Nomura Holdings Inc 6-K, filed Apr 25, 2025

Nomura Holdings Inc (NMR)

6-K 2025-04-25 For: 2025-04-25

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Added on July 04, 2026

About this 6-K

Nomura Holdings Inc filed this 6-K on April 25, 2025.

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	NOMURA HOLDINGS, INC.

Date: April 25, 2025	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director


Date:		April 25, 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 year ended March 31
	2024						2025
				% Change from March 31, 2023						% Change from March 31, 2024
Total revenue		4,157,294			67.2	%		4,736,743			13.9	%
Net revenue		1,562,000			17.0	%		1,892,485			21.2	%
Income before income taxes		273,850			83.2	%		471,964			72.3	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		165,863			78.8	%		340,736			105.4	%
Comprehensive income		320,792			13.3	%		333,836			4.1	%
Basic-Net income attributable to NHI shareholders per share (Yen)		54.97						115.30
Diluted-Net income attributable to NHI shareholders per share (Yen)		52.69						111.03
Return on shareholders’ equity		5.1	%					10.0	%
Income before income taxes to total assets		0.5	%					0.8	%
Income before income taxes divided by total revenue		6.6	%					10.0	%
Equity in earnings of affiliates		45,687						52,454


	(Millions of yen, except per share data)
	At March 31
	2024			2025
Total assets		55,147,203			56,802,170
Total equity		3,448,513			3,580,999
Total NHI shareholders’ equity		3,350,189			3,470,879
Total NHI shareholders’ equity as a percentage of total assets		6.1	%		6.1	%
Total NHI shareholders’ equity per share (Yen)		1,127.72			1,174.10


	(Millions of yen)
	For the year ended March 31
	2024			2025
Net cash provided by (used in) operating activities		132,640			(678,611	)
Net cash used in investing activities		(887,938	)		(848,647	)
Net cash provided by financing activities		1,012,850			1,679,697
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		4,299,022			4,425,441

Nomura Holdings Inc 6-K, filed Apr 25, 2025

About this 6-K

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Exhibit Number

1.		Financial Summary – Year ended March 31, 2025.


	(Yen amounts, except total annual dividends)
	For the year ended March 31
	2024			2025
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		8.00			23.00
At December 31		—			—
At March 31		15.00			34.00
For the year		23.00			57.00
Total annual dividends (Millions of yen)		68,682			168,498
Consolidated payout ratio		41.8	%		49.4	%
Consolidated dividends as a percentage of shareholders’ equity per share		2.1	%		5.0	%


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.16

4. Other Information			P.18


	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2024 (A)			March 31, 2025 (B)			(B-A)/(A)
Net revenue		1,562.0			1,892.5			21.2
Non-interest expenses		1,288.2			1,420.5			10.3

Income (loss) before income taxes		273.9			472.0			72.3
Income tax expense		96.6			124.7			29.1

Net income (loss)		177.2			347.3			95.9

Less: Net income (loss) attributable to noncontrolling interests		11.4			6.5			(42.6	)

Net income (loss) attributable to NHI shareholders		165.9			340.7			105.4

Return on shareholders’ equity*		5.1	%		10.0	%		—


	Millions of yen
	March 31, 2024			March 31, 2025			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		4,239,359			4,424,462			185,103
Time deposits		545,842			642,388			96,546
Deposits with stock exchanges and other segregated cash		369,770			447,846			78,076

Total cash and cash deposits		5,154,971			5,514,696			359,725

Loans and receivables:
Loans receivable		5,469,195			6,025,008			555,813
Receivables from customers		453,937			410,722			(43,215	)
Receivables from other than customers		928,632			1,030,023			101,391
Allowance for credit losses		(18,047	)		(16,920	)		1,127

Total loans and receivables		6,833,717			7,448,833			615,116

Collateralized agreements:
Securities purchased under agreements to resell		15,621,132			14,004,757			(1,616,375	)
Securities borrowed		5,373,663			4,658,828			(714,835	)

Total collateralized agreements		20,994,795			18,663,585			(2,331,210	)

Trading assets and private equity and debt investments:
Trading assets*		19,539,742			22,372,339			2,832,597
Private equity and debt investments*		117,066			151,710			34,644

Total trading assets and private equity and debt investments		19,656,808			22,524,049			2,867,241

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 529,605 million as of March 31, 2024 and ¥ 546,117 million as of March 31, 2025)		448,785			436,454			(12,331	)
Non-trading debt securities*		335,401			485,290			149,889
Investments in equity securities*		105,088			98,401			(6,687	)
Investments in and advances to affiliated companies*		462,017			506,389			44,372
Other		1,155,621			1,124,473			(31,148	)

