Nomura (NYSE: NMR) Q3 revenue climbs 10% as buyback and share cancellation set

Rhea-AI Filing Summary

Nomura Holdings reported solid third quarter results while stepping up capital returns and integration of a major acquisition. Net revenue for the quarter was 551.8 billion yen, up 7% from the prior quarter and 10% year on year. Income before income taxes was 135.2 billion yen, down slightly, and net income attributable to shareholders was 91.6 billion yen, 10% lower than a year ago. For the nine months to December, net revenue rose to 1,590.5 billion yen and pretax income to 432.1 billion yen, with net income up 7%.

Return on equity was 10.3%, marking a seventh straight quarter at or above the 8–10% target range. Wealth Management delivered strong growth with net revenue of 132.5 billion yen and pretax income of 58.5 billion yen, both up sharply and supported by record-high recurring and flow revenue. Investment Management posted record assets under management of 134.7 trillion yen after completing the acquisition of Macquarie’s U.S. and European public asset management business, though pretax income fell quarter on quarter due to lower investment gains and one-off acquisition costs. Wholesale and Banking also grew net revenue, with record Equities and Investment Banking revenue in Wholesale.

Nomura’s board approved a share buyback program of up to 100 million shares, or 3.2% of issued shares, with a 60 billion yen cap between February 17 and September 30, 2026, via a trust bank. Separately, the company will cancel 75 million shares, about 2.4% of issued shares, on March 2, 2026. In addition, Delaware Management Company, part of the acquired Macquarie asset management business, has become a specified subsidiary, with its consolidated results now included in Nomura’s financials.

Positive

• Meaningful capital return via buyback and cancellation: Nomura approved a share repurchase of up to 100 million shares (3.2% of issued shares) with a 60 billion yen cap and will cancel 75 million shares (2.4% of issued shares), signaling active capital management and potential EPS support.

Negative

• None.

Insights

Equity research analyst

Nomura combines steady earnings, record AUM and sizable capital returns.

Nomura shows a balanced picture: group net revenue grew 10% year on year for the quarter, but quarterly net income slipped 10%. Still, nine‑month pretax income rose to 432.1 billion yen, and ROE of 10.3% stayed above the 8–10% target range.

Business mix is important. Wealth Management and Wholesale delivered strong profit growth, helped by record‑high recurring revenue and equities revenue. Investment Management reached record AUM of 134.7 trillion yen after acquiring Macquarie’s U.S. and European public asset management business, but pretax income fell 42% quarter on quarter due to weaker investment gains and one‑off acquisition expenses.

Capital strategy looks more shareholder‑friendly. Management approved a buyback of up to 100 million shares (3.2% of issued shares) with a 60 billion yen cap between February 17 and September 30, 2026, and plans to cancel 75 million shares (2.4% of issued shares) on March 2, 2026. Bringing Delaware Management Company fully into consolidation aligns with the asset‑management‑led growth strategy. Overall, the combination of earnings resilience, acquisition integration and capital returns skews modestly positive.

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 January 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):    

Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Nomura Reports Third Quarter Financial Results
2.		Nomura Approves Share Buyback Program
3.		Nomura to Cancel Own Shares
4.		Notice Regarding Change in Specified Subsidiary

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: January 30, 2026		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

Exhibit 1

Nomura Reports Third Quarter Financial Results

• Four segment pretax income of Y142.9bn at highest level in 18 and a half years, since FY2007/8 1Q

• Wealth Management had record-high recurring revenue and flow revenue; Net inflows of recurring revenue assets exceeded Y500bn

• Investment Management AuM at all-time high of Y134.7trn, and business revenue at highest level since division established

• Strong Global Markets performance with record-high Equities revenues for second straight quarter; Investment Banking net revenue at new high reflecting revenue growth in all regions

• Banking reported growth in loans outstanding and investment trust balances

• Third quarter ROE of 10.3%

Tokyo, January 30, 2026—Nomura Holdings, Inc. today announced its consolidated financial results for the third quarter of the fiscal year ending March 31, 2026.

