# Japan Airlines Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YFIO)
> Page: https://vizora.meequs.com/en/company/japan-airlines
> Retrieved: 2026-09-30T18:27:14.944Z

## Company

Japan Airlines, founded in 1951, is a company in Cashless Payments listed on TSE Prime. It has 39,076 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Airlines Co., Ltd. |
| Ticker | 9201 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9201.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川二丁目4番11号 |
| Representative (per filing) | 代表取締役社長執行役員 鳥取 三津子 |
| Founded | Aug 1951 |
| Share capital | ¥273.2B |
| Employees (consolidated) | 39,076 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | jal.com (https://jal.com/) |
| Corporate number | 7010701007666 |
| EDINET | E04272 |
| Industries (Vizora) | Cashless Payments, Travel Agencies, Airlines |

> Profile source: annual securities report (S100YFIO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Airlines (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 83.3 | 3 |
| Cash conversion | 50 | 3 |
| Efficiency | 50 | 3 |

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 76% of Japan Airlines's sales come from Full Service Carrier, with Other and Mileage/Finance and Commerce making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.01T |  |
| Operating income | ¥207.3B | Margin 10.3% |
| Net income | ¥137.6B | Margin 6.8% |
| Free cash flow | — |  |
| Largest business | Full Service Carrier | of segment revenue 76.3% |
| Employees (consolidated) | 39,076 |  |
| EPS | ¥306.96 |  |
| Book value per share | ¥2100.72 |  |
| Equity ratio | 40.3% | Derived from disclosed figures |
| Shares outstanding | 437,143,000 |  |
| Treasury shares | 7,346,300 |  |
| Shareholders | 446,808 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 31.6% | Net cash ¥134.3B · Cash ÷ revenue 50.2% |
| Vs. industry median margin | +1.7 pp | Airlines |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, revenue is 2.9× its level five years ago
- FY2026, parent-company salary changed +44% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥481225000000 | ¥2012515000000 | +318.2% |
| Operating income | ¥-390414000000 | ¥207349000000 | — |
| Operating margin | -81.1% | 10.3% | +91.4 pp |
| Employees | 36,060 people | 39,076 people | +8.4% |
| Cash and equivalents | ¥408335000000 | ¥1010185000000 | +147.4% |

### 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 |
| --- | ---: |
| 航空運送事業 → 事業再編・廃止 | 82.2% |
| その他 → その他 | 11.3% |
| その他 → 事業再編・廃止 | 6.5% |
| 新設・再編 → フルサービスキャリア事業 | 76.3% |
| 新設・再編 → LCC事業 | 5.0% |
| 新設・再編 → マイル／金融・コマース事業 | 7.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Full Service Carrier | 2 years | +10.3% | ¥1535525000000 | — | 2 |
| Other | 5 years | +21.6% | ¥227477000000 | — | 2 |
| Mileage/Finance and Commerce | 2 years | +10.3% | ¥148210000000 | — | 2 |
| LCC | 2 years | +20.9% | ¥101302000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,012,515 | 100.0% | S100YFIO |
| Operating income | 207,349 | 10.3% | S100YFIO |
| Pretax income | 207,253 | 10.3% | S100YFIO |
| Income tax | 62,800 | 3.1% | S100YFIO |
| Net income | 144,452 | 7.2% | S100YFIO |
| Net income attributable to owners | 137,604 | 6.8% | S100YFIO |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 10.3% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +23.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 1,844,095 | 2,012,515 | 168,420 | +9.1% |
| Operating income | 168,605 | 207,349 | 38,744 | +23.0% |
| Net income attributable to owners | 107,038 | 137,604 | 30,566 | +28.6% |
| Operating cash flow | 381,527 | 394,879 | 13,352 | +3.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,385,914 | 86,103 | 6.2% | 48,057 | 80,857 | — | S100LK6A |
| FY ending Mar 2021 | 481,225 | -390,414 | -81.1% | -286,693 | -219,519 | — | S100OBZH |
| FY ending Mar 2022 | 682,713 | -234,767 | -34.4% | -177,551 | -103,545 | — | S100R3GK |
| FY ending Mar 2023 | 1,375,589 | 65,059 | 4.7% | 34,423 | 292,908 | — | S100TNGJ |
| FY ending Mar 2024 | 1,651,890 | 140,932 | 8.5% | 95,534 | 363,945 | — | S100W1KL |
| FY ending Mar 2025 | 1,844,095 | 168,605 | 9.1% | 107,038 | 381,527 | — | S100YFIO |
| FY ending Mar 2026 | 2,012,515 | 207,349 | 10.3% | 137,604 | 394,879 | — | S100YFIO |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.5M |
| Operating income per employee (consolidated) | ¥5.3M |
| 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) | 35,423 | 36,039 | 36,500 | 38,433 | 39,076 |
| Average salary (parent company) | ¥7M | ¥8.5M | ¥9.2M | ¥9.5M | ¥10.1M |
| Average age (parent company) | 40.3 years | 40.8 years | 40.7 years | 39.7 years | 40.2 years |
| Average tenure (parent company) | 15.5 years | 15.9 years | 15.4 years | 15.2 years | 14.9 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +9.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Full Service Carrier | 1,535,525 | 76.3% | — | — |
| LCC | 101,302 | 5.0% | — | — |
| Mileage/Finance and Commerce | 148,210 | 7.4% | — | — |
| Other | 227,477 | 11.3% | — | — |

