$NMR · NOMURA HOLDINGS INC
Nomura Holdings reported Q2 FY2026/27 (ending September 2026) results under US GAAP. Net revenue was ¥607.5B, down 12% QoQ but up 18% YoY. Income before income taxes was ¥148.0B, down 30% QoQ but up 8% YoY. Net income attributable to shareholders was ¥103.7B (EPS ¥34.61). ROE was 10.9%, meeting the 2030 Management Vision target of 10-12% for a second straight quarter. For 1H FY26/27, net revenue was ¥1,294.2B (+25% YoY) and net income was ¥249.3B (+27% YoY).
- Q2 net revenue ¥607.5B, down 12% QoQ but up 18% YoY; income before income taxes ¥148.0B, down 30% QoQ.
- 1H FY26/27 net revenue ¥1,294.2B (+25% YoY); 1H net income ¥249.3B (+27% YoY); 1H ROE 13.3%.
- Wholesale income before taxes fell 51% QoQ to ¥46.1B as Global Markets normalized from prior quarter's record high.
- Wealth Management recurring revenue hit all-time high of ¥66.7B (+13% QoQ); recurring revenue cost coverage ratio reached 79%.
- Record net inflows of recurring revenue assets of ¥755.4B; half-year dividend per share ¥35, up 50% YoY.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Nomura's Q2 reveals a tale of two businesses: record stable revenues from Wealth Management vs. sharp trading normalization in Wholesale, testing the durability of its 10.9% ROE.
Nomura's results mirror broader global investment banking trends: strong YoY gains but sharp QoQ normalization in trading. The push into recurring asset management revenue echoes peers pivoting toward stable fee-based income.
Wholesale segment income swung sharply (-51% QoQ) on Global Markets normalization, highlighting earnings volatility from trading-dependent businesses. Three international regions' income before tax fell 65% QoQ to ¥26.4B.