Yamaha Motor delivers strong Q3 results offset by tariff impacts
Yamaha Motor Co., reported consolidated results for the first nine months of fiscal 2025, showing steady performance in its motorcycle and marine businesses but continued pressure from its outdoor land vehicle (golf car, ATV, UTV) segment and U.S. tariffs.
For the period ending September 30, 2025, Yamaha reported revenue of ¥1,910.3 billion ($12.65 billion USD), a 3.4% decrease year-over-year. Operating income decreased by 44.1% to ¥ 112.4 billion, and net income decreased by 68.1% to ¥ 43.4 billion.
President and CEO Motofumi Shitara said third-quarter results continued the same trends seen earlier in the year.
“Our revenue was driven by steady sales in our core businesses of motorcycles and outboard motors,” Shitara shares. “If looking at the third quarter on its own, the motorcycle business in particular posted both higher revenue and profits. On the other hand, impairment losses in the Outdoor Land Vehicle business—something we had accounted for as a possible risk—and the gradual impact of U.S. tariffs led to decreased operating income.”
He added that Yamaha is maintaining its focus for the rest of the year: “While the business environment will continue to be a challenging one, we will be meticulous with managing costs and focus on targeted selection and concentration of activities aimed at medium- to long-term growth.”
Segment Highlights:
Land Mobility (motorcycles, smart power vehicles)
Revenue reached ¥1,228.0 billion, down 1.4% year-over-year, with operating income of ¥88.9 billion (down 23.7%). Motorcycle sales rose in Japan and key emerging markets such as the Philippines, Thailand, and Indonesia, offsetting weaker demand in Europe and the U.S. Higher procurement costs, R&D spending, and U.S. tariffs weighed on profits.
Marine Products (outboard motors, PWC)
Revenue declined 3.9% to ¥399.3 billion, with operating income down 37.9% to ¥49.2 billion. Outboard motor sales held steady overall, while personal watercraft sales dropped in the U.S. market.
Outdoor Land Vehicles (ATVs, ROVs, golf cars)
The OLV segment reported ¥111.4 billion in revenue (down 19.2%) and an operating loss of ¥26.3 billion, compared to a loss of ¥2.1 billion a year earlier. Lower ATV and ROV sales, tariffs, and impairment losses on fixed assets were cited as key factors.
Other Segments
- Robotics: Revenue of ¥75.9 billion (down 2%), operating loss of ¥2.5 billion.
- Financial Services: Revenue steady at ¥84.0 billion, operating income down 14.3%.
- Other Products: Revenue fell 27.9% to ¥11.7 billion, with a deeper operating loss of ¥10.4 billion.
Outlook
Yamaha reaffirmed its full-year 2025 forecast, maintaining guidance of:
- Revenue: ¥2,570.0 billion
- Operating Income: ¥120.0 billion
- Net Income: ¥45.0 billion
- Annual Dividend: ¥50 per share
The company stated that it remains focused on cost control, operational efficiency, and long-term product strategy, despite facing near-term headwinds.
