Nomura (8604) Q3 2025 earnings summary

Executive summary

• Net revenue for Q3 rose 4% quarter-on-quarter to JPY 502 billion, with net income up 3% to JPY 101.4 billion and EPS at JPY 33.08; for the first nine months, net revenue increased 28.9% year-over-year to JPY 1,439.8 billion, and net income surged 146.3% to JPY 268.8 billion.

• This marks the seventh consecutive quarter of profit growth, with income before income taxes and net income reaching multi-year highs, driven by strategic initiatives and improved international profitability.

• All business divisions reported strong gains, with income before income taxes already exceeding the full-year target and EPS for nine months at JPY 87.66.

• Comprehensive income attributable to shareholders increased 109.5% year-over-year to JPY 337.6 billion.

Financial highlights

• Q3 income before income taxes grew 4% to JPY 138.3 billion; annualized ROE reached 11.8%.

• Nine-month income before income taxes rose 105.9% year-over-year to JPY 374.2 billion; net income for nine months was JPY 268.8 billion, up 146.3%.

• Basic EPS for nine months rose to JPY 90.95, diluted EPS to JPY 87.66.

• Tier 1 capital stood at JPY 3.6 trillion, with a Tier 1 capital ratio of 18.1% and CET1 ratio of 16.3%.

• Total assets grew to JPY 60,529.8 billion, up JPY 5,382.6 billion from March 31, 2024.

Outlook and guidance

• Management aims for consistent ROE of 8–10% or more by 2030, targeting at least 8% even in challenging markets.

• Further accumulation of stable, recurring profits is expected to enhance earnings stability.

• Asset sale (Takanawa property) to generate pre-tax income of about JPY 56 billion in Q4.

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

• A 100th anniversary commemorative dividend of JPY 10 per share is planned.