Nissan's numbers finally moved in the right direction. The automaker posted a consolidated operating profit of ¥77.9bn for the quarter ended June 2026, a swing of ¥157.0bn from an operating loss of ¥79.1bn a year earlier. Net sales rose 9.5% to ¥2.96tn, and net profit attributable to shareholders came in at ¥3.8bn, recovering from a ¥115.8bn loss.
Management credits the swing to favourable currency moves, disciplined cost control under the "Re:Nissan" restructuring plan, which delivered ¥60.0bn of savings in the quarter, and a one-off benefit tied to US tariffs from the prior fiscal year. None of that came from selling more cars. Global retail volume fell 0.9% to 701,000 units, against a global industry that itself contracted 2.1%.
| Metric | Year-earlier quarter | Latest quarter |
|---|---|---|
| Net sales | ¥2.71tn | ¥2.96tn |
| Operating profit (loss) | -¥79.1bn | ¥77.9bn |
| Net income (loss) | -¥115.8bn | ¥3.8bn |
| Global retail volume | 707,000 units | 701,000 units |
| Automotive free cash flow | -¥390.5bn | -¥323.9bn |
The volume picture explains why Nissan trimmed its full-year global sales target from 3.30mn to 3.15mn units, largely because of a deteriorating China market, even as US retail sales climbed roughly 9.6% in the quarter. The company left its full-year guidance otherwise untouched: sales of ¥13.0tn, operating profit of ¥200.0bn, and net income of ¥20.0bn.
The caveat readers should not skip is cash. Automotive free cash flow remained negative at ¥323.9bn for the quarter, an improvement on the ¥390.5bn shortfall a year earlier but still a drain, not a source, of cash. The automotive business's net cash position fell by ¥201.2bn to ¥969.2bn as of June 30. A profit swing on the income statement has not yet translated into cash coming back into the business.
Nissan's dividend forecast stays at zero. The company's own guidance table shows no payout for the year ending March 2026 and none forecast for the current fiscal year either, meaning shareholders are looking at a second consecutive year without a dividend.