Supplemental Materials of Financial Results
（FY2026.3 Third Quarter）
February 2, 2026 Central Japan Railway Company
* English translation from the original Japanese-language document.
Summary of Consolidated Financial Results for FY2026.3 Third Quarter
The Company's transportation revenues increased, reaching a record high, due to strong 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 Company's non-personnel expenses and a higher cost of sales recorded by group companies.
Forecasted results of operations for the fiscal year ending March 31, 2026 are revised upward for both revenues and income in light of the transportation revenues for the third quarter of 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."
Consolidated Financial Results and Forecasted Results of Operations
(Billions of yen)
FY2025.3 Q3 Cumulative Result A | FY2026.3 Q3 Cumulative Result B | vs FY2025.3 | ||
Increase/ (Decrease) B-A | % B/A | |||
Operating revenues | 1,368.0 | 1,514.1 | 146.1 | 110.7 |
Operating expenses | 784.1 | 817.3 | 33.2 | 104.2 |
Operating income | 583.9 | 696.7 | 112.8 | 119.3 |
Ordinary income | 540.9 | 656.8 | 115.8 | 121.4 |
Net income attributable to owners of the parent | 376.8 | 459.2 | 82.3 | 121.9 |
FY2026.3 Previous Forecast C | FY2026.3 Revised Forecast D | vs Previous Forecast | |
Increase/ (Decrease) D-C | % D/C | ||
1,937.0 | 1,969.0 | 32.0 | 101.7 |
1,191.0 | 1,191.0 | - | 100.0 |
746.0 | 778.0 | 32.0 | 104.3 |
691.0 | 723.0 | 32.0 | 104.6 |
480.0 | 502.0 | 22.0 | 104.6 |
* Any fraction less than a tenth of the unit indicated is rounded down. (The same for the subsequent materials.)
Comparative Quarterly Statements of Income【Consolidated】
(Billions of yen)
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | Major factors of change | |||
Operating revenues | 1,368.0 | 1,514.1 | 146.1 | 110.7 | |||
Transportation | 1,117.6 | 1,249.0 | 131.3 | 111.8 | Increase in transportation revenues | ||
Merchandise and Other | 120.4 | 129.2 | 8.7 | 107.3 | Increase in sales at stores in stations | ||
Real Estate | 38.6 | 40.7 | 2.1 | 105.4 | Increase in rent income from station commercial facilities | ||
Other | 91.2 | 95.1 | 3.8 | 104.2 | Increase in sales of rolling stock manufacturing and hotel businesses | ||
Operating expenses | 784.1 | 817.3 | 33.2 | 104.2 | |||
Operating income | 583.9 | 696.7 | 112.8 | 119.3 | |||
Non-operating income (loss) | (42.9) | (39.9) | 3.0 | 92.9 | |||
Non-operating income | 18.5 | 21.7 | 3.2 | 117.6 | Increase in interest from investments | ||
Non-operating expenses | 61.4 | 61.7 | 0.2 | 100.4 | |||
Ordinary income | 540.9 | 656.8 | 115.8 | 121.4 | |||
Extraordinary gain (loss) | (1.9) | (1.3) | 0.6 | 66.6 | |||
Income before income taxes | 538.9 | 655.5 | 116.5 | 121.6 | |||
Income taxes | 158.6 | 190.7 | 32.0 | 120.2 | |||
Net income | 380.3 | 464.7 | 84.4 | 122.2 | |||
Net income attributable to noncontrolling interests | 3.4 | 5.5 | 2.0 | 160.8 | |||
Net income attributable to owners of the parent | 376.8 | 459.2 | 82.3 | 121.9 | |||
Note: The breakdown of operating revenues is based on the amount of sales to external customers, according to reportable segments.
