Nomura Holdings, Inc. TSE:8604

Nomura : Quarterly Earnings (2026 full usgaap)

Published

Source: MarketScreener

News Release



April 24, 2026

NOMURA HOLDINGS, INC. Financial Summary-Year ended March 31, 2026

We are pleased to report the following consolidated financial summary based on the consolidated financial information under U.S. GAAP for the year ended March 31, 2026.

Financial Summary for the Year Ended March 31, 2026 (U.S. GAAP)

Date: April 24, 2026

Company name (code number): Nomura Holdings, Inc. (8604)

Stock exchange listings: (In Japan) Tokyo, Nagoya (Overseas) New York, Singapore

Representative: Kentaro Okuda

President and Group CEO, Nomura Holdings, Inc.

For inquiries: Akihiro Koseki

Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000

URL: https://www.nomura.com

  1. Consolidated Operating Results

    1. Operating Results

      (Rounded to nearest million) (Millions of yen, except per share data)

      For the year ended March 31

      2025

      2026

      % Change from

      % Change from

      March 31, 2024

      March 31, 2025

      Total revenue

      4,736,743

      13.9%

      4,758,486

      0.5%

      Net revenue

      1,892,485

      21.2%

      2,167,713

      14.5%

      Income before income taxes

      471,964

      72.3%

      539,821

      14.4%

      Net income attributable to

      Nomura Holdings, Inc. ("NHI") shareholders

      340,736

      105.4%

      362,129

      6.3%

      Comprehensive income

      333,836

      4.1%

      480,009

      43.8%

      Basic-Net income attributable to NHI shareholders per share (Yen)

      115.30 123.08

      Diluted-Net income attributable to NHI shareholders per

      share (Yen)

      111.03 118.99

      Return on shareholders' equity

      10.0%

      10.1%

      Income before income taxes to total assets

      0.8%

      0.9%

      Income before income taxes divided by total revenue

      10.0%

      11.3%

      Equity in earnings of affiliates

      52,454

      33,019

      Note: Return on shareholders' equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders' equity.

    2. Financial Position

      (Millions of yen, except per share data) At March 31

      2025 2026

      Total assets 56,802,170 62,645,925

      Total equity 3,580,999 3,854,915

      Total NHI shareholders' equity 3,470,879 3,707,868 Total NHI shareholders' equity as a percentage of total

      assets

      6.1% 5.9%

      Total NHI shareholders' equity per share (Yen) 1,174.10 1,277.99

    3. Cash Flows

    For the year ended March 31

    (Millions of yen)

    2025 2026

    Net cash used in operating activities (678,611) (842,960)

    Net cash used in investing activities (848,647) (1,498,923)

    Net cash provided by financing activities 1,679,697 2,095,851 Cash, cash equivalents, restricted cash and restricted cash

    equivalents at end of the year

  2. Cash Dividends

    Dividends per share Dividends record dates

    4,425,441 4,318,722

    (Yen amounts, except total annual dividends) For the year ended March 31

    2025 2026

    At June 30

    -

    -

    At September 30

    23.00

    27.00

    At December 31

    -

    -

    At March 31

    34.00

    24.00

    For the year

    57.00

    51.00

    Total annual dividends

    (Millions of yen)

    168,498

    148,859

    Consolidated payout ratio 49.4% 41.4%

    Consolidated dividends as a percentage of shareholders' equity per share

    5.0% 4.2%

    Note: Breakdown of dividend for the year ended March 31, 2025 : Ordinary dividend 24.00 yen, Commemorative dividend 10.00 yen.

    For details, please refer to "Nomura Declares Year-end Dividend Payment including 100th Anniversary Commemorative Dividend" announced on April 25, 2025.

  3. Earnings Forecasts for the year ending March 31, 2027

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividends forecasts.

Notes

  1. Significant changes in the scope of consolidation during the period: Yes Inclusion 1 ( Delaware Management Company )

    Exclusion None

    For details, please refer to "Notice Regarding Change in Specified Subsidiary" announced on January 30, 2026.

  2. Changes in accounting policies

    1. Changes in accounting policies due to amendments to the accounting standards : Yes

    2. Changes in accounting policies due to other than a) : No

      Note) Please refer to P.12 "3. Consolidated Financial Statements (7) Changes in Accounting Policies" for further details.

  3. Number of shares issued (common stock)

At March 31

2025

2026

Number of shares outstanding (including treasury stock)

3,163,562,601

3,088,562,601

Number of treasury stock

207,351,636

187,225,377

For the year ended March 31

2025

2026

Average number of shares outstanding

2,955,204,882

2,942,280,410

*This financial summary is not subject to certified public accountant's or audit firm's audits

Table of Contents for the Accompanying Materials

  1. Overview of Consolidated Operating Results ........................................................................................ P. 2

    1. Overview of Consolidated Operating Results ....................................................................................... P. 2

    2. Overview of Consolidated Financial Position ....................................................................................... P. 4

    3. Overview of Cash Flows ....................................................................................................................... P. 4

  2. Considerations in the selection of accounting standards ...................................................................... P. 5
  3. Consolidated Financial Statements ......................................................................................................... P. 5

    1. Consolidated Balance Sheets ................................................................................................................. P. 6

    2. Consolidated Statements of Income ...................................................................................................... P. 8

    3. Consolidated Statements of Comprehensive Income ............................................................................ P. 9

(4) Consolidated Statements of Changes in Equity .....................................................................................

