Mizuno’s 120th anniversary year ends as its best financial performance on record. Golf, Football and Sportstyle drove global demand, a DTC-led margin push delivered new highs – and US tariffs introduced the first real test of the company’s next growth phase.

Mizuno Corporation reported record results across its key financial metrics for fiscal year 2025 (April 2025 to March 2026), with net sales rising 7.8 percent year on year to ¥259.0 billion (about €1.53 billion). Profit attributable to owners of parent increased 20.6 percent to ¥18.4 billion (about €109 million), the highest net income in the group’s history.

The Osaka-based sporting goods manufacturer also posted record operating profit of ¥22.6 billion, up 8.8 percent, and ordinary profit of ¥24.0 billion, up 12.3 percent. All headline figures came in above the company’s internal guidance for the period.

Mizuno Corporation — Consolidated Income Statement
Full year ended March 31, 2026 vs March 31, 2025  |  ¥ millions  /  € millions*
  FY2025 ¥m FY2025 €m FY2024 ¥m FY2024 €m Change
Net sales 259,045 1,531 240,335 1,421 +7.8%
Cost of sales 150,577 890 141,777 838 +6.2%
Gross profit 108,467 641 98,558 583 +10.1%
Gross margin ratio 41.9% – 41.0% – +0.9pp
Selling, general and administrative expenses          
Freight and packing costs 5,454 32 4,813 28 +13.3%
Storage costs 5,606 33 5,043 30 +11.2%
Advertising expenses 13,424 79 11,875 70 +13.0%
Salaries and allowances 22,745 135 21,438 127 +6.1%
Bonuses 5,179 31 4,462 26 +16.1%
Retirement benefit expenses 482 3 353 2 +36.5%
Depreciation 3,188 19 2,988 18 +6.7%
Provision for doubtful accounts 198 1 110 1 +80.0%
Other SG&A 29,583 175 26,694 158 +10.8%
Total SG&A expenses 85,863 508 77,780 460 +10.4%
SG&A ratio 33.1% – 32.4% – +0.7pp
Operating profit 22,603 134 20,777 123 +8.8%
Operating margin 8.7% – 8.6% – +0.1pp

Source: Mizuno Corporation, Consolidated Financial Results for the Fiscal Year Ended March 31, 2026, May 12, 2026. All figures in ¥ millions (Japanese GAAP). FY2025 = April 1, 2025 – March 31, 2026. FY2024 = April 1, 2024 – March 31, 2025.
*Euro equivalents converted at ¥169.16/€1 (Mizuno-reported FY2025 average rate). Verify against publication-date spot rate before publishing.

Mizuno’s DTC shift lifted margins as Sportstyle scaled

Margin improvement was the year’s most consequential structural development. Gross profit margin reached 41.9 percent, up 0.9 percentage points from the prior year, driven by expansion in direct-to-consumer (DTC) channels, particularly for Sportstyle footwear. The shift pushed net profit margin to a record 7.1 percent, up 0.8 percentage points, and lifted operating profit margin to 8.7 percent.

Sportstyle – lifestyle footwear repositioned around Mizuno’s performance heritage – has been among the fastest-growing lines in the portfolio. Sales reached ¥7.6 billion in FY2025, up from ¥0.8 billion in FY2019. Growth was concentrated in Japan, EMEA and Asia/Oceania.

Mizuno Corporation — Net Sales by Product Category
Full year ended March 31, 2026 vs March 31, 2025  |  ¥ millions  /  € millions*
  FY2025 ¥m FY2025 €m FY2024 ¥m FY2024 €m Change
Footwear 88,400 523 77,400 458 +14.2%
Apparel 73,300 433 68,200 403 +7.5%
Equipment 59,000 349 56,800 336 +3.9%
Service / Others 38,300 226 37,900 224 +1.1%
Total net sales 259,000 1,531 240,300 1,421 +7.8%

Source: Mizuno Corporation, FY2025 Financial Report (investor presentation), May 12, 2026. FY2025 = April 1, 2025 – March 31, 2026. FY2024 = April 1, 2024 – March 31, 2025.
¥m figures derived from rounded billions as reported in the investor presentation; minor rounding discrepancies possible vs consolidated financial statements totals.
*Euro equivalents converted at ¥169.16/€1 (Mizuno-reported FY2025 average rate). Verify against publication-date spot rate before publishing.

Shares rise on results, beating the Nikkei

Mizuno’s results prompted an immediate uptick in its stock. After the 13:00 JST release on May 12, 2026, shares closed at ¥3,465, up 2.97 percent on volume of 871,000. The Nikkei 225 rose about 0.5 percent. The stock swung between ¥3,265 and ¥3,545 during the session, then added to gains the next day, trading at ¥3,575 (+3.17 percent) on May 13. Investors appeared to focus on record profits, upbeat guidance that points to ordinary profit of ¥26.5 billion in FY2026/27, and a planned dividend of ¥66 per share, up ¥6.

Golf, Football and Work business drove most of the top-line gains

Mizuno’s growth was concentrated in a handful of categories. The Work business – occupational footwear and apparel that applies the company’s sports engineering – recorded the fastest rise, up 23.2 percent to ¥17.5 billion (about €103 million). Running increased 14.2 percent to ¥24.9 billion (about €147 million), while Golf advanced 12.7 percent to ¥36.4 billion (about €214 million) on demand for forged iron equipment and premium custom-fitting services.

