English translation from the original Japanese-language document.
Central Japan Railway Company is referred to as the "Company," and the Company and its consolidated subsidiaries are referred to as the "Companies."
Company Name Central Japan Railway Company
Stock Exchange Listings Tokyo and Nagoya
Code Number 9022
URL https://jr-central.co.jp
Representative Shunsuke Niwa, President and Representative Director
April 30, 2025
Contact Person
Expected Date of the Annual Shareholders' Meeting Expected Date of Presentation of Annual Securities Reports Expected Date of Dividend Payment Commencement
Koji Kumekawa, General Manager of the Public Relations Department (Tel +81-52-564-2549)
June 25, 2025
June 24, 2025
June 26, 2025
Supplementary Information Attached
Briefing of Financial Results To be held (for institutional investors and analysts)
(Figures less than one million yen, except for per share information, have been rounded down.)
Results for Fiscal 2025 (Year ended March 31, 2025)
Consolidated financial results
Operating revenues
Operating income
Ordinary income
Net income attributable
to owners of the parent
Fiscal 2025
Millions of yen
1,831,847
%
7.1
Millions of yen
702,794
%
15.7
Millions of yen
649,294
%
18.7
Millions of yen
458,423
%
19.3
Fiscal 2024
1,710,407
22.1
607,381
62.2
546,946
77.9
384,411
75.2
Note 1. Comprehensive income : Fiscal 2025 464,719 million yen, 4.5%. Fiscal 2024 444,665 million yen, 98.8%.
Percentages for operating revenues, operating income, ordinary income, net income attributable to owners of the parent, and comprehensive income represent the changes from the previous year.
Net income per share - basic | Net income per share - diluted | Return on net worth | Ordinary income to total assets | Operating income to operating revenues | |
Fiscal 2025 | Yen 465.88 | Yen - | % 10.5 | % 6.4 | % 38.4 |
Fiscal 2024 | 390.66 | - | 9.7 | 5.6 | 35.5 |
Note 1. Equity in earnings of affiliates : Fiscal 2025 617 million yen. Fiscal 2024 566 million yen.
2. The Company conducted the 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Net income per share is adjusted to reflect the impact of the stock split as if the stock split had occurred at the beginning of the prior fiscal year.
Consolidated financial position
Total assets
Equity
Net worth ratio
Equity per share
Fiscal 2025
Millions of yen
10,323,345
Millions of yen
4,658,550
%
44.6
Yen
4,675.36
Fiscal 2024
9,941,896
4,223,683
41.9
4,237.48
Note Net worth : Fiscal 2025 4,600,535 million yen. Fiscal 2024 4,169,660 million yen.
Consolidated cash flows
Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities | Cash and cash equivalents, end of the fiscal year | |
Fiscal 2025 | Millions of yen 624,550 | Millions of yen (956,036) | Millions of yen (95,532) | Millions of yen 394,701 |
Fiscal 2024 | 672,878 | (436,556) | (125,127) | 821,720 |
Cash dividends
Cash dividends per share
Total dividends (Fiscal)
Payout ratio (Consolidated)
Dividends on
equity ratio (Consolidated)
1st Quarter
2nd Quarter
3rd Quarter
Year-end
Total
Yen
-
Yen
Yen
-
Yen
Yen
-
Millions of yen
%
%
Fiscal 2024
70.00
15.00
28,565
7.4
0.7
Fiscal 2025
-
15.00
-
16.00
31.00
30,535
6.7
0.7
Fiscal 2026 (Forecast)
-
16.00
-
16.00
32.00
7.4
Note The Company conducted the 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Dividends at the end of the 2nd Quarter of the fiscal 2024 present the amount prior to the stock split.
Consolidated forecast for Fiscal 2026 (Year ending March 31, 2026)
Operating revenues
Operating income
Ordinary income
Net income attributable
to owners of the parent
Net income per share
- basic
Fiscal 2026
Millions of yen
1,865,000
%
1.8
Millions of yen
667,000
%
(5.1)
Millions of yen
608,000
%
(6.4)
Millions of yen
423,000
%
(7.7)
Yen
429.88
Note 1. Percentages for operating revenues, operating income, ordinary income, and net income attributable to owners of the parent represent the changes from the previous year.
2. While the Company resolved to repurchase of its own shares at the meeting of the Board of Directors held on April 30, 2025, the impact of the repurchase is not reflected in net income per share in the consolidated forecast for fiscal 2026.
Notes to Consolidated Financial Information
Significant changes in the scope of consolidation during the period : none
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations : yes
Changes in accounting policies due to other reasons : none
Changes in accounting estimates : none
Restatement : none
Number of issued shares (common shares)
Fiscal 2025
shares
1,030,000,000
Fiscal 2024
shares
1,030,000,000
Fiscal 2025
shares
46,004,970
Fiscal 2024
shares
46,004,820
Fiscal 2025
shares
983,995,105
Fiscal 2024
shares
983,995,447
Total number of issued shares at the end of the period (Including treasury stocks)
Number of treasury stocks at the end of the period
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Note The Company conducted the 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. The number of common shares issued and outstanding is adjusted to reflect the impact of the stock split as if the stock split had occurred at the beginning of the prior fiscal year.
