Supplemental Materials of Financial Results
（FY2025.3）
April 30, 2025
Central Japan Railway Company
* English translation from the original Japanese-language document.
Summary of Consolidated Financial Results for FY2025.3
The Company's transportation revenues increased year on year to the highest level ever, due to steady growth in passenger volumes for both the Tokaido Shinkansen and conventional lines. Group companies also saw increased revenues, resulting in an increase in consolidated operating revenues. Both revenues and income increasedalthough operating expenses increased mainly due to an increase in the cost of sales recorded by group companies.
In the fiscal year ending March 31, 2026, the Company will continue to give top priority to ensuring safety, which is the foundation of railways and the basis for all of its initiatives. At the same time, in light of significant changes in the environment surrounding the Company, such as needs diversifying due to changes in lifestyles and work styles as well as the decline in the working population, the Company will work on reinforcing its earning power. It will do so based on two core pillars: implementing a "Reform of Business Operations" and achieving "Revenue Expansion."
Summary of Consolidated Financial Results and Forecasted Results of Operations
(Billions of yen)
FY2024.3
Result
A
FY2025.3
Result
B
vs FY2024.3
Increase/ (Decrease)
B-A
%
B/A
Operating revenues
1,710.4
1,831.8
121.4
107.1
Operating expenses
1,103.0
1,129.0
26.0
102.4
Operating income
607.3
702.7
95.4
115.7
Ordinary income
546.9
649.2
102.3
118.7
Net income attributable
to owners of the parent
384.4
458.4
74.0
119.3
FY2026.3
Forecast
C
vs FY2025.3
Increase/ (Decrease)
C-B
%
C/B
1,865.0
33.1
101.8
1,198.0
68.9
106.1
667.0
(35.7)
94.9
608.0
(41.2)
93.6
423.0
(35.4)
92.3
Shareholder Returns (the Company)
* Any fraction less than a tenth of the unit indicated is rounded down. (The same for the subsequent materials.)
・Year-end dividends for the fiscal year under review shall be 16 yen per share, an increase of 1 yen from the dividend forecast announced in April 2024.
・Interim and year-end dividends for the next fiscal year shall also be 16 yen per share, respectively.
・At the meeting of the Board of Directors held on April 30, 2025, the Company resolved to repurchase up to 100 billion yen of
its own shares and to cancel all shares repurchased. 2
Comparative Statements of Income【Consolidated】
(Billions of yen)
FY2024.3 | FY2025.3 | Increase/ (Decrease) | % | Major factors of change | |||
Operating revenues | 1,710.4 | 1,831.8 | 121.4 | 107.1 | |||
Transportation | 1,391.5 | 1,490.5 | 98.9 | 107.1 | Increase in transportation revenues | ||
Merchandise and Other | 153.1 | 163.1 | 10.0 | 106.5 | Increase in sales at department stores and stores in stations | ||
Real Estate | 49.5 | 51.8 | 2.2 | 104.6 | Increase in rent income from station commercial facilities | ||
Other | 116.1 | 126.3 | 10.1 | 108.8 | Increase in sales of rolling stock manufacturing and hotel businesses | ||
Operating expenses | 1,103.0 | 1,129.0 | 26.0 | 102.4 | |||
Operating income | 607.3 | 702.7 | 95.4 | 115.7 | |||
Non-operating income (loss) | (60.4) | (53.5) | 6.9 | 88.5 | |||
Non-operating income | 22.4 | 28.2 | 5.8 | 126.0 | |||
Non-operating expenses | 82.8 | 81.7 | (1.1) | 98.7 | |||
Ordinary income | 546.9 | 649.2 | 102.3 | 118.7 | |||
Extraordinary gain (loss) | (1.6) | (3.4) | (1.8) | 211.3 | |||
Income before income taxes | 545.3 | 645.8 | 100.5 | 118.4 | |||
Income taxes | 156.5 | 181.4 | 24.9 | 115.9 | |||
Net income | 388.7 | 464.3 | 75.6 | 119.5 | |||
Net income attributable to noncontrolling interests | 4.3 | 5.9 | 1.6 | 137.2 | |||
Net income attributable to owners of the parent | 384.4 | 458.4 | 74.0 | 119.3 | |||
Note: The breakdown of operating revenues is based on the amount of sales to external customers, according to reportable segments.
