Form 6-K

6-K 1 d247098d6k.htm FORM 6-K Form 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of April 2026

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Year ended March 31, 2026.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOMURA HOLDINGS, INC.

Date: April 24, 2026	By:	/s/ Akito Bato
		Akito Bato
		Senior Managing Director

Financial Summary for the Year Ended March 31, 2026 (U.S. GAAP)


Date:		April 24, 2026
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Akihiro Koseki Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the year ended March 31
	2025						2026
				% Change from March 31, 2024						% Change from March 31, 2025
Total revenue		4,736,743			13.9	%		4,758,486			0.5	%
Net revenue		1,892,485			21.2	%		2,167,713			14.5	%
Income before income taxes		471,964			72.3	%		539,821			14.4	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		340,736			105.4	%		362,129			6.3	%
Comprehensive income		333,836			4.1	%		480,009			43.8	%
Basic-Net income attributable to NHI shareholders per share (Yen)		115.30						123.08
Diluted-Net income attributable to NHI shareholders per share (Yen)		111.03						118.99
Return on shareholders’ equity		10.0	%					10.1	%
Income before income taxes to total assets		0.8	%					0.9	%
Income before income taxes divided by total revenue		10.0	%					11.3	%
Equity in earnings of affiliates		52,454						33,019

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position


	(Millions of yen, except per share data)
	At March 31
	2025			2026
Total assets		56,802,170			62,645,925
Total equity		3,580,999			3,854,915
Total NHI shareholders’ equity		3,470,879			3,707,868
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.9	%
Total NHI shareholders’ equity per share (Yen)		1,174.10			1,277.99

(3) Cash Flows


	(Millions of yen)
	For the year ended March 31
	2025			2026
Net cash used in operating activities		(678,611	)		(842,960	)
Net cash used in investing activities		(848,647	)		(1,498,923	)
Net cash provided by financing activities		1,679,697			2,095,851
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		4,425,441			4,318,722

2. Cash Dividends


	(Yen amounts, except total annual dividends)
	For the year ended March 31
	2025			2026
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		23.00			27.00
At December 31		—			—
At March 31		34.00			24.00
For the year		57.00			51.00
Total annual dividends (Millions of yen)		168,498			148,859
Consolidated payout ratio		49.4	%		41.4	%
Consolidated dividends as a percentage of shareholders’ equity per share		5.0	%		4.2	%

Note: Breakdown of dividend for the year ended March 31, 2025 : Ordinary dividend 24.00 yen, Commemorative dividend 10.00 yen.

For details, please refer to “Nomura Declares Year-end Dividend Payment including 100th Anniversary Commemorative Dividend” announced on April 25, 2025.

3. Earnings Forecasts for the year ending March 31, 2027

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividends forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: Yes

Inclusion 1 ( Delaware Management Company )

Exclusion None

For details, please refer to “Notice Regarding Change in Specified Subsidiary” announced on January 30, 2026.

(2) Changes in accounting policies

a) Changes in accounting policies due to amendments to the accounting standards : Yes

b) Changes in accounting policies due to other than a) : No

Note) Please refer to P.12 “3. Consolidated Financial Statements (7) Changes in Accounting Policies” for further details.

(3) Number of shares issued (common stock)


	At March 31
	2025		2026
Number of shares outstanding (including treasury stock)		3,163,562,601		3,088,562,601
Number of treasury stock		207,351,636		187,225,377

	For the year ended March 31
	2025		2026
Average number of shares outstanding		2,955,204,882		2,942,280,410

*This financial summary is not subject to certified public accountant’s or audit firm’s audits

Table of Contents for the Accompanying Materials


1. Overview of Consolidated Operating Results			P. 2

(1) Overview of Consolidated Operating Results			P. 2
(2) Overview of Consolidated Financial Position			P. 4
(3) Overview of Cash Flows			P. 4