Changes in accounting policies
Application of Accounting Standard for Current Income Taxes, etc.
The Companies have applied ASBJ Statement No. 27, October 28, 2022, "Accounting Standard for Current Income Taxes" ; hereinafter, "Revised Accounting Standard of 2022" from the beginning of fiscal 2025.
Revisions to categories for recording Corporate Taxes, etc. (taxation on other comprehensive income) conform to the transitional treatment in the proviso of Paragraph 20-3 of the Revised Accounting Standard of 2022 and the transitional treatment in the proviso of Paragraph 65-2(2) of ASBJ Guidance No. 28, October 28, 2022, "Guidance on Accounting Standard for Tax Effect Accounting" ; hereinafter "Revised Guidance on Accounting Standard of 2022".There are no effects on the consolidated financial statements due to the change in accounting policies.
In addition, revisions to the treatment in the consolidated financial statements of the deferral for tax purposes of gains or losses on sales of shares of subsidiaries and other securities arising from sales between consolidated companies
have applied the Revised Guidance on Accounting Standard of 2022 from the beginning of fiscal 2025.
There are no effects on the consolidated financial statements in fiscal 2024 due to the change in accounting policies.
Consolidated balance sheet
Money held in trust for the Chuo Shinkansen construction and Long-term debt for the Chuo Shinkansen construction
The Company has received loans from the Japan Railway Construction, Transport and Technology Agency for promoting the construction of the Chuo Shinkansen, and the money is placed in the trust fund to segregate it from other money.
Significant subsequent events
Repurchase and cancellation of own shares
The Company resolved, at the meeting of the Board of Directors held on April 30, 2025, the matters relating to the repurchase of its own shares pursuant to Article 459, Paragraph 1 of the Companies Act and the provisions of Article 34 of the Articles of Incorporation of the Company
and the matters relating to the cancellation of its own shares pursuant to Article 178 of the Companies Act.
Purposes of repurchase of own shares
To enhance shareholder returns and improve capital efficiency
Details of matters relating to the repurchase
Class of shares to be repurchased Shares of common stock of the Company
Total number of shares to be repurchased 45,000,000 shares (maximum)
* Represents 4.57% of the total number of issued shares (excluding treasury shares)
Total amount of the repurchase of shares 100 billion yen (maximum)
Period of the repurchase May 1, 2025 to February 27, 2026
Method of the repurchase Market purchase on the Tokyo Stock Exchange
Details of matters relating to the cancellation
Class of shares to be cancelled Shares of common stock of the Company
Total number of shares to be cancelled All shares repurchased, as described in ⅱ) above
Scheduled date of cancellation March 18, 2026
(Reference) Summary of Nonconsolidated Financial Report
Results for Fiscal 2025 (Year ended March 31, 2025)
Nonconsolidated financial results
Operating revenues
Operating income
Ordinary income
Net income
Fiscal 2025
Millions of yen
1,511,271
%
6.6
Millions of yen
656,730
%
16.0
Millions of yen
599,950
%
18.9
Millions of yen
430,633
%
20.0
Fiscal 2024
1,417,382
24.0
566,304
63.5
504,586
80.9
358,766
77.7
Note Percentages for operating revenues, operating income, ordinary income, and net income represent the changes from the previous year.
Net income per share - basic
Net income per share - diluted
Fiscal 2025
Yen
437.19
Yen
-
Fiscal 2024
364.23
-
Note The Company conducted the 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Net income per share is adjusted to reflect the impact of the stock split as if the stock split had occurred at the beginning of the prior fiscal year.
Nonconsolidated financial position
Total assets
Equity
Net worth ratio
Equity per share
Fiscal 2025
Millions of yen
10,054,828
Millions of yen
4,314,934
%
42.9
Yen
4,380.63
Fiscal 2024
9,692,374
3,914,548
40.4
3,974.15
Note Net worth : Fiscal 2025 4,314,934 million yen. Fiscal 2024 3,914,548 million yen.
Nonconsolidated forecast for Fiscal 2026 (Year ending March 31, 2026)
Operating revenues | Operating income | Ordinary income | Net income | Net income per share - basic | |||||
Fiscal 2026 | Millions of yen 1,542,000 | % 2.0 | Millions of yen 630,000 | % (4.1) | Millions of yen 569,000 | % (5.2) | Millions of yen 400,000 | % (7.1) | Yen 406.09 |
Note 1. Percentages for operating revenues, operating income, ordinary income, and net income represent the changes from the previous year.
2. While the Company resolved to repurchase of its own shares at the meeting of the Board of Directors held on April 30, 2025, the impact of the repurchase is not reflected in net income per share in the nonconsolidated forecast for fiscal 2026.
Note 1. Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
2. The forward-looking statements in this report are based on estimates and assumptions that reflect information available as of the release date of this report. The accuracy of forecasts above, therefore, is inherently uncertain because it is affected by future economic trends and environment.
3. English supplementary information and presentation handouts of investor meeting will be announced on our website later.
