Supplemental Materials of Financial Results
（FY2026.3）
April 28, 2026
Central Japan Railway Company
* English translation from the original Japanese-language document.
Summary of Consolidated Financial Results for FY2026.3
The Company's transportation revenues increased to the highest level ever, driven by higher ridership associated with the Osaka-Kansai Expo and greater use by inbound visitors, among other factors. Group companies also saw increased revenues, resulting in an increase in consolidated operating revenues. Both revenues and income increased although 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.
In the fiscal year ending March 31, 2027, the Company expects decreases in both revenues and income, factoring in the absence of the revenue boost from the Osaka-Kansai Expo and an increase in expenses associated with higher labor costs and other factors. Although the business environment remains challenging, 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, in its day-to-day operations, while further enhancing its management strength 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)
FY2025.3
Result
A
FY2026.3
Result
B
vs FY2025.3
FY2027.3
Forecast
C
vs FY2026.3
Increase/ (Decrease)
B-A
%
B/A
Increase/ (Decrease)
C-B
%
C/B
Operating revenues
1,831.8
2,006.2
174.3
109.5
1,993.0
(13.2)
99.3
Operating expenses
1,129.0
1,176.0
46.9
104.2
1,291.0
114.9
109.8
Operating income
702.7
830.1
127.3
118.1
702.0
(128.1)
84.6
Ordinary income
649.2
780.9
131.6
120.3
653.0
(127.9)
83.6
Net income attributable
to owners of the parent
458.4
552.8
94.4
120.6
447.0
(105.8)
80.9
Shareholder Returns (the Company)
* Any fraction less than a tenth of the unit indicated is rounded down. (The same for the subsequent materials.)
・The year-end dividend for the current fiscal year will be 16 yen per share, in line with the dividend forecast announced in April 2025.
・Estimated interim and year-end dividends for the next fiscal year will also be 16 yen per share, respectively.
・At the meeting of the Board of Directors held on April 28, 2026, the Company resolved to repurchase up to 20 billion yen of its own shares and to cancel all shares repurchased.
2
Comparative Statements of Income【Consolidated】
(Billions of yen)
FY2025.3 | FY2026.3 | Increase/ (Decrease) | % | Major factors of change | |||
Operating revenues | 1,831.8 | 2,006.2 | 174.3 | 109.5 | |||
Transportation | 1,490.5 | 1,641.6 | 151.1 | 110.1 | Increase in transportation revenues | ||
Merchandise and Other | 163.1 | 174.4 | 11.3 | 106.9 | Increase in sales at stores in stations | ||
Real Estate | 51.8 | 55.5 | 3.7 | 107.2 | Increase in rent income from station commercial facilities | ||
Other | 126.3 | 134.5 | 8.2 | 106.5 | Increase in sales of rolling stock manufacturing and hotel businesses | ||
Operating expenses | 1,129.0 | 1,176.0 | 46.9 | 104.2 | |||
Operating income | 702.7 | 830.1 | 127.3 | 118.1 | |||
