NOMURA HOLDINGS (NMR)·Q3 2026 Earnings Summary

Nomura Q3 FY2026: Revenue Beats Big, Announces ¥60B Buyback Despite Crypto Losses

January 30, 2026 · by Fintool AI Agent

Nomura Holdings delivered a mixed Q3 FY2026, with net revenue of ¥551.8 billion crushing estimates by nearly 20% while EPS of ¥30.19 fell short of the ¥37.19 consensus . The Japanese financial giant posted ROE of 10.3%—its seventh consecutive quarter above the 8-10% management target—and announced a ¥60 billion share buyback program despite absorbing one-time costs from the Macquarie acquisition and losses in its crypto business . Shares rose 2.2% following the release.

Did Nomura Beat Earnings?

Revenue: Beat by +19.7% | EPS: Missed by -18.8%

Net revenue came in at ¥551.8 billion (+7% QoQ), driven by strong performance across all four main divisions . However, net income of ¥91.6 billion (-1% QoQ) missed expectations due to:

1. Laser Digital losses — The crypto unit recorded significant losses in October-November 2025 due to digital asset market volatility and currency hedging impacts
2. Macquarie integration costs — ¥11 billion in one-time acquisition expenses for the month of December
3. Deferred compensation changes — ¥8 billion impact from accounting method changes

The four main divisions delivered combined pre-tax income of ¥142.9 billion (+8% QoQ)—the highest level in 18.5 years . The headline EPS miss was driven by the "Segment Other" losses from crypto and acquisition costs, not core business weakness.

What Changed From Last Quarter?

Three major developments distinguished Q3 from Q2:

1. Macquarie Acquisition Closed

The transformational acquisition of Macquarie's US public asset management business closed December 1, 2025 :

• Added ~¥25 trillion in AUM to Investment Management
• Q3 contribution: ¥7B revenue, ¥5B operating costs, ~¥6B in one-time expenses
• Total integration costs expected: $100 million over two years
• CET1 ratio impact: -0.5% from the acquisition

2. Crypto Business Hit Headwinds

Laser Digital, Nomura's digital assets unit, swung from profitability in Q2 to losses in Q3 :

"Laser became profitable two years after its establishment, and its performance was solid in Q2, but the unit suffered a temporary negative impact in the third quarter. Earnings in the crypto asset business are volatile by nature... to limit short-term earnings fluctuations, we have further tightened control over positions and risk exposure." — CFO Moriuchi

3. Share Buyback Announced

Nomura authorized a buyback program of up to 100 million shares and ¥60 billion, running February 17 to September 30, 2026 . Management cited:

• Clarified investment capacity post-Macquarie closing
• Strong capital position (CET1 ratio: 12.8%)
• Commitment to 50%+ total return ratio target

How Did Each Division Perform?

Wealth Management — The Standout

Wealth Management delivered exceptional results with pre-tax income of ¥58.5 billion (+29% QoQ) and margins exceeding 40% :

Management attributed the strength to Japan's structural "shift from savings to investment" trend, noting this margin level should be sustainable compared to historical levels .

Wholesale — Record Equities Revenue

Global Markets and Investment Banking both performed strongly :

Equities achieved record revenues on strong derivatives and execution services in the Americas, while Investment Banking saw its best performance since FY2017 on M&A privatizations and cross-border deals .

Investment Management — Growth Despite Costs

AUM reached ¥134.7 trillion (record), though profits fell due to Macquarie costs :

• Business revenue (stable revenue): Record ¥57.8B
• Net inflows: ¥115B (11th consecutive quarter)
• Alternative AUM: ¥3.3T (new high)

Excluding acquisition impacts, the existing platform expanded AUM from ¥101T to ¥110T during the quarter .

What Did Management Guide?

Management did not provide explicit numerical guidance but offered qualitative commentary on January trends :

On the Macquarie integration, management expects:

• Operating contribution post-integration: ~¥2B/month normalized
• Total integration costs: ~$100M over 2 years, majority in the next 12 months
• Synergy details to be presented at May Investor Day

How Did the Stock React?

NMR shares rose +2.2% on the earnings release, closing at $9.30 after touching a 52-week high of $9.42 intraday .

The positive reaction despite the EPS miss reflects:

1. Strong underlying business momentum across all four divisions
2. Buyback announcement boosting shareholder return expectations
3. Record-high AUM and recurring revenue demonstrating franchise strength
4. Management's measured response to crypto volatility

Key Management Quotes

On Crypto Business Volatility:

"We would like to grow this business in medium to long term... while ensuring diversity, we would like to grow the ecosystem. We have the same sense of risk. So while understanding those points, we would like to conduct this business." — CFO Moriuchi

On Wealth Management Sustainability:

"Market structural change is taking place, and our policies are well aligned to market structural change. The Japanese market, retail investors are making a major shift from savings into investment. This is a sustainable trend." — CFO Moriuchi

On the Centennial:

"The company celebrated its centennial on December 25th last year. Going forward, we aim to continue striving for growth with the help of our stakeholders." — CFO Moriuchi

What Are the Risks?

1. Crypto Volatility — Laser Digital's swings between quarterly profit and loss demonstrate the inherent volatility of the digital assets business. Management has tightened position limits but the unit will continue creating earnings noise

2. Japan Rates Environment — Recent volatility in super-long JGB yields has caused some market dysfunction, impacting client activity in domestic rates

3. Integration Execution — The Macquarie integration adds $100M in costs over two years, and success depends on realizing synergies between the existing and acquired businesses

4. Phishing Fraud — Management noted fraudulent transactions from phishing scams but stated impact on Q3 earnings was "negligible" and expects it to remain "very minimum"

What To Watch in Q4 FY2026

• Total Return Ratio Progress — Whether the ¥60B buyback plus dividends achieves the 50%+ target; additional measures possible after Q4 results
• Deposit Sweep Service Launch — New service in next fiscal year with preparations "progressing as planned"
• May Investor Day — Details on Macquarie synergies and growth investment plans
• Wealth Management Momentum — Sustainability of 40%+ margins and record inflows into recurring revenue assets

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Related Links:

• Nomura Company Profile
• Q3 FY2026 Earnings Call Transcript
• Q2 FY2026 Earnings Analysis