野村控股2027財年首季淨利潤增39%至1456億日圓，ROE升至15.4%

6-K
1
d118095d6k.htm
FORM 6-K

Form 6-K

 
Table of Contents

 
 

FORM 6-K 

U.S. SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

Report of Foreign Private Issuer 

Pursuant to Rule 13a-16 or 15d-16 of 

the Securities Exchange Act of 1934 

Commission File Number: 1-15270 

For the month of July 2026 

NOMURA HOLDINGS, INC. 

(Translation of registrant’s name into English) 

13-1, Nihonbashi 1-chome 

Chuo-ku, Tokyo 103-8645 

Japan 
 (Address of
principal executive offices) 
 Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 
 Form
20-F  X    Form 40-F     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):     
 Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):     

 
 

 

 

Table of Contents

 Information furnished on this form: 

EXHIBIT 
  

Exhibit Number

1.
  
Financial Summary – Three months ended June 30, 2026.

 The registrant hereby incorporates Exhibit 1 to this report on Form
6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration
No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and
(ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-297506) of the registrant and of Nomura America Finance,
LLC, filed with the SEC on July 16, 2026. 

 

Table of Contents

 SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. 
  

  
NOMURA HOLDINGS, INC.

Date: July 29, 2026
  
By:
  
 /s/ Akito Bato

  

  
Akito Bato

  

  
Senior Managing Director

 

Table of Contents

 Financial Summary For the Three Months Ended June 30, 2026
(U.S. GAAP) 
  

Date:
  
July 29, 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 three months ended June 30
 

 
  
2025
 
 
2026
 

 
  
 
 
 
% Change fromJune 30, 2024
 
 
 
 
 
% Change fromJune 30, 2025
 

 Total revenue

  
 
1,156,588
 
 
 
(5.0
%) 
 
 
    1,371,708
 
 
 
18.6
% 

 Net revenue

  
 
523,315
 
 
 
15.2
% 
 
 
686,714
 
 
 
31.2
% 

 Income before income taxes

  
 
160,282
 
 
 
55.7
% 
 
 
211,539
 
 
 
32.0
% 

 Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders

  
 
104,565
 
 
 
     51.7
% 
 
 
145,561
 
 
 
39.2
% 

 Comprehensive income

  
 
61,629
 
 
 
(67.4
%) 
 
 
176,502
 
 
 
     186.4
% 

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

  
 
35.19
 
 

 
 
49.90
 
 

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

  
 
34.04
 
 

 
 
48.34
 
 

 Return on shareholders’ equity - annualized

  
 
12.0
% 
 

 
 
15.4
% 
 

 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
 
 
At June 30
 

  
2026
 
 
2026
 

 Total assets

  
 
   62,645,925
 
 
 
     68,224,010
 

 Total equity

  
 
3,854,915
 
 
 
3,993,713
 

 Total NHI shareholders’ equity

  
 
3,707,868
 
 
 
3,834,275
 

 Total NHI shareholders’ equity as a percentage of total assets

  
 
5.9
% 
 
 
5.6
% 

 Total NHI shareholders’ equity per share (Yen)

  
 
1,277.99
 
 
 
1,311.94
 

 

Table of Contents

 2. Cash Dividends 
  

 
  
 
 
 
(Yen amounts)
 

 
  
For the year ended March 31
 

  
2026
 
 
2027
 
 
2027 (Plan)
 

 Dividends per share

  

 

 

 Dividends record dates

  

 

 

 At June 30

  
 
      — 
 
 
 
      — 
  
 
 
— 
 

 At September 30

  
 
27.00
  
 
 
      — 
  
 
 
  Unconfirmed
 

 At December 31

  
 
— 
 
 
 
      — 
  
 
 
— 
  

 At March 31

  
 
24.00
 
 
 
      — 
  
 
 
Unconfirmed
 

 For the year

  
 
51.00
 
 
 
      — 
  
 
 
Unconfirmed
 

 Note: Fiscal year 2027 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year
ending March 31, 2027”. 
 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 forecasts. 
 Notes 

(1) Significant changes in the scope of consolidation during the period: None 

(2) Adoption of the simplified and particular accounting treatments: None 

(3) Changes in accounting policies 
   a) 
Changes in accounting policies due to amendments to the accounting standards : None 
   b)  Changes in accounting policies due to other
than a) : None 
 (4) Number of shares issued (common stock) 
  

 
  
At March 31
 
  
At June 30
 

 
  
2026
 
  
2026
 

 Number of shares outstanding (including treasury stock)

  
 
3,088,562,601
 
  
 
3,088,562,601
  

 Number of treasury stock

  
 
187,225,377
 
  
 
165,970,352
 

 
  
For the three months ended June 30
 

 
  
2025
 
  
2026
 

 Average number of shares outstanding (year-to-date)

  
 
2,971,653,091
 
  
 
2,917,278,407
  

 *Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: None 
 *Proper use of earnings forecasts, and other special matters 

We voluntarily have engaged our independent auditor to conduct a review of the quarterly consolidated financial statements. We plan 

to release the quarterly financial statements with the accompanying review report on August 6, 2026. 

