Yamaha reports record $13.9B in nine-month revenue as motorcycle sales grow
Yamaha Motor Co. reported record revenue and operating profit for the first nine months of fiscal 2026, with stronger motorcycle sales in emerging markets helping offset softer demand in several North American product categories.
For the nine months ended Sept. 30, Yamaha recorded revenue of approximately $13.9 billion (2.215 trillion yen), up 16% from the same period in 2025. Operating profit increased 109.6% to approximately $1.48 billion (235.2 billion yen), while net profit attributable to owners of the parent company rose 130.1% to approximately $1.09 billion (173.4 billion yen).
Yamaha President and CEO Motofumi Shitara attributed the improvement to higher unit sales across most business segments, cost controls, pricing adjustments and favorable currency movements. The company also benefited from gains on the early sale of U.S. fixed assets.
Motorcycle Sales
For powersports dealers, motorcycle performance was a primary driver of the results. Yamaha’s Land Mobility business, which includes motorcycles and electrically assisted bicycles, generated approximately $9.26 billion (1.472 trillion yen) in revenue, an increase of 19.9%. Operating profit nearly doubled to approximately $1.07 billion (170 billion yen).
Motorcycle unit sales increased in both developed and emerging markets. Growth in Europe and the U.S. helped offset declining sales in Japan, while demand remained strong in India and Southeast Asia.
Higher raw material costs pressured profitability, but Yamaha said pricing adjustments and favorable foreign exchange effects helped improve operating results.
Marine Products
The company’s Marine Products business also posted higher revenue and profit. Nine-month revenue increased 7.8% to approximately $2.71 billion (430.2 billion yen), while operating profit climbed 40.2% to approximately $434 million (69 billion yen).
Outboard motor demand declined in Yamaha’s primary North American market but increased in emerging markets, including Asia and Latin America. Yamaha’s outboard sales declined in North America but improved in Europe, Asia and Africa, resulting in higher overall business revenue. Personal watercraft sales also declined as U.S. demand softened.
Pricing adjustments, lower selling and administrative expenses, and favorable currency movements helped offset U.S. tariffs and higher procurement costs.
Outdoor Land Vehicles
Yamaha’s Outdoor Land Vehicles business, which includes ATVs, recreational off-highway vehicles (ROVs) and golf cars, continued to work through a major restructuring of its U.S. operations.
Revenue declined 3.7% to approximately $674 million (107.2 billion yen). The segment recorded an operating loss of approximately $152 million (24.1 billion yen), compared with a loss of approximately $165 million (26.3 billion yen) a year earlier.
The results reflect Yamaha’s decision to end UTV production at its manufacturing operations in Newnan, Georgia, as the company shifts its ROV strategy through a newly announced collaboration with John Deere. Under the agreement, Yamaha and John Deere will work together on the development and production of recreational off-highway vehicles, marking a significant change in Yamaha’s approach to the U.S. ROV market.
ATV sales performed well amid strong market demand, but the end of in-house ROV production reduced unit sales and revenue. Yamaha said expense reductions and the reversal of impairment losses recorded last year helped narrow the segment’s operating loss, despite one-time restructuring expenses.
LSV, Golf Cars
The low-speed mobility business, including golf cars, faced a more difficult sales environment, according to the company. Demand remained strong in the U.S., but Yamaha reported lower sales, particularly in the primary American market, amid intense competition. That business recorded wider operating losses. Shitara said the company’s broader U.S. structural reforms are progressing largely on schedule.
Looking ahead, Yamaha maintained its full-year fiscal 2026 forecast, calling for revenue of approximately $18.2 billion (2.9 trillion yen) and operating profit of approximately $1.64 billion (260 billion yen). The company said higher costs related to the stronger yen, U.S. tariffs and restructuring expenses remain considerations for the remainder of the year. Yamaha expects to offset those pressures through continued sales growth, pricing strategies and expense reductions.
Yamaha’s results show strong demand in India and Southeast Asia while navigating a more challenging North American environment for marine products and off-road vehicles. The continued restructuring of its U.S. ROV operations and its collaboration with John Deere will be important developments to watch as Yamaha works to improve the profitability of that business.
