Nomura Holdings, Inc. TSE:8604
Nomura : Quarterly Earnings (2026 full prem)
Source: MarketScreener
(US GAAP)
April 2026
Nomura Holdings, Inc.
© Nomura
Outline
Presentation Financial SupplementExecutive summary (p. 2-3)
Trend in stable revenue (p. 4)
Overview of results (p. 5)
Business segment results (p. 6)
Wealth Management (p. 7-9)
Investment Management (p. 10-11)
Wholesale (p. 12-14)
Banking (p. 15)
Non-interest expenses (p. 16)
Robust financial position (p. 17)
Consolidated balance sheet (p. 19)
Value at risk (p. 20)
Consolidated financial highlights (p. 21)
Consolidated income (p. 22)
Main revenue items (p. 23)
Consolidated results: Income (loss) before income taxes by segment and region (p. 24)
Segment "Other" (p. 25)
Wealth Management related data (p. 26-29)
Investment Management related data (p. 30-31)
Wholesale related data (p. 32)
Number of employees (p. 33)
1
Executive summary (1/2)
FY2025/26 full year highlightsNet income1 of Y362.1bn, setting a record high for the second straight year
Full-year ROE of 10.1%, meeting the quantitative target in our 2030 Vision for second year in a row
Four segment income before income taxes reached an all-time high of Y506.9bn
~Wealth Management and Wholesale drove companywide earnings, with both achieving highest income before income taxes since their respective establishments4
Wealth Management's asset management-based business model gained further momentum, with substantial growth in major KPIs
Investment Management's assets under management rose by more than 50% over the year to around Y137trn, with substantial increase in stable business revenue base
Wholesale saw revenue growth in all regions. In addition to the overall division, both Global Markets and Investment Banking achieved record-high revenues
Banking saw solid growth in its business base, also making steady advances towards scheduled launch of deposit sweep service in FY2026/27
Proactive shareholder returns: Dividend per share; Year-end Y24, Annual Y51 (Dividend payout ratio of 41%)
FY2024/25 full year | FY2025/26 full year | YoY | |
Net revenue | Y1,892.5bn | Y2,167.7bn | 15% |
Income before income taxes | Y472.0bn | Y539.8bn | 14% |
Net income1 | Y340.7bn | Y362.1bn | 6% |
EPS2 | Y111.03 | Y118.99 | 7% |
ROE | 10.0% | 10.1% |
Income before income taxes: Segment information3 | FY2024/25 full year | FY2025/26 full year | YoY |
Wealth Management | Y166.2bn | Y204.0bn | 23% |
Investment Management | Y89.6bn | Y88.3bn | -1% |
Wholesale | Y166.3bn | Y200.6bn | 21% |
Banking | Y16.4bn | Y14.0bn | -14% |
Four segment total | Y438.4bn | Y506.9bn | 16% |
Other | Y35.1bn | Y24.6bn | -30% |
Unrealized gain (loss) on investments held for operating purposes | Y-1.5bn | Y8.3bn | - |
Income before income taxes | Y472.0bn | Y539.8bn | 14% |
1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management Division, in April 2025.
Wealth Management Division: Established in the fiscal year ended March 2002 Wholesale Division: Established in the fiscal year ended March 2011 2
Executive summary (2/2)
FY2025/26 4Q highlights-
Income before income taxes and net income both fell QoQ and ROE1 came in at 8.0%
Net revenue: Y577.2bn (+5% QoQ); Income before income taxes: Y107.7bn (-20% QoQ); Net income2:
Y73.9bn (-19% QoQ); EPS3: Y24.34
Revenue increased in the four main segments combined, but the share of profit/loss from affiliates declined in segment "Other"
Recognized an impairment loss at an investee company in Investment Management
- Four segment income before income taxes4 of Y125.6bn (-12% QoQ)
Wealth Management:
Recurring revenue assets remained at a high level while recurring revenue hit an all-time high as in
Income before income taxes and net income2Groupwide (billions of yen) Income before income taxes
Net income136.6 135.2
97.7
72.0
104.6
107.7
73.9
91.6
92.1
160.3
the previous quarter
- Amid volatile market conditions, flow revenue also remained at a high level supported by effective
support of customers' needs
FY24/25
4Q
FY25/26 1Q
2Q 3Q 4Q
Investment Management:
Net revenue hit an all-time high thanks to growth in existing businesses and a contribution from
Four segment income before income taxes4
(billions of yen)
acquired businesses
However, expenses related to acquired businesses and an impairment loss on equity interests in
Investment Management
Wealth Management4
Banking
Wholesalean investee company was recognized
Wholesale:
In Global Markets, although revenue fell QoQ, Equities reached an all-time high5, while in Investment Banking momentum remained solid thanks to performance in Japan
142.9
125.6
105.8
92.0
132.6
Banking:
Net revenue was solid but income before income taxes was down on upfront investment in business expansion
FY24/25 4Q
FY25/26 1Q
2Q 3Q 4Q
1. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 2. Net income (loss) attributable to Nomura Holdings shareholders.
Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
A record quarter since comparisons possible in FY2016/17 3
Trend in stable revenue:
Building recurring business to expand the revenue base for growth
Recurring revenue assets and AuM increased with inflows Stable revenue1 steadily expandingWealth Management (WM)
27.9
23.0
23.5
18.2
19.6
18.7
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26
Mar Mar Mar Mar Mar Mar
(trillions of yen) Recurring revenue assets
30.0
(billions of yen)
WM Recurring revenue IM Business revenue Banking revenue20.0
10.0
600.0
53.9
47.2
223.7
42.9
163.7
119.9
120.7
137.2
111.9
180.1
205.2
107.1
131.7
134.4
138.2
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25
FY25/26
500.0
FY25/26
Mar
0.0
400.0
Investment Management (IM)
(trillions of yen)
160.0
136.9
120.0
89.0
89.3
80.0
64.7
67.9
67.3
40.0
0.0
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26
Mar Mar Mar Mar Mar Mar
AuM
300.0
200.0
100.0
FY25/26
0.0
FY25/26
Mar
Retrospective adjustments to align with the new segment classification for FY23/24 and FY24/252
Total of recurring revenue assets in Wealth Management, business revenue in Investment Management, and revenue in Banking.
Banking revenue is separately disclosed from FY25/26 1Q following the establishment of the Banking Division in April 2025. A portion of Banking revenue was previously included in recurring revenue in the Wealth
Management Division. Retrospective adjustments have been made to figures for FY23/24 and FY24/25 to reflect the establishment of the Banking Division, but not to figures for earlier fiscal years. 4
Overview of results
Highlights(billions of yen, excluding EPS, BPS and RO
E) FY24/25
FY25/26
QoQ
YoY
FY24/25
FY25/26
YoY
4Q
1Q
2Q
3Q
4Q
Full year
Full year
Net revenue
452.7
523.3
515.5
551.8
577.2
5%
27%
1,892.5
2,167.7
15%
Non-interest expenses
355.0
363.0
378.8
416.5
469.5
13%
32%
1,420.5
1,627.9
15%
Income before income taxes
97.7
160.3
136.6
135.2
107.7
-20%
10%
472.0
539.8
14%
Net income1
72.0
104.6
92.1
91.6
73.9
-19%
3%
340.7
362.1
6%
Effective tax rate
24.3%
32.9%
29.9%
30.1%
28.9%
26.4%
30.6%
EPS2
Y23.39
Y34.04
Y30.49
Y30.19
Y24.34
-19%
4%
Y111.03
Y118.99
7%
BPS3
Y1,174.10
Y1,177.31
Y1,188.05
Y1,244.72
Y1,277.99
3%
9%
Y1,174.10
Y1,277.99
11%
ROE4
8.2%
12.0%
10.6%
10.3%
8.0%
10.0%
10.1%
Income before income taxes from three international regions5,6
28.5
27.5
44.9
16.3
2.9
-82%
-90%
137.0
91.5
-33%
1. Net income (loss) attributable to Nomura Holdings shareholders. 2. Diluted net income (loss) attributable to Nomura Holdings shareholders per share.
