4/23/2026
Consolidated Profit & Loss Account Comparison （FY2026 Revised Schedule vs. FY2025 Results）
Consolidated Profit & Loss Account Comparison （FY2026 Revised Schedule vs. FY2026 Previous Schedule)
3. Operating Income by Segment |
Sales By Shipment Destination / Manufactory Location / Currencies |
Capital Investment / Depreciation and Amortization |
Quarterly Sales and Operating Income |
4. Consolidated Sales, Operating Income and Net Income Attributable to Owners of Parent
5. ROA & ROE |
Total Assets & Shareholders' Equity |
Treasury Stock Acquired |
Dividends per Share |
Bicycle Components Sales by Shipment Destination
Fishing Tackle Sales
Impact of exchange rates on Consolidated Profit & Loss
Shimano Inc.
* The forecasts of consolidated business performance and other forward-looking statements contained in this document are based on information currently available to the Company and certain assumptions that management believes reasonable and actual business performance may differ materially from those described in such statements due to various factors.
Please note that this document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.
＊＊＊ CONSOLIDATED PROFIT AND LOSS ACCOUNT COMPARISON ＊＊＊4/23/2026
(million JPY)
2025 Results | 2026 Revised Schedule (4/23/2026) | Comparison | |||||||||||
1st Half | 2nd Half | Total | 1st Half | 2nd Half | Total | 1st half diff. | 2nd half diff. | Annual diff. | |||||
Bicycle Components | Japan | 3,719 | 3,969 | 7,687 | 3,000 | 4,000 | 7,000 | -719 | -19.3% | 31 | 0.8% | -687 | -8.9% |
Overseas | 177,706 | 169,579 | 347,285 | 162,000 | 181,000 | 343,000 | -15,706 | -8.8% | 11,421 | 6.7% | -4,285 | -1.2% | |
North America | 10,907 | 9,250 | 20,157 | 11,000 | 9,000 | 20,000 | 93 | 0.9% | -250 | -2.7% | -157 | -0.8% | |
Europe | 95,084 | 97,130 | 192,214 | 91,000 | 102,000 | 193,000 | -4,084 | -4.3% | 4,870 | 5.0% | 786 | 0.4% | |
China | 33,371 | 29,308 | 62,679 | 28,000 | 31,000 | 59,000 | -5,371 | -16.1% | 1,692 | 5.8% | -3,679 | -5.9% | |
Taiwan | 12,910 | 11,611 | 24,521 | 8,000 | 11,000 | 19,000 | -4,910 | -38.0% | -611 | -5.3% | -5,521 | -22.5% | |
Others | 25,433 | 22,280 | 47,714 | 24,000 | 28,000 | 52,000 | -1,433 | -5.6% | 5,720 | 25.7% | 4,286 | 9.0% | |
* Total | 181,424 | 173,548 | 354,972 | 165,000 | 185,000 | 350,000 | -16,424 | -9.1% | 11,452 | 6.6% | -4,972 | -1.4% | |
Fishing Tackle | Japan | 17,201 | 17,037 | 34,238 | 17,900 | 15,900 | 33,800 | 699 | 4.1% | -1,137 | -6.7% | -438 | -1.3% |
Overseas | 38,550 | 38,043 | 76,594 | 43,900 | 38,800 | 82,700 | 5,350 | 13.9% | 757 | 2.0% | 6,106 | 8.0% | |
* Total | 55,752 | 55,080 | 110,832 | 61,800 | 54,700 | 116,500 | 6,048 | 10.8% | -380 | -0.7% | 5,668 | 5.1% | |
Others | 234 | 205 | 439 | 200 | 300 | 500 | -34 | -14.5% | 95 | 46.2% | 61 | 13.9% | |
Sales Total | 237,410 | 228,833 | 466,243 | 227,000 | 240,000 | 467,000 | -10,410 | -4.4% | 11,167 | 4.9% | 757 | 0.2% | |
Profit ratio(%) | 36.5 | 35.0 | 35.7 | 35.7 | 35.0 | 35.3 | -0.8 | 0.0 | -0.4 | ||||
Gross profit | 86,637 | 79,979 | 166,616 | 81,000 | 84,000 | 165,000 | -5,637 | -6.5% | 4,021 | 5.0% | -1,616 | -1.0% | |
Selling, general and administrative exp. | 58,514 | 56,425 | 114,939 | 57,000 | 61,000 | 118,000 | -1,514 | -2.6% | 4,575 | 8.1% | 3,061 | 2.7% | |
11.8 | 10.3 | 11.1 | 10.6 | 9.6 | 10.1 | -1.2 | -0.7 | -1.0 | |||||
Operating income | 28,123 | 23,554 | 51,677 | 24,000 | 23,000 | 47,000 | -4,123 | -14.7% | -554 | -2.4% | -4,677 | -9.1% | |