Net revenue for the third quarter was 551.8 billion yen (US$3.5 billion)¹, increasing 7 percent quarter on quarter and 10 percent year on year. Income before income taxes decreased 1 percent from last quarter and 2 percent compared to the third quarter last year to 135.2 billion yen (US$862 million). Net income attributable to Nomura Holdings shareholders was 91.6 billion yen (US$584 million), down 1 percent quarter on quarter and 10 percent year on year.

For the nine months to December, Nomura reported net revenue of 1,590.5 billion yen (US$10.1 billion), up 10 percent from the same period last year. Income before income taxes increased 15 percent to 432.1 billion yen (US$2.8 billion), and net income attributable to Nomura Holdings shareholders was 288.2 billion yen (US$1.8 billion), up 7 percent from the same period last year.

“We reported another strong quarterly performance. ROE was 10.3 percent. This is the seventh straight quarter that we have achieved our target range of 8 to 10 percent or more. Pretax income from our four core businesses was the highest in over 18 years, reflecting solid progress toward our 2030 management vision of Reaching for Sustainable Growth,” said Kentaro Okuda, Nomura President and Group CEO.

“Wealth Management had record-high recurring revenue and flow revenue, driven by steady growth in its full-service asset management business. Net inflows of recurring revenue assets surpassed 500 billion yen, and the recurring revenue cost coverage ratio was 71 percent.

“In Investment Management, assets under management climbed to a record high of 134.7 trillion yen. We successfully completed our acquisition of Macquarie’s U.S. and European public asset management business, and this has strengthened our global asset management platform and positions us for future growth.

¹  US dollar amounts are included solely for the convenience of the reader and have been translated at the rate of 156.80 yen = 1 US dollar, the noon buying rate in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in US dollars.

“In Wholesale, Global Markets delivered a robust performance, underpinned by record-high Equities net revenue, and Investment Banking net revenue reached a new high, driven by increased revenues across all regions.

“Our Banking Division saw steady growth in loans outstanding and investment trust balances, further growing our revenue base.

“This performance is not the result of one-off market factors. It reflects the structural transformation we have achieved through business model reforms. We have strengthened our capacity to generate stable revenue and have moved into our next phase of growth. We will continue striving to enhance our corporate value to meet the expectations of our clients and all stakeholders.”

Divisional Performance

Wealth Management

(billions of yen)		FY2025/26 3Q				QoQ				YoY
Net revenue			132.5				14	%			19	%
Income (loss) before income taxes			58.5				29	%			31	%

Wealth Management reported net revenue of 132.5 billion yen, increasing 14 percent quarter on quarter and 19 percent from the same period last year. Income before income taxes was 58.5 billion yen, up 29 percent quarter on quarter and 31 percent year on year.

Wealth Management recurring revenue and flow revenue both hit a record high, since the fiscal year ended March 2020 when the division launched its full-service asset management business. Net inflows into recurring revenue assets exceeded 500 billion yen.

On a quarter-on-quarter basis, pretax income increased by about 30 percent, while the pretax profit margin was high at over 40 percent.

Investment Management

(billions of yen)		FY2025/26 3Q				QoQ				YoY
Net revenue			60.9				0	%			33	%
Income (loss) before income taxes			17.9				-42	%			-5	%

Investment Management net revenue was 60.9 billion yen, remaining unchanged quarter on quarter and up 33 percent year on year. Income before income taxes was 17.9 billion yen, decreasing 42 percent from last quarter and 5 percent from the same quarter last year.

Investment Management assets under management rose to an all-time high of 134.7 trillion yen, following the successful completion of the acquisition of Macquarie’s U.S. and European public asset management business.

Although business revenue reached its highest level since the division was established, pretax income fell from last quarter due to a decrease in investment gain/loss and one-off expenses related to the acquisition.

2

Wholesale

(billions of yen)		FY2025/26 3Q				QoQ				YoY
Net revenue			313.9				12	%			8	%
Income (loss) before income taxes			62.3				17	%			0	%

Wholesale reported net revenue of 313.9 billion yen, higher by 12 percent quarter on quarter and 8 percent year on year. Income before income taxes was 62.3 billion yen, up 17 percent from last quarter and remaining unchanged from the previous year.

In Global Markets, Equities net revenue hit a record high for the second straight quarter. Investment Banking net revenue reached a new high, reflecting higher revenues across all regions and a recovery in Japan ECM deals.

