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Keihan HoldingsKeihan Holdings Co.,Ltd.9045東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Keihan Holdings FY ending Mar 2026 results

About 39% of Keihan Holdings's sales come from Real estate, with Transportation and Retail making up much of the rest.

Out of every ¥100 of sales, about ¥15 is left as operating profit.

Revenue changed +6.0% from the prior year, operating profit +16.8%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +6.0% · profit +16.8%, calculated from disclosed figures.

Operating leverage: 2.79× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue
+6.0%¥313.5B → ¥332.5B
Operating income
+16.8%¥42.1B → ¥49.2B
Net income attributable to owners
+18.8%¥28.3B → ¥33.6B
Operating cash flow
-8.3%¥44B → ¥40.3B
Free cash flow
Loss-¥17.5B → -¥12.4B

Results at a glance

  • Revenue for the FY ending Mar 2026 was ¥332.5B, up +6.0% from ¥313.5B.
  • Profit grew faster: operating income rose +16.8% to ¥49.2B, and net income +18.8% to ¥33.6B.
  • Cash was tighter. Operating cash flow fell -8.3% to ¥40.3B, and with capital spending above that, free cash flow stayed negative at -¥12.4B.

What drove the change

  • In real estate, land sales at the Keihanna science city and sales of hotel condominium units in Okinawa lifted profit
  • The Osaka-Kansai Expo and strong inbound tourism helped hotels, leisure and the railway and bus lines
  • Keihan Electric Railway raised its fares, adding to rail income

Things to watch

  • Higher oil and building material prices could raise fuel, construction and hotel energy costs
  • The group carries interest-bearing debt, so rising rates or a rating change could add to costs
  • A shrinking population in Osaka, Kyoto and Shiga could mean fewer rail passengers

Annual securities report (MD&A) / 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 (business risks) / 事業等のリスク

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

※ Cost of revenue is not disclosed; expenses are combined

Where ¥100 of sales goes

For every ¥100 Keihan Holdings sells, how much goes where, and how much is kept.

FY ending Mar 2026
Operating costs
¥85
Operating profit
¥15
Net profit kept
¥10

Annual margin trends

Operating margin14.8%
FY ending Mar 2021: -0.5%-0.5%FY ending Mar 2022: 5.2%5.2%FY ending Mar 2023: 7.9%7.9%FY ending Mar 2024: 11.2%11.2%FY ending Mar 2025: 13.4%13.4%FY ending Mar 2026: 14.8%14.8%FY21FY22FY23FY24FY25FY26
Net margin10.1%
FY ending Mar 2021: -1.8%-1.8%FY ending Mar 2022: 3.7%3.7%FY ending Mar 2023: 6.8%6.8%FY ending Mar 2024: 8.2%8.2%FY ending Mar 2025: 9.0%9.0%FY ending Mar 2026: 10.1%10.1%FY21FY22FY23FY24FY25FY26

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第104期(2025/04/01－2026/03/31)

    ID S100YCVR2026-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第103期(2024/04/01－2025/03/31)

    ID S100VYHN2025-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第102期(2023/04/01－2024/03/31)

    ID S100TMV22024-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第101期(2022/04/01－2023/03/31)

    ID S100QZ052023-06-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第100期(令和3年4月1日－令和4年3月31日)

    ID S100OAEC2022-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第99期(令和2年4月1日－令和3年3月31日)

    ID S100LKI92021-06-18Open

Extracted from XBRL: 52 / Derived from other figures: 2

Spotted an error? Report it (corrections keep the original record)

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