$NMR · NOMURA HOLDINGS INC
Nomura Holdings filed its Q2 FY2027 (six months ending September 2026) earnings via Form 6-K. First-half net revenue rose 25% YoY to ¥1,294.2B ($8.2B), pretax income grew 21% to ¥359.5B, and net income reached ¥249.3B ($1.6B), up 27% YoY. Q2 standalone showed sequential softening: net revenue ¥607.5B (-12% QoQ), pretax income ¥148.0B (-30% QoQ), and net income ¥103.7B (-29% QoQ), though all metrics improved YoY. The board declared a half-year dividend of ¥35/share, up from ¥27 a year ago.
- First-half FY2027 net revenue ¥1,294.2B ($8.2B), up 25% YoY; pretax income ¥359.5B, up 21% YoY.
- Q2 net income ¥103.7B ($659M), down 29% QoQ from record Q1 but up 13% YoY.
- Wealth Management recurring revenue hit all-time high; recurring revenue cost coverage ratio rose to 79%.
- Wholesale pretax income fell 51% QoQ to ¥46.1B, retreating from Q1 record levels; Equities remained strong.
- Half-year dividend raised to ¥35/share from ¥27 a year ago; full-year FY2026/27 dividend TBD.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The sequential QoQ profit decline (-29% net income) may temper enthusiasm from the strong YoY growth and dividend hike.
Nomura's business-model transformation is showing results (13.3% H1 ROE, record recurring revenue), but the 51% QoQ Wholesale profit drop reveals how much earnings still depend on volatile capital markets activity.
Nomura's results mirror the broader Japanese securities industry trend of strong Wealth Management flows offsetting volatile Wholesale/IB revenues. The 13.3% first-half ROE and 79% recurring revenue cost coverage ratio signal progress on the asset-management pivot that peers like Daiwa are also pursuing.
Wholesale pretax income swung sharply (-51% QoQ) from record Q1 levels, exposing earnings volatility in Global Markets and Investment Banking. Market uncertainty explicitly cited as a headwind for Wealth Management.