Banking

(billions of yen)		FY2025/26 3Q				QoQ				YoY
Net revenue			13.7				7	%			12	%
Income (loss) before income taxes			4.2				31	%			-10	%

Banking reported net revenue of 13.7 billion yen, up 7 percent from the previous quarter and 12 percent year on year. Income before income taxes was 4.2 billion yen, increasing 31 percent from last quarter but decreasing 10 percent from the previous year.

Banking saw progress in loan executions. Investment trust balances grew, driven by newly launched funds and market factors.

 ends 

For further information please contact:

Name		Company		Telephone
Kenji Yamashita		Nomura Holdings, Inc.		81-3-3278-0591
		Group Corporate Communications Dept.

Nomura

Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

3

1. This document is produced by Nomura Holdings, Inc. (“Nomura”). Copyright 2026 Nomura Holdings, Inc. All rights reserved.

2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.

3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.

4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.

5. This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

6. The consolidated financial information in this document is unaudited.

4

Exhibit 2

Nomura Approves Share Buyback Program

Tokyo, January 30, 2026—Nomura Holdings, Inc. today announced that its Board of Directors approved a resolution to set up a share buyback program, pursuant to the company’s articles of incorporation set out in accordance with Article 459-1 of the Companies Act of Japan.

The share buyback program will run from February 17, 2026, to September 30, 2026 (excluding the ten business days following the announcement of quarterly financial results), and have an upper limit of 100 million shares of Nomura Holdings common stock, or 3.2 percent of issued shares. The upper limit of the aggregate amount of the repurchase price will be 60 billion yen, and the shares will be purchased on the stock exchange via a trust bank.

The details of the trust agreement, including the timing to start the buyback, will be decided separately by a Representative Executive Officer or the CFO.

Nomura plans to acquire treasury stock to raise capital efficiency and ensure a flexible capital management policy, and to deliver shares on exercise of stock-based compensation.

As of December 31, 2025, Nomura Holdings had 3,163,562,601 issued shares including 229,328,518 shares as treasury stock.

 ends 

For further information please contact:

Name		Company		Telephone
Kenji Yamashita		Nomura Holdings, Inc.		81-3-3278-0591
		Group Corporate Communications Dept.

Nomura

Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

Exhibit 3

Nomura to Cancel Own Shares

Tokyo, January 30, 2026—Nomura Holdings, Inc. today announced that it has resolved to cancel a part of its own shares in accordance with Article 178 of the Companies Act of Japan.

Outline of Cancellation

1. Type of shares to be cancelled		Nomura Holdings common shares
2. Number of shares to be cancelled		75,000,000 shares (approximately 2.4 percent of issued shares)
3. Scheduled cancellation date		March 2, 2026

(Reference)

Policy for Cancellation of Own Shares

In principle, Nomura will retain a maximum of approximately 5% of the total number of issued shares and will cancel shares exceeding this amount.

 ends 

For further information please contact:

Name		Company		Telephone
Kenji Yamashita		Nomura Holdings, Inc.		81-3-3278-0591
		Group Corporate Communications Dept.

Nomura

Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

Exhibit 4

Notice Regarding Change in Specified Subsidiary

Tokyo, January 30, 2026—Nomura Holdings, Inc. (Nomura) today announced that Delaware Management Company (DMC) has become a “specified subsidiary” (tokutei kogaisha) of Nomura.

1. Reason for change

As announced on April 22, 2025 and December 1, 2025, Nomura has completed the acquisition of all shares of Macquarie Group Limited’s U.S. and European public asset management business (the “Acquired Business”). As the share capital of DMC, which forms part of the Acquired Business, is now at least 10 percent of Nomura’s capital, DMC has become a specified subsidiary of Nomura.

