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Business Philosophy23 Jun 2025
Shuntaro Furukawa: The Sixth President of Nintendo
Shuntaro Furukawa, Nintendo's sixth president, went from a childhood fan to leading the company through global expansion and the launch of Switch 2.
Nintendo (7974) investor relations material
Nintendo Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary1 Aug, 2025
Executive summary
Net sales surged 132.1% year-over-year to 572.3 bn yen, driven by the Nintendo Switch 2 launch and strong software sales.
Operating profit rose 4.4% to 56.9 bn yen; net profit increased 18.6% to 96.0 bn yen, including a 32.3 bn yen gain on sale of investment securities.
Nintendo Switch 2 achieved record-breaking global sell-through of 3.5 million units in four days and 5.82 million units in the quarter.
Mario Kart World sold 5.63 million units at launch; legacy software titles also performed strongly.
Gross profit margin declined due to a higher proportion of hardware sales with lower margins.
Financial highlights
Operating profit margin dropped 12.2 points to 9.9% year-over-year.
Ordinary profit fell 15.6% to 95.8 bn yen, mainly due to lower foreign exchange gains.
Digital sales declined 13.5% year-over-year to 69.8 bn yen, representing 59.3% of total software sales.
Hardware sales outside Japan accounted for 79.5% of total sales.
Profit per share rose to 82.48 yen from 69.53 yen year-over-year.
Outlook and guidance
Full-year net sales forecast remains at 1,900.0 bn yen, with operating profit projected at 320.0 bn yen.
Dividend forecast raised to 129 yen per share.
U.S. tariffs are assumed to persist, but no significant impact on earnings forecast is expected.
Focus on expanding Nintendo Switch 2 user base and maximizing software sales with new releases.
Nintendo Switch 2 hardware sales forecast at 15 million units and software at 45 million units for FY26.
How does Switch 2's launch compare to past platforms?
Explain the decrease in digital sales YOY.
Detail the increase in total liabilities.
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Next Nintendo earnings date
Q2 20264 Nov, 2025
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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.
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