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)
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)
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)
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)
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)
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)
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)
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)
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)
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

 

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(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

 

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(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)
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 –