FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of October 2025

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   X    Form 40-F    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):     Information furnished on this form:

 

EXHIBIT

 

Exhibit Number
1.		Financial Summary – Six months ended September 30, 2025.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference (i) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-283915) of the registrant, originally filed with the SEC on December 19, 2024, as amended by Post-Effective Amendment No. 1 thereto, filed with the SEC on August 29, 2025 and (ii) in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-273353) of the registrant and of Nomura America Finance, LLC, filed with the SEC on July 20, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		NOMURA HOLDINGS, INC.
Date: October 28, 2025		By:		/s/ Yoshifumi Kishida
				Yoshifumi Kishida
				Senior Managing Director

Financial Summary for the Six Months Ended September 30, 2025 (U.S. GAAP)

 

Date:		October 28, 2025
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Akihiro Koseki Managing Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

 

		(Rounded to nearest million)
		(Millions of yen, except per share data)
		For the six months ended September 30
		2024								2025
						% Change from September 30, 2023								% Change from September 30, 2024
Total revenue			2,459,451				29.0	%			2,317,801				(5.8	%)
Net revenue			937,769				30.9	%			1,038,777				10.8	%
Income before income taxes			235,941				129.0	%			296,927				25.8	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders			167,325				185.7	%			196,643				17.5	%
Comprehensive income			81,168				(56.6	%)			161,423				98.9	%
Basic-Net income attributable to NHI shareholders per share (Yen)			56.63								66.54
Diluted-Net income attributable to NHI shareholders per share (Yen)			54.58								64.53
Return on shareholders’ equity - annualized			10.1	%							11.3	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

 

		(Millions of yen, except per share data)
		At March 31				At September 30
		2025				2025
Total assets			56,802,170				60,367,700
Total equity			3,580,999				3,608,659
Total NHI shareholders’ equity			3,470,879				3,485,283
Total NHI shareholders’ equity as a percentage of total assets			6.1	%			5.8	%
Total NHI shareholders’ equity per share (Yen)			1,174.10				1,188.05

2. Cash Dividends

 

										(Yen amounts)
		For the year ended March 31
		2025				2026				2026 (Plan)
Dividends per share
Dividends record dates
At June 30			—				—				—
At September 30			23.00				27.00				—
At December 31			—				—				—
At March 31			34.00				—				Unconfirmed
For the year			57.00				—				Unconfirmed

Note: The dividends for the fourth quarter of the year ending March 31, 2026, are not presented for the reasons stated in “ 3. Earnings forecasts for the year ending March 31, 2026.”

3. Earnings Forecasts for the year ending March 31, 2026

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Significant changes in the scope of consolidation during the period: None

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

  a)  Changes in accounting policies due to amendments to the accounting standards: Yes

  b)  Changes in accounting policies due to other than a): None

Note) Please refer to P.12 “2. Semi-annual Consolidated Financial Statements (6) Changes in Accounting Policies” for further details.

(4) Number of shares issued (common stock)

 

		At March 31				At September 30
		2025				2025
Number of shares outstanding (including treasury stock)			3,163,562,601				3,163,562,601
Number of treasury stock			207,351,636				229,952,160
		For the six months ended September 30
		2024				2025
Average number of shares outstanding (year-to-date)			2,954,723,390				2,955,292,000

*Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Table of Contents for the Accompanying Materials

 

1. Qualitative Information of the Semi-annual Consolidated Results			P. 2
(1) Consolidated Operating Results			P. 2
(2) Consolidated Financial Position			P. 4
(3) Consolidated Earnings Forecasts			P. 4
2. Semi-annual Consolidated Financial Statements			P. 5
(1) Semi-annual Consolidated Balance Sheets			P. 6
(2) Semi-annual Consolidated Statements of Income			P. 8
(3) Semi-annual Consolidated Statements of Comprehensive Income			P. 9
(4) Note with respect to the Assumption as a Going Concern			P.10
(5) Significant Changes in Equity			P.11
(6) Changes in Accounting Policies			P.12
(7) Segment Information – Operating Segment			P.12
3. Supplementary Information			P.14
(1) Consolidated Statements of Income – Quarterly Comparatives			P.14
(2) Business Segment Information – Quarterly Comparatives			P.15
(3) Other			P.16

 

– 1 –

1.	Qualitative Information of the Semi-annual Consolidated Results

 

(1)	Consolidated Operating Results

 U.S. GAAP

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			937.8				1,038.8				10.8
Non-interest expenses			701.8				741.9				5.7
Income (loss) before income taxes			235.9				296.9				25.8
Income tax expense			66.8				93.7				40.2
Net income (loss)			169.1				203.3				20.2
Less: Net income (loss) attributable to noncontrolling interests			1.8				6.6				265.2
Net income (loss) attributable to NHI shareholders			167.3				196.6				17.5
Return on shareholders’ equity - annualized			10.1	%			11.3	%			—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,038.8 billion yen for the six months ended September 30, 2025, an increase of 10.8% from the same period in the prior year. Non-interest expenses increased by 5.7% from the same period in the prior year to 741.9 billion yen. Income before income taxes was 296.9 billion yen and net income attributable to NHI shareholders was 196.6 billion yen for the six months ended September 30, 2025.

