Nomura Holdings, Inc. reported its fourth‑quarter 2026 earnings, covering the fiscal year ended March 31, 2026. Net revenue rose 14.5% to ¥2,167.7 billion, driven by strong performance in Wealth Management and Wholesale segments, while Investment Management revenue grew 34.3% but pre‑tax income fell 1.4% due to a 65.5% jump in operating expenses.
Income before income taxes increased 14.4% to ¥539.8 billion, and net income attributable to shareholders reached ¥362.1 billion, a 6.3% year‑on‑year gain. Return on equity climbed to 10.1%, matching the company’s target and reflecting efficient capital deployment.
The company’s Wealth Management segment delivered a 22.8% rise in pre‑tax income, supported by higher fee‑based advisory revenue and a growing client base. Wholesale income before taxes grew 20.6%, buoyed by trading and underwriting activity. Investment Management’s higher expenses, largely from talent and technology investments, offset revenue gains and compressed its margin.
Management highlighted a strategic shift toward recurring revenue streams and announced a share‑buyback program of up to ¥60 billion to enhance capital efficiency. The acquisition of Macquarie’s asset‑management businesses, completed on December 1 2025 for approximately ¥281.4 billion, added ¥136.9 trillion in assets under management and reinforced Nomura’s global investment‑management platform.
Despite the robust full‑year results, Q4 profitability slipped quarter‑on‑quarter because of impairments and geopolitical tensions that weighed on trading volumes. Investors reacted cautiously, and the company refrained from issuing new earnings or dividend guidance for the fiscal year ending March 31 2027, citing uncertainty in global capital markets.
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