Non-operating income (loss) | (53.5) | (49.2) | 4.2 | 92.1 | |||
Non-operating income | 28.2 | 33.1 | 4.9 | 117.4 | Increase in interest income from investments | ||
Non-operating expenses | 81.7 | 82.4 | 0.6 | 100.8 | |||
Ordinary income | 649.2 | 780.9 | 131.6 | 120.3 | |||
Extraordinary gain (loss) | (3.4) | (1.5) | 1.8 | 45.0 | |||
Income before income taxes | 645.8 | 779.3 | 133.4 | 120.7 | |||
Income taxes | 181.4 | 217.6 | 36.1 | 119.9 | |||
Net income | 464.3 | 561.7 | 97.3 | 121.0 | |||
Net income attributable to noncontrolling interests | 5.9 | 8.8 | 2.8 | 148.5 | |||
Net income attributable to owners of the parent | 458.4 | 552.8 | 94.4 | 120.6 | |||
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)
FY2025.3 | FY2026.3 | Increase/ (Decrease) | % | Major factors of change | ||||
Operating revenues | 1,511.2 | 1,663.2 | 151.9 | 110.1 | ||||
Transportation revenues | 1,432.5 | 1,585.3 | 152.8 | 110.7 | Shinkansen +148.1, Conventional lines +4.7 | |||
Operating expenses | 854.5 | 888.8 | 34.2 | 104.0 | ||||
Personnel expenses | 175.6 | 185.4 | 9.7 | 105.5 | Increase due to salary increases | |||
Non-personnel expenses | 441.3 | 466.2 | 24.8 | 105.6 | ||||
Energy | 56.6 | 56.5 | (0.0) | 100.0 | ||||
Maintenance | 185.4 | 197.6 | 12.2 | 106.6 | Increase in unit labor costs; increase in rolling stock maintenance of the Shinkansen | |||
Other | 199.2 | 211.9 | 12.6 | 106.4 | Increase in system-related expenses; increase in sales commission, etc. | |||
Taxes other than income taxes | 45.0 | 46.5 | 1.5 | 103.4 | ||||
Depreciation and amortization | 192.5 | 190.6 | (1.9) | 99.0 | ||||
Operating income | 656.7 | 774.4 | 117.6 | 117.9 | ||||
Non-operating income (loss) | (56.7) | (53.5) | 3.2 | 94.3 | ||||
Non-operating income | 26.3 | 31.1 | 4.8 | 118.2 | Increase in interest income from investments | |||
Non-operating expenses | 83.1 | 84.6 | 1.5 | 101.9 | ||||
Ordinary income | 599.9 | 720.8 | 120.9 | 120.2 | ||||
Extraordinary gain (loss) | 0.3 | (0.0) | (0.3) | - | ||||
Income before income taxes | 600.2 | 720.8 | 120.5 | 120.1 | ||||
Income taxes | 169.6 | 208.2 | 38.5 | 122.7 | ||||
Net income | 430.6 | 512.6 | 82.0 | 119.0 | ||||
Comparison of Passenger-kilometers and Transportation Revenues for FY2026.3
(Billions of yen) (Millions of passenger-kilometers)
Transportation revenues | |||||||
FY2025.3 | FY2026.3 | Increase/ (Decrease) | % | From Jan. to Mar. | |||
FY2026.3 | % | ||||||
Shinkansen | 1,331.2 | 1,479.3 | 148.1 | 111.1 | 352.0 | 106.2 | |
Commuter | 14.6 | 16.1 | 1.5 | 110.4 | 3.8 | 110.4 | |
Other | 1,316.5 | 1,463.2 | 146.6 | 111.1 | 348.1 | 106.2 | |
Conventional lines | 101.2 | 106.0 | 4.7 | 104.6 | 25.3 | 103.4 | |
Commuter | 32.0 | 32.4 | 0.4 | 101.3 | 7.6 | 100.9 | |
Other | 69.2 | 73.5 | 4.2 | 106.2 | 17.6 | 104.5 | |
Total | 1,432.5 | 1,585.3 | 152.8 | 110.7 | 377.3 | 106.0 | |
Commuter | 46.6 | 48.6 | 1.9 | 104.1 | 11.5 | 103.9 | |
Other | 1,385.8 | 1,536.7 | 150.9 | 110.9 | 365.8 | 106.1 | |