P.10

(5) Consolidated Statements of Cash Flows ................................................................................................

P.11

(6) Note with respect to the Assumption as a Going Concern ....................................................................

P.12

(7) Changes in Accounting Policies ............................................................................................................

P.12

(8) Notes to the Consolidated Financial Statements ...................................................................................

P.13

(9) Other Financial Information ..................................................................................................................

P.15

4. Other Information ....................................................................................................................................

P.17

  1. Overview of Consolidated Operating Results
    1. Overview of Consolidated Operating Results

      Operating Results

      U.S. GAAP

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A) 2026 (B)

      Net revenue

      1,892.5

      2,167.7

      14.5

      Non-interest expenses

      1,420.5

      1,627.9

      14.6

      Income (loss) before income taxes

      472.0

      539.8

      14.4

      Income tax expense

      124.7

      165.4

      32.7

      Net income (loss)

      347.3

      374.4

      7.8

      Less: Net income (loss) attributable to noncontrolling

      interests

      6.5

      12.3

      88.0

      Net income (loss) attributable to NHI shareholders

      340.7

      362.1

      6.3

      Return on shareholders' equity *

      10.0%

      10.1%

      -

      * Return on shareholders' equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders' equity.

      Nomura Holdings, Inc. and its consolidated entities ("Nomura") reported net revenue of 2,167.7 billion yen for the fiscal year ended March 31, 2026, an increase of 14.5% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes was 539.8 billion yen and net income attributable to NHI shareholders was 362.1 billion yen for the fiscal year ended March 31, 2026.

      Segment Information

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A)

      2026 (B)

      Net revenue

      1,894.0

      2,159.4

      14.0

      Non-interest expenses

      1,420.5

      1,627.9

      14.6

      Income (loss) before income taxes

      473.5

      531.6

      12.3

      In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2026 was 2,159.4 billion yen, an increase of 14.0% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes increased by 12.3% to 531.6 billion yen for the fiscal year ended March 31, 2026. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

      ＜Business Segment Results＞

      On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

      Operating Results of Wealth Management

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A) 2026 (B)

      Net revenue

      433.6

      487.9

      12.5

      Non-interest expenses

      267.4

      283.9

      6.2

      Income (loss) before income taxes

      166.2

      204.0

      22.8

      Net revenue increased by 12.5% from the previous year to 487.9 billion yen. Non-interest expenses increased by 6.2% to 283.9 billion yen. As a result, income before income taxes increased by 22.8% to 204.0 billion yen.

      Operating Results of Investment Management

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A) 2026 (B)

      Net revenue

      192.5

      258.5

      34.3

      Non-interest expenses

      102.9

      170.2

      65.5

      Income (loss) before income taxes

      89.6

      88.3

      (1.4)

      Net revenue increased by 34.3% from the previous year to 258.5 billion yen. Non-interest expenses increased by 65.5% to 170.2 billion yen. As a result, income before income taxes decreased by 1.4% to 88.3 billion yen. Assets under management were 136.9 trillion yen as of March 31, 2026, reflecting an increase due to the acquisition of the following asset management companies within the Macquarie Group.

      On December 1, 2025, Nomura completed the acquisition of all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH, pursuant to the share purchase agreement entered into on April 22, 2025. Upon completion, Nomura acquired 100% of the outstanding shares of these companies for a total cash consideration of approximately 1.8 billion U.S. dollar (equivalent to approximately 281.4 billion yen, based on an exchange rate of 1 U.S. dollar = 156.35 yen as of December 1, 2025). Nomura has determined that a substantial portion of the purchase price has provisionally been allocated to intangible assets and goodwill. As a result, these companies have become consolidated subsidiaries of Nomura.

      These companies are leading asset management firms providing a broad range of investment management services to clients worldwide. This acquisition is part of Nomura's strategy to enhance its global investment management platform and strengthen its presence in key overseas markets.

      Operating Results of Wholesale

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A)

      2026 (B)

      Net revenue

      1,057.9

      1,162.2

      9.9

      Non-interest expenses

      891.7

      961.7

      7.9

      Income (loss) before income taxes

      166.3

      200.6

      20.6

      Net revenue increased by 9.9% from the previous year to 1,162.2 billion yen. Non-interest expenses increased

      by 7.9% to 961.7 billion yen. As a result, income before income taxes increased by 20.6% to 200.6 billion yen.

