Nintendo Co., Ltd.
Table of ContentsInformation on the Company 2
Overview of the Company 2
Key financial data and trends 2
History 4
Description of business 5
Subsidiaries and associates 6
Employees 8
Business Overview 10
Management policy, management environment, issues to address 10
Approach to and initiatives for sustainability 11
Risk factors 14
Analysis of financial position, operating results and cash flow by management 17
Material contracts, etc. 20
Research and development activities 21
Equipment and Facilities 23
Overview of capital investments 23
Major facilities 23
Plans for new installation and retirement of equipment and facilities, etc 24
Profile of the Company 25
Status of shares and other relevant matters 25
Status of acquisition of treasury shares and other relevant matters 31
Dividend policy 32
Corporate governance 33
Financial Information 59
Consolidated financial statements, etc 59
Documents hereto titled "Annual Report" are based on the Company's Annual Securities Report (Japanese only) prepared following the Financial Instruments and Exchange Act for the purpose of providing accurate financial information and other information in a manner that is easy to understand. In the event of any discrepancy between these translated documents and the Japanese originals, the originals shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translations.
[NOTE: Basis of Presenting Consolidated Financial Statements]
The accompanying consolidated financial statements of Nintendo Co., Ltd. (the "Company") and its consolidated subsidiaries are compiled from the consolidated financial statements prepared by the Company as required by the Financial Instruments and Exchange Act of Japan and are prepared on the basis of accounting principles and practices generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of the International Financial Reporting Standards. The financial statements of the Company and its subsidiaries in Japan are prepared on the basis of the accounting and relevant legal requirements in Japan. The financial statements of consolidated subsidiaries outside of Japan are prepared on the basis of the accounting and relevant legal requirements of their countries of domicile and no adjustment has been made to their financial statements in consolidation to the extent that significant differences do not occur, as allowed under the generally accepted accounting principles and practices in Japan.
Each amount in the accompanying consolidated financial statements is rounded down to the nearest one million yen or one billion yen. Consequently, the totals shown in the accompanying consolidated financial statements do not necessarily agree with the sums of the individual amounts.
The consolidated financial statements presented herein are stated in Japanese yen, the currency of the country in which the Company is incorporated and operates. The rate of ¥149 to 1 USD, the approximate current rate of exchange on March 31, 2025, has been applied for the purpose of presentation of the accompanying consolidated financial statements in U.S. dollars. These amounts in U.S. dollars are included solely for convenience and are unaudited. These translations do not imply that the actual Japanese yen amounts have been or could be converted into U.S. dollars at this or any other rate of exchange.
The accompanying consolidated financial statements are not intended to present the consolidated financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Japan.
Information on the Company-
Overview of the Company
-
Key financial data and trends
Consolidated financial data
Fiscal year
81st
82nd
83rd
84th
85th
Fiscal year ended March 31
2021
2022
2023
2024
2025
Net sales (Millions of yen) (Millions of dollars)
¥1,758,910
¥1,695,344
¥1,601,677
¥1,671,865
¥1,164,922
USD 7,818
Operating profit
(Millions of yen) (Millions of dollars)
640,634
592,760
504,375
528,941
282,553
1,896
Ordinary profit
(Millions of yen) (Millions of dollars)
678,996
670,813
601,070
680,497
372,316
2,498
Profit attributable to owners of parent
(Millions of yen) (Millions of dollars)
480,376
477,691
432,768
490,602
278,806
1,871
Comprehensive income
(Millions of yen) (Millions of dollars)
527,951
530,498
486,661
573,849
313,792
2,105
Net assets (Millions of yen) (Millions of dollars)
1,874,614
2,069,310
2,266,466
2,604,998
2,725,446
18,291
Total assets (Millions of yen)
(Millions of dollars)
2,446,918
2,662,384
2,854,284
3,151,394
3,398,515
22,808
Net assets per share (Yen) (Dollars)
1,573.48
1,763.56
1,946.55
2,236.45
2,339.99
15.70
Profit per share (Yen) (Dollars)
403.26
404.67
371.41
421.39
239.47
1.60
Diluted profit per share (Yen)
(Dollars)
-
-
-
-
-
-
Capital adequacy ratio
(%)
76.60
77.71
79.40
82.62
80.16
-
Return on equity (ROE)
(%)
28.13
24.23
19.96
20.15
10.47
-
Price earnings ratio (PER)
(Times)
15.33
15.24
13.82
19.45
42.22
-
Cash flows from operating activities
(Millions of yen) (Millions of dollars)
612,106
289,661
322,843
462,097
12,069
81
Cash flows from investing activities
(Millions of yen) (Millions of dollars)
(136,533)
93,699
111,507
(630,632)
753,063
5,054
Cash flows from financing activities
(Millions of yen) (Millions of dollars)
(194,938)
(337,010)
(290,973)
(236,958)
(195,126)
(1,309)
Cash and cash equivalents at end of period (Millions of yen)
(Millions of dollars)
¥932,079
¥1,022,718
¥1,194,569
¥853,432
¥1,414,121
USD 9,490
Number of employees (Persons)
6,574
6,717
7,317
7,724
8,205
-
(Notes) 1. Effective from the beginning of the 82nd fiscal year (ended March 31, 2022), the Company has adopted the "Accounting Standard for Revenue Recognition, etc. (Accounting Standards Board of Japan (ASBJ) Statement No. 29 of March 31, 2020)." The accounting standard has been applied to the major management indicators for the 82nd fiscal year onward.
"Diluted profit per share" is not noted because the Company has not issued any dilutive shares.
The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. Net
assets per share and profit per share are calculated based on the assumption that the stock split was implemented at the beginning of the 81st fiscal year.
Effective from the beginning of the 85th fiscal year (ended March 31, 2025), the Company has adopted the "Accounting Standard for Current Income Taxes, (Accounting Standards Board of Japan (ASBJ) Statement No. 27 of October 28, 2022)," etc. The accounting standard has been retrospectively applied to the "Key financial data" for the 84th fiscal year. The adoption of the accounting standard has no impact on the "Key financial data."
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History
November 1947 Established as Marufuku Co., Ltd. in Higashikawara-cho, Imagumano, Higashiyama-ku, Kyoto, Japan as a manufacturer/distributor of Japanese playing cards (karuta) and western playing cards.
September 1949 Changed the company's name to Marufuku Karuta Hanbai Co., Ltd.
March 1950 Changed the company's name to Nintendo Karuta Co., Ltd. and took over karuta manufacturing operations of Yamauchi Nintendo & Co. (currently Yamauchi Co., Ltd.)
July 1951 Changed the company's name to Nintendo Playing Card Co., Ltd.
September 1959 Moved the headquarters to 60 Kamitakamatsu-cho, Fukuine, Higashiyama-ku, Kyoto, Japan. September 1961 Established the Tokyo Branch in Tokyo, Japan.
January 1962 Listed stock on the Second Section of the Osaka Securities Exchange and on the Kyoto Stock Exchange.
October 1963 Changed the company's name to Nintendo Co., Ltd. (current trade name).
July 1970 Stock listing was changed to the First Section of the Osaka Securities Exchange.
April 1980 Established a wholly-owned subsidiary, Nintendo of America Inc., in New York, U.S.A.
February 1982 Established a new wholly-owned subsidiary, Nintendo of America Inc. (currently a consolidated subsidiary), in Washington, U.S.A. and merged the New York subsidiary into it through an absorption-type merger.
July 1983 Listed stock on the First Section of the Tokyo Stock Exchange.
November 1983 Established a new plant in Makishima-cho, Uji City, Kyoto, Japan (currently Uji Plant). February 1990 Established a wholly-owned subsidiary, Nintendo of Europe GmbH, in Germany (currently
Nintendo of Europe SE, a consolidated subsidiary).
November 2000 Moved the headquarters to 11-1 Hokotate-cho, Kamitoba, Minami-ku, Kyoto, Japan (current location).
July 2006 Established a wholly-owned subsidiary, Nintendo of Korea Co., Ltd., in South Korea (currently a consolidated subsidiary).
June 2016 Transitioned to a Company with an Audit and Supervisory Committee.
April 2017 Acquired shares of JESNET Co. Ltd. and changed its trade name to Nintendo Sales Co., Ltd. (currently a consolidated subsidiary).
April 2022 Transitioned to the Prime Market from the First Section due to the market restructuring of the Tokyo Stock Exchange.