 Segment Information

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			939.8				1,037.1				10.4
Non-interest expenses			701.8				741.9				5.7
Income (loss) before income taxes			237.9				295.3				24.1

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2025 was 1,037.1 billion yen, an increase of 10.4% from the same period in the prior year. Non-interest expenses increased by 5.7% from the same period in the prior year to 741.9 billion yen. Income before income taxes increased by 24.1% to 295.3 billion yen for the six months ended September 30, 2025. Please refer to page 12 for further details of the differences between U.S. GAAP and business segment amounts.

 

– 2 –

<Business Segment Results>

On April 1, 2025, the Banking Division was newly established. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

Operating Results of Wealth Management

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			222.0				222.3				0.1
Non-interest expenses			136.6				138.0				1.0
Income (loss) before income taxes			85.4				84.3				(1.4	)

Net revenue increased by 0.1% from the same period in the prior year to 222.3 billion yen. Non-interest expenses increased by 1.0% to 138.0 billion yen. As a result, income before income taxes decreased by 1.4% to 84.3 billion yen.

 Operating Results of Investment Management

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			103.8				111.4				7.4
Non-interest expenses			48.6				59.2				21.6
Income (loss) before income taxes			55.1				52.2				(5.2	)

Net revenue increased by 7.4% from the same period in the prior year to 111.4 billion yen. Non-interest expenses increased by 21.6% to 59.2 billion yen. As a result, income before income taxes decreased by 5.2% to 52.2 billion yen. Assets under management were 101.2 trillion yen as of September 30, 2025.

 Operating Results of Wholesale

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			508.2				540.3				6.3
Non-interest expenses			441.8				445.2				0.8
Income (loss) before income taxes			66.4				95.0				43.1

Net revenue increased by 6.3% from the same period in the prior year to 540.3 billion yen. Non-interest expenses increased by 0.8% to 445.2 billion yen. As a result, income before income taxes increased by 43.1% to 95.0 billion yen.

 

– 3 –

 Operating Results of Banking

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			23.5				25.7				9.5
Non-interest expenses			14.8				18.9				27.4
Income (loss) before income taxes			8.6				6.8				(21.4)

Net revenue increased by 9.5% from the same period in the prior year to 25.7 billion yen. Non-interest expenses increased by 27.4% to 18.9 billion yen. As a result, income before income taxes decreased by 21.4% to 6.8 billion yen.

 Other Operating Results

 

		Billions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue			82.3				137.5				67.1
Non-interest expenses			60.0				80.6				34.4
Income (loss) before income taxes			22.3				56.9				155.1

Net revenue was 137.5 billion yen, primarily due to profits related to the sale of land and buildings located in Takanawa 2-chome, Minato-ku, Tokyo, recorded in April 2025. Income before income taxes was 56.9 billion yen.

 

(2)	Consolidated Financial Position

Total assets as of September 30, 2025 were 60,367.7 billion yen, an increase of 3,565.5 billion yen compared to March 31, 2025, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2025 were 56,759.0 billion yen, an increase of 3,537.9 billion yen compared to March 31, 2025, mainly due to the increase in Trading liabilities. Total equity as of September 30, 2025 was 3,608.7 billion yen, an increase of 27.7 billion yen compared to March 31, 2025.

 

(3)	Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

 

– 4 –

2.	Semi-annual Consolidated Financial Statements

The Semi-annual consolidated financial statements herein have been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 23, 2025) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 23, 2025) for the year ended March 31, 2025, with the exception of matters described in (6) Changes in Accounting Policies.

