Nomura Holdings, Inc. (NMR) Cash Flow Statement
Where NMR’s cash came from and went, FY2026
March 31, 2026 · Japanese yen- Cash from operations
- −¥842.96B
- Capital expenditures
- ¥353.82B 7.4% of revenue
- Free cash flow
- −¥1.20T −25.2% margin
- Returned to shareholders
- ¥281.24B
- Change in cash
- −¥106.72B cash at year-end ¥4.32T
Drawn to scale: where the cash came from and how it was used. Hover for values.
NMR operating cash flow, capex and free cash flow
NMR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ¥29.27BFY2017 | −¥842.96BFY2026 | — | |
| Capital expenditures | ¥1.06BFY2017 | ¥353.82BFY2026 | +90.8%/yr | |
| Free cash flow | ¥28.21BFY2017 | −¥1.20TFY2026 | — | |
| Free cash flow margin | 72.1%FY2017 | −25.2%FY2026 | −97.3 pts | |
| Operating cash flow / net income | 3.29FY2017 | −2.25FY2026 | −5.54 | |
| Stock-based compensation | ¥9.65BFY2018 | ¥40.84BFY2026 | +19.8%/yr | |
| Dividends paid | ¥4.14BFY2017 | ¥179.74BFY2026 | +52.0%/yr | |
| Share buybacks (net) | ¥2.45BFY2017 | ¥101.50BFY2026 | +51.3%/yr | |
| Capex / revenue | 2.7%FY2017 | 7.4%FY2026 | +4.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMR cash flow by activity
NMR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NMR cash flow statement in Japanese yen
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ¥374.38B | ¥347.25B | ¥177.22B | ¥91.68B | ¥146.53B | ¥160.40B | ¥219.37B | −¥94.71B | ¥224.29B | ¥8.90B |
| Depreciation & amortization | ¥68.27B | ¥61.65B | ¥61.34B | ¥61.42B | ¥59.52B | ¥63.85B | ¥63.58B | ¥57.92B | ¥71.58B | ¥1.25B |
| Stock-based compensation | ¥40.84B | ¥38.58B | ¥51.51B | ¥35.22B | ¥27.94B | ¥28.25B | ¥12.69B | ¥21.81B | ¥9.65B | — |
| Change in working capital | −¥1.23T | −¥1.11T | −¥116.11B | −¥1.11T | −¥1.50T | ¥483.80B | −¥205.26B | −¥445.24B | −¥601.48B | — |
| Other non-cash items | −¥100.40B | −¥13.91B | −¥41.32B | −¥57.34B | −¥105.46B | −¥70.53B | −¥106.33B | ¥99.05B | −¥149.73B | ¥19.11B |
| Cash from operating activities | −¥842.96B | −¥678.61B | ¥132.64B | −¥974.75B | −¥1.37T | ¥665.77B | −¥15.94B | −¥361.17B | −¥445.69B | ¥29.27B |
| Investing activities | ||||||||||
| Capital expenditures | −¥353.82B | −¥189.97B | −¥145.78B | −¥171.16B | −¥111.33B | −¥119.88B | −¥206.75B | −¥319.09B | −¥285.16B | −¥1.06B |
| Investments (net) | −¥277.93B | −¥848.65B | −¥887.94B | ¥38.95B | −¥45.30B | ¥35.73B | ¥216.34B | −¥112.50B | −¥56.17B | −¥10.93B |
| Acquisitions & other investing | −¥867.18B | ¥189.97B | ¥145.78B | ¥171.16B | ¥111.33B | −¥54.88B | ¥206.75B | ¥319.09B | ¥285.16B | ¥0 |
| Cash from investing activities | −¥1.50T | −¥848.65B | −¥887.94B | ¥38.95B | −¥45.30B | −¥139.03B | ¥216.34B | −¥112.50B | −¥56.17B | −¥11.99B |
| Financing activities | ||||||||||
| Dividends paid | −¥179.74B | −¥112.54B | −¥60.16B | −¥57.26B | −¥70.71B | −¥76.36B | −¥58.42B | −¥47.48B | −¥70.20B | −¥4.14B |
| Share repurchases & issuance (net) | −¥101.50B | −¥59.01B | −¥61.03B | −¥24.73B | −¥39.65B | −¥11.0M | −¥150.01B | −¥51.71B | −¥109.10B | −¥2.45B |
| Net borrowing (repayment) | ¥1.98T | ¥1.10T | ¥1.03T | ¥1.02T | ¥749.44B | −¥326.21B | ¥617.84B | ¥602.60B | ¥564.95B | −¥117.0M |
| Shares issued | ¥422.0M | ¥1.41B | ¥953.0M | ¥4.0M | ¥11.0M | ¥215.0M | ¥285.0M | ¥313.0M | ¥0 | ¥0 |
| Other financing | ¥392.80B | ¥748.75B | ¥103.17B | ¥349.65B | ¥431.62B | ¥132.43B | −¥77.64B | ¥257.47B | −¥12.49B | ¥1.0M |
| Cash from financing activities | ¥2.10T | ¥1.68T | ¥1.01T | ¥1.29T | ¥1.07T | −¥269.93B | ¥332.06B | ¥761.19B | ¥373.17B | −¥6.71B |
| Summary | ||||||||||
| Net change in cash | −¥106.72B | ¥126.42B | ¥478.17B | ¥504.44B | −¥193.60B | ¥317.70B | ¥505.18B | ¥332.26B | −¥182.20B | ¥10.46B |
