Subaru (7270) Q3 2026 earnings summary

Executive summary

• Nine-month revenue decreased 0.5% year-over-year to ¥3,519.0 billion, mainly due to lower unit sales and adverse foreign exchange effects, despite improved pricing and controlled incentives.

• Operating profit for the period declined 82.0% year-over-year to ¥66.3 billion, impacted by higher U.S. tariffs, special cost factors, and increased R&D costs.

• Profit attributable to owners of parent fell 73.8% year-over-year to ¥83.1 billion.

Financial highlights

• Gross profit for the period was ¥519.5 billion, down from ¥766.7 billion a year earlier.

• Basic EPS declined to ¥114.38 from ¥428.81 year-over-year.

• Free cash flow for the period was ¥59.8 billion, down from ¥75.8 billion.

• Total assets increased to ¥5,240.2 billion as of December 31, 2025, up ¥152.0 billion from March 31, 2025.

• Cash and cash equivalents at period end were ¥857.8 billion.

Outlook and guidance

• Full-year FYE 2026 production forecast remains at 900,000 units (down 4.9% year-over-year); consolidated unit sales forecast at 920,000 units (down 1.8%).

• Full-year revenue forecast revised up to ¥4,800.0 billion; operating profit forecast cut to ¥130.0 billion (down 67.9% year-over-year and 35.0% from previous guidance).

• Profit attributable to owners of parent forecast at ¥125.0 billion, down 21.9% from prior guidance.

• Assumed exchange rate for FY2026 forecast is ¥150/USD.