 

Table of Contents

 Table of Contents for the Accompanying Materials 

 

 1. Qualitative Information of the Quarterly Consolidated Results

 
 
P. 2
 

 (1) Consolidated Operating Results

 
 
P. 2
 

 (2) Consolidated Financial Position

 
 
P. 4
 

 (3) Consolidated Earnings Forecasts

 
 
P. 4
 

 2. Quarterly 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) Segment Information – Operating Segment

 
 
P. 10
 

 (5) Significant Changes in Equity

 
 
P. 12
 

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

 
 
P. 13
 

 (7) Note with respect to Consolidated Statements of Cash
Flows

 
 
P. 13
 

 3. Supplementary Information

 
 
P. 14
 

 (1) Consolidated Statements of Income – Quarterly
Comparatives

 
 
P. 14
 

 (2)  Business Segment Information – Quarterly
Comparatives

 
 
P. 15
 

 (3) Other

 
 
P. 16
 

  
 – 1 – 

 

Table of Contents

1.
 Qualitative Information of the Quarterly Consolidated Results 

 

(1)
 Consolidated Operating Results 

 U.S. GAAP 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net revenue

  
 
   523.3
 
 
 
   686.7
 
 
 
    31.2
 

 Non-interest expenses

  
 
363.0
 
 
 
475.2
 
 
 
30.9
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160.3
 
 
 
211.5
 
 
 
32.0
 

 Income tax expense

  
 
52.8
 
 
 
55.4
 
 
 
4.9
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net income (loss)

  
 
107.5
 
 
 
156.1
 
 
 
45.3
 

  
  

  

 
 
  

  

 
 
  

  

 

 Less: Net income (loss) attributable to noncontrolling interests

  
 
2.9
 
 
 
10.6
 
 
 
263.1
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net income (loss) attributable to NHI shareholders

  
 
104.6
 
 
 
145.6
 
 
 
39.2
 

  
  

  

 
 
  

  

 
 
  

  

 

 Return on shareholders’ equity - annualized

  
 
12.0
% 
 
 
15.4
% 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Note: 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 (collectively, “Nomura”)
reported net revenue of 686.7 billion yen for the three months ended June 30, 2026, an increase of 31.2% from the same period in the prior year. Non-interest expenses increased by 30.9% from the same
period in the prior year to 475.2 billion yen. Income before income taxes was 211.5 billion yen and net income attributable to NHI shareholders was 145.6 billion yen for the three months ended June 30, 2026. 

 Segment Information 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net revenue

  
 
   523.4
   
 
 
681.2
 
 
 
30.1
 

 Non-interest expenses

  
 
363.0
 
 
 
   475.2
   
 
 
30.9
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160.4
 
 
 
206.0
 
 
 
    28.4
 

  
  

  

 
 
  

  

 
 
  

  

 

 In the above segment information totals, which exclude a part of unrealized gain (loss) on
investments in equity securities held for operating purposes, net revenue for the three months ended June 30, 2026 was 681.2 billion yen, an increase of 30.1% from the same period in the prior year.
Non-interest expenses increased by 30.9% from the same period in the prior year to 475.2 billion yen. Income before income taxes increased by 28.4% to 206.0 billion yen for the three months ended
June 30, 2026. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts. 

  
 – 2 – 

 

Table of Contents

 <Business Segment Results> 

 Operating Results of Wealth Management 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
  
June 30,2026 (B)
 

 Net revenue

  
 
     105.8
 
  
 
145.4
 
 
 
       37.5
 

 Non-interest expenses

  
 
67.0
 
  
 
     74.3
   
 
 
10.9
 

  
  

  

 
  
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
38.8
 
  
 
71.1
 
 
 
83.4
 

  
  

  

 
  
  

  

 
 
  

  

 

 Net revenue increased by 37.5% from the same period in the prior year to 145.4 billion
yen. Non-interest expenses increased by 10.9% to 74.3 billion yen. As a result, income before income taxes increased by 83.4% to 71.1 billion yen. 

 Operating Results of Investment Management 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net revenue

  
 
50.6
 
 
 
98.3
 
 
 
94.4
 

 Non-interest expenses

  
 
29.0
 
 
 
    53.3
 
 
 
       83.6
  

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
     21.5
  
 
 
45.0
   
 
 
109.0
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net revenue increased by 94.4% from the same period in the prior year to 98.3 billion
yen. Non-interest expenses increased by 83.6% to 53.3 billion yen. As a result, income before income taxes increased by 109.0% to 45.0 billion yen. Assets under management were 156.4 trillion yen as
of June 30, 2026. 
  Operating Results of Wholesale 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net revenue

  
 
   261.1
   
 
 
   369.1
   
 
 
41.4
 

 Non-interest expenses

  
 
219.2
 
 
 
275.8
 
 
 
       25.8
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
41.9
 
 
 
93.3
 
 
 
122.7
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net revenue increased by 41.4% from the same period in the prior year to 369.1 billion
yen. Non-interest expenses increased by 25.8% to 275.8 billion yen. As a result, income before income taxes increased by 122.7% to 93.3 billion yen. 

  
 – 3 – 

 

Table of Contents

  Operating Results of Banking 

 

 
  
Billions of yen
 
  
% Change
 

  
For the three months ended
 
  
(B-A)/(A)
 

  
June 30,2025 (A)
 
  
June 30,2026 (B)
 

 Net revenue

  
 
12.8
 
  
 
15.2
 
  
 
18.7
 

 Non-interest expenses

  
 
9.2
 
  
 
11.6
 
  
 
       25.8
 

  
  

  

 
  
  

  

 
  
  

  

 

 Income (loss) before income taxes

  
 
3.6
 
  
 
3.6
 
  
 
0.6
 

  
  

  

 
  
  

  

 
  
  

  

 

 Net revenue increased by 18.7% from the same period in the prior year to 15.2 billion
yen. Non-interest expenses increased by 25.8% to 11.6 billion yen. As a result, income before income taxes increased by 0.6% to 3.6 billion yen. 

 Other Operating Results 
  

 
  
Billions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
  
June 30,2026 (B)
 

 Net revenue

  
 
    93.2
 
  
 
    53.1
 
 
 
(43.0
) 

 Non-interest expenses

  
 
38.6
 
  
 
60.1
 
 
 
56.0
 

  
  

  

 
  
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
54.6
 
  
 
(7.0
) 
 
 
— 
 

  
  

  

 
  
  

  

 
 
  

  

 

 Net revenue was 53.1 billion yen. Loss before income taxes was 7.0 billion yen. 

