Komori
Financial results presentation9021West Japan Railway CompanyTransportation and Logistics

Year-end Financial Results for Fiscal 2025

In FY2025, buoyed by the opening of the Osaka-Kansai Expo and town development projects, as well as increased ridership, operating revenues and all profit measures reached record highs, marking the fifth consecutive year of revenue and profit growth. For FY2026, however, the company expects a decline in profit, forecasting operating income of ¥165.0 billion, reflecting the pullback from the Expo-related boost and rising costs.

Worth reading
60In focus
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Direction
Mixed performance
Direction inferred from the company’s description.
Scale
179
¥100 million (year-on-year change in consolidated operating income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFull fiscal year ending March 2026 (fiscal 2025)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥18,458 100 million+8.1%
Operating profit¥1,980 100 million+9.9%
Ordinary income¥1,836 100 million+10.9%
Net income¥1,274 100 million+11.9%
Full-year earnings forecast
Operating revenue
¥18,290 100 million
Operating profit
¥1,650 100 million
Ordinary income
¥1,450 100 million
Profit attributable to owners of the parent
¥1,000 100 million
Earnings per share
¥219.74
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Transportation revenue
Underlying trend
Sanyo+¥11.7 billion
Hokuriku+¥1.4 billion
Kinki region+¥600 million
Other+¥400 million
Osaka-Kansai Expo
Sanyo+¥13.0 billion
Hokuriku+¥1.8 billion
Kinki region+¥5.7 billion
Other+¥500 million
Increase in inbound demand
Sanyo+¥3.6 billion
Hokuriku+¥0.3 billion
Kinki region+¥3.7 billion
Other+¥200 million
Expansion of areas collecting accessibility surcharges+¥1.7 billion
Panda-related special demand+¥100 million (Kinki), +¥700 million (Other)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Numerical assumptions: not disclosed. Qualitative assumptions include the pullback from the Expo-related boost, higher prices, uncertainty in the international situation, the impact of the Middle East situation, inflation, higher fuel unit costs and higher labor costs.
New initiatives
  • Transformation toward safe, high-quality and sustainable mobility, built on railway safety and security
  • Business Portfolio Transformation
  • Execution of the JR West Group Medium-Term Management Plan 2030
Key KPIsA metric the company considers important as a management benchmark.
  • Passenger-kilometers56,966 million passenger-kilometers
    Year on year against the same period last year+3.6%
  • Consolidated EBITDA¥3,759 100 million
    Year on year against the same period last year+7.6%
  • Consolidated ROIC5 %
    Year on year against the same period last year+0.3%
  • Consolidated ROE10.8 %
    Year on year against the same period last year+0.7%
  • Net interest-bearing debt / EBITDA3.7 times
    Year on year against the same period last year-0.3%
  • Equity ratio30.3 %
    Year on year against the same period last year-0.5%
  • EPS¥277.73
    Year on year against the same period last year+7.8%
  • BPS¥2,653.81
    Year on year against the same period last year+8.0%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Passenger-kilometers56,966 million passenger-kilometers
    Year on year against the same period last year+3.6%
  • Average room rateIncreased
Segment results
Mobility business
Operating revenue
¥11,056 100 million+5.6%
Operating profit
¥1,309 100 million+6.9%
Distribution Business
Operating revenue
¥2,326 100 million+11.7%
Operating profit
¥162 100 million+17.6%
Real Estate Business
Operating revenue
¥2,857 100 million+22.8%
Operating profit
¥463 100 million+19.1%
Travel and regional solutions business
Operating revenue
¥1,892 100 million+0.2%
Operating profit
¥5 100 million-53.3%
Other
Operating revenue
¥325 100 million+3.6%
Operating profit
¥54 100 million+30.6%
Medium-term management plan targets
Based on the JR West Group Medium-Term Management Plan 2030, the company is pursuing a transformation toward safe, high-quality and sustainable mobility, with safety and security as its foundation, as well as a transformation of its business portfolio. Specific numerical targets: not disclosed.
Financial targets
Consolidated ROIC
FY2025 Results5 %
FY2026 Forecast3.9 %
Consolidated ROE
FY2025 Results10.8 %
FY2026 Forecast8.1 %
Equity ratio
FY2025 Results30.3 %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Not disclosed. Future compensation costs and other expenses related to the Fukuchiyama Line train accident are not included in the outlook.
Number of employees
Employees at period-end
Consolidated47,225 people
Year on year against the same period last year+3.9%
Standalone22,524
Capital expenditures
¥2,864 100 million consolidated, excluding equity investments
Annual Dividend
FY2025
Annual¥97.5 per share
Interim¥45 per share
End of period¥52.5 per share
FY2026 Forecast
Annual¥97.5 per share
Acquisition of treasury shares
Not disclosed. Treasury stock cancellation amounted to ¥49.9 billion.
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredFull fiscal year ending March 2026 (fiscal 2025)