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Description of business
In the field of home entertainment, Nintendo Co., Ltd. and its subsidiaries and associates (composed of 29 subsidiaries and five associates as of March 31, 2025), primarily engage in the development, manufacture and sales of entertainment products. Nintendo's major products are computer-enhanced "dedicated video game platforms," character merchandise and playing cards. "Dedicated video game platforms" are defined as hardware and software for the handheld systems and home consoles developed by Nintendo Co., Ltd. and its subsidiaries and associates, manufactured by Nintendo Co., Ltd. and sold mainly by its subsidiaries and associates in Japan and other countries. Nintendo Co., Ltd. and its subsidiaries and associates have also entered into businesses utilizing IP such as visual content and mobile applications.
The positions of Nintendo Co., Ltd. and its main subsidiaries and associates are described below. Segment information is omitted as Nintendo operates as a single business segment.
Development
Nintendo Co., Ltd.; Nintendo Technology Development Inc.; Nintendo Software Technology Corporation; Retro Studios, Inc.; Next Level Games Inc.; Shiver Entertainment, Inc.; Nintendo European Research and Development SAS; iQue (China) Ltd.; Nintendo Cube Co., Ltd.; 1-UP Studio Inc.; MONOLITH SOFTWARE INC.; Mario Club Co., Ltd.; SRD Co., Ltd.; Nintendo Pictures Co., Ltd.; Nintendo Systems Co., Ltd.
Manufacture Nintendo Co., Ltd.
Sales
Nintendo Co., Ltd.; Nintendo of America Inc.; Nintendo of Canada Ltd.; Nintendo of Europe SE; Nintendo Australia Pty Limited; Nintendo of Korea Co., Ltd.; Nintendo (Hong Kong) Limited; Nintendo of Taiwan Co., Ltd.; Nintendo Sales Co., Ltd.
-
Subsidiaries and associates
Consolidated subsidiaries
Name of company
Location
Share capital or investments in capital
Description of principal business
Percentage of voting rights held by the Company
Relationship with Nintendo Co., Ltd. (the "Company")
Concurrent positions held by directors
Loans
Business transactions
Leasing of fixed assets
Director of the Company (number)
Employee of the Company (number)
Nintendo of America Inc. *1, 2
U.S.
Thousands of USD 110,000
Sales
100
-
-
-
Purchase of products manufactured by the Company
-
Nintendo of Canada Ltd.
Canada
Thousands of CAD 4,000
Sales
100
(100)
-
-
-
Purchase of products manufactured by the Company from Nintendo of America Inc.
-
Nintendo of Europe SE *1, 2
Germany
Thousands of EUR 30,000
Sales
100
1
2
-
Purchase of products manufactured by the Company
-
Nintendo Australia Pty Limited
Australia
Thousands of AUD 8,500
Sales
100
-
1
-
Purchase of products manufactured by the Company
-
Nintendo of Korea Co., Ltd. *1
Korea
Millions of KRW 25,000
Sales
100
-
4
-
Purchase of products manufactured by the Company
-
Nintendo (Hong Kong) Limited
China
Thousands of HKD 49,300
Sales
100
-
3
-
Purchase of products manufactured by the Company and entrusted purchase of parts for products manufactured by the Company
-
Nintendo of Taiwan Co., Ltd.
Taiwan
Thousands of NTD 5,000
Sales
100
-
5
-
Purchase of products manufactured by the Company
-
Nintendo Technology Development Inc.
U.S.
USD 1
Development
100
1
1
-
Entrusted development of hardware OS etc.
-
Nintendo Software Technology Corporation
U.S.
Thousands of USD
20
Development
100
1
1
-
Entrusted development of software
-
Retro Studios, Inc.
*1
U.S.
Thousands of USD 10,001
Development
100
1
-
-
Entrusted development of software
-
Next Level Games Inc.
Canada
Thousands of CAD
11
Development
100
1
-
-
Entrusted development of software
-
Shiver Entertainment, Inc.
U.S.
USD 10
Development
100
-
1
-
Entrusted development of software
-
Nintendo European Research and Development SAS
France
Thousands of EUR 300
Development
100
-
1
-
Entrusted development of software
-
iQue (China) Ltd.
*1
China
Millions of CNY 254
Development
100
-
1
-
Entrusted development of software
-
Nintendo Sales Co., Ltd. *1, 2
Chiyoda-ku, Tokyo
Millions of JPY 300
Sales
100
-
4
-
Purchase of products manufactured by the Company
Leasing of buildings, etc. owned by the Company
Nintendo Cube Co., Ltd.
Chuo-ku, Tokyo
Millions of JPY 483
Development
99
-
2
-
Entrusted development of software
-
1-UP Studio Inc.
Chiyoda-ku, Tokyo
Millions of JPY
90
Development
100
-
3
-
Entrusted development of software
Leasing of buildings, etc. owned by the Company
Name of company
Location
Share capital or investments in capital
Description of principal business
Percentage of voting rights held by the Company
Relationship with Nintendo Co., Ltd. (the "Company")
Concurrent positions held by directors
Loans
Business transactions
Leasing of fixed assets
Director of the Company (number)
Employee of the Company (number)
MONOLITH SOFTWARE INC.
Meguro-ku, Tokyo
Millions of JPY
75
Development
100
-
4
-
Entrusted development of software
-
Mario Club Co., Ltd.
Higashiyama
-ku, Kyoto
Millions of JPY 450
Development
100
-
4
-
Entrusted inspection of software etc.
Leasing of buildings, etc. owned by the Company
SRD Co., Ltd.
Shimogyo-ku, Kyoto
Millions of JPY
50
Development
100
-
2
-
Entrusted development of software
-
Nintendo Pictures Co., Ltd.
Chiyoda-ku, Tokyo
Millions of JPY
34
Development
100
-
3
-
Entrusted planning and production of visual content
Leasing of buildings, etc. owned by the Company
Nintendo Systems Co., Ltd. *1
Shibuya-ku, Tokyo
Millions of JPY 5,000
Development
80
2
4
-
Entrusted development and operation of systems, etc.
Leasing of buildings, etc. owned by the Company
(Notes) 1. There are five other consolidated subsidiaries not listed above.
Figures in parentheses in "Percentage of voting rights held by the Company" represent the proportion of indirect ownership.
Companies marked with *1 are specified subsidiaries.
Proportion of sales of consolidated subsidiaries marked with *2, excluding inter-company transactions of sales, over total sales on a consolidated basis surpasses 10%. Major financial information is as follows.
Name of company
Net sales (Millions of yen)
Ordinary profit (Millions of yen)
Profit (Millions of yen)
Total net assets (Millions of yen)
Total assets (Millions of yen)
Nintendo of America Inc.
462,202
57,343
44,110
515,148
780,699
Nintendo of Europe SE
272,893
17,996
(4,101)
167,786
357,918
Nintendo Sales Co., Ltd.
160,017
7,631
5,285
68,956
81,433
Name of company
Net sales (Millions of dollars)
Ordinary profit (Millions of dollars)
Profit (Millions of dollars)
Total net assets (Millions of dollars)
Total assets (Millions of dollars)
Nintendo of America Inc.
3,102
384
296
3,457
5,239
Nintendo of Europe SE
1,831
120
(27)
1,126
2,402
Nintendo Sales Co., Ltd.
1,073
51
35
462
546
Associates accounted for using equity method
Name of company
Location
Share capital or investments in capital
Description of principal business
Percentage of voting rights held by the Company
Relationship with the Company
Concurrent positions held by directors
Loans
Business transactions
Leasing of fixed assets
Director of the Company (number)
Employee of the Company (number)
The Pokémon Company
Minato-ku, Tokyo
Millions of JPY 365
Sales and licensing of Pokémon related goods
32
1
-
-
Purchase of products manufactured by the Company and entrusted manufacturing of products
-
(Note) There are three associates accounted for using equity method other than the one shown above.
- Employees
Segment information is omitted as Nintendo (the Company and its consolidated subsidiaries) operates as a single business segment.
Information about group
As of March 31, 2025
8,205
-
History
-
Key financial data and trends
Number of employees (persons)
(Note) Number of employees represents the number of persons employed, excluding persons seconded from the Company group to outside the Company group, but including persons seconded to the Company group from outside the Company group. It also includes part-time workers hired on a regular basis.