 

(2)
 Consolidated Financial Position 

Total assets as of June 30, 2026 were 68,224.0 billion yen, an increase of 5,578.1 billion yen compared to
March 31, 2026, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2026 were 64,230.3 billion yen, an increase of 5,439.3 billion yen compared to March 31, 2026, mainly due to the increase
in Trading liabilities. Total equity as of June 30, 2026 was 3,993.7 billion yen, an increase of 138.8 billion yen compared to March 31, 2026. 
  

(3)
 Consolidated Earnings Forecasts 

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 dividend forecasts. 

  
 – 4 – 

 

Table of Contents

2.
 Quarterly Consolidated Financial Statements 

Nomura’s quarterly consolidated financial statements, which comprise the consolidated balance sheet, consolidated
statement of income, consolidated statement of comprehensive income and notes, have been prepared in accordance with Article 5, Paragraph 4 of the Tokyo Stock Exchange Inc. and Nagoya Stock Exchange Inc.’s Standards for the Preparation of
Quarterly Financial Statements (the Standards) and accounting principles generally accepted in the United States, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards. 

The quarterly consolidated financial statements herein have 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 22, 2026) and Form
20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 22, 2026) for the year ended March 31, 2026. 

  
 – 5 – 

 

Table of Contents

 (1) Consolidated Balance Sheets 

 

 
  
Millions of yen
 

 
  
March 31,2026
 
 
June 30,2026
 
 
Increase/(Decrease)
 

ASSETS
  

 

 

 Cash and cash deposits:

  

 

 

 Cash and cash equivalents

  
 
4,298,693
 
 
 
4,859,544
 
 
 
560,851
 

 Time deposits

  
 
709,639
 
 
 
679,373
 
 
 
(30,266
) 

 Deposits with stock exchanges and other segregated cash

  
 
640,642
 
 
 
620,598
 
 
 
(20,044
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Total cash and cash deposits

  
 
5,648,974
 
 
 
6,159,515
 
 
 
510,541
 

  
  

  

 
 
  

  

 
 
  

  

 

 Loans and receivables:

  

 

 

 Loans receivable

  
 
7,745,214
 
 
 
8,159,132
 
 
 
413,918
 

 Receivables from customers

  
 
470,341
 
 
 
842,536
 
 
 
372,195
 

 Receivables from other than customers

  
 
1,345,631
 
 
 
1,230,092
 
 
 
(115,539
) 

 Allowance for credit losses

  
 
(18,381
) 
 
 
(18,857
) 
 
 
(476
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Total loans and receivables

  
 
9,542,805
 
 
 
10,212,903
 
 
 
670,098
 

  
  

  

 
 
  

  

 
 
  

  

 

 Collateralized agreements:

  

 

 

 Securities purchased under agreements to resell

  
 
13,210,236
 
 
 
13,936,728
 
 
 
726,492
 

 Securities borrowed

  
 
4,339,659
 
 
 
4,915,734
 
 
 
576,075
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total collateralized agreements

  
 
17,549,895
 
 
 
18,852,462
 
 
 
1,302,567
 

  
  

  

 
 
  

  

 
 
  

  

 

 Trading assets and private equity and debt investments:

  

 

 

 Trading assets*

  
 
26,128,073
 
 
 
28,837,153
 
 
 
2,709,080
 

 Private equity and debt investments*

  
 
214,014
 
 
 
232,273
 
 
 
18,259
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total trading assets and private equity and debt investments

  
 
26,342,087
 
 
 
29,069,426
 
 
 
2,727,339
 

  
  

  

 
 
  

  

 
 
  

  

 

 Other assets:

  

 

 

 Office buildings, land, equipment and facilities

(net of accumulated depreciation and amortization of

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

¥ 618,628 million as of June 30, 2026)

  
 
543,847
 
 
 
562,673
 
 
 
18,826
 

 Non-trading debt securities*

  
 
761,267
 
 
 
848,257
 
 
 
86,990
 

 Investments in equity securities*

  
 
123,191
 
 
 
133,397
 
 
 
10,206
 

 Investments in and advances to affiliated companies*

  
 
535,402
 
 
 
544,644
 
 
 
9,242
 

 Other

  
 
1,598,457
 
 
 
1,840,733
 
 
 
242,276
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total other assets

  
 
3,562,164
 
 
 
3,929,704
 
 
 
367,540
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total assets

  
 
62,645,925
 
 
 
68,224,010
 
 
 
5,578,085
 

  
  

  

 
 
  

  

 
 
  

  

 

  

* 
 Including securities pledged as collateral 

  
 – 6 – 

 

Table of Contents

 
 
 
 
 
  
Millions of yen
 

 
 
 
 
 
  
March 31,2026
 
 
June 30,2026
 
 
Increase/(Decrease)
 

LIABILITIES AND EQUITY
  

 

 

 Short-term borrowings

  
 
1,752,669
 
 
 
1,933,441
 
 
 
180,772
 

 Payables and deposits:

  

 

 

 Payables to customers

  
 
1,598,758
 
 
 
1,895,009
 
 
 
296,251
 

 Payables to other than customers

  
 
3,432,040
 
 
 
3,536,626
 
 
 
104,586
 

 Deposits received at banks

  
 
3,667,090
 
 
 
3,878,685
 
 
 
211,595
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total payables and deposits

  
 
8,697,888
 
 
 
9,310,320
 
 
 
612,432
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Collateralized financing:

  

 

 

 Securities sold under agreements to repurchase

  
 
