Tokyo Metro (9023) Q3 2026 earnings summary

Executive summary

• Operating revenues rose 3.5% year-over-year for the nine months ended December 2025 to ¥316,805 million, driven by strong passenger transportation revenues, but operating income declined 1.5% to ¥76,545 million due to higher expenses.

• Net income attributable to owners increased 22.4% year-over-year to ¥51,372 million, reflecting the absence of prior-year extraordinary losses and a gain from retirement benefit plan revisions.

• Results are tracking in line with the full-year forecast, and the annual dividend forecast remains at JPY 42 per share.

Financial highlights

• Operating revenues: JPY 316.8 billion (+3.5% YoY); Operating income: JPY 76.5 billion (−1.5% YoY); Net income: JPY 51.4 billion (+22.4% YoY); EBITDA: JPY 131.4 billion (+0.4% YoY).

• Comprehensive income for the nine months was ¥47,011 million, up 14.8% year-over-year.

• Basic earnings per share increased to ¥88.46 from ¥72.24 year-over-year.

• Total assets as of December 31, 2025, were ¥2,014,473 million, down ¥15,272 million from March 31, 2025.

• Net assets rose to ¥727,428 million, with an equity ratio of 36.1%.

Outlook and guidance

• Full-year forecast unchanged: operating revenues JPY 420.6 billion (+3.1% YoY), operating income JPY 88.7 billion (+2.0% YoY), net income JPY 58.2 billion (+8.3% YoY).

• Dividend forecast maintained at JPY 42 per share.

• Passenger transportation revenue expected to grow 3.8% YoY for FY2026/3, with continued growth in subsequent years.