Nomura Holdings (NYSE: NMR) lifts FY2026 net revenue and profits with asset-management deal

Rhea-AI Filing Summary

Nomura Holdings reported solid growth for the year ended March 31, 2026. Net revenue rose to 2,167.7 billion yen, up 14.5% year on year, while income before income taxes increased 14.4% to 539.8 billion yen. Net income attributable to shareholders reached 362.1 billion yen, a 6.3% increase, with return on shareholders’ equity at 10.1%.

Wealth Management and Wholesale were key drivers, with income before income taxes up 22.8% and 20.6%, respectively. Investment Management grew net revenue 34.3% but saw a slight profit decline as expenses jumped 65.5%. Banking revenue increased, though its pre‑tax income fell 14.3%.

Assets under management stood at 136.9 trillion yen, helped by acquiring Macquarie asset management companies for about 1.8 billion U.S. dollars (approximately 281.4 billion yen). Total assets reached 62,645.9 billion yen and equity 3,854.9 billion yen. Annual dividends were 51.00 yen per share, with a 41.4% payout ratio.

Positive

• Strong top-line and earnings growth: Net revenue increased 14.5% to 2,167.7 billion yen and income before income taxes rose 14.4% to 539.8 billion yen, while net income attributable to shareholders grew 6.3% to 362.1 billion yen.
• Strategic asset management acquisition: Nomura acquired Macquarie investment management companies for about 1.8 billion U.S. dollars (approximately 281.4 billion yen), boosting assets under management to 136.9 trillion yen and strengthening its global investment management platform.

Negative

• None.

Insights

Global banks and capital markets analyst

Nomura delivered broad-based revenue growth, stable returns and a major asset-management acquisition, offset by higher costs and mixed segment profits.

Full-year net revenue grew 14.5% to 2,167.7 billion yen, while income before income taxes increased 14.4% to 539.8 billion yen. Net income attributable to shareholders rose 6.3% to 362.1 billion yen, sustaining return on equity around 10.1%. This points to steady profitability despite a higher tax burden.

Wealth Management and Wholesale showed strong operating leverage: their pre-tax income grew 22.8% and 20.6%, respectively, on high-single to low‑teens net revenue growth. In contrast, Investment Management’s net revenue rose 34.3% to 258.5 billion yen, but non‑interest expenses climbed 65.5%, leaving pre‑tax income down slightly.

A key strategic move was the acquisition of Macquarie investment management entities for about 1.8 billion U.S. dollars (around 281.4 billion yen). This helped lift assets under management to 136.9 trillion yen and expands Nomura’s global product and client footprint. Cash flows show outflows from operating and investing activities and inflows from long‑term and short‑term borrowings in FY2026, indicating funding through capital markets rather than internal cash generation.

Key Figures

Net revenue: 2,167.7 billion yen Income before income taxes: 539.8 billion yen Net income attributable to shareholders: 362.1 billion yen +5 more

8 metrics

Net revenue 2,167.7 billion yen For the year ended March 31, 2026; up 14.5% YoY

Income before income taxes 539.8 billion yen For the year ended March 31, 2026; up 14.4% YoY

Net income attributable to shareholders 362.1 billion yen For the year ended March 31, 2026; up 6.3% YoY

Basic EPS 123.08 yen per share Net income attributable to NHI shareholders per share, FY2026

Assets under management 136.9 trillion yen As of March 31, 2026, including acquired Macquarie businesses

Macquarie acquisition price 1.8 billion U.S. dollars (≈281.4 billion yen) Total cash consideration paid December 1, 2025

Total assets 62,645.9 billion yen Balance sheet total as of March 31, 2026

Annual dividends per share 51.00 yen For the year ended March 31, 2026; payout ratio 41.4%

Key Terms

Net revenue, Non-interest expenses, Comprehensive income, Assets under management, +2 more

6 terms

Net revenue financial

"Nomura reported net revenue of 2,167.7 billion yen for the fiscal year ended March 31, 2026"

Net revenue is the total amount of money a company earns from selling its products or services after subtracting any returns, discounts, or refunds. It shows how much actual income the company keeps from its sales. This figure is important because it reveals the true earnings from business activities, helping people understand how well the company is doing.

