EN 

Key Observation 

Nintendo reported strong financial performance in FY26/Q1 (ending June 30, 2025), with net sales reaching JPY 572.3 billion, a 132.1% year-over-year increase. This figure significantly surpassed the sell-side consensus of JPY 489.75 billion, with Bernstein noting that actual revenue exceeded market consensus by 16.9%. The significant revenue growth was primarily driven by the newly launched Nintendo Switch 2, whose robust hardware sales far exceeded market expectations. However, despite substantial revenue growth, the operating profit margin significantly declined by 12.2pt from 22.1% in FY25/Q1 to 9.9%, resulting in only a 4.4% increase in operating profit to JPY 56.9 billion. This profit performance is consistent with sell-side expectations of margin pressure during the initial launch phase of a new console, primarily due to a higher proportion of low-margin hardware in the sales mix (increasing from 40.2% to 78.8%) and substantial Selling, General and Administrative (SG&A) expenses incurred for promoting the Nintendo Switch 2. Goldman Sachs indicated that advertising and promotional costs were JPY 9.1 billion higher than its expectations, but if these expenses had aligned with forecasts, the operating profit margin could have reached 12%.

Although both Nintendo Switch 2's sell-in and sell-through volumes exceeded sell-side expectations, demonstrating immense market demand, the company maintained its FY26 full-year financial forecasts unchanged. This guidance is below most sell-side consensus for both revenue and operating profit, and particularly far below Jefferies' more optimistic projections. Jefferies emphasized that Nintendo's current conservative earnings guidance is not a signal of fundamental weakness but rather a consistent pattern for the company, traceable back to the initial launch of the Nintendo Switch in FY3/18. This pattern suggests significant potential for the company's performance to substantially exceed expectations and ultimately lead to an upward revision of guidance in subsequent quarters. Bernstein views the company's "demand outstripping supply" situation as a positive signal for shareholders, reinforcing its confidence in Nintendo's potential for transformative growth with Nintendo Switch 2, and its prospects of achieving JPY 1 trillion in operating profit at peak cycle. For full content please see: Nintendo 1Q26 Earnings Review - Jason & his AI analyst

CN 

Key Observation 

Nintendo在 FY26/Q1 (截至2025年6月30日) 报告了强劲的财务表现，其净销售额达到 572.3 亿日元，同比增长 132.1%。这一数字显著超越了卖方共识的 489.75 亿日元，Bernstein指出实际营收高出市场共识16.9%。营收的显著增长主要由新发布的 Nintendo Switch 2 驱动，其硬件销售的强劲表现远超市场预期。然而，即便营收大幅增长，营业利润率仍从 FY25/Q1 的 22.1% 大幅下降 12.2pt 至 9.9%，使得营业利润仅微增 4.4% 至 56.9 亿日元。这一利润表现与卖方普遍预期的新主机发布初期利润承压状况保持一致，主要受销售结构中低毛利率硬件占比升高（从 40.2% 提升至 78.8%）以及为推广 Nintendo Switch 2 投入的大量销售、一般及行政开支（SG&A）影响。Goldman Sachs指出，广告和促销成本比其预期高出¥9.1亿，但若此项支出符合预期，营业利润率可达12%。

尽管 Nintendo Switch 2 的实际出货量（Sell-in）和流通量（Sell-through）均超出卖方预期，显示出巨大的市场需求，公司依然维持 FY26 全年财务预测不变。该指引在营收和营业利润方面均低于大部分卖方共识，尤其远低于 Jefferies 更为乐观的预测。Jefferies强调，Nintendo当前的保守业绩指引并非基本面疲软的信号，而是其一贯的模式，历史可追溯至FY3/18财年Nintendo Switch发布初期。这种模式预示着在后续季度，公司业绩存在大幅超预期并最终上调指引的巨大潜力。Bernstein将公司“供不应求”的状况视为对股东的积极信号，并借此强化了其对Nintendo通过Nintendo Switch 2实现变革性增长，并有望在峰值周期达到1万亿日元运营利润的信心。
全文详见:Nintendo 1Q26 Earnings Review - Jason & his AI analyst