Total other assets		2,506,912			2,651,007			144,095

Total assets		55,147,203			56,802,170			1,654,967


	Millions of yen
	For the year ended
	March 31, 2024			March 31, 2025
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		707,189			708,785
Stock-based compensation awards		1,609			(3,929	)
Changes in ownership interests in subsidiaries		—			36
Changes in an affiliated company’s interests		(13	)		(15	)

Balance at end of year		708,785			704,877

Retained earnings
Balance at beginning of year		1,647,005			1,705,725
Net income attributable to NHI shareholders		165,863			340,736
Cash dividends		(68,674	)		(168,477	)
Loss on disposal of treasury stock		(2,364	)		(10,605	)
Cancellation of treasury stock		(36,105	)		—

Balance at end of year		1,705,725			1,867,379

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		242,767			444,071
Net change during the year		201,304			(36,094	)

Balance at end of year		444,071			407,977

Defined benefit pension plans
Balance at beginning of year		(32,174	)		(19,512	)
Pension liability adjustments		12,662			12,407

Balance at end of year		(19,512	)		(7,105	)

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

Balance at end of year		—			(1,147	)

Own credit adjustments
Balance at beginning of year		107,861			35,425
Own credit adjustments		(72,436	)		12,658

Balance at end of year		35,425			48,083

Balance at end of year		459,984			447,808

Common stock held in treasury
Balance at beginning of year		(118,574	)		(118,798	)
Repurchases of common stock		(61,199	)		(58,835	)
Sales of common stock		0			0
Common stock issued to employees		24,870			33,955
Cancellation of treasury stock		36,105			—

Balance at end of year		(118,798	)		(143,678	)

Total NHI shareholders’ equity

Balance at end of year		3,350,189			3,470,879

Noncontrolling interests
Balance at beginning of year		75,575			98,324
Net change during the year		22,749			11,796

Balance at end of year		98,324			110,120

Total equity

Balance at end of year		3,448,513			3,580,999


	Millions of yen
	For the year ended
	March 31, 2024			March 31, 2025
Cash flows from operating activities:
Net income		177,220			347,255
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		61,340			61,653
Provision for credit losses		13,910			(1,060	)
Gain on investments in equity securities		(9,612	)		(444	)
Gain on investments in subsidiaries and affiliates		(968	)		(205	)
Loss on disposal of office buildings, land, equipment and facilities		2,670			2,344
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		16,465			(144,542	)
Trading assets and private equity and debt investments		(386,474	)		(3,026,277	)
Trading liabilities		(411,843	)		574,231
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		290,843			1,108,828
Securities borrowed, net of securities loaned		(324,095	)		526,233
Margin loans and receivables		(276,058	)		(179,668	)
Payables		709,839			(16,725	)
Bonus accrual		26,480			26,496
Other, net		242,923			43,270

Net cash provided by (used in) operating activities		132,640			(678,611	)


Cash flows from investing activities:
Payments for placements of time deposits		(650,562	)		(679,945	)
Proceeds from redemption or maturity of time deposits		567,599			572,947
Payments for purchases of office buildings, land, equipment and facilities		(145,784	)		(189,971	)
Proceeds from sales of office buildings, land, equipment and facilities		111,954			131,078
Payments for purchases of equity investments		(14,716	)		(10,712	)
Proceeds from sales of equity investments		40,497			8,112
Net cash outflows from loans receivable at banks		(112,224	)		(129,829	)
Payments for purchases or origination of other non-trading loans		(4,286,507	)		(5,939,225	)
Proceeds from sales or repayments of other non-trading loans		3,606,974			5,530,064
Payments for purchases of available-for-sale debt securities		—			(113,702	)
Proceeds from sales of available-for-sale debt securities		—			4,982
Payments for purchases of other non-trading debt securities		(112,438	)		(179,032	)
Proceeds from sales or maturity of other non-trading debt securities		135,690			131,200
Acquisitions, net of cash acquired		(457	)		—
Divestures, net of cash disposed of		—			8,141
Payments for purchases of investments in affiliated companies		(29,778	)		(19,007	)
Proceeds from sales of investments in affiliated companies		900			10,098
Other, net		914			16,154

Net cash used in investing activities		(887,938	)		(848,647	)


Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		3,064,698			4,334,376
Payments for repurchases or maturity of long-term borrowings		(2,101,758	)		(3,313,452	)
Proceeds from issuances of short-term borrowings		1,964,955			1,850,155
Payments for repurchases or maturity of short-term borrowings		(1,866,998	)		(1,876,894	)
Net cash inflows (outflows) from interbank money market borrowings		(88,288	)		130,455
Net cash inflows (outflows) from other secured borrowings		57,311			(23,560	)
Net cash inflows from deposits received at banks		107,532			785,385
Payments for withholding taxes on stock-based compensation		(12,669	)		(20,583	)
Proceeds from sales of common stock		953			1,412
Payments for repurchases of common stock		(61,029	)		(59,006	)
Payments for cash dividends		(60,164	)		(112,541	)
Contributions from noncontrolling interests		69,231			64,549
Distributions to noncontrolling interests		(60,924	)		(80,599	)

