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Nintendo’s net sales fell by over 30% in the fiscal year ended March 31st, 2025.
The figure fell below ¥1.2 trillion ($7.9 billion), down from almost ¥1.7tn ($11.3bn) in the year ended March 31st, 2024. Net sales also fell back below FY2023’s ¥1.6tn ($10.8bn).
Operating profit also declined YoY, down by almost 47% to ¥285.5bn ($1.9bn) in the latest fiscal year. Net profit fell by 43%, down to ¥278.8bn ($1.9bn).
Looking at Nintendo’s mobile and IP-related income specifically, this category’s fall was largely attributed to the continued revenue decline from The Super Mario Bros. Movie. The category overall was down 27% to ¥67.6bn ($455.7m), though Nintendo did not distinguish figures between mobile games, royalties and other content.
Notably, in the fiscal year before the Mario movie, Nintendo’s mobile and IP-related business generated ¥51 billion ($343.3 m).
While not highlighted in the financials, the Japanese games giant’s most lucrative mobile game Fire Emblem Heroes also recorded its worst year yet for revenue in 2024, down to just 24% of its year-one revenue according to AppMagic estimates.
Waiting for the Switch 2
Rather, Nintendo’s declining revenue was largely a result of flagging Nintendo Switch sales in the wait for the Switch 2. Hardware sales were down 31% YoY and Switch software sales down by 22% in the latest fiscal year, with fewer heavyweight titles releasing over the period.
For example, Nintendo’s two biggest releases over the past year – Super Mario Party Jamboree and The Legend of Zelda: Echoes of Wisdom – achieved 11.5 million sales combined. By comparison, the year before saw significant benefits from the long-awaited The Legend of Zelda: Tears of the Kingdom, which surpassed 20.5m sales alone in FY2024.
Overall, Nintendo sold just shy of 200m units of software in FY2024, but only 155.4m in FY2025.
The Switch 2 is set to launch on June 5th, 2025, however, with analysts expecting a strong launch year.
Nintendo has forecast 15m unit sales and 45m software sales on the console in the new fiscal year, which would imply a return to revenue growth. New titles coming to the Switch 2 this year include Mario Kart World and Donkey Kong Bananza.