Information about reporting company
As of March 31, 2025
Number of employees (persons)
Average age (years)
Average length of service (years)
Average annual salary
2,962
40.2
14.4
9,666,256 yen
(USD 64,874)
(Notes) 1. Number of employees represents the number of persons employed, excluding persons seconded from the Company to outside the Company, but including persons seconded to the Company from outside the Company.
2. Average annual salary is the amount paid inclusive of tax in the fiscal year ended March 31, 2025, including extra wages and bonuses.
Labor unions
Labor unions do not exist in the Company but have been formed at some of its consolidated subsidiaries. Labor-management relations have been good, and there are no particular matters to be noted.
Proportion of management positions held by female workers, rate of childcare leave taken among male workers and pay gap between male and female workers
Reporting company
As of March 31, 2025
Supplemental explanation
Proportion of management positions held by female workers (%) (Note 1)
Rate of childcare leave taken among male workers (%) (Note 2)
Pay gap between male and female workers (%) (Note 1)
All workers
Regular employees
Part-time and temporary workers
5.1
91
69.2
70.1
91.8
(Note 3)
(Notes) 1. Calculated in accordance with the provisions of the Act on Promotion of Women's Participation and Advancement in the Workplace (Act No. 64 of 2015).
This represents a calculation of the childcare leave uptake rate set forth under Article 71-6 (1) of the Ordinance for Enforcement of the Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring for Children or Other Family Members (Ordinance of the Ministry of Labor No. 25 of 1991), in accordance with the Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring for Children or Other Family Members (Act No. 76 of 1991).
The pay gap between male and female workers is mainly due to differences in the length of service and average age. There is no difference in treatment between men and women in terms of salary or evaluation systems.
Consolidated subsidiaries
As of March 31, 2025
Supplemental explanation
Name
Proportion of management positions held by female workers (%)
Rate of childcare leave taken among male workers (%) (Note 2)
Pay gap between male and female workers (%) (Note 1)
All workers
Regular employees
Part-time and temporary workers
Mario Club Co., Ltd.
-
100
74.9
74.8
68.8
(Note 3)
MONOLITH SOFTWARE INC.
-
71
73.9
71.9
92.9
(Note 3)
(Notes) 1. Calculated in accordance with the provisions of the Act on Promotion of Women's Participation and Advancement in the Workplace (Act No. 64 of 2015).
This represents a calculation of the childcare leave uptake rate set forth under Article 71-6 (1) of the Ordinance for Enforcement of the Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring for Children or Other Family Members (Ordinance of the Ministry of Labor No. 25 of 1991), in accordance with the Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring for Children or Other Family Members (Act No. 76 of 1991).
The pay gap between male and female workers is mainly due to differences in the length of service and average age. There is no difference in treatment between men and women in terms of salary or evaluation systems.
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Business Overview
-
Management policy, management environment, issues to address
Any forward-looking statements in the following discussion are based on the judgment of the Company group (the Company and its consolidated subsidiaries; also referred to as "Nintendo") as of the end of the consolidated fiscal year ended March 31, 2025.
Basic management policy
As an entertainment company that creates smiles, Nintendo strives to introduce new forms of entertainment while maintaining a robust corporate management. To expand our business, our highest emphasis is placed on providing consumers around the world with exciting forms of entertainment that they have never experienced before.
Targeted management index
Nintendo works to constantly provide new and entertaining products and services, aiming to improve its corporate value by sustaining robust growth and increasing profit. Because Nintendo deals with entertainment products and content that naturally hold many uncertainties in terms of research and development, we have not set any specific management index targets. This allows our corporate decision-making to stay flexible in this highly competitive industry.
Management environment, mid- to long-term corporate business strategy and priority business and financial issues to address
Regarding the market environment surrounding the Company group, amid growing demand for entertainment among people around the world, not only has the diversification of entertainment continued alongside advances in technology, but competition is also intensifying further as more companies enter the game industry.
Amid such changes in the market environment, as an entertainment company that creates smiles, the Company group aims to offer its unique and original brand of play that anyone and everyone can intuitively enjoy. To enable unique entertainment experiences, we place our dedicated video game platform business - integrating both hardware and software - at the center of everything we do. Under this development philosophy, we constantly aim to create unique products and services that everyone can enjoy, and that feel incredibly intuitive and fun to play, regardless of age, gender or gaming experience.
To continue invigorating our dedicated video game platform business, our fundamental strategy is to expand the number of people who have access to Nintendo IP. Nintendo's characters have been nurtured and grown hand in hand with the memories made by generations of consumers as they play our games. We are utilizing our characters to continue expansion into a broad range of areas, including visual content, mobile applications, theme parks and merchandise. Through these initiatives, we aim to continually create points of contact with consumers, deepen their fondness for Nintendo IP and ultimately spark their interest in our dedicated video game platform business.
In addition, we work to maintain good, long-term relationships with each of our consumers. Nintendo Account plays a key role in those efforts as the connection point that spans platform generations and unites a variety of entertainment experiences, centered on our integrated hardware-software entertainment.
We launched our new dedicated video game system, Nintendo Switch 2, on June 5, 2025. As the successor system to the widely adopted Nintendo Switch, Nintendo Switch 2 will build on that userbase, and we will work to bring enjoyment to more consumers worldwide.
Based on our belief that the true value of entertainment lies in its uniqueness, Nintendo aims to achieve sustainable growth and increase our corporate value by offering unique entertainment that plays to the company's strengths, continuing to adapt to the times and cherish the spirit of creativity.
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Approach to and initiatives for sustainability
The Company group (the Company and its consolidated subsidiaries) is engaged in group-wide efforts to address issues associated with sustainability, with the goal of "putting smiles on the faces of everyone Nintendo touches." As part of this, the Company group is working to promote CSR activities focusing on the four CSR priority areas of Consumers, Supply Chain, Employees and Environment. These initiatives encompass improving product quality and ensuring product safety, creating an environment where children can play with peace of mind, promoting CSR procurement through communication with our suppliers, building a work environment where employees can realize their various capabilities and reducing the environmental impact of the Company group's products and business activities.
The forward-looking statements in this section are based on the judgment of the Company group as of March 31, 2025.
Governance
To promote CSR activities, the Company has established the CSR Promotion Project Team tasked with coordinating CSR activities and providing support under the supervision of the Senior General Manager of the General Affairs Division, who is an Executive Officer, and are engaged in group-wide efforts to promote CSR activities. To advance our CSR activities globally, we also have CSR teams at our main subsidiaries outside of Japan and information on the status of activities in each country is shared among the group companies.
The CSR Promotion Project Team reports on important matters related to CSR activities, including the CSR priority areas, to the Executive Management Committee, and carries out these activities based on the instructions received. The Board of Directors receives reports on important matters related to CSR activities and monitors their progress.
Strategy
The initiatives undertaken to address each CSR priority area are as follows.
Consumers
In order to provide high-quality products that are both safe and entertaining so consumers can enjoy them with peace of mind, the Company group engages in a wide range of initiatives in development, production and after-sales service for our gaming systems and accessories. In addition, to ensure that consumers of all
ages can enjoy Nintendo's game software and services with peace of mind, we strive to prioritize safety in game software development, create features that enable parents and guardians to check children's usage and eliminate inappropriate content in communication features, among other initiatives.
Supply chain
We work with our numerous production partners in Japan and around the world to improve quality and technical capability, ensure safety and achieve production efficiency.
In addition, we have established the basic procurement and business partner selection policies to promote production that complies with laws, regulations and social standards, while taking into account human rights and the global environment. We have also created these policies to build trust with our business partners so that we can fulfill our social responsibilities collaboratively together. We also work with our business partners to gain their understanding of and cooperation with these policies. To facilitate these efforts, we have established the Nintendo CSR Procurement Guidelines and promote CSR procurement activities.
Employees
We are engaged in the following initiatives related to human resources development, including securing diverse talent and enhancing workplace environments.
Policies related to human resources development, including securing diverse talent
To bring smiles to people through entertainment, we continue to provide Nintendo's unique and original brand of play to consumers around the world.
To this end, we focus on Nintendo DNA, which consists of originality, flexibility and sincerity. Using Nintendo DNA as a foundation, we have introduced a variety of human resource initiatives designed to maximize the personal development of each employee through their work experience. The process of creating games or other forms of entertainment and delivering those products or services around the world is a team effort. We emphasize teamwork and cultivate an environment that empowers employees to demonstrate their Nintendo DNA and work with enthusiasm.
