Nomura (8604) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 FY2026 was JPY 515.5 billion, down 2% QoQ, and for the first half rose 10.8% YoY to JPY 1,038.8 billion; net income for Q2 was JPY 92.1 billion, down 12% QoQ, and for the first half up 17.5% YoY to JPY 196.6 billion.

• ROE reached 10.6% for Q2 and 11.3% for the first half, exceeding the 2030 target for six consecutive quarters.

• All four divisions posted a 25% increase in income before income taxes, with international regions up 63% and nine consecutive quarters of profitability.

• Wealth Management and Investment Management achieved record recurring revenue assets and AuM, respectively.

• Global Markets revenues hit a record high in Equities; Investment Banking showed strong momentum in Japan and recovery internationally.

Financial highlights

• Group-wide net revenue: JPY 515.5 billion (down 2% QoQ, up 7% YoY); net income: JPY 92.1 billion (down 12% QoQ, down 6% YoY); EPS for Q2: JPY 30.49.

• First half income before income taxes up 25.8% YoY to JPY 296.9 billion; net income up 17.5% YoY to JPY 196.6 billion; EPS for first half: JPY 64.53.

• Group-wide expenses rose 4% QoQ to JPY 378.8 billion, mainly due to higher compensation and benefits.

• Cost-coverage ratio at 71%; group revenue up 11% YoY.

• Total assets increased to JPY 60,368 billion as of September 2025, up JPY 3,566 billion from March 2025.

Outlook and guidance

• Stable revenue growth expected from recurring assets in Wealth and Investment Management, and Banking.

• October net revenue in Wealth Management is above Q2 levels; Wholesale revenue remains solid.

• Continued focus on raising profit baseline and prudent risk-taking aligned with market conditions.

• No earnings or dividend forecasts provided due to ongoing uncertainties in global capital markets and economic conditions.