Key Highlights

● Net revenue was ¥686.7 billion, up 31% year over year.

● Net income attributable to shareholders reached ¥145.6 billion, against ¥104.6 billion.

● Annualized return on equity was 15.4%, against 12.0% a year earlier.

● Assets under management reached a record of roughly ¥156 trillion.

Nomura Holdings (NYSE:NMR) is a Tokyo-based financial services group reporting four segments: Wealth Management, Investment Management, Wholesale and Banking. Its American depositary shares trade on the New York Stock Exchange as NMR, each representing one share of common stock listed in Tokyo.

On July 29, 2026 the group published results for the first quarter of its financial year to March 2027, covering April to June 2026. Net revenue was ¥686.7 billion, up 31% on a year earlier and 19% on the preceding quarter. Income before income taxes was ¥211.5 billion, 32% higher year over year. Net income attributable to shareholders reached ¥145.6 billion, against ¥104.6 billion a year earlier, and diluted earnings per share were ¥48.34, against ¥34.04. Annualized return on equity was 15.4%, against 12.0% a year earlier. All four segments grew on the previous quarter.

Segment detail

Wholesale, the largest contributor, generated pre-tax income of ¥93.3 billion on net revenue of ¥369.1 billion, including ¥50.4 billion from investment banking. Wealth Management earned ¥71.1 billion before tax on net revenue of ¥145.4 billion, with recurring revenue covering 76% of segment costs. Investment Management contributed ¥45.0 billion of pre-tax income on net revenue of ¥98.3 billion, with assets under management at a record of roughly ¥156 trillion. Banking added ¥3.6 billion.

The four segments together produced pre-tax income of ¥213.0 billion; the consolidated ¥211.5 billion reflects other items of minus ¥7.0 billion and a ¥5.5 billion reconciling item. The quarter followed a weaker one: the company puts the preceding quarter's return on equity at 8.0%, which illustrates how variable earnings from market-facing businesses can be.

Sector conditions and benchmark context

The Tokyo Stock Price Index, or TOPIX, is the main benchmark for Japanese equities. Because the NYSE-listed ADS is a claim on a Tokyo-listed share, its performance is shaped by Japanese market conditions and the yen-dollar rate as well as company results. Comparisons with TOPIX should allow for that currency effect and for Nomura's dependence on trading and deal activity.

Nomura targets return on equity of 10 to 12% or more for 2030. The first-quarter figure of 15.4% is above that range, but a single quarter is not a trend and the company does not provide earnings forecasts.

Dividends and capital returns

Nomura declared a dividend of ¥24 per share for the fourth quarter of the year to March 2026, with a record date of March 31, 2026 and payment on June 1, 2026. With ¥27 for the second quarter, the year's total was ¥51 per share, down from ¥57, which had included a ¥10 commemorative element. The first-quarter summary lists no dividend for the June 30, 2026 record date, and no forecast is published, so the next payout is unconfirmed. ADS holders should expect dollar amounts to differ from the yen figure because of exchange rates, fees and withholding tax.

Trading Cyclicality and Yen Effects

The main risk is cyclicality. Wholesale and Wealth Management revenues depend on trading activity, client sentiment and market levels, which can change quickly, while currency movements affect the dollar value of yen earnings. Strong investment banking and asset management results may not repeat if conditions become less favorable.

Investors will watch whether recurring revenue covers a rising share of Wealth Management costs and whether Investment Management growth holds beyond record asset levels.