TSE report basis – China JV equity basis2
| Yen in billions | FY 2024 | FY 2025 | Variance vs FY24 |
| Revenue | 12,633.2 | 12,007.9 | -625.3 |
| Operating profit | 69.8 | 58.0 | -11.8 |
| Operating margin % | 0.6% | 0.5% | -0.1 point |
| Ordinary profit | 210.2 | 1.1 | -209.1 |
| Net income1 | -670.9 | -533.1 | +137.8 |
Based on average foreign exchange rates of 151 JPY/USD and 175 JPY/EUR for FY2025
Fourth quarter financial highlights In the fourth quarter of fiscal year 2025, consolidated net revenue was 3,429.9 billion yen, consolidated operating profit was 68.1 billion yen, and operating profit margin was 2.0%. Net income1 in the fourth quarter was negative at 282.9 billion yen.TSE report basis – China JV equity basis2
| Yen in billions | FY24 4Q | FY25 4Q | Variance vs FY24 |
| Revenue | 3,490.0 | 3,429.9 | -60.1 |
| Operating profit | 5.8 | 68.1 | 62.3 |
| Net income1 | -676.0 | -282.9 | 393.2 |
Based on average foreign exchange rates of 157 JPY/USD and 184 JPY/EUR for FY24 Q4
FY2026 outlook Looking ahead to FY2026, Nissan expects the business environment to remain challenging, with continued pressure from intensifying competition, foreign exchange fluctuations, inflation, and ongoing geopolitical uncertainties. Against this backdrop, the company will continue to advance its Re:Nissan initiatives and remains committed to achieving positive automotive operating profit and free cash flow by the end of FY2026, excluding the impact of tariffs. The company has filed the following fiscal year forecasts with the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2027, are:| FY2026 outlook TSE report basis – China JV equity basis2 (yen in billions) | |
| Net revenue | 13,000 |
| Operating profit | 200 |
| Net income1 | 20 |
- Made strong progress toward the 500‑billion‑yen cost reduction target, including 200 billion yen in fixed cost and 55 billion yen in variable cost savings.
- Advanced production optimization, with plans announced to consolidate the global manufacturing footprint from 17 to 10 sites. Execution across seven sites is underway, including production transfers.
- In R&D, achieved an 18 percent reduction in engineering cost per hour, progressing toward the 20 percent target without impacting projects.
- General and administrative expense reductions continue to progress as planned.
- Quality of business improving in the U.S. through retail-driven mix; driving Japan sales through focused launches; and a more targeted NEV-led approach in China, reinforcing disciplined market participation.
- Tighter inventory management, more selective channel strategy, and improved marketing precision are strengthening focus, aligning decisions to value, and driving more consistent delivery.
For Nissan, FY2026 marks the transition from building the foundation to delivering a structurally stronger business under Re:Nissan. Chief Executive Officer Ivan Espinosa commented: “FY2025 marked a year of steady execution under Re:Nissan, where we strengthened our foundation and began to see tangible progress in our financial performance. At the same time, we set our long‑term direction with Mobility Intelligence for everyday life. We have moved beyond recovery and are entering a phase of growth. In FY2026, we will build on this momentum through disciplined cost management and faster product execution, driving sales and profitability as we deliver our Re:Nissan commitments. At the same time, we will continue to evolve the customer experience in line with this vision.”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 revenues and operating profit.
*The financial forecast is based on judgements and estimates that have been made using currently available information. By nature, such financial forecast is subject to uncertainty and risk. Therefore, the final results may differ from the aforementioned forecast.
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