Nintendo’s revenue rose 110.1% year over year in the six months ended September 30, 2025, while it reported 4.54 million Nintendo Switch 2 hardware units for the second quarter. Those figures describe different periods: the revenue increase is for the full first half of fiscal 2026, not Q2 alone, and the console figure is hardware sell-in, not a count of confirmed consumer purchases.
What Nintendo reported in the first half of FY2026
Nintendo announced its results on November 4, 2025. Consolidated net sales for the six months ended September 30 reached ¥1,099.565 billion, up 110.1% from the same period a year earlier. Sales in its dedicated video game platform business were ¥1,066.1 billion, up 119.7% year over year.
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The distinction matters: the 110.1% revenue increase is a first-half comparison, while 4.54 million is the Switch 2 hardware figure for Q2. Nintendo’s six-month results and explanatory material provide the period and unit breakdowns.
| Measure | Period | Reported result |
|---|---|---|
| Consolidated net sales | FY2026 first half, six months ended September 30, 2025 | ¥1,099.565 billion; up 110.1% year over year |
| Dedicated video game platform business sales | FY2026 first half | ¥1,066.1 billion; up 119.7% year over year |
| Switch 2 hardware sell-in | FY2026 Q2 | 4.54 million units |
| Switch 2 hardware sell-in | FY2026 first half | 10.36 million units |
| Nintendo Switch hardware sell-in | FY2026 first half | 1.89 million units |
What “Switch sales” means in these figures
Nintendo reports hardware units as sell-in: sales by the Nintendo group to outside entities. That includes sales to corporate business partners as well as direct sales to individual consumers through Nintendo’s websites or downloadable software. Sell-through, by contrast, means sales to individual consumers, including retailer sales as well as Nintendo direct sales and downloadable software. The two measures are not interchangeable.
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So 4.54 million is not a claim that retailers sold that many consoles to consumers during Q2. It is Nintendo’s reported Q2 hardware sell-in figure. Nintendo said hardware sales had eased from the unusually high demand immediately after the Switch 2 launch in Q1, but performance remained strong in Q2.
Hardware and games behind the jump
Nintendo attributed the first-half platform business increase to the Switch 2 launch and the new system’s higher individual unit price. The company reported 10.36 million Switch 2 hardware sell-in units in the first half, alongside 1.89 million Nintendo Switch hardware units.
First-half software units differed by platform:
| Software measure | FY2026 first-half units | Year-over-year change |
|---|---|---|
| Nintendo Switch 2 software | 20.62 million, including approximately 8.10 million bundled units | Not stated in the cited results |
| Nintendo Switch software | 61.56 million | Down 12.4% |
Nintendo also reported 9.57 million units for Mario Kart World and 3.49 million for Donkey Kong Bananza in the first half. The Mario Kart World figure includes bundle sales. Nintendo counts bundled software in software units, but classifies revenue from software bundled with hardware as hardware revenue. Unit totals therefore should not be read as a direct measure of software revenue.
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Why higher sales did not mean a higher gross margin
Gross profit margin fell 24.6 percentage points to 36.2% in the first half. Nintendo said the larger share of hardware in sales reduced the margin because Switch 2 carried a lower margin than Switch. Revenue growth and margin performance tell different parts of the story: the launch and hardware sales expanded sales, while the hardware-heavy mix weighed on gross margin.
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Alongside the first-half results, Nintendo raised its forecast for the full fiscal year. These were forecasts announced in November 2025, not final sales results.
| FY2026 forecast | Previous | Raised forecast |
|---|---|---|
| Switch 2 hardware units | 15 million | 19 million |
| Switch 2 software units | 45 million | 48 million |
How the results compare with Nintendo’s latest reported quarter
The first-half surge is historical, not Nintendo’s latest reported performance. As of October 8, 2026, Nintendo’s latest quarterly results were for FY2027 Q1, the three months ended June 30, 2026. Its IR schedule listed the next six-month earnings release for November 5, 2026; FY2027 Q2 results were not yet available by that date.
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In FY2027 Q1, Nintendo reported net sales of ¥517.813 billion, down 9.5% year over year. Operating profit rose 150.5% to ¥142.596 billion, and net profit attributable to owners rose 53.5% to ¥147.423 billion. Switch 2 hardware sell-in was 3.82 million units, down 34.4% against the prior-year launch quarter; Nintendo Switch hardware sell-in was 0.66 million units. Software sales were 9.46 million Switch 2 units and 33.81 million Nintendo Switch units.
The contrasting sales and profit figures also show why console-unit growth alone does not determine quarterly profit. Nintendo attributed part of the FY2027 Q1 operating-profit increase to a greater proportion of software sales and refunds of U.S. IEEPA tariffs recorded as a reduction in cost of sales. The period comparison is also against FY2026 Q1, the Switch 2 launch quarter. Details appear in Nintendo’s FY2027 Q1 results and the associated materials and IR schedule.
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