3
Comparative Statements of Income【Non-consolidated】
(Billions of yen)
FY2024.3 | FY2025.3 | Increase/ (Decrease) | % | Major factors of change | ||||
Operating revenues | 1,417.3 | 1,511.2 | 93.8 | 106.6 | ||||
Transportation revenues | 1,342.8 | 1,432.5 | 89.6 | 106.7 | Shinkansen +83.2, Conventional lines +6.4 (Reference) 102.6% vs. FY2019.3 | |||
Operating expenses | 851.0 | 854.5 | 3.4 | 100.4 | ||||
Personnel expenses | 172.2 | 175.6 | 3.3 | 102.0 | Increase due to salary increases; decrease in retirement benefit costs | |||
Non-personnel expenses | 433.5 | 441.3 | 7.7 | 101.8 | ||||
Energy | 55.8 | 56.6 | 0.7 | 101.3 | ||||
Maintenance | 181.3 | 185.4 | 4.1 | 102.3 | Increase in unit labor costs | |||
Other | 196.2 | 199.2 | 2.9 | 101.5 | Increase in advertising expenses | |||
Taxes other than income taxes | 43.7 | 45.0 | 1.2 | 102.8 | ||||
Depreciation and amortization | 201.5 | 192.5 | (8.9) | 95.6 | Shinkansen rolling stock | |||
Operating income | 566.3 | 656.7 | 90.4 | 116.0 | ||||
Non-operating income (loss) | (61.7) | (56.7) | 4.9 | 92.0 | ||||
Non-operating income | 21.7 | 26.3 | 4.6 | 121.3 | ||||
Non-operating expenses | 83.4 | 83.1 | (0.3) | 99.6 | ||||
Ordinary income | 504.5 | 599.9 | 95.3 | 118.9 | ||||
Extraordinary gain (loss) | 3.9 | 0.3 | (3.5) | 8.7 | ||||
Income before income taxes | 508.5 | 600.2 | 91.7 | 118.0 | ||||
Income taxes | 149.7 | 169.6 | 19.9 | 113.3 | ||||
Net income | 358.7 | 430.6 | 71.8 | 120.0 | ||||
Comparison of Passenger-kilometers and Transportation Revenues for FY2025.3
(Billions of yen) (Millions of passenger-kilometers)
Transportation revenues | |||||||
FY2024.3 | FY2025.3 | Increase/ (Decrease) | % | From Jan. to Mar. | |||
FY2025.3 | % | ||||||
Shinkansen | 1,247.9 | 1,331.2 | 83.2 | (103.0) 106.7 | 331.4 | (107.2) 104.9 | |
Commuter | 13.9 | 14.6 | 0.6 | (80.6) 105.0 | 3.5 | (80.3) 105.6 | |
Other | 1,234.0 | 1,316.5 | 82.5 | (103.4) 106.7 | 327.9 | (107.6) 104.9 | |
Conventional lines | 94.8 | 101.2 | 6.4 | (96.6) 106.8 | 24.4 | (95.7) 106.1 | |
Commuter | 31.2 | 32.0 | 0.7 | (90.8) 102.4 | 7.6 | (90.4) 102.6 | |
Other | 63.5 | 69.2 | 5.6 | (99.6) 108.9 | 16.8 | (98.2) 107.8 | |
Total | 1,342.8 | 1,432.5 | 89.7 | (102.6) 106.7 | 355.9 | (106.4) 105.0 | |
Commuter | 45.2 | 46.6 | 1.4 | (87.3) 103.2 | 11.1 | (86.9) 103.5 | |
Other | 1,297.5 | 1,385.8 | 88.2 | (103.2) 106.8 | 344.8 | (107.1) 105.0 | |
Total (including parcel fare) | 1,342.8 | 1,432.5 | 89.6 | (102.6) 106.7 | 355.9 | (106.4) 105.0 | |
Passenger-kilometers | |||||
FY2024.3 | FY2025.3 | Increase/ (Decrease) | % | From Jan. to Mar. | |
FY2025.3 | % | ||||
52,751 | 55,210 | 2,460 | 104.7 | 13,685 | 104.0 |
1,187 | 1,241 | 54 | 104.6 | 291 | 104.5 |
51,564 | 53,970 | 2,405 | 104.7 | 13,394 | 104.0 |
8,400 | 8,642 | 242 | 102.9 | 2,055 | 102.6 |
5,060 | 5,124 | 65 | 101.3 | 1,174 | 100.2 |
3,340 | 3,517 | 177 | 105.3 | 881 | 106.1 |
61,151 | 63,852 | 2,701 | 104.4 | 15,740 | 103.8 |
6,246 | 6,365 | 119 | 101.9 | 1,466 | 101.0 |
54,904 | 57,487 | 2,582 | 104.7 | 14,275 | 104.1 |
Note: 1. The above table contains non-consolidated passenger-kilometers and transportation revenues of the Company.
