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Yamaha (7951) investor relations material

Yamaha Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary4 Nov, 2025

Executive summary

  • Revenue for the interim period ended September 30, 2025, was ¥216.4B, down 5.2% year-over-year, with core operating profit dropping 37.4% to ¥12.8B due to weak demand in China, normalization after last year's high audio equipment demand, and slow European recovery.

  • Net profit increased 85.4% year-over-year to ¥9.8B, driven by lower other expenses and improved financial income.

  • Comprehensive income improved significantly to ¥17.0B from a loss of ¥12.9B in the prior year.

Financial highlights

  • 1H FY2026.3 revenue: ¥216.4B, down 5.2% year-over-year; core operating profit: ¥12.8B, down 37.4%.

  • Net profit for 1H: ¥9.8B, up 85.4% year-over-year; basic interim EPS at ¥21.52 after a 3-for-1 stock split.

  • 2Q revenue: ¥112.5B, down 3.0% year-over-year; core operating profit: ¥8.1B, down 27.6%.

  • Full-year revenue forecast: ¥458.0B (down 0.9% year-over-year); core operating profit: ¥33.0B (down 10.1%); net profit: ¥23.0B, up 72.3% year-over-year; basic EPS at ¥50.74.

  • Gross profit for the interim period was ¥80.7B, with a gross margin of 37.3%.

Outlook and guidance

  • Full-year revenue and core operating profit are expected to decline due to continued weak demand in China, normalization in audio equipment, and U.S. tariffs, but forecasts were revised upward based on interim performance.

  • Currency sensitivity remains significant, with exchange rates impacting both revenue and profit.

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Frequently asked questions

Yamaha Corporation is a manufacturer of musical instruments, including pianos, digital instruments, and a broad range of wind, string, and percussion instruments. Beyond its renowned musical instruments segment, Yamaha also operates in the audio equipment sector, producing a wide variety of audio products, professional audio equipment, information and telecommunication equipment. Additionally, it has diversified into electronic devices, automobile interior wood components, factory automation equipment, golf products, and recreation among other lines of business. Yamaha's commitment to innovation is evident in its history of firsts, including the production of Japan's first piano in 1900, and pioneering developments in digital musical instruments and audio equipment. The company's logo, a trio of interlocking tuning forks, reflects its musical origins. Yamaha is headquartered in Hamamatsu, Shizuoka, Japan, and its shares are listed on the Tokyo Stock Exchange.

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