Canon’s Camera Business Grew Last Year and Shows No Signs of Slowing

Canon recently released its fiscal year 2025 financial results, which are primarily positive for the company’s substantial imaging division. Total sales for the imaging business unit were up year over year, and Canon expressed optimism about the state of the photography industry.

Total sales for Canon’s Imaging Business Unit, which includes all cameras and lenses, were up 12.5% year over year in the 2024 fiscal year. Sales reached 1,054.9 billion yen, up from 937.4 billion yen the prior year. Canon says it sold 2.88 million digital interchangeable lens cameras (DILC), primarily mirrorless bodies, of course, in FY2025, which was up 2% versus the prior year. Canon expects to maintain this growth and sell 2.95 million DILC in FY2026.

Canon’s fourth quarter was robust, thanks in large part to the arrival of the Canon EOS R6 Mark III, PetaPixel‘s Camera of the Year. Canon also says that it was able to fulfill some backorders for compact cameras. In total, Canon posted double-digit net sales growth in the fourth quarter.

Although the R6 III, an advanced hybrid camera designed for enthusiasts and professionals, is an excellent camera, Canon notes that its entry-level interchangeable lens cameras are particularly strong performers. The EOS R50V, EOS R50, and EOS R100 all saw increased sales last year.

As for Canon’s compact cameras, the company says it will “expand sales by further increasing production.” This is a noted shift in Canon’s mentality, as it had, not many years ago, wound down compact camera production. However, the popularity of compact cameras has surged in recent years, particularly among younger customers, and Canon is responding in turn. Canon specifically says that its sales of compact cameras doubled in FY2025 thanks to “increased supply through the further expansion of production.” Nonetheless, some popular models, like the PowerShot G7X Mark III, remain very difficult to purchase at MSRP from authorized retailers due to limited supply.

Canon’s supplementary financial reports also provided rare insight into the overall state of the photography industry.

“As for the size of the interchangeable-lens camera market, driven by an increase in new users, especially young people, and by new product launches from various manufacturers, the market reached 6.7 million units in 2025, 300,000 more than the previous year. And in 2026, we expect a further increase of 100,000 units for a total of 6.8 million units,” Canon explains.

The camera industry is challenging, and Canon notes that current geopolitical issues only further complicate matters, especially tariffs in the United States. However, Canon’s imaging business still grew last year, and the company believes this trend will continue.

Perhaps what’s most promising, not only for Canon but the photography industry overall, is that young people are buying cameras. Finding ways to generate new camera customers has been a significant focus for all camera brands, and each has tried different approaches to varying success. In Canon’s case, the company has invested heavily in video-oriented features, and it seems to be working.

Canon also made a massive leadership announcement when it released its FY2025 financials, naming Executive Vice President Kazuto “Kevin” Ogawa, 67, as its new president and chief operating officer. Mr. Ogawa is slated to assume this post in March and will take over the role of president from current CEO and chairman Fujio Mitarai, 90, who will remain chairman and CEO.

Ogawa has over 40 years of experience at Canon, including a lengthy stint as president of Canon U.S.A., during which time the company launched its EOS R mirrorless camera system.