Nintendo Maintenance
NintendoSalesSwitchSwitch 2

Nintendo Financials (May 2025): results and highlights, Investors Briefing, Q&A

Lite_Agent

Nintendo has shared its latest financial results, covering the period ended March 2025 (April 1st 2024 to March 31st 2025). You will find all the details on these pages:

  • Consolidated Financial Highlights, with consolidated operating results, the forecast for the current Fiscal Year, Nintendo comments, sales information (regional breakdown, digital sales), sales data and forecast, and more
  • Financial Results Explanatory Material, with lots of additional sales data, list of million-sellers this Fiscal Year, release planning, and more

Some highlights:

01
02
03
04
04a
05
06
07
08
09
10
11
12
13
14

  • Super Mario Party Jamboree sold 7.48 million units during the past Fiscal Year (+1.31 million units during Q4);
  • The Legend of Zelda: Echoes of Wisdom sold 4.09 million units during the past Fiscal Year (+180 000 units during Q4);
  • Paper Mario: The Thousand-Year Door sold 2.10 million units during the past Fiscal Year.
  • Mario Kart 8 Deluxe sold 6.23 million units during the past Fiscal Year (+850 000 units during Q4), which brings totla sales to 68.20 million units
  • In total, 24 games sold over 1 million units during the past Fiscal Year (15 from Nintendo, and 9 from third-party publishers)
  • Nintendo Switch Hardware: 10.80 million units sold during the past Fiscal Year (+1.26 million units during Q4), which is a 31.2% drop year-on-year;
  • Nintendo Switch Software: 155.41 million units sold during the past Fiscal Year (+31.43 million units during Q4), which is a 22.2% drop year-on-year;
  • Digital business: total sales reached 326.0 billion Yen (+80.2 billion Yen during Q4), which is a 26.5% drop year-on-year. That drop is mostly due to a decrease in sales of digital version of retail games;
  • Mobile and IP related business: 67.6 billion Yen (+17.9 billion Yen during Q4), which is a 27% drop year-on-year (mostly due to decrease in revenue related to the Super Mario Bros. Movie);
  • Nintendo shared a forecast for the current Fiscal Year, that you can find in the screenshot above.

Here’s sales data for some games (courtesy of Mazi):

  • Super Mario Party Jamboree – 7.48M (+1.31M)
  • Donkey Kong Country Returns HD – 1.27M
  • Mario Kart 8 Deluxe – 68.20M (+850K)
  • Nintendo Switch Sports – 16.27M (+530K)
  • Super Mario Bros. Wonder – 16.03M (520K)
  • Pokémon Scarlet and Violet – 26.79M (+410K)
  • Animal Crossing: New Horizons – 47.82M (+380K)
  • Super Smash Bros. Ultimate – 36.24M (+360K)
  • Super Mario Odyssey – 29.28M (+240K)
  • The Legend of Zelda: Breath of the Wild – 32.81M (+190K)
  • New Super Mario Bros. U Deluxe – 18.25M (+190K)
  • The Legend of Zelda: Tears of the Kingdom – 21.73M (+180K)
  • The Legend of Zelda: Echoes of Wisdom – 4.09M (+180K)
  • Mario & Luigi: Brothership – 1.97M (+130K)
  • Pokémon Sword and Shield – 26.72M (+120K)
  • Luigi’s Mansion 2 HD – 1.88M (+80K)
  • Super Mario Party – 21.16M (+60K)
  • Paper Mario: The Thousand-Year Door – 2.10M (+40K)
  • Mario Party Superstars – 14.00M (+1.11M since March 2024)

The following pages were also updated:

15

Top Selling Title Sales Units: Top 10 Software for each platforms:

Nintendo Financials – Briefing

The full transcript of the Fiscal Year Financial Results Briefing is now available: click here to check it out!

Nintendo Financials – Q&A

The transcript of the Q&A session is now available in English: click here to check it out! Here’s the list of questions:

Question 1: I’d like to know more about the background of your sales volume forecast for Nintendo Switch 2 hardware in the current fiscal year (ending March 2026). It seems like a fairly conservative number. Did you set a modest figure in light of production capacity limitations, the impact of the U.S. tariffs and the possibility of a recession there?

Question 2: I feel like Nintendo Switch 2 hardware and software sales volume forecasts for the current fiscal year are conservative estimates that do not take into account the user response to the Nintendo Switch 2 Experience events and the situation with pre-orders on My Nintendo Store in various countries.

Question 3: My Nintendo Store began accepting applications for randomly selected drawings to pre-order Nintendo Switch 2 in early April, and in two weeks, 2.2 million applications were received in Japan alone. The initial response is expected to be very strong compared to Nintendo Switch, so it seems possible for Nintendo Switch 2 hardware sales to exceed 15 million units for the year. Are there some limits in your production capacity that led you to set a sales volume forecast of 15 million units? Please explain the relationship between production capability and sales volume forecast for the year.

Question 4: What are your thoughts on revenues in the consolidated financial forecast for the fiscal year ending March 2026? Operating profit is expected to increase year-on-year, but the increase in profit seems small compared to the increase in net sales. What are the reasons for that? Also how do you plan to respond if the assumptions on tariffs change in the future?

Question 5: I’d like to hear about the medium-to-long term direction for Nintendo Switch Online. There’s been an increase in the number of features available through the service, such as GameChat on Nintendo Switch 2 and Nintendo Music, so it seems that Nintendo Switch Online could continue to grow as a stable source of revenue. Also, I would like to know about the possibility of the introduction of new elements that would encourage people to maintain their memberships.

Question 6: I’d like to confirm the U.S. tariff assumptions in the financial forecast. Additional tariffs will be imposed on products made in China, but is it correct that the forecast only takes into account the 10% baseline tariff imposed as of April 10 assuming that the products you export to the U.S. will be made in countries other than China? If further tariff measures are implemented in the future, are you considering passing the cost on in the sales price?

Question 7: What is your pricing strategy for hardware and software going forward? The prices of Nintendo Switch 2 hardware and software are set higher than those for Nintendo Switch hardware and software. Are you going to flexibly adjust the prices for Nintendo Switch 2 products going forward as well, or will you make careful decisions based on consumer response to prices?

Question 8: I’d like to ask about the positioning of Nintendo Switch 2. Will other new hardware going forward be similar to Nintendo Switch, or is Nintendo Switch 2 bridging the gap toward a revolutionary next-generation platform that has not yet been announced? I do not feel an innovation with Nintendo Switch 2 that demonstrates a generational change. Is this a one-off case, or will you continue to produce hardware that inherits the concept of Nintendo Switch but updates various features, rather than hardware based on entirely new concepts?

Question 9: I think Nintendo Switch was slightly less attractive to what is often referred to as the core gamer audience, but Nintendo Switch 2 will be more capable of appealing to core gamers due to its greatly increased processing speed. What are your thoughts on generating demand from core gamers?

Lite_Agent

Founder and main writer for Perfectly Nintendo. Tried really hard to find something funny and witty to put here, but had to admit defeat.