TOKYU CORPORATION
9005・Prime Market・Land Transportation
Transportation
The core business of the Tokyu Group. Operates railways, buses, and airport operations to support value along its rail lines.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating Revenue (Segment Total, Including Intersegment Transactions) | ¥226,946 million | ¥220,619 million | ↑ |
| Segment Profit (Operating Income) | ¥27,341 million | ¥28,993 million | ↓ |
| Segment Assets | ¥779,805 million | ¥748,624 million | ↑ |
| Depreciation and Amortization | ¥39,947 million | ¥38,831 million | ↑ |
| Increase in Tangible and Intangible Fixed Assets (Capital Expenditures) | ¥68,805 million | ¥59,943 million | ↑ |
| Tokyu Corporation Railways Total Passenger Transportation Revenue | ¥152,837 million | ¥150,173 million | ↑ |
| Tokyu Corporation Railways Total Passengers Transported | 1,117,024 thousand passengers | 1,083,879 thousand passengers | ↑ |
Business Details
Tokyu Corporation Railways operates 9 rail lines totaling 110.7km in the southwestern part of Tokyo and Kanagawa Prefecture, and this segment also includes the regional railway of Izukyu Corporation, the bus business of Tokyu Bus Co., Ltd., and the airport operations business of Sendai International Airport Co., Ltd. It is a core segment that supports the daily mobility of residents along the rail lines while contributing to the enhancement of value along the lines across the entire group through synergies with the Real Estate and Lifestyle Services businesses.
Recent Overview
Revenue increased, but profit declined due to higher repair and personnel costs. Capital expenditures expanded 14.8% year on year.
In the Transportation segment for FY2026 (ending March 2026), the total number of passengers transported by Tokyu Corporation Railways increased 3.1% overall, and passenger fare revenue increased 1.8%, resulting in operating revenue of ¥226,946 million (up 2.9% year on year). On the other hand, due to increases in repair costs, personnel costs, and other expenses, operating income declined to ¥27,341 million (down 5.7% year on year). Capital expenditures increased 14.8% year on year to ¥68,805 million, as infrastructure renewal and capacity-enhancing investments continued. The number of passengers transported by Izukyu Corporation increased 3.0%, while Tokyu Bus decreased 0.4%.
Key Products
Growth Drivers
- Expansion of fare revenue (up 1.8% overall) driven by the increase in passengers transported by Tokyu Corporation Railways (up 3.1% overall in FY2026, ending March 2026)
- Increased use of tourism routes such as Izukyu Corporation due to the recovery and expansion of inbound demand (Izukyu Corporation up 3.0%)
- Enhancement of value along the rail lines through expansion of the wide-area railway network, following the certification of the business concept for the new airport line (between Kamata Station and Keikyu Kamata Station)
- Improved passenger convenience and strengthened brand value along the lines through station renewals in the underground section of the Den-en-toshi Line and other projects
- Appeal of environmental advantages through energy-saving and decarbonization measures (installation of large-scale storage batteries and auxiliary power supply devices at stations)
Risks
- Pressure on profit due to increases in upfront costs such as repair expenses and personnel costs (operating income declined 5.7% in FY2026, ending March 2026)
- Continued high level of capital expenditure burden associated with maintenance and renewal of aging facilities and natural disaster countermeasures (¥68,805 million in FY2026, ending March 2026)
- Cost increase pressure from rising personnel expenses (wage increases and base pay hikes)
- Increased cost of interest-bearing debt due to interest rate rise risk
- Long-term uncertainty in transportation demand due to declining birthrate and demographic changes
- Structural challenges in the route bus business, as seen in the decline in passengers transported by Tokyu Bus (down 0.4%)
Last updated: June 23, 2026