Net cash provided by financing activities		1,012,850			1,679,697

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		220,618			(26,020	)

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		478,170			126,419
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,820,852			4,299,022

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		4,299,022			4,425,441


Number of shares outstanding as of March 31, 2025			2,956,210,965


Average number of shares outstanding for the year ended March 31, 2025			2,955,204,882


	Millions of yen																			% Change
	For the three months ended																			(B-A)/(A)
	June 30, 2023		September 30, 2023		December 31, 2023			March 31, 2024		June 30, 2024		September 30, 2024			December 31, 2024(A)		March 31, 2025(B)			(B-A)/(A)
Revenue:
Commissions		82,770		88,922		85,718			106,685		102,750		101,363			102,630		100,268			(2.3	)
Fees from investment banking		31,146		38,604		55,229			48,286		41,251		53,335			64,375		53,273			(17.2	)
Asset management and portfolio service fees		71,807		76,666		77,496			84,185		90,333		93,848			97,209		96,806			(0.4	)
Net gain on trading		115,563		116,613		125,069			134,366		131,994		147,711			142,013		158,381			11.5
Gain on private equity and debt investments		6,887		1,123		1,882			1,985		3,153		1,598			1,641		1,242			(24.3	)
Interest and dividends		549,651		658,458		686,300			726,447		788,550		762,958			745,459		630,894			(15.4	)
Gain (loss) on investments in equity securities		4,777		2,792		(3,350	)		5,393		1,442		(2,554	)		1,610		(54	)		—
Other		30,752		29,522		52,143			63,407		58,412		83,307			43,001		38,544			(10.4	)

Total revenue		893,353		1,012,700		1,080,487			1,170,754		1,217,885		1,241,566			1,197,938		1,079,354			(9.9	)
Interest expense		544,440		644,940		680,262			725,652		763,443		758,239			695,957		626,619			(10.0	)

Net revenue		348,913		367,760		400,225			445,102		454,442		483,327			501,981		452,735			(9.8	)

Non-interest expenses:
Compensation and benefits		158,673		167,138		170,629			177,083		184,510		184,671			190,888		172,321			(9.7	)
Commissions and floor brokerage		31,365		34,336		34,315			37,312		43,629		45,325			43,645		44,853			2.8
Information processing and communications		52,836		53,616		54,342			56,332		55,769		56,741			54,431		60,077			10.4
Occupancy and related depreciation		16,601		17,477		16,806			17,814		17,635		16,810			17,885		17,836			(0.3	)
Business development expenses		6,144		5,396		6,157			6,539		6,572		5,981			6,807		7,695			13.0
Other		36,984		33,062		39,265			57,928		43,396		40,789			50,046		52,209			4.3

Total non-interest expenses		302,603		311,025		321,514			353,008		351,511		350,317			363,702		354,991			(2.4	)

Income before income taxes		46,310		56,735		78,711			92,094		102,931		133,010			138,279		97,744			(29.3	)
Income tax expense		20,428		21,150		26,573			28,479		31,498		35,304			34,137		23,770			(30.4	)

Net income		25,882		35,585		52,138			63,615		71,433		97,706			104,142		73,974			(29.0	)

Less: Net income (loss) attributable to noncontrolling interests		2,551		353		1,588			6,865		2,495		(681	)		2,701		2,004			(25.8	)

Net income attributable to NHI shareholders		23,331		35,232		50,550			56,750		68,938		98,387			101,441		71,970			(29.1	)


	Yen																			% Change
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		7.71		11.61		16.77			18.92		23.33		33.30			34.32		24.35			(29.1	)

Diluted-
Net income attributable to NHI shareholders per share		7.40		11.21		16.10			18.02		22.36		32.26			33.08		23.39			(29.3	)


	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2024 (A)			March 31, 2025 (B)			(B-A)/(A)
Net revenue

Business segment information:
Wealth Management		402,361			451,487			12.2
Investment Management		154,143			192,473			24.9
Wholesale		866,147			1,057,938			22.1

Subtotal		1,422,651			1,701,898			19.6
Other		149,690			192,136			28.4

Net revenue		1,572,341			1,894,034			20.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(10,341	)		(1,549	)		—

Net revenue		1,562,000			1,892,485			21.2


Non-interest expenses

Business segment information:
Wealth Management		279,682			280,736			0.4
Investment Management		93,945			102,882			9.5
Wholesale		812,236			891,656			9.8

Subtotal		1,185,863			1,275,274			7.5
Other		102,287			145,247			42.0

Non-interest expenses		1,288,150			1,420,521			10.3

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

Non-interest expenses		1,288,150			1,420,521			10.3