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West Japan Railway (9021) investor relations material

West Japan Railway Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary4 Nov, 2025

Executive summary

  • Revenue and income grew for the fifth consecutive year, driven by the Osaka/Kansai Expo and city development projects, prompting an upward revision of the full-year earnings forecast.

  • Operating revenues for the six months ended September 30, 2025, rose 7.4% year-over-year to ¥871,829 million, with operating income up 17.3% to ¥122,929 million and income attributable to owners of parent up 24.4% to ¥86,716 million.

  • Comprehensive income increased 32.2% year-over-year to ¥92,550 million for the interim period.

  • Share buybacks totaling ¥100 billion were completed, and the annual dividend is planned to increase to ¥90.5 per share.

Financial highlights

  • Consolidated operating revenues for 2Q FY2026.3 rose 7.4% year-over-year to ¥871.8 billion; operating income increased 17.3% to ¥122.9 billion.

  • Net income attributable to owners of parent grew 24.4% year-over-year to ¥86.7 billion.

  • EBITDA for the first half reached ¥209.2 billion, up 12.1% year-over-year.

  • EPS for the interim period was ¥187.27, up from ¥145.58 year-over-year.

  • Cash flows from operating activities improved to ¥137,372 million from ¥98,092 million year-over-year.

Outlook and guidance

  • Full-year consolidated operating revenues are forecast at ¥1,836.0 billion, up 7.5% year-over-year.

  • Operating income is projected at ¥195.0 billion, with net income at ¥118.5 billion.

  • Dividend per share is planned at ¥90.5, reflecting improved earnings and share buybacks.

  • Non-consolidated revenue for FY2026.3 is forecast at ¥1,039,000 million (+4.0%), with net income at ¥81,500 million (+1.3%).

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Frequently asked questions

West Japan Railway Company, also known as JR West, is a Japan-based company that operates a range of railway and transportation services across western Japan. Its core business includes passenger railway services across major urban centers such as Osaka, Kyoto, and Hiroshima, as well as intercity and regional routes. In addition to rail transport, JR West is involved in real estate, retail, and hotel businesses, often centered around its station facilities, providing shopping, dining, and accommodation services. The company also engages in tourism promotion within its service areas, enhancing connectivity and accessibility. The company is headquartered in Osaka, Japan, and its shares are listed on the TSE.

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