Pallet Town Post
Sections Menu
Start here How Pokémon works, in one read

The IP

The companies

The business lines

Around it

Explore / Figure

Record

The Pokémon Company group’s estimated operating margin for the year to February 2026

TPC year to February 2026 (Mar 2025–Feb 2026) = Nintendo year to March 2026

EstimateAn estimate with several stacked judgements; the direction (below reported) is firmer than the exact level.

What this is

The Pokémon Company group’s estimated operating margin for the year to February 2026: about 30% as reported, about 27–28% after removing a one-off investment gain.

How it’s built

  1. Start from the research’s group margin: Nintendo’s filed affiliate profit, less the baseball club, over estimated group revenue of ¥1,020–1,048bn. This gives 29.5–31.3%.
  2. Nintendo’s figures show a one-off release of ¥36.5bn (at 100%) of earlier unrealised gains, which the research links to the group’s gain on Niantic.
  3. Route (a) removes the part not already stripped at the parent, ¥25–29bn before tax: 26.7–28.8%. Route (b) removes all ¥36.5bn as untaxed: 26.0–27.7%.
  4. Net margins fall from 23.8–25.5% to about 19–22%.

What we assumed

  • The one-off release sits in The Pokémon Company group, not another affiliate.The research finds the group’s Niantic gain large enough to produce it, but this is inferred, not disclosed.
  • Route (a) taxes the release at 21–31%.Spans the subsidiaries’ implied tax rate (about 21%) and the parent’s (about 31%).
  • Route (b) treats the release as untaxed.Possible if it is a currency-translation reserve; the research does not settle which route is right.
  • The operating figure is a proxy.It starts from pretax profit and strips the parent’s one-off gain and non-operating items; subsidiaries’ non-operating items are not visible.
  • Group revenue and the club’s result are estimates.Both come from Nintendo’s combined filing minus Forbes-based figures for the Mariners.

Sanity check

The Tokyo parent’s own operating margin was 27.1% that year, inside its 24.5–29.8% range over five years, so the adjusted group figure sits close to the parent’s.

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working
  • Parent operating margin year to February 2026: 27.1%
  • Parent range year to February 2022 26: 24.5 to 29.8%
  1. op = (314,947 − club − X)/TPC
  2. O=83k: TPC 1,019,861, S 488,433, club −4,487
  3. O=55k: 1,047,861, 516,433, +5,983

Where it’s used

Related figures

Built from this one