      Operating Results of Banking

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A) 2026 (B)

      Net revenue

      47.2

      53.9

      14.3

      Non-interest expenses

      30.8

      39.9

      29.5

      Income (loss) before income taxes

      16.4

      14.0

      (14.3)

      Net revenue increased by 14.3% from the same period in the prior year to 53.9 billion yen. Non-interest expenses increased by 29.5% to 39.9 billion yen. As a result, income before income taxes decreased by 14.3% to

      14.0 billion yen.

      Other Operating Results

      Billions of yen % Change

      For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025 (A) 2026 (B)

      Net revenue

      162.9

      196.9

      20.9

      Non-interest expenses

      127.8

      172.2

      34.8

      Income (loss) before income taxes

      35.1

      24.6

      (29.8)

      Net revenue was 196.9 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 24.6 billion yen.

    2. Overview of Consolidated Financial Position

      Total assets as of March 31, 2026, were 62,645.9 billion yen, an increase of 5,843.8 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2026 were 58,791.0 billion yen, an increase of 5,569.8 billion yen compared to March 31, 2025, mainly due to the increase in Long-term borrowings. Total equity as of March 31, 2026 was 3,854.9 billion yen, an increase of 273.9 billion yen compared to March 31, 2025.

    3. Overview of Cash Flows

    Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2026, decreased by

    106.7 billion yen compared to March 31, 2025. Cash flows from operating activities for the year ended March 31, 2026 were outflows of 843.0 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2026 were outflows of 1,498.9 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2026 were inflows of 2,095.9 billion yen due primarily to Proceeds from issuances of long-term borrowings.

  2. Considerations in the selection of accounting standards

    Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards ("IFRS") on Nomura's businesses, Nomura may consider in adopting IFRS in the future.

  3. Consolidated Financial Statements

    The consolidated financial information herein has been prepared in accordance with Nomura's accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (7) Changes in Accounting Policies.

    1. Consolidated Balance Sheets ASSETS

      March 31,

      2025

      Millions of yen March 31,

      2026

      Increase/ (Decrease)

      Cash and cash deposits:

      Cash and cash equivalents

      4,424,462

      4,298,693

      (125,769)

      Time deposits

      642,388

      709,639

      67,251

      Deposits with stock exchanges and other segregated cash

      447,846

      640,642

      192,796

      Total cash and cash deposits

      5,514,696

      5,648,974

      134,278

      Loans and receivables:

      Loans receivable

      6,025,008

      7,745,214

      1,720,206

      Receivables from customers

      410,722

      470,341

      59,619

      Receivables from other than customers

      1,030,023

      1,345,631

      315,608

      Allowance for credit losses

      (16,920)

      (18,381)

      (1,461)

      Total loans and receivables

      7,448,833

      9,542,805

      2,093,972

      Collateralized agreements:

      Securities purchased under agreements to resell

      14,004,757

      13,210,236

      (794,521)

      Securities borrowed

      4,658,828

      4,339,659

      (319,169)

      Total collateralized agreements

      18,663,585

      17,549,895

      (1,113,690)

      Trading assets and private equity and debt investments:

      Trading assets*

      22,372,339

      26,128,073

      3,755,734

      Private equity and debt investments*

      151,710

      214,014

      62,304

      Total trading assets and private equity and debt investments

      22,524,049

      26,342,087

      3,818,038

      Other assets:

      Office buildings, land, equipment and facilities

      (net of accumulated depreciation and amortization of

      ¥ 546,117 million as of March 31, 2025 and

      ¥ 600,417 million as of March 31, 2026)

      436,454

      543,847

      107,393

      Non-trading debt securities*

      485,290

      761,267

      275,977

      Investments in equity securities*

      98,401

      123,191

      24,790

      Investments in and advances to affiliated companies*

      506,389

      535,402

      29,013

      Other

      1,124,473

      1,598,457

      473,984

      Total other assets

      2,651,007

      3,562,164

      911,157

      Total assets

      56,802,170

      62,645,925

      5,843,755

      *Including securities pledged as collateral

      March 31,

      2025

      Millions of yen March 31,

      2026

      Increase/ (Decrease)

      LIABILITIES AND EQUITY

      Short-term borrowings

      Payables and deposits: Payables to customers

      1,117,292

      1,377,222

      1,752,669

      1,598,758

      635,377

      221,536

      Payables to other than customers

      2,766,112

      3,432,040

      665,928

      Deposits received at banks

      3,105,581

      3,667,090

      561,509

      Total payables and deposits

      7,248,915

      8,697,888

      1,448,973

      Collateralized financing:

      Securities sold under agreements to repurchase

      16,287,758

      15,233,838

      (1,053,920)

      Securities loaned

      1,964,682

      2,448,284

      483,602

      Other secured borrowings

      393,420

      384,156

      (9,264)

      Total collateralized financing

      18,645,860

      18,066,278

      (579,582)

