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 28, 2026
Contact Person
Expected Date of the Annual Shareholders' Meeting Expected Date of Presentation of Annual Securities Reports Expected Date of Dividend Payment Commencement
Tomofumi Ikeda, General Manager of the Public Relations Department (Tel +81-50-3772-3910)
June 23, 2026
June 22, 2026
June 24, 2026
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 2026 (Year ended March 31, 2026)
-
Consolidated financial results
Operating revenues
Operating income
Ordinary income
Net income attributable to owners of the parent
Fiscal 2026
Millions of yen
2,006,218
%
9.5
Millions of yen
830,167
%
18.1
Millions of yen
780,914
%
20.3
Millions of yen
552,871
%
20.6
Fiscal 2025
1,831,847
7.1
702,794
15.7
649,294
18.7
458,423
19.3
Note 1. Comprehensive income : Fiscal 2026 620,515 million yen, 33.5%. Fiscal 2025 464,719 million yen, 4.5%.
-
Consolidated financial results
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 2026 | Yen 570.84 | Yen - | % 11.4 | % 7.4 | % 41.4 |
Fiscal 2025 | 465.88 | - | 10.5 | 6.4 | 38.4 |
Note Equity in earnings of affiliates : Fiscal 2026 750 million yen. Fiscal 2025 617 million yen.
-
Consolidated financial position
Total assets
Equity
Net worth ratio
Equity per share
Fiscal 2026
Millions of yen
10,876,154
Millions of yen
5,136,631
%
46.6
Yen
5,306.02
Fiscal 2025
10,323,345
4,658,550
44.6
4,675.36
Note Net worth : Fiscal 2026 5,068,159 million yen. Fiscal 2025 4,600,535 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 2026 | Millions of yen 748,185 | Millions of yen (621,436) | Millions of yen (150,893) | Millions of yen 370,554 |
Fiscal 2025 | 624,550 | (956,036) | (95,532) | 394,701 |
-
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 2025
15.00
16.00
31.00
30,535
6.7
0.7
Fiscal 2026
-
16.00
-
16.00
32.00
30,801
5.6
0.6
Fiscal 2027 (Forecast)
-
16.00
-
16.00
32.00
6.8
-
Consolidated forecast for Fiscal 2027 (Year ending March 31, 2027)
Operating revenues
Operating income
Ordinary income
Net income attributable to owners of the parent
Net income per share
- basic
Fiscal 2027
Millions of yen
1,993,000
%
(0.7)
Millions of yen
702,000
%
(15.4)
Millions of yen
653,000
%
(16.4)
Millions of yen
447,000
%
(19.1)
Yen
467.98
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 28, 2026, the impact of the repurchase is not reflected in net income per share in the consolidated forecast for fiscal 2027.
Notes to Consolidated Financial InformationSignificant changes in the scope of consolidation during the period : yes Newly included : -
Excluded : 1 company (Company name : Chuo Linen Supply Co., Ltd.)
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations : none
Changes in accounting policies due to other reasons : none
Changes in accounting estimates : none
Restatement : none
Number of issued shares (common stock)
Fiscal 2026
shares
1,001,177,100
Fiscal 2025
shares
1,030,000,000
Fiscal 2026
shares
46,005,091
Fiscal 2025
shares
46,004,970
Fiscal 2026
shares
968,520,591
Fiscal 2025
shares
983,995,105
Total number of issued shares at the end of the period (including treasury stock)
Number of treasury stock at the end of the period
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Changes in the scope of consolidation and application of the equity method Significant changes in the scope of consolidation
As of the fiscal 2026, Chuo Linen Supply Co., Ltd. has been deconsolidated from the scope of consolidation due to decline of its importance.