CONSOLIDATED BALANCE SHEET (Unaudited)Millions Fiscal 2024 (As of March 31, 2024) | of | yen Fiscal 2025 (As of March 31, 2025) | |
ASSETS | |||
Current assets: | |||
Cash and deposits | 740,983 | 259,468 | |
Money held in trust for the Chuo Shinkansen construction | 1,351,634 | 1,090,759 | |
Notes, accounts receivable-trade and contract assets | 78,249 | 90,043 | |
Railway fares receivables | 103,447 | 120,689 | |
Marketable securities | 214,300 | 197,900 | |
Inventories | 41,858 | 41,775 | |
Other | 260,730 | 142,391 | |
Allowance for doubtful accounts | (105) | (111) | |
Total current assets | 2,791,097 | 1,942,917 | |
Noncurrent assets: | |||
Property, plant and equipment | |||
Buildings and structures, net | 1,279,176 | 1,257,444 | |
Machinery, rolling stock and vehicles, net | 294,245 | 282,842 | |
Land | 2,367,230 | 2,379,807 | |
Construction in progress | 1,830,396 | 2,104,097 | |
Other, net | 37,812 | 34,590 | |
Total property, plant and equipment | 5,808,861 | 6,058,783 | |
Intangible assets | 160,184 | 164,779 | |
Investments and other assets | |||
Investment securities | 526,142 | 458,717 | |
Money held in trust | 449,664 | 1,489,416 | |
Asset for retirement benefits | 10,330 | 12,082 | |
Deferred tax assets | 160,992 | 165,752 | |
Other | 35,057 | 30,963 | |
Allowance for doubtful accounts | (435) | (67) | |
Total investments and other assets | 1,181,752 | 2,156,865 | |
Total noncurrent assets | 7,150,798 | 8,380,428 | |
Total assets | 9,941,896 | 10,323,345 | |
Millions Fiscal 2024 (As of March 31, 2024) | of | yen Fiscal 2025 (As of March 31, 2025) | |
LIABILITIES | |||
Current liabilities: | |||
Notes and accounts payable-trade | 85,332 | 83,397 | |
Short-term loans payable | 32,094 | 35,147 | |
Current portion of bonds payable | 80,504 | - | |
Current portion of long-term loans payable | 36,250 | 76,200 | |
Current portion of long-term accounts payable-railway facilities | 7,373 | 7,837 | |
Accounts payable-other | 263,480 | 277,277 | |
Income taxes payable | 106,429 | 135,566 | |
Advances received | 56,251 | 65,649 | |
Deposits received | 32,177 | 28,425 | |
Provision for bonuses | 30,226 | 32,409 | |
Other | 68,584 | 40,432 | |
Total current liabilities | 798,703 | 782,343 | |
Noncurrent liabilities: | |||
Bonds payable | 709,337 | 729,361 | |
Long-term loans payable | 507,040 | 467,390 | |
Long-term debt for the Chuo Shinkansen construction | 3,000,000 | 3,000,000 | |
Long-term accounts payable-railway facilities | 505,677 | 497,839 | |
Liability for retirement benefits | 157,019 | 149,080 | |
Other | 40,433 | 38,779 | |
Total noncurrent liabilities | 4,919,508 | 4,882,451 | |
Total liabilities | 5,718,212 | 5,664,794 | |
EQUITY | |||
Shareholders' equity: | |||
Common stock | 112,000 | 112,000 | |
Capital surplus | 54,129 | 54,158 | |
Retained earnings | 3,999,973 | 4,428,847 | |
Treasury stock | (103,161) | (103,162) | |
Total shareholders' equity | 4,062,942 | 4,491,843 | |
Accumulated other comprehensive income: | |||
Unrealized gain on available-for-sale securities | 86,202 | 84,100 | |
Deferred loss on hedges | - | (0) | |
Remeasurements of defined benefit plans | 20,516 | 24,591 | |
Total accumulated other comprehensive income | 106,718 | 108,692 | |
Noncontrolling interests | 54,023 | 58,014 | |
Total equity | 4,223,683 | 4,658,550 | |
Total liabilities and equity | 9,941,896 | 10,323,345 | |
Millions Fiscal 2024 (For the year ended March 31, 2024) | of | yen | Fiscal 2025 (For the year ended March 31, 2025) | |
Operating revenues | 1,710,407 | 1,831,847 | ||
Operating expenses: | ||||
Transportation, other services and cost of sales | 912,306 | 928,899 | ||
Selling, general and administrative expenses | 190,719 | 200,153 | ||
Total operating expenses | 1,103,025 | 1,129,053 | ||
Operating income | 607,381 | 702,794 | ||
Non-operating income: | ||||
Interest income | 3,333 | 9,417 | ||
Dividend income | 4,497 | 4,988 | ||
Equity in earnings of affiliates | 566 | 617 | ||
Gain on sales of investment securities | 8,037 | 7,231 | ||
Other | 6,008 | 6,021 | ||
Total non-operating income | 22,442 | 28,276 | ||
Non-operating expenses: | ||||
Interest expense | 45,368 | 45,727 | ||
Interest on long-term accounts payable-railway facilities | 33,724 | 33,288 | ||
Other | 3,785 | 2,760 | ||
Total non-operating expenses | 82,878 | 81,776 | ||
Ordinary income | 546,946 | 649,294 | ||
Extraordinary gain: | ||||
Contribution for construction | 3,031 | 1,046 | ||
Gain on sales of noncurrent assets | 599 | 124 | ||
Other | 152 | 68 | ||
Total extraordinary gain | 3,783 | 1,238 | ||
Extraordinary loss: | ||||
Loss on reduction of noncurrent assets | 2,567 | 911 | ||
Loss on retirement of noncurrent assets | 1,851 | 1,721 | ||
Loss on sales of noncurrent assets | 878 | 1,240 | ||
Impairment loss | 77 | 718 | ||
Other | 25 | 64 | ||
