Mizuno Corporation reported this week that the Japanese economy showed a moderate recovery trend during the nine-month period (YTD) ended December 31, 2025, and while the company said overseas economies also experienced steady growth, it also took a respectful Japanese swipe at the U.S. tariff situation noting that “uncertainty persisted both domestically and internationally due to factors such as trade policies of various countries and rising prices affecting personal consumption.”

Still, the company reportedly saw strong sales of competitive sports products such as Football (Soccer) and Volleyball in Japan, as well as favorable sales in non-sports Work and Sportstyle footwear. Overseas, sales of competitive sports products such as Running, Football and Golf, as well as Sportstyle footwear, also increased.

Net sales increased by 6.8 percent year-over-year (y/y) to ¥187,345 million (~$1.26 billion). Gross margin amounted to 42.1 percent of revenue for the nine-month period, up 50 basis points y/y. Operating profit increased 12.1 percent y/y to ¥17,941 million, and ordinary profit increased 12.1 percent y/y to ¥18,982 million. Profit attributable to owners of parent increased 18.0 percent y/y to ¥14,882 million (~$100.0 million) for the YTD period. All these figures were said to represent record highs for the nine months ended December 31.

Mizuno Corporation reports in Japanese yen (¥) currency. Conversions to U.S. dollars ($), where applicable, were converted at 148.80 yen to 1 U.S. dollar for the nine-month YTD period.

Sales by Region

Japan
In Japan, sales of competitive sports products such as Football (Soccer) and Volleyball, as well as Work and Sportstyle shoes in the non-sports sector, performed strongly, according to the YTD report. Net sales in Japan increased by 4.3 percent y/y to ¥106,372 million, and operating profit increased 28.9 percent y/y to ¥10,197 million, both said to mark record highs for the nine-month YTD period.

Europe
In Europe, sales of Golf, Indoor Sports, and Sportstyle shoes reportedly “performed strongly.” Net sales reached a record high of ¥23,664 million, an increase of 19.9 percent y/y. Operating profit for the region was ¥1,332 million for the period, up 9.8 percent y/y.

Americas
In the Americas, the core Golf business reportedly continued to perform well, resulting in increased sales. “In addition to strong evaluations of merchandise, particularly forged irons, the company has also earned high trust from users for its custom-fitting services,” Mizuno said in its report. On the other hand, the company also said rising costs due to reciprocal tariffs put downward pressure on profits.

Americas region net sales reportedly reached a record high of ¥30,193 million (~$190 million), an increase of 4.6 percent y/y, while operating profit decreased 8.6 percent y/y to ¥3,040 million (~$20.4 million).

Asia and Oceania
In Asia and Oceania, sales of Running, Football and Sportstyle shoes, which were positioned as growth areas, expanded during the YTD period. However, the profitability of the Golf business in Korea declined due to stagnation in the Korean golf market. As a result, net sales reached a record high of ¥27,114 million, up 9.4 percent y/y, while operating profit was ¥3,302 million, down 7.1 percent y/y.

Sales by Category

 

 

 

 

 

 


Sales by Segment

Overview of Financial Position for the Period
At the end of the third quarter of the consolidated fiscal period, total assets increased by ¥9,895 million compared to the end of the previous consolidated fiscal year, reaching ¥228,375 million. The main factors were a decrease in accounts receivable trade by ¥1,604 million and in merchandise and finished goods by ¥1,255 million, while cash and deposits increased by ¥6,405 million and investment securities increased by ¥4,494 million.

Liabilities decreased by ¥1,251 million from the end of the previous consolidated fiscal year to ¥60,107 million. While other current liabilities, such as advances received and deposits received, increased by ¥1,002 million, the main factors were decreases of ¥1,105 million in notes and accounts payable – trade and of ¥1,234 million in accounts payable – other and accrued expenses, respectively.

Net assets increased by ¥11,147 million compared to the end of the previous consolidated fiscal year, reaching ¥168,268 million. As a result, the capital adequacy ratio increased by 170 basis points from 71.6 percent at the end of the previous consolidated fiscal year to 73.3 percent.

Explanation of Consolidated Financial Results Forecast
Mizuno Corp. reported no changes to the consolidated forecasts for the fiscal year ending March 2026 from the full-year consolidated forecasts announced on May 13, 2025.

Regarding the year-end dividend, the company said it had planned to pay ¥25 per share, but Mizuno increased it by ¥10 to ¥35 per share. As a result, the total annual dividends per share for the current fiscal year will be ¥60.

Image courtesy Mizuno Golf Japan