Yamaha Corporation (TSE: 7951) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under IFRS. Revenue rose 0.7% year-on-year to ¥465,330 million. Business profit (Yamaha's J-GAAP operating-profit equivalent) fell 13.2% to ¥31,879 million as US additional tariffs, component and raw-material costs, labor and logistics costs combined to outpace structural reform and price-increase actions. However, operating profit climbed 41.5% to ¥29,274 million, pre-tax profit rose 57.1% to ¥35,287 million, and net profit attributable to owners jumped 77.7% to ¥23,720 million from ¥13,351 million — primarily because the prior year carried ¥14,263 million of restructuring charges (mainly piano-production-equipment impairments), versus just ¥1,954 million this year tied to the golf-equipment business termination. Basic EPS came in at ¥52.70 versus ¥27.58. Comprehensive income surged from ¥0.6 billion to ¥56,305 million.
"Rebuild & Evolve" first-year report: rebuild progressing, profit headwinds persist
FY3/2026 was the first year of Yamaha's three-year medium-term plan "Rebuild & Evolve" launched May 2025, focused on rebuilding the business base in pianos, guitars, home audio and domestic instruments and then evolving into new growth areas. Guitar restructuring is ahead of plan — fixed-cost cuts, manufacturing-process improvements, and premium-product expansion lifted profitability faster than guided. Piano restructuring is on track on the cost side, though European and Chinese market recovery is delayed. Home-audio focus on hobbyist-tier products and external manufacturing is reducing fixed costs. Domestic-instrument repricing and store-and-school consolidation continue but are behind plan due to weak market conditions.
Segment view: instruments up 3.0%; audio equipment business profit down 25%
The Musical Instruments segment posted revenue of ¥304.9 billion (+3.0%) with business profit of ¥21.2 billion (-3.9%). Acoustic pianos returned to YoY revenue growth in Q4 but were down for the full year. Electronic instruments grew on digital-piano demand and portable-keyboard gains in non-core regions. Wind/strings/percussion grew on domestic and European wind sales. Guitars grew on acoustic and Line 6 strength in North America.
The Audio Equipment segment posted revenue of ¥142.4 billion (-3.6%) with business profit down 25.0% to ¥10.8 billion. Consumer audio fell on home-audio shrinkage, pro audio declined as the prior-year European post-Covid demand peak normalized, and mobility audio (the renamed Electronic Devices business, moved into Audio Equipment this year) declined on China weakness despite domestic gains. The Others segment posted revenue of ¥18.0 billion (-1.4%) with a small ¥0.1 billion business loss (vs ¥0.3 billion profit prior year) as the golf-equipment business wound down ahead of its February 2026 termination announcement.
Innovation seedling: Yamaha Music Innovations (Silicon Valley) at 12 partnerships
The "future creation" strategic pillar accelerated. Yamaha Music Innovations, LLC in Silicon Valley — newly consolidated in Q2 — has, in 2 years since launch, partnered with 12 startups and made 7 investments, including collaborations with African music distribution platform Audiomack (100M+ users) and US music-career-support startup Groover. In March 2026, Yamaha launched "Yamaha Creator Pass", a subscription bundling Yamaha and partner services for music creation. The global TRANSPOSE Innovation Challenge attracted 300+ business ideas from 63 countries, validating Yamaha's open-innovation thesis.
68 million treasury shares cancelled; equity ratio 77.5%
Total assets reached ¥617,568 million (+4.4%), and equity attributable to owners rose to ¥478,347 million from ¥448,834 million, lifting the equity ratio to 77.5% from 75.9%. Book value per share climbed to ¥1,087.41. Yamaha cancelled 28 million treasury shares on April 1, 2025 and a further 40 million on March 31, 2026 — a total of 68 million shares cancelled, reducing total issued shares to 463,000,000 from 531,000,000. Operating cash flow was ¥45,777 million (vs ¥55,281 million), investing cash flow was -¥7,907 million (vs +¥8,106 million prior year that included investment-security sale proceeds), and financing cash flow consumed ¥37,775 million on buybacks and dividends. Period-end cash and equivalents reached ¥108,952 million.
Dividend held at ¥26; FY27 guides 19% business-profit growth
The FY3/2026 annual dividend was set at ¥26 per share (¥13 interim + ¥13 year-end), with a 49.3% payout ratio and 2.5% DOE. For FY3/2027, the dividend is guided at the same ¥26 annual (¥13 + ¥13). Total-return-ratio target is 50%+ over the medium-term plan period (cumulative). Full-year FY3/2027 guidance — based on FX assumptions of ¥155/USD and ¥180/EUR — points to revenue of ¥490,000 million (+5.3%), business profit of ¥38,000 million (+19.2%), operating profit of ¥38,000 million (+29.8%), pre-tax profit of ¥39,000 million (+10.5%), and net profit attributable to owners of ¥28,000 million (+18.0%) with EPS of ¥63.65. A post-period US tariff refund is not included in this guidance.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 465.3 | 462.1 | +0.7% |
| Business profit (¥ billion) | 31.9 | 36.7 | -13.2% |
| Operating profit (¥ billion) | 29.3 | 20.7 | +41.5% |
| Pre-tax profit (¥ billion) | 35.3 | 22.5 | +57.1% |
| Net profit attrib. to owners (¥ billion) | 23.7 | 13.4 | +77.7% |
| Basic EPS (¥) | 52.70 | 27.58 | +91.1% |
| Business-profit margin | 6.9% | 7.9% | -1.0pp |
| ROE | 5.1% | 2.8% | +2.3pp |
| Musical Instruments revenue (¥ billion) | 304.9 | 296.1 | +3.0% |
| Audio Equipment revenue (¥ billion) | 142.4 | 147.8 | -3.6% |
| Treasury shares cancelled (million) | 68 | — | — |
| Annual dividend (¥, split-adjusted) | 26.00 | 25.33 | +2.6% |
| FY27 business profit guidance (¥ billion) | 38.0 | — | +19.2% |
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