Tobu Railway Co., Ltd. TSE:9001

Tobu Railway : 【Summary】Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)

Published

Source: MarketScreener

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.



April 30, 2026

Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)

Company name: TOBU RAILWAY CO.,LTD. Listing: Tokyo Stock Exchange Securities code: 9001

URL: https://www.tobu.co.jp/

Representative: Yutaka Tsuzuki President Director

Inquiries: Kosuke Shimizu Finance and Accounting Department Manager Telephone: +81-3-5962-2183

Scheduled date of annual general meeting of shareholders: June 23, 2026 Scheduled date to commence dividend payments: June 24, 2026 Scheduled date to file annual securities report: June 22, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

  1. Consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
    1. Consolidated operating results (Percentages indicate year-on-year changes.)

      Operating revenue

      Operating profit

      Ordinary profit

      Profit attributable to owners of parent

      Fiscal year ended March 31, 2026

      March 31, 2025

      Millions of yen

      655,435

      631,461

      %

      3.8

      (0.7)

      Millions of yen

      71,861

      74,604

      %

      (3.7)

      1.0

      Millions of yen

      68,831

      72,716

      %

      (5.3)

      0.9

      Millions of yen

      55,620

      51,330

      %

      8.4

      6.6

      Note: Comprehensive income For the fiscal year ended March 31, 2026: ¥ 84,796 million [ 75.0%]

      For the fiscal year ended March 31, 2025: ¥ 48,443 million [(30.2) %]

      Basic earnings per share

      Diluted earnings per share

      Return on equity

      Ratio of ordinary profit to total assets

      Ratio of operating profit to net sales

      Fiscal year ended

      Yen

      Yen

      %

      %

      %

      March 31, 2026

      282.92

      -

      9.5

      3.8

      11.0

      March 31, 2025

      252.99

      -

      9.4

      4.2

      11.8

      Reference: Share of profit (loss) of entities accounted for using equity method

      For the fiscal year ended March 31, 2026:

      ¥

      234 million

      For the fiscal year ended March 31, 2025:

      ¥

      286 million

    2. Consolidated financial position

      Total assets

      Net assets

      Equity ratio

      Net assets per share

      As of

      March 31, 2026

      March 31, 2025

      Millions of yen

      1,863,562

      1,753,200

      Millions of yen

      622,227

      560,753

      %

      33.0

      31.6

      Yen

      3,148.37

      2,777.78

      Reference: Equity

      As of March 31, 2026: ¥ 615,605 million

      As of March 31, 2025: ¥ 554,507 million

    3. Consolidated cash flows

    Cash flows from operating activities

    Cash flows from investing activities

    Cash flows from financing activities

    Cash and cash equivalents at the end of period

    Fiscal year ended March 31, 2026

    March 31, 2025

    Millions of yen

    106,640

    90,072

    Millions of yen

    (82,720)

    (86,778)

    Millions of yen

    (14,652)

    321

    Millions of yen

    44,207

    34,936

  2. Cash dividends

    Annual dividends per share

    Total cash dividends (Total)

    Payout ratio (Consolidated)

    Ratio of dividends to net assets (Consolidated)

    First quarter-end

    Second quarter-end

    Third quarter-end

    Fiscal year-end

    Total

    Yen

    Yen

    Yen

    Yen

    Yen

    Millions of yen

    %

    %

    Fiscal year ended March 31, 2025

    -

    27.50

    -

    32.50

    60.00

    12,017

    23.7

    2.2

    Fiscal year ended March 31, 2026

    -

    32.50

    -

    37.50

    70.00

    13,743

    24.7

    2.4

    Fiscal year ending

    March 31, 2027 (Forecast)

    -

    37.50

    -

    37.50

    75.00

    26.3

  3. Consolidated financial result forecasts for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Ordinary profit

Profit attributable to owners of parent

Basic earnings per share

Full year

Millions of

yen

673,000

%

2.7

Millions of

yen

72,000

%

0.2

Millions of

yen

63,500

%

(7.7)

Millions of

yen

56,000

%

0.7

Yen

284.85

* Notes

  1. Significant changes in the scope of consolidation during the period: None

  2. Changes in accounting policies, changes in accounting estimates, and restatement

    1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

    2. Changes in accounting policies due to other reasons: None

    3. Changes in accounting estimates: None

    4. Restatement: None

  3. Number of issued shares (common shares)

    1. Total number of issued shares at the end of the period (including treasury shares)

      As of March 31, 2026

      197,266,821 shares

      As of March 31, 2025

      201,215,421 shares

    2. Number of treasury shares at the end of the period

      As of March 31, 2026

      1,735,470 shares

      As of March 31, 2025

      1,593,212 shares

    3. Average number of shares outstanding during the period

Fiscal Year ended March 31, 2026

196,592,122 shares

Fiscal Year ended March 31, 2025

202,896,830 shares

[Reference] Overview of non-consolidated financial results 1. Non-consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
  1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