 

– 5 –

(1) Semi-annual Consolidated Balance Sheets

 

		Millions of yen
		March 31, 2025				September 30, 2025				Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			4,424,462				5,867,361				1,442,899
Time deposits			642,388				567,028				(75,360	)
Deposits with stock exchanges and other segregated cash			447,846				397,446				(50,400	)
Total cash and cash deposits			5,514,696				6,831,835				1,317,139
Loans and receivables:
Loans receivable			6,025,008				6,432,492				407,484
Receivables from customers			410,722				443,129				32,407
Receivables from other than customers			1,030,023				1,116,072				86,049
Allowance for credit losses			(16,920	)			(16,313	)			607
Total loans and receivables			7,448,833				7,975,380				526,547
Collateralized agreements:
Securities purchased under agreements to resell			14,004,757				13,400,635				(604,122	)
Securities borrowed			4,658,828				4,426,880				(231,948	)
Total collateralized agreements			18,663,585				17,827,515				(836,070	)
Trading assets and private equity and debt investments:
Trading assets*			22,372,339				24,692,459				2,320,120
Private equity and debt investments*			151,710				182,695				30,985
Total trading assets and private equity and debt investments			22,524,049				24,875,154				2,351,105
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 546,117 million as of March 31, 2025 and ¥ 557,108 million as of September 30, 2025)			436,454				442,280				5,826
Non-trading debt securities*			485,290				593,272				107,982
Investments in equity securities*			98,401				106,022				7,621
Investments in and advances to affiliated companies*			506,389				516,777				10,388
Other			1,124,473				1,199,465				74,992
Total other assets			2,651,007				2,857,816				206,809
Total assets			56,802,170				60,367,700				3,565,530

*	Including securities pledged as collateral

 

– 6 –

						Millions of yen
						March 31, 2025				September 30, 2025				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings							1,117,292				1,221,743				104,451
Payables and deposits:
Payables to customers							1,377,222				2,054,893				677,671
Payables to other than customers							2,766,112				2,763,954				(2,158	)
Deposits received at banks							3,105,581				3,288,093				182,512
Total payables and deposits							7,248,915				8,106,940				858,025
Collateralized financing:
Securities sold under agreements to repurchase							16,287,758				15,626,425				(661,333	)
Securities loaned							1,964,682				2,192,827				228,145
Other secured borrowings							393,420				368,724				(24,696	)
Total collateralized financing							18,645,860				18,187,976				(457,884	)
Trading liabilities							11,378,828				13,424,421				2,045,593
Other liabilities							1,456,598				1,410,255				(46,343	)
Long-term borrowings							13,373,678				14,407,706				1,034,028
Total liabilities							53,221,171				56,759,041				3,537,870
Equity
NHI shareholders’ equity:
Common stock
Authorized		-		6,000,000,000 shares
Issued		-		3,163,562,601 shares as of March 31, 2025 and
				3,163,562,601 shares as of September 30, 2025
Outstanding		-		2,956,210,965 shares as of March 31, 2025 and
				2,933,610,441 shares as of September 30, 2025			594,493				594,493				—
Additional paid-in capital							704,877				681,968				(22,909	)
Retained earnings							1,867,379				1,975,904				108,525
Accumulated other comprehensive income (loss)							447,808				404,405				(43,403	)
Total NHI shareholders’ equity before treasury stock							3,614,557				3,656,770				42,213
Common stock held in treasury, at cost -
207,351,636 shares as of March 31, 2025 and
229,952,160 shares as of September 30, 2025							(143,678	)			(171,487	)			(27,809	)
Total NHI shareholders’ equity							3,470,879				3,485,283				14,404
Noncontrolling interests							110,120				123,376				13,256
Total equity							3,580,999				3,608,659				27,660
Total liabilities and equity							56,802,170				60,367,700				3,565,530

 

– 7 –

(2) Semi-annual Consolidated Statements of Income

 

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024(A)				September 30, 2025(B)
Revenue:
Commissions			204,113				205,655				0.8
Fees from investment banking			94,586				82,911				(12.3	)
Asset management and portfolio service fees			184,181				195,342				6.1
Net gain on trading			279,705				314,183				12.3
Gain on private equity and debt investments			4,751				10,700				125.2
Interest and dividends			1,551,508				1,302,391				(16.1	)
Gain (loss) on investments in equity securities			(1,112	)			3,988				—
Other			141,719				202,631				43.0
Total revenue			2,459,451				2,317,801				(5.8	)
Interest expense			1,521,682				1,279,024				(15.9	)
Net revenue			937,769				1,038,777				10.8
Non-interest expenses:
Compensation and benefits			369,181				381,389				3.3
Commissions and floor brokerage			88,954				91,969				3.4
Information processing and communications			112,510				116,366				3.4
Occupancy and related depreciation			34,445				33,248				(3.5	)
Business development expenses			12,553				14,264				13.6
Other			84,185				104,614				24.3
Total non-interest expenses			701,828				741,850				5.7
Income before income taxes			235,941				296,927				25.8
Income tax expense			66,802				93,660				40.2
Net income			169,139				203,267				20.2
Less: Net income attributable to noncontrolling interests			1,814				6,624				265.2
Net income attributable to NHI shareholders			167,325				196,643				17.5
Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			56.63				66.54				17.5
Diluted-
Net income attributable to NHI shareholders per share			54.58				64.53				18.2

