Nomura's record Q1 across multiple divisions confirms the transformation thesis. The 15.4% ROE substantially exceeds the 2030 target of 10-12%, signaling potential upward revision in market expectations. Monitor Wealth Management recurring revenue cost coverage ratio (now 76%) and Investment Banking deal pipeline — sustained performance could spark positive analyst upgrades. The strong Wealth Management and Investment Management results reduce earnings sensitivity to wholesale market volatility.
Price Chart
Executive Summary
Nomura Holdings reported exceptional Q1 FY2026/27 results, with net revenue of 686.7B yen (+31% YoY), net income of 145.6B yen (+39% YoY), and ROE of 15.4% — well above its 2030 target of 10-12%. All four divisions posted strong gains, with Wealth Management, Investment Management, and Wholesale all achieving record highs, signaling broad-based operational momentum and successful business model transformation.
Key Facts
- Net revenue of 686.7B yen (US$4.2B), up 31% YoY and 19% QoQ
- Net income of 145.6B yen (US$895M), up 39% YoY and 97% QoQ
- Earnings per share of Y48.34; first-quarter ROE of 15.4%
- Wealth Management net revenue 145.4B yen (+37% YoY), recurring revenue at record highs
- Investment Management net revenue 98.3B yen (+94% YoY), AuM at all-time high of Y156 trillion
- Wholesale net revenue 369.1B yen (+41% YoY), both net revenue and pretax income at record highs
- Investment Banking 1Q net revenue exceeded Y50B for the first time at 50.4B yen
- Banking net revenue 15.2B yen (+19% YoY); deposit sweep service gaining traction
Financial Impact
Revenue up 31% YoY to Y686.7B, net income up 39% YoY to Y145.6B, ROE of 15.4% vs 10-12% target range
Risk Factors
- Global market volatility could reverse Wholesale's strong performance
- Japanese interest rate policy changes may impact Banking and fixed-income revenues
- Sustaining the 15.4% ROE level against the 10-12% target may be challenged by market normalization
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-322197 |
| Document: 0001193125-26-322197-index-headers.html | 0001193125-26-322197 |
| Document: 0001193125-26-322197-index.html | 0001193125-26-322197 |
| Document: 0001193125-26-322197.txt | 0001193125-26-322197 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $10.73 $10.14 | ▼ −5.50% | ▼ −5.61% | $9.74 (−9.23%) |
Aug 13, 2026 7w ago | 6-K | $10.00 $9.45 | ▼ −5.50% | ▼ −3.54% | $9.74 (−2.60%) |
Jul 29, 2026 9w ago | 6-K | $9.67 $9.93 | ▲ +2.69% | ▼ −2.84% | $9.74 (+0.72%) |
Jul 22, 2026 10w ago | 6-K | $9.82 $9.67 | ▼ −1.53% | ▲ +0.87% | $9.74 (−0.81%) |
Jul 17, 2026 11w ago | 6-K | $9.40 $9.77 | ▲ +3.94% | ▲ +4.62% | $9.74 (+3.62%) |
Jul 14, 2026 11w ago | 6-K | $9.75 $9.39 | ▼ −3.69% | ▼ −2.40% | $9.74 (−0.10%) |
Jun 30, 2026 13w ago | 6-K | $8.78 $9.31 | ▲ +6.04% | ▲ +5.43% | $9.74 (+10.93%) |
Jun 24, 2026 14w ago | 6-K | $8.61 $8.98 | ▲ +4.30% | ▲ +2.59% | $9.74 (+13.12%) |
Jun 23, 2026 14w ago | 6-K | $8.64 $8.77 | ▲ +1.50% | ▲ +0.49% | $9.74 (+12.73%) |
Jun 23, 2026 14w ago | 424B5 | $8.64 $8.77 | ▲ +1.50% | ▲ +0.49% | $9.74 (+12.73%) |
US Market Status
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