An internal hub transmission for a bicycle comprises a hub shaft structured to be mounted to a bicycle frame, a drive member, a driven member, and a planetary gear mechanism that communicates rotational force from the drive member to the driven member. A first bearing assembly comprises a separate first bearing cone mounted to the hub shaft, a first bearing cup, and a plurality of first bearing members disposed between the first bearing cone and the first bearing cup. A second bearing assembly comprises a separate second bearing cone mounted to the hub shaft axially spaced apart from the first bearing cone, a second bearing cup, and a plurality of second bearing members disposed between the second bearing cone and the second bearing cup. Third and fourth bearing assemblies rotatably support the drive member relative to the hub shaft.