Total Nomura Holdings shareholders' equity per share. 4. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.
Three international regions refers to (i) the Americas, (ii) Europe and (iii) Asia and Oceania (Including Powai office in India).
Geographic information is based on U.S. GAAP. Nomura's revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes. 5
Business segment results
Net revenue and income (loss) before income taxes(billions of yen) | FY24/25 | FY25/26 | QoQ | YoY | FY24/25 | FY25/26 | YoY | ||||
4Q | 1Q | 2Q | 3Q | 4Q | Full year | Full year | |||||
Net revenue | Wealth Management1 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33% | 433.6 | 487.9 | 13% |
Investment Management | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 42% | 100% | 192.5 | 258.5 | 34% | |
Wholesale | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -2% | 19% | 1,057.9 | 1,162.2 | 10% | |
Banking1 | 11.4 | 12.8 | 12.9 | 13.7 | 14.5 | 6% | 27% | 47.2 | 53.9 | 14% | |
Subtotal1 | 413.5 | 430.3 | 469.3 | 521.0 | 542.0 | 4% | 31% | 1,731.1 | 1,962.6 | 13% | |
Other*1 | 39.4 | 93.2 | 44.4 | 28.1 | 31.2 | 11% | -21% | 162.9 | 196.9 | 21% | |
Unrealized gain (loss) on investments in equity securities held for operating purpose | -0.2 | -0.1 | 1.8 | 2.7 | 4.0 | 50% | - | -1.5 | 8.3 | - | |
Net revenue | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 | 5% | 27% | 1,892.5 | 2,167.7 | 15% | |
Income (loss) before income taxes | Wealth Management1 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 5% | 70% | 166.2 | 204.0 | 23% |
Investment Management | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1% | 17% | 89.6 | 88.3 | -1% | |
Wholesale | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | -31% | 15% | 166.3 | 200.6 | 21% | |
Banking1 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | -27% | -0.1% | 16.4 | 14.0 | -14% | |
Subtotal1 | 92.0 | 105.8 | 132.6 | 142.9 | 125.6 | -12% | 37% | 438.4 | 506.9 | 16% | |
Other*1 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 | - | - | 35.1 | 24.6 | -30% | |
Unrealized gain (loss) on investments in equity securities held for operating purpose | -0.2 | -0.1 | 1.8 | 2.7 | 4.0 | 50% | - | -1.5 | 8.3 | - | |
Income (loss) before income taxes | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | -20% | 10% | 472.0 | 539.8 | 14% | |
*Additional information on "Other" (FY2025/26 4Q)
Loss related to economic hedging (Y-2.9bn)
Loss on changes to own and counterparty credit spread relating to Derivatives (Y-1.2bn)
1. Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025. 6
Wealth Management
(billions of yen) | FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | YoY | |||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Net revenue | 433.6 | 487.9 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33% |
Non-interest expenses | 267.4 | 283.9 | 64.0 | 67.0 | 71.0 | 74.0 | 71.9 | -3% | 12% |
Income before income taxes | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 5% | 70% |
(billions of yen) 500.0
400.0
300.0
Flow revenue, etc.Recurring 200.0
140.0
120.0
100.0
80.0
60.0
40.0
Key pointsFull year
Net revenue: Y487.9bn (+13% YoY)
Income before income taxes: Y204.0bn (+23% YoY)
Income before income taxes at highest level since the division was established in the fiscal year ended March 2002
Major advances in all KPIs, with the foundation of asset management-based business model steadily strengthened
The recurring revenue cost coverage ratio4 rose to 72%, mainly reflecting revenue growth, while disciplined cost control was maintained
Fourth quarter
Net revenue: Y133.1bn (+0.5% QoQ, +33% YoY)
Income before income taxes: Y61.2bn (+5% QoQ, +70% YoY)
Recurring revenue
Net inflows of recurring revenue assets remained at a high level (+Y422.8bn); 16th consecutive quarter of strong net inflows
Recurring revenue also at record high; steady growth in recurring revenue
revenue
100.0
FY24/
25
FY25/
26
FY24/
25
FY25/
26
QoQ
YoY
Full
year
Full
year
4Q
1Q
2Q
3Q
4Q
Recurring revenue1,2
180.1
205.2
47.0
44.5
51.2
52.7
56.8
8%
21%
Flow revenue, etc.3
253.4
282.7
52.9
61.3
65.3
79.8
76.4
-4%
44%
Net revenue1
433.6
487.9
99.9
105.8
116.5
132.5
133.1
0.5%
33%
0.0
20.0
0.0
assets facilitated growth in income
Flow revenue, etc.
Growth of client assets
FY2025/26
3Q
FY2025/26
4Q
Investment trust net inflows5
+Y369.3bn
+Y335.7bn
Discretionary investment net inflows5
+Y104.3bn
+Y98.8bn
Net inflows of cash and securities6
-Y460.6bn
+Y2,720.0bn
Flow revenue edged down, but remained at a high level, second only to 3Q level; supported by effective responses to client needs amid volatile market conditions
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.).
Revenue from transactions (brokerage revenue, consulting-related revenue), interest income, etc. other than from loans. 4. Recurring revenue divided by non-interest expenses using four-quarter cumulative.
5. Excludes Corporate section. 6. Cash and securities inflows minus outflows, excluding regional financial institutions. 7
Wealth Management: Robust total sales underpinned by comprehensive asset management services
Total sales1(billions of yen)
Discretionary investments, Insurance productsInvestment trusts
Bonds
Stocks
12,000
10,000
8,000
6,000
4,000
2,000
FY24/25 | FY25/26 | ||||
4Q | 1Q | 2Q | 3Q | 4Q | |
Stocks | 3,870.6 | 4,967.5 | 4,539.9 | 4,741.3 | 9,953.3 |
Bonds | 462.7 | 660.6 | 633.4 | 473.4 | 447.6 |
Investment trusts | 791.0 | 754.7 | 815.2 | 1,095.1 | 953.7 |
Discretionary Investments | 149.5 | 140.2 | 187.0 | 221.0 | 223.6 |
Insurance | 87.1 | 137.3 | 185.5 | 132.7 | 96.7 |
Total sales1 | 5,360.9 | 6,660.3 | 6,361.0 | 6,663.4 | 11,675.0 |
0
Total sales1 were Y11.675trn, +75% QoQ
Stocks: +2x QoQ
Sales of Japanese stock rose thanks to major tender offers (around Y4trn) and primary deals
Primary stock subscriptions fell by 38% QoQ to Y202.3bn
Bonds: -5% QoQ
Sales of Japanese bonds fell slightly on absence of primary deals
Demand for foreign bonds was solid
Investment trusts: -13% QoQ
Remained at a high level despite falling QoQ amid increasingly widespread investment diversification for portfolio management purposes
Discretionary investments: +1% QoQ
Existing contracts grew and new contracts also increased, thanks to high-quality product lineup and provision of services geared to customer needs
Insurance: -27% QoQ
Sales of foreign currency-denominated products declined on weaker yen, but contract value for yen-denominated products increased
1. Excludes Corporate section and Workplace Solution Department. 8
Wealth Management: KPI summary
Net inflows of recurring revenue assets1 Recurring revenue assets and recurring revenue2, 3Net inflows for 16th straight quarter on progress in asset management business ◼ Fiscal year-end recurring revenue assets fell on market factors but remained at high
level; recurring revenue at all-time high thanks to half-yearly investment advisory fees
(billions of yen)
600.0
Wealth Management total Excluding Corporate section606.6
503.9
539.0
(trillions of yen)
30.0
Recurring revenue assets Recurring revenue (rhs)51.2 52.7
(billions of yen)
56.8 60.0
450.0
300.0
150.0
0.0
428.0 377.4 403.2
265.6 278.9 289.5
422.8
25.0
20.0
15.0
10.0
47.0 44.5
23.5 24.6 26.2 28.1 27.9
50.0
40.0
30.0
20.0
FY24/25
4Q
FY25/26
1Q 2Q 3Q 4Q
FY24/25
Mar/4Q
FY25/26
Jun/1Q
Sep/2Q Dec/3Q
Mar/4Q
Flow business clients Workplace servicesFlow business client numbers well above prior-year level; customer access increased steadily as transformation of business model improved productivity
Mar
Dec
Sep
Jun
800
FY2025/26
FY2024/25
914
925
1,000
1,482
1,263
1,251
1,400
1,200
1,644
1,538
1,600
1,741
1,800
(thousands)
Provision of workplace services on growth trajectory driven mainly by ESOP
(thousands)
4,082
4,142
3,883
3,963
4,035
4,200
4,000
3,800
3,600
3,400
3,200
3,000
Mar
FY24/25
Mar
FY25/26
Jun
Sep Dec
Mar
Excludes investment trust distributions, and investment trust net inflows in level fee accounts, etc.
Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.).
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, on Apr. 1, 2025. 9
Investment Management
Net revenue and income before income taxes1 Key points(billions of yen) | FY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | Full year Net revenue: Y258.5bn (+34% YoY) YoY Income before income taxes: Y88.3bn (-1% YoY) | |||
Full year | Full year | ||||||||
4Q | 1Q | 2Q | 3Q | 4Q | |||||
Net revenue | 192.5 | 258.5 | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 42% |
100% the business base |
Non-interest expenses | 102.9 | 170.2 | 27.5 | 29.0 | 30.1 | 43.0 | 68.1 | 58% | 148% - Business revenue, which constitutes stable revenue reached a record high4 driven by growth in existing businesses and the expansion of international |
Income before income taxes | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1% | 17% businesses through acquisition |
,
Breakdown of net revenue(billions of yen)
250.0
200.0
100.0
80.0
60.0
- Costs increased due to expenses attributable to acquired businesses, as well as an impairment loss in the fourth quarter on our equity interest in an investee company5
Fourth quarter
Net revenue: Y86.2bn (+42% QoQ, +100% YoY)
Income before income taxes: Y18.1bn (+1% QoQ, +17% YoY)
Business revenue
Investment gain/lossBusiness revenue
150.0
100.0
50.0
0.0
40.0
20.0
0.0
Net revenue: Y81.2bn (+40% QoQ, +88% YoY)
Asset management business continued to deliver solid performance, with all-time high performance fees4 as well as solid growth in asset management fees and contributions from acquired businesses
FY24/
25
FY25/
26
FY24/
25
FY25/
26
QoQ
YoY
Full
year
Full
year
4Q
1Q
2Q
3Q
4Q
Business revenue1,2
163.7
223.7
43.3
40.6
44.1
57.8
81.2
40%
88%
Investment gain/loss3
28.8
34.8
-0.2
9.9
16.8
3.1
5.0
64%
-
Net revenue
192.5
258.5
43.0
50.6
60.8
60.9
86.2
42%
100%
QoQ growth in revenue at aircraft leasing business Nomura Babcock & Brown
Investment gain/loss
Net revenue: Y5.0bn (+64% QoQ)
American Century Investments related valuation gain/loss increased QoQ
Includes gain/loss from Nomura Fiduciary Research & Consulting Co., Ltd. starting in FY2025/26 1Q. Includes gain/loss from public asset management business of Macquarie Group since 1 December 2025.
Includes revenues from asset management business, aircraft leasing-related revenues, and general partner management fees gained from private assets and other investment businesses.
Consists of net revenue arising from American Century Investments-related gain/loss, investment business in private assets & other, and investments (including changes in fair valuations, funding costs, management fees, dividends, etc.)
Record high since the division's establishment in 2021
A minority interest in a forestry asset management company 10
Investment Management:
AuM, inclusive of alternative assets, remains at a record-high
Assets under management (net)1(trillions of yen)
Domestic Investment advisory and international businesses, etc.Fourth quarter
Assets under management at record high of Y136.9trn
89.3
94.3
101.2
55.7
55.7
27.9
25.0
26.3
64.3
68.1
73.4
79.0
81.2
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
Domestic Investment trust business134.7 136.9
Domestic investment trust business
Despite sharp fall in the overall market in March, net inflows continued,
particularly into ETFs
Investment trusts (excl. ETFs, MRFs etc): Inflows into balanced funds, Japan equity active funds, and private asset products
ETFs: Inflows mainly into Japanese stocks
Domestic investment advisory and international businesses
In Japan, saw outflows mainly for equities
FY24/25
Mar
FY25/26
Jun
Sep Dec
Mar
Internationally, saw outflows from acquired business and US high-yield bonds
(billions of yen)
1,000
Domestic investment advisory and international businesses, etc.Domestic investment trust business
498
(billions of yen)
3,334
3,633
2,608
2,658
2,941
4,000
3,000
500
0
-500
-1,000
314
40
274
108
315
-207
525
-26
115 44
71
816
-1,095
-279
2,000
1,000
0
-1,500
FY24/25 4Q
FY25/26
1Q 2Q 3Q 4Q
FY24/25
Mar
FY25/26
Jun
Sep Dec
Mar
Assets under management (net) are calculated by deducting overlapping assets within the Investment Management division from the simple aggregate (gross) of AuM of asset management companies within Investment Management division
Based on assets under management (net)
Total of Nomura Asset Management alternative AuM and private assets AuM of other asset management companies within Investment Management division 11
Wholesale
Net revenue and income before income taxes Key points(billions of yen)
FY24/
25
FY25/
26
FY24/
25
FY25/
26
QoQ
YoY
Full
year
Full
year
4Q
1Q
2Q
3Q
4Q
Net revenue
1,057.9
1,162.2
259.2
261.1
279.2
313.9
308.1
-2%
19%
Non-interest expenses
891.7
961.7
221.7
219.2
226.0
251.6
264.8
5%
19%
Income before income
taxes
166.3
200.6
37.5
41.9
53.1
62.3
43.2
-31%
15%
CIR
84%
83%
86%
84%
81%
80%
86%
Revenue/modified RWA1
7.6%
7.4%
7.3%
6.9%
7.1%
7.8%
7.6%
Full year
Net revenue: Y1,162.2bn (+10% YoY)
Income before income taxes: Y200.6bn (+21% YoY)
Net revenue and income before income taxes both at all-time high since
establishment of the division in April 2010
Revenue in Global Markets and Investment Banking both at all-time high2
YoY growth in revenue across all regions
Fourth quarter
Net revenue: Y308.1bn (-2% QoQ, +19% YoY)
Income before income taxes: Y43.2bn (-31% QoQ, +15% YoY)
Global Markets revenue fell QoQ but revenue in Equities reached an all-time high2
Momentum in Investment Banking remained solid thanks to performance in Japan
(billions of yen) (billions of yen)
Americas EMEA AEJ Japan
Investment Banking
Global Markets1,200.0
800.0
400.0
0.0
FY24/ FY25/ FY24/
4Q
1Q
2Q
3Q
4Q
QoQ
YoY
206.9
223.1
235.7
256.8
252.5
-2%
22%
52.3
37.9
43.5
57.1
55.6
-3%
6%
259.2
261.1
279.2
313.9
308.1
-2%
19%
25 26 25
FY25/ 26
400.0
300.0
200.0
100.0
0.0
1,200.0
800.0
400.0
400.0
437.5
401.9
124.1 105.5
175.5
182.7
190.8
109.9
100.6
107.4
195.9
43.7
49.1
54.0
48.5
48.1
52.3
297.8
338.1
45.5
40.5
63.3
45.0
46.0
69.5
79.0
87.3
102.2
300.0
200.0
100.0
FY24/ 25
FY25/ 26
FY24/ 25
FY2025/26
Full year
Full year
4Q
1Q
2Q
3Q
4Q
Full
year
Full
year
Global Markets
874.6
968.1
Investment Banking
183.3
194.1
Net revenue
1,057.9
1,162.2
0.0
Wholesale net revenue (annualized) divided by modified risk-weighted assets (daily average for the accounting period) used by Wholesale. Modified risk-weighted assets (daily average for the accounting period) is a non-GAAP financial measure and is the total of (i) risk-weighted assets (as calculated and presented under Basel III) and (ii) an adjustment equal to the regulatory adjustment to common equity tier 1 capital calculated and presented under Basel III divided by our internal minimum capital ratio target. Starting from FY2025/26 1Q, based on Basel III finalization rule.
