A day after the $14,000 Nikkor Z 120-300mm f/2.8 TC VR S lens announcement, Nikon raised its full-year profit forecast, driven by semiconductor strength and reported an Imaging sales outlook cut (see previous financial reports):
Nikon raises full-year profit forecast by 50%, but trims Imaging Products sales outlook for the second half
Nikon today revised its consolidated financial forecast for the fiscal year ending March 31, 2027, significantly raising profit guidance while lowering its revenue outlook. For the full year, the company now expects:
This marks a major recovery from the prior year’s operating loss of ¥112.4 billion and net loss of ¥86.1 billion. The upward profit revision is driven by stronger-than-expected results in the Precision Equipment Business (especially semiconductor equipment service revenue amid favorable market conditions), along with improved outlooks for the Healthcare and Industry businesses. Additional factors include U.S. tariff refunds and lower selling, general, and administrative expenses from cost containment. Revenue is declining mainly because of a downward revision to the second-half sales plan in the Imaging Products Business (cameras and lenses). This continues the softness noted earlier in the year, including weaker demand (particularly in China) and prior cuts to camera and lens unit forecasts. A key driver of the improved outlook is Nikon’s stronger-than-expected first-half performance. Operating profit for the first half is now expected to reach ¥9 billion, compared with a previously forecast loss of ¥5.5 billion.
The group-wide upgrade does not mean Nikon’s camera business outlook has improved. Nikon actually lowered its second-half operating profit forecast, primarily because of a weaker outlook for the Imaging business. The stronger first-half forecast more than offsets that reduction, lifting the full-year total. In other words, Nikon expects to make more money overall despite forecasting lower sales, while its imaging business continues to face a more challenging outlook.
| Metric | Previous Forecast (Aug 6) | Revised Forecast (Oct 30) | Change | YoY Reference (FY2026 Actual) |
| Revenue | ¥732.0 billion | ¥722.0 billion | -¥10.0B (-1.4%) | ¥677.2 billion |
| Operating Profit | ¥11.0 billion | ¥16.5 billion | +¥5.5B (+50.0%) | -¥112.4 billion (loss) |
| Profit Before Tax | ¥14.5 billion | ¥21.5 billion | +¥7.0B (+48.3%) | -¥106.5 billion (loss) |
| Net Profit (Owners) | ¥10.0 billion | ¥16.0 billion | +¥6.0B (+60.0%) | -¥86.1 billion (loss) |
| Basic EPS | ¥30.36 | ¥48.57 | +¥18.21 | -¥261.57 |
Nikon also shared a much stronger-than-expected performance for the first half of the fiscal year, swinging from a projected operating loss into solid profitability:
From Nikon:
Regarding the consolidated financial forecast for the first half, revenue is expected to be generally in line with the previous forecast. Operating profit is expected to exceed the previous forecast, driven by higher-than-expected service revenue in the Precision Equipment Business amid favorable semiconductor market conditions, tariff refunds in the United States, and lower selling, general and administrative expenses due to cost containment and the deferral of certain
expenditures. Profit before tax and profit attributable to owners of parent are expected to exceed the previous forecast, mainly due to the improvement in operating profit. Based on these factors, the financial forecast has been revised as described in 1. (1) above.Regarding the consolidated financial forecast for the full year, revenue is expected to fall below the previous forecast, mainly due to a revision of the sales plan for the second half in the Imaging Products Business. Operating profit for the Group as a whole is expected to exceed the previous forecast. This reflects upward revisions to the profit outlooks for the Precision Equipment Business, the Healthcare Business, and the Industry Business based on the first-half results. Profit
before tax and profit attributable to owners of parent are expected to exceed the previous forecast, mainly due to the improvement in operating profit. Based on these factors, the financial forecast has been revised as described above.
Nikon FY2026 financial results: profits down, targets recovery in FY2027
