Nomura's operating margin remains sensitive to market cycles, peaking at 14.4% in 2026Q1 while gross margins fluctuated between 33.3% and 43.0% over the last ten quarters.
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Sales/Revenue | 4.36T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.76T | 2.17T | 1.66T | 1.38T | 1.14T | 1.14T | 1.2T | 1.07T | 1.01T | 1.3T | 1.28T | 1.24T | 1.4T | 1.45T | 1.72T | 1.44T | 1.04T | 1.14T | 367.42B | 710.75B | 1.11T | 1.15T | 799.31B | 803.69B | 565.8B | 1.32T | -34.7B | -17.39B |
| Gross Margin % | 40.36% | 45.55% | 36.89% | 34.68% | 49.87% | 83.25% | 84.77% | 61.75% | 58.39% | 73.17% | 80.33% | 79.08% | 81.11% | 84.02% | 86.61% | 82.03% | 80.3% | 84.69% | 51.08% | 46.85% | 53.7% | 63.9% | 70.96% | 73.04% | 67.34% | 72.39% | -6.69% | -4.14% |
| Gross Profit Growth % | - | 30.4% | 20.64% | 20.35% | 0.11% | -4.59% | 11.74% | 6.45% | -22.21% | 1.56% | 3.06% | -11.69% | -3.01% | -16.09% | 19.4% | 38.87% | -8.81% | 209.98% | -48.31% | -36.18% | -2.98% | 43.6% | -0.54% | 42.05% | -57.25% | 3913.95% | -99.56% | - |
| Operating Expenses | 1.23T | 1.63T | 1.19T | 1.1T | 995.5B | 917.09B | 968.11B | 824.54B | 1.05T | 967.45B | 952.91B | 1.07T | 1.06T | 1.08T | 1.48T | 1.36T | 945.36B | 1.03T | 1.15T | 775.34B | 791.16B | 701.39B | 594.5B | 520.85B | 518.37B | 1.15T | -190.87B | -389.61B |
| OpEx % of Revenue | - | 34.21% | 26.41% | 27.79% | 43.36% | 66.75% | 68.46% | 47.46% | 60.57% | 54.63% | 60.01% | 68.53% | 61.05% | 63% | 74.65% | 77.2% | 73.09% | 76.86% | 159.56% | 51.1% | 38.15% | 39.05% | 52.78% | 47.34% | 61.7% | 62.92% | -36.78% | -92.82% |
| Selling, General & Admin | 744.6B | 1.37T | 732.39B | 673.52B | 605.79B | 529.51B | 507.91B | 479.42B | 486.72B | 530.64B | 496.38B | 558.59B | 596.59B | 570.06B | 547.59B | 534.65B | 518.99B | 787.94B | 720.22B | 592B | 346.75B | 326.04B | 303.36B | 282.63B | 268.27B | 427.84B | 305.19B | 286.27B |
| SG&A % of Revenue | - | 28.82% | 16.25% | 16.95% | 26.38% | 38.54% | 35.92% | 27.59% | 28.2% | 29.97% | 31.26% | 35.69% | 34.52% | 33.14% | 27.54% | 30.41% | 40.13% | 58.59% | 100.13% | 39.02% | 16.72% | 18.15% | 26.93% | 25.69% | 31.93% | 23.4% | 58.81% | 68.2% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 532.95B | 539.82B | 471.96B | 273.85B | 149.47B | 226.62B | 230.67B | 248.26B | -37.7B | 328.16B | 322.8B | 165.16B | 346.76B | 361.61B | 237.73B | 84.96B | 93.25B | 105.25B | -780.26B | -64.59B | 322.47B | 446.45B | 204.81B | 282.84B | 47.43B | 173.18B | 156.17B | 372.22B |
| Operating Margin % | 12.22% | 11.34% | 10.47% | 6.89% | 6.51% | 16.5% | 16.31% | 14.29% | -2.18% | 18.53% | 20.33% | 10.55% | 20.07% | 21.02% | 11.95% | 4.83% | 7.21% | 7.83% | -108.48% | -4.26% | 15.55% | 24.85% | 18.18% | 25.71% | 5.64% | 9.47% | 30.09% | 88.68% |
| Operating Income Growth % | - | 14.38% | 72.34% | 83.21% | -34.04% | -1.75% | -7.09% | 758.5% | -111.49% | 1.66% | 95.45% | -52.37% | -4.11% | 52.11% | 179.82% | -8.9% | -11.39% | 113.49% | -1108.07% | -120.03% | -27.77% | 117.98% | -27.59% | 496.39% | -72.62% | 10.89% | -58.04% | - |
| EBITDA | 532.95B | 608.09B | 533.62B | 335.19B | 210.9B | 286.15B | 294.52B | 311.84B | 20.22B | 399.74B | 393.72B | 244.55B | 425.64B | 441.08B | 329.22B | 185.53B | 168.84B | 178.33B | -704.49B | -1.13B | 373.02B | 489.29B | 242.99B | 316.62B | 78.69B | 239.5B | 203.46B | 440.97B |