A record quarter since comparisons possible in FY2016/17
0.0
12
Wholesale: Global Markets
Net revenue Key points(billions of yen)
1,000.0
300
FI: Others1
Full year
Net revenue: Y968.1bn (+11% YoY)
Fixed income revenue and equities revenue both at all-time high7
YoY growth in revenue across all regions
800.0
250
FI: Macro Products2
Fourth quarter
Net revenue: Y252.5bn (-2% QoQ, +22% YoY)
600.0
400.0
200.0
FY24/
25
FY25/
26
FY24/
25
FY2025/26
QoQ
YoY
Full
year
Full
year
4Q
1Q
2Q
3Q
4Q
Fixed Income (FI)
499.2
509.0
105.8
124.8
121.9
136.9
125.3
-8%
18%
Equities (EQ)
375.4
459.2
101.1
98.3
113.8
119.9
127.2
6%
26%
Global Markets
874.6
968.1
206.9
223.1
235.7
256.8
252.5
-2%
22%
0.0
200
150
100
50
0
FI: Spread
Products3
EQ: Others4
EQ: Equity Products5
EQ: Execution Services6
In Fixed income, growth in FX/EM partially offset by slower Rates
In Equities, revenue in Equity Products reached all-time high7
Fixed Income
Net revenue: Y125.3bn (-8% QoQ, +18% YoY)
Macro Products: Rates revenue saw slowdown in the Americas amid increased market volatility but rose in Japan. FX/EM revenue rose across all regions on accurate perception of client flows
Spread Products: Securitized Products revenue remained strong in the Americas while AEJ declined from a strong previous quarter. Credit revenue held steady QoQ despite spreads widening
Equities
Net revenue: Y127.2bn (+6% QoQ, +26% YoY)
Equity Products: Substantial revenue growth in Japan and AEJ from strong performance across Financing and Derivatives
Execution Services: Revenue growth across all regions from increased client activity
1. International Wealth Management, businesses run together with Investment Banking, and other revenue not attributed to a particular desk. 2. Rates, FX/EM. 3. Credit, Securitized Products.
Businesses run together with Investment Banking, Other gains and losses not attributable to a particular desk. 5. Cash and derivatives trading and Prime Services. 6. Equities execution business
7. A record quarter since comparisons possible in FY2016/17 13
Wholesale: Investment Banking
Net revenueFY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | 60.0 40.0 20.0 0.0 QoQ | Fi So Ad YoY | |||
Full year | Full year | |||||||
4Q | 1Q | 2Q | 3Q | 4Q | ||||
183.3 | 194.1 | 52.3 | 37.9 | 43.5 | 57.1 | 55.6 | -3% | 6% |
(billions of yen)
200.0
150.0
100.0
50.0
0.0
Key pointsFull year
Net revenue: Y194.1bn (+6% YoY)
nancing, lutions, etc.
visory
Major Deals2Advisory
Business integration between Gunma Bank and Daishi Hokuetsu Financial Group (share exchange, Y859.7bn)
KKR's deal to take Taiyo Holdings private (Y402.9bn)
Carlyle acquisition of Omron's device & module solutions business (Y81.0bn)
Itochu Corp.'s deal to take Itochu-Shokuhin private (Y78.4bn)
Acquisition by TCL Electronics (Hong Kong) of a 51% stake in JV company taking
over Sony's home entertainment business (Y75.4bn)
Acquisition by Molson Coors Beverage (US) of Atomic Brands (US) (amount undisclosed)
IK Partners acquires majority interest in Trustmoore Netherlands BV (amount undisclosed)
Series D capital raise by Oxa (UK) ($103m)
Financing, Solutions, etc.
Nippon Steel: Euroyen CB (Y600.0bn)
Nintendo: FO (Y227.2bn)
Japan and international net revenues both at highest level since comparisons possible in FY2016/17
Strong performance in Japan across a broad range of products amid buoyant
corporate actions, while overseas M&A was the main driver
Fourth quarter
Net revenue: Y55.6bn (-3% QoQ, +6% YoY)
Net revenue down QoQ, but kept at a high level; M&A and ECM remained
Advisory
Maintained net revenue growth momentum through steady execution of diverse M&A deals
Financing and Solutions, etc.1
ECM revenues continued to grow on contributions from major CB and PO
deals
Solid performance too from solutions business catering to need to unwind cross-shareholdings
DCM also involved in multiple cross-border deals
Medline (US): FO ($3.1bn)
European Union: Euro-denominated bonds (€11.0bn)
Republic of Poland: Samurai bonds (Y211.6bn)
NTT Finance: Euro- and Sterling-denominated bonds (€2.25bn/£350mn)
Mitsui Sumitomo Insurance: Euro-denominated bonds (€1.4bn)
Investindustrial: TreeHouse Foods (US) LBO loan for privatization ($1.8bn)
M&A-Japan
ECM-Japan
Global Ranking 16th4 4-year streak at No.1
FY25/263
1st place
FY25/263
1st place
Top in the Overall Category
House of the Year
Awarded Major Financial Honors
1. ECM, DCM, ALF, businesses run together with Global Markets, and other revenue not attributed to a particular product. 2. Major deals in Q4 3. April 2025 to March 2026 4. January to December 2025 14
Banking
Net revenue and income before income taxes1 Key pointsFY24/ 25 | FY25/ 26 | FY24/ 25 | FY25/ 26 | QoQ | Full year Net Revenue: Y53.9bn (+14% YoY) YoY Income before income taxes: Y14.0bn (-14% YoY) | ||||
(billions of yen) | Full year | Full year | |||||||
4Q | 1Q | 2Q | 3Q | 4Q |
| ||||
Net revenue | 47.2 | 53.9 | 11.4 | 12.8 | 12.9 | 13.7 | 14.5 | 6% | 27% upfront investment in business expansion |
Non-interest expenses | 30.8 | 39.9 | 8.4 | 9.2 | 9.7 | 9.5 | 11.5 | 21% | 37% Fourth quarter |
Income before income taxes | 16.4 | 14.0 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | -27% | Net revenue: Y14.5bn (+6% QoQ, +27% YoY) -0.1% Income before income taxes: Y3.0bn (-27% QoQ, -0.1% YoY) |
Account openings and loan executions both at high on increased profile of loan
business
Investment trust balance grew thanks to both market factors and the establishment of new trusts
Expenses rose on due to IT investments associated with the standardization of business processes and the public charges
Loans Outstanding
(Nomura Trust and Banking)
Investment Trust balance (Nomura Trust and Banking)2
Assets under administration (Nomura Bank Luxembourg)
(billions of yen)
1,131 1,177
(trillions of yen)
(billions of dollar)
Nomura Group Others1,200
800
400
40.5
40.0
40.4
41.2
42.9
0
1,044 1,069 1,093
50.0
40.0
30.0
20.0
10.0
0.0
70.0
56.6
59.3
60.2
62.4
64.6
26.7
28.0
28.1
29.2
29.2
29.9
31.4
32.1
33.2
35.3
60.0
50.0
40.0
30.0
20.0
10.0
0.0
FY24/25
FY25/26
FY24/25 FY25/26
FY24/25
FY25/26
Mar
Jun
Sep Dec
Mar
Mar
Jun
Sep Dec
Mar
Mar
Jun
Sep Dec
Mar
Retrospective adjustments made to prior years following the establishment of the Banking Division, a portion of whose businesses were previously included in Wealth Management, in April 2025.