    Operating revenue

    Operating profit

    Ordinary profit

    Net income

    Fiscal year ended March 31, 2026

    March 31, 2025

    Millions of yen

    240,650

    235,560

    %

    2.2

    3.6

    Millions of yen

    42,666

    43,970

    %

    (3.0)

    2.6

    Millions of yen

    36,285

    39,708

    %

    (8.6)

    0.3

    Millions of yen

    35,687

    31,783

    %

    12.3

    9.5

    Basic earnings per share

    Diluted earnings per share

    Fiscal year ended

    Yen

    Yen

    March 31, 2026

    181.53

    -

    March 31, 2025

    156.65

    -

  2. Non-consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

As of

March 31, 2026

March 31, 2025

Millions of yen

1,719,200

1,640,769

Millions of yen

449,942

421,833

%

26.2

25.7

Yen

2,301.13

2,113.16

Reference: Equity

As of March 31, 2026: ¥ 449,942 million

As of March 31, 2025: ¥ 421,833 million

Consolidated Financial Statements

Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2025

As of March 31, 2026

Assets

Current assets

Cash and deposits

35,110

44,370

Notes and accounts receivable - trade

69,342

68,519

Contract assets

5,558

9,066

Short-term loans receivable

1,987

3,251

Land and buildings for sale in lots

30,621

33,862

Prepaid expenses

2,829

2,765

Other

31,524

33,088

Allowance for doubtful accounts

(135)

(135)

Total current assets

176,839

194,787

Non-current assets

Property, plant and equipment

Buildings and structures, net

534,156

533,552

Machinery, equipment and vehicles, net

79,016

86,666

Land

667,311

696,164

Construction in progress

116,500

131,157

Other, net

13,909

14,880

Total property, plant and equipment

1,410,893

1,462,421

Intangible assets

Contribution for utilities

1,443

1,800

Other

18,418

20,216

Total intangible assets

19,861

22,016

Investments and other assets

Investment securities

99,253

127,510

Long-term loans receivable

1,200

1,914

Distressed receivables

411

434

Retirement benefit asset

9,188

18,972

Deferred tax assets

11,360

11,873

Other

25,058

24,498

Allowance for doubtful accounts

(867)

(867)

Total investments and other assets

145,606

184,336

Total non-current assets

1,576,361

1,668,775

Total assets

1,753,200

1,863,562

(Millions of yen)

As of March 31, 2025 As of March 31, 2026

Liabilities

Current liabilities

Notes and accounts payable - trade 43,274 50,884

Short-term borrowings 73,322 106,900

Current portion of long-term borrowings 66,162 64,862

Current portion of bonds payable 38,300 9,800

Accrued expenses 7,334 10,020

Accrued consumption taxes 5,329 3,009

Income taxes payable 13,159 15,140

Advances received 69,634 73,973

Contract liabilities 42,617 48,659

Provision for bonuses 3,046 2,795

Provision for share awards - 1,995

Provision for allowance for loss on collection of gift certificates outstnding

4,543 4,486

Asset retirement obligations 272 939

Other 71,736 82,516

Total current liabilities 438,733 475,985

Non-current liabilities

Bonds payable 119,800 124,000

Long-term borrowings 481,470 483,425

Deferred tax liabilities 20,372 33,445

Deferred tax liabilities for land revaluation 51,037 50,252

Provision for retirement benefits for directors (and other officers)

777 833

Provision for share awards 2,083 -

Retirement benefit liability 40,345 35,723

Asset retirement obligations 3,367 2,907

Other 33,629 34,378

Total non-current liabilities 753,713 765,350

Total liabilities 1,192,447 1,241,335

Net assets

Shareholders' equity

Share capital 102,135 102,135

Capital surplus 51,980 52,008

Retained earnings 314,683 347,268

Treasury shares (4,930) (5,228)

Total shareholders' equity 463,868 496,183

Accumulated other comprehensive income

Revaluation reserve for land 45,986 46,725

Foreign currency translation adjustment 237 240

Remeasurements of defined benefit plans (86) 7,980

Total accumulated other comprehensive income 90,639 119,421

Non-controlling interests 6,245 6,621

Total net assets 560,753 622,227

Total liabilities and net assets 1,753,200 1,863,562

Long-term accounts payable to Japan railway construction, transport and technology agency

