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

Lite_Agent 7 November 2025 Nintendo Financial Results

Nintendo has shared its latest financial results, covering the period ended September 2025 (April 1st 2025 to September 30th 2025) today, November 4th. The Investors Briefing and Corporate Management Policy Briefing took place on the following day (on November 5th).

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:

Mario Kart World saw strong sales during the second quarter of the current Fiscal Year, with 9.58 million units sold as of September 30th (that’s +3.95 million units during the quarter). The vast majority of sales (approximately 8.10 million units) come from the bundle;
Donkey Kong Bananza is off to a great start with 3.49 million units sold during its launch quarter (and unlike Mario Kart World, it was not bundled!);
Nintendo Switch evergreen titles, like Mario Kart 8 Deluxe and Super Mario Party Jamboree, saw steady sales thanks in great part to back compatibility;
Nintendo Switch 2 (Hardware): 10.36 million units sold during the first 4 months (that’s +4.54 million units during Q2);
Nintendo Switch 2 (Software): 20.62 million units sold during the first 4 months (+11.95 million units in Q2);
Nintendo Switch (Hardware): 1.89 million units sold during Q1 and Q2 (with 910.000 units sold in Q2);
Nintendo Switch (Software): 61.56 million units sold during Q1 and Q2 (with 37.16 million units sold in Q2);
Digital sales totaled 155.5 billion Yen: that’s a 2.8% drop Year on Year, which is due to the impact of foreign exchange rates, but also a drop in sales of download-only games;
IP related business (which includes mobile games), sales dropped to 33.3 billion Yen (-12.4%), mainly due to a decrease in movie-related revenue.
In order to expand the Nintendo Switch 2 userbase, Nintendo is planning to keep the momentum of releases titles, but also releases new ones (Kirby Air Riders and Metroid Prime 4: Beyond, for example)
With the Nintendo Switch, the focus is on leveraging the install base and rich library to further expand the sales of evergreen titles and maintain engagement.
Nintendo revised its forecast for the current Fiscal Year, due to sales being stronger than expected during the first half of the current Fiscal Year and good prospects for the remainder of the Fiscal Year.
- Nintendo is now expecting to ship 19 million units of its Nintendo Switch 2 console (+26.7%) and 48 million units of Nintendo Switch 2 games (+6.7%)
- Nintendo is now expecting to ship only 4 million units of its Nintendo Switch console (-11.1%), and 125 million units of Nintendo Switch games (+19%)
The gross profit margin declined by a whopping 24.6% due to the higher proportion of Hardware sales, and especially the Nintendo Switch 2 having a lower profit margin than the Nintendo Switch;

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

Mario Kart World – 9.57M (+3.75M during Q2)
Donkey Kong Bananza – 3.49M
Super Mario Party Jamboree – 8.64M (+1.16M during Q1 and Q2)
Mario Kart 8 Deluxe – 69.56M (+700K during Q2)
Animal Crossing: New Horizons – 48.62M (+430K during Q2)
Super Smash Bros. Ultimate – 36.93M (+380K during Q2)
The Legend of Zelda: Breath of the Wild – 33.34M (+300K during Q2)
Super Mario Odyssey – 29.84M (+340K during Q2)
Pokémon Scarlet and Violet – 27.61M (+460K during Q2)
Pokémon Sword and Shield – 26.96M (+120K during Q2)
The Legend of Zelda: Tears of the Kingdom – 22.15M (+220K during Q2)
Super Mario Party – 21.23M (+40K during Q2)
New Super Mario Bros. U Deluxe – 18.53M (+170K during Q2)

The following pages were also updated:

Dedicated Video Game Sales Unit: Hardware and Software sales for Nintendo consoles

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

Nintendo Financials – Briefing

The full transcript of the Six Months Financial Results Briefing/ Corporate Management Policy Briefing can be found on this page. Here’s some highlights:

