Nikon has sold more mirrorless cameras in the current fiscal year than the year before – but thanks to those cameras being popular budget models like the Z50 II and Z5 II and discounts lowering the average selling price, the imaging giant has posted a loss in revenue.
On Thursday, February 5, Nikon released its third-quarter financial report to investors, with a 5.6 percent drop in revenue for the year so far compared to last year’s numbers and a ¥103.6 billion loss in operating profit (about $661 million / £487 million / AU$948.8 million / CA$904 million) as a whole.
That loss was significant enough that Nikon also shared a revised outlook for the last quarter, dropping revenue expectations by five billion yen and putting operating profit in the red rather than the predicted black.
Nikon’s fiscal year ends on March 31, so the data shared with investors is for the first three quarters, not the full year. Tariffs have impacted those numbers by about 5.1 billion yen so far and are estimated to cost 7 billion yen by the end of the fiscal year, which is about $108 million / £79.9 million / AU$155.8 million / CA$148 million.
Looking at only the imaging division, rather than the company as a whole, revenue declined by 2.8 percent compared to the previous year, but operating profit dropped by 52.2 percent, at a total of 20.9 billion yen for the first three quarters of the year (about $133.3 million / £98.2 million / AU$191.4 million.
But while Nikon has reported a drop in both revenue and operating profit, the imaging giant actually sold more cameras and lenses than in the same time frame last year. According to the financial report, Nikon has sold around 740,000 interchangeable lens camera bodies in the first three quarters, which is a 70,000 increase from the same time last year. Lens sales also increased from the previous year by around 10,000, now up to 1,030,000 so far.
So why are sales up but profits down? Nikon says the increase in sales was largely for the “volume-zone models” or the budget cameras, including the Nikon Z50 II, the Z5 II, and the ZR. Nikon also attributed the drop to an increase in the number of promotional sales as “competition intensified,” which lowered the average selling price.
The question is, what does that mean for photographers? The key may be what Nikon calls “worse-than-expected product mix changes in imaging products.” Nikon’s pro-grade full-frame mirrorless cameras are beginning to show their age, with the brand’s newer launches skewed towards budget and mid-tier options.
Nikon’s launches in 2025 were the crop-sensor affordable Z50 II, the entry-level full-frame Z5 II, and the cinema-focused ZR. Those are all solid launches that appear to be selling well, but sit in the budget and mid-tier price ranges.
Meanwhile, Nikon’s high-end full-frame models are beginning to show their age, with both the Z9 and Z7 II having already passed or are coming up on their fifth birthday. Last year, Canon and Sony announced two key high-end models within a month of each other, the Canon EOS R6 Mark III and the Sony A7 V, and sales charts and both companies’ financials indicate that those high-resolution mirrorless bodies are selling well.
Nikon didn’t drop any hints to investors as to what the company has planned for new launches, but after a 2025 focus on budget and mid-tier options, perhaps the imaging giant has more high-end models in the works for 2026 to balance that product mix. Rumors are already circulating about a Z9 II, among other Nikon rumors.
You may also like
Browse the best Nikon cameras or the best Nikon Z lenses.
You must confirm your public display name before commenting
Please logout and then login again, you will then be prompted to enter your display name.