      Trading liabilities

      11,378,828

      12,915,584

      1,536,756

      Other liabilities

      1,456,598

      1,813,635

      357,037

      Long-term borrowings

      13,373,678

      15,544,956

      2,171,278

      Total liabilities

      53,221,171

      58,791,010

      5,569,839

      Equity

      NHI shareholders' equity: Common stock

      Authorized

      Issued

      Outstanding

      - 6,000,000,000 shares

      - 3,163,562,601 shares as of March 31, 2025 and

      3,088,562,601 shares as of March 31, 2026

      - 2,956,210,965 shares as of March 31, 2025 and

      2,901,337,224 shares as of March 31, 2026

      594,493

      594,493

      -

      Additional paid-in capital

      704,877

      706,261

      1,384

      Retained earnings

      1,867,379

      2,013,986

      146,607

      Accumulated other comprehensive income (loss)

      447,808

      548,221

      100,413

      Total NHI shareholders' equity before treasury stock

      3,614,557

      3,862,961

      248,404

      Common stock held in treasury, at cost-

      207,351,636 shares as of March 31, 2025 and

      187,225,377 shares as of March 31, 2026

      (143,678)

      (155,093)

      (11,415)

      Total NHI shareholders' equity

      3,470,879

      3,707,868

      236,989

      Noncontrolling interests

      110,120

      147,047

      36,927

      Total equity

      3,580,999

      3,854,915

      273,916

      Total liabilities and equity

      56,802,170

      62,645,925

      5,843,755

    2. Consolidated Statements of Income

      March 31,

      March 31,

      (B-A)/(A)

      2025(A)

      2026(B)

      Revenue:

      Commissions

      407,011

      455,289

      11.9

      Fees from investment banking

      212,234

      200,548

      (5.5)

      Asset management and portfolio service fees

      378,196

      468,600

      23.9

      Net gain on trading

      580,099

      696,894

      20.1

      Gain on private equity and debt investments

      7,634

      12,604

      65.1

      Interest and dividends

      2,927,861

      2,669,640

      (8.8)

      Gain on investments in equity securities

      444

      13,066

      -

      Other

      223,264

      241,845

      8.3

      Total revenue

      4,736,743

      4,758,486

      0.5

      Interest expense

      2,844,258

      2,590,773

      (8.9)

      Net revenue

      1,892,485

      2,167,713

      14.5

      Non-interest expenses:

      Compensation and benefits

      732,390

      829,502

      13.3

      Commissions and floor brokerage

      177,452

      221,857

      25.0

      Information processing and communications

      227,018

      248,439

      9.4

      Occupancy and related depreciation

      70,166

      71,523

      1.9

      Business development expenses

      27,055

      33,679

      24.5

      Other

      186,440

      222,892

      19.6

      Total non-interest expenses

      1,420,521

      1,627,892

      14.6

      Income before income taxes

      471,964

      539,821

      14.4

      Income tax expense

      124,709

      165,439

      32.7

      Net income

      347,255

      374,382

      7.8

      Less: Net income attributable to noncontrolling interests

      6,519

      12,253

      88.0

      Net income attributable to NHI shareholders

      340,736

      362,129

      6.3

      Per share of common stock:

      Yen

      % Change

      Basic-

      Net income attributable to NHI shareholders per share

      115.30

      123.08

      6.7

      Diluted-

      Net income attributable to NHI shareholders per share

      111.03

      118.99

      7.2

      Millions of yen % Change For the year ended

    3. Consolidated Statements of Comprehensive Income

      Millions of yen % Change For the year ended

      March 31,

      March 31,

      (B-A)/(A)

      2025(A)

      2026(B)

      Net income

      Other comprehensive income (loss): Cumulative translation adjustments: Cumulative translation adjustments

      347,255

      (35,768)

      374,382

      149,812

      7.8

      -

      Deferred income taxes

      (1,569)

      (2,074)

      -

      Total

      (37,337)

      147,738

      -

      Defined benefit pension plans:

      Pension liability adjustments

      17,734

      11,653

      (34.3)

      Deferred income taxes

      (5,327)

      (4,670)

      -

      Total

      12,407

      6,983

      (43.7)

      Non-trading debt securities:

      Net unrealized loss on non-trading debt securities

      (1,675)

      (3,233)

      -

      Deferred income taxes

      528

      1,018

      92.8

      Total

      (1,147)

      (2,215)

      -

      Own credit adjustments:

      Own credit adjustments

      20,636

      (57,597)

      -

      Deferred income taxes

      (7,978)

      10,718

      -

      Total

      12,658

      (46,879)

      -

      Total other comprehensive income (loss)

      (13,419)

      105,627

      -

      Comprehensive income

      333,836

      480,009

      43.8

      Less: Comprehensive income attributable to noncontrolling interests

      5,276

      17,467

      231.1

      Comprehensive income attributable to NHI shareholders

      328,560

      462,542

      40.8

    4. Consolidated Statements of Changes in Equity

    Common stock

    Millions of yen For the year ended

    March 31, 2025 March 31, 2026

    Balance at beginning of year 594,493 594,493

    Balance at end of year

    594,493

    594,493

    Additional paid-in capital

    Balance at beginning of year

    708,785

    704,877

    Stock-based compensation awards

    (3,929)

