The Japanese sporting goods manufacturer has started the new fiscal year with momentum. Driven by continued strong demand for golf, running and soccer products, growing sports style sales, and an expanding workwear business, the company increased its revenue and profit to record levels. The first quarter shows that the brand’s growth story is now based on multiple product categories and regions simultaneously.
Particularly noteworthy is the breadth of this growth. Unlike in previous years, Mizuno no longer relies on individual hit products or markets. Instead, its growth story is now built on five pillars – golf, running, soccer, sportstyle and the work business. Accordingly, revenue rose by 12.6 percent to ¥71.5 billion (€389.2m). Operating profit rose disproportionately by 33.1 percent to ¥8.36 billion (€45.5m), while net profit grew by 23.5 percent to ¥6.03 billion (€32.8m). The operating margin improved from 9.9 to 11.7 percent. As a result, Mizuno set new first-quarter records for revenue, operating profit and net profit.
| Mizuno - Income | |||
|---|---|---|---|
| Q1, ended June 30 (JPY million) | |||
| 2026 | 2025 | Change | |
| Net sales | 71,505 | 63,528 | 12.6% |
| Cost of sales | 40,356 | 36,732 | 9.9% |
| Gross profit | 31,149 | 26,795 | 16.2% |
| SG&A expenses | 22,788 | 20,513 | 11.1% |
| Operating profit | 8,360 | 6,281 | 33.1% |
| Non-operating income | – | – | – |
| Interest income | 50 | 41 | 22.0% |
| Dividend income | 182 | 164 | 11.0% |
| Foreign exchange gains | 93 | 13 | 615.4% |
| Gain on investments in investment partnerships | – | 119 | – |
| Other non-operating income | 85 | 231 | -63.2% |
| Total non-operating income | 411 | 570 | -27.9% |
| Non-operating expenses | – | – | – |
| Interest expenses | 77 | 65 | 18.5% |
| Other non-operating expenses | 22 | 23 | -4.3% |
| Total non-operating expenses | 100 | 89 | 12.4% |
| Ordinary profit | 8,671 | 6,762 | 28.2% |
| Extraordinary income | – | – | – |
| Gain on sale of non-current assets | 0 | 1 | – |
| Total extraordinary income | 0 | 1 | – |
| Extraordinary losses | – | – | – |
| Loss on retirement of non-current assets | 4 | 0 | – |
| Total extraordinary losses | 4 | 0 | – |
| Profit before income taxes | 8,667 | 6,763 | 28.2% |
| Income taxes | 2,536 | 1,807 | 40.3% |
| Profit | 6,130 | 4,955 | 23.7% |
| Source: Mizuno | |||
Golf remains the key growth driver
Golf remained the company’s key growth driver in the first quarter as well. In its home market of Japan, the company benefited from the successful launch of the new JPX ONE golf club, which incorporates technologies developed for baseball bats and, according to the company, met with strong demand. Growth also continued in North America. There, Mizuno benefited from sustained demand for forged irons as well as its custom-fitting offerings, which further strengthened its positioning in the premium segment. This strong performance contributed to a 7.6 percent increase in revenue in Japan and a 15.8 percent increase in the Americas.
Running becomes a global success story
Running also emerged as a key driver of the quarter. Unlike in previous years, growth was not limited to individual markets. Rather, the category continued to expand in Europe, North America and Asia, thereby becoming a key pillar of the business worldwide. The momentum was particularly evident in Europe. Driven by Running, Golf and Sportstyle, sales rose by 24 percent. The fact that operating profit rose by 167.7 percent at the same time is likely attributable not only to strong demand but also to the business’s high operating leverage.
Soccer delivers record results
Soccer rounded out a strong quarter. According to the company, the category continued to perform robustly, particularly in Japan, and was one of the key growth drivers alongside golf. Together with running, sportstyle and the work business, soccer enabled Mizuno to set new first-quarter records in both revenue and operating profit in its home market.
Japan remains the home market
This broad-based growth was also reflected in regional performance. The company increased revenue in all four core markets and achieved new record profits in three regions. In its home market of Japan, revenue rose by 7.6 percent to ¥37.39 billion (€203.5m), while operating profit increased by 34.6 percent to ¥4.10 billion (€22.3m). As outlined above, Europe remained the group’s most dynamic region, with revenue reaching ¥9.88 billion (€53.8m) and operating profit climbing to ¥1.04 billion (€5.7m).
The Americas also continued their growth trajectory, increasing revenue by 15.8 percent to ¥13.75 billion (€74.8m) and operating profit by 8.4 percent to ¥1.85 billion (€10.1m) – despite higher customs duties. Asia/Oceania also set a record, with a 17.3 percent increase in revenue to ¥10.49 billion (€57.1m), while operating profit declined slightly by 1.2 percent to ¥1.09 billion (€5.9m), because of weakness in the golf market in South Korea.
Neither inventory nor tariffs weigh on earnings
The numbers look robust even beneath the surface. While declining inventory levels suggest that growth is driven by demand rather than inventory buildup, Mizuno actually absorbed higher tariff costs in North America. Operating profit there still rose – a sign of the strength of the product mix and the brand’s pricing power.
Between the lines
With its Q1 results, Mizuno reinforces the growth story that analysts have been highlighting for several months now. According to MarketScreener, the company is no longer benefiting solely from strong demand for golf products, but also from a broader growth base spanning running, soccer and sportswear, as well as a more profitable distribution mix with a higher proportion of direct-to-consumer (DTC) sales. At the same time, analysts view Europe as a key component of the company’s international expansion.
One thing is clear, however: these record figures do not yet make Mizuno a competitor to Adidas or Puma. They do, however, underscore that the Japanese manufacturer is increasingly establishing itself among the top tier of international performance brands – with growth momentum that currently outpaces many larger competitors.
Despite the strong first quarter, Mizuno left its full-year forecast unchanged at revenue of ¥280 billion (€1.52bn), operating profit of ¥25.5 billion (€138.8m) and net profit of ¥19 billion (€103.4m).
The most intriguing figure, however, must be read between the lines: After just three months, Mizuno has already generated nearly one-third of its full-year operating profit target. The fact that management nevertheless confirmed its guidance underscores the company’s cautious outlook. Should the pace of growth continue, an upward revision of the annual forecast could become a topic of discussion later in the year.
