier.
Inventory increased by JPY 8.8 billion, mainly due to new products and FX.
Outlook and guidance
Full-year FY2027.3 revenue forecast is JPY 490.0 billion (+5.3% YoY); core operating profit forecast is JPY 38.0 billion, unchanged; net profit forecast revised upward to JPY 31.0 billion due to tariff refunds.
Additional procurement cost increases of JPY 3.5 billion expected, totaling JPY 10.5 billion for the year.
Continued price optimization and new product launches planned to offset cost pressures.
ROE forecast raised to 6.3%; ROIC forecast slightly lowered to 5.3%.
Dividend per share forecast remains at JPY 26.00.
- Revenue and net profit rose, but core profit fell; FY 2027.3 forecasts renewed growth.7951
Q4 2026 - Aggressive digital and business innovation targets growth in music, creator, and virtual entertainment markets.7951
Investor presentation - Revenue and profit fell, but net profit and guidance improved on yen weakness and restructuring.7951
Q3 2026 - H1 core profit fell 37.4%, while net profit rose and FY guidance was raised.7951
Q2 2026 - Revenue and profit fell sharply, full-year guidance cut, and segment changes implemented.7951
Q1 2026 - Core profit rose but net profit plunged on impairments and China-driven outlook cut.7951
Q2 2025 - Q1 profit jumped 45% on B2B audio and FX, but China weakness led to a lower outlook.7951
Q1 2025 - Profit fell 55% on restructuring, but FY2026.3 profit is set to rebound sharply.7951
Q4 2025 - Profit guidance cut and major share buyback amid weak piano demand and restructuring.7951
Q3 2025
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