Consolidated Business Results Summary - Full Fiscal Year Ending December 31, 2025 -
February 13, 2026
IWATA, February 13, 2026 - Yamaha Motor Co., Ltd. (Tokyo: 7272) announces its consolidated business results for the full 2025 fiscal year.
From SHITARA, Motofumi
President, Chief Executive Officer and Representative Director
The environment surrounding the Yamaha Motor group in 2025 continued to be one of uncertainty due to the economic policies enacted by various countries, including U.S. tariffs, foreign exchange rate fluctuations, and other factors. Meanwhile, government stimulus measures helped support the global economy, such as lower policy interest rates in the U.S. and Europe.
Demand in our core business of motorcycles remained firm, but demand for the Marine Products business and our strategic businesses-Robotics, Smart Power Vehicle (SPV), and Outdoor Land Vehicle (OLV)-in some markets was lower than expected, resulting in a difficult business environment.
Based on our current Medium-Term Management Plan (2025-2027), we will continue to raise the competitiveness of our core businesses and carry out our business portfolio strategy.
Consolidated Business Results
Although unit sales in the motorcycle business went up in Indonesia, the Philippines, and Thailand, the suspension of production and shipments in Vietnam, the decline in personal watercraft unit sales in the Marine Products business, and lower unit sales in the OLV business led to 2,534.2 billion yen (a decrease of 42.0 billion yen or 1.6% compared with the previous fiscal year) in revenue for the consolidated management accounts for the full fiscal year.
As for operating income, the impact of U.S. tariffs; rising procurement costs; increases to R&D spending, labor costs, and other SG&A expenses; and recording impairment losses on tangible fixed assets in the OLV business resulted in an operating income of 126.4 billion yen (a decrease of 55.1 billion yen or 30.4%). Net income attributable to owners of parent was 16.1 billion yen (a decrease of 92.0 billion yen or 85.1%) due to the aforementioned decline in operating income and the reversal of deferred tax assets.
The foreign exchange rates for the fiscal year were 150 yen to the U.S. dollar (an appreciation of 2 yen compared with the previous fiscal year) and 169 yen to the euro (an appreciation of 5 yen).
Results by Business Segment
Land Mobility Business
Revenues were 1,615.1 billion yen (an increase of 5.6 billion yen or 0.3% compared with the previous fiscal year) and operating income was 108.7 billion yen (an increase of 4.7 billion yen or 4.6%).
In the motorcycle business in developed markets, while unit sales increased in Japan, they declined slightly overall due to lower demand in Europe and the U.S. In emerging markets, unit sales decreased in Vietnam, where production and shipments were temporarily halted, but rose in Indonesia, the Philippines, and Thailand. As a result, total unit sales and revenue were on par with the previous fiscal year. Operating income fell overall due to higher procurement costs; increases to R&D spending, labor costs, and other SG&A expenses; the tariffs enacted by the U.S.; and other developments.
In the Smart Power Vehicles business, i.e., electric wheelchairs, electrically power-assisted bicycles (eBikes) and their drive units (e-Kits), the review of the Company's business for complete Yamaha-brand models in overseas markets led to lower unit sales, and revenue accordingly fell below last year's results. However, operating deficits were reduced thanks to lower SG&A expenses and the outcome of the impairment losses on fixed assets recorded last fiscal year.
Also, Yamaha Motor's full fiscal 2025 consolidated business results include the performance recorded by Yamaha Motor eBike Systems GmbH in Germany from August through December 2025.
Marine Products Business
Revenues were 527.6 billion yen (a decrease of 10.1 billion yen or 1.9% compared with the previous fiscal year) and operating income was 53.6 billion yen (a decrease of 34.2 billion yen or 39.0%).
Demand for outboard motors was weak in the main market of the U.S., but still managed to remain at the same levels as last year. While sales for Yamaha Motor in the U.S. and Europe were healthy, lower sales primarily in Asia resulted in sales overall staying flat. For personal watercraft, demand declined in the Company's main market of the U.S. and unit sales also fell below last year's results. As a result, revenue for the Marine Products business overall decreased. Operating income also declined due to lower unit sales, higher R&D spending, increased labor and other SG&A costs, the effects of U.S. tariffs, and other factors.
Outdoor Land Vehicle Business
Revenues were 148.5 billion yen (a decrease of 31.0 billion yen or 17.2% compared with the previous fiscal year) with an operating loss of 39.8 billion yen (up from an operating loss of 17.4 billion yen).