Non operating income & exp, net | -14,084 | 9,437 | -4,648 | 5,300 | 1,000 | 6,300 | 19,384 | - | -8,437 | - | 10,948 | - | |
5.9 | 14.4 | 10.1 | 12.9 | 10.0 | 11.4 | 7.0 | -4.4 | 1.3 | |||||
Ordinary income | 14,039 | 32,991 | 47,030 | 29,300 | 24,000 | 53,300 | 15,261 | 108.7% | -8,991 | -27.3% | 6,270 | 13.3% | |
Extraordinary gain (loss) | -21 | 9,350 | 9,329 | 2,700 | 0 | 2,700 | 2,721 | - | -9,350 | - | -6,629 | - | |
Net income before income taxes | 5.9 | 18.5 | 12.1 | 14.1 | 10.0 | 12.0 | 8.2 | -8.5 | -0.1 | ||||
14,018 | 42,341 | 56,358 | 32,000 | 24,000 | 56,000 | 17,982 | 128.3% | -18,341 | -43.3% | -358 | -0.6% | ||
Income taxes | 10,056 | 12,311 | 22,367 | 8,000 | 6,000 | 14,000 | -2,056 | -20.4% | -6,311 | -51.3% | -8,367 | -37.4% | |
Net income attributable to | 1.7 | 13.1 | 7.3 | 10.6 | 7.5 | 9.0 | 8.9 | -5.6 | 1.7 | ||||
owners of parent | 3,962 | 30,029 | 33,991 | 24,000 | 18,000 | 42,000 | 20,038 | 505.8% | -12,029 | -40.1% | 8,009 | 23.6% | |
* Bicycle components Sales and Fishing Tackle Sales indicate amount of sales which is divided into destinations where the products are shipped.
＊＊＊ CONSOLIDATED PROFIT AND LOSS ACCOUNT COMPARISON ＊＊＊4/23/2026
(million JPY)
2026 Previous Schedule (2/10/2026) | 2026 Revised Schedule (4/23/2026) | Comparison | |||||||||||
1st Half | 2nd Half | Total | 1st Half | 2nd Half | Total | 1st half diff. | 2nd half diff. | Annual diff. | |||||
Bicycle Components | Japan | 3,000 | 4,000 | 7,000 | 3,000 | 4,000 | 7,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% |
Overseas | 162,000 | 181,000 | 343,000 | 162,000 | 181,000 | 343,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
North America | 11,000 | 9,000 | 20,000 | 11,000 | 9,000 | 20,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Europe | 91,000 | 102,000 | 193,000 | 91,000 | 102,000 | 193,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
China | 28,000 | 31,000 | 59,000 | 28,000 | 31,000 | 59,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Taiwan | 8,000 | 11,000 | 19,000 | 8,000 | 11,000 | 19,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Others | 24,000 | 28,000 | 52,000 | 24,000 | 28,000 | 52,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
* Total | 165,000 | 185,000 | 350,000 | 165,000 | 185,000 | 350,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Fishing Tackle | Japan | 17,900 | 15,900 | 33,800 | 17,900 | 15,900 | 33,800 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% |
Overseas | 43,900 | 38,800 | 82,700 | 43,900 | 38,800 | 82,700 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
* Total | 61,800 | 54,700 | 116,500 | 61,800 | 54,700 | 116,500 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Others | 200 | 300 | 500 | 200 | 300 | 500 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Sales Total | 227,000 | 240,000 | 467,000 | 227,000 | 240,000 | 467,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Profit ratio(%) | 35.7 | 35.0 | 35.3 | 35.7 | 35.0 | 35.3 | 0.0 | 0.0 | 0.0 | ||||
Gross profit | 81,000 | 84,000 | 165,000 | 81,000 | 84,000 | 165,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Selling, general and administrative exp. | 57,000 | 61,000 | 118,000 | 57,000 | 61,000 | 118,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
10.6 | 9.6 | 10.1 | 10.6 | 9.6 | 10.1 | 0.0 | 0.0 | 0.0 | |||||
Operating income | 24,000 | 23,000 | 47,000 | 24,000 | 23,000 | 47,000 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |
Non operating income & exp, net | 5,300 | 3,700 | 9,000 | 5,300 | 1,000 | 6,300 | 0 | - | -2,700 | - | -2,700 | - | |
12.9 | 11.1 | 12.0 | 12.9 | 10.0 | 11.4 | 0.0 | -1.1 | -0.6 | |||||
Ordinary income | 29,300 | 26,700 | 56,000 | 29,300 | 24,000 | 53,300 | 0 | 0.0% | -2,700 | -10.1% | -2,700 | -4.8% | |
Extraordinary gain (loss) | 0 | 0 | 0 | 2,700 | 0 | 2,700 | 2,700 | - | 0 | - | 2,700 | - | |
Net income before income taxes | 12.9 | 11.1 | 12.0 | 14.1 | 10.0 | 12.0 | 1.2 | -1.1 | 0.0 | ||||
29,300 | 26,700 | 56,000 | 32,000 | 24,000 | 56,000 | 2,700 | 9.2% | -2,700 | -10.1% | 0 | 0.0% | ||
Income taxes | 7,300 | 6,700 | 14,000 | 8,000 | 6,000 | 14,000 | 700 | 9.6% | -700 | -10.4% | 0 | 0.0% | |
Net income attributable to | 9.7 | 8.3 | 9.0 | 10.6 | 7.5 | 9.0 | 0.9 | -0.8 | 0.0 | ||||
owners of parent | 22,000 | 20,000 | 42,000 | 24,000 | 18,000 | 42,000 | 2,000 | 9.1% | -2,000 | -10.0% | 0 | 0.0% | |
* Bicycle components Sales and Fishing Tackle Sales indicate amount of sales which is divided into destinations where the products are shipped.
OPERATING INCOME BY SEGMENT SALES BY SHIPMENT DESTINATION(#1) / MANUFACTORY LOCATION(#2) / CURRENCIES(#3)(million JPY) (million JPY)
24 Results | 25 Results | 26 Schedule | |||||
Sales | 450,993 | 100.0% | 466,243 | 100.0% | 467,000 | 100.0% | |
#1 | Domestic market | 41,448 | 9.2% | 42,341 | 9.1% | 41,300 | 8.8% |
Overseas market | 409,545 | 90.8% | 423,902 | 90.9% | 425,700 | 91.2% | |
#2 | Domestic production | 215,186 | 47.7% | 237,248 | 50.9% | 220,000 | 47.1% |
Overseas production | 235,808 | 52.3% | 228,996 | 49.1% | 247,000 | 52.9% | |
#3 | Sales in Yen | 192,485 | 42.7% | 206,680 | 44.3% | 190,000 | 40.7% |
Sales in foreign currency | 258,508 | 57.3% | 259,563 | 55.7% | 277,000 | 59.3% | |
USD average rate | 151.67 | 149.62 | 155.00 | ||||
EUR average rate | 164.02 | 169.19 | 184.00 | ||||
CAPITAL INVESTMENT / DEPRECIATION AND AMORTIZATION
(million JPY)
24 Results | 25 Results | 26 Schedule | |
Capital Investment | 44,683 | 46,323 | 45,000 |
Depreciation and amortization | 24,702 | 26,891 | 29,000 |
(million JPY)
1Q | 2Q | 1H | 3Q | 4Q | 2H | Total | |
'26 Sales (Schedule) | 117,645 | 109,355 | 227,000 | 111,000 | 129,000 | 240,000 | 467,000 |
Bicycle Components | 87,361 | 77,639 | 165,000 | 85,000 | 100,000 | 185,000 | 350,000 |
Fishing Tackle | 30,176 | 31,624 | 61,800 | 25,900 | 28,800 | 54,700 | 116,500 |
Others | 108 | 92 | 200 | 100 | 200 | 300 | 500 |
'26 Operating Income (Schedule) | 10,401 | 13,599 | 24,000 | 10,600 | 12,400 | 23,000 | 47,000 |
Bicycle Components | 7,792 | 10,208 | 18,000 | 9,600 | 11,400 | 21,000 | 39,000 |
Fishing Tackle | 2,596 | 3,404 | 6,000 | 1,000 | 1,000 | 2,000 | 8,000 |
Others | 12 | -12 | 0 | 0 | 0 | 0 | 0 |
'25 Sales (Results) | 113,540 | 123,870 | 237,410 | 113,611 | 115,222 | 228,833 | 466,243 |
Bicycle Components | 87,973 | 93,451 | 181,424 | 84,819 | 88,729 | 173,548 | 354,972 |
Fishing Tackle | 25,468 | 30,284 | 55,752 | 28,683 | 26,397 | 55,080 | 110,832 |
Others | 98 | 136 | 234 | 108 | 97 | 205 | 439 |
'25 Operating Income (Results) | 16,142 | 11,981 | 28,123 | 8,443 | 15,112 | 23,554 | 51,677 |
Bicycle Components | 14,504 | 9,127 | 23,631 | 6,531 | 12,680 | 19,211 | 42,842 |
Fishing Tackle | 1,637 | 2,857 | 4,494 | 1,916 | 2,456 | 4,372 | 8,866 |
Others | 2 | -3 | -2 | -5 | -24 | -28 | -30 |
Bike | Fishing | Others | Total | ||