Total extraordinary loss | 5,401 | 4,657 | ||
Income before income taxes | 545,328 | 645,875 | ||
Income taxes-current | 120,511 | 189,705 | ||
Income taxes-deferred | 36,055 | (8,221) | ||
Total income taxes | 156,567 | 181,483 | ||
Net income | 388,761 | 464,391 | ||
Net income attributable to noncontrolling interests | 4,350 | 5,968 | ||
Net income attributable to owners of the parent | 384,411 | 458,423 | ||
Millions Fiscal 2024 (For the year ended March 31, 2024) | of | yen | Fiscal 2025 (For the year ended March 31, 2025) | |
Net income | 388,761 | 464,391 | ||
Other comprehensive income: | ||||
Unrealized (loss) gain on available-for-sale securities | 38,145 | (3,541) | ||
Deferred loss on hedges | - | (1) | ||
Remeasurements of defined benefit plans | 17,575 | 3,565 | ||
Share of other comprehensive income in affiliates | 181 | 304 | ||
Total other comprehensive income | 55,903 | 327 | ||
Comprehensive income | 444,665 | 464,719 | ||
(breakdown) | ||||
Total comprehensive income attributable to | ||||
Owners of the parent | 437,332 | 460,396 | ||
Noncontrolling interests | 7,333 | 4,322 | ||
(Millions of yen）
Shareholders' equity | |||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity | |
Balance at the beginning of the fiscal year | 112,000 | 53,474 | 3,643,142 | (103,159) | 3,705,456 |
Changes of items during the fiscal year | |||||
Dividends from surplus | (27,580) | (27,580) | |||
Net income attributable to owners of the parent | 384,411 | 384,411 | |||
Purchases of treasury stock | (1) | (1) | |||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 655 | 655 | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during the fiscal year | - | 655 | 356,831 | (1) | 357,485 |
Balance at the end of the fiscal year | 112,000 | 54,129 | 3,999,973 | (103,161) | 4,062,942 |
Accumulated other comprehensive income | Noncontrolling interests | Total equity | ||||
Unrealized gain on available-for-sale securities | Deferred loss on hedges | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at the beginning of the fiscal year | 49,517 | - | 4,280 | 53,798 | 47,855 | 3,807,110 |
Changes of items during the fiscal year | ||||||
Dividends from surplus | (27,580) | |||||
Net income attributable to owners of the parent | 384,411 | |||||
Purchases of treasury stock | (1) | |||||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 655 | |||||
Net changes of items other than shareholders' equity | 36,684 | 16,236 | 52,920 | 6,167 | 59,088 | |
Total changes of items during the fiscal year | 36,684 | - | 16,236 | 52,920 | 6,167 | 416,573 |
Balance at the end of the fiscal year | 86,202 | - | 20,516 | 106,718 | 54,023 | 4,223,683 |
(Millions of yen）
Shareholders' equity | |||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity | |
Balance at the beginning of the fiscal year | 112,000 | 54,129 | 3,999,973 | (103,161) | 4,062,942 |
Changes of items during the fiscal year | |||||
Dividends from surplus | (29,550) | (29,550) | |||
Net income attributable to owners of the parent | 458,423 | 458,423 | |||
Purchases of treasury stock | (0) | (0) | |||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 28 | 28 | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during the fiscal year | - | 28 | 428,873 | (0) | 428,901 |
Balance at the end of the fiscal year | 112,000 | 54,158 | 4,428,847 | (103,162) | 4,491,843 |
Accumulated other comprehensive income | Noncontrolling interests | Total equity | ||||
Unrealized gain on available-for-sale securities | Deferred loss on hedges | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at the beginning of the fiscal year | 86,202 | - | 20,516 | 106,718 | 54,023 | 4,223,683 |
Changes of items during the fiscal year | ||||||
Dividends from surplus | (29,550) | |||||
Net income attributable to owners of the parent | 458,423 | |||||
Purchases of treasury stock | (0) | |||||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 28 | |||||
Net changes of items other than shareholders' equity | (2,101) | (0) | 4,075 | 1,973 | 3,991 | 5,965 |
Total changes of items during the fiscal year | (2,101) | (0) | 4,075 | 1,973 | 3,991 | 434,866 |
Balance at the end of the fiscal year | 84,100 | (0) | 24,591 | 108,692 | 58,014 | 4,658,550 |
Millions Fiscal 2024 (For the year ended March 31, 2024) | of | yen | Fiscal 2025 (For the year ended March 31, 2025) | |
Operating activities: | ||||
Income before income taxes | 545,328 | 645,875 | ||
Depreciation and amortization | 216,406 | 208,042 | ||
Decrease in liability for retirement benefits | (4,693) | (3,011) | ||
Interest and dividend income | (7,830) | (14,405) | ||
Interest expense | 79,092 | 79,016 | ||
Equity in earnings of affiliates | (566) | (617) | ||
Proceeds from contribution for construction | (3,031) | (1,046) | ||
Loss on reduction of noncurrent assets | 2,567 | 911 | ||