2. Considerations in the selection of accounting standards			P. 5

3. Consolidated Financial Statements			P. 5

(1) Consolidated Balance Sheets			P. 6
(2) Consolidated Statements of Income			P. 8
(3) Consolidated Statements of Comprehensive Income			P. 9
(4) Consolidated Statements of Changes in Equity			P.10
(5) Consolidated Statements of Cash Flows			P.11
(6) Note with respect to the Assumption as a Going Concern			P.12
(7) Changes in Accounting Policies			P.12
(8) Notes to the Consolidated Financial Statements			P.13
(9) Other Financial Information			P.15

4. Other Information			P.17

– 1 –

1.	Overview of Consolidated Operating Results

(1)

Overview of Consolidated Operating Results

Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2025 (A)			March 31, 2026 (B)			(B-A)/(A)
Net revenue		1,892.5			2,167.7			14.5
Non-interest expenses		1,420.5			1,627.9			14.6

Income (loss) before income taxes		472.0			539.8			14.4
Income tax expense		124.7			165.4			32.7

Net income (loss)		347.3			374.4			7.8

Less: Net income (loss) attributable to noncontrolling interests		6.5			12.3			88.0

Net income (loss) attributable to NHI shareholders		340.7			362.1			6.3

Return on shareholders’ equity*		10.0	%		10.1	%		—

*	Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 2,167.7 billion yen for the fiscal year ended March 31, 2026, an increase of 14.5% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes was 539.8 billion yen and net income attributable to NHI shareholders was 362.1 billion yen for the fiscal year ended March 31, 2026.

Segment Information


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		1,894.0		2,159.4		14.0
Non-interest expenses		1,420.5		1,627.9		14.6

Income (loss) before income taxes		473.5		531.6		12.3

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2026 was 2,159.4 billion yen, an increase of 14.0% from the previous year. Non-interest expenses increased by 14.6% from the previous year to 1,627.9 billion yen. Income before income taxes increased by 12.3% to 531.6 billion yen for the fiscal year ended March 31, 2026. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

Operating Results of Wealth Management


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		433.6		487.9		12.5
Non-interest expenses		267.4		283.9		6.2

Income (loss) before income taxes		166.2		204.0		22.8

Net revenue increased by 12.5% from the previous year to 487.9 billion yen. Non-interest expenses increased by 6.2% to 283.9 billion yen. As a result, income before income taxes increased by 22.8% to 204.0 billion yen.

Operating Results of Investment Management


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		192.5		258.5		34.3
Non-interest expenses		102.9		170.2		65.5

Income (loss) before income taxes		89.6		88.3		(1.4	)

Net revenue increased by 34.3% from the previous year to 258.5 billion yen. Non-interest expenses increased by 65.5% to 170.2 billion yen. As a result, income before income taxes decreased by 1.4% to 88.3 billion yen. Assets under management were 136.9 trillion yen as of March 31, 2026, reflecting an increase due to the acquisition of the following asset management companies within the Macquarie Group.

On December 1, 2025, Nomura completed the acquisition of all equity interests in Macquarie Management Holdings, Inc., Macquarie Investment Management Holdings (Luxembourg) S.à r.l., and Macquarie Investment Management Holdings (Austria) GmbH, pursuant to the share purchase agreement entered into on April 22, 2025. Upon completion, Nomura acquired 100% of the outstanding shares of these companies for a total cash consideration of approximately 1.8 billion U.S. dollar (equivalent to approximately 281.4 billion yen, based on an exchange rate of 1 U.S. dollar = 156.35 yen as of December 1, 2025). Nomura has determined that a substantial portion of the purchase price has provisionally been allocated to intangible assets and goodwill. As a result, these companies have become consolidated subsidiaries of Nomura.

These companies are leading asset management firms providing a broad range of investment management services to clients worldwide. This acquisition is part of Nomura’s strategy to enhance its global investment management platform and strengthen its presence in key overseas markets.

Operating Results of Wholesale


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		1,057.9		1,162.2		9.9
Non-interest expenses		891.7		961.7		7.9

Income (loss) before income taxes		166.3		200.6		20.6

Net revenue increased by 9.9% from the previous year to 1,162.2 billion yen. Non-interest expenses increased by 7.9% to 961.7 billion yen. As a result, income before income taxes increased by 20.6% to 200.6 billion yen.

