Nomura (8604) Q1 2027 earnings summary

Executive summary

• Revenue and income before income taxes increased quarter-over-quarter and year-over-year across all segments, with ROE reaching 15.4% as structural reforms and progress toward the 2030 Management Vision continued.

• Asset management-based and recurring revenue business expansion strengthened the stable revenue base, with international regions (Americas and AEJ) driving record income before income taxes since FY2008/09.

• All four business segments reported higher income before income taxes, totaling ¥213.0 billion (+70% QoQ).

• Net revenue for the three months ended June 30, 2026 rose 31.2% year-over-year to ¥686.7 billion, with net income attributable to shareholders up 39.2% to ¥145.6 billion.

• Comprehensive income surged 186.4% year-over-year to ¥176.5 billion.

Financial highlights

• Net revenue: ¥686.7 billion (+19% QoQ, +31% YoY); income before income taxes: ¥211.5 billion (+96% QoQ, +32% YoY); net income: ¥145.6 billion (+97% QoQ, +39% YoY); EPS: ¥48.34 (+99% QoQ, +42% YoY).

• Wealth Management net revenue increased 9% QoQ to ¥145.4 billion; income before income taxes up 16% to ¥71.1 billion.

• Investment Management net revenue rose 14% QoQ to ¥98.3 billion; income before income taxes surged 148% to ¥45 billion, best since division's inception.

• Wholesale net revenue up 20% QoQ to ¥369.1 billion; income before income taxes up 116% to ¥93.3 billion, both record highs since April 2010.

• Group-wide expenses were ¥475.2 billion, up 1% QoQ and 30.9% YoY.

Outlook and guidance

• ROE target for 2030 raised to 10%-12% or more, with income before income taxes target set at ¥750 billion.

• Market volatility expected to increase in the second half due to geopolitical risks and monetary policy trends; company plans to monetize opportunities while maintaining cost discipline.

• No earnings or dividend forecasts provided due to uncertainties in global capital markets.