Yamaha (7951) Q2 2026 earnings summary

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.