Earnings quality
Compare earnings and operating cash flow for earnings quality.
East Japan Railway Company
Ticker 9020 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-17 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
Compare earnings and operating cash flow for earnings quality.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio—
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
東日本旅客鉄道株式会社 is a Japanese listed company. Its reportable segments include Real Estate And Hotel, Other, Transportation, Trading And Service.
- Real Estate And Hotel
- Other
- Transportation
- Trading And Service
- Operating Segments Not Included In
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Real Estate And Hotel · Other · Transportation · Trading And Service · Operating Segments Not Included In · Total Of
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥376.8B | ¥414.3B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥71.7B | ¥85.3B |
| Profit (loss) | ¥225.6B | ¥248.8B |
| Profit (loss) attributable to owners | ¥224.3B | ¥247.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥233.5B | ¥262.1B |
| Current assets | ¥1.3T | ¥1.4T |
| Non-current assets | ¥8.9T | ¥9.4T |
| Total assets | ¥10.2T | ¥10.8T |
| Short-term borrowings | ¥141.7B | ¥184.9B |
| Current liabilities | ¥1.7T | ¥1.8T |
| Non-current liabilities* | ¥5.6T | ¥5.9T |
| Total liabilities | ¥7.3T | ¥7.8T |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥732.3B | ¥765.1B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥3.7B | ¥138.7B |
| Net increase (decrease) in cash | -¥47.3B | ¥26.6B |
| Cash at end of period | ¥233.5B | ¥262.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | -¥179.5B | ¥110.9B | ¥296.6B | ¥321.6B | ¥351.6B | |
| Profit to owners | — | — | — | ¥224.3B | ¥247.8B | |
| Total assets | ¥9.1T | ¥9.4T | ¥9.8T | ¥10.2T | ¥10.8T | |
| Cash & equivalents | — | — | ¥280.8B | ¥233.5B | ¥262.1B | |
| Owners’ equity | ¥2.4T | ¥2.5T | ¥2.7T | ¥2.9T | ¥3.1T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥376.8B to ¥414.3B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥765.1B (prior ¥732.3B), and cash on the balance sheet rose to ¥262.1B from ¥233.5B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥7.8T while owners’ equity fell to —. ROE moved from 8.0% to 8.4%, and the equity ratio from 28.1% to 28.2%. Employee count is 70,623 vs 69,559 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YC7N
(東日本旅客鉄道株式会社), period end 2026-03-31.