Loss on retirement of noncurrent assets | 8,791 | 6,886 | ||
Loss on sales of noncurrent assets | 279 | 1,115 | ||
Increase in trade receivables | (33,992) | (24,256) | ||
Decrease (increase) in inventories | (3,928) | 533 | ||
(Decrease) increase in trade payables | 5,799 | (1,934) | ||
Increase in accounts payable-other | 13,522 | 1,747 | ||
Increase in advances received | 5,627 | 5,118 | ||
Other | (19,383) | (50,589) | ||
Subtotal | 803,990 | 853,387 | ||
Interest and dividend income received | 6,719 | 10,459 | ||
Interest expense paid | (78,842) | (79,077) | ||
Income taxes paid | (58,987) | (160,220) | ||
Net cash provided by operating activities | 672,878 | 624,550 | ||
Investing activities: | ||||
Payments into time deposits | (44,600) | (133,500) | ||
Proceeds from withdrawal of time deposits | 44,600 | 133,500 | ||
Proceeds from cancellation of money held in trust for the Chuo Shinkansen construction | 233,648 | 260,875 | ||
Payments for money held in trust | (450,000) | (1,040,000) | ||
Proceeds from cancellation of money held in trust | 4,600 | 143,600 | ||
Purchases of marketable securities | (74,600) | (246,500) | ||
Proceeds from redemption of marketable securities | 74,600 | 246,500 | ||
Purchases of property, plant and equipment | (391,266) | (452,564) | ||
Proceeds from contribution received for construction | 5,693 | 5,340 | ||
Purchases of intangible assets | (12,309) | (12,348) | ||
Purchases of investment securities | (4,699) | (800) | ||
Proceeds from sales and redemption of investment securities | 177,132 | 150,966 | ||
Other | 645 | (11,105) | ||
Net cash used in investing activities | (436,556) | (956,036) | ||
Financing activities: | ||||
Net increase in short-term loans payable | 4,752 | 3,052 | ||
Proceeds from long-term loans payable | 69,900 | 36,550 | ||
Repayment of long-term loans payable | (47,692) | (36,250) | ||
Proceeds from issuance of bonds | 20,000 | 20,000 | ||
Redemption of bonds | (139,007) | (80,512) | ||
Payments for long-term accounts payable-railway facilities | (6,937) | (7,373) | ||
Purchases of treasury stock | (1) | (0) | ||
Cash dividends paid | (27,580) | (29,550) | ||
Cash dividends paid to noncontrolling interests | (224) | (291) | ||
Other | 1,663 | (1,157) | ||
Net cash used in financing activities | (125,127) | (95,532) | ||
Net (decrease) increase in cash and cash equivalents | 111,194 | (427,018) | ||
Cash and cash equivalents, beginning of the fiscal year | 710,526 | 821,720 | ||
Cash and cash equivalents, end of the fiscal year | 821,720 | 394,701 | ||
-
Description of reportable segments
The reportable segment of the JR Central Group is comprised of units in which separate financial information is obtainable and is reported regularly to the JR Central's board of directors to determine the allocation of management resources and to evaluate business performance.
The Group is composed of three reportable segments by nature of products and services: Transportation, Merchandise and Other, and Real Estate.
The Transportation segment includes railway operations of the Tokaido Shinkansen and the conventional railway in the Tokai area, and bus operations. The Merchandise and Other segment includes department store operations at the JR Central Towers, and retail sales on trains and at stations.
The Real Estate segment includes real estate leasing business such as station building leasing, and real estate sales.
-
Methods of measurement for the amounts of Operating Revenues, Profit (Loss), Assets, Liabilities and Other items for each reportable segment
Reportable segment profit represents operating income. Intersegment transactions or transfers prices are based upon the arm's length transactions.
-
Information about Operating Revenues, Profit (Loss), Assets, Liabilities and Other items Fiscal 2024 (For the year ended March 31, 2024)
(Millions of yen)
Transportation
Merchandise and Other
Real Estate
Other
（Note 1）
Total
Reconciliations
（Note 2）
Consolidated
（Note 3）
Operating revenues:
1,391,569
16,800
153,144
7,497
49,522
33,716
116,170
139,071
1,710,407
197,086
-
(197,086)
1,710,407
-
External customers
Intersegment transactions or transfers
Total
1,408,370
160,642
83,239
255,241
1,907,493
(197,086)
1,710,407
Segment profit
559,678
13,811
20,260
15,471
609,222
(1,840)
607,381
Segment assets
8,767,826
149,372
376,404
466,479
9,760,083
181,812
9,941,896
Other:
Depreciation and amortization
193,633
3,704
14,987
4,081
216,406
-
216,406
Amounts of investments in equity in affiliates
11,809
-
-
-
11,809
-
11,809
Increase in property, plant and equipment and intangible assets
414,841
6,113
10,370
5,886
437,212
-
437,212
Note 1. "Other" includes business of hotel, travel, advertising, rolling stock production, construction, etc., which are not included in any reportable segment.