Non-interest expenses financial

"Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen"

Non-interest expenses are a company's routine operating costs that are not related to borrowing or lending interest, such as salaries, rent, utilities, technology, advertising and depreciation. Think of them as a household's monthly bills and upkeep costs excluding mortgage or loan interest. Investors watch these expenses because they directly reduce profits and reveal how efficiently a business turns revenue into earnings; rising non-interest costs can erode returns even if sales are steady.

Comprehensive income financial

"Comprehensive income attributable to NHI shareholders was 462,542 million yen"

Comprehensive income is the total change in a company’s value in a reporting period that comes from everyday operations plus other gains or losses not shown on the regular profit-and-loss statement. Think of net income as the visible money earned this year and comprehensive income as that money plus hidden adjustments—such as currency swings, unrealized gains or losses on investments, and pension revaluations—that also affect shareholders’ stake and help investors see the fuller financial picture.

Assets under management financial

"Assets under management were 136.9 trillion yen as of March 31, 2026"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

Cash flows from operating activities financial

"Cash flows from operating activities for the year ended March 31, 2026 were outflows of 843.0 billion yen"

Cash flows from operating activities are the actual cash a company receives and pays as a result of its core business — sales to customers, payments to suppliers and employees, and other day‑to‑day transactions. Investors care because this is the clearest measure of whether the business’s normal operations generate enough real cash to fund growth, service debt, and pay dividends; think of it like a household’s paycheck and bills, not one‑time sales or loans.

Accounting Standards Updates regulatory

"In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08"

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Form 6-K: How Foreign Companies Report to the SEC →

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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 April 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):    

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Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary – Year ended March 31, 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. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

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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: April 24, 2026		By:		/s/ Akito Bato
				Akito Bato
				Senior Managing Director

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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 March 31, 2024								% Change from 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

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(3) Cash Flows

		(Millions of yen)
		For the year ended March 31
		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			4,425,441				4,318,722

2. Cash Dividends

		(Yen amounts, except total annual dividends)
		For the year ended March 31
		2025				2026
Dividends per share
Dividends record dates
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

  a)  Changes in accounting policies due to amendments to the accounting standards : Yes

  b)  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.

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(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

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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 –

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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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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.

– 2 –

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<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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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.

– 3 –

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 Operating Results of Banking

		Billions of yen								% Change
		For the year ended								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 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.

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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.

– 5 –

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(1) Consolidated Balance Sheets

		Millions of yen
		March 31, 2025				March 31, 2026				Increase/ (Decrease)
ASSETS
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

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						Millions of yen
						March 31, 2025				March 31, 2026				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings							1,117,292				1,752,669				635,377
Payables and deposits:
Payables to customers							1,377,222				1,598,758				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		-		6,000,000,000 shares
Issued		-		3,163,562,601 shares as of March 31, 2025 and
				3,088,562,601 shares as of March 31, 2026
Outstanding		-		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

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(2) Consolidated Statements of Income

		Millions of yen								% Change
		For the year ended								(B-A)/(A)
		March 31, 2025(A)				March 31, 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

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(3) Consolidated Statements of Comprehensive Income

		Millions of yen								% Change
		For the year ended								(B-A)/(A)
		March 31, 2025(A)				March 31, 2026(B)
Net income			347,255				374,382				7.8
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			(35,768	)			149,812				—
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

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(4) Consolidated Statements of Changes in Equity

		Millions of yen
		For the year ended
		March 31, 2025				March 31, 2026
Common stock
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

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(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

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

Not applicable.

(7) 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.

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(8) 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								(B-A)/(A)
		March 31, 2025 (A)				March 31, 2026 (B)
Net revenue
Business segment information:
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”.