### 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 |
| --- | ---: |
| Full Service Carrier | 76.3% |
| LCC | 5.0% |
| Mileage/Finance and Commerce | 7.4% |
| Other | 11.3% |

Segment → industry: Mileage/Finance and Commerce → Cashless Payments / Mileage/Finance and Commerce → Travel Agencies / LCC → Airlines / Full Service Carrier → Airlines

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 394,879 | 19.6% | S100YFIO |
| Investing cash flow | -183,103 | -9.1% | S100YFIO |
| Financing cash flow | 44,625 | 2.2% | S100YFIO |
| Dividends paid | 40,120 | 2.0% | S100YFIO |
| Share buyback | 20,000 | 1.0% | S100YFIO |
| Change in cash | 261,154 | 13.0% | S100YFIO |
| Cash and equivalents | 1,010,185 | 50.2% | S100YFIO |

## 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 | 494,226 | 639,247 | 713,867 | 749,030 | 1,010,185 | S100TNGJ, S100W1KL, S100YFIO |
| Total assets | 2,375,724 | 2,520,603 | 2,649,232 | 2,794,913 | 3,198,757 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Net assets | 846,067 | 856,957 | 948,345 | 1,016,673 | 1,334,765 | S100TNGJ, S100W1KL, S100YFIO |
| Share capital | 273,200 | 273,200 | 273,200 | 273,200 | 273,200 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Property, plant and equipment | 1,049,871 | 1,027,795 | 1,095,551 | 1,214,014 | 1,259,530 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Goodwill | 3,239 | 3,673 | 3,990 | 3,990 | 3,990 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Current assets | 750,504 | 922,880 | 1,022,608 | 1,095,366 | 1,445,545 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Interest-bearing debt | 928,463 | 925,503 | 887,293 | 896,023 | 875,917 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Total liabilities | 1,529,657 | 1,663,645 | 1,700,886 | 1,778,240 | 1,863,991 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Equity attributable to owners of parent | 799,736 | 816,288 | 909,947 | 975,057 | 1,289,639 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Retained earnings | 176,406 | 225,644 | 306,879 | 395,719 | 508,279 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |
| Treasury stock | -408 | -408 | -408 | -1,473 | -21,213 | S100R3GK, S100TNGJ, S100W1KL, S100YFIO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YFIO |
| Property, plant and equipment | 39% | S100YFIO |
| Intangibles and goodwill | 0% | — |
| Other assets | 29% | S100YFIO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 27% | S100YFIO |
| Other liabilities | 31% | S100YFIO |
| Equity | 42% | S100YFIO |
| Other liabilities | 0% | S100YFIO |

