# East 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) (S100YC7N)
> Page: https://vizora.meequs.com/en/company/east-japan-railway
> Retrieved: 2026-09-30T18:29:16.607Z

## Company

JR East, founded in 1987, is a company in Cashless Payments listed on TSE Prime. It has 70,623 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | East Japan Railway Company |
| Ticker | 9020 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9020.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木二丁目2番2号 |
| Representative (per filing) | 代表取締役社長 喜㔟陽一 |
| Founded | Apr 1987 |
| Share capital | ¥200B |
| Employees (consolidated) | 70,623 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | jreast.co.jp (https://jreast.co.jp/) |
| Corporate number | 9011001029597 |
| EDINET | E04147 |
| Industries (Vizora) | Cashless Payments, Real Estate Development & Leasing, JR Railways, Hotels & Inns, Convenience Stores |

> Profile source: annual securities report (S100YC7N, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 4 |
| Profitability | 37.5 | 4 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 37.5 | 4 |
| Financial strength | 12.5 | 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 66% of JR East's sales come from Transportation, with Real estate and Hotel and Trading and Service making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +9.9%.

## Company structure

- Segment revenue mix: Transportation 66.3%、Real estate and Hotel 16.6%、Trading and Service 13.5%、Other 3.5%
- Revenue → net income: ¥3084679000000 → ¥248774000000
- Net income → operating cash flow: ¥248774000000 → ¥765072000000（difference ¥516298000000）
- Main uses of operating cash flow: CapEx ¥888061000000 / dividends ¥78184000000 / buybacks —
- Change in cash: ¥26558000000
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 | ¥3.08T |  |
| Operating income | ¥414.3B | Margin 13.4% |
| Net income | ¥247.8B | Margin 8.0% |
| Free cash flow | -¥123B |  |
| Largest business | Transportation | of segment revenue 66.3% |
| Employees (consolidated) | 70,623 |  |
| EPS | ¥173.93 |  |
| Book value per share | ¥1970.74 |  |
| Equity ratio | 28.2% |  |
| Shares outstanding | 1,134,412,000 |  |
| Treasury shares | 2,126,800 |  |
| Shareholders | 279,429 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 2.4% | Net cash -¥4.51T · Cash ÷ revenue 8.5% |
| Vs. industry median margin | -0.7 pp | JR Railways |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, parent-company salary changed +28% over five years
- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1764584000000 | ¥3084679000000 | +74.8% |
| Operating income | ¥-520358000000 | ¥414258000000 | — |
| Operating margin | -29.5% | 13.4% | +42.9 pp |
| Employees | 71,973 people | 70,623 people | -1.9% |
| Cash and equivalents | ¥197960000000 | ¥262057000000 | +32.4% |

### 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 |
| --- | ---: |
| 運輸事業 → 運輸事業 | 62.1% |
| 流通・サービス事業 → 流通・サービス事業 | 13.5% |
| 流通・サービス事業 → 事業再編・廃止 | 4.5% |
| 不動産・ホテル事業 → 不動産・ホテル事業 | 15.4% |
| その他 → その他 | 3.5% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 運輸事業 | 4.2% |
| 新設・再編 → 不動産・ホテル事業 | 1.3% |

