YOKOHAMA, Japan – Nissan Motor Co., Ltd. announced financial results for the six months ended September 30, 2026. First-half results demonstrated improving underlying performance and growing resilience, reflecting continued progress under Re:Nissan despite challenging market conditions.
First-half results
Nissan recorded global sales of 1.41 million units and consolidated net revenue of ¥6.072 trillion, up ¥493.3 billion over the prior year. Operating profit improved by ¥107.7 billion to ¥80.0 billion, supported by ongoing structural improvements and Re:Nissan cost reductions. Net income improved by ¥182.2 billion year on year.
Nissan maintained solid liquidity, with approximately ¥0.8 trillion in automotive net cash and ¥2.2 trillion in cash and cash equivalents.
The following table summarizes Nissan’s financial results for the first half of fiscal 2026, calculated under the equity accounting method for Nissan’s China joint venture.
TSE report basis – China JV equity basis2
|
Yen in billions |
FY25 first half |
FY26 first half |
Variance |
|
Net revenue |
5,578.7 |
6,072.0 |
493.3 |
|
Operating profit |
-27.7 |
80.0 |
107.7 |
|
Operating margin % |
-0.5% |
1.3% |
1.8 points |
|
Ordinary profit |
-77.9 |
36.0 |
113.9 |
|
Net income1 |
-221.9 |
-39.7 |
182.2 |
Based on average foreign exchange rates of JPY 159/USD and JPY 184/EUR for FY26 H1
Second-quarter results
In the second quarter, consolidated net revenue increased by 8.2% year on year to 3,107.8 billion, while operating profit was 2.1 billion. The lower second-quarter operating profit is mainly due to the non-recurrence of last year benefit from lower U.S. emissions-related expenses.
Net income was at negative 43.5 billion, narrowed substantially from negative 106.2 billion a year earlier, primarily reflecting lower restructuring-related items.
The following table summarizes the results for the second quarter of fiscal 2026, calculated under the equity accounting method for Nissan’s China joint venture.
TSE report basis – China JV equity basis2
|
Yen in billions |
FY25 Q2 |
FY26 Q2 |
Variance |
|
Net revenue |
2,871.8 |
3,107.8 |
236.0 |
|
Operating profit |
51.5 |
2.1 |
-49.4 |
|
Net income1 |
-106.2 |
-43.5 |
62.7 |
Based on average foreign exchange rates of JPY 159/USD and JPY 183/EUR for FY26 Q2
FY2026 outlook maintained
Nissan maintains its financial outlook, including full-year operating profit of ¥200 billion and automotive net cash above ¥1 trillion at fiscal year-end. The company expects ¥120 billion in operating profit in the second half.
Sales momentum remains strong in the U.S. and Japan, with the outlook for both markets revised upward. China, however, presents a significantly different picture. Weaker demand, a faster-than-anticipated shift to NEVs and intensifying competition are putting greater pressure on sales than initially anticipated. As a result, Nissan revised its FY2026 global sales outlook from 3.15 million units to be between 2.97 million to 3 million units.
Higher sales volumes, new model launches and a richer product mix are expected to be the primary drivers of improved profitability in the second half. Together with continued progress under Re:Nissan, these improvements are expected to more than offset negative impact from foreign exchange and raw material costs, as well as the absence of the one-time tariff benefit recognized in the first half.
Re:Nissan delivering tangible progress
Re:Nissan generated ¥110 billion in additional cost savings in the first half, contributing to the improvement in operating profit and strengthening Nissan's underlying cost structure.
In the U.S., demand for U.S.-produced models such as Rogue, Frontier and Pathfinder supported sales growth, while pricing and a richer grade mix contributed to improved revenue quality. In Japan, the all-new Elgrand and Kicks are gaining customer traction and supporting sales growth.
In China, market conditions have evolved more rapidly than anticipated. Nissan is adjusting ICE production and dealer inventory while accelerating its N-series NEV portfolio and expanding exports.
The second-half product portfolio will be strengthened by models like the Rogue Hybrid in the U.S., Elgrand and the Kicks in Japan, the Frontier Pro PHEV in Mexico, and new EV offering, the Pixo in Europe. Further product unveils, including the Skyline and Patrol in Japan and the Juke EV in Europe, will add fresh appeal to the lineup and reinforce the Nissan brand.
Ivan Espinosa, chief executive officer, said: “Our first-half results show encouraging momentum across key markets, particularly the U.S. and Japan. China remains our most significant challenge, and we need to remain agile. Re:Nissan is improving our operating performance and cost structure and solid liquidity remains our priority. In the second half, we expect momentum in Mexico and new opportunities from our EV offensive in Europe. Our focus is clear: build on what is working, respond decisively to changing conditions, and strengthen the fundamentals of the business.”
Nissan will announce its new business plan in February 2027, setting out the direction for the company's next phase.
1 Net income attributable to owners of the parent
2 Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong Feng-Nissan’s results in revenue and operating profit.
Note: Financial forecasts are based on judgements and estimates made using currently available information. They are subject to uncertainty and risk, and final results may differ.
To learn more about Nissan’s financial performance, visit https://www.nissan-global.com/EN/IR/FINANCIAL/.
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