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Nikon (7731) investor relations material
Nikon Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Revenue for 1H FY2026 was ¥312.9B, down 6.0% year-over-year, mainly due to FX effects and lower sales in key segments, while profit attributable to owners rose 80.7% to ¥5.3B, driven by deferred tax assets from subsidiary liquidation.
Operating profit for 1H was -¥4.8B, a decline of ¥10.6B year-over-year, impacted by FX, product mix, and tariffs, despite gains from business transfers and restructuring.
Total comprehensive income improved to ¥23.5B from a loss of ¥10.8B in the prior year.
The full-year revenue forecast was revised downward to ¥680.0B, with operating profit now expected at ¥14.0B and profit attributable to owners at ¥20.0B.
Financial highlights
2Q FY2026 revenue was ¥154.8B, down 8.3% year-over-year; operating profit was -¥3.7B, a drop of ¥6.6B.
Gross profit margin decreased to 41.9% from 45.7% year-over-year.
1H operating margin was -1.5%, down 3.2 points year-over-year; FCF for 1H was -¥22.8B.
Basic EPS for 1H was ¥17.86; full-year EPS forecast is ¥60.78.
Cash and cash equivalents fell by ¥2,957M to ¥160,633M as of September 30, 2025.
Outlook and guidance
Full-year revenue and operating profit forecasts were revised downward due to lower sales expectations in Precision Equipment and Digital Manufacturing, partially offset by upward revisions in Imaging Products and Healthcare.
Operating profit is projected at ¥14.0B, up 478.1% year-over-year, with basic EPS of ¥60.78.
Tariff impacts for the full year are forecast at ¥7.5B.
Exchange rates assumed for 2H: US$ ¥145, EURO ¥170.
Imaging Products faces downward product mix and tariff impacts; semiconductor-related recovery expected in FY2027 or later.
Impact of one-off gains on H1 profit figures
What caused the significant inventory increase?
Digital Manufacturing: path to profitability?
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Frequently asked questions
Nikon Corporation is a Japanese multinational corporation that specializes in optics and photographic equipment. Nikon has made significant contributions to various sectors, including consumer electronics, imaging products, and precision equipment. The company is famous for its comprehensive range of products, which encompasses still and digital SLR cameras, mirrorless cameras, binoculars, microscopes, ophthalmic lenses, measurement instruments, rifle scopes, spotting scopes, and equipment for semiconductor fabrication, such as steppers used in photolithography steps of manufacturing. Nikon holds the position of the world's second-largest manufacturer of such equipment and is the eighth-largest chip equipment maker as of 2017. To adapt to the shrinking digital camera market, Nikon has diversified into new fields like 3D printing and regenerative medicine. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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