828

383

Valuation difference on available-for-sale securities

44,501

64,475

Consolidated Statements of Income and Comprehensive Income

Consolidated Statement of Income

(Millions of yen)

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026

Operating revenue

631,461

655,435

Operating expenses

Operating expenses and cost of sales of transportation

433,773

453,245

Selling, general and administrative expenses

123,083

130,327

Total operating expenses

556,856

583,573

Operating profit

74,604

71,861

Non-operating income

Interest income

39

61

Dividend income

2,651

3,271

Dividend income of insurance

Share of profit of entities accounted for using equity

419

380

method

Other

2,394

2,170

Total non-operating income

5,791

6,118

Non-operating expenses

Interest expenses

6,257

7,843

Other

1,420

1,305

Total non-operating expenses

7,678

9,149

Ordinary profit

72,716

68,831

Extraordinary income

Gain on sale of non-current assets

118

2,503

Gain on sale of investment securities

8,218

11,727

Contribution received for construction

4,867

4,740

Other

435

399

Total extraordinary income

13,639

19,370

Extraordinary losses

Loss on retirement of non-current assets

1,419

1,420

Loss on tax purpose reduction entry of non-current assets

4,852

4,708

Impairment losses

3,461

837

Other

714

1,325

Total extraordinary losses

10,448

8,291

Profit before income taxes

75,907

79,909

Income taxes - current

21,783

24,680

Income taxes - deferred

2,491

(794)

Total income taxes

24,274

23,886

Profit

51,633

56,023

Profit attributable to non-controlling interests

302

402

Profit attributable to owners of parent

51,330

55,620

Consolidated Statement of Comprehensive Income

(Millions of yen)

Comprehensive income attributable to owners of parent

48,142

84,382

Share of other comprehensive income of entities accounted for using equity method

(0)

0

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026

Other comprehensive income

Revaluation reserve for land

(1,464)

718

Remeasurements of defined benefit plans, net of tax

(909)

8,067

Total other comprehensive income

(3,189)

28,772

Comprehensive income attributable to

Comprehensive income 48,443 84,796

Foreign currency translation adjustment 56 2

Valuation difference on available-for-sale securities (872) 19,984

Profit 51,633 56,023

Comprehensive income attributable to non-controlling

interests

301 413

Consolidated Statement of Changes in Equity

For the fiscal year ended March 31, 2025

(Millions of yen)

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders'

equity

Balance at beginning of period

102,135

52,214

298,039

(10,545)

441,843

Changes during period

Dividends of surplus

(11,729)

(11,729)

Profit attributable to owners of

parent

51,330

51,330

Purchase of treasury shares

(17,641)

(17,641)

Disposal of treasury shares

(0)

(0)

53

52

Cancellation of treasury shares

(223)

(22,979)

23,203

-

Reversal of revaluation reserve

for land

23

23

Change in ownership interest of parent due to transactions with

non-controlling interests

(9)

(9)

Net changes in items other than

shareholders' equity

Total changes during period

-

(233)

16,643

5,615

22,025

Balance at end of period

102,135

51,980

314,683

(4,930)

463,868

Accumulated other comprehensive income

Non-controlling interests

Total net assets

Valuation difference on available-for-sale securities

Revaluation reserve for land

Foreign currency translation adjustment

Remeasurements of defined benefit plans

Total accumulated other comprehensive

income

Balance at beginning of period

45,372

47,474

180

822

93,850

6,019

541,713

Changes during period

Dividends of surplus

(11,729)

Profit attributable to owners of

parent

51,330

Purchase of treasury shares

(17,641)

Disposal of treasury shares

52

Cancellation of treasury shares

-

Reversal of revaluation reserve

for land

23

Change in ownership interest of parent due to transactions with

non-controlling interests

(9)

Net changes in items other than

shareholders' equity

(871)

(1,487)

56

(909)

(3,211)

226

(2,985)

Total changes during period

(871)

(1,487)

56

(909)

(3,211)

226

19,039

Balance at end of period

44,501

45,986

237

(86)

90,639

6,245

560,753

For the fiscal year ended March 31, 2026

(Millions of yen)

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders'

equity

Balance at beginning of period

102,135

51,980

314,683

(4,930)

463,868

Changes during period

Dividends of surplus

(12,890)

(12,890)

Profit attributable to owners of

parent

55,620

55,620

Purchase of treasury shares

(10,470)

(10,470)

Disposal of treasury shares

0

(0)

48

48

Cancellation of treasury shares

(0)

(10,124)

10,124

-

Reversal of revaluation reserve

for land

(20)

(20)

Change in ownership interest of parent due to transactions with

non-controlling interests

27

27

Net changes in items other than

shareholders' equity

Total changes during period

-

27

32,585

(298)