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 28, 2026, 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 treasury 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 6,500,000 shares (maximum)
* Represents 0.68% of the total number of issued shares (excluding treasury shares)
Total amount of the repurchase of shares 20 billion yen (maximum)
Period of the repurchase May 1, 2026 to July 31, 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 August 31, 2026
-
Results for Fiscal 2026 (Year ended March 31, 2026)
-
Nonconsolidated financial results
Operating revenues
Operating income
Ordinary income
Net income
Fiscal 2026
Millions of yen
1,663,235
%
10.1
Millions of yen
774,422
%
17.9
Millions of yen
720,873
%
20.2
Millions of yen
512,649
%
19.0
Fiscal 2025
1,511,271
6.6
656,730
16.0
599,950
18.9
430,633
20.0
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 2026
Yen
528.76
Yen
-
Fiscal 2025
437.19
-
- Nonconsolidated financial position
Total assets
Equity
Net worth ratio
Equity per share
Fiscal 2026
Millions of yen
10,579,680
Millions of yen
4,738,256
%
44.8
Yen
4,955.40
Fiscal 2025
10,054,828
4,314,934
42.9
4,380.63
Note Net worth : Fiscal 2026 4,738,256 million yen. Fiscal 2025 4,314,934 million yen.
-
Nonconsolidated financial results
- Nonconsolidated forecast for Fiscal 2027 (Year ending March 31, 2027)
Operating revenues | Operating income | Ordinary income | Net income | Net income per share - basic | |||||
Fiscal 2027 | Millions of yen 1,631,000 | % (1.9) | Millions of yen 659,000 | % (14.9) | Millions of yen 606,000 | % (15.9) | Millions of yen 421,000 | % (17.9) | Yen 440.29 |
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 28, 2026, the impact of the repurchase is not reflected in net income per share in the nonconsolidated forecast for fiscal 2027.
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 2025 (As of March 31, 2025) | of | yen Fiscal 2026 (As of March 31, 2026) | |
ASSETS | |||
Current assets: | |||
Cash and deposits | 259,468 | 345,693 | |
Money held in trust for the Chuo Shinkansen construction | 1,090,759 | 849,581 | |
Notes, accounts receivable-trade and contract assets | 90,043 | 98,818 | |
Railway fares receivables | 120,689 | 137,428 | |
Marketable securities | 197,900 | 22,900 | |
Inventories | 41,775 | 54,258 | |
Other | 142,391 | 166,258 | |
Allowance for doubtful accounts | (111) | (111) | |
Total current assets | 1,942,917 | 1,674,827 | |
Noncurrent assets: | |||
Property, plant and equipment | |||
Buildings and structures, net | 1,257,444 | 1,229,968 | |
Machinery, rolling stock and vehicles, net | 282,842 | 274,357 | |
Land | 2,379,807 | 2,392,075 | |
Construction in progress | 2,104,097 | 2,441,253 | |
Other, net | 34,590 | 33,614 | |
Total property, plant and equipment | 6,058,783 | 6,371,268 | |
Intangible assets | 164,779 | 185,545 | |
Investments and other assets | |||
Investment securities | 458,717 | 538,532 | |
Money held in trust | 1,489,416 | 1,904,768 | |
Asset for retirement benefits | 12,082 | 19,885 | |
Deferred tax assets | 165,752 | 149,225 | |
Other | 30,963 | 32,163 | |
Allowance for doubtful accounts | (67) | (62) | |
Total investments and other assets | 2,156,865 | 2,644,513 | |
Total noncurrent assets | 8,380,428 | 9,201,327 | |
Total assets | 10,323,345 | 10,876,154 | |
Millions Fiscal 2025 (As of March 31, 2025) | of | yen Fiscal 2026 (As of March 31, 2026) | |
LIABILITIES | |||
Current liabilities: | |||
Notes and accounts payable-trade | 83,397 | 92,686 | |
Short-term loans payable | 35,147 | 37,508 | |
Current portion of bonds payable | - | 29,799 | |
Current portion of long-term loans payable | 76,200 | 105,500 | |
Current portion of long-term accounts payable-railway facilities | 7,837 | 8,332 | |
