Central Japan Railway Company (9022) Q2 2025 earnings summary

Executive summary

• Operating revenues for the first half of FY2025.3 rose 6.9% year-over-year to ¥873.8–¥873.9 billion, with net income up 19.8%–20.1% to ¥233.6–¥236.0 billion.

• Transportation revenues and passenger volumes continued to recover, surpassing pre-pandemic levels in some segments.

• Inbound demand surged, with estimated first-half inbound revenue at ¥52 billion, 2.2 times the level of FY2018.

• Operating income grew 17.0% year-over-year to ¥365.2 billion, and ordinary income rose 20.4% to ¥335.4–¥335.5 billion.

• Comprehensive income reached ¥223.2 billion, up 3.7% year-over-year.

Financial highlights

• Net income per share (basic) was ¥237.45, reflecting a 5-for-1 stock split effective October 1, 2023.

• Total assets increased to ¥9,996.8 billion as of September 30, 2024.

• Net worth ratio improved to 43.8% from 41.9% at the previous fiscal year-end.

• Cash and cash equivalents at period-end were ¥486.1 billion, down from ¥821.7 billion at the start of the period.

• Net cash provided by operating activities was ¥231.6 billion, while net cash used in investing activities was ¥556.7 billion.

Outlook and guidance

• Full-year consolidated operating revenues revised upward to ¥1,762.0 billion, with net income forecast at ¥392.0 billion, both above previous guidance.

• Operating income is projected at ¥624.0 billion (+2.7%), ordinary income at ¥563.0 billion (+2.9%).

• Net income per share forecast for the year is ¥398.38.

• Stable annual dividends to be maintained; dividend forecast for fiscal 2025 is ¥30.00 per share.