# Central Japan Railway Company: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YD7H)
> Page: https://vizora.meequs.com/en/company/central-japan-railway
> Retrieved: 2026-09-30T23:01:07.307Z

## Company

JR Central, founded in 1949, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 29,569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Central Japan Railway Company |
| Ticker | 9022 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9022.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中村区名駅一丁目1番4号 |
| Representative (per filing) | 代表取締役社長 丹羽俊介 |
| Founded | Jun 1949 |
| Share capital | ¥112B |
| Employees (consolidated) | 29,569 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | jr-central.co.jp (https://jr-central.co.jp/) |
| Corporate number | 3180001031569 |
| EDINET | E04149 |
| Industries (Vizora) | Real Estate Development & Leasing, JR Railways, Hotels & Inns, Department Stores |

> Profile source: annual securities report (S100YD7H, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: JR Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 4 |
| Profitability | 87.5 | 4 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 12.5 | 4 |
| Financial strength | 87.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 82% of JR Central's sales come from Transportation, with Merchandise and other and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +18.1%.

## Company structure

- Segment revenue mix: Transportation 81.8%、Merchandise and other 8.7%、Other 6.7%、Real estate 2.8%
- Revenue → net income: ¥2006218000000 → ¥561736000000
- Net income → operating cash flow: ¥561736000000 → ¥748185000000（difference ¥186449000000）
- Main uses of operating cash flow: CapEx ¥524129000000 / dividends ¥31262000000 / buybacks ¥110000000000
- Change in cash: ¥-24143000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.01T |  |
| Operating income | ¥830.2B | Margin 41.4% |
| Net income | ¥552.9B | Margin 27.6% |
| Free cash flow | ¥224.1B |  |
| Largest business | Transportation | of segment revenue 81.8% |
| Employees (consolidated) | 29,569 |  |
| EPS | ¥528.76 |  |
| Book value per share | ¥4955.4 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 1,001,177,000 |  |
| Treasury shares | 45,081,900 |  |
| Shareholders | 125,800 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 3.4% | Net cash -¥802.2B · Cash ÷ revenue 18.5% |
| Vs. industry median margin | +27.3 pp | JR Railways |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.5× dividends
- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥823517000000 | ¥2006218000000 | +143.6% |
| Operating income | ¥-184751000000 | ¥830167000000 | — |
| Operating margin | -22.4% | 41.4% | +63.8 pp |
| Employees | 30,153 people | 29,569 people | -1.9% |
| Cash and equivalents | ¥719941000000 | ¥370554000000 | -48.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 運輸業 → 運輸業 | 63.6% |
| 流通業 → 流通業 | 8.7% |
| 流通業 → 事業再編・廃止 | 10.9% |
| 不動産業 → 不動産業 | 2.8% |
| 不動産業 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 1.4% |
| ホテル・サービス業 → 事業再編・廃止 | 2.7% |
| 鉄道車両等製造業 → 事業再編・廃止 | 8.0% |
| 新設・再編 → 運輸業 | 18.3% |
| 新設・再編 → その他 | 5.3% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +25.7% | ¥1641663000000 | 46.7% | 2 |
| Merchandise and other | 5 years | +1.5% | ¥174477000000 | 9.1% | 2 |
| Other | 5 years | +63.2% | ¥134543000000 | 18.2% | 2 |
| Real estate | 5 years | +7.4% | ¥55534000000 | 45.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,006,218 | 100.0% | S100YD7H |
| SG&A | 216,804 | 10.8% | S100YD7H |
| Operating income | 830,167 | 41.4% | S100YD7H |
| Ordinary income | 780,914 | 38.9% | S100YD7H |
| Pretax income | 779,374 | 38.8% | S100YD7H |
| Income tax | 217,638 | 10.8% | S100YD7H |
| Net income | 561,736 | 28.0% | S100YD7H |
| Net income attributable to owners | 552,871 | 27.6% | S100YD7H |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 59 |
| Operating income | 41 |
| (Ref.) Net income | 28 |