– 3 –

Operating Results of Banking


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		47.2		53.9		14.3
Non-interest expenses		30.8		39.9		29.5

Income (loss) before income taxes		16.4		14.0		(14.3)

Net revenue increased by 14.3% from the same period in the prior year to 53.9 billion yen. Non-interest expenses increased by 29.5% to 39.9 billion yen. As a result, income before income taxes decreased by 14.3% to 14.0 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025 (A)		March 31, 2026 (B)		(B-A)/(A)
Net revenue		162.9		196.9		20.9
Non-interest expenses		127.8		172.2		34.8

Income (loss) before income taxes		35.1		24.6		(29.8)

Net revenue was 196.9 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 24.6 billion yen.

(2)

Overview of Consolidated Financial Position

Total assets as of March 31, 2026, were 62,645.9 billion yen, an increase of 5,843.8 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2026 were 58,791.0 billion yen, an increase of 5,569.8 billion yen compared to March 31, 2025, mainly due to the increase in Long-term borrowings. Total equity as of March 31, 2026 was 3,854.9 billion yen, an increase of 273.9 billion yen compared to March 31, 2025.

(3)

Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2026, decreased by 106.7 billion yen compared to March 31, 2025. Cash flows from operating activities for the year ended March 31, 2026 were outflows of 843.0 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2026 were outflows of 1,498.9 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2026 were inflows of 2,095.9 billion yen due primarily to Proceeds from issuances of long-term borrowings.

– 4 –

2.	Considerations in the selection of accounting standards

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards (“IFRS”) on Nomura’s businesses, Nomura may consider in adopting IFRS in the future.

3.	Consolidated Financial Statements

The consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (7) Changes in Accounting Policies.

– 5 –

(1) Consolidated Balance Sheets


	Millions of yen
	March 31, 2025			March 31, 2026			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		4,424,462			4,298,693			(125,769	)
Time deposits		642,388			709,639			67,251
Deposits with stock exchanges and other segregated cash		447,846			640,642			192,796

Total cash and cash deposits		5,514,696			5,648,974			134,278

Loans and receivables:
Loans receivable		6,025,008			7,745,214			1,720,206
Receivables from customers		410,722			470,341			59,619
Receivables from other than customers		1,030,023			1,345,631			315,608
Allowance for credit losses		(16,920	)		(18,381	)		(1,461	)

Total loans and receivables		7,448,833			9,542,805			2,093,972

Collateralized agreements:
Securities purchased under agreements to resell		14,004,757			13,210,236			(794,521	)
Securities borrowed		4,658,828			4,339,659			(319,169	)

Total collateralized agreements		18,663,585			17,549,895			(1,113,690	)

Trading assets and private equity and debt investments:
Trading assets*		22,372,339			26,128,073			3,755,734
Private equity and debt investments*		151,710			214,014			62,304

Total trading assets and private equity and debt investments		22,524,049			26,342,087			3,818,038

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 546,117 million as of March 31, 2025 and ¥ 600,417 million as of March 31, 2026)		436,454			543,847			107,393
Non-trading debt securities*		485,290			761,267			275,977
Investments in equity securities*		98,401			123,191			24,790
Investments in and advances to affiliated companies*		506,389			535,402			29,013
Other		1,124,473			1,598,457			473,984

Total other assets		2,651,007			3,562,164			911,157

Total assets		56,802,170			62,645,925			5,843,755

*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2025			March 31, 2026			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,117,292			1,752,669			635,377
Payables and deposits:
Payables to customers				1,377,222			1,598,758			221,536
Payables to other than customers				2,766,112			3,432,040			665,928
Deposits received at banks				3,105,581			3,667,090			561,509

Total payables and deposits				7,248,915			8,697,888			1,448,973

Collateralized financing:
Securities sold under agreements to repurchase				16,287,758			15,233,838			(1,053,920	)
Securities loaned				1,964,682			2,448,284			483,602
Other secured borrowings				393,420			384,156			(9,264	)