Investment trust balance (Nomura Trust and Banking) is the total net asset value of each fund as of the end of its most recent fiscal period 15
Non-interest expenses
Quarter
Full year
(billions of yen) (billions of yen)
Key pointsFull year
OtherBusiness development expenses
Occupancy and related depreciation
2,000.0
1,500.0
500.0
Non-interest expenses: Y1,627.9bn (+15% YoY)
Compensation and benefits (+13% YoY)
Increase in bonus provisions linked to performance and effect of business acquisition
Information processing 1,000.0and communications
Commissions and floor250.0
Commissions and floor brokerage (+25% YoY)
Higher trading volume, temporary increase
brokerage
Compensation and benefits500.0
0.0
1,627.9
1,420.5
FY24
FY25
469.5
416.5
355.0
363.0
378.8
FY24/25
FY25/26
0.0
due to changes in accounting presentation,
and effect of business acquisition
Fourth quarter
/25
/26
4Q 1Q 2Q 3Q 4Q QoQ
Non-interest expenses: Y469.5bn (+13% QoQ)
Compensation and benefits | 732.4 | 829.5 | 172.3 | 186.3 | 195.1 | 220.7 | 227.4 | 3.0% |
Commissions and floor brokerage | 177.5 | 221.9 | 44.9 | 44.8 | 47.2 | 54.0 | 75.9 | 40.5% |
Information processing and communications | 227.0 | 248.4 | 60.1 | 57.2 | 59.2 | 63.5 | 68.6 | 7.9% |
Occupancy and related depreciation | 70.2 | 71.5 | 17.8 | 16.0 | 17.3 | 17.9 | 20.4 | 14.4% |
Business development expenses | 27.1 | 33.7 | 7.7 | 7.0 | 7.3 | 10.0 | 9.4 | -5.7% |
Other | 186.4 | 222.9 | 52.2 | 51.8 | 52.8 | 50.4 | 67.8 | 34.5% |
Total | 1,420.5 | 1,627.9 | 355.0 | 363.0 | 378.8 | 416.5 | 469.5 | 12.7% |
Commissions and floor brokerage (+41% QoQ)
Temporary increase due to changes in accounting presentation and effect of business acquisition
Other (+35% QoQ)
Impairment loss booked in relation to equity
stake in an investee company
16
Robust financial position
Balance sheet related indicators and capital ratios RWA and CET 1 capital ratio3Mar 2025 | Dec 2025 | Mar 2026 | |
Total assets | Y56.8trn | Y61.9trn | Y62.6trn |
Shareholders' equity | Y3.5trn | Y3.7trn | Y3.7trn |
Gross leverage | 16.4x | 17.0x | 16.9x |
Net leverage1 | 11.0x | 11.9x | 12.2x |
Level 3 assets (net) 2 | Y1.3trn | Y1.4trn | Y1.3trn |
Liquidity portfolio | Y10.2trn | Y10.8trn | Y10.7trn |
(trillions of yen)
Post Basel III finalization
28.0
14.5%
RWA (lhs)
CET 1 capital ratio (rhs)
20.0%
21.0
14.0
7.0
13.2% 13.0% 13.0% 12.9%
15.0%
10.0%
5.0%
Basel 3 basis | Mar 2025 | Dec 2025 | Mar 20262 |
Tier 1 capital | 3,500 | 3,670 | 3,848 |
Tier 2 capital | 0.6 | 187.6 | 189.3 |
Total capital | 3,500 | 3,858 | 4,037 |
RWA | 21,497 | 23,959 | 24,459 |
CET 1 capital ratio3 | 14.5% | 13.0% | 12.9% |
Tier 1 capital ratio | 16.2% | 15.3% | 15.7% |
Consolidated capital adequacy ratio | 16.2% | 16.1% | 16.5% |
Consolidated leverage ratio4 | 5.16% | 5.03% | 5.09% |
HQLA5 | Y7.2trn | Y8.0trn | Y7.9trn |
LCR5 | 234.1% | 212.9% | 214.0% |
TLAC ratio (RWA basis) | 28.1% | 27.2% | 26.8% |
TLAC ratio (Total exposure basis) | 9.9% | 10.0% | 9.7% |
(billions of yen)
0.0
FY24/25
Mar
FY25/26
Jun
Sep Dec
Mar
0.0%
Changes in RWA2(trillions of yen)
30.0
25.0
20.0
15.0
10.0
5.0
0.0
24.0
3.7
6.7
13.5
0.2
-0.2
24.5
0.5
4.2
6.5
13.7
Operational risk Market risk
Credit risk6
Dec 25 Mar 26
Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders' equity
HQLA and LCR as of the end of March 2026 are final figures. Other figures are preliminary. 3. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets.