### Margin funnel

Operating margin 41.4% → Net margin 27.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +18.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.90×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,831,847 | 2,006,218 | 174,371 | +9.5% |
| Operating income | 702,794 | 830,167 | 127,373 | +18.1% |
| Net income attributable to owners | 458,423 | 552,871 | 94,448 | +20.6% |
| Operating cash flow | 624,550 | 748,185 | 123,635 | +19.8% |
| Free cash flow | 159,638 | 224,056 | 64,418 | +40.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,844,647 | 656,163 | 35.6% | 397,881 | 595,227 | 145,771 | S100LMCH |
| FY ending Mar 2021 | 823,517 | -184,751 | -22.4% | -201,554 | -169,354 | -670,076 | S100OC2F |
| FY ending Mar 2022 | 935,139 | 1,708 | 0.2% | -51,928 | 71,746 | -412,887 | S100R0WN |
| FY ending Mar 2023 | 1,400,285 | 374,503 | 26.7% | 219,417 | 486,706 | 32,639 | S100TNI7 |
| FY ending Mar 2024 | 1,710,407 | 607,381 | 35.5% | 384,411 | 672,878 | 269,303 | S100W2Z6 |
| FY ending Mar 2025 | 1,831,847 | 702,794 | 38.4% | 458,423 | 624,550 | 159,638 | S100YD7H |
| FY ending Mar 2026 | 2,006,218 | 830,167 | 41.4% | 552,871 | 748,185 | 224,056 | S100YD7H |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.8M |
| Operating income per employee (consolidated) | ¥28.1M |
| Net income per employee (consolidated) | ¥18.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 30,323 | 29,854 | 29,282 | 29,144 | 29,569 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥7.6M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 36.3 years | 36.4 years | 36.6 years | 36.8 years | 37.0 years |
| Average tenure (parent company) | 15.4 years | 15.5 years | 15.8 years | 16.1 years | 16.3 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +9.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 1,641,663 | 81.8% | 767,472 | 46.7% |
| Merchandise and other | 174,477 | 8.7% | 15,822 | 9.1% |
| Real estate | 55,534 | 2.8% | 25,279 | 45.5% |
| Other | 134,543 | 6.7% | 24,460 | 18.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 81.8% | 92.1% | 10.3 | 46.7% |
| Merchandise and other | 8.7% | 1.9% | -6.8 | 9.1% |
| Real estate | 2.8% | 3.0% | 0.3 | 45.5% |
| Other | 6.7% | 2.9% | -3.8 | 18.2% |

