Yamaha Motor’s marine business made an operating profit of ¥69.0 billion ($434 million) in the first nine months of 2026, up 40.2% on the same period last year. Over the same period its outboard sales in North America fell.
Dollar figures in this article are converted at ¥159, the average rate Yamaha used for the period.
The results, published on November 6, put marine revenue at ¥430.2 billion ($2.71 billion), up ¥31.0 billion or 7.8%. The segment covers outboards, personal watercraft, boats and fishing and utility boats. The release gives no outboard-only revenue or unit figure.
Where outboards grew and fell
Yamaha says outboard demand fell in the United States, its main market, and rose in emerging markets in Asia, Latin America and other regions. Its own outboard sales declined in North America and rose in Europe, Asia and Africa. The company says that left outboard sales above last year overall.
Personal watercraft went the same way as US outboards. Demand in the US fell and Yamaha’s unit sales were lower than last year. Revenue for the segment still rose, which Yamaha attributes to those sales trends together with price revisions.
Profit and margin
Yamaha lists US tariffs and higher procurement costs linked to the situation in the Middle East as costs that hit the marine business. Cost pass-throughs, lower selling, general and administrative expenses and favourable exchange rates outweighed them.
The release implies operating profit of ¥49.2 billion on revenue of ¥399.2 billion a year earlier. That is a margin of 12.3%, against 16.0% this year. PBN covered a contrasting case at Suzuki, where the outboard margin fell to 23.2% despite 16% revenue growth, in Suzuki’s Outboard Margin Falls to 23.2% Despite 16% Revenue Growth.
The yen
The yen averaged ¥159 to the dollar over the period, 11 yen weaker than a year earlier. Converted at each period’s own average rate, marine revenue is $2.71 billion this year against $2.70 billion last year. Yamaha sells in many currencies, so that is an illustration and not a measure of dollar sales. It does show the yen growth should not be read as growth in dollars.
The group and the forecast
Marine produced ¥430.2 billion of the group’s ¥2,215.2 billion ($13.93 billion) revenue, 19.4%, and ¥69.0 billion of its ¥235.2 billion operating profit, 29.3%. Group revenue rose 16.0% and group operating profit 109.6%, both nine-month records.
Yamaha left its full-year forecast unchanged: revenue of ¥2,900 billion, operating profit of ¥260 billion and net profit of ¥170 billion. It says that forecast allows for a stronger yen towards the year end, US tariffs and restructuring costs.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
Cite as: John Moore, "Yamaha Marine Profit Up 40% to ¥69.0 Billion as Outboard Sales Fall in North America", Powerboat News, 8 November 2026. https://powerboat.news/yamaha-marine-profit-up-40-us-outboard-sales-fall/
