Nissan Motor (7201) Q3 2026 earnings summary

Executive summary

• Achieved a positive Q3 operating profit of ¥17.5 billion, with cost savings from the Re:Nissan plan offsetting tariff and sales headwinds, despite challenging sales in Japan and Europe and a rebound in China.

• Retail sales rose 3% year-on-year, with notable strength in the U.S. and China, while Japan and Europe remained weak; global retail sales volume for the nine months declined 5.8% to 2,257 thousand units.

• The Re:Nissan recovery plan delivered fixed cost savings ahead of schedule, with over ¥160 billion achieved year-to-date.

• Retail sales outlook for FY25 adjusted to 3.2 million units, with expectations for a strong Q4 finish and narrowing full-year operating loss.

• Net sales for the nine months ended December 31, 2025, declined 6.2% year-over-year to ¥8,578.0 billion.

Financial highlights

• Nine-month net revenue declined to ¥8,578.0 billion, reflecting lower unit sales and a 6.2% year-over-year decrease.

• Operating loss for nine months was ¥10.1 billion, a deterioration of ¥74.1 billion from the prior year, mainly due to U.S. tariffs and unfavorable foreign exchange rates.

• Net loss for nine months was ¥250.2 billion, mainly due to non-cash asset impairments and restructuring costs.

• Negative free cash flow of ¥691.4 billion for the nine months, with net cash in the auto segment at ¥957.8 billion at Q3 end.

• Extraordinary losses increased to ¥224.0 billion, including an ¥80.6 billion impairment loss on fixed assets in Japan.

Outlook and guidance

• Full-year FY2025 net sales forecast at ¥11,900.0 billion, up ¥200 billion from prior guidance but down 5.8% year-over-year.

• Full-year global sales volume forecast revised downward to 3.2 million units, a 4.4% decrease year-over-year.

• Consolidated operating loss forecast at ¥60.0 billion, reflecting progress in fixed cost reduction.

• Net loss outlook of ¥650.0 billion, mainly due to non-cash restructuring charges.

• Basic earnings per share for the full year is forecast at ¥(186.04).