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West Japan Railway, Apr-Dec (Cumulative 3Q) Ordinary Profit Increases by 12%, Exceeds Full-Year Plan

Tue Feb 3, 2026 3:30 pm JST Earnings

9021 West Japan Railway Company 【J-GAAP】

Earnings Report

West Japan Railway Company <9021> [TSE Prime] announced its financial results after the market closed on February 3rd (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) increased 12.5% from the same period last year, reaching 184 billion yen. Progress toward the full-year plan of 179 billion yen is 103.2%, already exceeding the target and also exceeding the five-year average of 92.2%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the January to March period (4Q) is expected to turn into a loss of 5.77 billion yen (compared to a profit of 1.41 billion yen in the same period last year). However, if the fourth-quarter performance remains at the same level as the first three quarters, the full-year plan may be increased.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 6.0% from the same period last year, reaching 69.6 billion yen. However, the operating profit margin decreased from 16.2% in the same period last year to 15.9%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 1,194,322 172,446 161,033 109,888 225.5 96.2 Jan 31, 2024 J-GAAP
Apr - Dec, 2024 1,245,677 175,344 164,254 114,652 240.8 99.1 Jan 31, 2025 J-GAAP
Apr - Dec, 2025 1,339,470 197,135 184,772 121,003 262.8 103.2 Feb 3, 2026 J-GAAP
YoY +7.5% +12.4% +12.5% +5.5% +9.1%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 896,558 75,371 67,074 44,247 93.2 47.50 May 2, 2025 J-GAAP
Oct - Mar, 2025 Guidance 964,171 72,071 63,855 31,784 69.8 45.50 Nov 4, 2025 J-GAAP
YoY +7.5% -4.4% -4.8% -28.2% -25.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 1,635,023 179,748 167,382 98,761 202.6 71 Apr 30, 2024 J-GAAP
Mar, 2025 1,707,944 180,161 165,670 113,958 240.1 84.50 May 2, 2025 J-GAAP
Mar, 2026 Guidance 1,836,000 195,000 179,000 118,500 260.4 90.50 Nov 4, 2025 J-GAAP
YoY +7.5% +8.2% +8.0% +4.0% +8.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 434,291 70,554 65,658 44,941 94.4 16.2 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 462,267 4,817 1,416 -694 -1.5 1.0 May 2, 2025 J-GAAP
Apr - Jun, 2025 427,059 63,386 59,704 48,842 104.5 14.8 Aug 5, 2025 J-GAAP
Jul - Sep, 2025 444,770 59,543 55,441 37,874 81.8 13.4 Nov 4, 2025 J-GAAP
Oct - Dec, 2025 467,641 74,206 69,627 34,287 74.5 15.9 Feb 3, 2026 J-GAAP
YoY +7.7% +5.2% +6.0% -23.7% -21.1%

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