Nikon has raised its full-year operating profit forecast by 50%, although the company expects lower revenue from its camera business during the second half of its financial year. The revised outlook highlights a contrast between improving profitability across Nikon’s wider operations and weaker expectations for its photography division.
In a financial statement published on 30 October, Nikon increased its projected operating profit for the year ending 31 March 2027 from ¥11 billion to ¥16.5 billion. Its forecast for net profit attributable to shareholders has also risen by 60% to ¥16 billion, while expected revenue has been reduced by 1.4%, from ¥732 billion to ¥722 billion. Nikon specifically attributed the lower revenue forecast to changes in its second-half sales plan for the Imaging Products Business, which includes its cameras and lenses.
The improved profit outlook follows a stronger-than-expected first half of the financial year, covering April to September 2026. Nikon had previously anticipated an operating loss of ¥5.5 billion for the period but now expects to report a profit of ¥9 billion, representing a ¥14.5 billion improvement. The company said the revision was driven by higher service revenue from its Precision Equipment Business, supported by favourable semiconductor market conditions, alongside US tariff refunds and reduced administrative expenses.
These improvements have helped offset weaker expectations elsewhere in the business, particularly in imaging. Although Nikon has not provided revised camera sales volumes in the latest announcement, it confirmed that changes to its sales plans for the second half were the main reason for lowering its overall revenue forecast. This suggests that Nikon is taking a more cautious view of demand for its photographic products during the October 2026 to March 2027 period, which includes the important Christmas shopping season.
The revised figures also show that Nikon expects a more difficult second half across the group. Based on its first-half and full-year forecasts, projected operating profit for the remaining six months has fallen from ¥16.5 billion to ¥7.5 billion. However, the company has raised its profit expectations for its Precision Equipment, Healthcare and Industry businesses, helping support the improved full-year outlook despite the reduction in anticipated sales.
The latest forecast represents a significant change from Nikon’s previous financial year, when it reported an operating loss of approximately ¥112.4 billion. The company is now forecasting a return to profitability, although the improvement is being driven largely by businesses outside its camera division.
Nikon has not announced any changes to its camera or lens release plans as part of the financial revision. Its full first-half financial results will provide a clearer picture of how its imaging business has performed and whether the revised sales outlook reflects changes in demand, product availability or other factors.
Financial Statement
Nikon’s Official Financial Forecast
The full figures are available in Nikon’s official financial forecast revision.