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West Japan Railway (9021) investor relations material

West Japan Railway Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary5 Aug, 2025

Executive summary

  • Revenue and income rose for the fifth consecutive year, driven by city development projects, Expo demand, and inbound tourism.

  • Operating revenues increased 6.0% year-over-year to ¥427.0 billion for the quarter ended June 30, 2025.

  • Operating income rose 8.9% year-over-year to ¥63.3 billion, with net income up 27.6% to ¥48.8 billion.

  • Share buyback of up to ¥50.0 billion planned, with ¥27.6 billion acquired as of June 30, 2025.

  • JR West Via Inn Co., Ltd. newly consolidated after hotel business absorption-type split.

Financial highlights

  • Consolidated 1Q operating revenues rose 6.0% year-over-year to ¥427.0 billion; operating income up 8.9% to ¥63.3 billion.

  • Net income attributable to owners of parent increased 27.6% year-over-year to ¥48.8 billion.

  • EPS for the quarter was ¥104.54, up from ¥79.03 last year.

  • EBITDA grew 7.4% year-over-year to ¥105.4 billion.

  • Depreciation and amortization for the quarter totaled ¥42.1 billion, up from ¥39.9 billion year-over-year.

Outlook and guidance

  • FY2026.3 full-year forecasts: operating revenues ¥1,820.0 billion (+6.6%), operating income ¥190.0 billion (+5.5%), net income ¥115.0 billion (+0.9%).

  • Annual dividend forecast of ¥86 per share, with continued share buybacks to recover EPS to pre-pandemic levels.

  • Dividend payout ratio target is at least 35%.

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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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