Canon vs Sony: Revenue, Profit and Business Model
Canon reported ~$31B of revenue in FY2025 and ~$2.2B of net income. Sony reported ~$83.6B of revenue in FY2025 and a net loss of ~$2.2B.
Latest financial snapshot
Financial summary
Canon
Canon's sales fell from ~$27.3 billion (¥4,080.0 billion) in 2017, the first full year with Toshiba Medical, to ~$21.2 billion (¥3,160.2 billion) in 2020 as cameras and office printing shrank and the pandemic hit. They have grown every year since, reaching a record ~$31 billion (¥4,624.7 billion) in 2025 (+2.5%). Operating profit was ~$3.05 billion (¥455.4 billion) in 2025, a 9.8% margin, up from ~$1.87 billion (¥279.8 billion) in 2024, when a ~$1.11 billion (¥165.1 billion) goodwill impairment on the medical business cut net income to ~$1.07 billion (¥160.0 billion). Net income attributable to Canon Inc. more than doubled to ~$2.23 billion (¥332.1 billion) and EPS rose to ¥367.48. Canon paid a ¥160 dividend (42.9% payout), generated ~$1.6 billion (¥238.5 billion) of free cash flow and ended 2025 with ~$6.34 billion (¥946.2 billion) of interest-bearing debt, up from ~$4.45 billion (¥663.5 billion). By region, the Americas supplied 32% of 2025 sales, Europe 26%, Japan 21% and Asia and Oceania 21%. In July 2026, after record second-quarter sales, Canon guided to ~$32.2 billion (¥4,800.0 billion) of 2026 sales and ~$3.12 billion (¥465.0 billion) of operating profit.
Sony
Sony's finances were reshaped in the 2010s by exits from VAIO PCs and the spin-out of the TV business, and a shift toward games, music and sensors. Sales grew from ~$55.3B (JPY 8.26T) in FY2019 to ~$80.6B (JPY 12.03T) in FY2024. In FY2025, Sony Financial Group was partially spun off and reported as discontinued operations: continuing sales rose 3.7% to ~$83.6B (JPY 12.48T), operating income was ~$9.7B (JPY 1.448T) (11.6% margin), and continuing net income attributable was ~$6.91B (JPY 1.031T), but the spin-off produced a consolidated net loss attributable of ~$2.19B (JPY 326.9B). Q1 FY2026 (April-June 2026) set records: sales of ~$19B (JPY 2.8378T) (+8%), operating income of ~$3.19B (JPY 476.5B) (+40%) and net income of ~$2.29B (JPY 342.2B) (+32%), with sensors operating income up 125% to ~$819M (JPY 122.2B). Sony raised its FY2026 forecast to ~$83.8B (JPY 12.5T) in sales, ~$11.5B (JPY 1.72T) in operating income and ~$8.11B (JPY 1.21T) in net income, and lifted its annual dividend by JPY 10.
Revenue and profit by year
Canon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$31B | ~$2.2B | 7.2% | +2.5% | Source |
| FY2024 | ~$30.2B | ~$1.1B | 3.5% | +7.9% | Source |
| FY2023 | ~$28B | ~$1.8B | 6.3% | +3.7% | Source |
| FY2022 | ~$27B | ~$1.6B | 6.1% | +14.7% | Source |
| FY2021 | ~$23.5B | ~$1.4B | 6.1% | +11.2% | Source |
| FY2020 | ~$21.2B | ~$558.2M | 2.6% | -12.1% | Source |
| FY2019 | ~$24.1B | ~$837.3M | 3.5% | -9.1% | Source |
| FY2018 | ~$26.5B | ~$1.7B | 6.4% | -3.1% | Source |
| FY2017 | ~$27.3B | ~$1.6B | 5.9% | +19.9% | Source |
| FY2016 | ~$22.8B | ~$1B | 4.4% | — | Source |
Sony
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$83.6B | ~-$2.2B | -2.6% | +3.7% | Source |
| FY2024 | ~$80.6B | ~$7.6B | 9.5% | +6.9% | Source |
| FY2023 | ~$75.4B | ~$6.5B | 8.6% | +2.6% | Source |
| FY2022 | ~$73.5B | ~$6.7B | 9.2% | +10.6% | Source |
| FY2021 | ~$66.5B | ~$5.9B | 8.9% | +10.2% | Source |
| FY2020 | ~$60.3B | ~$7.9B | 13.0% | +9.0% | Source |
| FY2019 | ~$55.3B | ~$3.9B | 7.0% | -4.7% | Source |
| FY2018 | ~$58.1B | ~$6.1B | 10.6% | +1.4% | Source |
| FY2017 | ~$57.2B | ~$3.3B | 5.7% | +12.4% | Source |
| FY2016 | ~$50.9B | ~$491M | 1.0% | -6.2% | Source |
| FY2015 | ~$54.3B | ~$990.2M | 1.8% | — | Source |
Where the revenue comes from
Canon
- Printing54%
Office multifunction devices, prosumer laser and inkjet printers and production presses, with recurring toner, ink and service revenue. ~$16.7 billion (¥2,494.4 billion) in 2025.
