West Japan Railway Company (9021) Q1 2026 earnings summary

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%.