Nomura Holdings, Inc. · NMR · FY2027 Q2 · Calendar Q4 2026
Nomura balances recurring growth against Wholesale cost pressure
Nomura's recurring-revenue growth, bond sales and investment-banking activity provide support, but the quarter was mixed: lower ROE, a higher Wholesale expense ratio and data-center-related credit concerns temper the case for a straightforward improvement narrative.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The current quarter shifted the emphasis from the prior quarter's broad strength and raised 2030 targets to a more mixed operating picture. Recurring-revenue inflows and bond sales strengthened, while ROE declined to 10.9%, Wholesale costs increased, and management maintained rather than raised its guidance.
Guidance delta
Management maintained its outlook while reaffirming the 2030 ROE framework; the call emphasized cost control, risk management and continued investment rather than a new increase in targets.
Key takeaways
- Recurring-revenue assets reached a record, with net inflows up 40% quarter over quarter.
- Bond sales rose as yen rates increased, while Investment Banking ranked first in Japan ECM and DCM for the April–September period.
- ROE eased to 10.9% and the Wholesale expense ratio rose to 85%, leaving execution and cost control as key watchpoints.
Management priorities
- Grow overseas wealth-management accounts in Hong Kong, Singapore and Dubai
- Invest in AI and data-center financing while maintaining strict risk management
- Pursue selective bolt-on acquisitions and maintain a 40%+ dividend payout ratio
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Try FN2 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…
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| SOFI SoFi Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +10.9% | +13.4% | SoFi Q3 Earnings: Growth Accelerates, 2026 Guidance Raised |
| TRU TransUnion | FY2026 Q3 · Calendar Q4 2026 | +3.3% | -5.3% | TransUnion: Q3 beat and insurance growth support raised outlook |
Latest beats and misses
Who reports nextBeat on EPS
- HLTFY2026 Q3 · October 27, 2026+3.4% EPS-2.1% move
- SPGIFY2026 Q3 · October 27, 2026+3.4% EPS-0.4% move
- PYPLFY2026 Q3 · October 27, 2026+10.7% EPS+2.0% move
- CMSAFY2026 Q3 · October 27, 2026+6.7% EPS0.0% move
- ITWFY2026 Q3 · October 27, 2026+2.4% EPS-0.1% move
- IQVFY2026 Q3 · October 27, 2026+2.5% EPS-0.7% move
Missed on EPS
- WMFY2026 Q3 · October 27, 2026-1.4% EPS-3.2% move
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-28T17:05:48.951108+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T17:10:42.504958+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T17:10:42.502368+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.
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 2026-10-28. For educational purposes only; not investment advice.