    1,400

    Changes in ownership interests in subsidiaries

    36

    -

    Changes in an affiliated company's interests

    (15)

    (16)

    Balance at end of year

    704,877

    706,261

    Retained earnings

    Balance at beginning of year

    1,705,725

    1,867,379

    Net income attributable to NHI shareholders

    340,736

    362,129

    Cash dividends

    (168,477)

    (148,840)

    Loss on disposal of treasury stock

    (10,605)

    (9,016)

    Cancellation of treasury stock

    -

    (57,666)

    Balance at end of year

    1,867,379

    2,013,986

    Accumulated other comprehensive income (loss) Cumulative translation adjustments

    Balance at beginning of year

    444,071

    407,977

    Net change during the year

    (36,094)

    142,524

    Balance at end of year

    407,977

    550,501

    Defined benefit pension plans

    Balance at beginning of year

    (19,512)

    (7,105)

    Pension liability adjustments

    12,407

    6,983

    Balance at end of year

    (7,105)

    (122)

    Non-trading debt securities

    Balance at beginning of year

    -

    (1,147)

    Net unrealized loss on non-trading debt securities

    (1,147)

    (2,215)

    Balance at end of year

    (1,147)

    (3,362)

    Own credit adjustments

    Balance at beginning of year

    35,425

    48,083

    Own credit adjustments

    12,658

    (46,879)

    Balance at end of year

    48,083

    1,204

    Balance at end of year 447,808 548,221

    Common stock held in treasury

    Balance at beginning of year

    (118,798)

    (143,678)

    Repurchases of common stock

    (58,835)

    (101,499)

    Sales of common stock

    0

    0

    Common stock issued to employees

    33,955

    32,418

    Cancellation of treasury stock

    -

    57,666

    Balance at end of year

    (143,678)

    (155,093)

    Total NHI shareholders' equity

    Balance at end of year

    3,470,879

    3,707,868

    Noncontrolling interests

    Balance at beginning of year

    98,324

    110,120

    Net change during the year

    11,796

    36,927

    Balance at end of year

    110,120

    147,047

    Total equity

    Balance at end of year 3,580,999 3,854,915

    (5) Consolidated Statements of Cash Flows

    Millions of yen

    For the year ended

    March 31, 2025

    March 31, 2026

    Cash flows from operating activities:

    Net income

    347,255

    374,382

    Adjustments to reconcile net income to Net cash used in operating activities:

    Depreciation and amortization

    61,653

    68,269

    Provision for credit losses

    (1,060)

    248

    Gain on investments in equity securities

    (444)

    (13,066)

    (Gain) loss on investments in subsidiaries and affiliates

    (205)

    11,995

    (Gain) loss on disposal of office buildings, land, equipment and facilities

    2,344

    (58,744)

    Changes in operating assets and liabilities:

    Deposits with stock exchanges and other segregated cash

    (144,542)

    (133,311)

    Trading assets and private equity and debt investments

    (3,026,277)

    (2,861,869)

    Trading liabilities

    574,231

    1,111,331

    Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

    1,108,828

    (441,013)

    Securities borrowed, net of securities loaned

    526,233

    882,237

    Margin loans and receivables

    (179,668)

    (653,334)

    Payables

    (16,725)

    703,622

    Bonus accrual

    26,496

    63,422

    Other, net

    43,270

    102,871

    Net cash used in operating activities

    (678,611)

    (842,960)

    Cash flows from investing activities:

    Payments for placements of time deposits

    (679,945)

    (747,618)

    Proceeds from redemption or maturity of time deposits

    572,947

    746,174

    Payments for purchases of office buildings, land, equipment and facilities

    (189,971)

    (353,818)

    Proceeds from sales of office buildings, land, equipment and facilities

    131,078

    234,693

    Payments for purchases of equity investments

    (10,712)

    (33,900)

    Proceeds from sales of equity investments

    8,112

    23,491

    Net cash outflows from loans receivable at banks

    (129,829)

    (131,647)

    Payments for purchases or origination of other non-trading loans

    (5,939,225)

    (7,625,952)

    Proceeds from sales or repayments of other non-trading loans

    5,530,064

    6,952,187

    Payments for purchases of available-for-sale debt securities

    (113,702)

    (167,408)

    Proceeds from sales of available-for-sale debt securities

    4,982

    -

    Payments for purchases of other non-trading debt securities

    (179,032)

    (316,858)

    Proceeds from sales or maturity of other non-trading debt securities

    131,200

    226,985

    Acquisitions, net of cash acquired

    -

    (275,014)

    Divestures, net of cash disposed of

    8,141

    12

    Payments for purchases of investments in affiliated companies

    (19,007)

    (11,919)

    Proceeds from sales of investments in affiliated companies

    10,098

    1,684

    Other, net

    16,154

    (20,015)

    Net cash used in investing activities

    (848,647)

    (1,498,923)

    Cash flows from financing activities:

    Proceeds from issuances of long-term borrowings

    4,334,376

    4,611,984

    Payments for repurchases or maturity of long-term borrowings

    (3,313,452)

