Nissan records steady third-quarter progress and lifts FY2025 outlook

Nissan Motor Co., Ltd. announced financial results for the nine months ended December 2025 and issued a revised full‑year outlook. The company delivered resilient performance with positive third‑quarter operating profit.

In the nine months, global sales reached 2.26 million units, mainly led by the US and China. Consolidated net revenue totaled 8.6 trillion yen, with an operating profit of -10.1 billion yen, reflecting a notable improvement from the cumulative results through the second quarter as operating losses continued to narrow. Despite continued pressure from softer sales volumes and the impact of tariffs, the company delivered steady operational progress in fixed‑cost reduction and Monozukuri cost efficiencies.

Net income came in at -250.2 billion yen, primarily due to lower income from equity-method companies and restructuring costs.

Nissan maintained a robust financial position with total liquidity of 3.6 trillion yen, including 2.1 trillion yen in cash and cash equivalent as of December.

Q3 YTD financial results

The following table summarizes Nissan’s financial results for the first nine months of fiscal year 2025, calculated under the equity accounting method for Nissan’s China joint venture.

TSE report basis – China JV equity basis

Yen in billions	FY24 third-quarter YTD	FY25 third-quarter YTD	Variance vs FY24
Net revenue	9,143.2	8,578.0	-565.2
Operating profit	64.0	-10.1	-74.1
Operating margin %	0.7%	-0.1%	-0.8pt
Ordinary profit	159.4	-110.8	-270.2
Net income1	5.1	-250.2	-255.4

Based on average foreign exchange rates of JPY 149/USD and JPY 172/EUR for FY25 Q3 YTD

Third-quarter financial results

The following table summarizes the results for the third quarter of fiscal year 2025, calculated under the equity accounting method for the group’s China joint venture.

TSE report basis – China JV equity basis²

Yen in billions	FY24 third-quarter	FY25 third-quarter	Variance vs FY24
Net revenue	3,159.0	2,999.3	-159.7
Operating profit	31.1	17.5	-13.6
Net income1	-14.1	-28.3	-14.2

Based on average foreign exchange rates of JPY 154/USD and JPY 179/EUR for FY25 Q3

FY2025 outlook

Nissan revised its full-year outlook for fiscal year 2025.

The global sales volume forecast was adjusted to 3.2 million units. The updated financial outlook is as follows: net revenue is expected to be 11.9 trillion yen, and operating profit is projected to improve to –60 billion yen, including the impact of tariffs, representing an improvement of 215 billion yen compared with the previous forecast. The projected net income is -650 billion driven primarily by non-cash accounting charges.

Calculated under the equity accounting method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2026, are:

TSE report basis – China JV equity basis²

Yen in billions	Previous FY25 outlook (Oct. 30)	Updated FY25 outlook	Variance vs previous outlook
Net revenue	11,700.0	11,900.0	200.0
Operating profit	-275.0	-60.0	215.0
Net income1	–	-650.0	–

The average foreign exchange rates for the fiscal year 2025 outlook are JPY 149/USD and JPY 173/EUR.