Summary
- Leica recorded €573 million in revenue in fiscal 2025/26, down 3.8% from the record €596 million.
- The decline ended four consecutive record years, but revenue remains above the €554 million reported in 2023/24.
- Photo remains the main revenue driver, Mobile continued to grow strongly and Sports Optics remained stable.
- Germany recorded growth and online business increased by around 5%, while international markets were pressured by geopolitical, currency and customs conditions.
Leica Camera Group reported revenue of €573 million for the financial year from April 2025 to March 2026, down 3.8% from the €596 million generated in the previous year, which had been the highest figure in the company’s history. In absolute terms, the difference is approximately €23 million.
The development matters because it ends a period of four consecutive record-revenue years. At the same time, €573 million remains above the €554 million generated in 2023/24 and roughly 18% above the €485 million recorded in 2022/23, showing that the decline comes from a very high base rather than after several years of contraction.
Four consecutive record years come to an end
The company’s recent trajectory puts the change into perspective. In 2023/24, Leica increased revenue by 14%, from €485 million to €554 million, followed by another 7.6% increase to €596 million in 2024/25. That was its fourth consecutive record financial year.
That sequence ended in 2025/26. Even so, current revenue remains approximately 3.4% higher than in 2023/24. This distinction is important when interpreting the results: this is a decline following strong growth rather than, based on the figures currently available, a return to levels seen before the company’s latest expansion phase.
What pressured Leica and which areas held up
Leica attributes the more challenging environment to geopolitical uncertainty, adverse currency effects and stricter customs regulations. Pressure was more visible in international markets, while Germany was the market where the company primarily recorded growth.
Photo remained the division with the greatest influence on Group revenue performance. Leica also reported continued strong growth in Mobile, stable demand in Sports Optics and positive development across Watches & Accessories, Smart Projection and Eyecare. However, the company did not disclose separate revenue figures or growth rates for each business division.
The camera market did not collapse in 2025
Interestingly, Leica’s decline did not coincide with a broad fall in camera shipments. CIPA figures for calendar 2025 show an increase of roughly 11% in worldwide digital-camera shipment volumes, with mirrorless cameras continuing to grow and fixed-lens cameras recording particularly strong gains.
The two figures are not directly comparable: CIPA measures unit shipments for the calendar year, while Leica reports total Group revenue over a different financial period and operates across several additional categories. They do show, however, that Leica’s 3.8% decline cannot simply be explained by a general collapse in camera demand.
For a company selling particularly high-priced products and operating extensively across international markets, exchange rates, tariffs and regional market conditions can have a material impact even when the broader camera market grows in unit terms.
New products and expansion beyond traditional Leica cameras
The Photo division saw several important launches during the period. The M EV1 became the first Leica M with a built-in electronic viewfinder, a significant change covered in PTTL’s Leica M EV1 report. It was followed by the Noctilux-M 35 f/1.2 ASPH., the first 35mm Noctilux, covered in more detail in PTTL’s Noctilux-M 35 article.
The same period also brought the Leica SL3 Reporter and Leica Q3 Monochrom, strengthening two very different parts of the portfolio: the rugged professional Reporter concept and dedicated digital black-and-white photography.
At the same time, Mobile is developing into an increasingly important pillar. The Xiaomi partnership continued to progress, and February 2026 saw the introduction of the first internationally available Leitzphone, previously covered by PTTL in its report on the Leica Leitzphone powered by Xiaomi. Leica itself identifies Mobile as one of its strongly growing business areas.
Stores, e-commerce, Pre-Owned and the collector market
Leica’s strategy is not limited to product development. The Group continued expanding its store network into markets where it previously lacked a direct presence and now operates more than 120 Leica Stores worldwide.
According to the company’s German-language announcement, online business increased by around 5% year over year. Leica has long combined physical retail, e-commerce and auctions, increasing the degree of direct contact it has with end customers.
The centenary of the commercial launch of the first Leica also played an important role during the year. The company reports high demand for limited anniversary editions, a strong response to 24 international exhibitions and sustained interest in Leica Pre-Owned cameras. PTTL covered the anniversary products and the one-millionth M camera in its 100 years of Leica report.
Meanwhile, Leitz Photographica Auction continued to reinforce the brand’s collector dimension, with a rare Leica prototype ranking, according to the company, among the most expensive cameras ever auctioned.
What we think
The 3.8% decline is not insignificant, as it ends four consecutive record years, but the figures alone do not point to a sudden weakening of Leica. Revenue of €573 million remains close to the all-time high and above 2023/24 levels, while Mobile, online sales and the German market continue to provide positive signals.
The key question for the next financial year is whether Leica can return to growth without relying primarily on higher prices, collector editions and the expansion of the brand into additional categories. The announcement does not provide detailed profitability figures by division, so revenue alone cannot offer a complete picture of the financial performance of that strategy.
Frequently asked questions
How much revenue did Leica generate in 2025/26?
Leica Camera Group reported revenue of €573 million for the financial year running from April 2025 through March 2026.
How much did revenue fall compared with the previous year?
Revenue declined by 3.8%, from the record €596 million to €573 million, a difference of approximately €23 million.
Why did Leica’s revenue decline?
The company cites geopolitical uncertainty, adverse currency effects and stricter customs regulations, with international markets facing greater pressure.
Did Leica’s photography division also decline?
Leica did not disclose a separate percentage change for Photo. It said the division remains the primary influence on revenue performance, while Mobile continued to grow strongly and Sports Optics remained stable.
