Yamaha (7951) Q3 2026 earnings summary

Executive summary

• Nine-month revenue declined 2.8% year-over-year due to weak market conditions in China and lower demand for professional audio equipment in Europe and the U.S.

• Core operating profit fell 21.3% year-over-year, impacted by reduced sales of high-margin products and additional U.S. tariffs.

• Net profit increased 41.3% year-over-year, supported by financial income and lower other expenses.

• Full-year revenue forecast revised upward due to yen depreciation, but core operating profit forecast remains unchanged.

• Structural reforms, including the termination of the Golf Products business, factored into Q4 results.

Financial highlights

• Nine-month revenue: ¥341.0 billion; core operating profit: ¥25.1 billion (7.4% margin); net profit: ¥20.2 billion.

• Year-on-year, revenue decreased by ¥7.9 billion and core operating profit by ¥7.4 billion, excluding exchange rates.

• Third quarter revenue grew 1.7% year-over-year to ¥124.7 billion; core operating profit up 7.3% to ¥12.3 billion.

• Full-year revenue projected at ¥462.0 billion, core operating profit at ¥33.0 billion, and net profit at ¥24.0 billion.

• Dividend per share for FY2026.3 is forecast at ¥26.00, reflecting a 3-for-1 stock split.

Outlook and guidance

• Full-year revenue forecast revised upward to ¥462.0 billion due to yen depreciation; core operating profit guidance unchanged at ¥33.0 billion.

• Net profit forecast raised to ¥24.0 billion; basic EPS forecast raised to ¥53.32.

• Exchange rate assumptions for Q4: 155 yen/USD and 180 yen/EUR.

• Forecast revisions reflect improved profit before income taxes and higher net profit expectations.

• Musical instruments revenue expected to rise, excluding pianos; audio equipment revenue projected to decline.