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It's not just one thing.  It's a long of things which has made them a crapload of money:


1.  Strong both on the creative side and business side.
2.  Several IP with multiple strong entries each.  This means more than one generation will keep coming back to play these games.

3.  Total handheld domination, which was aided by focusing on gameplay over graphical power.
4.  The ability to make arcade style games well.

5.  The ability to innovate on hardware/controls and make compelling software that plays well with the new hardware/controls.
6.  Making broad games that can appeal to a variety of age groups.

7.  Making games that appeal to girls/women (e.g. Animal Crossing).
8.  Selling hardware at no loss or a tiny loss.  (I.e. rejecting the razor and blades model).