15,233,838
 
 
 
16,108,510
 
 
 
874,672
 

 Securities loaned

  
 
2,448,284
 
 
 
2,585,318
 
 
 
137,034
 

 Other secured borrowings

  
 
384,156
 
 
 
386,081
 
 
 
1,925
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total collateralized financing

  
 
18,066,278
 
 
 
19,079,909
 
 
 
1,013,631
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Trading liabilities

  
 
12,915,584
 
 
 
15,431,403
 
 
 
2,515,819
 

 Other liabilities

  
 
1,813,635
 
 
 
1,723,659
 
 
 
(89,976
) 

 Long-term borrowings

  
 
15,544,956
 
 
 
16,751,565
 
 
 
1,206,609
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total liabilities

  
 
58,791,010
 
 
 
64,230,297
 
 
 
5,439,287
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Equity

  

 

 

 NHI shareholders’ equity:

  

 

 

 Common stock

  

 

 

    Authorized

 
 - 
 
6,000,000,000 shares
  

 

 

  Issued

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

 

 

 

 
3,088,562,601 shares as of June 30, 2026
  

 

 

 Outstanding

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

 

 

 

 
2,922,592,249 shares as of June 30, 2026
  
 
594,493
 
 
 
594,493
 
 
 
— 
 

 Additional paid-in capital

  
 
706,261
 
 
 
663,809
 
 
 
(42,452
) 

 Retained earnings

  
 
2,013,986
 
 
 
2,151,990
 
 
 
138,004
 

 Accumulated other comprehensive income (loss)

  
 
548,221
 
 
 
566,939
 
 
 
18,718
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total NHI shareholders’ equity before treasury stock

  
 
3,862,961
 
 
 
3,977,231
 
 
 
114,270
 

 Common stock held in treasury, at cost -

  

 

 

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

  

 

 

          165,970,352 shares as
of June 30, 2026

  
 
(155,093
) 
 
 
(142,956
) 
 
 
12,137
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total NHI shareholders’ equity

  
 
3,707,868
 
 
 
3,834,275
 
 
 
126,407
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Noncontrolling interests

  
 
147,047
 
 
 
159,438
 
 
 
12,391
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total equity

  
 
3,854,915
 
 
 
3,993,713
 
 
 
138,798
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

 Total liabilities and equity

  
 
62,645,925
 
 
 
68,224,010
 
 
 
5,578,085
 

 

 

  
  

  

 
 
  

  

 
 
  

  

 

  
 – 7 – 

 

Table of Contents

 (2) Consolidated Statements of Income 

 

 
  
Millions of yen
 
  
% Change
 

  
For the three months ended
 
  
(B-A)/(A)
 

  
June 30,2025(A)
 
 
June 30,2026(B)
 

 Revenue:

  
 
          
 
 
 
          
 
  
 
         
 

 Commissions

  
 
100,606
 
 
 
128,178
 
  
 
27.4
 

 Fees from investment banking

  
 
38,357
 
 
 
56,236
 
  
 
46.6
 

 Asset management and portfolio service fees

  
 
92,855
 
 
 
162,054
 
  
 
74.5
 

 Net gain on trading

  
 
142,239
 
 
 
230,292
 
  
 
61.9
 

 Gain on private equity and debt investments

  
 
6,330
 
 
 
564
 
  
 
(91.1
) 

 Interest and dividends

  
 
649,561
 
 
 
698,543
 
  
 
7.5
 

 Gain (loss) on investments in equity securities

  
 
(377
) 
 
 
6,792
 
  
 
— 
 

 Other

  
 
127,017
 
 
 
89,049
 
  
 
(29.9
) 

  
  

  

 
 
  

  

 
  
  

  

 

 Total revenue

  
 
1,156,588
 
 
 
1,371,708
 
  
 
18.6
 

 Interest expense

  
 
633,273
 
 
 
684,994
 
  
 
8.2
 

  
  

  

 
 
  

  

 
  
  

  

 

 Net revenue

  
 
523,315
 
 
 
686,714
 
  
 
31.2
 

  
  

  

 
 
  

  

 
  
  

  

 

 Non-interest expenses:

  

 

  

 Compensation and benefits

  
 
186,310
 
 
 
236,764
 
  
 
27.1
 

 Commissions and floor brokerage

  
 
44,778
 
 
 
74,335
 
  
 
66.0
 

 Information processing and communications

  
 
57,164
 
 
 
70,710
 
  
 
23.7
 

 Occupancy and related depreciation

  
 
15,965
 
 
 
18,742
 
  
 
17.4
 

 Business development expenses

  
 
6,992
 
 
 
8,500
 
  
 
21.6
 

 Other

  
 
51,824
 
 
 
66,124
 
  
 
27.6
 

  
  

  

 
 
  

  

 
  
  

  

 

 Total non-interest expenses

  
 
363,033
 
 
 
475,175
 
  
 
30.9
 

  
  

  

 
 
  

  

 
  
  

  

 

 Income before income taxes

  
 
160,282
 
 
 
211,539
 
  
 
32.0
 

 Income tax expense

  
 
52,808
 
 
 
55,416
 
  
 
4.9
 

  
  

  

 
 
  

  

 
  
  

  

 

 Net income

  
 
107,474
 
 
 
156,123
 
  
 
45.3
 

  
  

  

 
 
  

  

 
  
  

  

 

 Less: Net income attributable to noncontrolling interests

  
 
2,909
 
 
 
10,562
 
  
 
263.1
 

  
  

  

 
 
  

  

 
  
  

  

 

 Net income attributable to NHI shareholders

  
 
104,565
 
 
 
145,561
 
  
 
39.2
 

  
  

  

 
 
  

  

 
  
