Nintendo's Q1 sales fell 9.5%, but operating profit surged 150.5% as software, digital sales, tariff refunds, and favorable currency movements boosted profitability. Nintendo's digital sales jumped 90%, while first-party software represented 82.6% of software sales, strengthening the thesis that ecosystem monetization is becoming increasingly important. Nintendo's upcoming Pokémon, Zelda, Star Fox, Call of Duty, and other releases provide multiple catalysts for continued Switch 2 adoption and software spending.