Yamaha Motor Co. reported sharply higher revenue and profits for the first quarter of 2026, though the marine segment saw operating income fall nearly 20% as U.S. tariffs offset gains from stronger outboard sales.
For the three months ended March 31, consolidated revenue was JPY$730.1 billion ($4.6 billion), up 16.6% from the same period a year earlier. Operating profit rose 43.8% to JPY$62.6 billion ($394 million) and profit attributable to owners of the parent climbed 34.5% to JPY$41.3 billion ($260 million).
The marine segment posted revenue of JPY$148.6 billion ($937 million), a 6% increase year-over-year.
“For outboard motors, demand grew not only in the main markets of the U.S. and Europe, but also in emerging markets such as Asia and Latin America,” the company said in a statement. “As a result of growth in North America, Europe, Asia and other regions, overall sales exceeded those of the previous year. Personal watercraft demand remained sluggish in the main market of the U.S., resulting in a year-on-year decrease in unit sales. As a result, the marine products business as a whole recorded higher revenue.”
Despite the top-line gains, marine operating profit fell 19.2% to JPY$16.0 billion ($101 million). Yamaha said the decrease was due to the impact of U.S. tariffs, even as it worked to reduce costs and trim selling, general and administrative expenses.
Yamaha made no revision to its full-year forecast, which calls for revenue of JPY$2.7 trillion ($17 billion), up 6.5% from 2025, and operating profit of JPY$180 billion ($1.13 billion), a projected increase of 42.4%.