| EBITDA Margin % | 12.22% | 12.78% | 11.84% | 8.44% | 9.19% | 20.83% | 20.83% | 17.95% | 1.17% | 22.57% | 24.79% | 15.62% | 24.63% | 25.64% | 16.56% | 10.55% | 13.05% | 13.26% | -97.94% | -0.07% | 17.99% | 27.24% | 21.57% | 28.78% | 9.37% | 13.1% | 39.21% | 105.06% |
| EBITDA Growth % | 21.66% | 13.96% | 59.2% | 58.93% | -26.3% | -2.84% | -5.56% | 1442.03% | -94.94% | 1.53% | 61% | -42.55% | -3.5% | 33.98% | 77.45% | 9.88% | -5.32% | 125.31% | -62520.89% | -100.3% | -23.76% | 101.36% | -23.25% | 302.37% | -67.15% | 17.72% | -53.86% | - |
| D&A (Non-Cash Add-back) | 0 | 68.27B | 61.65B | 61.34B | 61.42B | 59.52B | 63.85B | 63.58B | 57.92B | 71.58B | 70.93B | 79.39B | 78.88B | 79.47B | 91.49B | 100.57B | 75.59B | 73.08B | 75.78B | 63.46B | 50.54B | 42.84B | 38.17B | 33.78B | 31.26B | 66.32B | 47.29B | 68.75B |
| EBIT | 532.95B | 539.82B | 471.96B | 273.85B | 149.47B | 226.62B | 230.67B | 248.26B | -37.7B | 328.16B | 322.8B | 165.16B | 346.76B | 361.61B | 237.73B | 84.96B | 93.25B | 105.25B | -780.26B | -64.59B | 322.47B | 446.45B | 204.81B | 282.84B | 47.43B | 173.18B | 156.17B | 372.22B |
| Net Interest Income | 77.14B | -2.59T | 83.6B | 25.56B | -36.46B | 54.11B | 141.1B | 129.82B | 58.62B | 110.49B | 128.72B | 112.64B | 110.35B | 141.58B | 127.69B | 119.99B | 91.31B | 29.38B | -20.53B | -9.93B | 23.45B | 46.73B | 74.42B | 100.5B | 127.18B | -3.46B | -34.7B | -17.39B |
| Interest Income | 2.68T | 0 | 2.93T | 2.62T | 1.11T | 284.22B | 356.47B | 794.47B | 776.96B | 585.67B | 441.04B | 440.05B | 436.77B | 416.35B | 394.01B | 435.89B | 346.1B | 235.31B | 331.36B | 796.54B | 983.56B | 695.15B | 401.48B | 397.1B | 401.58B | 501.34B | 518.94B | 419.74B |
| Interest Expense | 2.6T | 2.59T | 2.84T | 2.6T | 1.15T | 230.11B | 215.36B | 664.65B | 718.35B | 475.19B | 312.32B | 327.42B | 326.41B | 274.77B | 266.31B | 315.9B | 254.79B | 205.93B | 351.88B | 806.47B | 960.12B | 648.42B | 327.06B | 296.6B | 274.41B | 504.79B | 553.64B | 437.13B |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 532.95B | 539.82B | 471.96B | 273.85B | 149.47B | 226.62B | 230.67B | 248.26B | -37.7B | 328.16B | 322.8B | 165.16B | 346.76B | 361.61B | 237.73B | 84.96B | 93.25B | 105.25B | -780.26B | -64.59B | 322.47B | 446.45B | 204.81B | 282.84B | 47.43B | 173.18B | 156.17B | 372.22B |
| Pretax Margin % | 12.22% | 11.34% | 10.47% | 6.89% | 6.51% | 16.5% | 16.31% | 14.29% | -2.18% | 18.53% | 20.33% | 10.55% | 20.07% | 21.02% | 11.95% | 4.83% | 7.21% | 7.83% | -108.48% | -4.26% | 15.55% | 24.85% | 18.18% | 25.71% | 5.64% | 9.47% | 30.09% | 88.68% |
| Income Tax | 151.57B | 165.44B | 124.71B | 96.63B | 57.8B | 80.09B | 70.27B | 28.89B | 57.01B | 103.87B | 80.23B | 22.6B | 120.78B | 145.16B | 132.04B | 58.9B | 61.33B | 37.16B | -70.85B | 3.26B | 146.22B | 189.38B | 110.02B | 110.4B | 37.28B | 4.92B | 98.76B | 168.67B |
| Effective Tax Rate % | 28.44% | 30.65% | 26.42% | 35.29% | 38.67% | 35.34% | 30.47% | 11.64% | -151.22% | 31.65% | 24.85% | 13.68% | 34.83% | 40.14% | 55.54% | 69.33% | 65.77% | 35.31% | 9.08% | -5.05% | 45.34% | 42.42% | 53.72% | 39.03% | 78.61% | 2.84% | 63.24% | 45.31% |
