Today, Nikon announced their financial results for the fiscal year ending on March 31, 2026. Here is a recap of the Nikon Imaging Division results by ZoetMB:
Full fiscal year results ending 3/31/26:
- Revenue: ¥290.00 billion (approx.$2 billion). Projection as of 2/8/26: ¥290.00. -1.79% compared to fiscal ’25 actual.
- Earnings: ¥16.7 billion (approx. $115.17 million). Projection as of 2/8/26: ¥21.00 billion. -49.15% compared to fiscal ’25 actual. -20.48% compared to 2/8/26 estimate.
- Margin: 5.8%, down from 14% in fiscal ’25. 16.6% in fiscal ’24 and 18.6% in fiscal ’23. Lowest margin since Nikon Imaging experienced losses is fiscal ’21.
- Unit sales bodies: 910,000. Projection as of 2/8/26: 900,000. +5.88% compared to fiscal ’25 actual. +1.11% compared to 2/8/26 estimate.
- Unit sales lenses: 1.3 million. Projection as of 2/8/26: 1.3 million. -0.76% compared to fiscal ’25 actual.
- Unit share bodies: 12.9%
- Unit share lenses: 12.3%
- Shipped value share compared to CIPA revenue for same period: 20.6%
Projection for fiscal 2027 ending 3/31/2027:
- Revenue: ¥303 billion (approx. $1.95 billion), +4.48% compared to fiscal ’26 actual.
- Earnings: ¥16 billion (approx. $103.23 million). -4.19% compared to fiscal ’26 actual.
- Margin: 5.3%, down 8.3% from fiscal ’26.
- Unit sales bodies: 900,000. -1.1% compared to fiscal ’26 actual.
- Unit sales lenses: 1,300,000. Same as fiscal ’26.
- Unit share bodies: 12.9% (Nikon claims market will be 7 million).
- Unit share lenses: 13.0% (Nikon claims market will be 10 million).
R&D:
- Fiscal 2026: ¥22.5 billion, 29% of total R&D, 7.8% of Imaging revenue.
- Fiscal 2027: ¥24.5 billion, 33% of total R&D, 8.1% of projected imaging revenue.
Nikon is planning to enhance system value by developing new digital cinema cameras that combine the strengths of Nikon and RED, and by adding cinema lenses. By FY2030, Nikon will expand the Z-mount lens lineup to 80+ models:
Nikon Imaging Products Business Performance
In the Imaging Products Business, sales were led by NIKON’s first digital cinema camera, the ZR. However, the business segment recorded year-on-year decreases in both revenue and profit, reflecting a decline in average selling prices due to changes in the product mix and higher promotion expenses amid an intensifying competitive environment, as well as tariff impacts and one-time costs related to the share transfer agreement for Mark Roberts Motion Control Limited, among other factors. As a result, this business segment recorded revenue of 290,053 million yen (down 1.8% year on year) and operating profit of 16,715 million yen (down 59.5% year on year).
In the Imaging Products Business, the Group has recognized impairment losses of 850 million yen, primarily at Mark Roberts Motion Control Limited, a UK subsidiary engaged in manufacturing and sales. This is because Mark Roberts Motion Control Limited was found not to earn some of its initially anticipated revenue due to deteriorated market conditions, and therefore, the Group reduced the carrying amount of its non-current assets to their recoverable amount and recognized the reduction as impairment losses. The recoverable amount was measured based on value in use. The impairment losses include goodwill and identifiable intangible assets related to Mark Roberts Motion Control Limited of 329 million yen and 477 million yen, respectively.
Future Outlook for Nikon Imaging Business
Regarding the business environment for the full fiscal year ending March 31, 2027, in the Imaging Products Business, while the digital camera market is expected to remain solid over the medium to long term, uncertainty is increasing due to changes in consumer sentiment, fluctuations in logistics expenses and component costs, and other factors.
Nikon Imaging Products Sales Units
Nikon FY2026 additional slides
Recap
Nikon reported consolidated revenue of ¥677.1 billion, down 5.3% year-over-year. The company swung to a large operating loss of ¥112.4 billion (versus a ¥2.4 billion profit in FY2025), with profit attributable to owners of the parent at a ¥86.0 billion loss; these shortfalls were driven mainly by ¥90.6 billion in impairment charges on goodwill and intangibles from the Nikon SLM Solutions acquisition in the Digital Manufacturing segment. Imaging Products revenue held steady at ¥290.0 billion (down just 1.8% YoY) on strong entry-level mirrorless camera sales, though operating profit fell 59.5% to ¥16.7 billion due to product-mix shifts, lower average selling prices, tariffs, and higher promotions; other segments like Precision Equipment and Healthcare also saw revenue and profit declines. Nikon revised its FY2027 outlook upward, targeting ¥740.0 billion in revenue and a ¥10.0 billion operating profit as it expects a recovery from the one-time hits.
Nikon stock was up today:
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