With recreational vehicles (all-terrain vehicles and ROVs), market demand was roughly the same as last year. Sales of Yamaha ATVs were strong, but in addition to lower ROV sales, accounting for the impact of U.S. tariffs and recording impairment losses on tangible fixed assets led to decreased revenue and profits for the business as a whole. In the Low-Speed Mobility business (golf cars, etc.), overall market demand contracted and sales of Yamaha products-particularly in the main market of the U.S.-also declined. Together with higher SG&A expenses, the effects of U.S. tariffs, and other factors, the business took in lower revenue as well as lower profits.
Robotics Business
Revenues were 111.5 billion yen (a decrease of 1.8 billion yen or 1.6% compared with the previous fiscal year) with an operating loss of 0.6 billion yen (down from an operating loss of 3.0 billion yen).
Higher demand for generative AI applications and advanced packaging yielded higher sales of Yamaha semiconductor back-end process manufacturing equipment. However, surface mounter and industrial robot unit sales fell below last year's numbers, resulting in roughly the same level of overall revenue for the business as the previous year. Reductions in manufacturing costs and improvements to the business's marginal profit ratio helped lower its operating deficit.
Financial Services Business
Revenues were 114.0 billion yen (an increase of 1.9 billion yen or 1.7% compared with the previous fiscal year) and operating income was 21.1 billion yen (a decrease of 1.6 billion yen or 14.3%).
Financial receivables increased and this brought in higher revenue. Operating income decreased as gains recorded in the previous fiscal year from interest rate swap valuations turned into valuation losses in fiscal 2025.
Other Products
Revenues were 17.4 billion yen (a decrease of 6.6 billion yen or 27.4% compared with the previous fiscal year) with an operating loss of 16.6 billion yen (up from an operating loss of 12.4 billion yen).
The higher operating loss was due to expenses incurred in relation to the transfer of the power products business and other developments.
Note that the major products and services comprising each segment are as per the following:
Forecast of Consolidated Business Results for the Fiscal Year Ending December 31, 2026
For the environment we expect the Yamaha Motor group to face in fiscal 2026, despite the impact of U.S. tariffs for the duration of the year, we are projecting higher revenue and profits compared to fiscal 2025. We expect to see higher unit sales in our core business of motorcycles in emerging markets as well as with outboard motors in the Marine Products business.
In our strategic businesses (Robotics, SPV, and OLV), we expect profitability to improve with the elimination of impairment losses on tangible fixed assets incurred in fiscal 2025 and the effects of structural reforms.
The forecast consolidated business results for FY2026 are as follows:
These forecast figures are based on the U.S. dollar trading at 155 yen during the fiscal year (a depreciation of 5 yen from FY2025) and the euro at 175 yen (a depreciation of 6 yen).
Basic Policy Concerning Profit Distribution and Dividends for the Current and Subsequent Fiscal Years
Recognizing that improvement of shareholder benefits represents one of the Company's highest management priorities, the Company has been striving to meet shareholder expectations by working to maximize its corporate value.
The Company works on the principle of paying an interim dividend and a final dividend. Decisions with regard to the dividends are made by the Board of Directors for the interim dividend, and the Ordinary General Meeting of Shareholders for the final dividend. The dividend record dates are stated in the Articles of Incorporation as June 30 for the interim dividend and December 31 for the final dividend.
Per the Medium-Term Management Plan that began in 2025, our shareholder returns policy will emphasize making consistent and ongoing dividend payments while taking into consideration the outlook for business performance and investments for future growth. Furthermore, the basic policy will be to distribute returns to shareholders in a flexible way based on the scale of our cash flows with a total payout ratio of over 40% for the cumulative total of the plan's period.
Regarding the year-end dividend for this fiscal period, per the "Revision to Forecast for Consolidated Business Results and Dividends for the Full Fiscal Year Ending December 31, 2025, and Notice of Differences Between Non-Consolidated Forecasts and Fiscal 2024 Results" disclosed on February 2, 2026, the Company plans to propose a 10 yen per share year-end dividend at the 91st Ordinary General Meeting of Shareholders scheduled for March 25, 2026. Added to the interim dividend of 25 yen per share, this will total 35 yen per share for the year.
Based on the business results forecast for 2026, a total of 50 yen (interim dividend of 25 yen and final dividend of 25 yen) is planned for the next fiscal year. Lastly, in regard to the acquisition of treasury stock, we will adhere to the shareholder return policy in our Medium-Term Management Plan and aim to distribute returns to our shareholders in a flexible way.
