Nomura Holdings Inc 6-K, filed Oct 28, 2025

Nomura Holdings Inc (NMR)

6-K 2025-10-28 For: 2025-10-28

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Added on July 04, 2026

About this 6-K

Nomura Holdings Inc filed this 6-K on October 28, 2025.

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	NOMURA HOLDINGS, INC.

Date: October 28, 2025	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director


Date:		October 28, 2025
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


	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the six months ended September 30
	2024						2025
				% Change from September 30, 2023						% Change from September 30, 2024
Total revenue		2,459,451			29.0	%		2,317,801			(5.8	%)
Net revenue		937,769			30.9	%		1,038,777			10.8	%
Income before income taxes		235,941			129.0	%		296,927			25.8	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		167,325			185.7	%		196,643			17.5	%
Comprehensive income		81,168			(56.6	%)		161,423			98.9	%
Basic-Net income attributable to NHI shareholders per share (Yen)		56.63						66.54
Diluted-Net income attributable to NHI shareholders per share (Yen)		54.58						64.53
Return on shareholders’ equity - annualized		10.1	%					11.3	%


	(Millions of yen, except per share data)
	At March 31			At September 30
	2025			2025
Total assets		56,802,170			60,367,700
Total equity		3,580,999			3,608,659
Total NHI shareholders’ equity		3,470,879			3,485,283
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		1,174.10			1,188.05


					(Yen amounts)
	For the year ended March 31
	2025		2026		2026 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		23.00		27.00		—
At December 31		—		—		—
At March 31		34.00		—		Unconfirmed
For the year		57.00		—		Unconfirmed

Nomura Holdings Inc 6-K, filed Oct 28, 2025

About this 6-K

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Exhibit Number

1.		Financial Summary – Six months ended September 30, 2025.


1. Qualitative Information of the Semi-annual Consolidated Results			P. 2

(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 4

2. Semi-annual Consolidated Financial Statements			P. 5

(1) Semi-annual Consolidated Balance Sheets			P. 6
(2) Semi-annual Consolidated Statements of Income			P. 8
(3) Semi-annual Consolidated Statements of Comprehensive Income			P. 9
(4) Note with respect to the Assumption as a Going Concern			P.10
(5) Significant Changes in Equity			P.11
(6) Changes in Accounting Policies			P.12
(7) Segment Information – Operating Segment			P.12

3. Supplementary Information			P.14

(1) Consolidated Statements of Income – Quarterly Comparatives			P.14
(2) Business Segment Information – Quarterly Comparatives			P.15
(3) Other			P.16


	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2024 (A)			September 30, 2025 (B)			(B-A)/(A)
Net revenue		937.8			1,038.8			10.8
Non-interest expenses		701.8			741.9			5.7

Income (loss) before income taxes		235.9			296.9			25.8
Income tax expense		66.8			93.7			40.2

Net income (loss)		169.1			203.3			20.2

Less: Net income (loss) attributable to noncontrolling interests		1.8			6.6			265.2

Net income (loss) attributable to NHI shareholders		167.3			196.6			17.5

Return on shareholders’ equity - annualized		10.1	%		11.3	%		—


	Millions of yen
	March 31, 2025			September 30, 2025			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		4,424,462			5,867,361			1,442,899
Time deposits		642,388			567,028			(75,360	)
Deposits with stock exchanges and other segregated cash		447,846			397,446			(50,400	)

Total cash and cash deposits		5,514,696			6,831,835			1,317,139

Loans and receivables:
Loans receivable		6,025,008			6,432,492			407,484
Receivables from customers		410,722			443,129			32,407
Receivables from other than customers		1,030,023			1,116,072			86,049
Allowance for credit losses		(16,920	)		(16,313	)		607

Total loans and receivables		7,448,833			7,975,380			526,547

Collateralized agreements:
Securities purchased under agreements to resell		14,004,757			13,400,635			(604,122	)
Securities borrowed		4,658,828			4,426,880			(231,948	)

Total collateralized agreements		18,663,585			17,827,515			(836,070	)

Trading assets and private equity and debt investments:
Trading assets*		22,372,339			24,692,459			2,320,120
Private equity and debt investments*		151,710			182,695			30,985