| Net Income | 370.05B | 362.13B | 340.74B | 165.86B | 92.79B | 143B | 153.12B | 217B | -100.44B | 219.34B | 239.62B | 131.55B | 224.78B | 213.59B | 107.23B | 11.58B | 28.66B | 67.8B | -708.19B | -67.85B | 176.26B | 304.85B | 94.79B | 172.44B | 119.86B | 168.26B | 57.41B | 203.55B |
| Net Margin % | 8.48% | 7.61% | 7.56% | 4.17% | 4.04% | 10.41% | 10.83% | 12.49% | -5.82% | 12.39% | 15.09% | 8.4% | 13.01% | 12.42% | 5.39% | 0.66% | 2.22% | 5.04% | -98.46% | -4.47% | 8.5% | 16.97% | 8.42% | 15.67% | 14.27% | 9.2% | 11.06% | 48.49% |
| Net Income Growth % | 34.75% | 6.28% | 105.43% | 78.76% | -35.11% | -6.61% | -29.44% | 316.04% | -145.79% | -8.46% | 82.15% | -41.48% | 5.24% | 99.18% | 825.79% | -59.59% | -57.73% | 109.57% | -943.81% | -138.49% | -42.18% | 221.59% | -45.03% | 43.86% | -28.77% | 193.09% | -71.8% | - |
| Net Income (Continuing) | 381.38B | 374.38B | 347.25B | 177.22B | 91.68B | 146.53B | 160.4B | 219.37B | -94.71B | 224.29B | 242.57B | 142.56B | 225.98B | 216.45B | 105.69B | 26.05B | 31.93B | 68.09B | -709.41B | -67.85B | 176.26B | 257.06B | 94.79B | 172.44B | 10.15B | 168.26B | 57.41B | 203.55B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.79B | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 123.38B | 147.05B | 110.12B | 98.32B | 75.58B | 58.2B | 61.51B | 77.8B | 49.73B | 50.5B | 53.88B | 42.78B | 37.17B | 39.53B | 24.61B | 281.9B | 8.88B | 6.08B | 12.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 122.54 | 118.99 | 111.03 | 52.75 | 29.74 | 45.23 | 48.63 | 66.20 | -29.90 | 61.90 | 65.65 | 35.52 | 60.03 | 55.81 | 28.37 | 3.14 | 7.86 | 21.59 | -364.69 | -35.48 | 91.80 | 158.39 | 48.25 | 89.01 | 60.95 | 85.56 | 29.25 | 103.17 |
| EPS Growth % | 36.32% | 7.17% | 110.48% | 77.37% | -34.25% | -6.99% | -26.54% | 321.4% | -148.3% | -5.71% | 84.83% | -40.83% | 7.56% | 96.72% | 803.5% | -60.05% | -63.59% | 105.92% | -927.87% | -138.65% | -42.04% | 228.27% | -45.79% | 46.04% | -28.76% | 192.51% | -71.65% | - |
| EPS (Basic) | - | 123.08 | 115.30 | 54.97 | 30.86 | 46.68 | 50.11 | 67.76 | -29.90 | 63.13 | 67.29 | 36.53 | 61.66 | 57.57 | 29.04 | 3.18 | 7.90 | 21.68 | -364.69 | -35.48 | 92.05 | 158.63 | 49.33 | 89.01 | 60.95 | 85.81 | 29.25 | 103.71 |
| Diluted Shares Outstanding | 3.02B | 3.04B | 3.07B | 3.14B | 3.11B | 3.16B | 3.15B | 3.28B | 3.36B | 3.54B | 3.65B | 3.7B | 3.74B | 3.83B | 3.78B | 3.68B | 3.64B | 3.14B | 1.93B | 1.91B | 1.91B | 1.92B | 1.94B | 1.94B | 1.97B | 1.97B | 1.96B | 1.97B |
| Basic Shares Outstanding | 2.94B | 2.94B | 2.96B | 3.02B | 3.01B | 3.06B | 3.06B | 3.2B | 3.36B | 3.47B | 3.56B | 3.6B | 3.65B | 3.71B | 3.69B | 3.64B | 3.63B | 3.13B | 1.94B | 1.91B | 1.91B | 1.91B | 1.94B | 1.94B | 1.97B | 1.96B | 1.96B | 1.96B |
| Dividend Payout Ratio | - | 49.63% | 33.03% | 36.27% | 61.71% | 49.45% | 49.87% | 26.92% | - | 32% | 17.88% | 62.93% | 24.61% | 24.32% | 13.74% | 250.94% | 101.47% | 16.42% | - | - | 65.04% | 13.9% | 35.86% | 25.33% | 24.61% | 20.46% | 51.21% | 9.64% |
Global Wholesale Revenue Volatility
According to the provided quarterly data, Nomura's gross margin fluctuated between 33.3% and 43.0% over the last ten quarters, suggesting that the firm's reliance on volatile trading and commission-based revenue streams continues to prevent the establishment of a stable, high-margin foundation comparable to its global bulge-bracket peers.