32,314

Balance at end of period

102,135

52,008

347,268

(5,228)

496,183

Accumulated other comprehensive income

Non-controlling interests

Total net assets

Valuation difference on available-for-sale securities

Revaluation reserve for land

Foreign currency translation adjustment

Remeasurements of defined benefit plans

Total accumulated other comprehensive

income

Balance at beginning of period

44,501

45,986

237

(86)

90,639

6,245

560,753

Changes during period

Dividends of surplus

(12,890)

Profit attributable to owners of

parent

55,620

Purchase of treasury shares

(10,470)

Disposal of treasury shares

48

Cancellation of treasury shares

-

Reversal of revaluation reserve

for land

(20)

Change in ownership interest of parent due to transactions with

non-controlling interests

27

Net changes in items other than

shareholders' equity

19,973

739

2

8,067

28,782

376

29,159

Total changes during period

19,973

739

2

8,067

28,782

376

61,474

Balance at end of period

64,475

46,725

240

7,980

119,421

6,621

622,227

Consolidated Statement of Cash Flows

(Millions of yen)

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026

Cash flows from operating activities

Profit before income taxes

75,907

79,909

Depreciation

53,539

55,213

Impairment losses

3,461

837

Loss (gain) on sale of investment securities

(8,218)

(11,727)

Share of loss (profit) of entities accounted for using equity method

(286) (234)

Increase (decrease) in allowance for doubtful accounts 6 (1)

Increase (decrease) in provision for bonuses 326 (250)

Increase (decrease) in provision for allowance for loss on collection of gift certificates outstanding

128

(56)

Increase (decrease) in provision for retirement benefits for directors (and other officers)

(265)

55

Increase (decrease) in provision for share awards

(74)

(87)

Increase (decrease) in retirement benefit liability

(2,880)

(1,767)

Interest and dividend income

(2,690)

(3,333)

Interest expenses

6,257

7,843

Contribution received for construction

(4,901)

(4,936)

Loss on retirement of non-current assets

2,323

2,116

Loss on tax purpose reduction entry of non-current 4,852 4,708

assets

Decrease (increase) in notes and accounts receivable -trade, and contract assets

237

(2,685)

Decrease (increase) in inventories

(3,367)

(6,058)

Increase (decrease) in trade payables

(5,378)

7,609

Other, net

(3,376)

6,544

Subtotal

115,604

133,701

Interest and dividends received

2,690

3,334

Interest paid

(6,001)

(7,720)

Income taxes paid

(22,220)

(22,674)

Net cash provided by (used in) operating activities

90,072

106,640

Cash flows from investing activities

Net decrease (increase) in short-term loans receivable

(154)

(1,252)

Long-term loan advances

(852)

(725)

Purchase of short-term and long-term investment (147)

(81)

Proceeds from sale and redemption of short-term and 10,261

13,192

Purchase of shares of subsidiaries resulting in change -

(123)

Purchase of property, plant and equipment and (110,881)

(108,577)

Proceeds from sale of property, plant and equipment and intangible assets

293

2,891

Proceeds from contribution received for construction

14,347

11,535

Payments of guarantee deposits

(252)

(140)

Proceeds from refund of guarantee deposits

527

457

Other, net

81

103

Net cash provided by (used in) investing activities

(86,778)

(82,720)

securities

long-term investment securities in scope of consolidation intangible assets

(Millions of yen)

For the fiscal year

For the fiscal year

ended March 31, 2025

ended March 31, 2026

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

33,040

33,578

Proceeds from issuance of commercial papers

300,000

540,000

Redemption of commercial papers

(300,000)

(540,000)

Proceeds from long-term borrowings

66,417

67,146

Repayments of long-term borrowings

(68,084)

(66,490)

Proceeds from issuance of bonds

20,000

14,000

Redemption of bonds

(20,060)

(38,300)

Proceeds from sale of treasury shares

52

48

Purchase of treasury shares

(17,641)

(10,470)

Dividends paid

(11,694)

(12,849)

Repayments of accounts payable to Japan railway

construction, transport and technology agency

(836) (514)

Dividends paid to non-controlling interests (4) (4)

Purchase of shares of subsidiaries not resulting in change in scope of consolidation

(78)

(4)

Other, net

(786)

(791)

Net cash provided by (used in) financing activities

321

(14,652)

Effect of exchange rate change on cash and cash equivalents

61

3

Net increase (decrease) in cash and cash equivalents

3,677

9,271

Cash and cash equivalents at beginning of period

31,258

34,936

Cash and cash equivalents at end of period

34,936

44,207