Total collateralized financing				18,645,860			18,066,278			(579,582	)

Trading liabilities				11,378,828			12,915,584			1,536,756
Other liabilities				1,456,598			1,813,635			357,037
Long-term borrowings				13,373,678			15,544,956			2,171,278

Total liabilities				53,221,171			58,791,010			5,569,839

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,163,562,601 shares as of March 31, 2025 and
		3,088,562,601 shares as of March 31, 2026
Outstanding	-	2,956,210,965 shares as of March 31, 2025 and
		2,901,337,224 shares as of March 31, 2026		594,493			594,493			—
Additional paid-in capital				704,877			706,261			1,384
Retained earnings				1,867,379			2,013,986			146,607
Accumulated other comprehensive income (loss)				447,808			548,221			100,413

Total NHI shareholders’ equity before treasury stock				3,614,557			3,862,961			248,404
Common stock held in treasury, at cost -
207,351,636 shares as of March 31, 2025 and
187,225,377 shares as of March 31, 2026				(143,678	)		(155,093	)		(11,415	)

Total NHI shareholders’ equity				3,470,879			3,707,868			236,989

Noncontrolling interests				110,120			147,047			36,927

Total equity				3,580,999			3,854,915			273,916

Total liabilities and equity				56,802,170			62,645,925			5,843,755

– 7 –

(2) Consolidated Statements of Income


	Millions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2025(A)		March 31, 2026(B)		(B-A)/(A)
Revenue:
Commissions		407,011		455,289		11.9
Fees from investment banking		212,234		200,548		(5.5	)
Asset management and portfolio service fees		378,196		468,600		23.9
Net gain on trading		580,099		696,894		20.1
Gain on private equity and debt investments		7,634		12,604		65.1
Interest and dividends		2,927,861		2,669,640		(8.8	)
Gain on investments in equity securities		444		13,066		—
Other		223,264		241,845		8.3

Total revenue		4,736,743		4,758,486		0.5
Interest expense		2,844,258		2,590,773		(8.9	)

Net revenue		1,892,485		2,167,713		14.5

Non-interest expenses:
Compensation and benefits		732,390		829,502		13.3
Commissions and floor brokerage		177,452		221,857		25.0
Information processing and communications		227,018		248,439		9.4
Occupancy and related depreciation		70,166		71,523		1.9
Business development expenses		27,055		33,679		24.5
Other		186,440		222,892		19.6

Total non-interest expenses		1,420,521		1,627,892		14.6

Income before income taxes		471,964		539,821		14.4
Income tax expense		124,709		165,439		32.7

Net income		347,255		374,382		7.8

Less: Net income attributable to noncontrolling interests		6,519		12,253		88.0

Net income attributable to NHI shareholders		340,736		362,129		6.3

Per share of common stock:

	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		115.30		123.08		6.7

Diluted-
Net income attributable to NHI shareholders per share		111.03		118.99		7.2

– 8 –

(3) Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2025(A)			March 31, 2026(B)			(B-A)/(A)
Net income		347,255			374,382			7.8
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		(35,768	)		149,812			—
Deferred income taxes		(1,569	)		(2,074	)		—

Total		(37,337	)		147,738			—

Defined benefit pension plans:
Pension liability adjustments		17,734			11,653			(34.3	)
Deferred income taxes		(5,327	)		(4,670	)		—

Total		12,407			6,983			(43.7	)

Non-trading debt securities:
Net unrealized loss on non-trading debt securities		(1,675	)		(3,233	)		—
Deferred income taxes		528			1,018			92.8

Total		(1,147	)		(2,215	)		—

Own credit adjustments:
Own credit adjustments		20,636			(57,597	)		—
Deferred income taxes		(7,978	)		10,718			—

Total		12,658			(46,879	)		—

Total other comprehensive income (loss)		(13,419	)		105,627			—

Comprehensive income		333,836			480,009			43.8
Less: Comprehensive income attributable to noncontrolling interests		5,276			17,467			231.1

