Sony discloses financial results for 2025, takes huge loss on Bungie, PS6 release date still undecided

Sony wrapped up its fiscal year 2025 with a broadly solid performance across the company, though a painful write-down tied to its Bungie acquisition cast a long shadow over an otherwise encouraging report. The Japanese tech giant posted roughly $82.8 billion in total sales from continuing operations, a 4% increase year-over-year, while operating income climbed 13% to approximately $9.6 billion. The company's operating margin ticked up a percentage point to 11.6%.

Within its Games and Network Services segment, revenue totaled approximately ¥4.69 trillion, essentially flat year over year, while operating income rose 12% to a new all-time high. Sony noted that, had it not been for the Bungie-related charges, operating profit growth would have been closer to 45%.

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Those charges were substantial. Sony recorded a total of ¥120.1 billion in impairment losses against Bungie's assets across the full fiscal year, including ¥31.5 billion in the second quarter tied to Destiny 2's continued slide, and a significantly larger ¥88.6 billion hit in Q4. At current exchange rates, that's roughly $766 million wiped from the value of a studio Sony acquired for $3.6 billion back in 2022.

The Q4 loss is particularly damning because it covers the period immediately following the launch of Marathon, Bungie's first new franchise in over a decade, which arrived on March 5. Despite garnering reasonable reviews, the extraction shooter has struggled to sustain an audience. It's been hovering between 10,000 and 15,000 concurrent players on Steam, and Sony has yet to disclose any official sales figures.

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Meanwhile, Destiny 2 (Bungie's flagship live-service title) has hit its lowest point ever on the platform. Sony says it remains committed to supporting Marathon by retaining its most dedicated players, though what that looks like concretely remains unclear. Bungie has already endured multiple rounds of mass layoffs since its acquisition, and former CEO Pete Parsons has since been replaced.

On the hardware side, questions about the PlayStation 6 dominated the earnings call's Q&A. Sony president and CEO Hiroki Totoki confirmed that neither the launch timing nor the pricing for PS6 has been finalized, citing an ongoing global memory shortage as the primary obstacle. Totoki acknowledged that memory prices are expected to remain elevated well into FY2027 due to continued supply shortages and said the company needs to carefully consider its next steps under those conditions.

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Sony noted, however, that the number of active PlayStation users continues to grow, suggesting the company has some breathing room to figure out its strategy before committing to a launch window. Reports had previously pointed to a 2027 launch for PS6, but given Totoki's comments, a 2028 or later arrival is looking increasingly plausible.