Total trading assets and private equity and debt investments		22,524,049			24,875,154			2,351,105

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 546,117 million as of March 31, 2025 and ¥ 557,108 million as of September 30, 2025)		436,454			442,280			5,826
Non-trading debt securities*		485,290			593,272			107,982
Investments in equity securities*		98,401			106,022			7,621
Investments in and advances to affiliated companies*		506,389			516,777			10,388
Other		1,124,473			1,199,465			74,992

Total other assets		2,651,007			2,857,816			206,809

Total assets		56,802,170			60,367,700			3,565,530


	Millions of yen
	For the six months ended September 30, 2025
Common stock
Balance at beginning of year		594,493

Balance at end of period		594,493

Additional paid-in capital
Balance at beginning of year		704,877
Stock-based compensation awards		(22,894	)
Changes in an affiliated company’s interests		(15	)

Balance at end of period		681,968

Retained earnings
Balance at beginning of year		1,867,379
Net income attributable to NHI shareholders		196,643
Cash dividends		(79,207	)
Loss on disposal of treasury stock		(8,911	)

Balance at end of period		1,975,904

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		407,977
Net change during the period		3,748

Balance at end of period		411,725

Defined benefit pension plans
Balance at beginning of year		(7,105	)
Pension liability adjustment		(4,538	)

Balance at end of period		(11,643	)

Non-trading debt securities
Balance at beginning of year		(1,147	)
Net unrealized loss on non-trading debt securities		(313	)

Balance at end of period		(1,460	)

Own credit adjustments
Balance at beginning of year		48,083
Own credit adjustments		(42,300	)

Balance at end of period		5,783

Balance at end of period		404,405

Common stock held in treasury
Balance at beginning of year		(143,678	)
Repurchases of common stock		(60,008	)
Sale of common stock		0
Common stock issued to employees		32,199

Balance at end of period		(171,487	)

Total NHI shareholders’ equity

Balance at end of period		3,485,283

Noncontrolling interests
Balance at beginning of year		110,120
Net change during the period		13,256

Balance at end of period		123,376

Total equity

Balance at end of period		3,608,659


	Millions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2024 (A)			September 30, 2025 (B)		(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		222,017			222,271		0.1
Investment Management		103,757			111,399		7.4
Wholesale		508,227			540,255		6.3
Banking		23,477			25,696		9.5

Subtotal		857,478			899,621		4.9
Other		82,284			137,526		67.1

Net revenue		939,762			1,037,147		10.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,993	)		1,630		—

Net revenue		937,769			1,038,777		10.8


*Non-interest expenses (1)**

Business segment information:
Wealth Management		136,578			137,993		1.0
Investment Management		48,643			59,161		21.6
Wholesale		441,812			445,207		0.8
Banking		14,832			18,902		27.4

Subtotal		641,865			661,263		3.0
Other		59,963			80,587		34.4

Non-interest expenses		701,828			741,850		5.7

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

Non-interest expenses		701,828			741,850		5.7


	Millions of yen															% Change			Millions of yen
	For the three months ended																		For the year ended March 31, 2025
	June 30, 2024		September 30, 2024			December 31, 2024		March 31, 2025			June 30, 2025(A)			September 30, 2025(B)		(B-A)/(A)			For the year ended March 31, 2025
Revenue:
Commissions		102,750		101,363			102,630		100,268			100,606			105,049		4.4			407,011
Fees from investment banking		41,251		53,335			64,375		53,273			38,357			44,554		16.2			212,234
Asset management and portfolio service fees		90,333		93,848			97,209		96,806			92,855			102,487		10.4			378,196
Net gain on trading		131,994		147,711			142,013		158,381			142,239			171,944		20.9			580,099
Gain on private equity and debt investments		3,153		1,598			1,641		1,242			6,330			4,370		(31.0	)		7,634
Interest and dividends		788,550		762,958			745,459		630,894			649,561			652,830		0.5			2,927,861
Gain (loss) on investments in equity securities		1,442		(2,554	)		1,610		(54	)		(377	)		4,365		—			444
Other		58,412		83,307			43,001		38,544			127,017			75,614		(40.5	)		223,264