  

  

 

 Per share of common stock:

  

 

  

 
  
Yen
 
  
% Change
 

 Basic-

  

 

  

 Net income attributable to NHI shareholders per share

  
 
35.19
 
 
 
49.90
 
  
 
41.8
 

  
  

  

 
 
  

  

 
  
  

  

 

 Diluted-

  

 

  

 Net income attributable to NHI shareholders per share

  
 
34.04
 
 
 
48.34
 
  
 
42.0
 

  
  

  

 
 
  

  

 
  
  

  

 

  
 – 8 – 

 

Table of Contents

 (3) Consolidated Statements of Comprehensive Income 

 

 
  
Millions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025(A)
 
 
June 30,2026(B)
 

 Net income

  
 
    107,474
 
 
 
   156,123
 
 
 
     45.3
 

 Other comprehensive income (loss):

  

 

 

 Cumulative translation adjustments:

  

 

 

 Cumulative translation adjustments

  
 
(40,858
) 
 
 
41,185
 
 
 
—  
 

 Deferred income taxes

  
 
1,258
 
 
 
(912
) 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total

  
 
(39,600
) 
 
 
40,273
 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Defined benefit pension plans:

  

 

 

 Pension liability adjustment

  
 
(4,197
) 
 
 
(3,387
) 
 
 
—  
 

 Deferred income taxes

  
 
(3
) 
 
 
336
 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total

  
 
(4,200
) 
 
 
(3,051
) 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Non-trading debt securities:

  

 

 

 Net unrealized gain on non-trading debt
securities

  
 
565
 
 
 
330
 
 
 
(41.6
) 

 Deferred income taxes

  
 
(178
) 
 
 
(104
) 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total

  
 
387
 
 
 
226
 
 
 
(41.6
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Own credit adjustments:

  

 

 

 Own credit adjustments

  
 
(3,880
) 
 
 
(18,746
) 
 
 
—  
 

 Deferred income taxes

  
 
1,448
 
 
 
1,677
 
 
 
15.8
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total

  
 
(2,432
) 
 
 
(17,069
) 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total other comprehensive income (loss)

  
 
(45,845
) 
 
 
20,379
 
 
 
—  
 

  
  

  

 
 
  

  

 
 
  

  

 

 Comprehensive income

  
 
61,629
 
 
 
176,502
 
 
 
186.4
 

 Less: Comprehensive income attributable to noncontrolling interests

  
 
3,347
 
 
 
12,223
 
 
 
265.2
 

  
  

  

 
 
  

  

 
 
  

  

 

 Comprehensive income attributable to NHI shareholders

  
 
58,282
 
 
 
164,279
 
 
 
181.9
 

  
  

  

 
 
  

  

 
 
  

  

 

  
 – 9 – 

 

Table of Contents

 (4) 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. 

  
 – 10 – 

 

Table of Contents

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

 
  
Millions of yen
 
 
% Change
 

  
For the three months ended
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net revenue

  

 

 

 Business segment information:

  

 

 

 Wealth Management

  
 
105,796
 
 
 
145,417
 
 
 
37.5
 

 Investment Management

  
 
50,574
 
 
 
98,314
 
 
 
94.4
 

 Wholesale

  
 
261,072
 
 
 
369,097
 
 
 
41.4
 

 Banking

  
 
12,845
 
 
 
15,244
 
 
 
18.7
 

  
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
430,287
 
 
 
628,072
 
 
 
46.0
 

 Other

  
 
93,160
 
 
 
53,105
 
 
 
(43.0
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Net revenue

  
 
523,447
 
 
 
681,177
 
 
 
30.1
 

  
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

 

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

  
 
(132
) 
 
 
5,537
 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net revenue

  
 
523,315
 
 
 
686,714
 
 
 
31.2
 

  
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses (*1)

  

 

 

 Business segment information:

  

 

 

 Wealth Management

  
 
67,041
 
 
 
74,341
 
 
 
10.9
 

 Investment Management

  
 
29,047
 
 
 
53,327
 
 
 
83.6
 

 Wholesale

  
 
219,164
 
 
 
275,769
 
 
 
25.8
 

 Banking

  
 
9,231
 
 
 
11,608
 
 
 
25.8
 

  
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
324,483
 
 
 
415,045
 
 
 
27.9
 

 Other

  
 
38,550
 
 
 
60,130
 
 
 
56.0
 

  
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses

  
 
363,033
 
 
 
475,175
 
 
 
30.9
 

  
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

 

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

  
 
— 
 
 
 
— 
 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses

  
 
363,033
 
 
 
475,175
 
 
 
30.9
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  

 

 

 Business segment information:

  

 

 

 Wealth Management

  
 
38,755
 
 
 
71,076
 
 
 
83.4
 

 Investment Management

  
 
21,527
 
 
 
44,987
 
 
 
109.0
 

 Wholesale

  
 
41,908
 
 
 
93,328
 
 
 
122.7
 

 Banking

  
 
3,614
 
 
 
3,636
 
 
 
0.6
 

  
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
105,804
 
 
 
213,027
 
 
 
101.3
 

 Other (*2)

  
 
54,610
 
 
 
(7,025
) 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160,414
 
 
 
206,002
 
 
 
28.4
 

  
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

 

 Unrealized gain (loss) on investments in equity

securities held for operating purposes

  
 
(132
) 
 
 
5,537
 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160,282
 
 
 
211,539
 
 
 
32.0
 

  
  

  

 
 
  

  

 
 
  

  

 

  

(*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
 
 
(B-A)/(A)
 

  
June 30,2025 (A)
 
 
June 30,2026 (B)
 

 Net gain (loss) related to economic hedging transactions

  
 
1,067
 
 
 
(2,045
) 
 
 
— 
 

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

  
 
5
 
 
 
1,190
 
 
 
— 
 

 Equity in earnings of affiliates

  
 
12,321
 
 
 
10,492
 
 
 
(14.8)
 

 Corporate items

  
 
(11,637
) 
 
 
(15,964
) 
 
 
— 
 

 Other

  
 
52,854
 
 
 
(698
) 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total

  
 
54,610
 
 
 
(7,025
) 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

  
 – 11 – 

 

Table of Contents

 (5) Significant Changes in Equity 

Not applicable. For further details of the changes, please refer below. 