Comparative Quarterly Statements of Income【Non-consolidated】
(Billions of yen)
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | Major factors of change | ||||
Operating revenues | 1,133.4 | 1,265.3 | 131.9 | 111.6 | ||||
Transportation revenues | 1,076.5 | 1,208.0 | 131.4 | 112.2 | Shinkansen +127.5, Conventional lines +3.8 | |||
Operating expenses | 582.6 | 606.1 | 23.5 | 104.0 | ||||
Personnel expenses | 133.3 | 140.1 | 6.8 | 105.1 | Increase due to salary increases | |||
Non-personnel expenses | 274.0 | 290.5 | 16.5 | 106.0 | ||||
Energy | 42.3 | 43.1 | 0.7 | 101.8 | Increase in the number of Shinkansen train services | |||
Maintenance | 94.5 | 100.8 | 6.3 | 106.7 | Increase in rolling stock maintenance of the Shinkansen; increase in unit labor costs | |||
Other | 137.1 | 146.6 | 9.4 | 106.9 | Increase in system-related expenses; increase in sales commission, etc. | |||
Taxes other than income taxes | 33.4 | 34.6 | 1.2 | 103.7 | ||||
Depreciation and amortization | 141.7 | 140.7 | (1.0) | 99.3 | ||||
Operating income | 550.8 | 659.2 | 108.4 | 119.7 | ||||
Non-operating income (loss) | (44.6) | (42.9) | 1.7 | 96.2 | ||||
Non-operating income | 17.8 | 20.4 | 2.6 | 114.7 | Increase in interest from investments | |||
Non-operating expenses | 62.4 | 63.3 | 0.9 | 101.4 | ||||
Ordinary income | 506.1 | 616.2 | 110.1 | 121.8 | ||||
Extraordinary gain (loss) | 0.0 | (0.0) | (0.1) | - | ||||
Income before income taxes | 506.2 | 616.2 | 109.9 | 121.7 | ||||
Income taxes | 148.8 | 182.2 | 33.3 | 122.4 | ||||
Net income | 357.3 | 433.9 | 76.6 | 121.4 | ||||
Comparison of Passenger-kilometers and Transportation Revenues for FY2026.3 Third Quarter
(Billions of yen) (Millions of passenger-kilometers)
Transportation revenues | |||||||
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | From Oct. to Dec. | |||
FY2026.3 | % | ||||||
Shinkansen | 999.7 | 1,127.3 | 127.5 | 112.8 | 394.8 | 108.6 | |
Commuter | 11.1 | 12.2 | 1.1 | 110.4 | 4.1 | 110.6 | |
Other | 988.6 | 1,115.0 | 126.3 | 112.8 | 390.7 | 108.6 | |
Conventional lines | 76.8 | 80.6 | 3.8 | 105.1 | 27.6 | 103.9 | |
Commuter | 24.4 | 24.7 | 0.3 | 101.4 | 8.1 | 100.7 | |
Other | 52.3 | 55.9 | 3.5 | 106.8 | 19.4 | 105.3 | |
Total | 1,076.5 | 1,208.0 | 131.4 | 112.2 | 422.5 | 108.3 | |
Commuter | 35.5 | 37.0 | 1.4 | 104.2 | 12.3 | 103.9 | |
Other | 1,041.0 | 1,170.9 | 129.9 | 112.5 | 410.1 | 108.4 | |
Total (including parcel fare) | 1,076.5 | 1,208.0 | 131.4 | 112.2 | 422.5 | 108.3 | |
Passenger-kilometers | |||||
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | From Oct. to Dec. | |
FY2026.3 | % | ||||
41,525 | 46,411 | 4,886 | 111.8 | 16,175 | 107.5 |
950 | 1,043 | 94 | 109.9 | 354 | 110.0 |
40,576 | 45,368 | 4,792 | 111.8 | 15,821 | 107.4 |
6,587 | 6,761 | 174 | 102.6 | 2,284 | 101.7 |
3,950 | 3,987 | 38 | 100.9 | 1,336 | 100.7 |
2,637 | 2,773 | 137 | 105.2 | 948 | 103.0 |
48,112 | 53,172 | 5,060 | 110.5 | 18,459 | 106.7 |
4,900 | 5,031 | 131 | 102.7 | 1,690 | 102.5 |
43,212 | 48,141 | 4,929 | 111.4 | 16,769 | 107.2 |
Note: 1. The above table contains non-consolidated passenger-kilometers and transportation revenues of the Company.
