Canon’s 2024 Annual Report Reveals Financial Results and Camera Business Growth

Industry News

by Johnnie BehiriApril 22^nd, 2025

Canon’s recently released 2024 annual report reveals the company has exceeded its historical sales record from 2007, with its Imaging Business Unit showing particularly strong performance despite challenging global economic conditions.

The report shows total net sales reached ¥4.51 trillion (approximately $32.5 billion in today’s exchange rate), with the Imaging Business Unit increasing sales by 8.8% to ¥937.4 billion. Camera sales specifically grew to ¥579.6 billion, up from ¥544.4 billion in 2023.

This growth was driven largely by successful new product launches. The EOS R5 Mark II and flagship EOS R1, released in late 2023, performed exceptionally well alongside entry-level models like the EOS R50 and EOS R100. The company maintained its growth momentum in mirrorless cameras throughout 2024, with unit sales exceeding the previous year, and interchangeable lens sales also increasing due to the popularity of high-value-added camera systems.

According to the company, Canon’s approach focuses on developing products that appeal to both traditional photography markets and emerging content creation segments. The company aims to “satisfy both demand for still image photography from professional photographers and camera enthusiasts, and for diverse video recording from social media users,” recognizing the importance of attracting younger generations to stimulate market growth.

Research and development remain a priority, with Canon investing ¥337.3 billion (7.5% of net sales) in 2024. This investment helped the company secure 2,329 U.S. patents, maintaining its position as a leader in imaging innovation.

The company’s manufacturing strategy leverages technologies across different business divisions, with collaboration between design, production engineering, and manufacturing teams to improve automation and streamline production processes.

Cinema and professional video

While the report doesn’t specifically break out separate figures for Canon’s Cinema EOS line, it does mention “digital cinema cameras” and “broadcast equipment” as part of the Imaging Business Unit’s product lineup. These professional video products are grouped with network cameras, video management software, and video content analytics software in the company’s business classification.

Looking forward, Canon is expecting to continue growth in its imaging division for 2025, building on the success of its mirrorless camera lineup and expanding presence in the high-end camera market.

The full Canon 2024 annual report can be found here.

What do you take from this report? Are you surprised to see Canon Imaging growing, or based on the latest offering from the company, this information comes as no surprise to you? Please share your thoughts with us in the comment section below.