Accounts payable-other | 277,277 | 324,083 | |
Income taxes payable | 135,566 | 137,845 | |
Advances received | 65,649 | 78,818 | |
Deposits received | 28,425 | 32,416 | |
Provision for bonuses | 32,409 | 34,256 | |
Other | 40,432 | 50,813 | |
Total current liabilities | 782,343 | 932,062 | |
Noncurrent liabilities: | |||
Bonds payable | 729,361 | 699,587 | |
Long-term loans payable | 467,390 | 435,690 | |
Long-term debt for the Chuo Shinkansen construction | 3,000,000 | 3,000,000 | |
Long-term accounts payable-railway facilities | 497,839 | 489,507 | |
Liability for retirement benefits | 149,080 | 141,429 | |
Other | 38,779 | 41,246 | |
Total noncurrent liabilities | 4,882,451 | 4,807,460 | |
Total liabilities | 5,664,794 | 5,739,523 | |
EQUITY | |||
Shareholders' equity: | |||
Common stock | 112,000 | 112,000 | |
Capital surplus | 54,158 | 54,157 | |
Retained earnings | 4,428,847 | 4,867,002 | |
Treasury stock | (103,162) | (130,305) | |
Total shareholders' equity | 4,491,843 | 4,902,853 | |
Accumulated other comprehensive income: | |||
Unrealized gain on available-for-sale securities | 84,100 | 136,234 | |
Deferred loss on derivatives under hedge accounting | (0) | - | |
Remeasurements of defined benefit plans | 24,591 | 29,071 | |
Total accumulated other comprehensive income | 108,692 | 165,306 | |
Noncontrolling interests | 58,014 | 68,471 | |
Total equity | 4,658,550 | 5,136,631 | |
Total liabilities and equity | 10,323,345 | 10,876,154 | |
Millions Fiscal 2025 (For the year ended March 31, 2025) | of | yen | Fiscal 2026 (For the year ended March 31, 2026) | |
Operating revenues | 1,831,847 | 2,006,218 | ||
Operating expenses: | ||||
Transportation, other services and cost of sales | 928,899 | 959,246 | ||
Selling, general and administrative expenses | 200,153 | 216,804 | ||
Total operating expenses | 1,129,053 | 1,176,050 | ||
Operating income | 702,794 | 830,167 | ||
Non-operating income: | ||||
Interest income | 9,417 | 18,944 | ||
Dividend income | 4,988 | 5,555 | ||
Equity in earnings of affiliates | 617 | 750 | ||
Other | 13,253 | 7,944 | ||
Total non-operating income | 28,276 | 33,195 | ||
Non-operating expenses: | ||||
Interest expense | 45,727 | 45,954 | ||
Interest on long-term accounts payable-railway facilities | 33,288 | 32,825 | ||
Other | 2,760 | 3,668 | ||
Total non-operating expenses | 81,776 | 82,448 | ||
Ordinary income | 649,294 | 780,914 | ||
Extraordinary gain: | ||||
Contribution for construction | 1,046 | 2,368 | ||
Gain on sales of noncurrent assets | 124 | 1,186 | ||
Other | 68 | 52 | ||
Total extraordinary gain | 1,238 | 3,606 | ||
Extraordinary loss: | ||||
Loss on reduction of noncurrent assets | 911 | 2,153 | ||
Loss on retirement of noncurrent assets | 1,721 | 1,917 | ||
Loss on sales of noncurrent assets | 1,240 | 912 | ||
Other | 783 | 162 | ||
Total extraordinary loss | 4,657 | 5,146 | ||
Income before income taxes | 645,875 | 779,374 | ||
Income taxes-current | 189,705 | 225,267 | ||
Income taxes-deferred | (8,221) | (7,628) | ||
Total income taxes | 181,483 | 217,638 | ||
Net income | 464,391 | 561,736 | ||
Net income attributable to noncontrolling interests | 5,968 | 8,864 | ||
Net income attributable to owners of the parent | 458,423 | 552,871 | ||
Millions Fiscal 2025 (For the year ended March 31, 2025) | of | yen | Fiscal 2026 (For the year ended March 31, 2026) | |
Net income | 464,391 | 561,736 | ||
Other comprehensive income: | ||||
Unrealized gain (loss) on available-for-sale securities | (3,541) | 52,032 | ||
Deferred gain (loss) on derivatives under hedge accounting | (1) | 1 | ||
Remeasurements of defined benefit plans | 3,565 | 6,550 | ||
Share of other comprehensive income in affiliates | 304 | 194 | ||