From SHITARA, Motofumi
President, Chief Executive Officer and Representative Director
The environment surrounding the Yamaha Motor group in 2025 continued to be one of uncertainty due to the economic policies enacted by various countries, including U.S. tariffs, foreign exchange rate fluctuations, and other factors. Meanwhile, government stimulus measures helped support the global economy, such as lower policy interest rates in the U.S. and Europe.
Demand in our core business of motorcycles remained firm, but demand for the Marine Products business and our strategic businesses-Robotics, Smart Power Vehicle (SPV), and Outdoor Land Vehicle (OLV)-in some markets was lower than expected, resulting in a difficult business environment.
Based on our current Medium-Term Management Plan (2025-2027), we will continue to raise the competitiveness of our core businesses and carry out our business portfolio strategy.
Consolidated Business Results
Although unit sales in the motorcycle business went up in Indonesia, the Philippines, and Thailand, the suspension of production and shipments in Vietnam, the decline in personal watercraft unit sales in the Marine Products business, and lower unit sales in the OLV business led to 2,534.2 billion yen (a decrease of 42.0 billion yen or 1.6% compared with the previous fiscal year) in revenue for the consolidated management accounts for the full fiscal year.
As for operating income, the impact of U.S. tariffs; rising procurement costs; increases to R&D spending, labor costs, and other SG&A expenses; and recording impairment losses on tangible fixed assets in the OLV business resulted in an operating income of 126.4 billion yen (a decrease of 55.1 billion yen or 30.4%). Net income attributable to owners of parent was 16.1 billion yen (a decrease of 92.0 billion yen or 85.1%) due to the aforementioned decline in operating income and the reversal of deferred tax assets.
The foreign exchange rates for the fiscal year were 150 yen to the U.S. dollar (an appreciation of 2 yen compared with the previous fiscal year) and 169 yen to the euro (an appreciation of 5 yen).
Results by Business Segment
Land Mobility Business
Revenues were 1,615.1 billion yen (an increase of 5.6 billion yen or 0.3% compared with the previous fiscal year) and operating income was 108.7 billion yen (an increase of 4.7 billion yen or 4.6%).
In the motorcycle business in developed markets, while unit sales increased in Japan, they declined slightly overall due to lower demand in Europe and the U.S. In emerging markets, unit sales decreased in Vietnam, where production and shipments were temporarily halted, but rose in Indonesia, the Philippines, and Thailand. As a result, total unit sales and revenue were on par with the previous fiscal year. Operating income fell overall due to higher procurement costs; increases to R&D spending, labor costs, and other SG&A expenses; the tariffs enacted by the U.S.; and other developments.
In the Smart Power Vehicles business, i.e., electric wheelchairs, electrically power-assisted bicycles (eBikes) and their drive units (e-Kits), the review of the Company's business for complete Yamaha-brand models in overseas markets led to lower unit sales, and revenue accordingly fell below last year's results. However, operating deficits were reduced thanks to lower SG&A expenses and the outcome of the impairment losses on fixed assets recorded last fiscal year.
Also, Yamaha Motor's full fiscal 2025 consolidated business results include the performance recorded by Yamaha Motor eBike Systems GmbH in Germany from August through December 2025.
Marine Products Business
Revenues were 527.6 billion yen (a decrease of 10.1 billion yen or 1.9% compared with the previous fiscal year) and operating income was 53.6 billion yen (a decrease of 34.2 billion yen or 39.0%).
Demand for outboard motors was weak in the main market of the U.S., but still managed to remain at the same levels as last year. While sales for Yamaha Motor in the U.S. and Europe were healthy, lower sales primarily in Asia resulted in sales overall staying flat. For personal watercraft, demand declined in the Company's main market of the U.S. and unit sales also fell below last year's results. As a result, revenue for the Marine Products business overall decreased. Operating income also declined due to lower unit sales, higher R&D spending, increased labor and other SG&A costs, the effects of U.S. tariffs, and other factors.
Outdoor Land Vehicle Business
Revenues were 148.5 billion yen (a decrease of 31.0 billion yen or 17.2% compared with the previous fiscal year) with an operating loss of 39.8 billion yen (up from an operating loss of 17.4 billion yen).
