Sony's latest financials put global PS5 shipments at 93.7 million units as of Mar 31, 2026. Growth is cooling: only 1.5M consoles sold in Q4 (FY-end), which is roughly -50% YoY versus the same quarter in earlier cycles. Analysts keep pointing out that, in Year 6, the PS5 is trailing the PS4's cadence — the PS4 was at about 97M by this point.
Still, the games business isn't collapsing. The shift to digital is massive: 85% of software purchases are now digital (a record), which lifts per-copy margins even as physical discs fade. Big releases continue to matter — Resident Evil Requiem's launch nudged monthly PSN active users up to 125M — and yes, that kind of content timing helps retention.
Hardware sales look like they're entering a mature phase, but Sony seems to be doubling down on ecosystem plays (subs., storefront, cloud) rather than chasing raw unit totals alone. The headline shipment number tells one story; the underlying move toward recurring digital revenue and network engagement tells another.