Tokyo Metro (9023) Q4 2026 earnings summary

Executive summary

• Operating revenues for FY2026/3 reached JPY 422.4 billion, up 3.6% year-over-year, driven by robust passenger transportation revenues.

• Net income attributable to owners rose 9.8% year-over-year to JPY 59.0 billion, aided by the absence of prior-year extraordinary losses and a gain on retirement benefit plan revision.

• Operating profit increased 3.0% to JPY 89.6 billion, and ordinary profit rose 2.9% to JPY 79.2 billion year-over-year.

• All profit levels exceeded earnings forecasts, and annual dividends per share are set at JPY 42.

Financial highlights

• Operating income increased 3.0% year-over-year to JPY 89.6 billion; EBITDA rose 2.8% to JPY 163.5 billion.

• Equity ratio improved to 35.9% from 35.3% a year earlier.

• Free cash flow improved 36.2% to JPY 46.4 billion.

• Total assets reached JPY 2,047.2 billion, up JPY 17.4 billion from the previous year; net assets increased to JPY 734.8 billion.

• Net cash provided by operating activities was JPY 133.8 billion, up JPY 10.2 billion year-over-year.

Outlook and guidance

• FY2027/3 operating revenues are forecast at JPY 437.2 billion (+3.5% YoY), with net income expected to decline 15.3% to JPY 50.0 billion due to higher expenses and lower extraordinary gains.

• Operating income is projected to decrease 9.1% to JPY 81.4 billion as operating expenses rise 6.9%.

• Annual dividends per share are planned at JPY 44, with a policy to maintain a DOE of around 3.4%.

• Forecast reflects expected growth in commuter demand but higher operating expenses; impact of Middle East situation not yet factored in.