Reconciliations are as follows:
The reconciliations amount of (1,840) million yen for segment profit is the elimination of intersegment transactions.
The reconciliations amount of 181,812 million yen for segment assets includes corporate assets of 841,365 million yen and elimination of intersegment balances of (659,552) million yen. Corporate assets, which are not allocated to reportable segments, principally consist of investment securities and deposits. The elimination of intersegment transactions is related to intersegment receivables.
Segment profit is reconciled to operating income in the consolidated statement of income.
(Millions of yen)
Transportation | Merchandise and Other | Real Estate | Other （Note 1） | Total | Reconciliations （Note 2） | Consolidated （Note 3） | |
Operating revenues: | 1,490,531 11,734 | 163,158 8,323 | 51,821 34,848 | 126,336 146,286 | 1,831,847 201,193 | - (201,193) | 1,831,847 - |
External customers Intersegment transactions or transfers | |||||||
Total | 1,502,266 | 171,481 | 86,669 | 272,623 | 2,033,041 | (201,193) | 1,831,847 |
Segment profit | 649,747 | 15,623 | 22,874 | 15,578 | 703,824 | (1,029) | 702,794 |
Segment assets | 9,556,470 | 163,972 | 402,109 | 517,992 | 10,640,544 | (317,199) | 10,323,345 |
Other: | |||||||
Depreciation and amortization | 184,903 | 3,838 | 15,044 | 4,257 | 208,042 | - | 208,042 |
Amounts of investments in equity in affiliates | 12,764 | - | - | - | 12,764 | - | 12,764 |
Increase in property, plant and equipment and intangible assets | 459,253 | 5,443 | 28,324 | 4,275 | 497,298 | - | 497,298 |
Note 1. "Other" includes business of hotel, travel, advertising, rolling stock production, construction, etc., which are not included in any reportable segment.
Reconciliations are as follows:
The reconciliations amount of (1,029) million yen for segment profit is the elimination of intersegment transactions.
The reconciliations amount of (317,199) million yen for segment assets includes corporate assets of 416,648 million yen and elimination of intersegment balances of (733,847) million yen. Corporate assets, which are not allocated to reportable segments, principally consist of investment securities and deposits. The elimination of intersegment transactions is related to intersegment receivables.
Segment profit is reconciled to operating income in the consolidated statement of income.
Millions Fiscal 2024 (As of March 31, 2024) | of | yen Fiscal 2025 (As of March 31, 2025) | |
ASSETS | |||
Current assets: | |||
Cash and deposits | 732,694 | 251,592 | |
Money held in trust for the Chuo Shinkansen construction | 1,351,634 | 1,090,759 | |
Railway fares receivables | 108,495 | 123,530 | |
Trade receivables | 16,021 | 18,222 | |
Short-term loans receivable | 5,710 | 4,814 | |
Marketable securities | 214,300 | 197,900 | |
Supplies | 19,924 | 21,535 | |
Prepaid expenses | 1,148 | 2,228 | |
Other | 229,108 | 98,848 | |
Total current assets | 2,679,038 | 1,809,431 | |
Noncurrent assets: | |||
Noncurrent assets - railway | |||
Property, plant and equipment | 8,406,993 | 8,453,263 | |
Accumulated depreciation | (4,774,552) | (4,851,980) | |
Property, plant and equipment, net | 3,632,440 | 3,601,282 | |
Intangible assets | 27,120 | 23,293 | |
Total noncurrent assets - railway | 3,659,560 | 3,624,576 | |
Noncurrent assets - related businesses | |||
Property, plant and equipment | 129,977 | 130,111 | |
Accumulated depreciation | (44,486) | (47,173) | |
Property, plant and equipment, net | 85,490 | 82,937 | |
Intangible assets | 682 | 724 | |
Total noncurrent assets - related businesses | 86,173 | 83,661 | |
Noncurrent assets - shared | |||
Property, plant and equipment | 89,135 | 89,283 | |
Accumulated depreciation | (62,123) | (62,830) | |
Property, plant and equipment, net | 27,011 | 26,452 | |
Intangible assets | 375 | 265 | |
Total noncurrent assets - shared | 27,387 | 26,718 | |
Construction in progress | |||
Construction in progress - railway | 1,936,627 | 2,211,156 | |
Construction in progress - related businesses | 4 | 11 | |
Other | 939 | 647 | |
Total construction in progress | 1,937,572 | 2,211,815 | |
Investments and other assets | |||
Investment securities | 489,157 | 419,873 | |
Stocks of subsidiaries and affiliates | 120,704 | 125,284 | |
Money held in trust | 449,664 | 1,489,416 | |
Long-term loans receivable from subsidiaries and affiliates | 62,964 | 78,442 | |
Long-term prepaid expenses | 24,659 | 22,444 | |
Deferred tax assets | 152,022 | 158,959 | |
Other | 4,188 | 4,205 | |
Allowance for doubtful accounts | (719) | - | |