Total other comprehensive income | 327 | 58,779 | ||
Comprehensive income | 464,719 | 620,515 | ||
(breakdown) | ||||
Total comprehensive income attributable to | ||||
Owners of the parent | 460,396 | 609,485 | ||
Noncontrolling interests | 4,322 | 11,030 | ||
(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) | |||
Retirement of treasury stock | |||||
Transfer from retained earnings to capital surplus | |||||
Changes in the scope of consolidation | |||||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 28 | 28 | |||
Other | |||||
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 derivatives under headge accounting | 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) | |||||
Retirement of treasury stock | ||||||
Transfer from retained earnings to capital surplus | ||||||
Changes in the scope of consolidation | ||||||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | 28 | |||||
Other | ||||||
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 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 | 54,158 | 4,428,847 | (103,162) | 4,491,843 |
Changes of items during the fiscal year | |||||
Dividends from surplus | (31,262) | (31,262) | |||
Net income attributable to owners of the parent | 552,871 | 552,871 | |||
Purchases of treasury stock | (110,000) | (110,000) | |||
Retirement of treasury stock | (82,856) | 82,856 | - | ||
Transfer from retained earnings to capital surplus | 82,855 | (82,855) | - | ||
Changes in the scope of consolidation | (847) | (847) | |||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | (0) | (0) | |||
Other | 250 | 250 | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during the fiscal year | - | (1) | 438,155 | (27,143) | 411,010 |
Balance at the end of the fiscal year | 112,000 | 54,157 | 4,867,002 | (130,305) | 4,902,853 |
Accumulated other comprehensive income | Noncontrolling interests | Total equity | ||||
Unrealized gain on available-for-sale securities | Deferred loss on derivatives under headge accounting | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at the beginning of the fiscal year | 84,100 | (0) | 24,591 | 108,692 | 58,014 | 4,658,550 |
Changes of items during the fiscal year | ||||||
Dividends from surplus | (31,262) | |||||
Net income attributable to owners of the parent | 552,871 | |||||
Purchases of treasury stock | (110,000) | |||||
Retirement of treasury stock | - | |||||
Transfer from retained earnings to capital surplus | - | |||||
Changes in the scope of consolidation | (847) | |||||
Changes in the ownership interest by purchases of shares of consolidated subsidiaries | (0) | |||||
Other | 250 | |||||
Net changes of items other than shareholders' equity | 52,133 | 0 | 4,479 | 56,613 | 10,456 | 67,070 |
Total changes of items during the fiscal year | 52,133 | 0 | 4,479 | 56,613 | 10,456 | 478,080 |
Balance at the end of the fiscal year | 136,234 | - | 29,071 | 165,306 | 68,471 | 5,136,631 |
Millions Fiscal 2025 (For the year ended March 31, 2025) | of | yen | Fiscal 2026 (For the year ended March 31, 2026) | |
Operating activities: | ||||
Income before income taxes | 645,875 | 779,374 | ||
Depreciation and amortization | 208,042 | 205,935 | ||
Decrease in liability for retirement benefits | (3,011) | (4,707) | ||
Interest and dividend income | (14,405) | (24,500) | ||
Interest expense | 79,016 | 78,779 | ||
Proceeds from contribution for construction | (1,046) | (2,368) | ||
Loss on reduction of noncurrent assets | 911 | 2,153 | ||
Loss on retirement of noncurrent assets | 6,886 | 6,192 | ||
Increase in trade receivables | (24,256) | (24,653) | ||
(Increase) decrease in inventories | 533 | (12,400) | ||
Increase (decrease) in trade payables | (1,934) | 9,276 | ||
