Nissan has posted an operating profit of ¥80.0 billion for the first half of its 2026 fiscal year, an improvement of ¥107.7 billion on the same period a year earlier. The company is sticking to its full-year profit forecast. Strong sales in the US and Japan are offsetting a worsening picture in China, where Nissan has cut its global volume outlook.
Nissan Motor Co., Ltd. has published its results for the six months to 30 September 2026. The company says they show improving underlying performance under Re:Nissan, its ongoing recovery and cost-cutting programme, even though trading conditions remain difficult in several regions.
Revenue and profit move in the right direction
Nissan sold 1.41 million vehicles worldwide in the first half. Consolidated net revenue rose by ¥493.3 billion year on year to ¥6.072 trillion. Operating profit improved by ¥107.7 billion to ¥80.0 billion, which means the first half of last year ended in an operating loss. The company credits structural improvements and Re:Nissan savings for the turnaround. Net income improved by ¥182.2 billion compared with a year earlier.
Re:Nissan delivered ¥110 billion in additional cost savings over the six months, according to the manufacturer. The company also reports approximately ¥0.8 trillion in automotive net cash and ¥2.2 trillion in cash and cash equivalents.
All of these figures are calculated under the equity accounting method for Nissan’s Chinese joint venture with Dongfeng. Under that method, the joint venture’s revenue and operating profit are not included in the headline numbers.
A weaker second quarter
On its own, the second quarter was much softer. Net revenue rose 8.2% year on year to ¥3,107.8 billion, but operating profit was only ¥2.1 billion. Nissan says this is mainly because a benefit it booked last year from lower US emissions-related expenses did not recur. The quarter ended with a net loss of ¥43.5 billion. That is a much smaller loss than the ¥106.2 billion recorded a year earlier, which the company puts down mainly to lower restructuring-related items.
US and Japan up, China down
The regional picture is mixed. In the US, demand for locally built models such as the Rogue, Frontier and Pathfinder drove sales growth, and Nissan says pricing and a richer grade mix improved revenue quality. In Japan, the all-new Elgrand and the Kicks are gaining customer traction. Nissan has raised its outlook for both markets.
China is the main weak spot. The company points to weaker demand, intensifying competition and a faster-than-expected shift towards new energy vehicles (NEVs). In response, Nissan is adjusting combustion-engine production and dealer stock while speeding up its N-series NEV line-up and expanding exports. As a result, it has cut its FY2026 global sales forecast from 3.15 million units to between 2.97 million and 3 million units.
Full-year outlook unchanged
Despite the lower volume target, Nissan is keeping its full-year forecasts. It still expects an operating profit of ¥200 billion and automotive net cash above ¥1 trillion at the end of the financial year, which implies ¥120 billion of operating profit in the second half. The company expects higher volumes, new model launches, a richer product mix and further Re:Nissan savings to more than offset currency and raw-material headwinds. Those gains must also cover the loss of a one-time tariff benefit it recognised in the first half.
The second-half product plan includes:
- the Rogue Hybrid in the US
- the Elgrand and Kicks in Japan
- the Frontier Pro PHEV in Mexico
- a new EV, the Pixo, in Europe
Nissan also plans 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
What it means
Nissan has improved its profitability, but the second-quarter figures show how thin its margins still are. Meeting the full-year target depends on new models selling well in the US, Japan, Mexico and Europe while China keeps shrinking. Nissan stresses that its forecasts are based on current estimates and that final results may differ.
Nissan will present a new business plan in February 2027, setting out its direction for the next phase of the company.
Source: global.nissannews.com