Nikon shipped 360,000 interchangeable-lens cameras in the six months to September 2026, down from 480,000 a year earlier, according to its latest financial results. The company has also trimmed its full-year camera forecast.

Nikon’s second-quarter results presentation shows a 120,000-unit drop in camera shipments, with interchangeable lens shipments also falling from 670,000 to 530,000. Nikon attributes the decline to “demand contraction mainly in China”, along with higher memory prices, partly offset by refunds on US tariffs.

Imaging revenue and profit down

Revenue in Nikon’s Imaging Products business fell 10.9% to ¥129.3 billion in the first half, while operating profit dropped 46.5% to ¥8.2 billion. For the full year, Nikon now expects to ship 800,000 interchangeable-lens cameras, down from its earlier forecast of 850,000, and has lowered its Imaging revenue forecast from ¥290 billion to ¥280 billion while keeping its operating profit forecast at ¥13 billion. Nikon has also revised its projection for the overall interchangeable-lens camera market down by 400,000 units.

Across the whole Nikon group, things look healthier: first-half revenue rose 6.9% to ¥334.6 billion and operating profit swung to ¥8.9 billion from a loss of ¥4.8 billion a year earlier.

A quiet year for new cameras

As Digital Camera World notes, Nikon has released very little new hardware in 2026, and a thin release schedule inevitably affects sales. The good news for Nikon fans is that the long-rumoured Z70 is expected imminently, and a fast, high-resolution camera at a mid-range price could be just what the company needs heading into 2027.

The bigger picture is a camera market that’s becoming harder to read. Memory chip prices, driven up by demand from AI data centres, are adding cost pressure across the industry, and China – which had been a growth market – has softened.

Key figures (six months to 30 September 2026)

What next

Nikon’s full results presentation is available on the Nikon investor relations site.