4. Tier 1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items). 5. Daily average for each quarter. 6. Credit risk includes CVA. 17
Financial Supplement
Consolidated balance sheet Consolidated balance sheet
(billions of yen)
Mar 31, 2025 Assets | Mar 31, 2026 | Increase (Decrease) | Liabilities | Mar 31, 2025 | Mar 31, 2026 | Increase (Decrease) | ||
Total cash and cash deposits | 5,515 | 5,649 | 134 | Short-term borrowings | 1,117 | 1,753 | 635 | |
Total payables and deposits | 7,249 | 8,698 | 1,449 | |||||
Total loans and receivables | 7,449 | 9,543 | 2,094 | Total collateralized financing | 18,646 | 18,066 | -580 | |
Trading liabilities | 11,379 | 12,916 | 1,537 | |||||
Total collateralized agreements | 18,664 | 17,550 | -1,114 | Other liabilities | 1,457 | 1,814 | 357 | |
Long-term borrowings | 13,374 | 15,545 | 2,171 | |||||
Total trading assets and private equity and debt investments1 22,524 | 26,342 | 3,818 | Total liabilities | 53,221 | 58,791 | 5,570 | ||
Total other assets1 2,651 | 3,562 | 911 | Equity | |||||
Total NHI shareholders' equity | 3,471 | 3,708 | 237 | |||||
Noncontrolling interest | 110 | 147 | 37 | |||||
Total assets 56,802 | 62,646 | 5,844 | Total liabilities and equity | 56,802 | 62,646 | 5,844 | ||
1. Including securities pledged as collateral. 19
Value at risk
Definition
− 95% confidence level
− 1-day time horizon for outstanding portfolio
− Inter-product price fluctuations considered
From April 1, 2025, to March 31, 2026 (billions of yen)
− Maximum: 7.7
− Minimum: 3.1
− Average: 5.1
(billions of yen)
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | ||||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | |||
Equity | 2.0 | 4.5 | 2.0 | 3.2 | 3.6 | 4.8 | 4.5 | ||
Interest rate | 2.1 | 2.9 | 2.1 | 2.2 | 2.2 | 2.6 | 2.9 | ||
Foreign exchange | 1.5 | 1.1 | 1.5 | 1.6 | 1.5 | 1.3 | 1.1 | ||
Sub-total | 5.6 | 8.5 | 5.6 | 7.0 | 7.3 | 8.7 | 8.5 | ||
Diversification benefit | -1.8 | -2.7 | -1.8 | -2.5 | -2.4 | -2.5 | -2.7 | ||
VaR | 3.8 | 5.8 | 3.8 | 4.5 | 4.9 | 6.2 | 5.8 | ||
19
Consolidated financial highlights
(billions of yen)
Net income (loss) attributable to Nomura Holdings, Inc. ("NHI") shareholders
400
300
200
12%
340.7
362.1
10.0%
10.1%
9%
6%
120
90
60
12%
12.0%
104.6
11.3%
10.8%
92.1
10.1%
10.0%
91.6
72.0
73.9
9%
6%
ROE100
3% 30 3%
0 0%
FY2024/25 FY2025/26
0 0%
FY2024/25 FY2025/26
4Q 1Q 2Q 3Q 4Q
Net revenue 1,892.5 | 2,167.7 | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 | |
Income (loss) before income taxes 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 | |
Net income (loss) attributable to Nomura 340.7 | 362.1 | 72.0 | 104.6 | 92.1 | 91.6 | 73.9 | |
Total NHI shareholders' equity 3,470.9 | 3,707.9 | 3,470.9 | 3,476.0 | 3,485.3 | 3,651.8 | 3,707.9 | |
ROE (%)1 10.0% | 10.1% | 10.0% | 12.0% | 11.3% | 10.8% | 10.1% | |
Basic-Net income (loss) attributable to NHI 115.30 | 123.08 | 24.35 | 35.19 | 31.34 | 31.21 | 25.29 | |
Diluted-Net income (loss) attributable to NHI 111.03 | 118.99 | 23.39 | 34.04 | 30.49 | 30.19 | 24.34 | |
Total NHI shareholders' equity per share (yen) 1,174.10 | 1,277.99 | 1,174.10 | 1,177.31 | 1,188.05 | 1,244.72 | 1,277.99 |
Holdings, Inc. ("NHI") shareholders
shareholders per share (yen) shareholders per share (yen)
1. Quarterly ROE is calculated using annualized year-to-date net income. 21
Consolidated income
(billions of yen)
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | |
Revenue | |||||||
Commissions | 407.0 | 455.3 | 100.3 | 100.6 | 105.0 | 119.2 | 130.4 |
Fees from investment banking | 212.2 | 200.5 | 53.3 | 38.4 | 44.6 | 59.0 | 58.6 |
Asset management and portfolio service fees | 378.2 | 468.6 | 96.8 | 92.9 | 102.5 | 122.7 | 150.6 |
Net gain on trading | 580.1 | 696.9 | 158.4 | 142.2 | 171.9 | 190.7 | 192.0 |
Gain (loss) on private equity and debt investments | 7.6 | 12.6 | 1.2 | 6.3 | 4.4 | 1.6 | 0.3 |
Interest and dividends | 2,927.9 | 2,669.6 | 630.9 | 649.6 | 652.8 | 712.5 | 654.8 |
Gain (loss) on investments in equity securities | 0.4 | 13.1 | -0.1 | -0.4 | 4.4 | 4.5 | 4.6 |
Other | 223.3 | 241.8 | 38.5 | 127.0 | 75.6 | 17.8 | 21.5 |
Total revenue | 4,736.7 | 4,758.5 | 1,079.4 | 1,156.6 | 1,161.2 | 1,227.9 | 1,212.8 |
Interest expense | 2,844.3 | 2,590.8 | 626.6 | 633.3 | 645.8 | 676.2 | 635.6 |
Net revenue | 1,892.5 | 2,167.7 | 452.7 | 523.3 | 515.5 | 551.8 | 577.2 |
Non-interest expenses | 1,420.5 | 1,627.9 | 355.0 | 363.0 | 378.8 | 416.5 | 469.5 |
Income (loss) before income taxes | 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 |
Net income (loss) attributable to NHI shareholders | 340.7 | 362.1 | 72.0 | 104.6 | 92.1 | 91.6 | 73.9 |
22
Main revenue items
(billions of yen) | FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | |||
Commissions | Stock brokerage commissions | 264.5 | 295.2 | 66.3 | 62.8 | 67.2 | 79.9 | 85.3 | ||
Other brokerage commissions | 17.5 | 20.3 | 4.7 | 4.7 | 4.5 | 3.3 | 7.8 | |||
Commissions for distribution of investment trusts | 66.1 | 66.3 | 14.0 | 14.3 | 14.3 | 20.9 | 16.9 | |||
Other | 58.9 | 73.5 | 15.3 | 18.7 | 19.1 | 15.1 | 20.5 | |||
Total | 407.0 | 455.3 | 100.3 | 100.6 | 105.0 | 119.2 | 130.4 | |||
Fees from | Equity underwriting and distribution | 52.9 | 41.0 | 8.6 | 3.6 | 5.0 | 15.1 | 17.3 | ||
Investment banking | Bond underwriting and distribution | 48.4 | 47.0 | 13.2 | 13.8 | 11.4 | 10.8 | 10.9 | ||
M&A / Financial advisory fees | 78.7 | 83.0 | 24.7 | 15.6 | 19.7 | 24.2 | 23.5 | |||
Other | 32.2 | 29.5 | 6.7 | 5.4 | 8.4 | 8.9 | 6.9 | |||
Total | 212.2 | 200.5 | 53.3 | 38.4 | 44.6 | 59.0 | 58.6 | |||
Asset Management | Asset management fees | 235.9 | 311.7 | 60.8 | 58.3 | 64.5 | 81.6 | 107.3 | ||
and portfolio | Administration fees | 109.1 | 120.6 | 27.6 | 26.3 | 29.0 | 31.8 | 33.5 | ||
service fees | Custodial fees | 33.2 | 36.3 | 8.5 | 8.2 | 9.0 | 9.3 | 9.8 | ||
Total | 378.2 | 468.6 | 96.8 | 92.9 | 102.5 | 122.7 | 150.6 | |||
23
Consolidated results: Income (loss) before income taxes by segment and region Adjustment of consolidated results and segment results: Income (loss) before income taxes
(billions of yen)
FY2024/25 FY2025/26
FY2024/25 FY2025/26
4Q 1Q 2Q 3Q 4Q
Wealth Management1 | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | |
Investment Management | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | |
Wholesale | 166.3 | 200.6 | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | |
Banking1 | 16.4 | 14.0 | 3.1 | 3.6 | 3.2 | 4.2 | 3.0 | |
Four business segments total1 | 438.4 | 506.9 | 92.0 | 105.8 | 132.6 | 142.9 | 125.6 | |
Other1 | 35.1 | 24.6 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 | |
Segments total | 473.5 | 531.6 | 97.9 | 160.4 | 134.9 | 132.6 | 103.7 | |
Unrealized gain (loss) on investments in equity securities held for operating purposes | -1.5 | 8.3 | -0.2 | -0.1 | 1.8 | 2.7 | 4.0 | |
Income (loss) before income taxes | 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 |
(billions of yen)
FY2024/25 FY2025/26
FY2024/25
FY2025/26
4Q 1Q 2Q 3Q 4Q
Americas | 65.8 | 61.9 | 14.4 | 15.6 | 29.1 | 17.1 | 0.1 | |
Europe | 20.3 | -31.1 | 5.9 | -7.0 | 0.4 | -10.6 | -13.8 | |
Asia and Oceania | 50.9 | 60.8 | 8.1 | 18.9 | 15.4 | 9.8 | 16.6 | |
Subtotal | 137.0 | 91.5 | 28.5 | 27.5 | 44.9 | 16.3 | 2.9 | |
Japan | 335.0 | 448.3 | 69.3 | 132.8 | 91.8 | 118.9 | 104.8 | |
Income (loss) before income taxes | 472.0 | 539.8 | 97.7 | 160.3 | 136.6 | 135.2 | 107.7 |
Retrospective adjustments made to prior years figures following the establishment of Banking Division.