Segment → industry: Real estate → Real Estate Development & Leasing / Transportation → JR Railways / Other → Hotels & Inns / Merchandise and other → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 748,185 | 37.3% | S100YD7H |
| Capital expenditure | 524,129 | 26.1% | S100YD7H |
| Free cash flow | 224,056 | 11.2% | 算出 |
| Investing cash flow | -621,436 | -31.0% | S100YD7H |
| Financing cash flow | -150,893 | -7.5% | S100YD7H |
| Dividends paid | 31,262 | 1.6% | S100YD7H |
| Share buyback | 110,000 | 5.5% | S100YD7H |
| Change in cash | -24,143 | -1.2% | S100YD7H |
| Cash and equivalents | 370,554 | 18.5% | S100YD7H |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 619,460 | 710,526 | 821,720 | 394,701 | 370,554 | S100TNI7, S100W2Z6, S100YD7H |
| Total assets | 9,450,519 | 9,514,409 | 9,941,896 | 10,323,345 | 10,876,154 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Net assets | 3,609,252 | 3,807,110 | 4,223,683 | 4,658,550 | 5,136,631 | S100TNI7, S100W2Z6, S100YD7H |
| Share capital | 112,000 | 112,000 | 112,000 | 112,000 | 112,000 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Inventories | 34,369 | 37,337 | 41,858 | 41,775 | 54,258 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Property, plant and equipment | 5,407,662 | 5,612,601 | 5,808,861 | 6,058,783 | 6,371,268 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Intangible assets excluding goodwill | 142,072 | 159,401 | 160,184 | 164,779 | 185,545 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Investment securities | 772,089 | 630,801 | 526,142 | 458,717 | 538,532 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Current assets | 2,682,764 | 2,712,285 | 2,791,097 | 1,942,917 | 1,674,827 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Current liabilities | 737,314 | 729,452 | 798,703 | 782,343 | 932,062 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Trade payables | 75,970 | 79,533 | 85,332 | 83,397 | 92,686 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Short-term borrowings | 30,738 | 27,341 | 32,094 | 35,147 | 37,508 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Long-term borrowings | 436,642 | 473,390 | 507,040 | 467,390 | 435,690 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Bonds | 890,754 | 769,801 | 709,337 | 729,361 | 699,587 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Interest-bearing debt | 1,358,134 | 1,270,532 | 1,248,471 | 1,231,898 | 1,172,785 | 算出 |
| Total liabilities | 5,841,267 | 5,707,299 | 5,718,212 | 5,664,794 | 5,739,523 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Non-controlling interests | 45,173 | 47,855 | 54,023 | 58,014 | 68,471 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Equity attributable to owners of parent | 3,511,649 | 3,705,456 | 4,062,942 | 4,491,843 | 4,902,853 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Retained earnings | 3,449,334 | 3,643,142 | 3,999,973 | 4,428,847 | 4,867,002 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |
| Treasury stock | -103,159 | -103,159 | -103,161 | -103,162 | -130,305 | S100R0WN, S100TNI7, S100W2Z6, S100YD7H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YD7H |
| Inventories | 0% | S100YD7H |
| Property, plant and equipment | 59% | S100YD7H |
| Intangibles and goodwill | 2% | S100YD7H |
| Investment securities | 5% | S100YD7H |
| Other assets | 31% | S100YD7H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YD7H |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 41% | S100YD7H |
| Equity | 47% | S100YD7H |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,450,519 | 9,514,409 | 9,941,896 | 10,323,345 | 10,876,154 |
| Equity | 3,609,252 | 3,807,110 | 4,223,683 | 4,658,550 | 5,136,631 |
| Interest-bearing debt | 1,358,134 | 1,270,532 | 1,248,471 | 1,231,898 | 1,172,785 |
| Cash | 619,460 | 710,526 | 821,720 | 394,701 | 370,554 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 317.6% | S100YD7H |
| Fixed assets ÷ total assets | 58.6% | S100YD7H |
| Goodwill ÷ parent equity | — | —, S100YD7H |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.4% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | -¥802.2B |
| Net debt ÷ operating cash flow | 1.07× |
| Cash conversion (operating CF ÷ operating income) | 90.1% |
| Cash vs. profit gap | 195,314 JPY mn (of net income 35.3%) |
| Shareholder returns / net income | 25.6% |
| Shareholder returns / FCF | 63.0% |
| Shareholder payments — dividends / net income | 5.7% |
| Shareholder payments — dividends / FCF | 14.0% |
| CapEx intensity (capex ÷ revenue) | 26.1% |
| Investing CF relative to operating CF | 83.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.5% | —× | — | S100R0WN |
| 2023 | 15.7% | 0.15× | 2.3% | 2.63× | 6.1% | S100TNI7 |
| 2024 | 22.5% | 0.18× | 4.0% | 2.50× | 9.9% | S100W2Z6 |
| 2025 | 25.0% | 0.18× | 4.5% | 2.37× | 10.7% | S100YD7H |
| 2026 | 27.6% | 0.19× | 5.2% | 2.26× | 11.8% | S100YD7H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| 野村信託銀行株式会社（退職給付信託三菱ＵＦＪ銀行口） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| ＪＲ東海社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥2.01T, up +9.5% from ¥1.83T the year before.
- Operating income grew faster, +18.1% to ¥830.2B, and net income attributable to owners rose +20.6% to ¥552.9B.
- Operating cash flow reached ¥748.2B (+19.8%), and free cash flow climbed +40.4% to ¥224.1B.

### Drivers

- More people rode the Tokaido Shinkansen, which pushed up fare revenue
- The company ran extra service for Expo 2025 Osaka, Kansai and added Nozomi trains to match demand
- Every business segment, including retail and real estate, grew revenue, while operating costs rose more slowly than revenue

### Risks

- Competition from airlines and the spread of remote work and video meetings could weigh on ridership
- Rising prices are pushing costs up, and the company says it is hard to raise fares
- The projected construction cost for the Shinagawa–Nagoya section of the Chuo Shinkansen has gone up, and interest-rate moves on long-term debt could affect results

Cited: Annual Securities Report (39th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (39th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YD7H | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7H,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W2Z6 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2Z6,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TNI7 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNI7,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R0WN | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WN,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OC2F | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC2F,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LMCH | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMCH,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).