Rinnai's ¥2.7bn U.S. tariff bill
≈¥2.7bnCalendar 2025 U.S. tariff impact, amount-paid basis
+5.7%Calendar 2025 U.S. condensing water-heater unit sales, year on year
2.6%Calendar 2025 U.S. operating margin
What emerges
See the company through the numbers →Higher-efficiency water-heater sales grew in Rinnai's U.S. business in 2025, while gaps between tariff changes and price adjustments weighed on earnings. The approximately ¥2.7bn tariff figure describes the scale of payments and cannot simply be added back to operating income. Sourcing heat exchangers and other components, supplying appliances and adjusting prices are part of the business, alongside work to reshape its organization and fixed costs.