Segment revenue source references: 8 (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 | +13.3% | ¥2045840000000 | 9.5% | 2 |
| Real estate and Hotel | 5 years | +13.6% | ¥513227000000 | 25.0% | 2 |
| Trading and Service | 5 years | +5.5% | ¥416133000000 | 16.4% | 2 |
| Other | 5 years | +6.6% | ¥109477000000 | 27.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,084,679 | 100.0% | S100YC7N |
| SG&A | 717,529 | 23.3% | S100YC7N |
| Operating income | 414,258 | 13.4% | S100YC7N |
| Ordinary income | 351,645 | 11.4% | S100YC7N |
| Pretax income | 334,088 | 10.8% | S100YC7N |
| Income tax | 85,314 | 2.8% | S100YC7N |
| Net income | 248,774 | 8.1% | S100YC7N |
| Net income attributable to owners | 247,846 | 8.0% | S100YC7N |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 13.4% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +9.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.46×
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 | 2,887,553 | 3,084,679 | 197,126 | +6.8% |
| Operating income | 376,786 | 414,258 | 37,472 | +9.9% |
| Net income attributable to owners | 224,285 | 247,846 | 23,561 | +10.5% |
| Operating cash flow | 732,251 | 765,072 | 32,821 | +4.5% |
| Free cash flow | -38,682 | -122,989 | -84,307 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,946,639 | 380,841 | 12.9% | 198,428 | 548,692 | -155,216 | S100LIXH |
| FY ending Mar 2021 | 1,764,584 | -520,358 | -29.5% | -577,900 | -189,968 | -955,450 | S100OA8T |
| FY ending Mar 2022 | 1,978,967 | -153,938 | -7.8% | -94,948 | 190,506 | -392,549 | S100R09D |
| FY ending Mar 2023 | 2,405,538 | 140,628 | 5.8% | 99,232 | 581,755 | 26,172 | S100TNNU |
| FY ending Mar 2024 | 2,730,118 | 345,161 | 12.6% | 196,449 | 688,103 | -26,809 | S100VYOS |
| FY ending Mar 2025 | 2,887,553 | 376,786 | 13.0% | 224,285 | 732,251 | -38,682 | S100YC7N |
| FY ending Mar 2026 | 3,084,679 | 414,258 | 13.4% | 247,846 | 765,072 | -122,989 | S100YC7N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.7M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 71,240 | 69,235 | 68,769 | 69,559 | 70,623 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥7.3M | ¥7.7M | ¥8.2M |
| Average age (parent company) | 38.2 years | 38.3 years | 38.6 years | 39.2 years | 39.8 years |
| Average tenure (parent company) | 15.6 years | 15.7 years | 16.0 years | 16.6 years | 17.1 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 2,045,840 | 66.3% | 194,414 | 9.5% |
| Trading and Service | 416,133 | 13.5% | 68,072 | 16.4% |
| Real estate and Hotel | 513,227 | 16.6% | 128,252 | 25.0% |
| Other | 109,477 | 3.5% | 30,274 | 27.7% |

### 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 | 66.3% | 46.2% | -20.1 | 9.5% |
| Trading and Service | 13.5% | 16.2% | 2.7 | 16.4% |
| Real estate and Hotel | 16.6% | 30.5% | 13.8 | 25.0% |
| Other | 3.5% | 7.2% | 3.6 | 27.7% |

Segment → industry: Other → Cashless Payments / Real estate and Hotel → Real Estate Development & Leasing / Transportation → JR Railways / Real estate and Hotel → Hotels & Inns / Trading and Service → Convenience 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 | 765,072 | 24.8% | S100YC7N |
| Capital expenditure | 888,061 | 28.8% | S100YC7N |
| Free cash flow | -122,989 | -4.0% | 算出 |
| Investing cash flow | -877,606 | -28.5% | S100YC7N |
| Financing cash flow | 138,715 | 4.5% | S100YC7N |
| Dividends paid | 78,184 | 2.5% | S100YC7N |
| Change in cash | 26,558 | 0.9% | S100YC7N |
| Cash and equivalents | 262,057 | 8.5% | S100YC7N |

