Yamaha Motor (7272) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 revenue rose to ¥730.1 billion, up 16.6–17% year-over-year, with operating income at ¥62.6 billion, a 43.8–44% increase, and net income attributable to owners at ¥41.3 billion, up 34.5–35%.

• Growth was driven by strong motorcycle sales, favorable exchange rates, cost controls, and ongoing U.S. structural reforms.

• Profits rose despite U.S. tariffs and rising raw material costs, aided by supplier collaboration and expense reductions.

• Comprehensive income surged to ¥60.9 billion from a ¥9.0 billion loss in Q1 2025.

• U.S. reforms are progressing as planned, supporting profitability.

Financial highlights

• Gross profit increased to ¥217.3 billion from ¥197.0 billion year-over-year.

• EPS increased to ¥42.52, up 35% year-over-year.

• Operating income margin improved to 8.6% from 7.0% in the prior year.

• Free cash flow improved to -¥16.4 billion from -¥48.1 billion in Q1 2025.

• Total assets grew to ¥3,086.7 billion, up ¥184.1 billion from December 2025.

Outlook and guidance

• Full-year FY2026 revenue forecast is ¥2,700 billion (+6.5% YoY), operating profit ¥180 billion (+42.4%), and profit attributable to owners of parent ¥100 billion (+520.8%).

• No revision to previously announced forecasts; full-year plan is maintained despite external challenges.

• Mitigation strategies include alternative procurement, cost reductions, and expectation for easing U.S. tariff impacts from Q2 onward.