Net Sales¥18,458 100 million (YoY +8.1%)
Operating profit¥1,980 100 million (YoY +9.9%)
Ordinary income¥1,836 100 million (YoY +10.9%)
Net income¥1,274 100 million (YoY +11.9%)
Full-year earnings forecastOperating revenue ¥18,290 100 million / Operating profit ¥1,650 100 million / Ordinary income ¥1,450 100 million / Profit attributable to owners of the parent ¥1,000 100 million / Earnings per share ¥219.74
Segment resultsMobility business Operating revenue ¥11,056 100 million (YoY +5.6%) / Operating profit ¥1,309 100 million (YoY +6.9%) / Distribution Business Operating revenue ¥2,326 100 million (YoY +11.7%) / Operating profit ¥162 100 million (YoY +17.6%) / Real Estate Business Operating revenue ¥2,857 100 million (YoY +22.8%) / Operating profit ¥463 100 million (YoY +19.1%) / Travel and regional solutions business Operating revenue ¥1,892 100 million (YoY +0.2%) / Operating profit ¥5 100 million (YoY -53.3%) / Other Operating revenue ¥325 100 million (YoY +3.6%) / Operating profit ¥54 100 million (YoY +30.6%)
Breakdown of Factors Affecting the ChangeTransportation revenue Underlying trend Sanyo +¥11.7 billion / Hokuriku +¥1.4 billion / Kinki region +¥600 million / Other +¥400 million / Osaka-Kansai Expo Sanyo +¥13.0 billion / Hokuriku +¥1.8 billion / Kinki region +¥5.7 billion / Other +¥500 million / Increase in inbound demand Sanyo +¥3.6 billion / Hokuriku +¥0.3 billion / Kinki region +¥3.7 billion / Other +¥200 million / Expansion of areas collecting accessibility surcharges +¥1.7 billion / Panda-related special demand +¥100 million (Kinki), +¥700 million (Other)
Key KPIsIndicator name Passenger-kilometers / Value 56,966 million passenger-kilometers / Year on year against the same period last year 3.6 million passenger-kilometers, Indicator name Consolidated EBITDA / Value ¥3,759 100 million / Year on year against the same period last year ¥7.6 100 million, Indicator name Consolidated ROIC / Value 5 % / Year on year against the same period last year 0.3 %, Indicator name Consolidated ROE / Value 10.8 % / Year on year against the same period last year 0.7 %, Indicator name Net interest-bearing debt / EBITDA / Value 3.7 times / Year on year against the same period last year -0.3 times, Indicator name Equity ratio / Value 30.3 % / Year on year against the same period last year -0.5 %, Indicator name EPS / Value ¥277.73 / Year on year against the same period last year ¥7.8, Indicator name BPS / Value ¥2,653.81 / Year on year against the same period last year ¥8
Unit price and quantity metricsIndicator name Passenger-kilometers / Value 56,966 million passenger-kilometers / Year on year against the same period last year 3.6 million passenger-kilometers, Indicator name Average room rate / Value Increased / Year on year against the same period last year Not disclosed
Number of employeesEmployees at period-end Consolidated 47,225 people / Year on year against the same period last year 3.9 people / Standalone 22,524
Assumptions Underlying the Business OutlookNumerical assumptions: not disclosed. Qualitative assumptions include the pullback from the Expo-related boost, higher prices, uncertainty in the international situation, the impact of the Middle East situation, inflation, higher fuel unit costs and higher labor costs.
Risk amount incorporated into the outlookNot disclosed. Future compensation costs and other expenses related to the Fukuchiyama Line train accident are not included in the outlook.
Medium-term management plan targetsBased on the JR West Group Medium-Term Management Plan 2030, the company is pursuing a transformation toward safe, high-quality and sustainable mobility, with safety and security as its foundation, as well as a transformation of its business portfolio. Specific numerical targets: not disclosed.
Financial targetsConsolidated ROIC FY2025 Results 5 % / FY2026 Forecast 3.9 % / Consolidated ROE FY2025 Results 10.8 % / FY2026 Forecast 8.1 % / Equity ratio FY2025 Results 30.3 %
Annual DividendFY2025 Annual ¥97.5 per share / Interim ¥45 per share / End of period ¥52.5 per share / FY2026 Forecast Annual ¥97.5 per share
Acquisition of treasury sharesNot disclosed. Treasury stock cancellation amounted to ¥49.9 billion.
Capital expenditures¥2,864 100 million (consolidated, excluding equity investments)
New initiativesTransformation toward safe, high-quality and sustainable mobility, built on railway safety and security, Business Portfolio Transformation, Execution of the JR West Group Medium-Term Management Plan 2030
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsPayout ratioOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

FY2025 revenue and profit increased due to the opening of town development projects, the Osaka-Kansai Expo, increased inbound demand and higher railway usage. The FY2026 outlook reflects the pullback from the Expo-related boost, higher prices, cost increases associated with the impact of the Middle East situation and inflation, and uncertainty in the international situation.

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Year-end Financial Results for Fiscal 2025 | West Japan Railway Company (9021) timely disclosure | Komori