## 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 | 171,023 | 215,000 | 280,810 | 233,473 | 262,057 | S100TNNU, S100VYOS, S100YC7N |
| Total assets | 9,091,424 | 9,351,899 | 9,771,479 | 10,174,224 | 10,820,726 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Net assets | 2,418,110 | 2,497,713 | 2,739,232 | 2,872,216 | 3,060,091 | S100TNNU, S100VYOS, S100YC7N |
| Share capital | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Inventories | 94,213 | 90,491 | 100,310 | 115,251 | 138,822 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Property, plant and equipment | 7,177,855 | 7,214,561 | 7,472,378 | 7,792,162 | 8,240,802 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Intangible assets excluding goodwill | 169,970 | 198,805 | 201,452 | 209,477 | 203,052 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Investment securities | 301,490 | 357,341 | 463,879 | 506,182 | 585,454 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Current assets | 907,001 | 1,052,784 | 1,191,932 | 1,250,033 | 1,419,730 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Current liabilities | 1,688,558 | 1,532,252 | 1,616,731 | 1,741,990 | 1,830,013 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Trade payables | 47,876 | 44,250 | 47,754 | 53,738 | 59,504 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Short-term borrowings | 202,249 | 150,000 | 179,147 | 141,711 | 184,873 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Long-term borrowings | 1,309,950 | 1,333,950 | 1,263,150 | 1,260,561 | 1,295,607 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Bonds | 2,431,665 | 2,760,870 | 2,969,967 | 3,038,828 | 3,289,601 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Interest-bearing debt | 3,943,864 | 4,244,820 | 4,412,264 | 4,441,100 | 4,770,081 | 算出 |
| Total liabilities | 6,673,313 | 6,854,186 | 7,032,247 | 7,302,007 | 7,760,634 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Non-controlling interests | 23,182 | 24,462 | 21,337 | 12,672 | 12,982 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Equity attributable to owners of parent | 2,338,255 | 2,419,581 | 2,580,817 | 2,739,570 | 2,903,604 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Retained earnings | 2,047,407 | 2,132,049 | 2,289,194 | 2,451,848 | 2,623,543 | S100R09D, S100TNNU, S100VYOS, S100YC7N |
| Treasury stock | -5,563 | -8,913 | -5,979 | -6,025 | -12,980 | S100R09D, S100TNNU, S100VYOS, S100YC7N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YC7N |
| Inventories | 1% | S100YC7N |
| Property, plant and equipment | 76% | S100YC7N |
| Intangibles and goodwill | 2% | S100YC7N |
| Investment securities | 5% | S100YC7N |
| Other assets | 13% | S100YC7N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YC7N |
| Interest-bearing debt | 44% | 算出 |
| Other liabilities | 27% | S100YC7N |
| Equity | 28% | S100YC7N |
| Other liabilities | 0% | S100YC7N |

### 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 | 9,091,424 | 9,351,899 | 9,771,479 | 10,174,224 | 10,820,726 |
| Equity | 2,418,110 | 2,497,713 | 2,739,232 | 2,872,216 | 3,060,091 |
| Interest-bearing debt | 3,943,864 | 4,244,820 | 4,412,264 | 4,441,100 | 4,770,081 |
| Cash | 171,023 | 215,000 | 280,810 | 233,473 | 262,057 |

## 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) | 267.2% | S100YC7N |
| Fixed assets ÷ total assets | 76.2% | S100YC7N |
| Goodwill ÷ parent equity | — | —, S100YC7N |

### 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) | 2.4% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | -¥4.51T |
| Net debt ÷ operating cash flow | 5.89× |
| Cash conversion (operating CF ÷ operating income) | 184.7% |
| Cash vs. profit gap | 517,226 JPY mn (of net income 208.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 28.8% |
| Investing CF relative to operating CF | 114.7% |

## 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 | — | —× | -1.0% | —× | — | S100R09D |
| 2023 | 4.1% | 0.26× | 1.1% | 3.88× | 4.2% | S100TNNU |
| 2024 | 7.2% | 0.29× | 2.1% | 3.82× | 7.9% | S100VYOS |
| 2025 | 7.8% | 0.29× | 2.2% | 3.75× | 8.4% | S100YC7N |
| 2026 | 8.0% | 0.29× | 2.4% | 3.72× | 8.8% | S100YC7N |

## 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 | 13.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.6% | 2026-03-31 |
| JR東日本グループ社員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.9% | 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 | 1.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥3.08T, up +6.8% from ¥2.89T.
- Profit grew faster than sales: operating income reached ¥414.3B (+9.9%) and net income ¥247.8B (+10.5%).
- Capital expenditure of ¥888.1B was larger than the ¥765.1B of operating cash flow, so free cash flow came to -¥123B, a deeper negative than the -¥38.7B of the prior year.

### Drivers

- More people rode the trains, lifting railway fare revenue
- Higher foot traffic raised sales at shops inside stations
- Property sales grew, along with office rents and sales at shopping centers and hotels
- Revenue from the IC card business, including Suica, increased

### Risks

- A railway accident could damage public trust and lead to compensation costs and service suspensions
- Heavy rain, typhoons or large earthquakes could badly damage tracks and facilities
- A shrinking population, remote work and competition from airlines and highways could reduce ridership

Cited: Annual Securities Report, 39th fiscal year (2025/04/01–2026/03/31) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 39th fiscal year (2025/04/01–2026/03/31) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YC7N | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC7N,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100VYOS | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYOS,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TNNU | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNNU,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R09D | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R09D,, |
| 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) | S100OA8T | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA8T,, |
| 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) | S100LIXH | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIXH,, |

## 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).