Mizuno Corporation — Net Sales by Main Sport Category
Full year ended March 31, 2026 vs March 31, 2025  |  ¥ millions  /  € millions*
  FY2025 ¥m FY2025 €m FY2024 ¥m FY2024 €m Change
Baseball 41,500 245 39,700 235 +4.5%
Golf 36,400 215 32,300 191 +12.7%
Sports Facility 31,700 187 32,200 190 -1.6%
Running 24,900 147 21,800 129 +14.2%
Football 22,400 132 20,300 120 +10.3%
Indoor† 20,700 122 18,800 111 +10.1%
Work Business 17,500 103 14,200 84 +23.2%

Source: Mizuno Corporation, FY2025 Financial Report (investor presentation), May 12, 2026. FY2025 = April 1, 2025 – March 31, 2026. FY2024 = April 1, 2024 – March 31, 2025. Ranked by FY2025 sales. These are the main categories as reported; figures do not sum to consolidated net sales.
†Indoor includes volleyball, badminton, table tennis and basketball.
¥m figures derived from rounded billions as reported in the investor presentation.
*Euro equivalents converted at ¥169.16/€1 (Mizuno-reported FY2025 average rate). Verify against publication-date spot rate before publishing.

Football sales climbed 10.3 percent to ¥22.4 billion (about €132 million), with football shoe revenue reaching ¥16.3 billion (about €96 million) – more than triple the ¥5.3 billion (about €31 million) reported in FY2019. Baseball, the largest category, grew 4.5 percent to ¥41.5 billion (about €244 million), supported in part by World Baseball Classic merchandise. Sports Facility was the only segment to contract, down 1.6 percent to ¥31.7 billion (about €186 million), though the company said profitability improved within the unit.

US tariffs weigh on Americas profit despite record revenues

All four geographic segments delivered record net sales, but profitability diverged. In the Americas – the group’s second-largest overseas market – operating profit fell 12.4 percent to ¥2.4 billion (€14 million), even as net sales rose to a record ¥37.7 billion (€223 million). Mizuno attributed the decline to US reciprocal tariffs, which it expects to remain a headwind in the year ahead.

In EMEA (Europe, Middle East and Africa), the reported 29.7 percent increase in net sales to ¥30.8 billion (€182 million) partly reflects a change in accounting period. European branches converted to subsidiaries in January 2025, meaning the FY2024 comparison covered nine months rather than twelve. On a comparable 12-month basis, Mizuno said sales rose by about 6 percent.

Japan, which still accounts for roughly 60 percent of group revenue, posted net sales of ¥155.2 billion (€917 million), up 5.3 percent, and operating profit of ¥15.2 billion (€90 million), up 14.7 percent — both record highs.

Mizuno Corporation — Net Sales and Operating Profit by Geographic Segment
Full year ended March 31, 2026 vs March 31, 2025  |  ¥ millions  /  € millions*
  FY2025 ¥m FY2025 €m FY2024 ¥m FY2024 €m Change
Japan
Net sales 155,152 917 147,291 871 +5.3%
Operating profit 15,218 90 13,265 78 +14.7%
Operating margin 9.8% – 9.0% – +0.8pp
Americas
Net sales 37,748 223 35,986 213 +4.9%
Operating profit 2,423 14 2,766 16 -12.4%
Operating margin 6.4% – 7.7% – -1.3pp
EMEA‡
Net sales 30,793 182 23,743 140 +29.7%
Operating profit 1,410 8 678 4 +107.8%
Operating margin 4.6% – 2.9% – +1.7pp
Asia & Oceania
Net sales 35,351 209 33,314 197 +6.1%
Operating profit 3,565 21 4,038 24 -11.7%
Operating margin 10.1% – 12.1% – -2.0pp
Group Total
Net sales 259,045 1,531 240,335 1,421 +7.8%
Operating profit 22,603 134 20,777 123 +8.8%
Operating margin 8.7% – 8.6% – +0.1pp

Source: Mizuno Corporation, Consolidated Financial Results for the Fiscal Year Ended March 31, 2026, May 12, 2026. All figures in ¥ millions (Japanese GAAP). FY2025 = April 1, 2025 – March 31, 2026. FY2024 = April 1, 2024 – March 31, 2025. Operating profit figures are segment profit before group-level adjustments; group total reflects consolidated operating profit after eliminations.
‡EMEA figures are not directly comparable year on year. European branches converted to subsidiaries on January 1, 2025; the FY2024 accounting period covered nine months (April–December 2024) vs twelve months in FY2025. On a comparable 12-month basis, Mizuno reported approximately 6% sales growth for EMEA.
*Euro equivalents converted at ¥169.16/€1 (Mizuno-reported FY2025 average rate). Verify against publication-date spot rate before publishing.

FY2026 guidance and a medium-term target that bets on overseas growth

Looking ahead, Mizuno forecasts further expansion in the fiscal year ending March 2027, guiding for net sales of ¥280 billion (approx. €1.66 billion – verify at publication-date rate), operating profit of ¥25.5 billion (+12.8 percent) and net profit of ¥19.0 billion (+3.4 percent).

Beyond the near-term outlook, the company’s medium-term plan through FY2028 calls for net sales of ¥330 billion and operating profit of ¥31 billion, underpinned by a push to lift the overseas revenue ratio from 40 percent to 46 percent. Management said it raised ¥10 billion in FY2025 through euro-denominated convertible bonds to support future investment as it pursues that growth.

Topics