---
endpoint: analytics
pattern: Technology
status: done
latency_ms: 149070
conversation_id: 948ac36a-3b8c-4a9e-9162-b9c71d959179
citations: 8
created: 2026-05-31 18:14:11Z
---

# Who are the key customers and suppliers of Nintendo?

# Nintendo (7974 JP) — Key Customers and Suppliers

## Customer Profile

**Nintendo has NO single major customer.** In its FY2025 (year ended March 31, 2025) annual report, Nintendo discloses that "no major customer accounts for 10% or more of net sales in the consolidated financial statements of income" [3]. This means Nintendo's revenue base is highly diversified across a broad universe of retailers, distributors, and digital channels — no single retailer (Amazon, Walmart, Best Buy, GameStop, etc.) crosses the 10% materiality threshold required for SEC/JFSA disclosure.

### How Nintendo Reaches End Customers

Sales flow through wholly-owned regional sales subsidiaries that purchase products from the parent and then distribute to retail/digital channels [2]:

| Region | Subsidiary | Role |
|---|---|---|
| North America | Nintendo of America Inc. (U.S.); Nintendo of Canada Ltd. | Purchase of products manufactured by the Company [2] |
| Europe | Nintendo of Europe SE (Germany) | Purchase of products manufactured by the Company [2] |
| Asia-Pacific | Nintendo (Hong Kong) Ltd.; Nintendo of Korea; Nintendo of Taiwan; Nintendo Australia | Regional distribution, plus "entrusted purchase of parts" via Hong Kong [2] |
| Japan | Nintendo Sales Co., Ltd. | Domestic sales [2] |

### Geographic Customer Mix (FY2025, net sales by location of the customer [8])

| Region | FY2025 Net Sales (¥mn) | % of Total |
|---|---|---|
| The Americas | 515,130 | 44.2% [1] |
| — of which U.S. | 419,399 | 36.0% [1] |
| Japan | 274,882 | 23.6% [1] |
| Europe | 285,744 | 24.5% [1] |
| Other | 89,165 | 7.7% [1] |
| **Total** | **1,164,922** | **100%** |

(Calculated percentages from FY25 segment table [1]. FY24 comparable: Americas ¥741.4bn / 44.3%, Japan ¥362.7bn, Europe ¥405.7bn, Other ¥162.1bn on total ¥1,671.9bn [8].)

The end customer is overwhelmingly the **individual consumer** (households / gamers), reached via:
- **Brick-and-mortar retailers** (mass-market chains, electronics specialists, toy/game retailers)
- **E-commerce platforms**
- **Nintendo's own direct-sales websites and downloadable software (Nintendo eShop)** — explicitly called out as part of the sell-in definition [7]
- Bundled-hardware sales (e.g., **Nintendo Switch 2 hardware bundled with Mario Kart World** drove the Switch 2 to cross 10 million cumulative units within ~four months of its June 5, 2025 launch [7])

---

## Supplier Profile

### Nintendo Is a Pure "Fabless" Hardware Designer

Nintendo's annual report explicitly flags **"Dependency on outside manufacturers"** as a principal business risk: *"Nintendo commissions outside companies to produce key components and assemble finished products"* [1]. The risk language continues that *"In the event one or more of these outside companies go bankrupt, Nintendo may have difficulty procuring key components or manufacturing its products"* [1] and notes that *"as many suppliers' production facilities are located outside Japan, a decline in local public safety, natural disasters, epidemics or any other incidents... could interrupt production and negatively affect Nintendo's operating performance"* [1].

Mitigation: *"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."* [1]

### Categories of Suppliers (per Nintendo's own disclosure [6])

R&D / procurement is structured around the following supplier categories — Nintendo does NOT publicly name individual vendors, citing competitive sensitivity (Nintendo's president Furukawa, on a 2020 call: *"I cannot provide any comment from Nintendo about which parts have procurement issues at this time, because this relates to other companies' business with us"* [4]):

| Component Layer | What Nintendo Sources Externally |
|---|---|
| **Semiconductors** | SoC / application processor (the most-discussed bottleneck during 2020–2023 — Nintendo confirmed semiconductor shortages caused FY23 hardware-unit forecast cuts of 2 million units) [5] |
| **Memory** | Semiconductor memory (DRAM, NAND) — flagged during COVID as a parts-procurement risk [4] |
| **Displays** | Liquid crystal displays (LCD) for handheld; OLED for the Switch OLED Model — described in R&D as "display technology such as liquid crystal displays" [6] |
| **Storage** | Game cartridge memory and console internal storage [6] |
| **Electronic components** | Touch panels, sensors, wireless communication modules, Joy-Con magnetic controllers [6] |
| **Assembly / EMS** | Final hardware assembly (historically concentrated in China — Nintendo noted that "when manufacturing in China was temporarily suspended in February [2020] due to COVID-19, it caused the delay of shipments of Nintendo Switch hardware") |

### Supply-Chain Geography

Nintendo's annual report acknowledges that *"many suppliers' production facilities are located outside Japan"* [1]. The risk language reflects the China-centric EMS / assembly footprint and the broader East Asian (Taiwan / Korea / Japan / China) semiconductor and component dependency. Nintendo (Hong Kong) Ltd. also handles "entrusted purchase of parts for products manufactured by the Company" [2] — i.e., Hong Kong functions as a procurement / parts-sourcing hub.