At Nintendo, we actively hire and promote talent regardless of factors such as sex, age, nationality, disability, sexual orientation or gender identity. Each person can learn a great deal from their work experiences. Based on this belief, not only will we help our employees grow through the development of their individual skills, but through the accumulation of experiences working with others, cultivate individuals who act independently as active participants, continue to challenge themselves while flexibly handling change and are able to gain understanding from and empathize with colleagues.
Policy for enhancing workplace environments
We believe that the essence of creating an unprecedented level of fun lies in providing a work environment where our employees can exchange their ideas and opinions through discussions and receive timely advice from their supervisors. To enable employees to closely collaborate, pooling their strengths and valuing these relationships, we encourage active communication and better coordination in the company.
To enable employees to balance their professional and personal lives, we actively work to enhance various support systems, including encouraging the use of childcare leave by employees engaged in child-rearing.
Environment
In response to society's expectations and to pass on a better environment to future generations, Nintendo exercises care with the environmental footprint of our offices and embarks on various initiatives to reduce the environmental impact of our products. These initiatives span the design stage to post-sales repair and support and continue through to recycling. More specifically, we have implemented environmental measures at each stage from design to after-sales service, such as creating designs that consider energy and resource efficiency, selecting easy-to-recycle packaging materials, implementing efficient transportation and providing after-sale repairs and support. Regarding climate change, we have identified our risks and opportunities based on 1.5°C and 4.0°C global warming scenarios, evaluated the relevant financial impact and engaged in information disclosure in accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). We will continue to work to address climate change.
Risk management
Taking into account international standards such as the GRI Standards and the social environment surrounding Nintendo, the CSR Coordination Team identifies CSR issues together with the employees in charge of CSR at our subsidiaries outside Japan. We analyze the degree of risk and opportunity and establish the priority level for the CSR issues identified according to two axes - both the impact on society and the impact on Nintendo. Next, we obtain feedback from outside experts to select potential CSR priority areas. The CSR Coordination Team meets with the people in charge of CSR at our subsidiaries outside Japan to exchange ideas and designate CSR priority areas. After reaching consensus on the results among the members of the CSR Project Promotion Team including the CSR teams of the subsidiaries outside Japan, a report is provided to executive management to set the priority areas.
The CSR Coordination Team confirms the priority areas annually and reviews them as necessary to respond flexibly to social and environmental changes.
Metrics and targets
We have set goals to maintain 100% use*1of childcare leave by women and increase the percentage of men utilizing childcare leave to 50% or more in terms of cumulative totals over a five-year period beginning in the fiscal year ended March 31, 2022*2.
Metric
Target
Result
(fiscal year ended March 31, 2025)
Rate of childcare leave taken among female employees
Maintain a rate of 100%*1on a cumulative basis for the five years from the fiscal year ended March 31, 2022
105% on a cumulative basis since the fiscal year ended March 31, 2022
Rate of childcare leave taken among male employees
50% or more on a cumulative basis for the five years from the fiscal year ended March 31, 2022
81% on a cumulative basis since the fiscal year ended March 31, 2022
*1 The rate of childcare leave taken is calculated as the ratio of employees who began taking childcare leave during the respective fiscal year to those with a child born during the same fiscal year and therefore may be more or less than 100%.
*2 The Company's targets and results are presented. Not all Nintendo group companies have established metrics and targets, so it is not possible to present group-wide information.
-
Risk factors
Listed below are the various risks that could affect the Company group's operating results, share price and financial condition. However, unpredictable risks may exist other than the risks set forth herein. Note that matters pertaining to the future presented herein are determined by Nintendo as of the end of the fiscal year ended March 31, 2025.
Risks around economic environment
Fluctuation in foreign exchange rates
Nintendo distributes its products globally with sales outside of Japan accounting for more than 70% of its total sales, and the majority of monetary transactions are made in local currencies. In addition, the Company holds a substantial amount of assets in foreign currencies. Fluctuations in foreign exchange rates have a strong influence not only when accounts in foreign currencies are converted to yen-denominated assets but also when they are revaluated for financial reporting purposes. Therefore, if there are significant fluctuations in foreign exchange rates, Nintendo's financial position, operating results and cash flows could be adversely affected.
In order to reduce the influence of fluctuations in foreign exchange rates, Nintendo purchases in foreign currencies on an ongoing basis.
Risks around business activities
Fluctuation of market environment and competition with other companies
Nintendo's core business is engaged in one segment of the broader entertainment field. However, its business is also affected by a variety of other entertainment trends. If consumer preferences shift to other forms of entertainment, the video game market may contract. The emergence of new competitors resulting from technological innovation could have a significant impact as well. In the video game industry, it may become even more difficult to be profitable due to large investments required in research and development and marketing. In addition, competition may intensify with large-scale companies doing business in the same industry or in other segments of the entertainment industry. Furthermore, if Nintendo is unable to adapt to rapid structural changes or other changes, its financial position, operating results and cash flows could be adversely affected.
As an entertainment company that creates smiles, the Company group aims to offer its unique and original brand of play that anyone and everyone can intuitively enjoy. To enable unique entertainment experiences, we place our dedicated video game platform business - integrating both hardware and software - at the center of everything we do, and work to provide new and original products and services for people everywhere. Moreover, to continue invigorating our core business, the Company group's fundamental strategy is to expand the number of people who have access to Nintendo IP. To this end, we seek to broaden the touch points of Nintendo IP with consumers in areas beyond dedicated video game platforms and create opportunities for more people to become interested in gaming experiences. Therefore, we are working to maintain good, long-term relationships with each of our consumers. Nintendo Account plays a key role in those efforts as the connection point that spans platform generations and unites a variety of entertainment experiences, centered on our integrated hardware-software entertainment.
Development of new products, etc.
Despite the substantial costs and time needed for the planning and development of software for dedicated video game platforms, applications for smart-device gaming services and visual content, there is no guarantee that all new products and services will be accepted by consumers due to ever shifting preferences. As development of hardware is time-consuming, with technology continuously advancing, Nintendo may not be able to readily acquire technologies required for entertainment. Furthermore, delays of product launches could adversely affect market share.
In addition, due to the nature of Nintendo products and services, it may be difficult to develop products and services as planned in some cases, making it impossible to sell or launch the products and services as planned. Moreover, development may be suspended or aborted, and the original plan could differ to a large extent.
In the field of entertainment, the development process is complicated and includes many uncertainties; therefore, if Nintendo is unable to deal with the above risks, its financial position, operating results and cash flows could be adversely affected.
Nintendo continuously strives to develop unique and attractive new products.
Product valuation and adequate inventory procurement
Given that general products in the video game industry have relatively short life cycles, and are significantly impacted by consumer preferences as well as seasonality, excess inventory and obsolete inventory could have an adverse effect on Nintendo's financial position, operating results and cash flows.
Business opportunities could be missed if supply to the market falls short of the necessary quantity due to difficulties in accurately forecasting demand. At Nintendo, projected production is conducted and sales of downloadable versions of software are promoted in order to guarantee supply based on forecasted demand.
Dependency on outside manufacturers
Nintendo commissions outside companies to produce key components and assemble finished products. In the event one or more of these outside companies go bankrupt, Nintendo may have difficulty procuring key components or manufacturing its products. In addition, suppliers may be unable to provide necessary components on a timely basis. A shortage of key components could cause issues such as marginal decline due to higher costs, shortage of products and quality control issues. These issues may impair the relationship between Nintendo and consumers. Furthermore, as many suppliers' production facilities are located outside Japan, a decline in local public safety, natural disasters, epidemics or any other incidents, or other issues specific to the area could interrupt production and negatively affect Nintendo's operating performance.
Regarding production, Nintendo hedges risks by procuring parts and materials from and outsourcing production to multiple companies in most cases. For important components, we have identified all processes, places of production, persons in charge, etc. and have a management system in place which, even in the unlikely event of an unforeseeable incident, will enable us to get a grasp of the status of damage caused by the accident and take an alternative action as swiftly as possible.
Business operations affected by seasonal fluctuation
Demand for Nintendo's products is largely focused on the year-end sales season, New Year season, etc., so our business performance fluctuates accordingly. Should Nintendo fail to release attractive new products or supply products on time during that period, operating performance could be adversely affected.