Figures in parentheses in the percentage column show comparisons with FY 2019.3.
Any fraction in passenger-kilometers that is less than the unit indicated is rounded to the nearest unit. 5
Comparative Balance Sheets
・Statement of Changes in Equity【Consolidated】
March 31, 2024 | March 31, 2025 | Increase/ (Decrease) | |||
Current assets | 2,791.0 | 1,942.9 | (848.1) | ||
Money held in trust for the Chuo Shinkansen construction | 1,351.6 | 1,090.7 | (260.8) | ||
Noncurrent assets | 7,150.7 | 8,380.4 | 1,229.6 | ||
Property, plant and equipment | 5,808.8 | 6,058.7 | 249.9 | ||
Investments and other assets | 1,181.7 | 2,156.8 | 975.1 | ||
Total assets | 9,941.8 | 10,323.3 | 381.4 | ||
Current liabilities | 798.7 | 782.3 | (16.3) | ||
Noncurrent liabilities | 4,919.5 | 4,882.4 | (37.0) | ||
Total liabilities | 5,718.2 | 5,664.7 | (53.4) | ||
Total equity | 4,223.6 | 4,658.5 | 434.8 | ||
Total liabilities and equity | 9,941.8 | 10,323.3 | 381.4 | ||
【Comparative Balance Sheets】
(Billions of yen)
【Statement of Changes in Equity】
Classifications | Shareholders' equity | Accumulated other comprehensive income | Noncontrolling interests | Total equity | |
Balance at the beginning of the fiscal year | 4,062.9 | 106.7 | 54.0 | 4,223.6 | |
C h a n g e | Dividends | (29.5) | - | - | (29.5) |
Net income attributable to owners of the parent | 458.4 | - | - | 458.4 | |
Others | 0.0 | 1.9 | 3.9 | 5.9 | |
s Total | 428.9 | 1.9 | 3.9 | 434.8 | |
Balance at the end of the fiscal year | 4,491.8 | 108.6 | 58.0 | 4,658.5 | |
March 31, 2024 | March 31, 2025 | Increase /(Decrease) | ||
Long-term debts | 4,846.1 | 4,778.6 | (67.5) | |
Long-term debt for the Chuo Shinkansen construction | 3,000.0 | 3,000.0 | - | |
Bonds payable | 789.8 | 729.3 | (60.4) | |
Long-term loans payable | 543.2 | 543.5 | 0.3 | |
Long-term accounts payable-railway facilities | 513.0 | 505.6 | (7.3) | |
Average interest (%) | 1.63 | 1.65 | 0.02 | |
(Billions of yen)
（Reference）
(Billions of yen)
Comparative Statements of Cash Flows 【Consolidated】
・Capital Investment 【Consolidated・Non-Consolidated】
【Comparative Statements of Cash Flows】
(Billions of yen)
FY2024.3 | FY2025.3 | Increase /(Decrease) | |||
Net cash provided by (used in) operating activities | 672.8 | 624.5 | (48.3) | ||
Main Breakdown | Income before income taxes | 545.3 | 645.8 | 100.5 | |
Depreciation and amortization | 216.4 | 208.0 | (8.3) | ||
Income taxes paid | (58.9) | (160.2) | (101.2) | ||
Net cash provided by (used in) investing activities | (436.5) | (956.0) | (519.4) | ||
Main Breakdown | Expenditures from the purchase of property plant and equipment and intangible assets | (403.5) | (464.9) | (61.3) | |
Proceeds from withdrawal of money held in trust for Chuo Shinkansen construction | 233.6 | 260.8 | 27.2 | ||
Revenue/expenditure from fund management (net) | (283.0) | (758.0) | (475.0) | ||
