v3.26.1
Segment and geographic information
 12 Months Ended
Mar. 31, 2026
Segment and Geographic Information [Abstract]  
Segment and geographic information
23. Segment and geographic information:
Operating segments—

Nomura’s operating management and management reporting are prepared based on the Wealth Management, the Investment Management, the Wholesale, and the Banking segments. Nomura structures its business segments based upon the nature of its main products and services, its client base and its management structure. Please refer to Note 4 “
Revenue from services provided to customers
” for types of products and services offered by each reportable segment and corresponding revenue. Nomura established a new Banking Division on April 1, 2025.
In its Wealth Management, Nomura provides investment consultation services mainly to individual clients in Japan. In its Investment Management segment, Nomura mainly provides various investment management services and investment solutions such as establishing and managing investment trusts, discretionary investment services for Japanese and overseas investors, investment and management for investment vehicles and for funds for institutional investors, and management of silent partnerships (“
Tokumei kumiai
”). In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, foreign exchange contracts and derivatives globally, and provides investment banking services such as the underwriting and distribution of debt and equity securities as well as mergers and acquisitions and financial advisory. In its Banking segment, Nomura leverages the strengths of The Nomura Trust and Banking Co., Ltd. and Nomura Bank (Luxembourg) S.A. in private markets and bespoke products and meets the diverse needs of clients in areas such as asset building and estate planning. Nomura completed the Macquarie Acquisition on December 1, 2025. Results of the acquired business are reported under the Investment Management segment from December 1, 2025 onwards.
Nomura’s Chief Operating Decision Maker (“CODM”) is the Executive Management Board (“EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments.
Revenues and expenses directly associated with each business segment are included in the operating results of each respective segment. Revenues and expenses that are not directly attributable to a particular segment are allocated to each respective business segment or included in “
Other
,” based upon Nomura’s allocation methodologies as used by management to assess each segment’s performance.

 
 
Business segments’ results are shown in the following tables. 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 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.
Amounts for prior periods have been reclassified to conform to the presentation for the year ended March 31, 2026, in accordance with the realignment in April 2025.
 
 
  
Millions of yen
 
 
  
Wealth
Management
 
  
Investment
Management
 
  
Wholesale
 
 
Banking
 
  
Other

(Incl. elimination)
 
  
Total
 
Year ended March 31, 2024
  
  
  
 
  
  
Non-interest revenue
  
¥
380,563
 
  
¥
149,575
 
  
¥
875,664
 
 
¥
35,244
 
  
¥
105,733
 
  
¥
1,546,779
 
Net interest revenue
  
 
6,461
 
  
 
4,568
 
  
 
(9,517
) 
 
 
7,617
 
  
 
16,433
 
  
 
25,562
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Net revenue
  
 
387,024
 
  
 
154,143
 
  
 
866,147
 
 
 
42,861
 
  
 
122,166
 
  
 
1,572,341
 
Non-interest expenses
(1)
  
 
268,035
 
  
 
93,945
 
  
 
812,236
 
 
 
27,755
 
  
 
86,179
 
  
 
1,288,150
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Income before income taxes
  
¥
118,989
 
  
¥
60,198
 
  
¥
53,911
 
 
¥
15,106
 
  
¥
35,987
 
  
¥
284,191
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Year ended March 31, 2025
  
  
  
 
  
  
Non-interest revenue
  
¥
422,617
 
  
¥
181,010
 
  
¥
1,015,803
 
 
¥
36,344
 
  
¥
154,657
 
  
¥
1,810,431
 
Net interest revenue
  
 
10,934
 
  
 
11,463
 
  
 
42,135
 
 
 
10,828
 
  
 
8,243
 
  
 
83,603
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Net revenue
  
 
433,551
 
  
 
192,473
 
  
 
1,057,938
 
 
 
47,172
 
  
 
162,900
 
  
 
1,894,034
 
Non-interest expenses
(1)
  
 
267,369
 
  
 
102,882
 
  
 
891,656
 
 
 
30,815
 
  
 
127,799
 
  
 
1,420,521
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Income before income taxes
  
¥
166,182
 
  
¥
89,591
 
  
¥
166,282
 
 
¥
16,357
 
  
¥
35,101
 
  
¥
473,513
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Year ended March 31, 2026
  
  
  
 
  
  
Non-interest revenue
  
¥
473,282
 
  
¥
248,388
 
  
¥
1,168,966
 
 
¥
42,081
 
  
¥
147,858
 
  
¥
2,080,575
 
Net interest revenue
  
 
14,624
 
  
 
10,128
 
  
 
(6,737
) 
 
 
11,837
 
  
 
49,015
 
  
 
78,867
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Net revenue
  
 
487,906
 
  
 
258,516
 
  
 
1,162,229
 
 
 
53,918
 
  
 
196,873
 
  
 
2,159,442
 
Non-interest expenses
(1)
  
 
283,882
 
  
 
170,219
 
  
 
961,662
 
 
 
39,902
 
  
 
172,227
 
  
 
1,627,892
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Income before income taxes
  
¥
204,024
 
  
¥
88,297
 
  
¥
200,567
 
 
¥
14,016
 
  
¥
24,646
 
  
¥
531,550
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
(1)
Includes primarily personnel expenses, occupancy, technology, and professional fees.
Transactions between operating segments are recorded within segment results based on commercial terms and conditions and are eliminated in “
Other
.”
 
 
The following table presents the major components of
Income before income taxes
in
“Other”
for the years ended March 31, 2024, 2025 and 2026.
 
