Canon’s Printing Business Faces Tariff Headwinds in Q3

Canon’s Printing Business Faces Tariff Headwinds in Q3

Canon Inc. reported a modest rise in overall net sales for the third quarter of 2025, even as its Printing Group continued to face a challenging global environment marked by new U.S. tariffs and postponed corporate investments across key regions.

Group-wide net sales increased 2.3% year-on-year to JP¥1.1 trillion (approximately US$7.22 billion), marking a record high for the year to date, though operating profit fell 10.3% to JP¥88 billion (US$577 million), mainly due to restructuring costs and tariff impacts. For the first nine months of 2025, Canon achieved JP¥3.3 trillion (US$21.65 billion) in net sales, up 2.1%, with operating profit rising 1.9% to JP¥302.4 billion (US$1.98 billion).

The Printing Group, Canon’s largest business segment, recorded a 1.1% year-on-year decline in Q3 net sales to JP¥604 billion (US$3.96 billion), with operating profit down 14% to JP¥52.2 billion (US$342 million). Demand for laser printers remained weak, particularly in Europe and Asia, where companies delayed equipment purchases amid uncertainty from new tariffs and rising geopolitical risks.

However, commercial printing continued to show resilience. Sales of Canon’s varioPRINT iX3200 digital cut-sheet printer expanded steadily, and the company expects further growth through Heidelberg, its offset printing partner, in the fourth quarter.

In the office segment, Canon introduced its new imageFORCE series, which has received strong customer response for improvements in energy efficiency and serviceability. Orders are expected to translate into stronger sales in the final quarter.

The prosumer printer market continued to struggle. Laser printer sales fell sharply, and shipment adjustments are expected to continue into Q4. Inkjet printer sales remained flat, but Canon aims to boost performance through new refillable ink tank models and home-use printers launched in September.

Looking ahead, Canon expects postponed investments to persist in Q4 but projects record-breaking quarterly sales exceeding JP¥1.3 trillion (US$8.53 billion). For full-year 2025, the company forecasts net sales of JP¥4.62 trillion (US$30.33 billion), up 2.4% from 2024, and operating profit of JP¥451 billion (US$2.96 billion), up 1.4%.

The company revised down its profit forecast by JP¥9 billion (US$59 million) and net income by JP¥4.5 billion (US$30 million), reflecting tariff-related costs and the softer printing market.

Related:

• Canon Expands imageFORCE Portfolio with Six Office Printers
• Canon USA Expands PIXMA Portfolio with New All-in-One Printers
• Canon Introduces Five New Home and Small Office Laser Printers
• Canon Expands imageFORCE Series with 15 New Models
• Canon Printing Business Sees Higher Q2 Profit Amid Lower Sales

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