Yamaha Sees Revenues Increase, But Earnings Fall in 2024

Last year was a weird one for Yamaha Motor, as the company saw a 6.7% increase in revenue, but still suffered a 25.6% drop in operating income. It breaks down like this: Thanks to motorcycle sales and strong results in Brazil and India, Yamaha brought in $17 billion in gross revenue. Not only did the Brazilian and Indian markets have a strong year, the company said it sold more units at higher prices. Good news, right?

Well, kinda. Because of a big hike in the costs of doing business last year, Yamaha ended up seeing a drop of almost $425 million in operating income over the course of the year. Not only did higher costs for labor and other administrative expenses drive the figure down, Yamaha noted a post-pandemic slowdown in demand for powersports in developed countries.

The mixed bag of results doesn’t paint a clear picture for 2025, and Yamaha said it is watching the Chinese economy, instability in the Middle East, and Trump administration tariffs carefully. Overall, we love to see higher core powersports sales, and if Yamaha can rein in costs, the outlook should be rosy.

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