    (3,174,186)

    Proceeds from issuances of short-term borrowings

    1,850,155

    2,468,863

    Payments for repurchases or maturity of short-term borrowings

    (1,876,894)

    (2,358,223)

    Net cash inflows from interbank money market borrowings

    130,455

    443,081

    Net cash outflows from other secured borrowings

    (23,560)

    (7,649)

    Net cash inflows from deposits received at banks

    785,385

    387,377

    Payments for withholding taxes on stock-based compensation

    (20,583)

    (18,214)

    Proceeds from sales of common stock

    1,412

    422

    Payments for repurchases of common stock

    (59,006)

    (101,499)

    Payments for cash dividends

    (112,541)

    (179,742)

    Contributions from noncontrolling interests

    64,549

    122,335

    Distributions to noncontrolling interests

    (80,599)

    (98,698)

    Net cash provided by financing activities

    1,679,697

    2,095,851

    Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

    (26,020)

    139,313

    Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash

    equivalents

    126,419

    (106,719)

    Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

    4,299,022

    4,425,441

    Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

    4,425,441

    4,318,722

    1. Note with respect to the Assumption as a Going Concern

      Not applicable.

    2. Changes in Accounting Policies

      Intangibles-Goodwill and Other-Crypto Asset: Accounting for and Disclosure of Crypto Assets

      In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates ("ASU") No. 2023-08 "Intangibles-Goodwill and Other-Crypto Asset: Accounting for and Disclosure of Crypto Assets" which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura's consolidated financial statements.

    3. Notes to the Consolidated Financial Statements

      Segment Information - Operating Segment

      Nomura's Chief Operating Decision Maker is the Executive Management Board (the "EMB") which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments' information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

      The following table shows business segment information and reconciliation items to the consolidated statements of income.

      Millions of yen % Change For the year ended

      Net revenue

      Business segment information:

      March 31,

      2025 (A)

      March 31,

      2026 (B)

      (B-A)/(A)

      Wealth Management

      433,551

      487,906

      12.5

      Investment Management

      192,473

      258,516

      34.3

      Wholesale

      1,057,938

      1,162,229

      9.9

      Banking

      47,172

      53,918

      14.3

      Subtotal

      1,731,134

      1,962,569

      13.4

      Other

      162,900

      196,873

      20.9

      Net revenue

      1,894,034

      2,159,442

      14.0

      Reconciliation items:

      Unrealized gain (loss) on investments in equity

      securities held for operating purposes

      (1,549)

      8,271

      -

      Net revenue

      1,892,485

      2,167,713

      14.5

      Non-interest expenses (*1)

      Business segment information:

      Wealth Management

      267,369

      283,882

      6.2

      Investment Management

      102,882

      170,219

      65.5

      Wholesale

      891,656

      961,662

      7.9

      Banking

      30,815

      39,902

      29.5

      Subtotal

      1,292,722

      1,455,665

      12.6

      Other

      127,799

      172,227

      34.8

      Non-interest expenses

      1,420,521

      1,627,892

      14.6

      Reconciliation items:

      Unrealized gain (loss) on investments in equity

      securities held for operating purposes

      -

      -

      -

      Non-interest expenses

      1,420,521

      1,627,892

      14.6

      Income (loss) before income taxes

      Business segment information:

      Wealth Management

      166,182

      204,024

      22.8

      Investment Management

      89,591

      88,297

      (1.4)

      Wholesale

      166,282

      200,567

      20.6

      Banking

      16,357

      14,016

      (14.3)

      Subtotal

      438,412

      506,904

      15.6

      Other (*2)

      35,101

      24,646

      (29.8)

      Income (loss) before income taxes

      473,513

      531,550

      12.3

      Reconciliation items:

      Unrealized gain (loss) on investments in equity

      securities held for operating purposes

      (1,549)

      8,271

      -

      Income (loss) before income taxes

      471,964

      539,821

      14.4

      (*1) Includes primarily personnel expenses, occupancy, technology, and professional fees. (*2) Major components

      Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other". The following table presents the major components of income (loss) before income taxes in "Other".

      Millions of yen % Change For the year ended

      March 31,

      2025 (A)

      March 31,

      2026 (B)

      (B-A)/(A)

      Net gain (loss) related to economic hedging transactions

      (5,809)

      (2,940)

      -

      Realized gain (loss) on investments in equity securities held for operating purposes

      1,475

      3,349

      127.1

      Equity in earnings of affiliates

      51,221

      36,452

      (28.8)

      Corporate items

      (5,884)

      (41,982)

      -

      Other

      (5,902)

      29,767

      -

      Total

      35,101

      24,646

      (29.8)

      Note) Prior period amounts have been reclassified to conform to the current year presentation.

      Per share data

      Shareholders' equity per share is calculated based on the following number of shares. Number of shares outstanding as of March 31, 2026 2,901,337,224

      Net income attributable to NHI shareholders per share is calculated based on the following number of shares.

