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Edge22 Aug 2025
The Dilemma That Brought Down Kodak
Kodak helped invent digital photography but failed to embrace it. How the innovator's dilemma turned an icon into its own most famous casualty.
Canon
Canon (7751) investor relations material
Canon Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
3Q sales rose 4.9% YoY to a record ¥1,158.8B; operating profit increased 10.3% to ¥97.1B and net income rose 18.2% to ¥75.2B.
9M sales increased 4.0% to ¥3,433.4B and operating profit rose 8.4% to ¥327.7B.
Imaging led segment growth, while Medical and Industrial operating profit declined; a depreciation-method change also lifted reported earnings.
Financial highlights
3Q gross profit increased 6.2% to ¥543.9B; gross margin was 46.9% vs. 46.4% and operating margin was 8.4% vs. 8.0%.
9M income before taxes rose 14.1% to ¥358.4B; net income attributable to shareholders increased 12.2% to ¥246.4B.
9M basic EPS was ¥287.24 vs. ¥240.99; comprehensive income declined to ¥203.5B from ¥247.8B.
FY26 projected operating margin is 9.6% vs. 9.8% in 2025; projected net income margin is 7.0% vs. 7.2%.
FY26 ROE outlook is 9.6%; stated cost of capital range is 5%–6%.
Outlook and guidance
FY26 forecast: sales ¥4,766B (+3.1% YoY), operating profit ¥456B (+0.1%), income before taxes ¥483B (+0.2%) and net income attributable to shareholders ¥333B (+0.3%).
Versus prior guidance, sales were cut ¥34B, operating profit ¥9B and net income ¥7B; Medical weakness drove the overall reduction.
Medical production-delay sales impact was revised from ~¥45B to ~¥90B; production normalization is expected from 2027 onward.
Printing outlook rose after improved 3Q performance; Camera and Industrial factors behind downward revisions are expected to be resolved next year.
FY26 basic EPS forecast is ¥390.78 (+6.3%); annual dividend forecast is ¥160 per share, with a ~40% payout target without reducing the dividend.
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Latest events from Canon
- FY 2024 guidance targets 15.9% operating-profit growth and a 10.0% margin.7751
Q4 2023 - Record sales and profit growth led to a raised outlook, driven by Imaging and Printing.7751Q2 2026
- Record 1Q sales up 3.3% YoY, but profit and net income fell on higher costs and tariffs.7751Q1 2026
- Record sales and profit growth in 2025, with further gains and higher margins projected for 2026.7751Q4 2025
- Record sales offset by profit pressure from tariffs; guidance lowered, dividend raised.7751Q3 2025
- Profitability improved in local currency, but full-year guidance was revised downward.7751Q2 2025
- Record sales and profit growth in Q3 2024, led by Printing and Imaging, with a strong full-year outlook.7751Q3 2024
- Record Q2 sales and profit growth, with raised full-year outlook and strong segment results.7751Q2 2024
- Record sales in 2024, Medical goodwill hit, but 2025 profit rebound expected.7751Q4 2024
Next Canon earnings date
Q4 202628 Jan, 2027
Canon
Next Canon earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Canon Inc. is a Japanese multinational corporation specializing in imaging and optical products. The company develops and manufactures a wide range of products, including cameras, camcorders, printers, scanners, and medical imaging equipment. Canon is also known for its office solutions, offering printers, copiers, and document management systems for businesses. In addition to consumer and office products, Canon provides industrial equipment such as semiconductor lithography systems and broadcast lenses, serving various sectors from photography and healthcare to industrial manufacturing. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.