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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nintendo Co.
Nintendo Co. (7974) investor relations material
Nintendo Co. Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary6 Aug, 2026
Executive summary
Net sales declined 9.5% year-over-year to 517.8 billion yen, but operating profit surged 150.5% to 142.6 billion yen, driven by strong software sales and a significant reduction in cost of sales from IEEPA tariff refunds.
Ordinary profit rose 115.1% to 206.2 billion yen, and net profit increased 53.5% to 147.4 billion yen, with net profit ratio improving by 11.7 points to 28.5%.
Hardware sales for Nintendo Switch 2 and Nintendo Switch declined sharply, but software sales for both platforms increased, supported by new releases and evergreen titles.
Digital sales grew 90.0% year-over-year to 132.7 billion yen, now accounting for 61.5% of total software sales.
IP-related business sales more than doubled to 34.8 billion yen, driven by The Super Mario Galaxy Movie.
Financial highlights
Gross profit increased 52.0% year-over-year to 281.3 billion yen, with gross margin rising 22.0 points to 54.3%.
SG&A expenses rose 8.2% to 138.8 billion yen, mainly due to higher R&D and foreign currency expenses, while advertising expenses fell.
Operating profit margin improved by 17.6 points to 27.5%.
Non-operating income, including foreign exchange gains, increased 62.3% to 63.7 billion yen.
Comprehensive income rose 120.7% year-over-year to 167.8 billion yen.
Outlook and guidance
Full-year forecast remains unchanged: net sales expected at 2,050.0 billion yen, operating profit at 370.0 billion yen, ordinary profit at 430.0 billion yen, and net profit at 310.0 billion yen.
Hardware sales for Nintendo Switch 2 forecasted at 16.5 million units (-16.9%), software at 60 million units (+23.2%).
Assumptions include exchange rates of 150 yen/USD and 175 yen/euro, and 100 billion yen impact from rising component prices and tariffs.
No changes to the original financial forecast; focus remains on expanding Switch 2 installed base and software lineup.
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Latest events from Nintendo Co.
- Net sales nearly doubled on Switch 2's launch, but margins fell and next year's sales are set to decline.7974
Q4 2026 - Nintendo Switch 2 launch fueled record sales and profit growth, with raised full-year outlook.7974Q3 2026
- Switch 2 launch drove 110% sales growth and higher profits, prompting an upward forecast revision.7974Q2 2026
- Switch 2 launch drove 132% sales growth and record profits, with strong hardware demand.7974Q1 2026
- New films, Switch 2 supply, and R&D expansion drive innovation and engagement.7974AGM 2025 Q&A
- Profits and sales fell sharply, leading to lower full-year forecasts despite ongoing platform support.7974Q2 2025
- Sales and profits fell sharply year-over-year, but Switch engagement and guidance remain strong.7974Q1 2025
- A major rebound is forecast for FY26 with Switch 2 and new software launches.7974Q4 2025
- Profits and sales fell as Switch demand wanes, but platform engagement remains strong.7974Q3 2025
Next Nintendo Co. earnings date
Q2 20275 Nov, 2026
Nintendo Co.
Next Nintendo Co. earnings date
Q2 20275 Nov, 2026
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Frequently asked questions
The generational favorite
Nintendo is for sure one of those brand names you are familiar with and probably one of the most dominant gaming companies of the last few decades. Their business operations are, however, less well known, possibly because they count their profits in Japanese yen rather than US dollars.
The Nintendo devices
The Japan-based company has sold hundreds of millions of gaming devices and billions of games throughout its history, such as the Game Boy, the Super Nintendo Entertainment System, the Nintendo DS, the Wii, and the Switch. Some major franchises include Mario (their mascot and most recognized character), Donkey Kong, The Legend of Zelda, Pokémon, Kirby, and Super Smash Bros.
In the coming years, you should keep an eye on a couple of key areas in Nintendo's development:
Their next-generation gaming device. Their latest device, The Switch, is getting old and needs a true upgrade. Nintendo will likely release a new device in the next year or two, given its historical upgrade cycle. This up-to-date device is imperative for Nintendo’s future success, as it is the engine that keeps people buying their games.
Subscription services. Nintendo recently built an online subscription service similar to Xbox and Playstation to get more consistent earnings. Their service Nintendo Switch Online (NSO), can be very lucrative, with a more significant amount of recurring revenue and high-profit margins.
Expanding into non-gaming entertainment. Nintendo has decided to become more Disney-like, expanding their hugely successful franchises into theme parks and video entertainment.
Gaming—a rapidly changing market
Nintendo is really transforming their business operations. The company might be a lot different in the future, with multiple theme parks, a growing library of movies, subscription services, and an eventual new hardware device.