      Average number of shares outstanding for the year ended March 31, 2026

      2,942,280,410

    4. Other Financial Information
    Consolidated Statements of Income - Quarterly Comparatives

    Millions of yen

    % Change

    For the three months ended

    June 30,

    September 30, December 31,

    March 31,

    June 30,

    September 30, December 31,

    March 31,

    (B-A)/(A)

    2024

    2024

    2024

    2025

    2025

    2025

    2025(A)

    2026(B)

    Revenue:

    Commissions

    102,750

    101,363

    102,630

    100,268

    100,606

    105,049

    119,204

    130,430

    9.4

    Fees from investment banking

    41,251

    53,335

    64,375

    53,273

    38,357

    44,554

    59,045

    58,592

    (0.8)

    Asset management and portfolio service fees

    90,333

    93,848

    97,209

    96,806

    92,855

    102,487

    122,664

    150,594

    22.8

    Net gain on trading

    131,994

    147,711

    142,013

    158,381

    142,239

    171,944

    190,742

    191,969

    0.6

    Gain on private equity and debt investments

    3,153

    1,598

    1,641

    1,242

    6,330

    4,370

    1,564

    340

    (78.3)

    Interest and dividends

    788,550

    762,958

    745,459

    630,894

    649,561

    652,830

    712,469

    654,780

    (8.1)

    Gain (loss) on investments in equity securities

    1,442

    (2,554)

    1,610

    (54)

    (377)

    4,365

    4,488

    4,590

    2.3

    Other

    58,412

    83,307

    43,001

    38,544

    127,017

    75,614

    17,752

    21,462

    20.9

    Total revenue

    1,217,885

    1,241,566

    1,197,938

    1,079,354

    1,156,588

    1,161,213

    1,227,928

    1,212,757

    (1.2)

    Interest expense

    763,443

    758,239

    695,957

    626,619

    633,273

    645,751

    676,173

    635,576

    (6.0)

    Net revenue

    454,442

    483,327

    501,981

    452,735

    523,315

    515,462

    551,755

    577,181

    4.6

    Non-interest expenses:

    Compensation and benefits

    184,510

    184,671

    190,888

    172,321

    186,310

    195,079

    220,739

    227,374

    3.0

    Commissions and floor brokerage

    43,629

    45,325

    43,645

    44,853

    44,778

    47,191

    53,997

    75,891

    40.5

    Information processing and communications

    55,769

    56,741

    54,431

    60,077

    57,164

    59,202

    63,516

    68,557

    7.9

    Occupancy and related depreciation

    17,635

    16,810

    17,885

    17,836

    15,965

    17,283

    17,853

    20,422

    14.4

    Business development expenses

    6,572

    5,981

    6,807

    7,695

    6,992

    7,272

    9,993

    9,422

    (5.7)

    Other

    43,396

    40,789

    50,046

    52,209

    51,824

    52,790

    50,436

    67,842

    34.5

    Total non-interest expenses

    351,511

    350,317

    363,702

    354,991

    363,033

    378,817

    416,534

    469,508

    12.7

    Income before income taxes

    102,931

    133,010

    138,279

    97,744

    160,282

    136,645

    135,221

    107,673

    (20.4)

    Income tax expense

    31,498

    35,304

    34,137

    23,770

    52,808

    40,852

    40,675

    31,104

    (23.5)

    Net income

    71,433

    97,706

    104,142

    73,974

    107,474

    95,793

    94,546

    76,569

    (19.0)

    Less: Net income (loss) attributable to noncontrolling

    interests

    2,495

    (681)

    2,701

    2,004

    2,909

    3,715

    2,993

    2,636

    (11.9)

    Net income attributable to NHI shareholders

    68,938

    98,387

    101,441

    71,970

    104,565

    92,078

    91,553

    73,933

    (19.2)

    Per share of common stock:

    Yen

    % Change

    Basic-

    Net income attributable to NHI shareholders per share

    23.33

    33.30

    34.32

    24.35

    35.19

    31.34

    31.21

    25.29

    (19.0)

    Diluted-

    Net income attributable to NHI shareholders per share

    22.36

    32.26

    33.08

    23.39

    34.04

    30.49

    30.19

    24.34

    (19.4)

    Business Segment Information - Quarterly Comparatives

    The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

    Millions of yen % Change

    For the three months ended

    June 30,

    September 30, December 31,

    March 31,

    June 30,

    September 30, December 31,

    March 31,

    (B-A)/(A)

    Net revenue

    Business segment information:

    2024

    2024

    2024

    2025

    2025

    2025

    2025(A)

    2026(B)

    Wealth Management

    109,716

    112,301

    111,611

    99,923

    105,796

    116,475

    132,488

    133,147

    0.5

    Investment Management

    47,670

    56,087

    45,711

    43,005

    50,574

    60,825

    60,906

    86,211

    41.5

    Wholesale

    244,846

    263,381

    290,523

    259,188

    261,072

    279,183

    313,899

    308,075

    (1.9)