Comprehensive income attributable to NHI shareholders		328,560			462,542			40.8

– 9 –

(4) Consolidated Statements of Changes in Equity


	Millions of yen
	For the year ended
	March 31, 2025			March 31, 2026
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of year		594,493			594,493

Additional paid-in capital
Balance at beginning of year		708,785			704,877
Stock-based compensation awards		(3,929	)		1,400
Changes in ownership interests in subsidiaries		36			—
Changes in an affiliated company’s interests		(15	)		(16	)

Balance at end of year		704,877			706,261

Retained earnings
Balance at beginning of year		1,705,725			1,867,379
Net income attributable to NHI shareholders		340,736			362,129
Cash dividends		(168,477	)		(148,840	)
Loss on disposal of treasury stock		(10,605	)		(9,016	)
Cancellation of treasury stock		—			(57,666	)

Balance at end of year		1,867,379			2,013,986

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		444,071			407,977
Net change during the year		(36,094	)		142,524

Balance at end of year		407,977			550,501

Defined benefit pension plans
Balance at beginning of year		(19,512	)		(7,105	)
Pension liability adjustments		12,407			6,983

Balance at end of year		(7,105	)		(122	)

Non-trading debt securities
Balance at beginning of year		—			(1,147	)
Net unrealized loss on non-trading debt securities		(1,147	)		(2,215	)

Balance at end of year		(1,147	)		(3,362	)

Own credit adjustments
Balance at beginning of year		35,425			48,083
Own credit adjustments		12,658			(46,879	)

Balance at end of year		48,083			1,204

Balance at end of year		447,808			548,221

Common stock held in treasury
Balance at beginning of year		(118,798	)		(143,678	)
Repurchases of common stock		(58,835	)		(101,499	)
Sales of common stock		0			0
Common stock issued to employees		33,955			32,418
Cancellation of treasury stock		—			57,666

Balance at end of year		(143,678	)		(155,093	)

Total NHI shareholders’ equity

Balance at end of year		3,470,879			3,707,868

Noncontrolling interests
Balance at beginning of year		98,324			110,120
Net change during the year		11,796			36,927

Balance at end of year		110,120			147,047

Total equity

Balance at end of year		3,580,999			3,854,915

– 10 –

(5) Consolidated Statements of Cash Flows


	Millions of yen
	For the year ended
	March 31, 2025			March 31, 2026
Cash flows from operating activities:
Net income		347,255			374,382
Adjustments to reconcile net income to Net cash used in operating activities:
Depreciation and amortization		61,653			68,269
Provision for credit losses		(1,060	)		248
Gain on investments in equity securities		(444	)		(13,066	)
(Gain) loss on investments in subsidiaries and affiliates		(205	)		11,995
(Gain) loss on disposal of office buildings, land, equipment and facilities		2,344			(58,744	)
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		(144,542	)		(133,311	)
Trading assets and private equity and debt investments		(3,026,277	)		(2,861,869	)
Trading liabilities		574,231			1,111,331
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		1,108,828			(441,013	)
Securities borrowed, net of securities loaned		526,233			882,237
Margin loans and receivables		(179,668	)		(653,334	)
Payables		(16,725	)		703,622
Bonus accrual		26,496			63,422
Other, net		43,270			102,871

Net cash used in operating activities		(678,611	)		(842,960	)


