YAMAHA CORPORATION
7951・Prime Market・Other Products
Musical Instruments
Yamaha's core segment. Manufactures and sells a wide range of musical instruments from pianos to wind, string & percussion instruments.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue | ¥304,924 million | ¥296,100 million | ↑ |
| Business Profit | ¥21,218 million | ¥22,068 million | ↓ |
| Business Profit Margin | 6.96% | 7.45% | ↓ |
| Change in Revenue (YoY) | +¥8,824 million (+3.0%) | — | ↑ |
| Change in Business Profit (YoY) | -¥850 million (-3.9%) | — | ↓ |
Business Details
In addition to manufacturing and selling pianos (acoustic, digital, and hybrid), wind instruments, string instruments, percussion instruments, guitars, and more, the segment operates YAMAHA MUSIC SCHOOL and the Music Connect Business. It conducts business globally, targeting a wide range of users from beginners to professionals. Revenue of ¥304,924 million accounts for approximately 65.5% of total company revenue of ¥465,330 million, making it the core segment.
Recent Overview
Guitars, digital instruments, and wind, string & percussion instruments drove revenue growth, but a decline in piano revenue combined with additional U.S. tariffs and rising costs led to a decrease in business profit.
In the Musical Instruments segment for FY2026 (ending March 2026), revenue increased by ¥8,824 million (3.0%) year-on-year to ¥304,924 million. Increased sales of acoustic guitars and Line 6 products in North America, higher digital instrument sales across all regions, and strong wind instrument sales in Japan and Europe contributed to the revenue growth. On the other hand, acoustic pianos saw a full-year revenue decline due to a delayed demand recovery in Europe and China. Business profit decreased by ¥850 million (3.9%) to ¥21,218 million, due to the impact of additional U.S. tariffs, rising procurement costs, and changes in model mix, among other factors. In the guitar business, fixed cost reductions, manufacturing efficiency improvements, and expansion of high-value-added products progressed ahead of plan, improving profitability.
Key Products
Growth Drivers
- Increased sales and improved profitability of guitars (acoustic guitars and Line 6), mainly in North America (achieved ahead of plan)
- Increased demand for digital pianos across all regions and expanded sales of portable keyboards in other regions
- Revenue growth in the wind, string & percussion instrument segment driven by strong wind instrument sales in Japan and Europe
- Improved profitability progressing as planned through the reorganization of piano production sites
- Expanded customer touchpoints through digital services such as the membership program leveraging Yamaha Music ID (launched in Europe) and Yamaha Creator Pass
- Sales growth potential in emerging markets (India, Latin America, ASEAN, Middle East)
Risks
- Delayed demand recovery for acoustic pianos, primarily in Europe and China (market inventory control remains an ongoing challenge)
- Pressure on business profit from additional U.S. tariffs and rising costs for parts, raw materials, labor, and logistics
- Delayed progress in achieving targets for price optimization and store consolidation measures in the domestic musical instruments business due to market cooling
- Continued long-term downturn in the Chinese market (deteriorating real estate market, shrinking educational demand)
- Intensifying e-commerce-centered price competition in the European market (struggles with mass-market price-range products)
- Contingent liability risk from a class action lawsuit in the U.K. against Yamaha Music Europe GmbH (competition law violation related to resale price maintenance practices); no procedural progress at this time and no provision has been recorded
- Deteriorating consumer sentiment and weak educational demand due to heightened geopolitical risk and global price increases
Last updated: June 25, 2026