Mazda Motor Corporation
7261・Prime Market・Transportation Equipment
Japan
Core segment supplying vehicles and parts to all segments as Mazda's manufacturing and development base
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Sales (including internal sales) | ¥3,357,878 million | ¥3,732,775 million | ↓ |
| Sales to External Customers | ¥900,173 million | ¥937,886 million | ↓ |
| Inter-segment Internal Sales | ¥2,457,705 million | ¥2,794,889 million | ↓ |
| Segment Operating Income (Loss) | △¥161,820 million | ¥48,453 million | ↓ |
| Segment Assets | ¥3,210,494 million | ¥3,105,477 million | ↑ |
| Depreciation and Amortization | ¥74,948 million | ¥71,494 million | ↑ |
| Increase in Property, Plant and Equipment and Intangible Assets | ¥104,064 million | ¥101,359 million | ↑ |
| Investment in Equity-Method Affiliates | ¥37,511 million | ¥37,736 million | ↓ |
Business Details
In the Japan segment, Mazda itself is responsible for domestic manufacturing and development, and its main revenue sources are domestic retail sales through domestic sales companies as well as export shipments to North America, Europe, and other regions. Of segment sales of ¥3,357,878 million, sales to external customers were only ¥900,173 million, with inter-segment internal sales of ¥2,457,705 million accounting for the majority, reflecting a structure in which this segment functions as the command center for global production and supply.
Recent Overview
Direct impact of US tariffs pushed the Japan segment into a large operating loss
In FY2026 (ending March 2026), the Japan segment's operating income (loss) deteriorated sharply to △¥161,820 million from ¥48,453 million in the prior period. The largest factor pushing down operating income was the tariff impact of △¥154,900 million (full-year impact of △¥154.9 billion), compounded by deterioration in unit sales and sales mix due to curtailed production of the Mexico-made CX-30. On the other hand, cost reduction and fixed cost cuts provided some support. On a non-consolidated (standalone) basis as well, sales were ¥3,135,020 million (down 11.7% year on year) and operating loss was △¥174,828 million, reflecting a severe deterioration in profit and loss, and standalone net cash turned negative (△¥33.3 billion).
Key Products
Growth Drivers
- Increased export shipments from the Japan segment driven by the full-scale global rollout of the new CX-5 (expanded sales in Europe and North America)
- Continued promotion of cost improvement activities (current period actual +¥36.9 billion, next period forecast +¥77.6 billion) and fixed cost reductions
- Profit improvement effect of ¥8,800 million from a change in the amortization method for prepaid parts costs (change to lifecycle-based amortization)
- Diversification of shipment composition to Europe and China through expansion of the electrified vehicle lineup, including the MAZDA6e and MAZDA EZ-60
- Significant unit sales and profit growth targets toward FY2027 (ending March 2027) (operating income forecast of ¥150.0 billion, up 190.8% year on year)
Risks
- Further deterioration in export profitability due to continuation/expansion of US tariff policy (the largest risk being the full-year FY2026 tariff impact of △¥154.9 billion)
- Decline in the Japan segment's internal sales and shipment volumes due to continued production curtailment of Mexico-made vehicles (CX-30, etc.)
- Deterioration in export profitability due to a shift toward yen appreciation (based on the next period's assumed exchange rates of ¥155/USD and ¥180/EUR)
- Cost increase pressures from raw materials, logistics, etc. (full-year FY2026 impact of △¥37.7 billion)
- Risk to the recovery of capital expenditure and R&D spending due to heightened geopolitical risk and shifting timelines for global electrification progress
- Reduced financial flexibility due to standalone (non-consolidated) net cash turning negative (△¥33.3 billion)
Last updated: June 23, 2026