 

 
  
Millions of yen
 

  
For the three months endedJune 30, 2026
 

 Common stock

  

 Balance at beginning of year

  
 
594,493
 

  
  

  

 

 Balance at end of period

  
 
594,493
 

  
  

  

 

 Additional paid-in capital

  

 Balance at beginning of year

  
 
706,261
 

 Stock-based compensation awards

  
 
(42,439
) 

 Changes in an affiliated company’s interests

  
 
(13
) 

  
  

  

 

 Balance at end of period

  
 
663,809
 

  
  

  

 

 Retained earnings

  

 Balance at beginning of year

  
 
2,013,986
 

 Net income attributable to NHI shareholders

  
 
145,561
 

 Loss on disposal of treasury stock

  
 
(7,557
) 

  
  

  

 

 Balance at end of period

  
 
2,151,990
 

  
  

  

 

 Accumulated other comprehensive income (loss)

  

 Cumulative translation adjustments

  

 Balance at beginning of year

  
 
550,501
 

 Net change during the period

  
 
38,612
 

  
  

  

 

 Balance at end of period

  
 
589,113
 

  
  

  

 

 Defined benefit pension plans

  

 Balance at beginning of year

  
 
(122
) 

 Pension liability adjustment

  
 
(3,051
) 

  
  

  

 

 Balance at end of period

  
 
(3,173
) 

  
  

  

 

 Non-trading debt securities

  

 Balance at beginning of year

  
 
(3,362
) 

 Net unrealized gain on non-trading debt
securities

  
 
226
 

  
  

  

 

 Balance at end of period

  
 
(3,136
) 

  
  

  

 

 Own credit adjustments

  

 Balance at beginning of year

  
 
1,204
 

 Own credit adjustments

  
 
(17,069
) 

  
  

  

 

 Balance at end of period

  
 
(15,865
) 

  
  

  

 

 Balance at end of period

  
 
566,939
 

  
  

  

 

 Common stock held in treasury

  

 Balance at beginning of year

  
 
(155,093
) 

 Repurchases of common stock

  
 
(18,526
) 

 Sale of common stock

  
 
0
 

 Common stock issued to employees

  
 
30,663
 

  
  

  

 

 Balance at end of period

  
 
(142,956
) 

  
  

  

 

 Total NHI shareholders’ equity

  

  
  

  

 

 Balance at end of period

  
 
3,834,275
 

  
  

  

 

 Noncontrolling interests

  

 Balance at beginning of year

  
 
147,047
 

 Net change during the period

  
 
12,391
 

  
  

  

 

 Balance at end of period

  
 
159,438
 

  
  

  

 

 Total equity

  

  
  

  

 

 Balance at end of period

  
 
3,993,713
 

  
  

  

 

  
 – 12 – 

 

Table of Contents

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

Not applicable. 

(7) Note with respect to Consolidated Statements of Cash Flows 

The following table shows depreciation and amortization for the three months ended June 30, 2025 and 2026. 

 

 
  
Millions of yen
 

  
For the three months ended
 

  
June 30, 2025
 
  
June 30, 2026
 

 Depreciation and amortization

  
 
15,407
 
  
 
21,715
 

  
 – 13 – 

 

Table of Contents

 3. Supplementary Information 

(1) Consolidated Statements of Income – Quarterly Comparatives 

 

 
 
Millions of yen
 
 
% Change
 
 
Millions of yen
 

 
 
For the three months ended
 
 
 
 
 
For the year endedMarch 31,2026
 

 
 
June 30,2025
 
 
September 30,2025
 
 
December 31,2025
 
 
March 31,2026(A)
 
 
June 30,2026(B)
 
 
(B-A)/(A)
 

 Revenue:

 

 

 

 

 

 

 

 Commissions

 
 
100,606
 
 
 
105,049
 
 
 
119,204
 
 
 
130,430
 
 
 
128,178
 
 
 
(1.7
) 
 
 
455,289
 

 Fees from investment banking

 
 
38,357
 
 
 
44,554
 
 
 
59,045
 
 
 
58,592
 
 
 
56,236
 
 
 
(4.0
) 
 
 
200,548
 

 Asset management and portfolio service fees

 
 
92,855
 
 
 
102,487
 
 
 
122,664
 
 
 
150,594
 
 
 
162,054
 
 
 
7.6
 
 
 
468,600
 

 Net gain on trading

 
 
142,239
 
 
 
171,944
 
 
 
190,742
 
 
 
191,969
 
 
 
230,292
 
 
 
20.0
 
 
 
696,894
 

 Gain on private equity and debt investments

 
 
6,330
 
 
 
4,370
 
 
 
1,564
 
 
 
340
 
 
 
564
 
 
 
65.9
 
 
 
12,604
 

 Interest and dividends

 
 
649,561
 
 
 
652,830
 
 
 
712,469
 
 
 
654,780
 
 
 
698,543
 
 
 
6.7
 
 
 
2,669,640
 

 Gain (loss) on investments in equity securities

 
 
(377
) 
 
 
4,365
 
 
 
4,488
 
 
 
4,590
 
 
 
6,792
 
 
 
48.0
 
 
 