    Banking

    11,232

    12,245

    12,274

    11,421

    12,845

    12,851

    13,696

    14,526

    6.1

    Subtotal

    413,464

    444,014

    460,119

    413,537

    430,287

    469,334

    520,989

    541,959

    4.0

    Other

    39,739

    42,545

    41,244

    39,372

    93,160

    44,366

    28,107

    31,240

    11.1

    Net revenue

    453,203

    486,559

    501,363

    452,909

    523,447

    513,700

    549,096

    573,199

    4.4

    Reconciliation items:

    Unrealized gain (loss) on investments in equity

    securities held for operating purposes

    1,239

    (3,232)

    618

    (174)

    (132)

    1,762

    2,659

    3,982

    49.8

    Net revenue

    454,442

    483,327

    501,981

    452,735

    523,315

    515,462

    551,755

    577,181

    4.6

    Non-interest expenses(*1)

    Business segment information:

    Wealth Management

    68,517

    68,061

    66,792

    63,999

    67,041

    70,952

    73,988

    71,901

    (2.8)

    Investment Management

    24,491

    24,152

    26,773

    27,466

    29,047

    30,114

    42,967

    68,091

    58.5

    Wholesale

    223,725

    218,087

    228,162

    221,682

    219,164

    226,043

    251,610

    264,845

    5.3

    Banking

    7,200

    7,632

    7,612

    8,371

    9,231

    9,671

    9,521

    11,479

    20.6

    Subtotal

    323,933

    317,932

    329,339

    321,518

    324,483

    336,780

    378,086

    416,316

    10.1

    Other

    27,578

    32,385

    34,363

    33,473

    38,550

    42,037

    38,448

    53,192

    38.3

    Non-interest expenses

    351,511

    350,317

    363,702

    354,991

    363,033

    378,817

    416,534

    469,508

    12.7

    Reconciliation items:

    Unrealized gain (loss) on investments in equity

    -

    -

    -

    -

    -

    -

    -

    -

    -

    securities held for operating purposes

    Non-interest expenses

    351,511

    350,317

    363,702

    354,991

    363,033

    378,817

    416,534

    469,508

    12.7

    Income (loss) before income taxes

    Business segment information:

    Wealth Management

    41,199

    44,240

    44,819

    35,924

    38,755

    45,523

    58,500

    61,246

    4.7

    Investment Management

    23,179

    31,935

    18,938

    15,539

    21,527

    30,711

    17,939

    18,120

    1.0

    Wholesale

    21,121

    45,294

    62,361

    37,506

    41,908

    53,140

    62,289

    43,230

    (30.6)

    Banking

    4,032

    4,613

    4,662

    3,050

    3,614

    3,180

    4,175

    3,047

    (27.0)

    Subtotal

    89,531

    126,082

    130,780

    92,019

    105,804

    132,554

    142,903

    125,643

    (12.1)

    Other (*2)

    12,161

    10,160

    6,881

    5,899

    54,610

    2,329

    (10,341)

    (21,952)

    -

    Income (loss) before income taxes

    101,692

    136,242

    137,661

    97,918

    160,414

    134,883

    132,562

    103,691

    (21.8)

    Reconciliation items:

    Unrealized gain (loss) on investments in equity

    1,239

    (3,232)

    618

    (174)

    (132)

    1,762

    2,659

    3,982

    49.8

    securities held for operating purposes

    Income (loss) before income taxes

    102,931

    133,010

    138,279

    97,744

    160,282

    136,645

    135,221

    107,673

    (20.4)

    (*1) Includes primarily personnel expenses, occupancy, technology, and professional fees.

    (*2) Major components

    Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other". The following table presents the major components of income (loss) before income taxes in "Other".

    Millions of yen % Change

    For the three months ended

    June 30,

    September 30, December 31,

    March 31,

    June 30,

    September 30, December 31,

    March 31,

    (B-A)/(A)

    2024

    2024

    2024

    2025

    2025

    2025

    2025(A)

    2026(B)

    (2,853)

    1,826

    (7,014)

    2,232

    1,067

    (166)

    (975)

    (2,866)

    -

    -

    496

    645

    334

    5

    2,209

    1,129

    6

    (99.5)

    14,800

    11,551

    15,200

    9,670

    12,321

    12,448

    17,642

    (5,959)

    -

    5,519

    (5,332)

    (954)

    (5,117)

    (11,637)

    (15,181)

    (9,630)

    (5,534)

    -

    (5,305)

    1,619

    (996)

    (1,220)

    52,854

    3,019

    (18,507)

    (7,599)

    -

    12,161

    10,160

    6,881

    5,899

    54,610

    2,329

    (10,341)

    (21,952)

    -

    Net gain (loss) related to economic hedging transactions

    Realized gain (loss) on investments in equity securities held for operating purposes

    Equity in earnings of affiliates Corporate items

    Other Total

    Note) Prior period amounts have been reclassified to conform to the current year presentation.

  4. Other Information

Financial information for Nomura Securities Co., Ltd. can be found on the following URL. https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems5/0/linkList/0/link/2026_4q. pdf