Nintendo strives to achieve stable performance throughout the year through measures such as developing games that consumers will continue to play long after they are released and providing paid services in its digital business that can be enjoyed on a continuing basis.
System issues
Nintendo provides various services via the internet, including online games and download sales of digital software, in addition to providing information. However, in the event of the termination or destruction of the operating systems, or the leakage or unauthorized use of data, etc. as a result of a cyber-attack against servers, a natural disaster or an accident, it could have an adverse effect on Nintendo's future operating results, the Company's reputation, share price and financial condition.
Considering that network functions are becoming increasingly important in the Company's business, Nintendo is enhancing assigned in-house resources, hiring necessary human resources, collaborating with outside expert firms and making other such efforts to strengthen its capabilities to deal with system issues.
Various factors affecting business activities
Nintendo develops business globally. Business activities in Japan and outside of Japan involve risks such as disadvantages from emergence of political or economic factors, disadvantages from inconsistency of multilateral taxation systems and diversity of tax law interpretation, difficulty in recruiting and securing human resources, labor disputes such as strikes, and social disruption resulting from terror attacks, war and other catastrophic events. If the planning, development, manufacturing, distribution, sales, etc. of products and services are hindered, Nintendo's financial position, operating results and cash flows could be adversely affected. Nintendo will take necessary measures on an ongoing basis.
Risks around legal regulations and litigation
Product liability
Nintendo develops and manufactures its products in accordance with applicable safety and quality control standards in locations of sale. However, large-scale product recalls may take place should a defect occur, given that its products are sold worldwide. Also, a product defect resulting in product liability compensation could lead to additional expenses and impact the Company's reputation, and has the potential to adversely impact Nintendo's future operating performance and financial position.
With full awareness of product liability, Nintendo will continue to proactively work on quality control and quality assurance of products in terms of design, manufacturing and ancillary services.
Limitations of enforcing intellectual property rights
Although Nintendo has continued to accumulate various intellectual properties which enable the differentiation of its offerings from others, there are geographical regions in which it is difficult to effectively address unauthorized uploading via the internet and counterfeit products, which may have a negative impact on
Nintendo's future operating performance and financial position. Nintendo will take necessary measures on an ongoing basis.
Unauthorized system access and leakage of confidential information
Nintendo possesses personal information about its consumers, as well as confidential information concerning development and business operations. If this information were ever leaked outside of Nintendo or used improperly by third parties due to unauthorized access to systems, etc., it could have an adverse effect on Nintendo's future operating performance, share price and financial condition.
Nintendo will take necessary measures on an ongoing basis.
Changes in laws and regulations, etc.
Unpredicted enactment of or changes in laws and regulations, as well as adoptions of or changes in accounting standards or taxation systems could have an effect on Nintendo's performance and financial position. In addition, conflict of views between Nintendo and the tax authorities regarding tax returns may result in additional tax expenses.
Nintendo keeps up to date with information released by government agencies and other external organizations through websites, etc. In addition, Nintendo collects information by participating in seminars hosted by external organizations and subscribing to specialized journals, etc. and conducts various studies in the lead-up to the implementation of changes in laws and regulations, etc.
Litigation, etc.
Nintendo's operations in Japan and outside of Japan may be subject to litigation, disputes and other legal procedures, which could adversely affect Nintendo's operating performance and financial position.
Nintendo is taking various measures to reduce the risk of litigation.
Other risks
Other than the risks set forth above, factors such as uncollectible notes and accounts receivable - trade, collapse of financial institutions, environmental regulations, impairment of the corporate brand due to unforeseen circumstances, changes in the political situation, rapid climate change, natural disasters or epidemics may adversely affect Nintendo's operating performance and financial position.
Nintendo will take necessary measures on an ongoing basis.
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Analysis of financial position, operating results and cash flow by management
The description of the financial position, operating results and cash flow of Nintendo (the Company and its consolidated subsidiaries) in the fiscal year ended March 31, 2025 ("operating results, etc.") and the understanding, analysis and examination of Nintendo's operating results, etc. from the management's viewpoint are as follows.
Any forward-looking statements contained in the following overview are made based on information available as of the end of the fiscal year ended March 31, 2025.
Segment information is omitted as Nintendo operates as a single business segment.
Assumptions used in important accounting procedures and estimates
Consolidated financial statements of Nintendo are prepared in accordance with accounting standards generally accepted in Japan. In preparing such statements, estimates that may affect the value of assets, liabilities, revenue and expenses are made based on the accounting procedures selected and adopted by management. Management makes appropriate assumptions based on factors such as past performance and the likelihood of future occurrences to make reasonable estimates. However, due to inherent uncertainties, the actual results may differ from these estimates. Significant accounting estimates and assumptions adopted in the consolidated financial statements of Nintendo are detailed in the section "V. Financial Information, Consolidated financial statements, etc., Notes to Consolidated Financial Statements (Significant accounting estimates)."
Operating results, etc.
Description and analysis of results
Looking at the Nintendo Switch business for the fiscal year ended March 31, 2025, sales of titles released during this fiscal year grew steadily, with Super Mario Party Jamboree selling 7.48 million units, The Legend of Zelda: Echoes of Wisdom selling 4.09 million units, and Paper Mario: The Thousand-Year Door selling 2.10 million units. In addition, we saw stable sales in titles released through the end of the previous fiscal year, with Mario Kart 8 Deluxe selling 6.23 million units (for cumulative sales of 68.20 million units). As a result of these factors, the total number of million-seller titles during this fiscal year reached 24, including titles from other software publishers. Hardware sales totaled 10.80 million units (a decrease of 31.2% year-on-year), and software sales totaled 155.41 million units (a decrease of 22.2% year-on-year).
Sales of both hardware and software declined compared to the previous fiscal year, when sales were substantially driven by The Legend of Zelda: Tears of the Kingdom (released in May 2023) and Super Mario Bros. Wonder (released in October 2023). Even so, sales were steady for a platform that has entered its ninth year.
Turning to our digital business for our dedicated video game platform, digital sales totaled ¥326.0 billion (USD 2,187 million; down 26.5% year-on-year), mainly due to a decrease in sales of Nintendo Switch downloadable versions of packaged software.
In the mobile and IP related business, sales for this fiscal year declined 27.0% year-on-year to ¥67.6 billion (USD 453 million) due to a decrease in the revenue related to The Super Mario Bros. Movie, which was released in April 2023.
Nintendo's management policy, management strategy, etc. are as described in "II. Business Overview, 1. Management policy, management environment, issues to address." The presence or lack of hit products and their sales volumes are deemed to have a significant impact on operating results, etc., as described in "II. Business Overview, 4. Analysis of financial position, operating results and cash flow by the management, (4) Factors which have a significant impact on operating results, etc."
Description and analysis of operating results
Net sales, operating profit, ordinary profit and profit attributable to owners of parent in the fiscal year ended March 31, 2025 decreased from the previous fiscal year.
Net sales reached ¥1,164.9 billion (USD 7,818 million; a decrease of 30.3% year-on-year), of which sales outside of Japan were ¥890.0 billion (USD 5,973 million; a decrease of 32.0% year-on-year, and 76.4% of total sales). Operating profit came to ¥282.5 billion (USD 1,895 million; a decrease of 46.6% year-on-year) and ordinary profit was ¥372.3 billion (USD 2,498 million; a decrease of 45.3% year-on-year) due to interest income and other factors. Profit attributable to owners of parent totaled ¥278.8 billion (USD 1,871 million; a decrease of 43.2% year-on-year).
(Net sales and operating profit)
Net sales decreased from the previous fiscal year by ¥506.9 billion (USD 3,402 million) to ¥1,164.9 billion (USD 7,818 million; a decrease of 30.3% year-on-year). Gross profit decreased from the previous fiscal year by ¥244.1 billion (USD 1,638 million) to ¥710.1 billion (USD 4,765 million; a decrease of 25.6% year-on-year). Despite a decrease in advertising expenses and others, due to the increase in research and development expenses, retirement benefit expenses and others, selling, general and administrative expenses increased from the previous fiscal year by ¥2.2 billion (USD 14 million), resulting in an operating profit of ¥282.5 billion (USD 1,895 million; a decrease of 46.6% year-on-year).
(Non-operating income and expenses, and ordinary profit)
Net non-operating income was ¥89.7 billion (USD 602 million), mainly due to interest income. As a result, ordinary profit was ¥372.3 billion (USD 2,498 million; a decrease of 45.3% year-on-year).