2. Any fraction in passenger-kilometers that is less than the unit indicated is rounded to the nearest unit.
Comparative Quarterly Balance Sheets【Consolidated】
【Comparative Balance Sheets】
(Billions of yen)
March 31, 2025 | December 31, 2025 | Increase/ (Decrease) | |||
Current assets | 1,942.9 | 1,683.2 | (259.6) | ||
Money held in trust for the Chuo Shinkansen construction | 1,090.7 | 877.8 | (212.8) | ||
Noncurrent assets | 8,380.4 | 8,921.8 | 541.4 | ||
Property, plant and equipment | 6,058.7 | 6,157.6 | 98.9 | ||
Investments and other assets | 2,156.8 | 2,576.1 | 419.2 | ||
Total assets | 10,323.3 | 10,605.1 | 281.8 | ||
Current liabilities | 782.3 | 734.6 | (47.6) | ||
Noncurrent liabilities | 4,882.4 | 4,834.0 | (48.4) | ||
Total liabilities | 5,664.7 | 5,568.6 | (96.1) | ||
Total equity | 4,658.5 | 5,036.4 | 377.9 | ||
Total liabilities and equity | 10,323.3 | 10,605.1 | 281.8 | ||
（Reference）
(Billions of yen)
March 31, 2025 | December 31, 2025 | Increase/ (Decrease) | ||
Long-term debts | 4,778.6 | 4,773.7 | (4.8) | |
Long-term debt for the Chuo Shinkansen construction | 3,000.0 | 3,000.0 | - | |
Bonds payable | 729.3 | 729.3 | 0.0 | |
Long-term loans payable | 543.5 | 542.5 | (1.0) | |
Long-term accounts payable-railway facilities | 505.6 | 501.8 | (3.8) | |
Forecasted Results of Operations for FY2026.3
【Consolidated・Non-Consolidated】
(Billions of yen)
FY2025.3 Result A | FY2026.3 Previous Forecast B | FY2026.3 Revised Forecast C | vs Previous Forecast | vs FY2025.3 | |||||
Increase/ (Decrease) C-B | % C/B | Increase/ (Decrease) C-A | % C/A | ||||||
【Consolidated】 | |||||||||
Operating revenues | 1,831.8 | 1,937.0 | 1,969.0 | 32.0 | 101.7 | 137.1 | 107.5 | ||
Operating expenses | 1,129.0 | 1,191.0 | 1,191.0 | - | 100.0 | 61.9 | 105.5 | ||
Operating income | 702.7 | 746.0 | 778.0 | 32.0 | 104.3 | 75.2 | 110.7 | ||
Ordinary income | 649.2 | 691.0 | 723.0 | 32.0 | 104.6 | 73.7 | 111.4 | ||
Net income attributable to owners of the parent | 458.4 | 480.0 | 502.0 | 22.0 | 104.6 | 43.5 | 109.5 | ||
【Non-Consolidated】 | |||||||||
Operating revenues | 1,511.2 | 1,606.0 | 1,638.0 | 32.0 | 102.0 | 126.7 | 108.4 | ||
Transportation revenues | 1,432.5 | 1,530.0 | 1,562.0 | 32.0 | 102.1 | 129.4 | 109.0 | ||
Operating expenses | 854.5 | 904.0 | 904.0 | - | 100.0 | 49.4 | 105.8 | ||
Operating income | 656.7 | 702.0 | 734.0 | 32.0 | 104.6 | 77.2 | 111.8 | ||
Ordinary income | 599.9 | 644.0 | 676.0 | 32.0 | 105.0 | 76.0 | 112.7 | ||
Net income | 430.6 | 452.0 | 474.0 | 22.0 | 104.9 | 43.3 | 110.1 | ||
Reference:Quarterly Segment Information
【Result】 【Forecast】
(Billions of yen)
FY2025.3 Q3 Cumulative Result A | FY2026.3 Q3 Cumulative Result B | vs FY2025.3 | |||
Increase/ (Decrease) B-A | % B/A | ||||
Operating revenues | 1,368.0 | 1,514.1 | 146.1 | 110.7 | |
Transportation | 1,126.4 | 1,258.3 | 131.9 | 111.7 | |
Merchandise and Other | 126.7 | 135.6 | 8.9 | 107.0 | |
Real Estate | 63.6 | 69.8 | 6.1 | 109.7 | |
Other | 182.5 | 192.7 | 10.2 | 105.6 | |
Reconciliations | (131.3) | (142.5) | (11.1) | 108.5 | |
Segment profit (Operating income) | 583.9 | 696.7 | 112.8 | 119.3 | |
Transportation | 545.3 | 653.2 | 107.9 | 119.8 | |
Merchandise and Other | 11.4 | 10.6 | (0.7) | 93.2 | |
Real Estate | 19.2 | 21.4 | 2.1 | 111.2 | |
Other | 7.9 | 12.9 | 4.9 | 162.6 | |
Reconciliations | (0.0) | (1.5) | (1.4) | - | |
FY2026.3 Previous Forecast C | FY2026.3 Revised Forecast D | vs Previous Forecast | |
Increase/ (Decrease) D-C | % D/C | ||
1,937.0 | 1,969.0 | 32.0 | 101.7 |
1,596.0 | 1,628.0 | 32.0 | 102.0 |
179.0 | 179.0 | - | 100.0 |
94.0 | 94.0 | - | 100.0 |
283.0 | 283.0 | - | 100.0 |
(215.0) | (215.0) | - | 100.0 |
746.0 | 778.0 | 32.0 | 104.3 |
694.0 | 726.0 | 32.0 | 104.6 |
14.0 | 14.0 | - | 100.0 |
23.0 | 23.0 | - | 100.0 |
16.0 | 16.0 | - | 100.0 |
(1.0) | (1.0) | - | 100.0 |
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.