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		Millions of yen								% Change
		For the year ended								(B-A)/(A)
		March 31, 2025 (A)				March 31, 2026 (B)
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

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(9) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives

		Millions of yen																																% Change
		For the three months ended																																(B-A)/(A)
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025(A)				March 31, 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	)
		Yen																																% Change
Per share of common stock:
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	)

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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																																(B-A)/(A)
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025(A)				March 31, 2026(B)
Net revenue
Business segment information:
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 securities held for operating purposes			1,239				(3,232	)			618				(174	)			(132	)			1,762				2,659				3,982				49.8
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																																(B-A)/(A)
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025				September 30, 2025				December 31, 2025(A)				March 31, 2026(B)
Net gain (loss) related to economic hedging transactions			(2,853	)			1,826				(7,014	)			2,232				1,067				(166	)			(975	)			(2,866	)			—
Realized gain (loss) on investments in equity securities held for operating purposes			—				496				645				334				5				2,209				1,129				6				(99.5	)
Equity in earnings of affiliates			14,800				11,551				15,200				9,670				12,321				12,448				17,642				(5,959	)			—
Corporate items			5,519				(5,332	)			(954	)			(5,117	)			(11,637	)			(15,181	)			(9,630	)			(5,534	)			—
Other			(5,305	)			1,619				(996	)			(1,220	)			52,854				3,019				(18,507	)			(7,599	)			—
Total			12,161				10,160				6,881				5,899				54,610				2,329				(10,341	)			(21,952	)			—

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

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Table of Contents

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

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FAQ

How did Nomura Holdings (NMR) perform financially in FY2026?

Nomura Holdings delivered higher earnings in FY2026. Net revenue rose 14.5% to 2,167.7 billion yen and income before income taxes increased 14.4% to 539.8 billion yen. Net income attributable to shareholders grew 6.3% to 362.1 billion yen, with return on equity at 10.1%.

Which business segments drove Nomura Holdings (NMR) results in FY2026?

Wealth Management and Wholesale were major contributors. Wealth Management net revenue reached 487.9 billion yen and pre‑tax income grew 22.8% to 204.0 billion yen. Wholesale net revenue was 1,162.2 billion yen, with income before income taxes up 20.6% to 200.6 billion yen.

What was Nomura Holdings (NMR) Investment Management performance in FY2026?

Investment Management showed strong revenue growth but softer profits. Net revenue increased 34.3% to 258.5 billion yen, while non‑interest expenses rose 65.5% to 170.2 billion yen. As a result, income before income taxes edged down 1.4% to 88.3 billion yen despite higher assets under management.

What major acquisition did Nomura Holdings (NMR) complete in FY2026?

On December 1, 2025, Nomura acquired 100% of several Macquarie Group asset management companies for about 1.8 billion U.S. dollars (roughly 281.4 billion yen). These entities became consolidated subsidiaries and helped lift assets under management to 136.9 trillion yen.

How did Nomura Holdings (NMR) balance sheet change by March 31, 2026?

Total assets increased to 62,645.9 billion yen, up 5,843.8 billion yen, mainly from higher trading assets. Total liabilities reached 58,791.0 billion yen, driven by long‑term borrowings, while total equity rose 273.9 billion yen to 3,854.9 billion yen, reflecting retained earnings and other comprehensive income.

What were Nomura Holdings (NMR) dividends and payout ratio for FY2026?

Nomura paid total annual dividends of 51.00 yen per share for FY2026, down from 57.00 yen in the prior year. Total annual dividends were 148,859 million yen, representing a consolidated payout ratio of 41.4% and dividends equal to 4.2% of shareholders’ equity per share.

What did the cash flow statement show for Nomura Holdings (NMR) in FY2026?

Cash flows from operating activities were an outflow of 842.96 billion yen, mainly from higher trading assets and loans. Investing activities used 1,498.92 billion yen, while financing activities provided 2,095.85 billion yen, largely through new long‑term borrowings. Year‑end cash and equivalents were 4,318.72 billion yen.