Nikon explains that strong APS-C sales don’t automatically translate to bigger profits because the cameras are cheaper

It’s no secret that APS-C cameras have been selling like hot cakes, particularly if they’re silver and say Fujifilm X100VI on the top plate. But a report from Japan-based website Digital Camera Life has highlighted a difficulty that Nikon’s had to face, which is that APS-C cameras tend to be a lot cheaper than their full-frame counterparts. In short, you’ve got to sell more units to maintain or increase profits.

The article references a previous report from the same outlet regarding Nikon’s April to September 2025 financial results for its imaging business, which stated that the optics manufacturer’s operating profits were down 47.5% year-on-year and sales profits were down 4.4% year-on-year. Much of this was attributed to “the impact of foreign exchange rates and tariffs.” But also the reduced pricing of the Nikon Z5II and Nikon Z50II.

You see, Nikon’s camera and lens sales have been good, but because the aforementioned pairing are cheaper mid-range cameras, their RRPs are less than, say, the Nikon Z6III and Nikon Z8. So, Nikon has sold more units, but has made less profit because those units are cheaper.

This week, we’ve already seen the Nikon ZR shoot to the top of Yodobashi Camera’s sales data for the latter half of October, so hopefully this more expensive body and the ‘Big N’s’ first full-frame video lens, the Nikon Z 28-135mm f/4 PZ, can help tip the scales.

It’s also worth pointing out that Nikon is likely at the tail end of its current generation of Z-Series cameras. It’s been nearly four years since the release of the Nikon Z9, and next year is the Winter Olympics, so it’s not surprising that Nikon rumors are bubbling away regarding the possibility of a Nikon Z9II next year. It’s also been five years since the release of the Nikon Z7 II, and with the Nikon Z50II now out, I’d be very surprised if we didn’t see a Nikon Zfc II at some point in the future.

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