Nomura Holdings has reported its earnings results for the first quarter of FY2026/27. In 1Q, net revenue, income before income taxes, and net income all rose from the previous quarter, and ROE came to 15.4%.
All divisions delivered quarter-on-quarter growth in net revenue and income before income taxes, reflecting the results of our structural reforms and steady progress toward our 2030 management vision.
Below, we highlight key elements of our 1Q financial results, discuss companywide earnings and segment performance, and share frequently asked questions and answers and key facts.
In 1Q FY2026/27, Nomura Holdings posted net revenue of Y686.7bn, income before income taxes of Y211.5bn, and net income of Y145.6bn, all up quarter on quarter. ROE was 15.4%, the highest on record for the company since the April-June quarter of 2020.
In Wealth Management, recurring revenue1, recurring revenue assets, and net inflows of recurring revenue assets2 all reached record highs as the asset management business gained traction. In Investment Management, assets under management rose to a record high, and management fees increased in Japan and overseas, including at acquired businesses. In Wholesale, initiatives to strengthen stability, growth, and diversification delivered results, with quarterly net revenue growth in Global Markets and Investment Banking’s 1Q net revenue exceeding Y50bn for the first time ever. In Banking, revenue from lending activities as well as trust and agent services remained steady, and the deposit sweep service launched in April 2026 helped drive steady growth in contracts and balances.
1. Revenue from client assets and ongoing revenue (investment trusts, discretionary investments, insurance, loans, level fee assets, etc.)
2. Excludes investment trust distributions, and investment trust net inflows in level fee accounts, etc.
FY2026/27 1Q: Overview of results
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Income before income taxes, and net income3
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- Income before income taxes was Y211.5bn and net income was Y145.6bn, up 96% and 97%, respectively, from the previous quarter.
3. Net income (loss) attributable to Nomura Holdings shareholders
ROE by quarter
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- In 1Q FY2026/27, ROE was 15.4%, showing solid progress toward our 2030 target of 10% to 12% or more.
In 1Q, net revenue came to Y686.7bn, an increase from the previous quarter. Income before income taxes was Y211.5bn and net income was Y145.6bn. Strategies in each segment were successful, and all segments achieved quarter-on-quarter increases in net revenue and income before income taxes, showing improved earnings power.
Business segment results
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Wealth Management net revenue was Y145.4bn and income before income taxes was Y71.1bn, both up for the fifth consecutive quarter. Net inflows of recurring revenue assets reached an all-time high of Y539.6bn, the recurring revenue cost coverage ratio4 was 76%, and the margin on income before income taxes was high at 49%.
In Investment Management, assets under management rose to a record high of Y156trn, and management fees increased in Japan and overseas, including at acquired businesses. Both net revenue and income before income taxes reached record highs.
In the Wholesale Division, initiatives aimed at stability, growth, and diversification bore fruit. Both net revenue and income before income taxes reached their highest levels since the division was established.
Banking reported solid net revenue. The deposit sweep service5 launched on April 27, 2026 saw steady growth in contracts and balances, driven by promotional campaigns and collaboration with the Wealth Management Division, helping expand the base for future growth.
4. Recurring revenue divided by non-interest expenses using four-quarter cumulative
5. An automatic fund transfer service between a Nomura Securities comprehensive securities service account and a Nomura Trust and Banking ordinary deposit account (“Anshin Sweep”)
Highlights of 1Q performance
In Wealth Management, revenue and profit continued to trend higher as the shift to a revenue model driven by asset management businesses gained momentum.
Backdrop to strong performance
- Net inflows of recurring revenue assets1 remained at a high level of Y539.6bn, marking the 17th straight quarter of strong net inflows
- Recurring revenue reached a record high, supported by solid market conditions and steady build-up of recurring revenue assets
- Further progress was made in comprehensive asset management businesses
Wealth Management
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Highlights of 1Q performance
Assets under management, including alternative assets, rose to a new high, contributing to stronger business revenue. Costs fell quarter on quarter, reflecting the absence of one-time expenses booked in the previous quarter. Net revenues and income before income taxes both reached all-time highs since the division was established in April 2021.
Backdrop to strong performance
- Asset management business was solid
- Asset management fees reached a new high driven by growth in assets under management
Investment Management
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Highlights of 1Q performance
In Wholesale, net revenue and income before income taxes reached record highs, backed by efforts to strengthen stability, growth, and diversification. In Global Markets, Equities net revenue was at a record high for the fourth straight quarter. In Investment Banking, net revenue reached an all-time high6 for 1Q, although it slowed from the strong prior quarter.
