ShimanoSHIMANO INC.7309東証プライム輸送用機器FY ending Dec 2025, consolidated, J-GAAP

Shimano FY ending Dec 2025 results

About 76% of Shimano's sales come from Bicycle components, with Fishing tackle making up much of the rest.

Out of every ¥100 of sales, about ¥11 is left as operating profit.

Revenue changed +3.4% from the prior year, operating profit -20.6%.

Revenue and profit pattern

Revenue up, profit downRevenue grew faster

Revenue +3.4% · profit -20.6%, calculated from disclosed figures.

Operating leverage: -6.09× (profit growth ÷ revenue growth)

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue: +3.4%¥451B → ¥466.2B
Gross profit: -3.3%¥172.3B → ¥166.6B
Operating income: -20.6%¥65.1B → ¥51.7B
Net income attributable to owners: -55.5%¥76.3B → ¥34B
Operating cash flow: -26.7%¥87B → ¥63.8B
Free cash flow: -56.5%¥41.5B → ¥18B

Results at a glance

Revenue for the FY ending Dec 2025 grew +3.4% to ¥466.2B, up from ¥451B.
Profits went the other way: gross profit fell -3.3% and operating income dropped -20.6% to ¥51.7B.
Net income attributable to owners fell from ¥76.3B to ¥34B, down -55.5%.

What drove the change

Sales got a lift from steady bike sales in European shops and solid fishing tackle demand outside Japan.
Bike dealers in some regions were still working through excess stock, so overseas orders and production fell, which cut gross profit.
Higher wages, software costs, and advertising and shipping for new products pushed up SG&A, and larger foreign exchange losses hit profit further.

Things to watch

Big currency swings affect how overseas earnings convert into yen and what raw materials cost.
Political and economic instability in key markets, such as rising tariffs, could disrupt production and sales.
If rivals quickly catch up on technology, Shimano's products could lose their edge and face tougher price competition.

Annual Securities Report (119th term) / Management's analysis of financial condition and results · Annual Securities Report (119th term) / Business risks

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

Where ¥100 of sales goes

For every ¥100 Shimano sells, how much goes where, and how much is kept.

FY ending Dec 2025

Cost of sales: ¥64
SG&A: ¥25
Operating profit: ¥11
Net profit kept: ¥7

Annual margin trends

Gross margin35.7%

Operating margin11.1%

Net margin7.3%

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Dec 2025

Bicycle components¥355B
76%
Op. margin 12.1%Industry: Bicycles
Fishing tackle¥110.8B
24%
Op. margin 8.0%Industry: Sporting Goods & Fitness

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

EDINET (FSA Japan)
有価証券報告書－第119期(2025/01/01－2025/12/31)
ID S100XQSE2026-03-17Open
EDINET (FSA Japan)
有価証券報告書－第118期(2024/01/01－2024/12/31)
ID S100VGFP2025-03-28Open
EDINET (FSA Japan)
有価証券報告書－第117期(2023/01/01－2023/12/31)
ID S100T5J92024-03-28Open
EDINET (FSA Japan)
有価証券報告書－第116期(2022/01/01－2022/12/31)
ID S100QH4Z2023-03-30Open
EDINET (FSA Japan)
有価証券報告書－第115期(令和3年1月1日－令和3年12月31日)
ID S100NQC52022-03-31Open
EDINET (FSA Japan)
有価証券報告書－第114期(令和2年1月1日－令和2年12月31日)
ID S100L2032021-03-31Open

Extracted from XBRL: 52 / Derived from other figures: 1

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