13,066
 

 Other

 
 
127,017
 
 
 
75,614
 
 
 
17,752
 
 
 
21,462
 
 
 
89,049
 
 
 
314.9
 
 
 
241,845
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total revenue

 
 
1,156,588
 
 
 
1,161,213
 
 
 
1,227,928
 
 
 
1,212,757
 
 
 
1,371,708
 
 
 
13.1
 
 
 
4,758,486
 

 Interest expense

 
 
633,273
 
 
 
645,751
 
 
 
676,173
 
 
 
635,576
 
 
 
684,994
 
 
 
7.8
 
 
 
2,590,773
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net revenue

 
 
523,315
 
 
 
515,462
 
 
 
551,755
 
 
 
577,181
 
 
 
686,714
 
 
 
19.0
 
 
 
2,167,713
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses:

 

 

 

 

 

 

 

 Compensation and benefits

 
 
186,310
 
 
 
195,079
 
 
 
220,739
 
 
 
227,374
 
 
 
236,764
 
 
 
4.1
 
 
 
829,502
 

 Commissions and floor brokerage

 
 
44,778
 
 
 
47,191
 
 
 
53,997
 
 
 
75,891
 
 
 
74,335
 
 
 
(2.1
) 
 
 
221,857
 

 Information processing and communications

 
 
57,164
 
 
 
59,202
 
 
 
63,516
 
 
 
68,557
 
 
 
70,710
 
 
 
3.1
 
 
 
248,439
 

 Occupancy and related depreciation

 
 
15,965
 
 
 
17,283
 
 
 
17,853
 
 
 
20,422
 
 
 
18,742
 
 
 
(8.2
) 
 
 
71,523
 

 Business development expenses

 
 
6,992
 
 
 
7,272
 
 
 
9,993
 
 
 
9,422
 
 
 
8,500
 
 
 
(9.8
) 
 
 
33,679
 

 Other

 
 
51,824
 
 
 
52,790
 
 
 
50,436
 
 
 
67,842
 
 
 
66,124
 
 
 
(2.5
) 
 
 
222,892
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total non-interest expenses

 
 
363,033
 
 
 
378,817
 
 
 
416,534
 
 
 
469,508
 
 
 
475,175
 
 
 
1.2
 
 
 
1,627,892
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income before income taxes

 
 
160,282
 
 
 
136,645
 
 
 
135,221
 
 
 
107,673
 
 
 
211,539
 
 
 
96.5
 
 
 
539,821
 

 Income tax expense

 
 
52,808
 
 
 
40,852
 
 
 
40,675
 
 
 
31,104
 
 
 
55,416
 
 
 
78.2
 
 
 
165,439
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income

 
 
107,474
 
 
 
95,793
 
 
 
94,546
 
 
 
76,569
 
 
 
156,123
 
 
 
103.9
 
 
 
374,382
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Less: Net income attributable to noncontrolling interests

 
 
2,909
 
 
 
3,715
 
 
 
2,993
 
 
 
2,636
 
 
 
10,562
 
 
 
300.7
 
 
 
12,253
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income attributable to NHI shareholders

 
 
104,565
 
 
 
92,078
 
 
 
91,553
 
 
 
73,933
 
 
 
145,561
 
 
 
96.9
 
 
 
362,129
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 
 
Yen
 
 
% Change
 
 
Yen
 

 Per share of common stock:

 

 

 

 Basic-

 

 

 

 

 

 

 

 Net income attributable to NHI shareholders per share

 
 
35.19
 
 
 
31.34
 
 
 
31.21
 
 
 
25.29
 
 
 
49.90
 
 
 
97.3
 
 
 
123.08
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Diluted-

 

 

 

 

 

 

 

 Net income attributable to NHI shareholders per share

 
 
34.04
 
 
 
30.49
 
 
 
30.19
 
 
 
24.34
 
 
 
48.34
 
 
 
98.6
 
 
 
118.99
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  
 – 14 – 

 

Table of Contents

 (2) 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
 
 
Millions of yen
 

 
  
For the three months ended
 
 
            
 
 
For the year ended
 

 
  
June 30,2025
 
 
September 30,2025
 
  
December 31,2025
 
 
March 31,2026(A)
 
 
June 30,2026(B)
 
 
(B-A)/(A)
 
 
March 31,2026
 

 Net revenue

  

 

  

 

 

 

 

 Business segment information:

  

 

  

 

 

 

 

 Wealth Management

  
 
105,796
 
 
 
116,475
 
  
 
132,488
 
 
 
133,147
 
 
 
145,417
 
 
 
9.2
 
 
 
487,906
 

 Investment Management

  
 
50,574
 
 
 
60,825
 
  
 
60,906
 
 
 
86,211
 
 
 
98,314
 
 
 
14.0
 
 
 
258,516
 

 Wholesale

  
 
261,072
 
 
 
279,183
 
  
 
313,899
 
 
 
308,075
 
 
 
369,097
 
 
 
19.8
 
 
 
1,162,229
 

 Banking

  
 
12,845
 
 
 
12,851
 
  
 
13,696
 
 
 
14,526
 
 
 
15,244
 
 
 
4.9
 
 
 
53,918
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
430,287
 
 
 
469,334
 
  
 
520,989
 
 
 
541,959
 
 
 
628,072
 
 
 
15.9
 
 
 
1,962,569
 

 Other

  
 
93,160
 
 
 
44,366
 
  
 
28,107
 
 
 
31,240
 
 
 
53,105
 
 
 
70.0
 
 
 
196,873
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net revenue

  
 
523,447
 
 
 
513,700
 
  
 
549,096
 
 
 
573,199
 
 
 
681,177
 
 
 
18.8
 
 
 
2,159,442
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

  