Backdrop to strong performance
- Global Markets had record-high net revenue driven by Equities
- Investment Banking participated in multiple diverse transactions in Japan and overseas, including large deals
- CIR improved as revenue growth drove operating leverage
6. A record since comparisons possible in FY2016/17
Wholesale
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Highlights of 1Q performance
Revenues from lending activities and trust and agent services remained solid. Contracts and balances grew steadily following the launch of the deposit sweep service.
Backdrop to strong performance
- Loans outstanding grew, mainly for Nomura Web Loans, reflecting increased awareness of securities-backed loans and a rise in collateral value thanks to rising markets
- In the trust & agent service business, mandates for newly established investment trusts were secured thanks to enhanced marketing strategies, and balances grew as fund inflows continued
Banking
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What is the highlight of Nomura Holding’s 1Q FY2026/27 financial results?
In 1Q, net revenue was Y686.7bn and income before income taxes was Y211.5bn, both up year on year, and net income was Y145.6bn. Net revenue and income before income taxes rose quarter on quarter in all segments and steady progress was made toward the 2030 management vision.
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Why did business grow?
In addition to favorable market conditions, the benefits of platform reforms carried out over the past several years are beginning to emerge, further boosting the profit-generating capacity of all four business segments.
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Why did Wealth Management perform well?
Both recurring revenue and flow revenue were boosted by growth in recurring revenue assets and increased client activity. Growth in costs was also kept below net revenue growth thanks to ongoing cost controls.
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Why was net revenue at a record high in Investment Management?
Record-high assets under management of Y156trn contributed to growth in net revenue both in Japan and overseas. Gains/losses related to American Century Investments also made a major contribution to investment gains/losses.
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Why were Equities at a record high in Wholesale?
Equity Products grew, mainly in Derivatives, backed by franchise expansion across regions and increased client flows. AEJ drove Execution Services by accurately capturing client activity.
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Why did Banking net revenue and income before income taxes rise?
This was mainly because Banking revenues grew on the back of steady growth in loans outstanding.
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How does the Group CEO view this quarter’s results?
We’ve made a very strong start to our fiscal year. In the first quarter, ROE was 15.4% and pretax income from our four business divisions was Y213bn, representing solid progress toward our 2030 targets of ROE of 10% to 12% or more and pretax income of at least Y750 billion. This performance reflects the transformation of our business model, the strengthening of our platforms in Japan and overseas, and closer collaboration across the group.
In Wealth Management, recurring revenue reached a record high as our asset management business gained traction. In Investment Management, assets under management were at an all-time high of Y156trn. The division had its best quarterly performance since it was established in April 2021, underpinned by higher management fees in Japan and overseas, as well as inflows into a newly launched active emerging market equity fund.
In Wholesale, our efforts to strengthen stability, growth, and diversification bore fruit, with net revenue and pretax income reaching record highs. In the Banking Division, growth in loans outstanding and investment trust balances helped drive revenue and pretax income higher quarter on quarter, and the launch of our deposit sweep service also helped deepen collaboration with Wealth Management.
We remain committed to achieving our 2030 management vision of Reaching for Sustainable Growth.
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What are the key points to watch going forward?
Some of the key points to watch are the strengthening of the stable revenue base and the improvement of profit levels through the expansion of the recurring revenue business. We will also continue to show consistency not only in absolute profit levels, but also in the quality of profits, improved capital efficiency, cost discipline, and risk management.
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What is ROE？
ROE stands for return on equity. It shows how efficiently a company generates profit relative to shareholders’ equity. At Nomura, ROE is calculated using net income attributable to Nomura Holdings’ shareholders.
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What is EPS？
EPS is an indicator of earnings per share, showing how much profit was generated per share.
At Nomura, it is calculated as diluted net income attributable to Nomura Holdings’ shareholders per share.
Formula: EPS = net income attributable to Nomura Holdings shareholders ÷ the average number of shares outstanding adjusted for dilution
- Reporting period: First quarter, year ending March 2027
- Net revenue: Y686.7bn
- Income before income taxes: Y211.5bn
- Net income: Y145.6bn
- ROE: 15.4%
- Key driver of performance: Four core business segments
- Main topics: Benefits of structural reforms; steady progress toward 2030 management vision; expansion of asset management-based businesses; increase in recurring revenue assets and assets under management; stability, growth, and diversification strategy; deposit sweep service
Access press releases and financial results below.
Nomura Holdings IR Department
+81(3)5255-1000
- Source: "Consolidated Results of Operations First quarter, year ending March 2027" (PDF)
- URL：https://www.nomuraholdings.com/en/investor/summary/finance/main/0111111111114/teaserItems2/0/linkList/0/link/2027_1q_prem.pdf
- This draft is a summarized version of the above-mentioned PDF. Definitions (EPS calculation method, ROE annualization method, etc.) follow those in the PDF document.
- Date published: July 29, 2026
- Accounting periods: April 1, 2026 through June 30, 2026