### 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 | 2,375,724 | 2,520,603 | 2,649,232 | 2,794,913 | 3,198,757 |
| Equity | 846,067 | 856,957 | 948,345 | 1,016,673 | 1,334,765 |
| Interest-bearing debt | 928,463 | 925,503 | 887,293 | 896,023 | 875,917 |
| Cash | 494,226 | 639,247 | 713,867 | 749,030 | 1,010,185 |

## 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) | 62.6% | S100YFIO |
| Fixed assets ÷ total assets | 39.4% | S100YFIO |
| Goodwill ÷ parent equity | 0.3% | S100YFIO |

Goodwill over 4 years: 3,239 → 3,990 JPY; total investing cash flow: -945,844 JPY. This does not imply causation.

### 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) | 31.6% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | ¥134.3B |
| Net debt ÷ operating cash flow | -0.34× |
| Cash conversion (operating CF ÷ operating income) | 190.4% |
| Cash vs. profit gap | 257,275 JPY mn (of net income 187.0%) |
| Shareholder returns / net income | 43.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 46.4% |

## 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 | — | —× | -7.5% | —× | — | S100R3GK |
| 2023 | 2.5% | 0.56× | 1.4% | 3.03× | 4.3% | S100TNGJ |
| 2024 | 5.8% | 0.64× | 3.7% | 2.99× | 11.1% | S100W1KL |
| 2025 | 5.8% | 0.68× | 3.9% | 2.89× | 11.4% | S100YFIO |
| 2026 | 6.8% | 0.67× | 4.6% | 2.65× | 12.2% | S100YFIO |

## 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 | 16.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| 京セラ株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社大和証券グループ本社 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505050 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥2.01T, up +9.1% from ¥1.84T.
- Profit grew faster than sales: operating income rose +23.0% to ¥207.3B, and net income rose +28.6% to ¥137.6B.
- Operating cash flow also edged up +3.5% to ¥394.9B.

### Drivers

- International passenger numbers and fares both rose, helped by steady inbound tourism and business travel from Japan recovering faster than planned
- Domestic passengers and revenue grew as sales campaigns drew in more travelers
- International cargo carried more and earned more per shipment by focusing on Asia–North America routes and high-value goods like medicines; cost control despite the weak yen and growth in the mileage and JALUX businesses also helped

### Risks

- Oil prices have climbed as the war in Ukraine drags on and tension rises in the Middle East, which could push fuel costs up
- The company expects lower profit next year than this year
- A major disaster that shuts Haneda and Narita or its Tokyo operations center for a long time would seriously hurt the business

Cited: Annual Securities Report (77th 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 (77th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YFIO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFIO,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W1KL | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KL,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TNGJ | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNGJ,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R3GK | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3GK,, |
| 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) | S100OBZH | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZH,, |
| 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) | S100LK6A | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK6A,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ワンワールドマネジメントカンパニーおよび加盟各社 | Alliance | 航空連合ワンワールドへの加盟 | S100YFIO |
| アメリカン航空 | Alliance | 包括的な業務提携（共同事業） | S100YFIO |
| ブリティッシュ・エアウェイズ | Alliance | 包括的な業務提携（共同事業、フィンランド航空・イベリア航空と共同） | S100YFIO |
| フィンランド航空 | Alliance | 包括的な業務提携（共同事業、BA・イベリア航空と共同） | S100YFIO |
| イベリア航空 | Alliance | 包括的な業務提携（共同事業、BA・フィンランド航空と共同） | S100YFIO |
| マレーシア航空 | Alliance | 包括的な業務提携（共同事業） | S100YFIO |
| ガルーダ・インドネシア航空 | Alliance | 包括的な業務提携（共同事業） | S100YFIO |
| ライフネット生命保険 | Capital alliance | auフィナンシャルホールディングスから株式を譲り受けることを条件に始まる資本業務提携（取締役候補者の推薦など） | S100YC7R |

## 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).