 

– 8 –

(3) Semi-annual Consolidated Statements of Comprehensive Income

 

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024(A)				September 30, 2025(B)
Net income			169,139				203,267				20.2
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			(94,867	)			3,618				—
Deferred income taxes			(1,380	)			1,689				—
Total			(96,247	)			5,307				—
Defined benefit pension plans:
Pension liability adjustment			(1,443	)			(4,525	)			—
Deferred income taxes			488				(13	)			—
Total			(955	)			(4,538	)			—
Non-trading debt securities:
Net unrealized gain (loss) on non-trading debt securities			(39	)			(456	)			—
Deferred income taxes			12				143				—
Total			(27	)			(313	)			—
Own credit adjustments:
Own credit adjustments			13,358				(50,030	)			—
Deferred income taxes			(4,100	)			7,730				—
Total			9,258				(42,300	)			—
Total other comprehensive income (loss)			(87,971	)			(41,844	)			—
Comprehensive income			81,168				161,423				98.9
Less: Comprehensive income attributable to noncontrolling interests			1,098				8,183				645.3
Comprehensive income attributable to NHI shareholders			80,070				153,240				91.4

 

– 9 –

(4) Note with respect to the Assumption as a Going Concern (5) Significant Changes in Equity

Not applicable.

 

– 10 –

Not applicable. For further details of the changes, please refer below.

 

		Millions of yen
		For the six months ended September 30, 2025
Common stock
Balance at beginning of year			594,493
Balance at end of period			594,493
Additional paid-in capital
Balance at beginning of year			704,877
Stock-based compensation awards			(22,894	)
Changes in an affiliated company’s interests			(15	)
Balance at end of period			681,968
Retained earnings
Balance at beginning of year			1,867,379
Net income attributable to NHI shareholders			196,643
Cash dividends			(79,207	)
Loss on disposal of treasury stock			(8,911	)
Balance at end of period			1,975,904
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			407,977
Net change during the period			3,748
Balance at end of period			411,725
Defined benefit pension plans
Balance at beginning of year			(7,105	)
Pension liability adjustment			(4,538	)
Balance at end of period			(11,643	)
Non-trading debt securities
Balance at beginning of year			(1,147	)
Net unrealized loss on non-trading debt securities			(313	)
Balance at end of period			(1,460	)
Own credit adjustments
Balance at beginning of year			48,083
Own credit adjustments			(42,300	)
Balance at end of period			5,783
Balance at end of period			404,405
Common stock held in treasury
Balance at beginning of year			(143,678	)
Repurchases of common stock			(60,008	)
Sale of common stock			0
Common stock issued to employees			32,199
Balance at end of period			(171,487	)
Total NHI shareholders’ equity
Balance at end of period			3,485,283
Noncontrolling interests
Balance at beginning of year			110,120
Net change during the period			13,256
Balance at end of period			123,376
Total equity
Balance at end of period			3,608,659

 

– 11 –

(6) Changes in Accounting Policies

Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2023-08 “Intangibles—Goodwill and Other—Crypto Asset: Accounting for and Disclosure of Crypto Assets” which requires all in-scope crypto assets be subsequently measured at fair value at each reporting period through earnings. The ASU requires presentation of in-scope crypto assets separately from other intangible assets in the balance sheet and any changes from the remeasurement of in-scope crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. The ASU also introduces new disclosure requirements for in-scope crypto assets applicable to all entities. Nomura has applied this new accounting policy based on a modified retrospective approach from April 1, 2025. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

(7) Segment Information – Operating Segment

Nomura’s Chief Operating Decision Maker is the Executive Management Board (the “EMB”) which is the management function primarily responsible for assessing performance of and allocating resources to the business segments. 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 Key Performance Indicators (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.

 

– 12 –

The following table shows business segment information and reconciliation items to the consolidated statements of income.

