v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥)
¥ in Millions
12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:      
Net income ¥ 374,382 ¥ 347,255 ¥ 177,220
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 68,269 61,653 61,340
Provision for credit losses 248 (1,060) 13,910
Stock-based compensation 40,836 38,578 35,577
Gain on investments in equity securities (13,066) (444) (9,612)
(Gain) loss on investments in subsidiaries and affiliates 11,995 (205) (968)
Equity in earnings of affiliates, net of dividends received (18,662) (34,605) (31,070)
(Gain) loss on disposal of office buildings, land, equipment and facilities (58,744) 2,344 2,670
Deferred income taxes 8,349 11,559 (312)
Changes in operating assets and liabilities:      
Deposits with stock exchanges and other segregated cash (133,311) (144,542) 16,465
Trading assets and private equity and debt investments (2,861,869) (3,026,277) (386,474)
Trading liabilities 1,111,331 574,231 (411,843)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase (441,013) 1,108,828 290,843
Securities borrowed, net of securities loaned 882,237 526,233 (324,095)
Margin loans and receivables (653,334) (179,668) (276,058)
Payables 703,622 (16,725) 709,839
Bonus accrual 63,422 26,496 26,480
Accrued income taxes, net 25,684 19,235 70,892
Other, net 46,664 8,503 167,836
Net cash provided by (used in) operating activities (842,960) (678,611) 132,640
Cash flows from investing activities:      
Payments for placements of time deposits (747,618) (679,945) (650,562)
Proceeds from redemption or maturity of time deposits 746,174 572,947 567,599
Payments for purchases of office buildings, land, equipment and facilities (353,818) (189,971) (145,784)
Proceeds from sales of office buildings, land, equipment and facilities 234,693 131,078 111,954
Payments for purchases of equity investments (33,900) (10,712) (14,716)
Proceeds from sales of equity investments 23,491 8,112 40,497
Net cash outflows from loans receivable at banks (131,647) (129,829) (112,224)
Payments for purchases or origination of other non-trading loans (7,625,952) (5,939,225) (4,286,507)
Proceeds from sales or repayments of other non-trading loans 6,952,187 5,530,064 3,606,974
Payments for purchases of available-for-sale debt securities (167,408) (113,702)  
Proceeds from sales of available-for-sale debt securities   4,982  
Payments for purchases of other non-trading debt securities (316,858) (179,032) (112,438)
Proceeds from sales or maturity of other non-trading debt securities 226,985 131,200 135,690
Acquisitions, net of cash acquired (275,014)   (457)
Divestures, net of cash disposed of 12 8,141  
Payments for purchases of investments in affiliated companies (11,919) (19,007) (29,778)
Proceeds from sales of investments in affiliated companies 1,684 10,098 900
Other, net (20,015) 16,154 914
Net cash used in investing activities (1,498,923) (848,647) (887,938)
Cash flows from financing activities:      
Proceeds from issuances of long-term borrowings 4,611,984 4,334,376 3,064,698
Payments for repurchases or maturity of long-term borrowings (3,174,186) (3,313,452) (2,101,758)
Proceeds from issuances of short-term borrowings 2,468,863 1,850,155 1,964,955
Payments for repurchases or maturity of short-term borrowings (2,358,223) (1,876,894) (1,866,998)
Net cash inflows (outflows) from interbank money market borrowings 443,081 130,455 (88,288)
Net cash inflows (outflows) from other secured borrowings (7,649) (23,560) 57,311
Net cash inflows from deposits received at banks 387,377 785,385 107,532
Payments for withholding taxes on stock-based compensation (18,214) (20,583) (12,669)
Proceeds from sales of common stock 422 1,412 953
Payments for repurchases of common stock (101,499) (59,006) (61,029)
Payments for cash dividends (179,742) (112,541) (60,164)
Contributions from noncontrolling interests 122,335 64,549 69,231
Distributions to noncontrolling interests (98,698) (80,599) (60,924)
Net cash provided by financing activities 2,095,851 1,679,697 1,012,850
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 139,313 (26,020) 220,618
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (106,719) 126,419 478,170
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,425,441 4,299,022 3,820,852
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year 4,318,722 4,425,441 4,299,022
Cash paid during the year for—      
Interest 2,570,408 2,879,779 2,514,801
Income tax payments, net ¥ 118,852 ¥ 93,915 ¥ 26,050