Cash flows from investing activities:
Payments for placements of time deposits		(679,945	)		(747,618	)
Proceeds from redemption or maturity of time deposits		572,947			746,174
Payments for purchases of office buildings, land, equipment and facilities		(189,971	)		(353,818	)
Proceeds from sales of office buildings, land, equipment and facilities		131,078			234,693
Payments for purchases of equity investments		(10,712	)		(33,900	)
Proceeds from sales of equity investments		8,112			23,491
Net cash outflows from loans receivable at banks		(129,829	)		(131,647	)
Payments for purchases or origination of other non-trading loans		(5,939,225	)		(7,625,952	)
Proceeds from sales or repayments of other non-trading loans		5,530,064			6,952,187
Payments for purchases of available-for-sale debt securities		(113,702	)		(167,408	)
Proceeds from sales of available-for-sale debt securities		4,982			—
Payments for purchases of other non-trading debt securities		(179,032	)		(316,858	)
Proceeds from sales or maturity of other non-trading debt securities		131,200			226,985
Acquisitions, net of cash acquired		—			(275,014	)
Divestures, net of cash disposed of		8,141			12
Payments for purchases of investments in affiliated companies		(19,007	)		(11,919	)
Proceeds from sales of investments in affiliated companies		10,098			1,684
Other, net		16,154			(20,015	)

Net cash used in investing activities		(848,647	)		(1,498,923	)


Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		4,334,376			4,611,984
Payments for repurchases or maturity of long-term borrowings		(3,313,452	)		(3,174,186	)
Proceeds from issuances of short-term borrowings		1,850,155			2,468,863
Payments for repurchases or maturity of short-term borrowings		(1,876,894	)		(2,358,223	)
Net cash inflows from interbank money market borrowings		130,455			443,081
Net cash outflows from other secured borrowings		(23,560	)		(7,649	)
Net cash inflows from deposits received at banks		785,385			387,377
Payments for withholding taxes on stock-based compensation		(20,583	)		(18,214	)
Proceeds from sales of common stock		1,412			422
Payments for repurchases of common stock		(59,006	)		(101,499	)
Payments for cash dividends		(112,541	)		(179,742	)
Contributions from noncontrolling interests		64,549			122,335
Distributions to noncontrolling interests		(80,599	)		(98,698	)

Net cash provided by financing activities		1,679,697			2,095,851

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		(26,020	)		139,313

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		126,419			(106,719	)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		4,299,022			4,425,441

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		4,425,441			4,318,722

– 11 –

(6) Note with respect to the Assumption as a Going Concern

Not applicable.

(7) Changes in Accounting Policies

Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08 “Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets” which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

– 12 –

(8) Notes to the Consolidated Financial Statements

Segment Information – Operating Segment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. The EMB reviews business segment results including Net revenue, Non-interest expenses, and Income before income taxes on a regular basis. The EMB uses these measures along with certain segment specific Key Performance Indicators (KPIs) and budgets to evaluate segment performance and to make key operating decisions, including resource and capital allocations. Business segments’ information on total assets is not disclosed as EMB does not consider such information for its operating decisions and therefore, it is not reported.

The following table shows business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2025 (A)			March 31, 2026 (B)		(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		433,551			487,906		12.5
Investment Management		192,473			258,516		34.3
Wholesale		1,057,938			1,162,229		9.9
Banking		47,172			53,918		14.3

Subtotal		1,731,134			1,962,569		13.4
Other		162,900			196,873		20.9

Net revenue		1,894,034			2,159,442		14.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,549	)		8,271		—

Net revenue		1,892,485			2,167,713		14.5


*Non-interest expenses (1)**

Business segment information:
Wealth Management		267,369			283,882		6.2
Investment Management		102,882			170,219		65.5
Wholesale		891,656			961,662		7.9
Banking		30,815			39,902		29.5

Subtotal		1,292,722			1,455,665		12.6
Other		127,799			172,227		34.8

Non-interest expenses		1,420,521			1,627,892		14.6

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—		—

Non-interest expenses		1,420,521			1,627,892		14.6


Income (loss) before income taxes

Business segment information:
Wealth Management		166,182			204,024		22.8
Investment Management		89,591			88,297		(1.4)
Wholesale		166,282			200,567		20.6
Banking		16,357			14,016		(14.3	)

Subtotal		438,412			506,904		15.6
Other (*2)		35,101			24,646		(29.8	)

Income (loss) before income taxes		473,513			531,550		12.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,549	)		8,271		—

Income (loss) before income taxes		471,964			539,821		14.4

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2)	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”.

The following table presents the major components of income (loss) before income taxes in “Other”.