- Imaging23%
Cameras and lenses (~$4.19 billion (¥625.5 billion)) and network cameras and video software (~$2.88 billion (¥429.4 billion)). ~$7.07 billion (¥1,054.9 billion) in 2025.
- Medical13%
CT, MRI, ultrasound and X-ray equipment and service. ~$3.89 billion (¥580.6 billion) in 2025.
- Industrial8%
Semiconductor and flat-panel lithography, nanoimprint, OLED deposition and sputtering equipment. ~$2.42 billion (¥361.1 billion) in 2025.
- Others & Corporate5%
Other businesses and corporate items, ~$1.59 billion (¥237.1 billion) in 2025, before eliminations of intersegment sales.
Sony
- Game & Network Services (PlayStation)~38%
PS5 hardware, game software, PlayStation Plus and PlayStation Store. FY2025 sales were ~$31.4B (JPY 4.6857T), roughly flat year over year, with network services up 13.9% to ~$5.11B (JPY 763.1B).
- Imaging & Sensing Solutions~17%
CMOS image sensors, mainly for smartphones, plus automotive and industrial sensors. FY2025 sales were ~$14.4B (JPY 2.1515T); Sony forecasts ~$14.1B (JPY 2.11T) in FY2026 sales and ~$2.81B (JPY 420B) in operating income.
- Music~17%
Recorded music streaming, physical sales, licensing and publishing royalties through Sony Music Entertainment and Sony Music Publishing. FY2025 sales were ~$14.2B (JPY 2.1201T); Q1 FY2026 sales rose 21% to ~$3.77B (JPY 562.0B).
- Pictures
Theatrical films, TV production, content licensing to streamers and Crunchyroll anime subscriptions. Revenue swings with release slates; Q1 FY2026 sales fell 13%.
- Entertainment, Technology & Services
Bravia TVs, Alpha and Cinema Line cameras, audio and professional equipment. Q1 FY2026 sales were ~$3.64B (JPY 543.9B), up 2%, with operating income of ~$285M (JPY 42.6B).
Business model and strategy
Canon
How it makes money
Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Growth strategy
Phase VII sets 2030 sales targets for each unit: Printing ~$18.8 billion (¥2.8 trillion) (about 2% a year), Imaging ~$8.98 billion (¥1.34 trillion) (5%), Medical ~$5.03 billion (¥750 billion) (5%) and Industrial ~$4.02 billion (¥600 billion) (10%). Growth products named in the plan are nanoimprint lithography, photon-counting CT and industrial printing equipment.
Competitive advantage
Canon's edge is vertical integration in optics and imaging. It designs its own lenses, CMOS image sensors, print engines and image-processing chips, and builds much of its own production equipment. That depth shows in its patent output (seventh in U.S. patent grants in 2025 and in the top 10 for 42 straight years, according to IFI Claims) and in a camera business that has held the No.
Sony
How it makes money
Sony makes money from five main businesses. Game & Network Services (~$31.4B (JPY 4.6857T) in FY2025 sales) sells PS5 hardware, first-party and third-party games, PlayStation Plus subscriptions and PlayStation Store transactions; network services alone grew 13.9% to ~$5.11B (JPY 763.1B) in FY2025.
Growth strategy
Sony's growth plan centers on IP across games, music, film and anime, plus creator technology. In gaming it is expanding network services, PC releases of first-party titles and live-service games, while investing in next-generation hardware. Crunchyroll (bought for $1.175 billion in 2021) extends anime reach globally.
Competitive advantage
Sony's edge is owning both popular entertainment IP and the technology that delivers it. PlayStation Studios franchises such as God of War, Spider-Man, The Last of Us and Ghost of Tsushima anchor an installed base of more than 95 million PS5 consoles, while PlayStation Network reached 125 million monthly active users at the end of FY2025.
Questions about Canon vs Sony
Which company has higher revenue — Canon Inc. or Sony Group Corp.?
Canon Inc. reported ~$31B (FY2025), while Sony Group Corp. reported ~$83.6B (FY2025). By last reported revenue, Sony Group Corp. is the larger business, with Canon Inc. reporting a smaller revenue base.
What is the market cap of Canon Inc. vs Sony Group Corp.?
Canon Inc.'s market capitalisation stands at $25.6B, while Sony Group Corp.'s is $136.0B. Sony Group Corp. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Canon Inc..
Which is more financially efficient — Canon Inc. or Sony Group Corp.?
Canon Inc. generates $187k / employee in revenue per employee, while Sony Group Corp. generates $881k / employee. Sony Group Corp. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Canon Inc. and Sony Group Corp. make money?
Canon Inc. and Sony Group Corp. generate revenue in fundamentally different ways. Canon Inc.: Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base. Sony Group Corp.: Sony makes money from five main businesses.
Which company is valued higher relative to revenue — Canon Inc. or Sony Group Corp.?
On a price-to-sales (P/S) basis, Canon Inc. trades at 0.8x P/S and Sony Group Corp. at 1.6x P/S. Sony Group Corp. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Canon Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Canon Inc. bigger than Sony Group Corp.?
By last reported revenue, Sony Group Corp. (~$83.6B (FY2025)) is the larger company compared to Canon Inc. (~$31B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Canon vs Sony overview