Yamaha Motor (7272) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 revenue was ¥1,910.3 billion, down 3.4% year-over-year; operating income fell 44% to ¥112.4 billion, and net income dropped 68% to ¥43.4 billion.

• Core motorcycle business achieved higher revenue and profits in Q3, while outboard motor sales were stable.

• Profits were impacted by increased R&D and SG&A expenses, impairment losses in the OLV business, and U.S. tariffs.

• Major acquisitions included Robotics Plus Limited and Brose e-Kit subsidiaries, supporting growth in automation and e-mobility.

• Business conditions remain challenging, but cost management and focused initiatives are being pursued for mid- to long-term growth.

Financial highlights

• Revenue: ¥1,910.3 billion (down 3.4% YoY); operating income: ¥112.4 billion (down 44.1% YoY); net income: ¥43.4 billion (down 68.1% YoY); EPS: ¥44.65.

• Operating income margin declined from 10.2% to 5.9% YoY.

• Free cash flow for Q3 was ¥81.2 billion, with cash and cash equivalents at ¥378.6 billion at period end.

• Total assets as of September 30, 2025, were ¥2,751.3 billion, down ¥32.2 billion from December 31, 2024.

• Interest-bearing debt: ¥978.0 billion; net cash: -¥599.4 billion.

Outlook and guidance

• Full-year 2025 revenue forecast is ¥2,570.0 billion (up 0.2% YoY), with operating profit of ¥120.0 billion (down 33.9%) and net income of ¥45.0 billion (down 58.4%).

• Basic earnings per share for the year is projected at ¥46.34; dividend forecast remains ¥50.00 per share.

• Full-year business result forecast for fiscal 2025 remains unchanged despite global challenges and U.S. tariffs.

• Strategies focus on core businesses, cost management, and selective investments.

• Plan to maintain stable revenue base and sound business operations for the remainder of the year.