Nomura

Nomura Holdings, Inc. (Nomura) is a financial services group based in Tokyo, Japan. It was founded in 1925. It has four divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking) and Banking. In the six months that ended September 30, 2026, net revenue was ¥1,294.2 billion, income before income taxes was ¥359.5 billion and net income attributable to Nomura shareholders was ¥249.3 billion.

Kentaro Okuda is President and Group CEO. Nomura files Form 20-F and Form 6-K with the SEC. It reports in Japanese yen under US GAAP, and its fiscal year ends on March 31. Its American Depositary Shares trade on the New York Stock Exchange in US dollars, and each ADS represents one share of common stock.

The price of Nomura depends on whether its return on equity (ROE) stays at 10% or more when markets are weak. Its earnings move with markets, because the Wholesale division trades and underwrites for clients. In Q2 of the year ending March 2027, Wholesale income before income taxes fell 51% from the record Q1, and group ROE was 10.9%. The first half ROE of 13.3% includes gains on the sale of real estate of about ¥56.0 billion.

The balance sheet is also large: total assets were ¥67.5 trillion at September 30, 2026, which is 17.9 times equity. Nomura says that its stable revenue grew about 60% in the first half, because Wealth Management and Investment Management earn more from recurring fees. It gives no earnings forecast. For the price to hold or rise, three things must be true.

Recurring revenue must keep growing, so that it covers more of the costs of Wealth Management than the 79% of Q2. ROE must stay in the target range of 10% to 12% or more in quarters when trading is weak. The capital ratios must stay well above the minimum while the balance sheet grows. The next tests are the Q3 report, expected in late January 2027, and the full-year report, expected in late April 2027.

1. Jan 29, 2027 · est.Pending

   Q3 results: Wholesale revenue and ROEROE for the quarter stays at 10% or more with no real estate gain and recurring revenue keeps rising, and this passes; a lower ROE fails.
2. Apr 2027 · est.Pending

   Full-year results for the year ended March 2027Full-year ROE is inside or above the target range of 10% to 12% and the capital ratios stay well above the minimum, and this passes; a lower ROE fails.
3. Jul 2027 · est.Pending

   Q1 results for the year ending March 2028ROE stays in the target range after the first full quarter without the real estate gains of this year, and this passes; a lower ROE fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Nomura reported results for Q2 of the year ending March 2027. Net revenue was ¥607.5 billion, up 18% from a year before and down 12% from Q1. Income before income taxes was ¥148.0 billion, up 8% from a year before, and net income attributable to Nomura shareholders was ¥103.7 billion. ROE was 10.9%.
• October 28, 2026Nomura declared a half-year dividend of ¥35 per share for holders of record at the end of September 2026. It is payable on December 1, 2026.
• October 28, 2026Wealth Management had record net inflows of about ¥750 billion into assets that pay recurring revenue in Q2. Its recurring revenue cost coverage ratio rose to 79%. Investment Banking net revenue rose 26% from a year before.

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Mar 31, 2026Filed June 22, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Sep 30, 2025Filed December 12, 2025 · Read it on sec.gov
• 20-FAnnual report for the period ended Mar 31, 2025Filed June 23, 2025 · Read it on sec.gov
• 6-KInterim report for the period ended Sep 30, 2024Filed December 13, 2024 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1163653)

• Earnings depend on markets. Trading and investment banking revenue can fall fast when markets fall or clients stop deals. In Q2, Wholesale income before income taxes fell 51% from Q1.
• The balance sheet is large. Total assets were ¥67.5 trillion and gross leverage was 17.9 times at September 30, 2026. Level 3 assets, which are hard to value, were ¥1.3 trillion. A large loss in trading or in private equity would cut capital.
• The first half profit includes gains on the sale of real estate of about ¥56.0 billion. ROE can fall back when such gains do not repeat.
• The ADS price is in US dollars, and Nomura earns in yen. A weaker yen lowers the dollar value of each ADS, even when earnings in yen are the same.

At September 30, 2026, Nomura had total assets of ¥67.5 trillion, up from ¥62.6 trillion at March 31, 2026. Total Nomura shareholders' equity was ¥3,775.3 billion. Read more

The dividend data after March 31, 2025 is missing.

Latest ex-dividend date

March 31, 2025, $0.238 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 38.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.