26 (S) | Sales | 350,000 | 116,500 | 500 | 467,000 |
Operating income | 39,000 | 8,000 | 0 | 47,000 | |
Profit ratio | 11.1% | 6.9% | 0.0% | 10.1% | |
25 | Sales | 354,972 | 110,832 | 439 | 466,243 |
Operating income | 42,842 | 8,866 | -30 | 51,677 | |
Profit ratio | 12.1% | 8.0% | -6.8% | 11.1% | |
24 | Sales | 345,554 | 104,990 | 449 | 450,993 |
Operating income | 54,158 | 10,929 | -2 | 65,085 | |
Profit ratio | 15.7% | 10.4% | -0.4% | 14.4% | |
23 | Sales | 364,679 | 109,226 | 458 | 474,363 |
Operating income | 65,251 | 18,413 | -11 | 83,654 | |
Profit ratio | 17.9% | 16.9% | -2.4% | 17.6% | |
22 | Sales | 517,437 | 110,993 | 480 | 628,910 |
Operating income | 144,994 | 24,163 | 1 | 169,159 | |
Profit ratio | 28.0% | 21.8% | 0.3% | 26.9% | |
21 | Sales | 443,679 | 102,389 | 448 | 546,515 |
Operating income | 125,147 | 23,121 | 21 | 148,288 | |
Profit ratio | 28.2% | 22.6% | 4.6% | 27.1% | |
20 | Sales | 297,777 | 79,907 | 356 | 378,040 |
Operating income | 68,494 | 14,264 | -57 | 82,701 | |
Profit ratio | 23.0% | 17.9% | -16.1% | 21.9% | |
19 | Sales | 290,039 | 72,838 | 353 | 363,231 |
Operating income | 57,851 | 10,220 | -60 | 68,010 | |
Profit ratio | 19.9% | 14.0% | -17.0% | 18.7% | |
18 | Sales | 277,243 | 70,436 | 356 | 348,036 |
Operating income | 57,251 | 8,545 | -107 | 65,688 | |
Profit ratio | 20.6% | 12.1% | -30.1% | 18.9% | |
17 | Sales | 270,207 | 65,221 | 373 | 335,801 |
Operating income | 57,410 | 7,013 | -72 | 64,351 | |
Profit ratio | 21.2% | 10.8% | -19.4% | 19.2% | |
16 | Sales | 259,455 | 63,144 | 400 | 322,999 |
Operating income | 57,875 | 6,842 | -170 | 64,546 | |
Profit ratio | 22.3% | 10.8% | -42.7% | 20.0% | |
15 | Sales | 314,010 | 64,245 | 390 | 378,646 |
Operating income | 79,817 | 5,372 | -136 | 85,054 | |
Profit ratio | 25.4% | 8.4% | -34.7% | 22.5% | |
（x100 million Yen）
Consolidated Sales/Operating Income/Net Income Attributable to Owners of Parent
(Yen)
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
3,786
821.87
Operating Income Sales
Net Income Attributable to Owners of Parent Basic Earnings per Share
3,480
3,358
3,230
3,632
3,780
684.71
5,465
1,252.62
6,289
1,408.22
4,744
676.77
4,510
853.36
4,662 4,670
1,600.00
1,400.00
1,200.00
1,000.00
800.00
2,500
2,000
1,500
1,000
851
762
549.76
414.69
581.77 559.15
827
1,483
1,159
1,692
1,282
837
763
388.17
488.19
600.00
400.00
500
645
510
644
384
657
539
680
518
635
611
651
517
340
470
420
200.00
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(S)
0.00
(％) ROA & ROE
ROA
ROE
9.4
9.1
9.9
7.9
8.2
8.3
7.2
3.9
3.6
10.9
11.7
13.4
16.7
18.9
11.2
11.0
12.2
12.5
17.9
18.4
20.2
21.7
25.0
20.0
(Unit 1,000 Shares) Treasury Stock Acquired
Common Stock Issued(RHS)
(excluding Treasury Stock)
Accumulated Acquisition(RHS)
Annual Acquisition(LHS)
6,000
5,000
(Mil. Shares)
120
100
15.0
10.0
5.0
4,000 80
3,000 60
2,000 40
1,000 20
0.0
15 16 17 18 19 20 21 22 23 24 25
0 0
15 16 17 18 19 20 21 22 23 24 25 26-1Q
(Mil. Yen) Total Assets & Shareholders' Equity
Total Assets
Shareholders' Equity
Equity Ratio
1,000,000
950,000
900,000
850,000
800,000
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
200,000
15 16 17 18 19 20 21 22 23 24 25
(%)
100.0
90.0
80.0
70.0
60.0
50.0
(Yen) Dividends per Share
200
339
363
309
235
260
285
155 155 155 155 155 155
350
300
250
200
150
100
50
0
15 16 17 18 19 20 21 22 23 24 25 26(S)
* In FY2020, a commemorative dividend for the 100th anniversary of Company's founding was included.