| Cash at end of period | ¥4.32T | ¥4.43T | ¥4.30T | ¥3.82T | ¥3.32T | ¥3.51T | ¥3.19T | ¥2.69T | ¥2.35T | ¥2.54T |
| Free cash flow | −¥1.20T | −¥868.58B | −¥13.14B | −¥1.15T | −¥1.48T | ¥545.89B | −¥222.69B | −¥680.25B | −¥730.85B | ¥28.21B |
| Free cash flow margin | −25.2% | −19.3% | −0.3% | −49.9% | −107.7% | 38.6% | −12.8% | −39.4% | −41.3% | 72.1% |
| Capex / revenue | 7.4% | 4.2% | 3.7% | 7.5% | 8.1% | 8.5% | 11.9% | 18.5% | 16.1% | 2.7% |
| Operating cash flow / net income | −2.25 | −1.95 | 0.75 | −10.63 | −9.34 | 4.15 | −0.07 | — | −1.99 | 3.29 |
| Mar '25 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | ¥71.97B | ¥98.39B | ¥63.62B | ¥52.14B | ¥35.59B |
| Depreciation & amortization | ¥61.65B | ¥31.36B | ¥15.93B | ¥15.38B | ¥15.03B |
| Stock-based compensation | ¥46.57B | — | ¥51.51B | ¥51.51B | ¥507.99B |
| Change in working capital | ¥1.90T | ¥2.87T | −¥519.31B | ¥84.14B | −¥105.82B |
| Other non-cash items | −¥2.75T | −¥3.37T | −¥59.76B | ¥183.34B | −¥570.85B |
| Cash from operating activities | −¥678.61B | −¥369.07B | −¥448.01B | ¥386.52B | −¥118.06B |
| Investing activities | |||||
| Capital expenditures | −¥869.92B | −¥413.67B | −¥28.23B | −¥64.75B | −¥31.18B |
| Investments (net) | — | — | −¥147.88B | −¥678.84B | −¥9.89B |
| Acquisitions & other investing | ¥21.27B | ¥209.93B | ¥28.23B | ¥336.41B | −¥280.30B |
| Cash from investing activities | −¥848.65B | −¥203.74B | −¥147.88B | −¥407.18B | −¥321.36B |
| Financing activities | |||||
| Dividends paid | −¥112.54B | −¥44.57B | −¥24.11B | −¥24.11B | −¥24.11B |
| Share repurchases & issuance (net) | −¥57.59B | −¥58.10B | −¥41.02B | −¥3.0M | −¥20.00B |
| Net borrowing (repayment) | — | — | — | — | ¥606.25B |
| Shares issued | ¥0 | ¥0 | ¥737.0M | ¥106.0M | ¥109.0M |
| Other financing | ¥1.85T | ¥1.31T | ¥495.13B | ¥382.64B | −¥129.52B |
| Cash from financing activities | ¥1.68T | ¥1.21T | ¥430.73B | ¥358.63B | ¥432.71B |
| Summary | |||||
| Net change in cash | ¥126.42B | ¥528.81B | −¥38.25B | ¥232.00B | ¥53.43B |
| Cash at end of period | — | — | ¥4.30T | ¥4.34T | ¥4.11T |
| Free cash flow | −¥1.55T | −¥782.74B | −¥476.24B | ¥321.77B | −¥149.24B |
| Free cash flow margin | −157.7% | −65.6% | −43.8% | 30.8% | −15.3% |
| Capex / revenue | 88.6% | 34.6% | 2.6% | 6.2% | 3.2% |
| Operating cash flow / net income | −9.43 | −3.75 | −7.04 | 7.41 | −3.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.
NMR cash generation
In fiscal 2026 (ended March 31, 2026), Nomura generated -¥843.0 billion of cash from operations and spent ¥353.8 billion on capital expenditures, leaving free cash flow of -¥1.20 trillion, −25.2% of revenue. It returned ¥281.2 billion to shareholders through dividends (¥179.7 billion) and net share buybacks (¥101.5 billion). Cash and equivalents fell by ¥106.7 billion over the year.
Related: NMR income statement, NMR balance sheet, NMR dividend history. See the NMR stock overview for the latest quote and news.
NMR cash flow FAQ
What is Nomura's free cash flow?
Nomura's free cash flow was -¥1.20 trillion in fiscal 2026: -¥843.0 billion of operating cash flow minus ¥353.8 billion of capital expenditures It was -¥868.6 billion a year earlier..
How much cash does Nomura generate from operations?
Nomura generated -¥843.0 billion of cash from operating activities in fiscal 2026, −2.25 times its net income of ¥374.4 billion.
How much does Nomura spend on capital expenditures?
Nomura spent ¥353.8 billion on capital expenditures in fiscal 2026, 7.4% of revenue, compared with ¥190.0 billion the year before.
How much stock does Nomura buy back?
Nomura spent ¥101.5 billion on net share repurchases in fiscal 2026.
How much does Nomura pay in dividends?
Nomura paid ¥179.7 billion in dividends in fiscal 2026.