The variability in gross margins indicates that the firm remains highly sensitive to market cycles and trading volumes, which complicates long-term profitability forecasting. While recent periods show a recovery toward the 42% range, the lack of consistent margin expansion suggests that the transition to a fee-based wealth management model has yet to fully insulate the firm from capital market volatility.
As reported in financial statements, Nomura's operating margin reached a peak of 14.4% in 2026Q1, yet the firm's persistent SG&A burden, which frequently exceeds 15% of revenue, suggests that the high fixed costs of maintaining a global infrastructure continue to dampen the scalability of its operating income.
The firm struggles to achieve meaningful operating leverage because revenue growth is often offset by the rigid cost structure inherent in its international Wholesale operations. Investors should monitor whether management can successfully rationalize these fixed costs, as current levels appear to limit the firm's ability to translate top-line gains into significant bottom-line expansion.
Based on Nomura's reported figures, net income has exhibited significant quarterly swings, ranging from ¥23.3B to ¥104.6B, a trend that appears driven by non-operating items and the lumpy nature of performance fees rather than a steady, predictable growth trajectory in core operational earnings.
The presence of significant quarterly fluctuations suggests that reported EPS may not always reflect the underlying health of the business, particularly given the potential for mark-to-market volatility in its trading books. The absence of stock-based compensation in most periods is notable, yet the reliance on non-recurring income sources warrants further investigation into the sustainability of current earnings levels.
Data from the last ten quarters highlights that Nomura's profitability remains tethered to the Wholesale segment, where revenue volatility poses a persistent threat to earnings stability, as evidenced by the sharp contraction in operating income observed during periods of lower market activity in the 2024 fiscal year.
Short-sellers may focus on the firm's inability to consistently generate returns above its cost of capital in international markets, which remains a structural drag on overall performance. The firm's exposure to global capital market shifts suggests that any downturn in trading volumes could lead to rapid margin compression, potentially undermining the recent improvements in net income.
Quick answers to the most common questions about buying NMR stock.
Nomura Holdings, Inc. (NMR) is profitable, generating $362.13B in net income for the fiscal year ending 2026 with a net profit margin of 7.6%.
Nomura Holdings, Inc. (NMR) reported an operating income of $539.82B, resulting in an operating profit margin of 11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Nomura Holdings, Inc. (NMR) generated $2.17T in gross profit for the year, representing a gross profit margin of 45.6%. This demonstrates the company's core pricing power and production efficiency.