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Revenue up 7.8%
On November 6, 2026, Yamaha Motor released its financial results for the first nine months of the year. Its marine division, which includes outboard motors and personal watercraft, posted revenue of 430.2 billion yen, up 7.8% year-over-year.
Operating income grew at a much faster rate, reaching 69 billion yen, compared with 49.2 billion yen in the same period in 2025?a 40.2% increase.
The operating margin thus rose from approximately 12.3% to 16%. This improvement, however, occurred against a backdrop of mixed business conditions, particularly in North America.
Outboard motors are on the decline in the United States
The U.S. market, Yamaha's main market for outboard motors, is trending downward. The manufacturer reports that demand is declining in the United States and that its own sales are falling in North America.
The situation is different in several other regions. Yamaha reports an increase in sales in Europe, Asia, and Africa. Demand is also rising in certain emerging markets, particularly in Asia and Latin America.
These developments are enabling the global outboard motor market to exceed its 2025 level, despite the slowdown in the U.S.
Watercraft Still Struggling
The outlook is less favorable for personal watercraft. In the United States, their main market, Yamaha is seeing a decline in demand and sales volume. This weakness contrasts with the overall growth in the outboard motor business.
The Marine Division's results therefore reflect varying market conditions depending on the product and region. The increase in revenue does not indicate a uniform recovery in the boating market.
Pricing and cost savings improve profitability
The strong increase in profit cannot be attributed solely to sales. Yamaha reports that it benefited from price adjustments, a reduction in selling and administrative expenses, and favorable currency exchange rates.
These factors offset several adverse factors, including U.S. tariffs and increases in certain supply costs related to the situation in the Middle East.
The manufacturer does not provide details on the respective contributions of these various factors. It is therefore not possible to determine what portion of the profit increase is attributable to prices, cost savings, or higher volumes.
For boaters, these results also do not make it possible to predict how prices for Yamaha engines will change in France.
A Global Market That Remains Mixed
On a group-wide basis, Yamaha Motor reported revenue of 2,215.2 billion yen for the first nine months, up 16 percent, and operating income of 235.2 billion yen, up 109.6 percent.
The manufacturer is maintaining its forecasts for the full 2026 fiscal year, while noting the risks associated with fluctuations in the yen and U.S. tariffs.
For its marine division, the key takeaway remains the disparity between markets. Outboard motors are growing globally, but the U.S. market is slowing down. Yamaha has nevertheless managed to significantly improve its profitability, thanks to a combination of its international sales, pricing strategy, and cost control.
