Nomura Holdings (NMR) Earnings Date & Reports
Nomura Holdings Inc is a financial services group in Japan and operates offices in countries and regions world-wide, including Japan, the U... Show more
NMR is expected to report earnings to rise 17.63% to 18 cents per share on July 29
Nomura Holdings, Inc. (NMR) Q4 FY2026 Earnings Recap: Record Annual Revenue Tops 2 Trillion Yen
Key Takeaways
- Nomura Holdings reported full-year FY2026 net revenue of ¥2,167.7 billion, up 15% year-over-year (YoY), marking a second consecutive record.
- Annual net income reached ¥362.1 billion, a 6% YoY increase, with return on equity (ROE) at 10.1%.
- Q4 net revenue rose 27% YoY to ¥577.2 billion but income before taxes fell 20% quarter-over-quarter (QoQ) to ¥107.7 billion due to higher expenses.
- Q4 EPS was ¥24.34, below some analyst expectations, though full-year EPS hit ¥118.99.
- Strong growth in Wealth Management and Wholesale segments drove results, offsetting softer Investment Management.
- Stock dipped around 3% in premarket trading post-release, reflecting Q4 sequential weakness.
Earnings Context and Why It Matters
Nomura Holdings, Inc., a leading Japanese financial services firm, released its fiscal Q4 and full-year FY2026 results on April 24, 2026, capping a transformative year amid Japan's market recovery and global volatility. As one of Asia's top investment banks, Nomura's performance is a key barometer for regional dealmaking, trading, and wealth flows. Investors watch closely for signals on investment banking (IB) fees, net interest income (NII), and cost discipline, especially with equity markets booming in Japan. Strong full-year records underscore strategic shifts toward high-margin Wealth Management, but Q4 softness highlights expense pressures and cyclical risks in Wholesale activities. These results influence sentiment on Nomura's medium-term ROE target of 9-11% through 2030.
For the full fiscal year ended March 31, 2026, Nomura achieved record net revenue of ¥2,167.7 billion, surpassing the prior year by 15%, driven by robust Wealth Management (up significantly on assets under management growth) and Wholesale (strong IB and trading). Income before income taxes climbed 14% to ¥539.8 billion, while net income attributable to shareholders rose 6% to ¥362.1 billion. EPS reached ¥118.99, with ROE at 10.1%, meeting medium-term goals.
In Q4 (January-March 2026), net revenue expanded 27% YoY and 5% QoQ to ¥577.2 billion, beating revenue consensus around ¥546 billion. However, income before taxes dropped 20% QoQ to ¥107.7 billion amid higher non-personnel costs and impairments, leading to net income decline of 19% QoQ. Q4 EPS of ¥24.34 (or ~$0.16 ADR) missed estimates of ~$0.21-0.24, though full-year beat expectations. Key metrics showed Wealth Management net revenue stable QoQ with pretax income up 5%, while Wholesale faced seasonal pressures.
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Market Reaction and Investor Sentiment
Shares of Nomura Holdings (NMR) fell about 2.7% in premarket trading on April 24, extending to a 6% drop intraday, as investors focused on Q4 profit weakness despite full-year records. The EPS miss and QoQ declines overshadowed YoY gains and beats on revenue. Sentiment remains cautiously positive on structural Wealth growth but wary of cost inflation and Wholesale volatility. Analysts noted pre-priced expectations for strong annuals, with focus shifting to FY2027 execution.
Forward Outlook and Key Factors to Monitor
Nomura enters FY2027 (April 2026-March 2027) with momentum from record FY2026 results, but management emphasized no specific numerical guidance, citing macro uncertainties. Progress toward 2030 targets—ROE 9-11%, proactive shareholder returns—remains on track, supported by Wealth Management expansion and AUM (assets under management) growth.
Investors should monitor Wealth Management inflows and platform fees amid Japan's aging population and rising equities. In Wholesale, track IB backlog, M&A (mergers and acquisitions) activity, and fixed income trading, buoyed by global rate dynamics. Cost control is critical after Q4 personnel and non-personnel hikes; NCOs (net credit losses) in Retail remain low but warrant vigilance.
Broader catalysts include U.S.-Japan policy shifts, yen volatility, and geopolitical risks impacting markets. Upcoming Investor Day (May 2026) may provide FY2027 color. Balanced growth across segments will be key to sustaining ROE above 10%.
Disclaimer
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a holding company with interests in financial services
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