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Nomura Holdings, Inc.

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Nomura Holdings, Inc. • NYSE
$7.58 ▼ -0.79% (-0.06)
Market Cap $22.40 B
52w High $7.66
52w Low $4.86
Dividend Yield 0.39%
P/E 9.84
Volume 354.42K
Outstanding Shares 2.96B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $1.114T ▼ $331.626B ▼ $92.078B ▼ 8.265% ▼ $32.42 ▼ $136.645B ▼
Q1-2026 $1.157T ▲ $363.033B ▲ $104.565B ▲ 9.041% ▲ $35.19 ▲ $160.282B ▲
Q4-2025 $981.842B ▼ $257.479B ▼ $71.97B ▼ 7.33% ▼ $24.35 ▼ $97.744B ▼
Q3-2025 $1.154T ▼ $320.057B ▲ $101.441B ▲ 8.788% ▲ $34.32 ▲ $138.279B ▲
Q2-2025 $1.194T $302.703B $98.387B 8.24% $33.3 $133.01B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $6.048T ▲ $58.101T ▲ $54.512T ▲ $3.476T ▲
Q4-2025 $5.515T ▼ $56.802T ▼ $53.221T ▼ $3.471T ▼
Q3-2025 $5.575T ▼ $60.53T ▲ $56.855T ▲ $3.57T ▲
Q2-2025 $5.79T ▲ $57.459T ▼ $54.062T ▼ $3.301T ▼
Q1-2025 $4.437T $59.741T $56.178T $3.463T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $104.565B ▲ $0 $0 $0 $0 $0
Q4-2025 $71.97B ▼ $0 $0 $0 $0 $0
Q3-2025 $101.441B ▲ $0 $0 $0 $0 $0
Q2-2025 $98.387B ▲ $0 $0 $0 $0 ▲ $0
Q1-2025 $68.938B $0 $0 $0 $-4.299T $0

Five-Year Company Overview

Income Statement

Income Statement Nomura’s revenue has grown strongly over the last few years, moving from a relatively small base to a much larger scale, which suggests successful client acquisition and heavier use of its balance sheet. Profitability, however, has been choppy: one year shows a large trading or valuation setback at the gross profit level, followed by a sharp recovery. Operating profits are positive throughout, but margins move around, indicating sensitivity to market conditions and deal flow. Net income in the most recent year is much stronger than in prior years, showing that the business can be quite profitable in favorable markets, but the pattern over time underlines that earnings are cyclical and not yet consistently stable.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and shareholders’ equity both trending upward, which points to a growing franchise and a gradually stronger capital base. Debt levels, however, swing significantly from year to year and have risen recently, reflecting a more leveraged balance sheet typical of a capital markets firm but still a factor to watch. Cash on hand is reasonably solid, though not growing in a straight line. Overall, Nomura looks larger and better capitalized than a few years ago, but more heavily geared, making prudent risk management and funding diversification particularly important.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been erratic, flipping between positive and notably negative years, which is not unusual for a trading- and investment‑driven institution but still signals volatility in underlying cash earnings. Free cash flow has been negative in most recent years, even though spending on property and equipment is fairly modest, meaning swings are mainly driven by trading positions, collateral, and other working capital items rather than big investments in physical assets. This pattern suggests that accounting profits and cash movements can diverge meaningfully from year to year. For observers, it means cash flow should be monitored over a multi‑year period rather than judged on any single year’s figure.

Competitive Edge

Competitive Edge Nomura holds a leading position as Japan’s largest investment bank and brokerage, giving it strong domestic brand recognition, deep relationships, and scale advantages at home. Its reach across Asia and into Western markets helps it connect capital flows between regions, which is a key differentiator for global clients active in Japan and the broader Asia-Pacific area. The Instinet subsidiary provides an advanced electronic trading platform, which strengthens Nomura’s appeal to institutional investors seeking efficient, low‑cost execution. At the same time, Nomura faces intense competition from both global bulge‑bracket banks and domestic rivals, as well as margin pressure from increasingly electronic and commoditized trading services. Its edge will depend on maintaining superior execution, insight, and product breadth rather than competing purely on price.

Innovation and R&D

Innovation and R&D Nomura is leaning heavily into digital transformation, using cloud technology to modernize its infrastructure and launch client‑facing apps for research and portfolio management, which can deepen client engagement and support new revenue streams. Through Instinet, it offers sophisticated electronic trading tools and analytics, reinforcing its position in algorithmic and high‑touch institutional trading. The firm is also an early mover in digital assets and security token offerings via its BOOSTRY platform, placing it at the forefront of Japan’s tokenized securities market. In sustainable finance, the Nomura Greentech unit focuses on clean technology and infrastructure advisory, aligning the firm with one of the fastest‑growing areas of investment banking. These initiatives collectively signal a strategic push to differentiate through technology, ESG capabilities, and innovative products, rather than relying solely on traditional brokerage and underwriting.

Summary

Nomura today looks like a larger, more diversified capital markets group than it was a few years ago, with strong recent revenue growth and a notable rebound in profitability after a period of trading-related weakness. Its financial profile, however, remains inherently cyclical: earnings and cash flows fluctuate with markets, risk appetite, and deal activity, and leverage has increased as the balance sheet has expanded. On the positive side, the company has entrenched strength in Japan, growing international connectivity, and a credible technological backbone via Instinet and its cloud migration. Its focused push into sustainable finance and digital assets adds potential long‑term growth drivers and helps build a differentiated brand. The key questions going forward are whether Nomura can smooth out its earnings volatility, manage leverage and funding risk prudently, and successfully convert its innovation and ESG positioning into more stable, high‑quality profits over time.

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