Other | (43,225) | 17,264 | ||
Subtotal | 853,387 | 1,030,348 | ||
Interest and dividend income received | 10,459 | 19,982 | ||
Interest expense paid | (79,077) | (78,484) | ||
Income taxes paid | (160,220) | (223,659) | ||
Net cash provided by operating activities | 624,550 | 748,185 | ||
Investing activities: | ||||
Payments into time deposits | (133,500) | (123,000) | ||
Proceeds from withdrawal of time deposits | 133,500 | 123,000 | ||
Proceeds from cancellation of money held in trust for the Chuo Shinkansen construction | 260,875 | 241,178 | ||
Payments for money held in trust | (1,040,000) | (420,000) | ||
Proceeds from cancellation of money held in trust | 143,600 | 4,524 | ||
Purchases of marketable securities | (246,500) | (27,000) | ||
Proceeds from redemption of marketable securities | 246,500 | 27,000 | ||
Purchases of property, plant and equipment | (452,564) | (493,342) | ||
Proceeds from contribution received for construction | 5,340 | 7,248 | ||
Purchases of intangible assets | (12,348) | (30,787) | ||
Purchases of investment securities | (800) | (4,049) | ||
Proceeds from sales and redemption of investment securities | 150,966 | 67,326 | ||
Other | (11,105) | 6,466 | ||
Net cash used in investing activities | (956,036) | (621,436) | ||
Financing activities: | ||||
Net (decrease) increase in short-term loans payable | 3,052 | (135) | ||
Proceeds from long-term loans payable | 36,550 | 73,800 | ||
Repayment of long-term loans payable | (36,250) | (76,200) | ||
Proceeds from issuance of bonds | 20,000 | - | ||
Redemption of bonds | (80,512) | - | ||
Payments for long-term accounts payable-railway facilities | (7,373) | (7,837) | ||
Purchases of treasury stock | (0) | (110,000) | ||
Cash dividends paid | (29,550) | (31,262) | ||
Cash dividends paid to noncontrolling interests | (291) | (362) | ||
Other | (1,157) | 1,105 | ||
Net cash used in financing activities | (95,532) | (150,893) | ||
Net decrease in cash and cash equivalents | (427,018) | (24,143) | ||
Cash and cash equivalents, beginning of the fiscal year | 821,720 | 394,701 | ||
Net decrease in cash and cash equivalents by changes in the scope of consolidation | - | (3) | ||
Cash and cash equivalents, end of the fiscal year | 394,701 | 370,554 | ||
-
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 lines in the Tokai area, and bus operations. The Merchandise and Other segment includes department store operations at the JR Central Towers, and retail sales 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 2025 (For the year ended March 31, 2025)
(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 of yen)
Transportation | Merchandise and Other | Real Estate | Other （Note 1） | Total | Reconciliations （Note 2） | Consolidated （Note 3） | |
Operating revenues: | 1,641,663 12,323 | 174,477 8,582 | 55,534 40,173 | 134,543 157,417 | 2,006,218 218,497 | - (218,497) | 2,006,218 - |
External customers Intersegment transactions or transfers | |||||||
Total | 1,653,987 | 183,060 | 95,707 | 291,960 | 2,224,715 | (218,497) | 2,006,218 |
Segment profit | 767,472 | 15,822 | 25,279 | 24,460 | 833,034 | (2,867) | 830,167 |
Segment assets | 10,003,296 | 181,609 | 420,776 | 593,071 | 11,198,754 | (322,599) | 10,876,154 |
Other: | |||||||
Depreciation and amortization | 182,968 | 3,914 | 14,692 | 4,359 | 205,935 | - | 205,935 |
Amounts of investments in equity in affiliates | 13,775 | - | - | - | 13,775 | - | 13,775 |
Increase in property, plant and equipment and intangible assets | 538,516 | 6,517 | 18,470 | 7,459 | 570,963 | - | 570,963 |
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 (2,867) million yen for segment profit is the elimination of intersegment transactions.
