Nomura Holdings’ NYSE-listed ADR (NMR) slid sharply on Friday, April 24, 2026, after the company published fourth-quarter and full-year results for the fiscal year ended March 31, 2026. While Nomura posted a second consecutive year of record net income, the market reaction centered on weaker sequential fourth-quarter profitability and quarter-specific headwinds that diluted the impact of the full-year beat and milestone ROE achievement.

For the full fiscal year, Nomura reported net income of ¥362.1 billion, up 6% year over year, with net revenue rising 15% to ¥2,167.7 billion and income before income taxes up 14% to ¥539.8 billion. Full-year ROE was 10.1%, meeting the quantitative target in the firm’s 2030 Vision framework; however, investors looked through the annual records and repriced the stock on concerns around the quarter-to-quarter earnings trajectory and quality of the quarter’s profits.

The quarter was pressured by impairments and broader geopolitical-related issues that contributed to a quarter-on-quarter net income decline, tempering confidence in near-term earnings momentum. The selloff suggests the market is treating the results as “good full-year, weaker latest quarter,” a setup that often triggers downside moves when investors fear normalization in trading and investment banking conditions or additional one-offs.

Investors will focus on management’s breakdown of the impairments and any guidance-like commentary on business conditions, especially for Wholesale and Wealth Management, to assess whether the quarter’s weakness is transitory. Capital return signals are also in focus: the company highlighted shareholder returns and indicated an ordinary dividend of 24 yen per share for the period, bringing the annual dividend to 51 yen per share.