 

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net revenue
Business segment information:
Wealth Management			222,017				222,271				0.1
Investment Management			103,757				111,399				7.4
Wholesale			508,227				540,255				6.3
Banking			23,477				25,696				9.5
Subtotal			857,478				899,621				4.9
Other			82,284				137,526				67.1
Net revenue			939,762				1,037,147				10.4
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)			1,630				—
Net revenue			937,769				1,038,777				10.8
Non-interest expenses (*1)
Business segment information:
Wealth Management			136,578				137,993				1.0
Investment Management			48,643				59,161				21.6
Wholesale			441,812				445,207				0.8
Banking			14,832				18,902				27.4
Subtotal			641,865				661,263				3.0
Other			59,963				80,587				34.4
Non-interest expenses			701,828				741,850				5.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			701,828				741,850				5.7
Income (loss) before income taxes
Business segment information:
Wealth Management			85,439				84,278				(1.4	)
Investment Management			55,114				52,238				(5.2)
Wholesale			66,415				95,048				43.1
Banking			8,645				6,794				(21.4	)
Subtotal			215,613				238,358				10.5
Other (*2)			22,321				56,939				155.1
Income (loss) before income taxes			237,934				295,297				24.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(1,993	)			1,630				—
Income (loss) before income taxes			235,941				296,927				25.8

(*1)	Includes primarily personnel expenses, occupancy, technology, and professional fees.

(*2)	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

 

		Millions of yen								% Change
		For the six months ended								(B-A)/(A)
		September 30, 2024 (A)				September 30, 2025 (B)
Net gain (loss) related to economic hedging transactions			(1,027	)			901				—
Realized gain (loss) on investments in equity securities held for operating purposes			496				2,214				346.4
Equity in earnings of affiliates			26,351				24,769				(6.0)
Corporate items			187				(26,818	)			—
Other			(3,686	)			55,873				—
Total			22,321				56,939				155.1

Note) Prior period amounts have been reclassified to conform to the current year presentation.

 

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3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

 

		Millions of yen																								% Change				Millions of yen
		For the three months ended																												For the year ended March 31, 2025
		June 30, 2024				September 30, 2024				December 31, 2024				March 31, 2025				June 30, 2025(A)				September 30, 2025(B)				(B-A)/(A)
Revenue:
Commissions			102,750				101,363				102,630				100,268				100,606				105,049				4.4				407,011
Fees from investment banking			41,251				53,335				64,375				53,273				38,357				44,554				16.2				212,234
Asset management and portfolio service fees			90,333				93,848				97,209				96,806				92,855				102,487				10.4				378,196
Net gain on trading			131,994				147,711				142,013				158,381				142,239				171,944				20.9				580,099
Gain on private equity and debt investments			3,153				1,598				1,641				1,242				6,330				4,370				(31.0	)			7,634
Interest and dividends			788,550				762,958				745,459				630,894				649,561				652,830				0.5				2,927,861
Gain (loss) on investments in equity securities			1,442				(2,554	)			1,610				(54	)			(377	)			4,365				—				444
Other			58,412				83,307				43,001				38,544				127,017				75,614				(40.5	)			223,264
Total revenue			1,217,885				1,241,566				1,197,938				1,079,354				1,156,588				1,161,213				0.4				4,736,743
Interest expense			763,443				758,239				695,957				626,619				633,273				645,751				2.0				2,844,258
Net revenue			454,442				483,327				501,981				452,735				523,315				515,462				(1.5	)			1,892,485
Non-interest expenses:
Compensation and benefits			184,510				184,671				190,888				172,321				186,310				195,079				4.7				732,390
Commissions and floor brokerage			43,629				45,325				43,645				44,853				44,778				47,191				5.4				177,452
Information processing and communications			55,769				56,741				54,431				60,077				57,164				59,202				3.6				227,018
Occupancy and related depreciation			17,635				16,810				17,885				17,836				15,965				17,283				8.3				70,166
Business development expenses			6,572				5,981				6,807				7,695				6,992				7,272				4.0				27,055
Other			43,396				40,789				50,046				52,209				51,824				52,790				1.9				186,440
Total non-interest expenses			351,511				350,317				363,702				354,991				363,033				378,817				4.3				1,420,521
Income before income taxes			102,931				133,010				138,279				97,744				160,282				136,645				(14.7	)			471,964
Income tax expense			31,498				35,304				34,137				23,770				52,808				40,852				(22.6	)			124,709
Net income			71,433				97,706				104,142				73,974				107,474				95,793				(10.9	)			347,255
Less: Net income (loss) attributable to noncontrolling interests			2,495				(681	)			2,701				2,004				2,909				3,715				27.7				6,519
Net income attributable to NHI shareholders			68,938				98,387				101,441				71,970				104,565				92,078				(11.9	)			340,736
		Yen																								% Change				Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share			23.33				33.30				34.32				24.35				35.19				31.34				(10.9	)			115.30
Diluted-
Net income attributable to NHI shareholders per share			22.36				32.26				33.08				23.39				34.04				30.49				(10.4	)			111.03

 

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