The reconciliations amount of (322,599) million yen for segment assets includes corporate assets of 499,232 million yen and elimination of intersegment balances of (821,832) 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 2025 (As of March 31, 2025) | of | yen Fiscal 2026 (As of March 31, 2026) | |
ASSETS | |||
Current assets: | |||
Cash and deposits | 251,592 | 337,110 | |
Money held in trust for the Chuo Shinkansen construction | 1,090,759 | 849,581 | |
Railway fares receivables | 123,530 | 139,931 | |
Trade receivables | 18,222 | 19,714 | |
Short-term loans receivable | 4,814 | 19,741 | |
Marketable securities | 197,900 | 22,900 | |
Supplies | 21,535 | 23,102 | |
Prepaid expenses | 2,228 | 1,881 | |
Other | 98,848 | 122,690 | |
Total current assets | 1,809,431 | 1,536,653 | |
Noncurrent assets: | |||
Noncurrent assets - railway | |||
Property, plant and equipment | 8,453,263 | 8,508,259 | |
Accumulated depreciation | (4,851,980) | (4,944,967) | |
Property, plant and equipment, net | 3,601,282 | 3,563,292 | |
Intangible assets | 23,293 | 22,500 | |
Total noncurrent assets - railway | 3,624,576 | 3,585,792 | |
Noncurrent assets - related businesses | |||
Property, plant and equipment | 130,111 | 125,810 | |
Accumulated depreciation | (47,173) | (46,618) | |
Property, plant and equipment, net | 82,937 | 79,192 | |
Intangible assets | 724 | 615 | |
Total noncurrent assets - related businesses | 83,661 | 79,808 | |
Noncurrent assets - shared | |||
Property, plant and equipment | 89,283 | 102,369 | |
Accumulated depreciation | (62,830) | (63,170) | |
Property, plant and equipment, net | 26,452 | 39,198 | |
Intangible assets | 265 | 220 | |
Total noncurrent assets - shared | 26,718 | 39,419 | |
Construction in progress | |||
Construction in progress - railway | 2,211,156 | 2,570,205 | |
Construction in progress - related businesses | 11 | 3 | |
Other | 647 | 3,398 | |
Total construction in progress | 2,211,815 | 2,573,607 | |
Investments and other assets | |||
Investment securities | 419,873 | 498,401 | |
Stocks of subsidiaries and affiliates | 125,284 | 125,284 | |
Money held in trust | 1,489,416 | 1,904,768 | |
Long-term loans receivable from subsidiaries and affiliates | 78,442 | 68,888 | |
Long-term prepaid expenses | 22,444 | 22,624 | |
Deferred tax assets | 158,959 | 140,449 | |
Other | 4,205 | 3,984 | |
Total investments and other assets | 2,298,625 | 2,764,400 | |
Total noncurrent assets | 8,245,397 | 9,043,027 | |
Total assets | 10,054,828 | 10,579,680 | |
Millions Fiscal 2025 (As of March 31, 2025) | of | yen Fiscal 2026 (As of March 31, 2026) | |
LIABILITIES | |||
Current liabilities: | |||
Short-term loans payable | 228,497 | 260,901 | |
Current portion of bonds payable | - | 29,799 | |
Current portion of long-term loans payable | 76,200 | 105,500 | |
Current portion of long-term accounts payable-railway facilities | 7,837 | 8,332 | |
Trade payables | 312,360 | 373,023 | |
Accrued expenses | 11,228 | 11,795 | |
Income taxes payable | 128,027 | 129,884 | |
Inter-line fares received | 633 | 1,512 | |
Deposits received | 14,596 | 16,007 | |
Prepaid fares received | 34,253 | 37,013 | |
Deferred contribution for construction | 19,790 | 25,029 | |
Provision for bonuses | 23,529 | 24,634 | |
Other | 16,650 | 26,359 | |
Total current liabilities | 873,606 | 1,049,794 | |
Noncurrent liabilities: | |||
Bonds payable | 729,361 | 699,587 | |
Long-term loans payable | 467,390 | 435,690 | |
