Nissan Reports First-Half Progress, Reaffirms Full-Year Financial Outlook

Nissan Motor Co., Ltd. has announced its financial results for the six months ended September 30, 2026. The first-half figures point to improving underlying performance and growing resilience, reflecting continued progress under the Re:Nissan recovery plan despite challenging market conditions. Operating profit improved by ¥107.7 billion year on year to ¥80 billion, compared with an operating loss of ¥27.7 billion in the same period last year.

Speaking from its Yokohama headquarters, the company maintained its FY2026 operating profit outlook at ¥200 billion and confirmed that a new business plan will be announced in February 2027, setting out the direction for its next phase.

FY2026 first-half highlights

Nissan recorded global sales of 1.41 million units in the first half 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, while net income improved by ¥182.2 billion year on year.

The company also maintained solid liquidity, with approximately ¥0.8 trillion in automotive net cash and ¥2.2 trillion in cash and cash equivalents.

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 income*	-221.9	-39.7	+182.2

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. Nissan said the lower second-quarter operating profit was mainly due to the non-recurrence of last year’s benefit from lower U.S. emissions-related expenses.

The net loss narrowed substantially to ¥43.5 billion from ¥106.2 billion a year earlier, primarily reflecting lower restructuring-related items.

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 income*	-106.2	-43.5	+62.7

FY2026 outlook maintained

Nissan maintains its financial outlook for FY2026 (April 1, 2026 to March 31, 2027), 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 expected. As a result, Nissan revised its FY2026 global sales outlook from 3.15 million units to between 2.97 million and 3 million units.

Higher sales volumes, new model launches and a richer product mix are expected to be the main drivers of improved profitability in the second half. Together with continued progress under Re:Nissan, these are expected to more than offset the negative impact of foreign exchange and raw material costs, as well as the absence of the one-time tariff benefit recognized in the first half.

Re:Nissan: ¥110 billion in savings and new models on the way

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 the Rogue, Frontier and Pathfinder supported sales growth, while pricing and a richer grade mix improved revenue quality. In Japan, the all-new Elgrand and Kicks are gaining customer traction. In China, where 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.

Key models strengthening the second-half portfolio include:

• Rogue Hybrid in the U.S.
• Elgrand and Kicks in Japan.
• Frontier Pro PHEV in Mexico.
• The new Pixo EV in Europe.
• Further unveils, including the Skyline and Patrol in Japan and the Juke EV in Europe.

“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.”

Ivan Espinosa, Chief Executive Officer, Nissan

Conclusion

Nissan’s first-half numbers show a recovery taking tangible shape, driven by cost savings and strength in the U.S. and Japan, while China remains the toughest market. Attention now turns to the second-half model launches and the new business plan due in February 2027.

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.

Source: Nissan Motor Co., Ltd. press release.