Geographic information is based on U.S. GAAP (Figures are preliminary for the three months ended March 31, 2026). Nomura's revenues and expenses are allocated based on the country of domicile of the legal
entity providing the service. This information is not used for business management purposes. 24
Segment "Other" Income (loss) before income taxes
(billions of yen)
60
54.6
5.9
2.3
-10.3
35.1
24.6
45
30
15
0
-15
-30
1 2
FY2024/25
FY2025/26
-22.0
FY2024/25
FY2025/26
4Q 1Q 2Q 3Q 4Q
Net gain (loss) related to economic -5.8 | -2.9 | 2.2 | 1.1 | -0.2 | -1.0 | -2.9 | ||
Realized gain (loss) on investments in equity securities held for operating purposes | 1.5 | 3.3 | 0.3 | 0.0 | 2.2 | 1.1 | 0.0 | |
Equity in earnings of affiliates | 51.2 | 36.5 | 9.7 | 12.3 | 12.4 | 17.6 | -6.0 | |
Corporate items | -5.9 | -42.0 | -5.1 | -11.6 | -15.2 | -9.6 | -5.5 | |
Others1 | -5.9 | 29.8 | -1.2 | 52.9 | 3.0 | -18.5 | -7.6 | |
Income (loss) before income taxes1 | 35.1 | 24.6 | 5.9 | 54.6 | 2.3 | -10.3 | -22.0 | |
hedging transactions
Retrospective adjustments made to prior years figures following the establishment of Banking Division.
25
Wealth Management related data (1)
(billions of yen)
FY2024/25 | FY2025/26 | |||||
4Q | 1Q | 2Q | 3Q | 4Q | QoQ | YoY |
FY2024/25 FY2025/26
Commissions | 183.6 | 217.5 | 43.3 | 46.2 | 52.1 | 58.7 | 60.6 | 3.1% | 39.8% | |
Of which, stock brokerage commission | 72.2 | 96.0 | 17.4 | 18.3 | 22.7 | 24.7 | 30.3 | 22.4% | 74.3% |
Sales credit | 52.5 | 49.3 | 10.8 | 11.6 | 12.6 | 13.1 | 12.0 | -8.9% | 10.3% | |
Fees from investment banking and other | 27.3 | 25.6 | 3.7 | 5.2 | 3.9 | 8.8 | 7.6 | -13.3% | 106.7% | |
Investment trust administration fees and other | 156.7 | 176.1 | 40.2 | 38.7 | 42.9 | 46.4 | 48.1 | 3.6% | 19.6% | |
Net interest revenue1 | 13.4 | 19.4 | 1.9 | 4.0 | 5.0 | 5.4 | 4.9 | -9.0% | 160.5% | |
Net revenue1 | 433.6 | 487.9 | 99.9 | 105.8 | 116.5 | 132.5 | 133.1 | 0.5% | 33.2% | |
Non-interest expenses1 | 267.4 | 283.9 | 64.0 | 67.0 | 71.0 | 74.0 | 71.9 | -2.8% | 12.3% | |
Income before income taxes1 | 166.2 | 204.0 | 35.9 | 38.8 | 45.5 | 58.5 | 61.2 | 4.7% | 70.5% | |
Domestic distribution volume of investment trusts | 3,882.8 | 4,097.9 | 838.3 | 827.1 | 854.6 | 1,178.9 | 1,237.4 | 5.0% | 47.6% | |
Stock investment trusts | 3,107.2 | 3,252.4 | 712.3 | 724.1 | 708.5 | 984.0 | 835.8 | -15.1% | 17.3% | |
Foreign investment trusts | 775.6 | 844.7 | 126.0 | 102.9 | 146.0 | 194.3 | 401.4 | 106.6% | 3.2x | |
Other | ||||||||||
Sales of JGBs for individual investors (transaction 317.9 | 278.9 | 76.8 | 82.0 | 33.5 | 80.8 | 82.6 | 2.3% | 7.6% | ||
distribution of 65.9 | 66.1 | 14.3 | 14.2 | 14.3 | 20.8 | 16.8 | -19.0% | 17.6% |
Of which, commissions for investment trusts
base)
Retrospective adjustments made to prior years figures following the establishment of Banking Division.
26
Wealth Management related data (2) Wealth Management client assets
(trillions of yen)
OtherForeign investment trusts
Bond investment
trusts
Stock investment trustsDomestic bonds
Foreign currency bonds
Equities
200
175.8
143.8
150
100
50
0
153.2
143.8
162.3
172.6
175.8
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Equities | 92.2 | 117.6 | 92.2 | 99.7 | 106.2 | 114.3 | 117.6 | |
Foreign currency bonds | 6.5 | 6.9 | 6.5 | 6.5 | 6.8 | 7.0 | 6.9 | |
Domestic bonds1 | 14.2 | 14.7 | 14.2 | 14.7 | 14.8 | 14.8 | 14.7 | |
Stock investment trusts | 13.3 | 16.1 | 13.3 | 14.2 | 15.2 | 16.5 | 16.1 | |
Bond investment trusts | 6.7 | 7.0 | 6.7 | 6.8 | 7.2 | 7.2 | 7.0 | |
Foreign investment trusts | 2.0 | 2.7 | 2.0 | 2.0 | 2.1 | 2.3 | 2.7 | |
Other2 | 8.8 | 10.8 | 8.8 | 9.3 | 10.0 | 10.5 | 10.8 | |
Total | 143.8 | 175.8 | 143.8 | 153.2 | 162.3 | 172.6 | 175.8 | |
Including CBs and warrants
Including annuity insurance. 27
Wealth Management related data (3) Net inflows of cash and securities1
(billions of yen)
6,000
5,000
4,000
Wealth Management total2,720
2,259
744
380
519
168
296
398
309
Retail only
5,263
1,288 1,276
1,521
3,000
2,500
2,000
3,000
2,000
1,000
1,500
1,000
500
0 0
-1,000
-500
-461
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | ||
Wealth Management total | 1,288 | 5,263 | 380 | 2,259 | 744 | -461 | 2,720 | |
Retail only2 | 1,276 | 1,521 | 168 | 519 | 296 | 398 | 309 | |
Inflows of cash and securities3 | 6,256 | 7,639 | 1,381 | 1,809 | 1,753 | 2,062 | 2,015 | |
Cash and securities inflows minus outflows, excluding regional financial institutions.
Retail excludes Corporate section, Private Wealth Management and Workplace Service from Wealth Management total.
