NMR

MKT CAP:$23B

Nomura Holdings, Inc.

Market Cap

$23B

Financial Services·Financial - Capital Markets·🇯🇵 Japan·NYSE

Financials·Financial·🇯🇵·NYSE

Stock Price

$8.01-$0.44 (-5.21%)

Apr 24, 2026

Company Details

Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide. It operates through three segments: Retail, Investment Management, and Wholesa...

CEO

Kentaro Okuda

IPO Date

Dec 17, 2001

Website

www.nomuraholdings.com

Key Metrics TTM

Revenue

$29.8B

+5.6% YoY

Net Income

$2.3B

EPS (Diluted)

$0.75

Free Cash Flow

$0

Revenue / Share

$9.80

Gross Margin

45.6%

Operating Margin

11.3%

Net Margin

7.6%

FCF Margin

0.0%

P/S

0.8x

P/E

10.0x

Earnings Reports

Q4 2026

Apr 24, 2026

NEW

$8.5B+38.4%EPS $0.15

Q3 2026

Jan 30, 2026

$7.4B+1.7%EPS $0.19

Q2 2026

Dec 12, 2025

$7.0B-6.7%EPS $0.19

Q1 2026

Jul 18, 2025

$7.0B-5.3%EPS $0.21

Q4 2025

Jun 23, 2025

$6.2BEPS $0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$2.5B	$2.0B	$393M
Q3 17	$2.6B	$2.2B	$601M
Q4 18	$2.4B	$1.6B	$294M
Q3 19	$2.7B	$1.5B	-$477M
Q2 23	$3.2B	$1.8B	$197M
Q2 24	$6.1B	$2.1B	$355M
Q1 25	$7.4B	$2.6B	$645M
Q2 25	$7.5B	$2.7B	$833M
Q3 25	$7.2B	$2.9B	$866M
Q4 25	$6.2B	$2.2B	$612M
Q1 26	$7.0B	$3.0B	$1.0B
Q2 26	$7.0B	$2.9B	$856M
Q3 26	$7.4B	$3.1B	$847M
Q4 26	$8.5B	$4.5B	$675M

Valuation

Quarter	P/S	P/E
Q1 17	—	—
Q3 17	—	—
Q4 18	—	—
Q3 19	2.2x	81.1x
Q2 23	2.1x	249.0x
Q2 24	1.6x	—
Q1 25	1.2x	140.9x
Q2 25	0.9x	16.5x
Q3 25	0.8x	11.9x
Q4 25	0.8x	10.6x
Q1 26	0.8x	9.6x
Q2 26	0.8x	9.8x
Q3 26	0.8x	10.0x
Q4 26	0.8x	10.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	-$713M	-$1.2B
Q1 17	-$1.1B	-$1.8B
Q3 17	-$2.4B	-$2.6B
Q4 18	$598M	-$16M
Q3 19	-$3.4B	-$3.8B
Q2 23	-$1.5B	-$1.7B
Q2 24	-$740M	-$935M
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0
Q4 25	$0	$0
Q1 26	$0	$0
Q2 26	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 16	$475M
Q1 17	$617M
Q3 17	$225M
Q4 18	$613M
Q3 19	$337M
Q2 23	$204M
Q2 24	$195M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0
Q1 26	$0
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+28.3%	+43.1%
Q2 24	+132.4%	+183.6%
Q1 25	+205.7%	+217.7%
Q2 25	+175.4%	+108.1%
Q3 25	+128.3%	+114.3%
Q4 25	+0.4%	-4.1%
Q1 26	-5.3%	-11.2%
Q2 26	-6.7%	-7.9%
Q3 26	+1.7%	+2.2%
Q4 26	+38.4%	+41.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	—
Q1 17	$0	0.0%
Q3 17	$0	0.0%
Q4 18	$0	0.0%
Q3 19	$0	0.0%
Q2 23	$0	0.0%
Q2 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$292M	4.7%
Q1 26	$0	0.0%
Q2 26	$0	—

OpEx Breakdown

Quarter	G&A	S&M
Q1 17	$789M	—
Q3 17	$799M	—
Q4 18	$883M	—
Q3 19	$745M	—
Q2 23	$945M	—
Q2 24	$1.0B	—
Q1 25	$1.2B	—
Q2 25	$1.2B	—
Q3 25	$1.2B	—
Q4 25	$1.1B	—
Q1 26	$1.2B	—
Q2 26	$1.2B	—
Q3 26	$1.4B	—
Q4 26	$3.4B	$1.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$26.3B	$0	$26.3B
Q2 23	$27.6B	$0	$27.6B
Q3 23	$25.7B	$0	$25.7B
Q4 23	$28.3B	$0	$28.3B
Q1 24	$29.8B	$0	$29.8B
Q2 24	$30.6B	$0	$30.6B
Q3 24	$32.0B	$0	$32.0B
Q4 24	$32.3B	$0	$32.3B
Q1 25	$24.2B	$3.6B	$27.8B
Q2 25	$36.3B	$0	$36.3B
Q3 25	$34.9B	$0	$34.9B
Q4 25	$34.5B	$0	$34.5B
Q1 26	$37.9B	$233.0B	$270.9B
Q2 26	$42.8B	$174.3B	$217.1B
Q3 26	$37.6B	$247.3B	$284.9B
Q4 26	$26.9B	$4.4B	$31.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	3.68B	—	—
Q3 17	3.62B	-1.8%	—
Q4 18	3.45B	-4.6%	—
Q3 19	3.34B	-3.2%	—
Q2 23	3.09B	-7.4%	-16.0%
Q2 24	3.14B	+1.5%	-13.2%
Q1 25	3.08B	-1.8%	-10.7%
Q2 25	3.05B	-1.1%	-8.7%
Q3 25	3.07B	+0.5%	-0.9%
Q4 25	3.08B	+0.3%	-2.0%
Q1 26	3.07B	-0.2%	-0.4%
Q2 26	3.02B	-1.7%	-1.0%
Q3 26	3.03B	+0.4%	-1.1%
Q4 26	3.04B	+0.4%	-1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$153.6K	16K
Q3 17	$164.0K	16K
Q4 18	$152.1K	16K
Q3 19	$171.7K	16K
Q2 23	$208.2K	15K
Q2 24	$405.1K	15K
Q1 25	$494.7K	15K
Q2 25	$503.0K	15K
Q3 25	$486.3K	15K
Q4 25	$410.1K	15K
Q1 26	$464.4K	15K
Q2 26	$465.3K	15K
Q3 26	$490.3K	15K
Q4 26	$567.5K	15K

Revenue / Employee