– 13 –


	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2025 (A)			March 31, 2026 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(5,809	)		(2,940	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		1,475			3,349			127.1
Equity in earnings of affiliates		51,221			36,452			(28.8)
Corporate items		(5,884	)		(41,982	)		—
Other		(5,902	)		29,767			—

Total		35,101			24,646			(29.8	)

Note) Prior period amounts have been reclassified to conform to the current year presentation.

Per share data

Shareholders’ equity per share is calculated based on the following number of shares.


Number of shares outstanding as of March 31, 2026			2,901,337,224

Net income attributable to NHI shareholders per share is calculated based on the following number of shares.


Average number of shares outstanding for the year ended March 31, 2026			2,942,280,410

– 14 –

(9) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives


	Millions of yen																			% Change
	For the three months ended																			(B-A)/(A)
	June 30, 2024		September 30, 2024			December 31, 2024		March 31, 2025			June 30, 2025			September 30, 2025		December 31, 2025(A)		March 31, 2026(B)		(B-A)/(A)
Revenue:
Commissions		102,750		101,363			102,630		100,268			100,606			105,049		119,204		130,430		9.4
Fees from investment banking		41,251		53,335			64,375		53,273			38,357			44,554		59,045		58,592		(0.8	)
Asset management and portfolio service fees		90,333		93,848			97,209		96,806			92,855			102,487		122,664		150,594		22.8
Net gain on trading		131,994		147,711			142,013		158,381			142,239			171,944		190,742		191,969		0.6
Gain on private equity and debt investments		3,153		1,598			1,641		1,242			6,330			4,370		1,564		340		(78.3	)
Interest and dividends		788,550		762,958			745,459		630,894			649,561			652,830		712,469		654,780		(8.1	)
Gain (loss) on investments in equity securities		1,442		(2,554	)		1,610		(54	)		(377	)		4,365		4,488		4,590		2.3
Other		58,412		83,307			43,001		38,544			127,017			75,614		17,752		21,462		20.9

Total revenue		1,217,885		1,241,566			1,197,938		1,079,354			1,156,588			1,161,213		1,227,928		1,212,757		(1.2	)
Interest expense		763,443		758,239			695,957		626,619			633,273			645,751		676,173		635,576		(6.0	)

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		551,755		577,181		4.6

Non-interest expenses:
Compensation and benefits		184,510		184,671			190,888		172,321			186,310			195,079		220,739		227,374		3.0
Commissions and floor brokerage		43,629		45,325			43,645		44,853			44,778			47,191		53,997		75,891		40.5
Information processing and communications		55,769		56,741			54,431		60,077			57,164			59,202		63,516		68,557		7.9
Occupancy and related depreciation		17,635		16,810			17,885		17,836			15,965			17,283		17,853		20,422		14.4
Business development expenses		6,572		5,981			6,807		7,695			6,992			7,272		9,993		9,422		(5.7	)
Other		43,396		40,789			50,046		52,209			51,824			52,790		50,436		67,842		34.5

Total non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		416,534		469,508		12.7

Income before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		135,221		107,673		(20.4	)
Income tax expense		31,498		35,304			34,137		23,770			52,808			40,852		40,675		31,104		(23.5	)

Net income		71,433		97,706			104,142		73,974			107,474			95,793		94,546		76,569		(19.0	)

Less: Net income (loss) attributable to noncontrolling interests		2,495		(681	)		2,701		2,004			2,909			3,715		2,993		2,636		(11.9	)

Net income attributable to NHI shareholders		68,938		98,387			101,441		71,970			104,565			92,078		91,553		73,933		(19.2	)


	Yen																			% Change
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		23.33		33.30			34.32		24.35			35.19			31.34		31.21		25.29		(19.0	)

Diluted-
Net income attributable to NHI shareholders per share		22.36		32.26			33.08		23.39			34.04			30.49		30.19		24.34		(19.4	)

