Shohei Ohtani’s stellar performance, the heated battles at the summer Koshien tournament, and the surging popularity of Nippon Professional Baseball are driving rapid improvement in the earnings of “baseball companies” engaged in team operations, equipment sales, baseball clinics, and related businesses. According to an analysis by Tokyo Shoko Research, the combined revenue of 120 major companies that list “baseball” as a business category and have disclosed financial results for five consecutive periods increased by approximately ¥71 billion (approximately $445.7 million) over the four years since the pandemic-hit 2021. Net income swung dramatically from a loss exceeding ¥3 billion (approximately $18.8 million) to a profit of ¥13.5 billion (approximately $84.7 million).

The 120 companies extracted by Tokyo Shoko Research from its corporate database (approximately 4.4 million companies) include team and stadium operators, equipment manufacturers, merchandise-related businesses, player development and coaching organizations, and tournament organizers. Looking at annual aggregate figures, 2021—when stay-at-home measures and reduced practice opportunities took a direct toll—saw combined revenue of ¥97.08 billion (approximately $609.4 million) and a net loss of ¥3.017 billion (approximately $18.9 million). However, in 2022, as the pandemic subsided, revenue surged to ¥120.79 billion (approximately $758.2 million), up 24.4% year-over-year, and profit swung to a positive ¥10.146 billion (approximately $63.7 million). In 2025, the strong performance continued with revenue of ¥168.06 billion (approximately $1.05 billion) and net income of ¥13.515 billion (approximately $84.8 million).

Margin Improvement Stands Out

Particularly noteworthy is the improvement on the profit side. While many industries have seen profits decline due to an inability to pass on rising manufacturing costs, procurement prices, and service delivery costs, baseball companies are showing a different trajectory. In fiscal 2025, 76.6%—roughly 8 in 10 of the 120 surveyed companies—secured profitability. More than half, at 51.6%, also posted year-over-year profit growth.

Fiscal YearCombined RevenueCombined Net Income2021¥97.081 billion-¥3.017 billion2022¥120.791 billion¥10.146 billion2025¥168.06 billion¥13.515 billion

Note: 2022 revenue grew 24.4% year-over-year. In 2025, companies maintained revenue and profit growth despite inflationary pressures.

Among individual companies, Fighters Sports & Entertainment—which operates “HOKKAIDO BALLPARK F VILLAGE,” including the Hokkaido Nippon Ham Fighters’ new ballpark—stands out for its strong performance. Record-breaking attendance drove revenue growth, and the company absorbed cost increases to achieve substantial profit gains.

Weak Yen Provides Tailwind for Export Expansion

Companies engaged in equipment and merchandise sales are also performing solidly. Equipment retailers expanded exports, buoyed by the weak yen. While each team focuses on growing attendance and merchandise sales, equipment manufacturers are advancing functional innovations—multi-faceted strategies that are lifting overall performance.

The success of professional players is delivering broad-based benefits to related industries. Beyond Ohtani’s international achievements, the sustained excitement surrounding professional and high school baseball domestically is driving persistently rising interest in the sport.

With baseball’s growing popularity, improvements in training environments for professional and student players could potentially produce the next generation of superstars. The expansion of the baseball-related industry signals not merely a temporary boom but the emergence of a broad-based growth cycle.