2. Overview of the subsidiary (DMC) subject to change

(1)		Name		Delaware Management Company
(2)		Location		1100 North Market Street, Wilmington, DE, 19890, U.S.A.
(3)		Name of representative		Shawn K. Lytle
(4)		Description of business		Investment management and advisory service
(5)		Share capital		USD 590 million
(6)		Date of establishment		September 16, 1996
(7)		Major shareholders and ownership ratios		Macquarie Management Holdings, Inc. 66% Ivy Investment Management Company 34%
(8)		Relationships between Nomura and DMC		Capital relationship				None
				Personnel relationship				None
				Business relationship				None
(9)		Consolidated operating results and consolidated financial position of DMC for the last three years
		Fiscal year ended		March 31, 2023		March 31, 2024		March 31, 2025
		Consolidated net assets		USD 725 million		USD 764 million		USD 780 million
		Consolidated total assets		USD 999 million		USD 1,073 million		USD 1,069 million
		Consolidated net assets per share		USD 7 million		USD 8 million		USD 8 million
		Consolidated net sales		USD 712 million		USD 641 million		USD 642 million
		Consolidated operating profit		USD 140 million		USD 86 million		USD 158 million
		Consolidated ordinary profit		USD 140 million		USD 86 million		USD 158 million
		Profit attributable to owners of parent		USD 92 million		USD 58 million		USD 123 million
		Consolidated earnings per share		USD 916,997		USD 576,099		USD 1,231,882
		Dividend per share		USD 1,705,000		—		USD 900,000

3. Number of shares acquired and shareholding before and after acquisition

(1)		Number of shares held before the change		0 shares
(2)		Number of shares acquired		Class A 66 shares Class B 34 shares (Number of voting rights: 330)
(3)		Number of shares held after the change		Class A 66 shares Class B 34 shares (Number of voting rights: 330) (Ratio of voting rights held: 100.0%)

4. Date

(1) Effective date of change December 1, 2025

5. Future outlook

As a result of the share acquisition, DMC has become a subsidiary of Nomura. Accordingly, DMC’s consolidated results will be reflected in Nomura’s consolidated results for the third quarter of the fiscal year ending March 2026.

 ends 

For further information please contact:

Name		Company		Telephone
Kenji Yamashita		Nomura Holdings, Inc.		81-3-3278-0591
		Group Corporate Communications Dept.

Nomura

Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

FAQ

How did Nomura (NMR) perform financially in its latest quarter?

Nomura’s net revenue reached 551.8 billion yen, up 7% quarter on quarter and 10% year on year. Income before income taxes was 135.2 billion yen, and net income attributable to shareholders was 91.6 billion yen, down 10% from the prior year’s quarter.

What are the key nine-month results Nomura (NMR) reported?

For the nine months to December, Nomura reported 1,590.5 billion yen in net revenue, up 10% year on year. Income before income taxes rose 15% to 432.1 billion yen, and net income attributable to shareholders increased 7% to 288.2 billion yen, indicating overall earnings growth.

What share buyback program did Nomura (NMR) approve?

Nomura approved a buyback of up to 100 million shares of common stock, equal to 3.2% of issued shares, with a total repurchase cap of 60 billion yen. The program will run from February 17 to September 30, 2026, via purchases on the stock exchange through a trust bank.

Is Nomura (NMR) cancelling any of its own shares?

Yes. Nomura plans to cancel 75,000,000 common shares, approximately 2.4% of issued shares. The scheduled cancellation date is March 2, 2026. The firm’s policy is generally to retain at most about 5% of issued shares and cancel any excess.

How did Nomura’s Wealth Management division perform this quarter?

Wealth Management reported net revenue of 132.5 billion yen, up 14% quarter on quarter and 19% year on year. Income before income taxes rose to 58.5 billion yen, up 29% and 31%, respectively, driven by record-high recurring and flow revenue and strong net inflows.

What impact did the Macquarie asset management acquisition have on Nomura (NMR)?

The acquisition of Macquarie’s U.S. and European public asset management business helped lift Nomura’s Investment Management assets under management to a record 134.7 trillion yen. Business revenue reached its highest level since the division’s launch, though pretax income fell quarter on quarter due to lower investment gains and one-off integration costs.

What is Delaware Management Company’s new status within Nomura (NMR)?

Delaware Management Company has become a specified subsidiary of Nomura after its share capital reached at least 10% of Nomura’s capital. Nomura now holds 100% of DMC’s voting rights, and DMC’s consolidated results are reflected in Nomura’s consolidated results for the quarter ending March 2026.