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Fujifilm just posted record imaging revenue, yet the same financial report shows the company spending more to design and build its cameras while the cost of key parts keeps climbing. The imaging segment brought in ¥627.1 billion, up 15.7% year over year, even as memory chips, processors, and silver got more expensive.
Across the whole company, Fujifilm reported ¥3,357.0 billion in consolidated revenue, up 5.0% year over year, with operating income increasing to ¥350.2 billion, up 6.1%, and net income attributable to Fujifilm Holdings amounting to ¥276.7 billion, up 6.0%. On the camera side of the ledger, the Imaging segment posted consolidated revenue of ¥627.1 billion, up 15.7% versus the year before, with operating income climbing to ¥160.0 billion, an increase of 14.9%.
The good news for Fujifilm is that its product bets are working. Within the professional imaging business, growing digital camera sales lifted revenue, propelled by fresh releases during the year including the GFX100RF, the X half, the X-E5, and the X-T30 III.
The catch is on the cost side, and it is the part of the report you should watch. Rising expenses for producing camera processors and memory, together with higher memory costs in other divisions such as healthcare and business, are projected to burden the company by roughly ¥11 billion in 2026, or about $69.5 million. That figure has since grown. Fujifilm has factored in an additional ¥14 billion on top of its earlier estimates for increasing memory costs for 2026, about $88.6 million, in addition to the previous estimated impact of ¥11 billion. Beyond that, rising silver prices may also weigh on the company as it looks toward the coming fiscal year. Silver matters here because it is a core material in Instax instant film, a business that still out-earns Fujifilm's digital cameras.
The current squeeze traces back to the AI boom, where demand for high-bandwidth memory in data centers has drained supply of ordinary DRAM and pushed prices up across consumer electronics. Cameras need memory beyond the SD card in the slot, so even bodies you would not think of as memory-hungry are exposed. Fujifilm is not alone in flagging it. In recent sessions with investors, camera makers have raised the possibility of changing prices because of the memory shortage. There is a short-term cushion, though. Canon and Fujifilm informed investors that they have already locked in the bulk of the memory they need for the year, which can push back any impact on retail prices.
This is the financial story underneath the price hikes that have already started. If you have been sitting on a Fujifilm purchase, the report suggests rising component costs are structural, not a one-off, and the memory secured for this year runs out eventually.
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