Analyst Consensus ?
ConsensusHold9 ratings
Bullish333.3%
Neutral666.7%
Bearish00.0%
Nomura Holdings, Inc. · NMR · FY2026 Q2 · Calendar Q4 2025
Nomura’s recurring inflows held up as quarterly revenue eased; capital and credit risks remain
Nomura’s reported record recurring inflows and strong equity activity support a constructive operating picture, but the modest quarter-over-quarter revenue decline and capital, credit, and expense concerns temper that view. The supplied analysis does not establish a forward earnings-growth trajectory.
Reported Before market openNYSEFinancial Services
$27.97B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.22
Consensus $0.17
EPS surprise
+29.4%
Reported versus consensus
Reported revenue
$7.22B
Consensus —
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.4%
Event window
SPY move
+0.1%
Same window
Abnormal move
+0.3%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+9.9%
Up to 20 sessions
NMRSPY benchmark
Ask FN2 about NMR FY2026 Q2
Transcript, numbers and history already loaded
Why did NMR rise 0.4% after beating EPS estimates in FY2026 Q2?What changed in NMR's guidance and outlook in FY2026 Q2?Give me the bull and bear case for NMR after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied FY2026 Q2 analysis describes record assets under management and recurring inflows in Wealth and Investment Management, alongside strong Wholesale equity and investment-banking revenue. It also reports revenue down modestly quarter over quarter, while revenue excluding real-estate gains and net income increased. Compared with the prior quarter, phishing-related losses were lower in the current analysis, while integration and capital planning around the Macquarie acquisition remain relevant.
Guidance delta
Guidance sentiment was characterized as maintained; the supplied analysis identifies no change to guidance.
Key takeaways
- Wealth and Investment Management recorded strong recurring inflows, and assets under management reached a new high, according to the supplied analysis.
- Wholesale activity was supported by strong equity and investment-banking revenue.
- Revenue declined modestly quarter over quarter; the analysis says revenue excluding real-estate gains and net income increased.
- Management described a slight CET1 ratio dip following the Macquarie acquisition, with the ratio remaining above its stated target range.
Management priorities
- Expand assets under management and stable recurring revenue streams.
- Launch the deposit sweep service in FY2026/27 and continue security enhancements.
- Preserve capital adequacy while pursuing selective M&A and maintaining shareholder-return priorities.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$9.53Current
$5.79Low
$8Average
$10.2High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Neutral | Upgrade | Mar 19, 2026 |
| Jefferies | Hold | Buy | Downgrade | Jan 25, 2023 |
| Goldman Sachs | Neutral | Buy | Downgrade | Mar 30, 2021 |
| Credit Suisse | Neutral | Outperform | Downgrade | Feb 10, 2016 |
| Deutsche Bank | Hold | Buy | Downgrade | Feb 8, 2016 |
| UBS | Neutral | Buy | Downgrade | Jul 22, 2015 |
| Barclays | Equal Weight | Underperform | Upgrade | Jun 23, 2015 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 21, 2013 |
| Macquarie | Outperform | Neutral | Upgrade | Feb 14, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $9.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Nomura | Natsumu Tsujino | $10.2 | $8.61 | +7.1% | Jun 25, 2026 |
| Bank of America Securities | Natsumu Tsujino | $5.79 | $5.22 | -39.2% | Oct 22, 2024 |
Track every rating change on NMR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNomura Holdings, Inc. engages in the provision of investment, financing, and related services to individual, institutional, and government clients worldwide. It operates through three segments: Wealth Management, Investment Management, and Wholesale. The Wealth Management segment offers investment consultation services. The Investment Management segment provides investment management services and investment solutions, such as establishing and managing investment trusts, discretionary investment services, as well as investment and management for investment vehicles, and for funds for…
Historical context
All NMR earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CBOE Cboe Global Markets, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.8% | +6.8% | Cboe posts strong Q3 as options growth and new products advance |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.0% | NatWest maintains guidance as Q3 growth and capital remain strong |
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
Latest beats and misses
Who reports nextBeat on EPS
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-03T13:40:45.245982+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T13:40:45.243182+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.