 

 

 

 

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

  
 
(132
) 
 
 
1,762
 
  
 
2,659
 
 
 
3,982
 
 
 
5,537
 
 
 
39.1
 
 
 
8,271
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net revenue

  
 
523,315
 
 
 
515,462
 
  
 
551,755
 
 
 
577,181
 
 
 
686,714
 
 
 
19.0
 
 
 
2,167,713
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses(*1)

  

 

  

 

 

 

 

 Business segment information:

  

 

  

 

 

 

 

 Wealth Management

  
 
67,041
 
 
 
70,952
 
  
 
73,988
 
 
 
71,901
 
 
 
74,341
 
 
 
3.4
 
 
 
283,882
 

 Investment Management

  
 
29,047
 
 
 
30,114
 
  
 
42,967
 
 
 
68,091
 
 
 
53,327
 
 
 
(21.7
) 
 
 
170,219
 

 Wholesale

  
 
219,164
 
 
 
226,043
 
  
 
251,610
 
 
 
264,845
 
 
 
275,769
 
 
 
4.1
 
 
 
961,662
 

 Banking

  
 
9,231
 
 
 
9,671
 
  
 
9,521
 
 
 
11,479
 
 
 
11,608
 
 
 
1.1
 
 
 
39,902
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
324,483
 
 
 
336,780
 
  
 
378,086
 
 
 
416,316
 
 
 
415,045
 
 
 
(0.3
) 
 
 
1,455,665
 

 Other

  
 
38,550
 
 
 
42,037
 
  
 
38,448
 
 
 
53,192
 
 
 
60,130
 
 
 
13.0
 
 
 
172,227
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses

  
 
363,033
 
 
 
378,817
 
  
 
416,534
 
 
 
469,508
 
 
 
475,175
 
 
 
1.2
 
 
 
1,627,892
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

  

 

 

 

 

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

  
 
— 
 
 
 
— 
 
  
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Non-interest expenses

  
 
363,033
 
 
 
378,817
 
  
 
416,534
 
 
 
469,508
 
 
 
475,175
 
 
 
1.2
 
 
 
1,627,892
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  

 

  

 

 

 

 

 Business segment information:

  

 

  

 

 

 

 

 Wealth Management

  
 
38,755
 
 
 
45,523
 
  
 
58,500
 
 
 
61,246
 
 
 
71,076
 
 
 
16.1
 
 
 
204,024
 

 Investment Management

  
 
21,527
 
 
 
30,711
 
  
 
17,939
 
 
 
18,120
 
 
 
44,987
 
 
 
148.3
 
 
 
88,297
 

 Wholesale

  
 
41,908
 
 
 
53,140
 
  
 
62,289
 
 
 
43,230
 
 
 
93,328
 
 
 
115.9
 
 
 
200,567
 

 Banking

  
 
3,614
 
 
 
3,180
 
  
 
4,175
 
 
 
3,047
 
 
 
3,636
 
 
 
19.3
 
 
 
14,016
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Subtotal

  
 
105,804
 
 
 
132,554
 
  
 
142,903
 
 
 
125,643
 
 
 
213,027
 
 
 
69.5
 
 
 
506,904
 

 Other (*2)

  
 
54,610
 
 
 
2,329
 
  
 
(10,341
) 
 
 
(21,952
) 
 
 
(7,025
) 
 
 
— 
 
 
 
24,646
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160,414
 
 
 
134,883
 
  
 
132,562
 
 
 
103,691
 
 
 
206,002
 
 
 
98.7
 
 
 
531,550
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Reconciliation items:

  

 

  

 

 

 

 

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

  
 
(132
) 
 
 
1,762
 
  
 
2,659
 
 
 
3,982
 
 
 
5,537
 
 
 
39.1
 
 
 
8,271
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income (loss) before income taxes

  
 
160,282
 
 
 
136,645
 
  
 
135,221
 
 
 
107,673
 
 
 
211,539
 
 
 
96.5
 
 
 
539,821
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  

(*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
 
 
Millions of yen
 

 
 
For the three months ended
 
 
            
 
 
For the year endedMarch 31,2026
 

 
 
June 30,2025
 
 
September 30,2025
 
 
December 31,2025
 
 
March 31,2026(A)
 
 
June 30,2026(B)
 
 
(B-A)/(A)
 

 Net gain (loss) related to economic hedging transactions

 
 
1,067
 
 
 
(166
) 
 
 
(975
) 
 
 
(2,866
) 
 
 
(2,045
) 
 
 
— 
 
 
 
(2,940
) 

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

 
 
5
 
 
 
2,209
 
 
 
1,129
 
 
 
6
 
 
 
1,190
 
 
 
— 
 
 
 
3,349
 

 Equity in earnings of affiliates

 
 
12,321
 
 
 
12,448
 
 
 
17,642
 
 
 
(5,959
) 
 
 
10,492
 
 
 
— 
 
 
 
36,452
 

 Corporate items

 
 
(11,637
) 
 
 
(15,181
) 
 
 
(9,630
) 
 
 
(5,534
) 
 
 
(15,964
) 
 
 
— 
 
 
 
(41,982
) 

 Other

 
 
52,854
 
 
 
3,019
 
 
 
(18,507
) 
 
 
(7,599
) 
 
 
(698
) 
 
 
— 
 
 
 
29,767
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total

 
 
54,610
 
 
 
2,329
 
 
 
(10,341
) 
 
 
(21,952
) 
 
 
(7,025
) 
 
 
— 
 
 
 
24,646
 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  
 – 15 – 

 

Table of Contents

(3)
 Other 

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL. 

https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/0112/teaserItems2/0/linkList/0/link/2027_1q.pdf 

  
 – 16 –