Total (including parcel fare) | 1,432.5 | 1,585.3 | 152.8 | 110.7 | 377.3 | 106.0 | |
Passenger-kilometers | |||||
FY2025.3 | FY2026.3 | Increase/ (Decrease) | % | From Jan. to Mar. | |
FY2026.3 | % | ||||
55,210 | 60,860 | 5,649 | 110.2 | 14,448 | 105.6 |
1,241 | 1,363 | 122 | 109.8 | 320 | 109.7 |
53,970 | 59,497 | 5,527 | 110.2 | 14,129 | 105.5 |
8,642 | 8,864 | 222 | 102.6 | 2,103 | 102.3 |
5,124 | 5,171 | 46 | 100.9 | 1,183 | 100.8 |
3,517 | 3,693 | 176 | 105.0 | 920 | 104.5 |
63,852 | 69,724 | 5,872 | 109.2 | 16,551 | 105.2 |
6,365 | 6,534 | 169 | 102.6 | 1,503 | 102.5 |
57,487 | 63,190 | 5,703 | 109.9 | 15,049 | 105.4 |
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 Balance Sheets
・Statement of Changes in Equity【Consolidated】
【Comparative Balance Sheets】
(Billions of yen)
March 31, 2025 | March 31, 2026 | Increase/ (Decrease) | |||
Current assets | 1,942.9 | 1,674.8 | (268.0) | ||
Money held in trust for the Chuo Shinkansen construction | 1,090.7 | 849.5 | (241.1) | ||
Noncurrent assets | 8,380.4 | 9,201.3 | 820.8 | ||
Property, plant and equipment | 6,058.7 | 6,371.2 | 312.4 | ||
Investments and other assets | 2,156.8 | 2,644.5 | 487.6 | ||
Total assets | 10,323.3 | 10,876.1 | 552.8 | ||
Current liabilities | 782.3 | 932.0 | 149.7 | ||
Noncurrent liabilities | 4,882.4 | 4,807.4 | (74.9) | ||
Total liabilities | 5,664.7 | 5,739.5 | 74.7 | ||
Total equity | 4,658.5 | 5,136.6 | 478.0 | ||
Total liabilities and equity | 10,323.3 | 10,876.1 | 552.8 | ||
【Statement of Changes in Equity】
(Billions of yen)
（Reference）
(Billions of yen)
Classifications | Shareholders' equity | Accumulated other comprehensive income | Noncontrolling interests | Total equity | |
Balance at the beginning of the fiscal year | 4,491.8 | 108.6 | 58.0 | 4,658.5 | |
Changes | Dividends | (31.2) | - | - | (31.2) |
Net income attributable to owners of the parent | 552.8 | - | - | 552.8 | |
Others | (110.5) | 56.6 | 10.4 | (43.5) | |
Total | 411.0 | 56.6 | 10.4 | 478.0 | |
Balance at the end of the fiscal year | 4,902.8 | 165.3 | 68.4 | 5,136.6 | |
March 31, 2025 | March 31, 2026 | Increase /(Decrease) | ||
Long-term debts | 4,778.6 | 4,768.4 | (10.2) | |
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 | 541.1 | (2.4) | |
Long-term accounts payable-railway facilities | 505.6 | 497.8 | (7.8) | |
Average interest (%) | 1.65 | 1.67 | 0.02 | |
Comparative Statements of Cash Flows 【Consolidated】
・Capital Investment 【Consolidated・Non-Consolidated】
【Comparative Statements of Cash Flows】 (Billions of yen)
FY2025.3 | FY2026.3 | Increase /(Decrease) | |||
Net cash provided by (used in) operating activities | 624.5 | 748.1 | 123.6 | ||
Main Breakdown | Income before income taxes | 645.8 | 779.3 | 133.4 | |
Depreciation and amortization | 208.0 | 205.9 | (2.1) | ||
Income taxes paid | (160.2) | (223.6) | (63.4) | ||
Net cash provided by (used in) investing activities | (956.0) | (621.4) | 334.6 | ||