Retail Only. 28
Wealth Management related data (4) Number of accounts
(thousands)
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Accounts with balance | 5,934 | 6,095 | 5,934 | 5,965 | 5,998 | 6,075 | 6,095 | |
Equity holding accounts | 3,285 | 3,310 | 3,285 | 3,292 | 3,292 | 3,301 | 3,310 | |
NISA accounts opened | 1,779 | 1,900 | 1,779 | 1,800 | 1,816 | 1,877 | 1,900 | |
Online service accounts | 5,974 | 6,377 | 5,974 | 6,053 | 6,140 | 6,278 | 6,377 |
(thousands)
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | ||
New individual accounts | 372 | 440 | 109 | 103 | 103 | 113 | 121 | |
IT share1 | ||||||||
No. of orders | 85% | 85% | 87% | 86% | 85% | 83% | 85% | |
Transaction value | 60% | 59% | 62% | 59% | 60% | 58% | 59% | |
Ratio of cash stocks traded via online service. 29
Investment Management related data (1) Net revenue and income (loss) before income taxes
(billions of yen)
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | QoQ | YoY | ||
Business revenue | 163.7 | 223.7 | 43.3 | 40.6 | 44.1 | 57.8 | 81.2 | 40.4% | 87.7% | |
Investment gain/loss | 28.8 | 34.8 | -0.2 | 9.9 | 16.8 | 3.1 | 5.0 | 63.7% | - | |
Net revenue | 192.5 | 258.5 | 43.0 | 50.6 | 60.8 | 60.9 | 86.2 | 41.5% | 100.5% | |
Non-interest expenses | 102.9 | 170.2 | 27.5 | 29.0 | 30.1 | 43.0 | 68.1 | 58.5% | 147.9% | |
Income (loss) before income taxes | 89.6 | 88.3 | 15.5 | 21.5 | 30.7 | 17.9 | 18.1 | 1.0% | 16.6% | |
(trillions of yen)
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | ||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | |
Nomura Asset Management 88.1 | 111.3 | 88.1 | 93.0 | 99.7 | 108.4 | 111.3 | |
Nomura Asset Management International, etc.2 5.5 | 34.1 | 5.5 | 8.8 | 9.3 | 34.9 | 34.1 | |
Assets under management (gross)3 93.6 | 145.4 | 93.6 | 101.8 | 109.1 | 143.3 | 145.4 | |
Group company overlap 4.3 | 8.5 | 4.3 | 7.5 | 7.8 | 8.6 | 8.5 | |
Assets under management (net)4 89.3 | 136.9 | 89.3 | 94.3 | 101.2 | 134.7 | 136.9 | |
From FY 2024/25 onward, assets under management (gross) of Nomura Asset Management and the Group company overlap decreased by a similar amount owing to the reorganization in the Americas on April 1, 2024.
Includes the assets under management of Macquarie Group's Public Asset Management business (acquired on 1 December 2025).
The assets under management (gross) of Nomura Corporate Research and Asset Management etc, and the Group company overlap increased by the same amount due to the transfer of Nomura Fiduciary Research & Consulting to the Investment Management division effective April 1, 2025. Established Nomura Asset Management International by integrating Nomura Capital Management and Nomura Corporate Research and Asset Management (Nomura's core U.S. investment management entities) with the acquired business.
Total of assets under management (gross) of asset management companies within the Investment Management division.
Net after deducting Group company overlap from assets under management (gross). 30
Investment Management related data (2) Asset inflows/outflows by business1
(billions of yen)
FY2024/25 FY2025/26
FY2024/25
FY2025/26
4Q 1Q 2Q 3Q 4Q
Domestic investment trusts business 2,113 1,204 274 -207 525 71 816
of which ETFs 987 -23 673 -667 77 -105 673
Domesetic investment advisory and 536 international businesses, etc. | -762 | 40 | 315 | -26 | 44 | -1,095 | |
Total net asset inflow 2,648 | 443 | 314 | 108 | 498 | 115 | -279 |
(trillions of yen)
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Domestic public investment trusts | ||||||||
Market | 236.3 | 305.5 | 236.3 | 254.3 | 276.8 | 301.6 | 305.5 | |
Nomura Asset Management share (%) | 25% | 25% | 25% | 25% | 24% | 24% | 25% | |
Domestic public stock investment trusts | ||||||||
Market | 221.5 | 289.1 | 221.5 | 239.0 | 260.4 | 284.7 | 289.1 | |
Nomura Asset Management share (%) | 24% | 23% | 24% | 23% | 23% | 23% | 23% | |
Domestic public bond investment trusts | ||||||||
Market | 14.8 | 16.4 | 14.8 | 15.3 | 16.4 | 16.9 | 16.4 | |
Nomura Asset Management share (%) | 44% | 43% | 44% | 44% | 44% | 43% | 43% | |
ETF | ||||||||
Market | 85.8 | 113.9 | 85.8 | 92.3 | 100.4 | 109.9 | 113.9 | |
Nomura Asset Management share (%) | 44% | 44% | 44% | 44% | 44% | 44% | 44% | |
Based on assets under management (net)
Source: Investment Trusts Association, Japan. 31
Wholesale related data Net revenue and income (loss) before income taxes
(billions of yen)
FY2024/25 | FY2025/26 | FY2024/25 4Q | FY2025/26 1Q | 2Q | 3Q | 4Q | QoQ | YoY | ||
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -1.9% | 18.9% | |
Non-interest expenses | 891.7 | 961.7 | 221.7 | 219.2 | 226.0 | 251.6 | 264.8 | 5.3% | 19.5% | |
Income (loss) before income taxes | 166.3 | 200.6 | 37.5 | 41.9 | 53.1 | 62.3 | 43.2 | -30.6% | 15.3% | |
(billions of yen)
FY2024/25 FY2024/25 FY2025/26 4Q | FY2025/26 1Q | 2Q | 3Q | QoQ YoY 4Q | ||||||
Fixed Income | 499.2 | 509.0 | 105.8 | 124.8 | 121.9 | 136.9 | 125.3 | -8.5% | 18.4% | |
Equities | 375.4 | 459.2 | 101.1 | 98.3 | 113.8 | 119.9 | 127.2 | 6.1% | 25.8% | |
Global Markets | 874.6 | 968.1 | 206.9 | 223.1 | 235.7 | 256.8 | 252.5 | -1.7% | 22.0% | |
Investment Banking | 183.3 | 194.1 | 52.3 | 37.9 | 43.5 | 57.1 | 55.6 | -2.6% | 6.3% | |
Net revenue | 1,057.9 | 1,162.2 | 259.2 | 261.1 | 279.2 | 313.9 | 308.1 | -1.9% | 18.9% | |
32
Number of employees
FY2024/25 | FY2025/26 | FY2024/25 | FY2025/26 | |||||
Mar | Mar | Mar | Jun | Sep | Dec | Mar | ||
Japan | 14,877 | 15,017 | 14,877 | 15,317 | 15,144 | 15,061 | 15,017 | |
Europe | 3,133 | 3,269 | 3,133 | 3,155 | 3,173 | 3,237 | 3,269 | |
Americas | 2,417 | 3,028 | 2,417 | 2,476 | 2,450 | 3,030 | 3,028 | |
Asia and Oceania1 | 6,815 | 7,363 | 6,815 | 6,960 | 7,109 | 7,273 | 7,363 | |
Total | 27,242 | 28,677 | 27,242 | 27,908 | 27,876 | 28,601 | 28,677 | |
Includes Powai office in India. 33
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Nomura Holdings, Inc.
www.nomura.com
35