– 15 –

Business Segment Information – Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen																					% Change
	For the three months ended																					(B-A)/(A)
	June 30, 2024		September 30, 2024			December 31, 2024		March 31, 2025			June 30, 2025			September 30, 2025		December 31, 2025(A)			March 31, 2026(B)			(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		109,716		112,301			111,611		99,923			105,796			116,475		132,488			133,147			0.5
Investment Management		47,670		56,087			45,711		43,005			50,574			60,825		60,906			86,211			41.5
Wholesale		244,846		263,381			290,523		259,188			261,072			279,183		313,899			308,075			(1.9	)
Banking		11,232		12,245			12,274		11,421			12,845			12,851		13,696			14,526			6.1

Subtotal		413,464		444,014			460,119		413,537			430,287			469,334		520,989			541,959			4.0
Other		39,739		42,545			41,244		39,372			93,160			44,366		28,107			31,240			11.1

Net revenue		453,203		486,559			501,363		452,909			523,447			513,700		549,096			573,199			4.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		1,762		2,659			3,982			49.8

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		551,755			577,181			4.6


*Non-interest expenses(1)**

Business segment information:
Wealth Management		68,517		68,061			66,792		63,999			67,041			70,952		73,988			71,901			(2.8	)
Investment Management		24,491		24,152			26,773		27,466			29,047			30,114		42,967			68,091			58.5
Wholesale		223,725		218,087			228,162		221,682			219,164			226,043		251,610			264,845			5.3
Banking		7,200		7,632			7,612		8,371			9,231			9,671		9,521			11,479			20.6

Subtotal		323,933		317,932			329,339		321,518			324,483			336,780		378,086			416,316			10.1
Other		27,578		32,385			34,363		33,473			38,550			42,037		38,448			53,192			38.3

Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		416,534			469,508			12.7

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—		—			—			—		—			—			—

Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		416,534			469,508			12.7


Income (loss) before income taxes

Business segment information:
Wealth Management		41,199		44,240			44,819		35,924			38,755			45,523		58,500			61,246			4.7
Investment Management		23,179		31,935			18,938		15,539			21,527			30,711		17,939			18,120			1.0
Wholesale		21,121		45,294			62,361		37,506			41,908			53,140		62,289			43,230			(30.6	)
Banking		4,032		4,613			4,662		3,050			3,614			3,180		4,175			3,047			(27.0	)

Subtotal		89,531		126,082			130,780		92,019			105,804			132,554		142,903			125,643			(12.1	)
Other (*2)		12,161		10,160			6,881		5,899			54,610			2,329		(10,341	)		(21,952	)		—

Income (loss) before income taxes		101,692		136,242			137,661		97,918			160,414			134,883		132,562			103,691			(21.8	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		1,762		2,659			3,982			49.8

Income (loss) before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		135,221			107,673			(20.4	)

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2)

Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”.

The following table presents the major components of income (loss) before income taxes in “Other”.


	Millions of yen																								% Change
	For the three months ended																								(B-A)/(A)
	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025(A)			March 31, 2026(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(2,853	)		1,826			(7,014	)		2,232			1,067			(166	)		(975	)		(2,866	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		—			496			645			334			5			2,209			1,129			6			(99.5	)
Equity in earnings of affiliates		14,800			11,551			15,200			9,670			12,321			12,448			17,642			(5,959	)		—
Corporate items		5,519			(5,332	)		(954	)		(5,117	)		(11,637	)		(15,181	)		(9,630	)		(5,534	)		—
Other		(5,305	)		1,619			(996	)		(1,220	)		52,854			3,019			(18,507	)		(7,599	)		—

Total		12,161			10,160			6,881			5,899			54,610			2,329			(10,341	)		(21,952	)		—

Note) Prior period amounts have been reclassified to conform to the current year presentation.

– 16 –

4.	Other Information

Financial information for Nomura Securities Co., Ltd. can be found on the following URL.

https://www.nomuraholdings.com/en/company/group/nsc/nsc/main/019/teaserItems5/0/linkList/0/link/2026_4q.pdf

– 17 –

SEC Form 6-K filed by Nomura Holdings Inc ADR