Nissan Motor made an operating profit of ¥80.0bn in the six months to September 2026, against a ¥27.7bn operating loss a year earlier. It still lost ¥39.7bn at the net level, the measure attributable to parent shareholders. Sales rose 8.8% to ¥6.07tn.
From operating profit to net loss
The operating swing is ¥107.7bn. Nissan's summary of results credits cost cuts and exchange-rate moves, and notes that raw material prices rose. The company's results release says Re:Nissan, its restructuring programme, delivered ¥110bn of cost savings in the half.
Below the operating line, the profit thins. Ordinary profit was ¥36.0bn and pre-tax profit ¥8.6bn. Income taxes of ¥39.2bn then pushed the result into a loss, after special losses of ¥44.1bn that included ¥20.2bn in special retirement payments. The net loss compares with ¥221.9bn a year earlier, or ¥11.36 a share against ¥63.55.
| Item | Six months to Sept 2025 | Six months to Sept 2026 |
|---|---|---|
| Sales | ¥5.58tn | ¥6.07tn |
| Operating profit | -¥27.7bn | ¥80.0bn |
| Ordinary profit | -¥77.9bn | ¥36.0bn |
| Net result | -¥221.9bn | -¥39.7bn |
By segment, automotive and eliminations lost ¥81.4bn at the operating level, against ¥176.6bn a year earlier, while the sales finance business earned ¥161.4bn.
A thin second quarter
The July to September quarter was weaker than the half-year total suggests. Operating profit was ¥2.1bn, down from ¥51.5bn, and the net loss was ¥43.5bn. Nissan said the prior-year quarter had a temporary lift from lower US emissions-related costs that did not recur. It attributed the smaller net loss mainly to lower restructuring costs.
What the second half has to deliver
Nissan kept its forecast for the year to March 2027: ¥200bn of operating profit, ¥20bn of net profit on ¥13tn of sales, and no dividend. It expects ¥120bn of operating profit in the second half. The company says higher volumes, new models and a better product mix should outweigh currency and raw material headwinds, and the loss of a one-off tariff-related gain booked in the first half.
The volume outlook is weaker. Nissan cut its global sales forecast from 3.15 million vehicles to a range of 2.97 million to 3.0 million, blaming China, where demand is falling, the shift to new-energy vehicles is faster than planned and competition is fiercer. It raised its US and Japan sales outlook.
Cash is the other test. Automotive net cash stood at ¥831.2bn at the end of September, down ¥339.2bn from March, and automotive free cash flow was negative ¥492.9bn, though ¥99.9bn better than a year earlier. Nissan still targets automotive net cash above ¥1tn at the end of the fiscal year.
Caveats
The interim summary is not subject to auditor review, and Nissan warns that its forecasts carry risks and uncertainty. It also flags litigation over past false statements in its securities reports, which could affect consolidated results depending on how the cases proceed. The company plans to announce a new business plan in February 2027.