Total investments and other assets | 1,302,642 | 2,298,625 | |
Total noncurrent assets | 7,013,336 | 8,245,397 | |
Total assets | 9,692,374 | 10,054,828 | |
Millions Fiscal 2024 (As of March 31, 2024) | of | yen Fiscal 2025 (As of March 31, 2025) | |
LIABILITIES | |||
Current liabilities: | |||
Short-term loans payable | 211,923 | 228,497 | |
Current portion of bonds payable | 80,504 | - | |
Current portion of long-term loans payable | 36,250 | 76,200 | |
Current portion of long-term accounts payable-railway facilities | 7,373 | 7,837 | |
Trade payables | 297,810 | 312,360 | |
Accrued expenses | 10,972 | 11,228 | |
Income taxes payable | 99,729 | 128,027 | |
Inter-line fares received | 3,626 | 633 | |
Deposits received | 13,539 | 14,596 | |
Prepaid fares received | 30,852 | 34,253 | |
Deferred contribution for construction | 18,023 | 19,790 | |
Provision for bonuses | 22,048 | 23,529 | |
Other | 47,095 | 16,650 | |
Total current liabilities | 879,749 | 873,606 | |
Noncurrent liabilities: | |||
Bonds payable | 709,337 | 729,361 | |
Long-term loans payable | 507,040 | 467,390 | |
Long-term debt for the Chuo Shinkansen construction | 3,000,000 | 3,000,000 | |
Long-term accounts payable-railway facilities | 505,677 | 497,839 | |
Provision for retirement benefits | 163,554 | 160,236 | |
Other | 12,466 | 11,459 | |
Total noncurrent liabilities | 4,898,076 | 4,866,288 | |
Total liabilities | 5,777,826 | 5,739,894 | |
EQUITY | |||
Shareholders' equity: | |||
Common stock | 112,000 | 112,000 | |
Capital surplus | |||
Legal capital surplus | 53,500 | 53,500 | |
Other capital surplus | 0 | 0 | |
Total capital surplus | 53,500 | 53,500 | |
Retained earnings | |||
Legal retained earnings | 12,504 | 12,504 | |
Other retained earnings | |||
Reserve for tax purpose reduction entry | 10,200 | 10,200 | |
General reserve | 3,081,000 | 3,331,000 | |
Retained earnings brought forward | 665,774 | 816,858 | |
Total retained earnings | 3,769,480 | 4,170,563 | |
Treasury stock | (102,207) | (102,208) | |
Total shareholders' equity | 3,832,772 | 4,233,855 | |
Valuation and translation adjustments | |||
Unrealized gain on available-for-sale securities | 81,775 | 81,078 | |
Total valuation and translation adjustments | 81,775 | 81,078 | |
Total equity | 3,914,548 | 4,314,934 | |
Total liabilities and equity | 9,692,374 | 10,054,828 | |
Millions Fiscal 2024 (For the year ended March 31, 2024) | of | yen | Fiscal 2025 (For the year ended March 31, 2025) | |
Operating revenues - railway | ||||
Operating revenues: | ||||
Passenger transportation | 1,342,829 | 1,432,528 | ||
Trackage revenue | 3,809 | 3,793 | ||
Miscellaneous income of transportation | 53,608 | 57,456 | ||
Total operating revenues | 1,400,247 | 1,493,778 | ||
Operating expenses: | ||||
Transportation expenses | 522,072 | 530,617 | ||
General and administrative expenses | 79,714 | 82,212 | ||
Taxes | 41,405 | 42,509 | ||
Depreciation and amortization | 198,450 | 189,558 | ||
Total operating expenses | 841,643 | 844,898 | ||
Operating income - railway | 558,603 | 648,880 | ||
Operating revenues - related businesses | ||||
Operating revenues: | ||||
Real estate lease revenue | 16,217 | 16,297 | ||
Other | 917 | 1,195 | ||
Total operating revenues | 17,135 | 17,493 | ||
Operating expenses: | ||||
Cost of real estate lease revenue | 3,480 | 3,625 | ||
Selling, general and administrative expenses | 509 | 517 | ||
Taxes | 2,384 | 2,506 | ||
Depreciation and amortization | 3,059 | 2,994 | ||
Total operating expenses | 9,434 | 9,643 | ||
Operating income - related businesses | 7,700 | 7,849 | ||
Total Operating income | 566,304 | 656,730 | ||
Non-operating income: | ||||
Interest income | 412 | 886 | ||
Interest on securities | 3,320 | 9,106 | ||
Dividend income | 4,380 | 4,835 | ||
Gain on sales of investment securities | 7,551 | 6,235 | ||
Other | 6,049 | 5,269 | ||
Total non-operating income | 21,714 | 26,333 | ||
Non-operating expenses: | ||||
Interest expense | 32,432 | 33,482 | ||
Interest on bonds | 13,715 | 13,739 | ||
Interest on long-term accounts payable-railway facilities | 33,724 | 33,288 | ||
Other | 3,560 | 2,603 | ||
Total non-operating expenses | 83,432 | 83,113 | ||
Ordinary income | 504,586 | 599,950 | ||
Extraordinary gain: | ||||
Contribution for construction | 2,538 | 893 | ||
Gain on sales of noncurrent assets | 2,507 | 1,128 | ||
Reversal of allowance for doubtful accounts for subsidiaries and affiliates | 2,029 | 719 | ||
Other | 159 | 274 | ||
Total extraordinary gain | 7,235 | 3,015 | ||
Extraordinary loss: | ||||
Loss on reduction of noncurrent assets | 2,437 | 1,435 | ||