(Profit attributable to owners of parent)
Profit attributable to owners of parent was ¥278.8 billion (USD 1,871 million; a decrease of 43.2% year-on-year), mainly due to the decrease in ordinary profit from the previous fiscal year.
Description and analysis of financial position (Total assets)
Total assets increased by ¥247.1 billion (USD 1,658 million) compared to the previous fiscal year-end to
¥3,398.5 billion (USD 22,808 million).
This was mainly due to the increase in cash and deposits and inventories, despite a decrease in securities and others.
(Total liabilities)
Total liabilities increased by ¥126.6 billion (USD 849 million) compared to the previous fiscal year-end to
¥673.0 billion (USD 4,516 million).
This was mainly due to the increase in notes and accounts payable - trade, despite a decrease in income taxes payable and others.
(Net assets)
Net assets increased by ¥120.4 billion (USD 808 million) compared to the previous fiscal year-end to ¥2,725.4 billion (USD 18,291 million).
This was mainly due to an increase in retained earnings.
Description and analysis of cash flows
The ending balance of "Cash and cash equivalents" (collectively, "Cash") as of March 31, 2025 was ¥1,414.1 billion (USD 9,490 million), with an increase of ¥560.6 billion (USD 3,762 million) during the fiscal year. During the previous fiscal year, there was a decrease of ¥341.1 billion (USD 2,289 million). Net increase (decrease) of Cash and contributing factors during the fiscal year ended March 31, 2025 are as follows:
(Cash flows from operating activities)
There were decreasing factors contributing to ¥372.3 billion (USD 2,498 million) of profit before income taxes such as an increase in inventories and payment of income taxes. However, due to increasing factors such as interest and dividends received, Cash resulted in an increase of ¥12.0 billion (USD 80 million) compared to an increase of ¥462.0 billion (USD 3,100 million) during the previous fiscal year.
(Cash flows from investing activities)
Cash from investing activities increased by ¥753.0 billion (USD 5,053 million) compared to a decrease of
¥630.6 billion (USD 4,232 million) during the previous fiscal year mainly due to proceeds from withdrawal of time deposits, and proceeds from sale and redemption of short-term and long-term investment securities being higher than payments into time deposits and purchase of short-term and long-term investment securities.
(Cash flows from financing activities)
Cash from financing activities decreased by ¥195.1 billion (USD 1,309 million) compared to a decrease of
¥236.9 billion (USD 1,589 million) during the previous fiscal year mainly due to payments of cash dividends.
Production, orders received and sales information
Production results
Production results in the fiscal year ended March 31, 2025 were as follows. As Nintendo operates as a single business segment, the information is presented by product type.
Type
Amount
Year-on-year increase (decrease) (%)
(Millions of yen)
(Millions of dollars)
Dedicated video game platform
Others
967,426
14,342
6,492
96
3.3
(34.1)
Total
981,769
6,589
2.5
(Note) The above amounts are calculated based on the selling price.
Order-receiving status
Information on orders received is omitted as production is based on make-to-stock production, other than make-to-order production mainly for some software for dedicated video game platforms.
Sales results
Sales results in the fiscal year ended March 31, 2025 were as follows. As Nintendo operates as a single business segment, the information is presented by product type.
Type
Amount
Year-on-year increase (decrease) (%)
(Millions of yen)
(Millions of dollars)
Dedicated video game platform Nintendo Switch platform Others
Subtotal
1,050,296
33,238
7,048
223
(31.5)
(6.1)
1,083,534
7,272
(30.9)
Mobile, IP related income, etc.
67,673
454
(27.0)
Others
13,714
92
21.4
Total
1,164,922
7,818
(30.3)
Factors which have a significant impact on operating results, etc.
Nintendo operates as a business in the field of home entertainment, in which the presence or lack of hit products and their sales volumes may have a significant impact on its operating results, etc. In addition, the field of entertainment is wide in scope, and any non-gaming propositions which gain popularity that provide consumers with more entertainment value and surprises may also have an impact.
More than 70% of Nintendo's total sales are generated in markets outside of Japan, with most transactions carried out in local currencies. While Nintendo makes U.S. dollar-based purchases and purchases in other currencies on an ongoing basis in order to reduce the impact of exchange rate fluctuations, it is difficult to completely eliminate the related risk. As a result, exchange rate fluctuations may have an impact on Nintendo's financial performance.
While dedicated video game platforms and their compatible software, which are Nintendo's main products, represent a majority of total sales, hardware and software have very different profit margins, and fluctuations of their proportions of the total sales may have an impact on gross profit and the gross profit percentage to sales.
In addition, there may be other fluctuating factors as described in "II. Business Overview, 3. Risk factors."
Financial source of capital and liquidity of funds
As of the end of the consolidated fiscal year ended March 31, 2025, the current ratio is 461%, and the ratio of total liabilities to cash and cash equivalents is 2.1 times.
Nintendo maintains retained earnings that are necessary in order to adapt to changes in the business environment and to pursue further business expansion, etc. in the future.
Major components of the working capital requirements include purchase expenses of materials and parts for manufacturing, advertising expenses and research and development expenses, and dividend and income tax payments. Moreover, it is Nintendo's basic policy to internally provide the capital necessary to fund future growth, including capital investments. Nintendo ensures self-financing by cash flows from operating activities including sales of dedicated video game platforms, etc. Nintendo's approach to shareholder returns is as explained in "IV. Profile of the Company, 3. Dividend policy" and specific plans for capital investments are as described in "III. Equipment and Facilities, 3. Plans for new installation and retirement of equipment and facilities, etc."
During the launch periods of new products and the year-end sales season, there may be temporary increases in notes and accounts receivable - trade, notes and accounts payable - trade and inventories, which may have an upward or downward impact on net cash provided by or used in operating activities.
Payments into or withdrawals from time deposits with maturities of more than three months, as well as timing of acquisition or sale of short-term investment securities, may have an upward or downward impact on net cash provided by or used in investing activities.
-
Material contracts, etc.
Not applicable.
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Research and development activities
Nintendo (the Company and its consolidated subsidiaries) primarily engages in the active development of hardware and software for dedicated video game systems, with support from various companies and organizations, in its effort to put smiles on the faces of everyone Nintendo touches around the world by offering new and compelling products that anyone can enjoy. We also utilize Nintendo IP, focusing on the production of products such as those related to amiibo and visual content, and undertake the planning, development and operation of games that many people around the world can enjoy in the form of smart-device applications.
With respect to hardware, we continuously investigate and undertake research on underlying technologies spanning data storage technology such as semiconductor memory, display technology such as liquid crystal displays, and electronic components. We also carry out research and development activities to examine the applicability of various technologies to the field of home entertainment including interfaces such as touch panels and sensors, networks such as those for wireless communication, security, cloud computing, virtual reality (VR), augmented reality (AR) and mixed reality (MR), deep learning and big data analysis. Our efforts are not limited to in-house studies and research and we are also exploring various possibilities on a daily basis to discover technologies that will help create new ways to play by proactively turning our attention outside Nintendo. Moreover, we continue to enhance the durability, safety, quality and performance of our products to ensure that consumers can comfortably enjoy them over an extended period, in addition to designing and developing various accessories and pursuing cost-cutting initiatives.
With respect to software, we take full advantage of hardware features in planning our products and focus on game design and program development that leverages graphics, music and game scripts.
Furthermore, in order to enable digital business expansion, we have strongly driven the expansion of system infrastructure that supports network services in multiple areas, including the various network features of each software title and Nintendo eShop. In addition, we have established a research and development structure for smart-device software and promote the planning and development of smart-device applications and the development of a back-end server system.
Regarding our parts procurement and manufacturing processes, in addition to promoting the mass production of parts that employ new test methods and technologies, we also research and accumulate knowledge pertaining to relevant laws and regulations with the cooperation and support of our manufacturing partners.
Research and development expenses for the fiscal year were ¥143.7 billion (USD 964 million), with the outcomes of major research and development activities described below. Segment information is omitted since we operate as a single business segment.