Going forward, Nintendo will shift its primary development focus to Nintendo Switch 2, which implies that Rhythm Heaven Groove and Tomodachi Life: Living the Dream are likely to be the last major games Nintendo will release on Nintendo Switch;
with over 10 million units sold worldwide as of September 30th, the Nintendo Switch 2 saw the highest global sales figure for any dedicated video game platform from Nintendo in the first four months following its launch;
Nintendo confirmed that demand has exceeded its expectations in some regions, leading to shortages. The company will keep trying to meet demand, which involves ensuring a stable supply
of consoles;
roughly 9 out of 10 people who bought a Nintendo Switch 2 have played Mario Kart World (not surprising given the game was bundled with most consoles sold so far!);
Nintendo will aim to turn Mario Kart World into an evergreen title that players will continue to play for years to come (implying updates/DLC are on the way);
Donkey Kong Bananza has sold 2.6 million units during the first 12 weeks, and like Mario Kart World, Nintendo is aiming to turn it into an evergreen title (similar to Super Mario Odyssey on Nintendo Switch). The game proved popular with both existing Donkey Kong fans and newcomers;
according to Nintendo, the Nintendo Switch 2 has the largest third-party software lineup for a new Nintendo hardware ever;
according to internal Nintendo data, 84% of current Nintendo Switch 2 owners upgraded from Nintendo Switch, which shows that Nintendo succeeded in having a smooth transition to the new generation. Also, it’s not just hardcore fans who made the jump: the graph below shows that current Nintendo Switch 2 players first started playing Nintendo Switch at different times (with less in 2023, 2024, and 2025 compared to previous years);
Nintendo Switch 2 sales are growing at the fastest rate in the history of the company, and is building a strong foundation at a very early stage;
Nintendo isn’t planning to discontinue the Nintendo Switch in the near future, and sales will continue as long as enough demand persists;
over 400 million people worldwide have created a Nintendo Account;
Nintendo is continuing to prepare for the ongoing release of movies. While that does not mean there will necessarily be a movie every year, there should not be any big gaps between releases;
the cumulative number of unique downloads for apps published by Nintendo has surpassed 950 million;
the Nintendo Museum is proving quite popular: the cumulative number of visitors surpassed half a million as of the end of September. Because of that popularity, admission continues to happen through randomly selected drawings. Also, a limited-time light display event will start in December.

Nintendo Financials – Q&A

The investors briefing took place on November 5th. You can find the official English translation of the Q&A on this page!

Here’s the list of questions:

Question 1: Will there be any changes to how often new titles are released on Nintendo Switch 2 compared
to the Nintendo Switch generation? Also, could you tell me how you plan to allocate development resources in order to balance developing new titles while operating existing ones? Previously the stock market mainly focused on the number of new titles released during the year, but since Nintendo Switch 2 can also play compatible Nintendo Switch software, my impression is that the lifespan for each title will be longer. Many consumers were probably surprised about the recently announced major update to Animal Crossing: New Horizons. With the performance improvements of Nintendo Switch 2, it feels like the complexity of developing new software has also increased, and the state of development has changed from how it was before.

Question 2: Could you tell us about the future sales momentum for the Nintendo Switch 2 hardware, and about the target audiences among whom you aim to expand the adoption of the hardware ? You say that sales are currently mainly focused on existing Nintendo Switch owners, but do you believe there is still room for sales towards existing users to grow? Or, are you planning to gradually focus on expanding to new users as well?

Question 3: The Mario Kart series has produced the best-selling software for the past few platform generations and I imagine that pattern will continue on Nintendo Switch 2. Is there any possibility that a title that surpasses the Mario Kart series in terms of unit sales will be released on Nintendo Switch 2?

Question 4: Hypothetically speaking, if (former president) Hiroshi Yamauchi were still alive and evaluated
the current state of Nintendo Switch 2, what kind of comments do you think he would make?

Question 5: Can you elaborate on future development of movies and videos? In October, Nintendo Pictures released a short film that it had created, but do you plan to shift toward producing movies and other video content in-house?

Question 6: I’d like to verify how the increase in component costs affects the profitability of Nintendo Switch 2 hardware. While the cost of memory modules has been increasing lately, if this trend continues after you have exhausted your current stock of components, what will be the impact? Is there a possibility that the hardware profitability could decline?