East Japan Railway Company (9020) Q3 2025 earnings summary

Executive summary

• Revenue increased by JPY 125 billion year-over-year, with operating income up JPY 54 billion to JPY 352.5 billion and net profit rising JPY 31.3 billion to JPY 216.6 billion as of December 2024.

• Operating revenues and income increased year-over-year for the fourth consecutive year, driven by higher railway usage and strong sales at EKINAKA station stores.

• All major business segments—Transportation, Retail & Services, and Real Estate & Hotels—achieved revenue and income growth compared to the same period last year.

• Profit target for the fiscal year was already exceeded by the third quarter, driven by strong railway usage and retail sales.

• Comprehensive income for the period was ¥206.3 billion, down 3.6% from the prior year.

Financial highlights

• Operating revenues rose to ¥2,126.1 billion (+6.2% year-over-year); operating income increased to ¥352.6 billion (+18.1%).

• Ordinary income reached ¥308.9 billion (+19.0%); profit attributable to owners of parent was ¥216.6 billion (+17.0%).

• EBITDA grew to ¥652.2 billion (+10.8% year-over-year).

• Inbound revenue in the third quarter totaled JPY 28 billion, 103.6% above plan for the quarter.

• Retail and services, real estate, and hotels contributed JPY 9 billion in additional revenue.

Outlook and guidance

• Full-year forecasts remain unchanged: operating revenues projected at ¥2,852.0 billion and profit attributable to owners of parent at ¥210.0 billion.

• Maintenance and settlement costs in Q4 are expected to align full-year results with the March 2025 forecast.

• No revisions to performance or dividend forecasts; targets remain as announced at the start of the period.

• Transportation revenue is expected to exceed pre-COVID levels by 2027.

• Medium-term targets include operating revenues of ¥3,276.0 billion and ROA of 4.0% by FY2028.3.