Long-term debt for the Chuo Shinkansen construction | 3,000,000 | 3,000,000 | |
Long-term accounts payable-railway facilities | 497,839 | 489,507 | |
Provision for retirement benefits | 160,236 | 155,824 | |
Other | 11,459 | 11,019 | |
Total noncurrent liabilities | 4,866,288 | 4,791,629 | |
Total liabilities | 5,739,894 | 5,841,423 | |
EQUITY | |||
Shareholders' equity: | |||
Common stock | 112,000 | 112,000 | |
Capital surplus | |||
Legal capital surplus | 53,500 | 53,500 | |
Other capital surplus | 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 | 9,940 | |
General reserve | 3,331,000 | 3,731,000 | |
Other reserve | - | 250 | |
Retained earnings brought forward | 816,858 | 815,648 | |
Total retained earnings | 4,170,563 | 4,569,343 | |
Treasury stock | (102,208) | (129,351) | |
Total shareholders' equity | 4,233,855 | 4,605,492 | |
Valuation and translation adjustments | |||
Unrealized gain on available-for-sale securities | 81,078 | 132,764 | |
Total valuation and translation adjustments | 81,078 | 132,764 | |
Total equity | 4,314,934 | 4,738,256 | |
Total liabilities and equity | 10,054,828 | 10,579,680 | |
Millions Fiscal 2025 (For the year ended March 31, 2025) | of | yen | Fiscal 2026 (For the year ended March 31, 2026) | |
Operating revenues - railway | ||||
Operating revenues: | ||||
Passenger transportation | 1,432,528 | 1,585,381 | ||
Trackage revenue | 3,793 | 3,964 | ||
Miscellaneous income of transportation | 57,456 | 55,656 | ||
Total operating revenues | 1,493,778 | 1,645,002 | ||
Operating expenses: | ||||
Transportation expenses | 530,617 | 554,712 | ||
General and administrative expenses | 82,212 | 92,078 | ||
Taxes | 42,509 | 43,916 | ||
Depreciation and amortization | 189,558 | 187,889 | ||
Total operating expenses | 844,898 | 878,596 | ||
Operating income - railway | 648,880 | 766,406 | ||
Operating revenues - related businesses | ||||
Operating revenues: | ||||
Real estate lease revenue | 16,297 | 16,885 | ||
Other | 1,195 | 1,347 | ||
Total operating revenues | 17,493 | 18,233 | ||
Operating expenses: | ||||
Cost of real estate lease revenue | 3,625 | 4,215 | ||
Selling, general and administrative expenses | 517 | 602 | ||
Taxes | 2,506 | 2,636 | ||
Depreciation and amortization | 2,994 | 2,761 | ||
Total operating expenses | 9,643 | 10,216 | ||
Operating income - related businesses | 7,849 | 8,016 | ||
Total Operating income | 656,730 | 774,422 | ||
Non-operating income: | ||||
Interest income | 886 | 2,327 | ||
Interest on securities | 9,106 | 17,434 | ||
Dividend income | 4,835 | 5,351 | ||
Other | 11,504 | 6,023 | ||
Total non-operating income | 26,333 | 31,136 | ||
Non-operating expenses: | ||||
Interest expense | 33,482 | 34,935 | ||
Interest on bonds | 13,739 | 13,584 | ||
Interest on long-term accounts payable-railway facilities | 33,288 | 32,825 | ||
Other | 2,603 | 3,341 | ||
Total non-operating expenses | 83,113 | 84,686 | ||
Ordinary income | 599,950 | 720,873 | ||
Extraordinary gain: | ||||
Contribution for construction | 893 | 1,822 | ||
Gain on sales of noncurrent assets | 1,128 | 1,115 | ||
Reversal of allowance for doubtful accounts for subsidiaries and affiliates | 719 | - | ||
Other | 274 | 252 | ||
Total extraordinary gain | 3,015 | 3,189 | ||
Extraordinary loss: | ||||
Loss on reduction of noncurrent assets | 1,435 | 2,611 | ||
Loss on sales of noncurrent assets | 1,231 | 452 | ||
Other | 6 | 146 | ||