Net cash provided by (used in) financing activities | (125.1) | (95.5) | 29.5 | ||
Net increase (decrease) in cash and cash equivalents | 111.1 | (427.0) | (538.2) | ||
Cash and cash equivalents, beginning of the fiscal year | 710.5 | 821.7 | 111.1 | ||
Cash and cash equivalents, end of the fiscal year | 821.7 | 394.7 | (427.0) | ||
【Capital Investment】
(Billions of yen)
FY2024.3 | FY2025.3 | Increase /(Decrease) | |
Capital investment（Consolidated） | 480.5 | 514.2 | 33.6 |
Capital investment（Non-Consolidated） | 462.7 | 479.9 | 17.2 |
Forecasted Results of Operations for FY2026.3
【Consolidated・Non-Consolidated】
(Billions of yen)
FY2025.3 Result | FY2026.3 Forecast | Increase /(Decrease) | % | ||
【Consolidated】 | |||||
Operating revenues | 1,831.8 | 1,865.0 | 33.1 | 101.8 | |
Operating expenses | 1,129.0 | 1,198.0 | 68.9 | 106.1 | |
Operating income | 702.7 | 667.0 | (35.7) | 94.9 | |
Ordinary income | 649.2 | 608.0 | (41.2) | 93.6 | |
Net income attributable to owners of the parent | 458.4 | 423.0 | (35.4) | 92.3 | |
【Non-Consolidated】 | |||||
Operating revenues | 1,511.2 | 1,542.0 | 30.7 | 102.0 | |
Transportation revenues | 1,432.5 | 1,466.0 | 33.4 | 102.3 | |
Operating expenses | 854.5 | 912.0 | 57.4 | 106.7 | |
Operating income | 656.7 | 630.0 | (26.7) | 95.9 | |
Ordinary income | 599.9 | 569.0 | (30.9) | 94.8 | |
Net income | 430.6 | 400.0 | (30.6) | 92.9 | |
Reference:Segment Information
【Result】 【FY2026.3 Forecast】
(Billions of yen)
FY2024.3 Result A | FY2025.3 Result B | vs FY2024.3 | |||
Increase /(Decrease) B-A | % B/A | ||||
Operating revenues | 1,710.4 | 1,831.8 | 121.4 | 107.1 | |
Transportation | 1,408.3 | 1,502.2 | 93.8 | 106.7 | |
Merchandise and Other | 160.6 | 171.4 | 10.8 | 106.7 | |
Real Estate | 83.2 | 86.6 | 3.4 | 104.1 | |
Other | 255.2 | 272.6 | 17.3 | 106.8 | |
Reconciliations | (197.0) | (201.1) | (4.1) | 102.1 | |
Segment profit (Operating income) | 607.3 | 702.7 | 95.4 | 115.7 | |
Transportation | 559.6 | 649.7 | 90.0 | 116.1 | |
Merchandise and Other | 13.8 | 15.6 | 1.8 | 113.1 | |
Real Estate | 20.2 | 22.8 | 2.6 | 112.9 | |
Other | 15.4 | 15.5 | 0.1 | 100.7 | |
Reconciliations | (1.8) | (1.0) | 0.8 | 55.9 | |
FY2026.3 Forecast C | vs FY2025.3 | ||
Increase /(Decrease) C-B | % C/B | ||
1,865.0 | 33.1 | 101.8 | |
1,532.0 | 29.7 | 102.0 | |
175.0 | 3.5 | 102.1 | |
95.0 | 8.3 | 109.6 | |
274.0 | 1.3 | 100.5 | |
(211.0) | (9.8) | 104.9 | |
667.0 | (35.7) | 94.9 | |
622.0 | (27.7) | 95.7 | |
14.0 | (1.6) | 89.6 | |
22.0 | (0.8) | 96.2 | |
10.0 | (5.5) | 64.2 | |
(1.0) | 0.0 | 97.1 | |
Note: 1. Operating revenues include the amount of sales to other reportable segments as well as the amount of sales to external customers.
2. Rows entitled "Reconciliations" show amounts that are off-set among reportable segments.