Japan AirlinesJapan Airlines Co., Ltd.9201東証プライム空運業FY ending Mar 2026, consolidated, IFRS

Japan Airlines revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed +9.1% from the prior year, operating profit +23.0%.

Five-year trend

Revenue¥2.01T
FY ending Mar 2022: ¥682.7B¥682.7BFY ending Mar 2023: ¥1.38T¥1.38TFY ending Mar 2024: ¥1.65T¥1.65TFY ending Mar 2025: ¥1.84T¥1.84TFY ending Mar 2026: ¥2.01T¥2.01TFY22FY23FY24FY25FY26
Operating income¥207.3B
FY ending Mar 2022: -¥234.8B-¥234.8BFY ending Mar 2023: ¥65.1B¥65.1BFY ending Mar 2024: ¥140.9B¥140.9BFY ending Mar 2025: ¥168.6B¥168.6BFY ending Mar 2026: ¥207.3B¥207.3BFY22FY23FY24FY25FY26
Operating margin10.3%
FY ending Mar 2022: -34.4%-34.4%FY ending Mar 2023: 4.7%4.7%FY ending Mar 2024: 8.5%8.5%FY ending Mar 2025: 9.1%9.1%FY ending Mar 2026: 10.3%10.3%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.8%
Asset turnover0.67×
ROA4.6%
ROA4.6%
Financial leverage2.65×
ROE12.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.8%
2023: 2.5%2.5%2024: 5.8%5.8%2025: 5.8%5.8%2026: 6.8%6.8%2223242526
Asset turnover0.67×
2023: 0.56×0.56×2024: 0.64×0.64×2025: 0.68×0.68×2026: 0.67×0.67×2223242526
ROA4.6%
2022: -7.5%-7.5%2023: 1.4%1.4%2024: 3.7%3.7%2025: 3.9%3.9%2026: 4.6%4.6%2223242526
Financial leverage2.65×
2023: 3.03×3.03×2024: 2.99×2.99×2025: 2.89×2.89×2026: 2.65×2.65×2223242526
ROE12.2%
2023: 4.3%4.3%2024: 11.1%11.1%2025: 11.4%11.4%2026: 12.2%12.2%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
2022——×-7.5%—×—
20232.5%0.56×1.4%3.03×4.3%
20245.8%0.64×3.7%2.99×11.1%
20255.8%0.68×3.9%2.89×11.4%
20266.8%0.67×4.6%2.65×12.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue62.6%
2021: 217.2%217.2%2022: 153.8%153.8%2023: 74.7%74.7%2024: 66.3%66.3%2025: 65.8%65.8%2026: 62.6%62.6%212223242526
PPE ÷ total assets39.4%
2021: 49.6%49.6%2022: 44.2%44.2%2023: 40.8%40.8%2024: 41.4%41.4%2025: 43.4%43.4%2026: 39.4%39.4%212223242526
Goodwill ÷ parent equity0.3%
2022: 0.4%0.4%2023: 0.4%0.4%2024: 0.4%0.4%2025: 0.4%0.4%2026: 0.3%0.3%212223242526
Goodwill balance¥3.99B
2022: ¥3.24B¥3.24B2023: ¥3.67B¥3.67B2024: ¥3.99B¥3.99B2025: ¥3.99B¥3.99B2026: ¥3.99B¥3.99B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue682,7131,375,5891,651,8901,844,0952,012,515
Cost of revenue—————
Gross profit—————
SG&A—————
Operating income-234,76765,059140,932168,605207,349
Pretax income-246,61752,429139,306158,900207,253
Income tax-65,27218,55343,39446,26462,800
Net income attributable to owners-177,55134,42395,534107,038137,604
Operating margin-34.4%4.7%8.5%9.1%10.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 32%
Property, plant and equipment 39%
0%
Other assets 29%

Funding

Interest-bearing debt 27%
Other liabilities 31%
Equity 42%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥494.2B¥639.2B¥713.9B¥749B¥1.01T
Total assets¥2.38T¥2.52T¥2.65T¥2.79T¥3.2T
Net assets¥846.1B¥857B¥948.3B¥1.02T¥1.33T
Share capital¥273.2B¥273.2B¥273.2B¥273.2B¥273.2B
Property, plant and equipment¥1.05T¥1.03T¥1.1T¥1.21T¥1.26T
Goodwill¥3.24B¥3.67B¥3.99B¥3.99B¥3.99B
Current assets¥750.5B¥922.9B¥1.02T¥1.1T¥1.45T
Interest-bearing debt¥928.5B¥925.5B¥887.3B¥896B¥875.9B
Total liabilities¥1.53T¥1.66T¥1.7T¥1.78T¥1.86T
Equity attributable to owners of parent¥799.7B¥816.3B¥909.9B¥975.1B¥1.29T
Retained earnings¥176.4B¥225.6B¥306.9B¥395.7B¥508.3B
Treasury stock-¥408M-¥408M-¥408M-¥1.47B-¥21.2B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第77期(2025/04/01-2026/03/31)

    ID S100YFIO2026-06-22Open
  • EDINET (FSA Japan)

    有価証券報告書-第76期(2024/04/01-2025/03/31)

    ID S100W1KL2025-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第75期(2023/04/01-2024/03/31)

    ID S100TNGJ2024-06-19Open
  • EDINET (FSA Japan)

    有価証券報告書-第74期(2022/04/01-2023/03/31)

    ID S100R3GK2023-06-26Open
  • EDINET (FSA Japan)

    有価証券報告書-第73期(令和3年4月1日-令和4年3月31日)

    ID S100OBZH2022-06-22Open
  • EDINET (FSA Japan)

    有価証券報告書-第72期(令和2年4月1日-令和3年3月31日)

    ID S100LK6A2021-06-18Open

Extracted from XBRL: 38

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