We launched our new video game system, Nintendo Switch 2, on June 5, 2025. Nintendo Switch 2 is the successor to Nintendo Switch and features a larger, more responsive screen providing players with a smoother gameplay experience, new magnetic Joy-Con 2 controllers, and more powerful processing speed and graphics performance that open the door to new ways to play. For software, we released Mario Kart World and Nintendo Switch 2 Welcome Tour at the same time as the hardware launch, as well as The Legend of Zelda: Breath of the Wild - Nintendo Switch 2 Edition and The Legend of Zelda: Tears of the Kingdom - Nintendo Switch 2 Edition, which enhance the original games.
For Nintendo Switch hardware, we introduced firmware updates to enhance convenience and operational stability, released special editions of game systems and made ongoing improvements to the software development environment and various network services. As for compatible software, we released The Legend of Zelda: Echoes of Wisdom, the first action-adventure game in The Legend of Zelda series to feature Princess Zelda as the protagonist and Nintendo World Championships: NES Edition, a game that brings the real-life Nintendo Entertainment System game competitions of the 1980s online. Other titles released include Endless Ocean Luminous, Emio - The Smiling Man: Famicom Detective Club, Super Mario Party Jamboree and Mario & Luigi: Brothership, each the latest in its respective series, as well as Paper Mario: The Thousand-Year Door, Luigi's Mansion 2 HD, Donkey Kong Country Returns HD and Xenoblade Chronicles X: Definitive Edition.
In our mobile business, we run services on an ongoing basis for game applications such as Fire Emblem Heroes, Pikmin Bloom and Mario Kart Tour.
For Nintendo Switch Online, a service that enables consumers to enjoy online competitive and cooperative play and various other services on Nintendo Switch, we added more titles to Nintendo Entertainment System - Nintendo Classics, Super Nintendo Entertainment System - Nintendo Classics and other services. We also continued reviewing the specifications for the various services based on Nintendo Account and making ongoing improvements.
In addition to the above, we released Nintendo Sound Clock: Alarmo, a unique alarm clock equipped with a special motion sensor that reacts to movement to play game sounds, enabling users to wake-up in the world of games.
On Nintendo Developer Portal, a dedicated website for game creators working on Nintendo platforms, we offer ongoing support for both development companies and individual developers to deliver new entertainment to consumers around the world.
On top of these efforts, Nintendo continues to engage in the development of various products and services for the future.
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Management policy, management environment, issues to address
-
Equipment and Facilities
-
Overview of capital investments
Nintendo (the Company and its consolidated subsidiaries) primarily engages in the development, manufacturing and sales of entertainment products, and in the fiscal year ended March 31, 2025, it invested ¥39,275 million (USD 263 million), which was mainly used for research and development facilities, and included intangible assets such as computer software for internal use.
Regarding the required funds, all of the capital investments were self-financed and we did not raise external financing. Segment information is omitted as Nintendo operates as a single business segment.
-
Major facilities
Major facilities are as follows. As Nintendo (the Company and its consolidated subsidiaries) operates as a single business segment, the information is presented on a per business basis.
Reporting company
As of March 31, 2025
Principal places of business (Location)
Description of business
Description of equipment & facilities
Book value (Millions of yen)
Number of employees (persons)
Buildings and structures
Machinery, equipment and vehicles
Land (area: thousands of square meters)
Tools, furniture and fixtures
Other
Total
Uji Plant
(Uji City, Kyoto Prefecture)
Manufacturing
Production facilities
2,265
134
1,866
(25)
65
7
4,338
141
Corporate Headquarters (Minami-ku, Kyoto City)
Administration, sales,
development, manufacturing
Other facilities
17,368
73
22,160
(67)
3,125
12,043
54,772
2,647
Tokyo Branch Office *1, 2 (Chiyoda-ku, Tokyo)
Administration, sales, development
Other facilities
1,698
0
-(-)
177
16
1,893
174
Asset leased to Nintendo Sales Co., Ltd.
(Uji City, Kyoto Prefecture)
Sales
Other facilities
834
0
4,079
(9)
0
3
4,918
-
Asset leased to Nintendo Sales Co., Ltd.
(Kita-ku, Osaka Prefecture)
Sales
Other facilities
655
-
5,763
(1)
3
2
6,423
-
Nintendo Museum
(Uji City, Kyoto Prefecture)
Other
Other facilities
5,980
34
37
(14)
2,332
857
9,243
-
Principal places of business (Location)
Description of business
Description of equipment & facilities
Book value (Millions of dollars)
Number of employees (persons)
Buildings and structures
Machinery, equipment and vehicles
Land (area: thousands of square meters)
Tools, furniture and fixtures
Other
Total
Uji Plant
(Uji City, Kyoto Prefecture)
Manufacturing
Production facilities
15
0
12
(25)
0
0
29
141
Corporate Headquarters (Minami-ku, Kyoto Prefecture)
Administration, sales,
development, manufacturing
Other facilities
116
0
148
(67)
20
80
367
2,647
Tokyo Branch Office *1, 2 (Chiyoda-ku, Tokyo)
Administration, sales, development
Other facilities
11
0
-(-)
1
0
12
174
Asset leased to Nintendo Sales Co., Ltd.
(Uji City, Kyoto Prefecture)
Sales
Other facilities
5
0
27
(9)
0
0
33
-
Asset leased to Nintendo Sales Co., Ltd.
(Kita-ku, Osaka Prefecture)
Sales
Other facilities
4
-
38
(1)
0
0
43
-
Nintendo Museum
(Uji City, Kyoto Prefecture)
Other
Other facilities
40
0
0
(14)
15
5
62
-
(Notes) 1. Book value of "Other" represents book value of construction in progress, intangible assets and long-term prepaid expenses.
*1 Tokyo Branch Office leases office space, of which the amount of annual rent expenses is ¥1,486 million (USD 9 million).
*2 The amounts include some of the assets leased to Nintendo Sales Co., Ltd., 1-UP Studio Inc. and Nintendo Pictures Co., Ltd.
Subsidiaries Outside of Japan
As of March 31, 2025
Name of company (Main location)
Description of business
Description of equipment & facilities
Book value (Millions of yen)
Number of employees (persons)
Buildings and structures
Machinery, equipment and vehicles
Land (area: thousands of square meters)
Tools, furniture and fixtures
Other
Total
Nintendo of America Inc. (United States)
Sales
Other facilities
13,719
995
4,640
(508)
2,684
466
22,505
1,446
Nintendo of Europe SE (Germany)
Sales
Other facilities
5,082
364
-(-)
1,014
1,204
7,665
1,124
Name of company (Main location)
Description of business
Description of equipment & facilities
Book value (Millions of dollars)
Number of employees (persons)
Buildings and structures
Machinery, equipment and vehicles
Land (area: thousands of square meters)
Tools, furniture and fixtures
Other
Total
Nintendo of America Inc. (United States)
Sales
Other facilities
92
6
31
(508)
18
3
151
1,446
Nintendo of Europe SE (Germany)
Sales
Other facilities
34
2
-(-)
6
8
51
1,124
(Notes) 1. Book value of "Other" represents book value of construction in progress and intangible assets.
2. The above amounts include right-of-use assets.
-
Plans for new installation and retirement of equipment and facilities, etc.
Plans for the installation of new equipment and facilities, etc. are as follows. There are no plans for retirement/sale of major equipment and facilities, excluding retirement/sale for the purpose of regular renewal. Segment information is omitted as Nintendo operates as a single business segment. Actual capital investments by Nintendo may vary significantly from the forecasts below due to factors including those stated in "II. Business Overview, 3. Risk factors."
Name of company
Description of equipment and facilities
Planned investment amount
Month/year of commencement
Month/year of scheduled completion
Nintendo Co., Ltd. and its consolidated
subsidiaries
Research and development facilities
58,000 million yen
(USD 389 million)
April 2024
March 2027
Nintendo Co., Ltd. and
its consolidated subsidiaries
Production facilities for molds, etc.
6,000 million yen
(USD 40 million)
April 2024
March 2027
Nintendo Co., Ltd. and
its consolidated subsidiaries
Renovation, updating, etc. of other buildings, etc.
94,000 million yen
(USD 630 million)
April 2024
March 2027
Total
158,000 million yen
(USD 1,060 million)
-
-
(Note) Funds required for equipment and facilities, etc. in the future referred to above are to be self-financed.