Total revenue		1,217,885		1,241,566			1,197,938		1,079,354			1,156,588			1,161,213		0.4			4,736,743
Interest expense		763,443		758,239			695,957		626,619			633,273			645,751		2.0			2,844,258

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		(1.5	)		1,892,485

Non-interest expenses:
Compensation and benefits		184,510		184,671			190,888		172,321			186,310			195,079		4.7			732,390
Commissions and floor brokerage		43,629		45,325			43,645		44,853			44,778			47,191		5.4			177,452
Information processing and communications		55,769		56,741			54,431		60,077			57,164			59,202		3.6			227,018
Occupancy and related depreciation		17,635		16,810			17,885		17,836			15,965			17,283		8.3			70,166
Business development expenses		6,572		5,981			6,807		7,695			6,992			7,272		4.0			27,055
Other		43,396		40,789			50,046		52,209			51,824			52,790		1.9			186,440

Total non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		4.3			1,420,521

Income before income taxes		102,931		133,010			138,279		97,744			160,282			136,645		(14.7	)		471,964
Income tax expense		31,498		35,304			34,137		23,770			52,808			40,852		(22.6	)		124,709

Net income		71,433		97,706			104,142		73,974			107,474			95,793		(10.9	)		347,255

Less: Net income (loss) attributable to noncontrolling interests		2,495		(681	)		2,701		2,004			2,909			3,715		27.7			6,519

Net income attributable to NHI shareholders		68,938		98,387			101,441		71,970			104,565			92,078		(11.9	)		340,736


	Yen															% Change			Yen


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

Business segment information:
Wealth Management		109,716		112,301			111,611		99,923			105,796			116,475		10.1			433,551
Investment Management		47,670		56,087			45,711		43,005			50,574			60,825		20.3			192,473
Wholesale		244,846		263,381			290,523		259,188			261,072			279,183		6.9			1,057,938
Banking		11,232		12,245			12,274		11,421			12,845			12,851		—			47,172

Subtotal		413,464		444,014			460,119		413,537			430,287			469,334		9.1			1,731,134
Other		39,739		42,545			41,244		39,372			93,160			44,366		(52.4	)		162,900

Net revenue		453,203		486,559			501,363		452,909			523,447			513,700		(1.9	)		1,894,034

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,239		(3,232	)		618		(174	)		(132	)		1,762		—			(1,549	)

Net revenue		454,442		483,327			501,981		452,735			523,315			515,462		(1.5	)		1,892,485


*Non-interest expenses (1)**

Business segment information:
Wealth Management		68,517		68,061			66,792		63,999			67,041			70,952		5.8			267,369
Investment Management		24,491		24,152			26,773		27,466			29,047			30,114		3.7			102,882
Wholesale		223,725		218,087			228,162		221,682			219,164			226,043		3.1			891,656
Banking		7,200		7,632			7,612		8,371			9,231			9,671		4.8			30,815

Subtotal		323,933		317,932			329,339		321,518			324,483			336,780		3.8			1,292,722
Other		27,578		32,385			34,363		33,473			38,550			42,037		9.0			127,799

Non-interest expenses		351,511		350,317			363,702		354,991			363,033			378,817		4.3			1,420,521

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		4.3			1,420,521


	Millions of yen																		% Change			Millions of yen
	For the three months ended																					For the year ended March 31, 2025
	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025(A)			September 30, 2025(B)			(B-A)/(A)			For the year ended March 31, 2025
Net gain (loss) related to economic hedging transactions		(2,853	)		1,826			(7,014	)		2,232			1,067			(166	)		—			(5,809	)
Realized gain (loss) on investments in equity securities held for operating purposes		—			496			645			334			5			2,209			—			1,475
Equity in earnings of affiliates		14,800			11,551			15,200			9,670			12,321			12,448			1.0			51,221
Corporate items		5,519			(5,332	)		(954	)		(5,117	)		(11,637	)		(15,181	)		—			(5,884	)
Other		(5,305	)		1,619			(996	)		(1,220	)		52,854			3,019			(94.3	)		(5,902	)

Total		12,161			10,160			6,881			5,899			54,610			2,329			(95.7	)		35,101