Nissan Motor Co., currently in the midst of restructuring, announced on February 12, 2026, that it expects a consolidated net loss of 650 billion yen for the fiscal year ending March 2026.
This marks the second consecutive year of massive losses, with the deficit ranking as the fourth largest in the company’s history.
What crossroads does the once-revered “Nissan of Technology” now face?
1. Why such a massive ¥650 billion loss? Key factors
The primary reason for the expanded loss in Nissan’s latest full-year forecast is the “drainage of pus” associated with its restructuring efforts.
Significant special losses stemming from workforce reductions and production facility consolidation are heavily impacting the bottom line.
CFO Jérôme Papin explained this reflects not only past restructuring costs but also incorporates potential future expenses.
In essence, the company is in the midst of “painful reforms” to streamline current liabilities and inefficient assets for future growth.
2. Signs of “Upward Revision” in Sales and Operating Profit/Loss
While the final net profit/loss figure is severe, some positive changes are visible in indicators reflecting core business profitability.
Compared to forecasts made last October, Nissan has revised the following figures upward:
| indicator | March 2026 Forecast | Year-on-year comparison (for reference) |
| Sales | 11.9 trillion yen | 5.8% decrease |
| Operating profit or loss | 60 billion yen deficit | 69.7 billion yen surplus (previous year) |
Key Points of the Upward Revision
The improvement in operating profit compared to the initial forecast, while sales decline is being contained, is attributable to the steady contribution of ongoing fixed cost reductions.
Efficiency improvements in our core business are progressing.
3. Key Focus Areas: Partnership with Honda and Next-Generation Strategy
The most closely watched aspect of Nissan’s restructuring is its strategic partnership with Honda (Honda Motor Co., Ltd.).
While rumors of a merger collapse once surfaced, the companies are now exploring collaboration on an “equal footing.”
By joining forces with Honda in areas requiring massive investment, such as electrification (EV) and software development, Nissan is urgently pursuing cost reductions and enhanced competitiveness.
Summary: Can Nissan Make a Comeback?
Two consecutive years of net losses represent an extremely challenging situation. However, the ¥650 billion figure this time also includes an element of “front-loaded investment” aimed at accelerating the turnaround.
- Cost reduction through completion of restructuring
- Creation of synergies through partnership with Honda
Whether these proceed as planned will hold the key to achieving profitability after 2027.
