Nomura earnings fell from the previous quarter in the three months ended September 2026, as weaker wholesale results offset record recurring revenue in wealth management. Net income was ¥103.7 billion, down 29% quarter on quarter but up 13% from a year earlier.

Key Takeaways

  • Group net revenue fell 12% from the previous quarter to ¥607.5 billion.
  • Wholesale pretax profit declined 51% quarter on quarter to ¥46.1 billion.
  • Nomura set an interim dividend of ¥35 per share, up from ¥27 a year earlier.

Nomura earnings in the September quarter

In its fiscal second-quarter results, Nomura reported pretax income of ¥148 billion, down 30% from the preceding quarter. Annualized return on equity was 10.9%, compared with 15.4% in the previous quarter.

For the six months through September, net income rose 27% year over year to ¥249.3 billion. Annualized return on equity for the half year was 13.3%.

Wholesale decline offsets wealth management records

Wholesale net revenue fell 16% quarter on quarter to ¥308.9 billion. Global Markets revenue declined 20% to ¥254.2 billion, with both fixed income and equities contributing to the decrease. Investment banking revenue rose 9% to ¥54.7 billion.

Wealth management net revenue fell 3% to ¥141.5 billion, while pretax income declined 8% to ¥65.6 billion. Recurring revenue nevertheless reached a record ¥66.7 billion, and net inflows into recurring revenue assets reached a record ¥755.4 billion.

Investment management pretax income fell 39% from the prior quarter to ¥27.4 billion. Nomura said lower investment gains and one-time integration costs affected the division.

Capital and dividend

Nomura’s common equity tier 1 capital ratio was 12.6% at the end of September, down from 13.2% at the end of June.

The ¥35 interim dividend has a September 30, 2026, record date. Chief Financial Officer Hiroyuki Moriuchi reiterated the company’s commitments to a payout ratio of at least 40% and a total payout ratio of at least 50%, while balancing financial soundness and growth opportunities.

Next milestone

Interim dividend payments are scheduled to begin on December 1, 2026.

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