Loss on sales of noncurrent assets | 867 | 1,231 | ||
Other | 0 | 6 | ||
Total extraordinary loss | 3,305 | 2,674 | ||
Income before income taxes | 508,516 | 600,292 | ||
Income taxes-current | 111,423 | 178,383 | ||
Income taxes-deferred | 38,327 | (8,724) | ||
Total income taxes | 149,750 | 169,658 | ||
Net income | 358,766 | 430,633 | ||
(Millions of yen）
Shareholders' equity | |||||||||
Common stock | Capital surplus | Retained earnings | |||||||
Legal capital surplus | Other capital surplus | Total capital surplus | Legal retained earnings | Other retained earnings | Total retained earnings | ||||
Reserve for tax purpose reduction entry | General reserve | Retained earnings brought forward | |||||||
Balance at the beginning of the fiscal year | 112,000 | 53,500 | 0 | 53,500 | 12,504 | 9,475 | 3,081,000 | 335,314 | 3,438,293 |
Changes of items during the fiscal year | |||||||||
Provision of reserve for tax purpose reduction entry | 1,749 | (1,749) | - | ||||||
Reversal of reserve for tax purpose reduction entry | (1,024) | 1,024 | - | ||||||
Provision of general reserve | |||||||||
Dividends from surplus | (27,580) | (27,580) | |||||||
Net income | 358,766 | 358,766 | |||||||
Purchases of treasury stock | |||||||||
Net changes of items other than shareholders' equity | |||||||||
Total changes of items during the fiscal year | - | - | - | - | - | 725 | - | 330,460 | 331,186 |
Balance at the end of the fiscal year | 112,000 | 53,500 | 0 | 53,500 | 12,504 | 10,200 | 3,081,000 | 665,774 | 3,769,480 |
Shareholders' equity | Valuation and translation adjustments | Total equity | |||
Treasury stock | Total shareholders' equity | Unrealized gain on available-for-sale securities | Total valuation and translation adjustments | ||
Balance at the beginning of the fiscal year | (102,205) | 3,501,588 | 46,987 | 46,987 | 3,548,576 |
Changes of items during the fiscal year | |||||
Provision of reserve for tax purpose reduction entry | - | - | |||
Reversal of reserve for tax purpose reduction entry | - | - | |||
Provision of general reserve | |||||
Dividends from surplus | (27,580) | (27,580) | |||
Net income | 358,766 | 358,766 | |||
Purchases of treasury stock | (1) | (1) | (1) | ||
Net changes of items other than shareholders' equity | 34,787 | 34,787 | 34,787 | ||
Total changes of items during the fiscal year | (1) | 331,184 | 34,787 | 34,787 | 365,972 |
Balance at the end of the fiscal year | (102,207) | 3,832,772 | 81,775 | 81,775 | 3,914,548 |
(Millions of yen）
Shareholders' equity | |||||||||
Common stock | Capital surplus | Retained earnings | |||||||
Legal capital surplus | Other capital surplus | Total capital surplus | Legal retained earnings | Other retained earnings | Total retained earnings | ||||
Reserve for tax purpose reduction entry | General reserve | Retained earnings brought forward | |||||||
Balance at the beginning of the fiscal year | 112,000 | 53,500 | 0 | 53,500 | 12,504 | 10,200 | 3,081,000 | 665,774 | 3,769,480 |
Changes of items during the fiscal year | |||||||||
Provision of reserve for tax purpose reduction entry | |||||||||
Reversal of reserve for tax purpose reduction entry | |||||||||
Provision of general reserve | 250,000 | (250,000) | - | ||||||
Dividends from surplus | (29,550) | (29,550) | |||||||
Net income | 430,633 | 430,633 | |||||||
Purchases of treasury stock | |||||||||
Net changes of items other than shareholders' equity | |||||||||
Total changes of items during the fiscal year | - | - | - | - | - | - | 250,000 | 151,083 | 401,083 |
Balance at the end of the fiscal year | 112,000 | 53,500 | 0 | 53,500 | 12,504 | 10,200 | 3,331,000 | 816,858 | 4,170,563 |
Shareholders' equity | Valuation and translation adjustments | Total equity | |||
Treasury stock | Total shareholders' equity | Unrealized gain on available-for-sale securities | Total valuation and translation adjustments | ||
Balance at the beginning of the fiscal year | (102,207) | 3,832,772 | 81,775 | 81,775 | 3,914,548 |
Changes of items during the fiscal year | |||||
Provision of reserve for tax purpose reduction entry | |||||
Reversal of reserve for tax purpose reduction entry | |||||
Provision of general reserve | - | - | |||
Dividends from surplus | (29,550) | (29,550) | |||
Net income | 430,633 | 430,633 | |||
Purchases of treasury stock | (0) | (0) | (0) | ||
Net changes of items other than shareholders' equity | (697) | (697) | (697) | ||
Total changes of items during the fiscal year | (0) | 401,082 | (697) | (697) | 400,385 |
Balance at the end of the fiscal year | (102,208) | 4,233,855 | 81,078 | 81,078 | 4,314,934 |