-
Overview of capital investments
-
Profile of the Company
-
Status of shares and other relevant matters
Total number of shares and other information
Total number of shares
Class
Total number of shares authorized to be issued (shares)
Common shares
4,000,000,000
Total
4,000,000,000
Number of shares issued
Class
Number of shares outstanding as of the end of fiscal year
(March 31, 2025)
Number of shares outstanding as of issuance date of this report
(June 26, 2025)
Name of stock exchange on which Nintendo is listed or name of authorized financial instruments firm association
Description
Common shares
1,298,690,000
1,298,690,000
Tokyo Stock Exchange Prime Market
Number of shares constituting a unit: 100 shares
Total
1,298,690,000
1,298,690,000
-
-
Status of share subscription rights and other relevant matters
Description of stock option scheme Not applicable.
Description of rights plans Not applicable.
Other matters regarding status of share subscription rights, etc. Not applicable.
Exercise status and other relevant matters concerning bonds with share subscription rights containing a clause for exercise price adjustment
Not applicable.
Trend of total number of shares issued, amount of common shares and other relevant matters
Date
Change in the number of shares issued (Thousands of
shares)
Balance of the number of shares issued (Thousands of
shares)
Change in share capital (Millions of yen)
Balance of share capital
(Millions of yen)
Change in legal capital surplus (Millions of yen)
Balance of legal capital surplus (Millions of yen)
September 16, 2021 *1
(1,800)
129,869
-
10,065
-
11,584
October 1, 2022 *2
1,168,821
1,298,690
-
10,065
-
11,584
Date
Change in the number of shares issued (Thousands of
shares)
Balance of the number of shares issued (Thousands of
shares)
Change in share capital (Millions of dollars)
Balance of share capital
(Millions of dollars)
Change in legal capital surplus (Millions of dollars)
Balance of legal capital surplus (Millions of dollars)
September 16, 2021 *1
(1,800)
129,869
-
67
-
77
October 1, 2022 *2
1,168,821
1,298,690
-
67
-
77
(Notes) 1.*1 The decrease is due to the cancellation of treasury shares.
*2 The increase is due to a 10-for-1 stock split.
-
Status of shares and other relevant matters
Status of shareholders
As of March 31, 2025
Classification
Status of shares (number of shares constituting a unit: 100 shares)
Status of shares less than one unit (shares)
National and local government
Financial institutions
Financial services providers
Other legal entities
Foreign shareholders
Individuals and other
Total
Other than individuals
Individuals
Number of shareholders (persons)
-
113
55
922
1,276
838
114,219
117,423
-
Number of shares held (units)
-
3,795,380
313,616
304,222
6,620,471
3,269
1,940,246
12,977,204
969,600
Shareholding ratio (%)
-
29.25
2.42
2.33
51.02
0.03
14.95
100.00
-
(Notes) 1. Out of treasury shares of 134,441,816 shares, 1,344,418 units and 16 shares are included in "Individuals and other" and "Status of shares less than one unit," respectively.
2. "Other legal entities" includes 10 units of shares held in the name of Japan Securities Depository Center, Inc.
Status of major shareholders
As of March 31, 2025
Name of shareholder
Address
Number of shares held (Hundreds of
shares)
Shareholding ratio (excluding treasury shares) (%)
The Master Trust Bank of Japan, Ltd. (Trust Account)
1-8-1 Akasaka, Minato-ku, Tokyo
1,940,886
16.67
Custody Bank of Japan, Ltd. (Trust Account)
1-8-12 Harumi, Chuo-ku, Tokyo
649,864
5.58
The Bank of Kyoto, Ltd. (Standing proxy: Custody Bank of
Japan, Ltd.)
700 Yakushimae-cho, Matsubara-Agaru,
Karasuma-dori, Shimogyo-ku, Kyoto (1-8-12 Harumi, Chuo-ku, Tokyo)
488,020
4.19
JP Morgan Chase Bank 380815 (Standing proxy: Settlement &
Clearing Services Department, Mizuho Bank, Ltd.)
25 BANK STREET, CANARY WHARF, LONDON, E14 5JP, UNITED KINGDOM
(2-15-1 Konan, Minato-ku, Tokyo)
432,446
3.71
The Nomura Trust and Banking Co., Ltd.
(MUFG Bank, Ltd. Retiree Allowance Trust Account)
2-2-2 Otemachi, Chiyoda-ku, Tokyo
421,090
3.62
State Street Bank and Trust Company 505001
(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)
ONE CONGRESS STREET, SUITE 1, BOSTON, MASSACHUSETTS
(2-15-1 Konan, Minato-ku, Tokyo)
352,821
3.03
JP Morgan Chase Bank 385632 (Standing proxy: Settlement & Clearing Services Department, Mizuho Bank, Ltd.)
25 BANK STREET, CANARY WHARF, LONDON, E14 5JP, UNITED KINGDOM
(2-15-1 Konan, Minato-ku, Tokyo)
268,955
2.31
State Street Bank West Client - Treaty 505234
(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)
1776 HERITAGE DRIVE, NORTH QUINCY, MA 02171, U.S.A.
(2-15-1 Konan, Minato-ku, Tokyo)
238,263
2.05
CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS
(Standing proxy: Citibank, N.A., Tokyo Branch)
388 GREENWICH STREET NEW YORK, NY 10013 USA
(6-27-30 Shinjuku, Shinjuku-ku, Tokyo)
233,137
2.00
State Street Bank and Trust Company 505103
(Standing proxy: Settlement & Clearing Services Department, Mizuho Bank, Ltd.)
ONE CONGRESS STREET, SUITE 1, BOSTON, MASSACHUSETTS
(2-15-1 Konan, Minato-ku, Tokyo)
188,385
1.62
Total
-
5,213,869
44.78
(Notes) 1. The Company's 1,344,418 hundred treasury shares are excluded from the above table.
Although the Statement of Large-Volume Holdings made available for public inspection dated March 25, 2024 states that the following shares are held by Nomura Securities Co., Ltd. and its joint holders as of March 15, 2024, the above status of major shareholders is based on the shareholder registry, as the Company could not confirm the actual number of shares held as of March 31, 2025.
Name of shareholder
Address
Number of shares held
(Hundreds of shares)
Shareholding ratio (excluding treasury shares) (%)
Nomura Securities Co., Ltd.
1-13-1 Nihonbashi, Chuo-ku, Tokyo
90,992
0.70
Nomura International plc
1 Angel Lane, London EC4R 3AB, United Kingdom
20,101
0.15
Nomura Asset Management Co., Ltd.
2-2-1 Toyosu, Koto-ku, Tokyo
538,486
4.15
Name of shareholder
Address
Number of shares held
(Hundreds of shares)
Shareholding ratio (excluding treasury shares) (%)
Total
-
649,580
5.00
Although the Statement of Changes made available for public inspection dated April 6, 2023 states that the following shares are held by Sumitomo Mitsui Trust Asset Management Co., Ltd. and its joint holders as of March 31, 2023, the above status of major shareholders is based on the shareholder registry, as the Company could not confirm the actual number of shares held as of March 31, 2025.
Name of shareholder
Address
Number of shares held
(Hundreds of shares)
Shareholding ratio (excluding treasury shares) (%)
Sumitomo Mitsui Trust Asset Management Co., Ltd.
1-1-1 Shibakoen, Minato-ku, Tokyo
446,165
3.44
Nikko Asset Management Co., Ltd.
9-7-1 Akasaka, Minato-ku, Tokyo
284,701
2.19
Total
-
730,866
5.63
Although the Statement of Changes made available for public inspection dated July 29, 2024 states that the following shares are held by MUFG Bank, Ltd. and its joint holders as of July 22, 2024, the above status of major shareholders is based on the shareholder registry, as the Company could not confirm the actual number of shares held as of March 31, 2025.
Name of shareholder | Address | Number of shares held (Hundreds of shares) | Shareholding ratio (excluding treasury shares) (%) |
MUFG Bank, Ltd. | 1-4-5 Marunouchi, Chiyoda-ku, Tokyo | 421,090 | 3.24 |
Mitsubishi UFJ Trust and Banking Corporation | 1-4-5 Marunouchi, Chiyoda-ku, Tokyo | 262,868 | 2.02 |
Mitsubishi UFJ Asset Management Co., Ltd. | 1-9-1 Higashi-Shinbashi, Minato-ku, Tokyo | 125,287 | 0.96 |
Total | - | 809,245 | 6.23 |
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Disclaimer
Nintendo Co. Ltd. published this content on July 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 07, 2025 at 06:59 UTC.
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