Sony Group announced itsConsolidated financial statements for the second quarter of fiscal year 2025 (ending September 30, 2025) Benefiting from strong growth in its Music and Imaging & Sensing Solutions (I&SS) divisions and favorable exchange rates, Sony's total revenue for the quarter reached 3.1079 trillion yen, a 5% increase year-over-year, and operating income reached 429 billion yen, a 10% increase year-over-year, both setting new records for the quarter.
Net profit (attributable to shareholders) for the quarter was 3114 billion yen, a 7% increase compared to the same period last year. Based on its strong performance in the first half of the year, Sony also announced an upward revision of its full-year 2025 performance outlook and the launch of a treasury stock buyback program with a maximum of 1000 billion yen.
Gaming revenue increased by 4%, but operating profit declined by 13% due to a 315 billion yen impairment charge against Bungie.
In the most closely watched gaming and internet services (G&NS) segment, this quarter's results showed revenue growth but profit decline:
• G&NS Revenue: It reached 1.1132 trillion yen, a 4% increase compared to the same period last year.
• Revenue growth momentum: The increase was mainly due to increased revenue from online services (PS Plus) and increased sales of game software.
• G&NS Operating Profits: It fell to 1204 billion yen, a significant drop of 13% compared to the same period last year (1388 billion yen).
Sony explained in its financial report that the decline in operating profit was mainly due to the recognition of one-time charges totaling 498 billion yen. These included:
• Bungie Asset Impairment: Due to changes in the competitive environment, the revenue and player engagement of Destiny 2, owned by Bungie, did not meet the expectations at the time of acquisition, resulting in an impairment loss of 315 billion yen on related intangible assets.
• Development cost revision: The asset accounting was revised to account for some of the previously capitalized development costs, resulting in an additional recognition of 183 billion yen.
Sony emphasized that, excluding these two one-off factors, the operating profit of the G&NS division actually increased by 23% compared to the same period last year.
PS5 sales total 8420 million units; Ghost of Yotei surpasses 330 million copies sold.
Regarding hardware and player engagement, the G&NS division's Q2 data is as follows:
• PS5 Hardware: 390 million units were sold this quarter.
• PS5 total shipments: As of September 30, 2025, the PS5 has shipped a total of 84.2 million units worldwide.
• Software sales: Full-length game software sales reached 8030 million units this quarter (an increase of 230 million units year-over-year), of which first-party titles accounted for 630 million units (an increase of 100 million units year-over-year). Digital sales accounted for 72% of total sales, up 2 percentage points from the previous quarter.
• PSN Monthly Active Users (MAU): The number of people has increased to 119 million.
Featured Games:
• The game "Ghost of Yōtei", which was released in October, has sold more than 3.3 million copies worldwide as of November 2.
• Helldivers 2 launched on Xbox in August and has maintained strong momentum, which in turn boosted the engagement of existing PS5 and PC players, resulting in a significant increase in revenue.
Music and I&SS businesses performed strongly, while the ET&S division was impacted by tariffs.
In other business areas, the music and sensor division performed exceptionally well, becoming the main driver of the group's profits:
Music:
• Revenue of ¥5424 billion (up 21% year-on-year), operating profit of ¥1154 billion (up 28% year-on-year).
This represents a record high for Q2. The main reasons are the global success of Aniplex's "Demon Slayer: Kimetsu no Yaiba the Movie - Infinity Castle Chapter 1: Akaza Returns" (global box office of 948 billion yen) and growth in streaming revenue (music publishing +25%, production +12%).
I&SS (Imaging and Sensing Solutions):
• Revenue of ¥6146 billion (up 15% year-on-year), operating profit of ¥1383 billion (up 50% year-on-year).
This also set a new record high for Q2. The main reason was the increase in average selling price (ASP) driven by the "larger size" of mobile device sensors (larger image sensors) and increased shipments.
Movies:
• Revenue was 3460 billion yen (down 3% year-on-year), and operating profit was 139 billion yen (down 25% year-on-year).
The main reason for the decrease in film production revenue was the presence of strong films such as "It Ends with Us" in the same period last year. However, Crunchyroll's revenue increased due to the global release of "Demon Slayer" and the increase in membership.
ET&S (Entertainment, Technology & Services):
• Revenue was 5757 billion yen (down 7% year-on-year), mainly due to a decrease in the number of TVs sold.
• Operating profit of 610 billion yen (down 13% year-on-year).
Revised upwards for full-year financial forecasts and initiated a 1000 billion yen treasury stock buyback program.
Based on its strong Q2 performance, Sony has revised its full-year earnings forecast for fiscal year 2025 (ending March 2026) upwards:
• Annual revenue: The forecast was raised by 3000 billion yen (3%) to 12 trillion yen.
• Annual operating profit: The forecast was raised by 1000 billion yen (8%) to 1.43 trillion yen.
• Full-year net profit: The forecast was raised by 800 billion yen (8%) to 1.05 trillion yen.
In its departmental forecasts, G&NS (games) has revised its full-year revenue upward to 4.47 trillion yen, but its operating profit forecast remains unchanged at 5000 billion yen. Sony stated that this forecast has already absorbed the Bungie impairment (315 billion yen), development cost revisions (183 billion yen), and the impact of newly included US tariffs (300 billion yen), and is mainly offset by favorable exchange rates, reduced hardware losses, and increased revenue from network services.
I&SS (sensors) revised its full-year operating profit upward by 300 billion yen to 3100 billion yen. ET&S (electronics), however, revised its full-year operating profit downward by 200 billion yen to 200 billion yen due to the impact of tariffs (1600 billion yen).
Finally, Sony announced that it had completed the partial spin-off of its financial services business (SFGI) on October 1 and would launch a treasury stock program with a maximum of 100 billion yen and a term until May 2026 to reward shareholders.
