Keikyu Corporation
9006・Prime Market・Land Transportation
Transportation Business
The core segment of the Keikyu Group, responsible for movement demand along the railway and bus network.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating Revenue (Transportation Business, External Customers) | ¥120,587 million | ¥117,099 million | ↑ |
| Operating Revenue (Transportation Business, Segment Total) | ¥121,591 million | ¥118,531 million | ↑ |
| Operating Profit (Transportation Business) | ¥18,683 million | ¥18,877 million | ↓ |
| Segment Assets | ¥633,151 million | ¥485,714 million | ↑ |
| Total Passenger Volume (All Lines, YoY) | Up 2.3% YoY | Up 2.9% YoY | ↑ |
| Haneda Airport Station Passenger Volume (YoY) | Up 5.4% YoY | – | ↑ |
| Depreciation and Amortization | ¥21,013 million | ¥20,866 million | ↑ |
| Increase in Tangible and Intangible Fixed Assets | ¥61,111 million | ¥53,786 million | ↑ |
Business Details
Comprises the Railway Business (Keikyu Corporation), Bus Business (Keikyu Bus Co., Ltd. / Kawasaki Tsurumi Rinko Bus Co., Ltd.), and other businesses. Operating revenue increased 2.6% year on year, achieving revenue growth, but operating profit decreased 1.0% year on year due to higher personnel expenses. The segment leverages its strength in Haneda Airport transportation, capturing expanding inbound demand and increased mobility demand. Additionally, effective March 31, 2026, the company transferred all shares of the six companies in the Keikyu Taxi Group and withdrew from the taxi business.
Recent Overview
Revenue increased but operating profit decreased slightly due to higher personnel expenses; withdrew from the taxi business by transferring all shares.
In FY2026 (ending March 2026), the Transportation Business achieved operating revenue of ¥121,591 million (up 2.6% year on year) driven by increased mobility demand, higher Haneda Airport passenger numbers, and the bus fare revision effect. However, operating profit declined slightly to ¥18,683 million (down 1.0% year on year) due to higher personnel expenses. The company launched credit card touch payment boarding services across all lines and stations to improve convenience. In addition, to concentrate management resources, the company transferred all shares of the six companies in the Keikyu Taxi Group to another company effective March 31, 2026, withdrawing from the taxi business.
Key Products
Growth Drivers
- Strong performance in Haneda Airport transportation driven by increased domestic and international flight passenger numbers (up 5.4% year on year)
- Increase in total passenger volume across all lines due to recovery in mobility demand (up 2.3% year on year, non-commuter up 3.0%)
- Effect of fare revision in the Bus Business (strong performance of mid-distance airport routes and general routes)
- Increase in non-commuter passenger volume due to expanding inbound demand
- Capturing cashless demand through the rollout of credit card touch payment boarding services across all lines and stations
- Improved speed and convenience through timetable revisions (extension of Evening Wing trains, earlier Wing Seat departures, etc.)
Risks
- Profit pressure in the Railway Business from increased personnel expenses (operating profit down 1.0% year on year in FY2026)
- Medium- to long-term risk of declining passenger volume due to declining birthrate, aging population, and population decline along the railway line
- Increased financial burden from large-scale capital expenditures (increase in tangible and intangible fixed assets of ¥61,111 million)
- Transition costs and safety risks associated with the shift to next-generation operations such as one-person train operation
- Increased funding costs due to rising interest rates (funding structure centered on long-term debt)
- Impact on convenience along the railway line from the shrinking transportation service network following withdrawal from the taxi business
Last updated: June 25, 2026