### Supplier-Side Capex Disclosure

Nintendo's R&D spend was **¥143.7 billion (USD 964 million)** in FY2025 [6], much of which funds joint development with semiconductor / component partners for the **Nintendo Switch 2 (launched June 5, 2025)** [6], which Nintendo describes as having "more powerful processing speed and graphics performance" [6] — implying upgraded SoC/GPU sourcing relative to the original Switch's Nvidia Tegra-based design.

### CSR / Supply-Chain Governance

Nintendo lists **"Supply Chain"** as one of its four CSR priority areas, with the company explicitly committed to "promoting CSR procurement through communication with our suppliers" — the corporate language confirms a multi-vendor, externally-managed manufacturing model rather than vertical integration.

---

## Important Caveats

1. **Named-supplier identification not in public filings.** Nintendo deliberately does not name its semiconductor, memory, display, or EMS counterparties in regulated disclosures. CLSA's RMS coverage (Nintendo "Switch over," "Survey says...Switch," "Bananza peel," "All that and more at JF25") similarly does not publish a vendor list — those reports focus on software/title outlook, console transition modeling, and peer multiples rather than supplier mapping. Industry-press attributions to specific vendors (e.g., Nvidia for the Switch/Switch 2 SoC, Sharp/Samsung/BOE for displays, Foxconn/Hosiden/Mitsumi for assembly and Joy-Cons, Macronix for cartridge memory) exist in third-party teardowns and trade press but were not returned by either Nintendo's filings or CLSA's covered set in this search.

2. **No customer concentration risk.** Per Nintendo's FY2025 annual report, *no* single end customer (retailer or platform) is ≥10% of sales [3] — the closest things Nintendo has to "key customers" are its own regional sales subsidiaries [2], which then distribute to a fragmented base of retailers and consumers.

3. **Internal CLSA coverage scope.** CLSA's Nintendo notes in your archive (latest dated June 5, 2025, rated U-PF / Underperform) focus on Switch-to-Switch-2 transition risk, IP roadmap, and peer comps — not supplier mapping. If a detailed bill-of-materials / named-supplier view is needed, a Third Bridge expert call or supply-chain checks beyond your current document set would be required.

---

**Sources**
[1] Nintendo Co., Ltd. (7974-JP) — Annual Report for period ended 31-Mar-2025 (English) — risk factor: dependency on outside manufacturers
[2] Nintendo Co., Ltd. (7974-JP) — Annual Report for period ended 31-Mar-2025 — Description of business / consolidated subsidiaries list
[3] Nintendo Co., Ltd. (7974-JP) — Annual Report for period ended 31-Mar-2025 — Information about major customers
[4] Nintendo Co. Ltd — Q4 2020 Conference Call (Furukawa, May 7, 2020) — Q&A on COVID-19 parts procurement
[5] Nintendo Co. Ltd — Q2 2022 Conference Call — Q&A on semiconductor supply tightness 2022–2023
[6] Nintendo Co., Ltd. (7974-JP) — Annual Report for period ended 31-Mar-2025 — R&D and procurement / Nintendo Switch 2 launch disclosure
[7] Nintendo Co. Ltd — Q2 2026 Conference Call Deck — Switch 2 launch sell-through commentary
[8] Nintendo Co., Ltd. (7974-JP) — Annual Report for period ended 31-Mar-2025 — Net sales by geographic area (FY24 comparable)

## Citations

- [1] **Nintendo Co., Ltd. (7974-JP) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [2] **Nintendo Co., Ltd. (7974-JP) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [3] **Nintendo Co., Ltd. (7974-JP) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [4] **Nintendo Co. Ltd - Q4 2020 - Conference Call Deck** · external
- [5] **Nintendo - Q2 2022 - Conference Call Deck** · external
- [6] **Nintendo Co., Ltd. (7974-JP) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [7] **Nintendo Co. Ltd - Q2 2026 - Conference Call Deck** · external
- [8] **Nintendo Co., Ltd. (7974-JP) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external