 
  
Millions of yen
 
 
  
Year ended March 31
 
 
  
2024
 
 
2025
 
 
2026
 
Net gain (loss) related to economic hedging transactions
  
¥
2,021
 
 
¥
(5,809
) 
 
¥
(2,940
) 
Realized gain on investments in equity securities held for operating purposes
  
 
   21,027
 
 
 
1,475
 
 
 
3,349
 
Equity in earnings of affiliates
  
 
46,420
 
 
 
   51,221
 
 
 
   36,452
 
Corporate items
  
 
(11,997
) 
 
 
(5,884
) 
 
 
(41,982
) 
Other
(1)(2)
  
 
(21,484
) 
 
 
(5,902
) 
 
 
29,767
 
  
 
 
 
 
 
 
 
 
 
 
 
Total
  
¥
35,987
 
 
¥
35,101
 
 
¥
24,646
 
  
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes the impact of Nomura’s own creditworthiness.
(2)
On April 10, 2025, Nomura sold certain owned land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, for the effective utilization of its assets. The transaction counterparties included Nomura Real Estate Development Co., Ltd., a subsidiary of Nomura Real Estate Holdings, Inc., an affiliated company, and a third party financing company. Nomura considers the entire transaction to be with a related party. As a result of the sale, a gain of ¥56,144 million is included in
Revenue
—
Other
in the consolidated statements of income for the year ended March 31, 2026.
The table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported
Net revenue, Non-interest expenses
and
Income before income taxes
in the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026.
 
 
  
Millions of yen
 
 
  
Year ended March 31
 
 
  
2024
 
 
2025
 
 
2026
 
Net revenue
  
¥
1,572,341
 
 
¥
1,894,034
 
 
¥
2,159,442
 
Unrealized gain (loss) on investments in equity securities held for operating purposes
(1)
  
 
(10,341
) 
 
 
(1,549
) 
 
 
8,271
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated net revenue
  
¥
1,562,000
 
 
¥
1,892,485
 
 
¥
2,167,713
 
  
 
 
 
 
 
 
 
 
 
 
 
Non-interest expenses
  
¥
1,288,150
 
 
¥
1,420,521
 
 
¥
1,627,892
 
Unrealized gain (loss) on investments in equity securities held for operating purposes
  
 
— 
 
 
 
— 
 
 
 
— 
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated non-interest expenses
  
¥
1,288,150
 
 
¥
1,420,521
 
 
¥
1,627,892
 
  
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
  
¥
284,191
 
 
¥
473,513
 
 
¥
531,550
 
Unrealized gain (loss) on investments in equity securities held for operating purposes
(1)
  
 
(10,341
) 
 
 
(1,549
) 
 
 
8,271
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated income before income taxes
  
¥
273,850
 
 
¥
471,964
 
 
¥
539,821
 
  
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes a reversal of unrealized gain (loss) on investments in equity securities held for operating purposes that were sold in the years ended March 31, 2024, 2025 and 2026.
 
 
Geographic information—
Nomura’s identifiable assets, revenues and expenses are generally allocated based on the country of domicile of the legal entity providing the service. However, because of the integration of the global capital markets and the corresponding global nature of Nomura’s activities and services, it is not always possible to make a precise separation by location. As a result, various assumptions, which are consistent among years, have been made in presenting the following geographic data.
The tables below present a geographic allocation of
Net revenue
and
Income (loss) before income taxes
from operations by geographic areas for the years ended March 31, 2024, 2025 and 2026 and Long-lived assets associated with Nomura’s operations as of March 31, 2024, 2025 and 2026.
Net revenue
in Americas and Europe in the table substantially represents Nomura’s operations in the U.S. and the U.K., respectively.
Net revenue
and Long-lived assets have been allocated based on transactions with external customers while
Income (loss) before income taxes
has been allocated based on the inclusion of intersegment transactions.
 
 
  
Millions of yen
 
 
  
Year ended March 31
 
 
  
2024
 
 
2025
 
  
2026
 
Net revenue
(1)
:
  
 
  
Americas
    ¥ 453,069     ¥ 589,122      ¥ 669,998  
Europe
      269,292       375,648        261,522  
Asia and Oceania
      56,684       61,730        148,415  
  
 
 
    
 
 
     
 
 
  
Subtotal
      779,045       1,026,500        1,079,935  
Japan
      782,955       865,985        1,087,778  
  
 
 
    
 
 
     
 
 
  
Consolidated
    ¥ 1,562,000     ¥ 1,892,485      ¥ 2,167,713  
  
 
 
    
 
 
     
 
 
  
Income (loss) before income taxes:
        
Americas
    ¥ 14,650     ¥ 65,753      ¥ 61,868  
Europe
      (33,064 )      20,348        (31,128 )
 
Asia and Oceania
      23,795       50,878        60,790  
  
 
 
    
 
 
     
 
 
  
Subtotal
      5,381       136,979        91,530  
Japan
      268,469       334,985        448,291  
  
 
 
    
 
 
     
 
 
  
Consolidated
    ¥ 273,850     ¥ 471,964      ¥ 539,821  
  
 
 
    
 
 
     
 
 
  
 
(1)
There is no revenue derived from transactions with a single major external customer.
 
 
  
Millions of yen
 
 
  
Year ended March 31
 
 
  
2024
 
  
2025
 
  
2026
 
Long-lived assets:
  
  
  
Americas
    ¥ 121,633      ¥ 111,312      ¥ 385,825  
Europe
      62,063        55,515        58,555  
Asia and Oceania
      33,820        31,656        41,112  
  
 
 
     
 
 
     
 
 
  
Subtotal
      217,516        198,483        485,492  
Japan
      270,924        270,693        363,151  
  
 
 
     
 
 
     
 
 
  
Consolidated
    ¥  488,440      ¥  469,176      ¥  848,643