With recreational vehicles (all-terrain vehicles and ROVs), market demand was roughly the same as last year. Sales of Yamaha ATVs were strong, but in addition to lower ROV sales, accounting for the impact of U.S. tariffs and recording impairment losses on tangible fixed assets led to decreased revenue and profits for the business as a whole. In the Low-Speed Mobility business (golf cars, etc.), overall market demand contracted and sales of Yamaha products-particularly in the main market of the U.S.-also declined. Together with higher SG&A expenses, the effects of U.S. tariffs, and other factors, the business took in lower revenue as well as lower profits.
Robotics Business
Revenues were 111.5 billion yen (a decrease of 1.8 billion yen or 1.6% compared with the previous fiscal year) with an operating loss of 0.6 billion yen (down from an operating loss of 3.0 billion yen).
Higher demand for generative AI applications and advanced packaging yielded higher sales of Yamaha semiconductor back-end process manufacturing equipment. However, surface mounter and industrial robot unit sales fell below last year's numbers, resulting in roughly the same level of overall revenue for the business as the previous year. Reductions in manufacturing costs and improvements to the business's marginal profit ratio helped lower its operating deficit.
Financial Services Business
Revenues were 114.0 billion yen (an increase of 1.9 billion yen or 1.7% compared with the previous fiscal year) and operating income was 21.1 billion yen (a decrease of 1.6 billion yen or 14.3%).
Financial receivables increased and this brought in higher revenue. Operating income decreased as gains recorded in the previous fiscal year from interest rate swap valuations turned into valuation losses in fiscal 2025.
Other Products
Revenues were 17.4 billion yen (a decrease of 6.6 billion yen or 27.4% compared with the previous fiscal year) with an operating loss of 16.6 billion yen (up from an operating loss of 12.4 billion yen).
The higher operating loss was due to expenses incurred in relation to the transfer of the power products business and other developments.
Note that the major products and services comprising each segment are as per the following:
Forecast of Consolidated Business Results for the Fiscal Year Ending December 31, 2026
For the environment we expect the Yamaha Motor group to face in fiscal 2026, despite the impact of U.S. tariffs for the duration of the year, we are projecting higher revenue and profits compared to fiscal 2025. We expect to see higher unit sales in our core business of motorcycles in emerging markets as well as with outboard motors in the Marine Products business.
In our strategic businesses (Robotics, SPV, and OLV), we expect profitability to improve with the elimination of impairment losses on tangible fixed assets incurred in fiscal 2025 and the effects of structural reforms.
The forecast consolidated business results for FY2026 are as follows:
These forecast figures are based on the U.S. dollar trading at 155 yen during the fiscal year (a depreciation of 5 yen from FY2025) and the euro at 175 yen (a depreciation of 6 yen).
Basic Policy Concerning Profit Distribution and Dividends for the Current and Subsequent Fiscal Years
Recognizing that improvement of shareholder benefits represents one of the Company's highest management priorities, the Company has been striving to meet shareholder expectations by working to maximize its corporate value.
The Company works on the principle of paying an interim dividend and a final dividend. Decisions with regard to the dividends are made by the Board of Directors for the interim dividend, and the Ordinary General Meeting of Shareholders for the final dividend. The dividend record dates are stated in the Articles of Incorporation as June 30 for the interim dividend and December 31 for the final dividend.
Per the Medium-Term Management Plan that began in 2025, our shareholder returns policy will emphasize making consistent and ongoing dividend payments while taking into consideration the outlook for business performance and investments for future growth. Furthermore, the basic policy will be to distribute returns to shareholders in a flexible way based on the scale of our cash flows with a total payout ratio of over 40% for the cumulative total of the plan's period.
Regarding the year-end dividend for this fiscal period, per the "Revision to Forecast for Consolidated Business Results and Dividends for the Full Fiscal Year Ending December 31, 2025, and Notice of Differences Between Non-Consolidated Forecasts and Fiscal 2024 Results" disclosed on February 2, 2026, the Company plans to propose a 10 yen per share year-end dividend at the 91st Ordinary General Meeting of Shareholders scheduled for March 25, 2026. Added to the interim dividend of 25 yen per share, this will total 35 yen per share for the year.
Based on the business results forecast for 2026, a total of 50 yen (interim dividend of 25 yen and final dividend of 25 yen) is planned for the next fiscal year. Lastly, in regard to the acquisition of treasury stock, we will adhere to the shareholder return policy in our Medium-Term Management Plan and aim to distribute returns to our shareholders in a flexible way.