Total extraordinary loss | 2,674 | 3,210 | ||
Income before income taxes | 600,292 | 720,852 | ||
Income taxes-current | 178,383 | 212,816 | ||
Income taxes-deferred | (8,724) | (4,613) | ||
Total income taxes | 169,658 | 208,202 | ||
Net income | 430,633 | 512,649 | ||
NONCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
Fiscal 2025 (For the year ended March 31, 2025)
(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 | Other 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 | ||||||||||
Reversal of reserve for tax purpose reduction entry | ||||||||||
Provision of general reserve | 250,000 | (250,000) | - | |||||||
Provision of other reserve | ||||||||||
Dividends from surplus | (29,550) | (29,550) | ||||||||
Net income | 430,633 | 430,633 | ||||||||
Purchases of treasury stock | ||||||||||
Retirement of treasury stock | ||||||||||
Transfer from retained earnings to capital surplus | ||||||||||
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 | |||||
Reversal of reserve for tax purpose reduction entry | |||||
Provision of general reserve | - | - | |||
Provision of other reserve | |||||
Dividends from surplus | (29,550) | (29,550) | |||
Net income | 430,633 | 430,633 | |||
Purchases of treasury stock | (0) | (0) | (0) | ||
Retirement of treasury stock | |||||
Transfer from retained earnings to capital surplus | |||||
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 |
Fiscal 2026 (For the year ended March 31, 2026)
(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 | Other reserve | Retained earnings brought forward | |||||||
Balance at the beginning of the fiscal year | 112,000 | 53,500 | 0 | 53,500 | 12,504 | 10,200 | 3,331,000 | - | 816,858 | 4,170,563 |
Changes of items during the fiscal year | ||||||||||
Reversal of reserve for tax purpose reduction entry | (259) | 259 | - | |||||||
Provision of general reserve | 400,000 | (400,000) | - | |||||||
Provision of other reserve | 250 | 250 | ||||||||
Dividends from surplus | (31,262) | (31,262) | ||||||||
Net income | 512,649 | 512,649 | ||||||||
Purchases of treasury stock | ||||||||||
Retirement of treasury stock | (82,856) | (82,856) | ||||||||
Transfer from retained earnings to capital surplus | 82,855 | 82,855 | (82,855) | (82,855) | ||||||
Net changes of items other than shareholders' equity | ||||||||||
Total changes of items during the fiscal year | - | - | (0) | (0) | - | (259) | 400,000 | 250 | (1,209) | 398,780 |
Balance at the end of the fiscal year | 112,000 | 53,500 | - | 53,500 | 12,504 | 9,940 | 3,731,000 | 250 | 815,648 | 4,569,343 |
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 | (102,208) | 4,233,855 | 81,078 | 81,078 | 4,314,934 |
Changes of items during the fiscal year | |||||
Reversal of reserve for tax purpose reduction entry | - | - | |||
Provision of general reserve | - | - | |||
Provision of other reserve | 250 | 250 | |||
Dividends from surplus | (31,262) | (31,262) | |||
Net income | 512,649 | 512,649 | |||
Purchases of treasury stock | (110,000) | (110,000) | (110,000) | ||
Retirement of treasury stock | 82,856 | - | - | ||
Transfer from retained earnings to capital surplus | - | - | |||
Net changes of items other than shareholders' equity | 51,686 | 51,686 | 51,686 | ||
Total changes of items during the fiscal year | (27,143) | 371,636 | 51,686 | 51,686 | 423,322 |
Balance at the end of the fiscal year | (129,351) | 4,605,492 | 132,764 | 132,764 | 4,738,256 |