West Japan Railway Company (9021) Q2 2026 earnings summary

Executive summary

• Revenue and income grew for the fifth consecutive year, driven by the Osaka/Kansai Expo and city development projects, prompting an upward revision of the full-year earnings forecast.

• Operating revenues for the six months ended September 30, 2025, rose 7.4% year-over-year to ¥871,829 million, with operating income up 17.3% to ¥122,929 million and income attributable to owners of parent up 24.4% to ¥86,716 million.

• Comprehensive income increased 32.2% year-over-year to ¥92,550 million for the interim period.

• Share buybacks totaling ¥100 billion were completed, and the annual dividend is planned to increase to ¥90.5 per share.

Financial highlights

• Consolidated operating revenues for 2Q FY2026.3 rose 7.4% year-over-year to ¥871.8 billion; operating income increased 17.3% to ¥122.9 billion.

• Net income attributable to owners of parent grew 24.4% year-over-year to ¥86.7 billion.

• EBITDA for the first half reached ¥209.2 billion, up 12.1% year-over-year.

• EPS for the interim period was ¥187.27, up from ¥145.58 year-over-year.

• Cash flows from operating activities improved to ¥137,372 million from ¥98,092 million year-over-year.

Outlook and guidance

• Full-year consolidated operating revenues are forecast at ¥1,836.0 billion, up 7.5% year-over-year.

• Operating income is projected at ¥195.0 billion, with net income at ¥118.5 billion.

• Dividend per share is planned at ¥90.5, reflecting improved earnings and share buybacks.

• Non-consolidated revenue for FY2026.3 is forecast at ¥1,039,000 million (+4.0%), with net income at ¥81,500 million (+1.3%).