(x100 million Yen) Bicycle Components Sales (by Shipment Destination)
5,500
5,000
4,500
4,000
Japan
North America Europe
China Taiwan Others
4,437
101
275
5,174
124
313
3,647
107
3,456 3,550 3,500
3,500
3,000
3,140
99
251
2,772
2,900 2,978
82
2,169
2,885
201
78
195
77
202
70
200
2,500
2,000
1,500
1,355
2,595
95
209
1,150
2,702
100
213
1,199
103
209
1,315
82
209
1,426
224
1,411
567
580
1,866
1,479
1,922
1,930
1,000
556
439
449
370
345 410
498
560
637
1,010
627
590
500
487
377
367 421
450
416
826
712
421
289
245
190
392 324 373 353 389 435
0
416
404
477
520
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(S)
Bicycle components Sales indicate amount of sales which is divided into destinations where the products are shipped.
(x100 million Yen) Fishing Tackle Sales
1,200
1,100
1,110 1,092
1,050
1,108
1,165
1,000
900
800
700
600
Japan Overseas642 631 652
704
305
728
322
799
365
1,024
447
415
376
332
342
338
500
246
271
279
400
300
200
396
360
373
399
406
434
577
695
716
718
766
827
100
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(S)
Fishing Tackle Sales indicate amount of sales which is divided into destinations where the products are shipped.
Impact of exchange rates on Consolidated Profit & Loss
（million JPY）
2024 | 2025 | 2026 | ||
Bicycle Components | Sales | ＋11,152 | ＋312 | ＋1,400 |
Gross Profit | ＋2,967 | ▲1,544 | ▲1,500 | |
(Translation) (Asia Curr.) | (＋2,633) (＋335) | (＋56) (▲1,600) | (＋1,300) (▲2,800) | |
SG&A | ▲1,205 | ▲294 | ▲1,000 | |
Operating Income | ＋1,762 | ▲1,837 | ▲2,500 | |
Fishing Tackle | Sales | ＋4,370 | ▲712 | ＋800 |
Gross Profit | ＋1,421 | ▲1,022 | ▲1,100 | |
(Translation) (Asia Curr.) | (＋1,261) (＋159) | (▲192) (▲829) | (＋200) (▲1,300) | |
SG&A | ▲1,175 | ＋138 | ▲200 | |
Operating Income | ＋246 | ▲883 | ▲1,300 | |
Total | Sales | ＋15,522 | ▲400 | ＋2,200 |
Gross Profit | ＋4,390 | ▲2,565 | ▲2,600 | |
(Translation) (Asia Curr.) | (＋3,895) (＋495) | (▲135) (▲2,429) | (＋1,500) (▲4,100) | |
SG&A | ▲2,382 | ▲156 | ▲1,200 | |
Operating Income | ＋2,008 | ▲2,721 | ▲3,800 | |
Ex. Rate | USD/SGD | 1.337 | 1.306 | 1.285 |
USD/MYR | 4.568 | 4.275 | 4.053 |
Our foreign exchange impact consists of the following two components:
(Translation)
Foreign exchange impact arising from translating the sales and expenses of overseas subsidiaries into Japanese yen. (Asia Curr.)
Foreing exchange impact arising from translating USD-denominated and other foreing currency transactions at our Asia factories
into the respective local currencies 8