Main Breakdown | Expenditures from the purchase of property, plant and equipment and intangible assets | (464.9) | (524.1) | (59.2) | |
Proceeds from withdrawal of money held in trust for Chuo Shinkansen construction | 260.8 | 241.1 | (19.6) | ||
Revenue/expenditure from fund management (net) | (758.0) | (350.6) | 407.4 | ||
Net cash provided by (used in) financing activities | (95.5) | (150.8) | (55.3) | ||
Net decrease in cash and cash equivalents | (427.0) | (24.1) | 402.8 | ||
Cash and cash equivalents, beginning of the fiscal year | 821.7 | 394.7 | (427.0) | ||
Cash and cash equivalents, end of the fiscal year | 394.7 | 370.5 | (24.1) | ||
【Capital Investment】 (Billions of yen)
FY2025.3 | FY2026.3 | Increase /(Decrease) | |
Capital investment（Consolidated） | 514.2 | 609.0 | 94.8 |
Capital investment（Non-Consolidated） | 479.9 | 579.3 | 99.3 |
Forecasted Results of Operations for FY2027.3
【Consolidated・Non-Consolidated】
FY2026.3 Result | FY2027.3 Forecast | Increase /(Decrease) | % | ||
【Consolidated】 | |||||
Operating revenues | 2,006.2 | 1,993.0 | (13.2) | 99.3 | |
Operating expenses | 1,176.0 | 1,291.0 | 114.9 | 109.8 | |
Operating income | 830.1 | 702.0 | (128.1) | 84.6 | |
Ordinary income | 780.9 | 653.0 | (127.9) | 83.6 | |
Net income attributable to owners of the parent | 552.8 | 447.0 | (105.8) | 80.9 | |
【Non-Consolidated】 | |||||
Operating revenues | 1,663.2 | 1,631.0 | (32.2) | 98.1 | |
Transportation revenues | 1,585.3 | 1,554.0 | (31.3) | 98.0 | |
Operating expenses | 888.8 | 972.0 | 83.1 | 109.4 | |
Operating income | 774.4 | 659.0 | (115.4) | 85.1 | |
Ordinary income | 720.8 | 606.0 | (114.8) | 84.1 | |
Net income | 512.6 | 421.0 | (91.6) | 82.1 | |
(Billions of yen)
Reference:Segment Information
【Result】 【Forecast】
(Billions of yen)
FY2025.3 Result A | FY2026.3 Result B | vs FY2025.3 | |||
Increase /(Decrease) B-A | % B/A | ||||
Operating revenues | 1,831.8 | 2,006.2 | 174.3 | 109.5 | |
Transportation | 1,502.2 | 1,653.9 | 151.7 | 110.1 | |
Merchandise and Other | 171.4 | 183.0 | 11.5 | 106.8 | |
Real Estate | 86.6 | 95.7 | 9.0 | 110.4 | |
Other | 272.6 | 291.9 | 19.3 | 107.1 | |
Reconciliations | (201.1) | (218.4) | (17.3) | 108.6 | |
Segment profit (Operating income) | 702.7 | 830.1 | 127.3 | 118.1 | |
Transportation | 649.7 | 767.4 | 117.7 | 118.1 | |
Merchandise and Other | 15.6 | 15.8 | 0.1 | 101.3 | |
Real Estate | 22.8 | 25.2 | 2.4 | 110.5 | |
Other | 15.5 | 24.4 | 8.8 | 157.0 | |
Reconciliations | (1.0) | (2.8) | (1.8) | 278.6 | |
FY2027.3 Forecast C | vs FY2026.3 | |
Increase /(Decrease) C-B | % C/B | |
1,993.0 | (13.2) | 99.3 |
1,621.0 | (32.9) | 98.0 |
190.0 | 6.9 | 103.8 |
94.0 | (1.7) | 98.2 |
312.0 | 20.0 | 106.9 |
(224.0) | (5.5) | 102.5 |
702.0 | (128.1) | 84.6 |
651.0 | (116.4) | 84.8 |
14.0 | (1.8) | 88.5 |
23.0 | (2.2) | 91.0 |
17.0 | (7.4) | 69.5 |
(3.0) | (0.1) | 104.6 |
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.