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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.
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Q1 2026 earnings summary1 Aug, 2025

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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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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