Keisei Electric Railway Co., Ltd.
9009・Prime Market・Land Transportation
Transportation Business
The core segment of the Keisei Group, centered on Narita Airport access via railway, bus, and taxi.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating Revenue (including intersegment transactions) | ¥205,271 million | ¥196,863 million | ↑ |
| Operating Profit | ¥17,586 million | ¥20,195 million | ↓ |
| Segment Assets | ¥554,263 million | ¥528,316 million | ↑ |
| Depreciation | ¥26,578 million | ¥25,332 million | ↑ |
| Increase in Property, Plant and Equipment and Intangible Assets | ¥57,098 million | ¥51,153 million | ↑ |
| Railway Passenger Volume (non-consolidated) | 391,309 thousand passengers | 287,437 thousand passengers | ↑ |
| Passenger Transportation Revenue (non-consolidated) | ¥90,262 million | ¥74,795 million | ↑ |
| Narita Airport Passenger Volume (non-consolidated) | 29,008 thousand passengers | 26,690 thousand passengers | ↑ |
| Paid Limited Express Passenger Volume (non-consolidated) | 9,929 thousand passengers | 9,182 thousand passengers | ↑ |
Business Details
Comprises three businesses: Railway Business (Keisei Electric Railway itself, Hokuso Railway, Kanto Railway, etc.), Bus Business (companies under Keisei Bus Holdings), and Taxi Business (Teito Motor Transportation, Keisei Taxi Holdings, etc.). Narita Airport access transportation (Skyliner and other paid limited express services) serves as the core revenue pillar, and capturing inbound demand is a key determinant of performance. This is the largest segment, accounting for approximately 62% of the Group's total operating revenue from external customers.
Recent Overview
Revenue increased, but operating profit declined 12.9% due to higher personnel expenses and business reorganization costs.
In FY2026 (ending March 2026), the Transportation Business recorded operating revenue of ¥205,271 million (up 4.3% year on year), but operating profit declined to ¥17,586 million (down 12.9% year on year). While Narita Airport transportation expanded due to increased inbound demand (passenger volume to/from Narita Airport up 8.7%, paid limited express up 8.1%), profit was squeezed by rising personnel expenses and temporary cost increases associated with the absorption merger of Shin-Keisei Electric Railway and the bus business reorganization, including system modifications and personnel investments. The Railway Business saw increased revenue (up 4.2%) but operating profit declined 13.1%; the Bus Business saw increased revenue (up 4.3%) but operating profit declined 20.1%. The Taxi Business performed strongly, with enhanced recruitment efforts driving a 64.2% increase in operating profit.
Key Products
Growth Drivers
- Increased inbound passenger numbers and expanding airport access transportation demand accompanying the enhancement of Narita Airport's functions (scheduled for the end of FY2028)
- Future revenue expansion from the planned introduction of a new-model paid limited express service between Oshiage and Narita Airport (design work already underway)
- Enhanced transportation capacity through the initiation of study on the Narita Sky Access new line development (quadruple-tracking) plan
- Response to enhanced transportation capacity through the Sogo vehicle depot expansion works (foundation and structural work in progress)
- Capture of new demand and expanded through-service operations following the opening of the Matsudo Line (between Keisei-Tsudanuma and Matsudo)
- Strengthened operational and recruitment capabilities and improved profitability following the transition to an intermediate holding company structure and completion of business reorganization in the Bus and Taxi Businesses
- Increased ridership on the Skyliner and other paid limited express services (paid limited express passenger volume of 9,929 thousand in FY2026, up 8.1% year on year)
- Enhanced value along the railway line through joint studies with Keikyu Corporation toward realizing a sustainable community along the line
Risks
- Profit pressure from rising personnel expenses and temporary costs associated with business reorganization (operating profit in FY2026 down 12.9%)
- Forecast for FY2027 (ending March 2027) projects a further 31.2% decline in Transportation Business operating profit (to ¥12,100 million), with cost pressures expected to continue
- Increased financial burden from large-scale capital investment (Sogo vehicle depot expansion, new-model paid limited express, quadruple-tracking, etc.) associated with Narita Airport function enhancement
- Long-term risk of decline in domestic commuter passenger numbers due to the declining birthrate and aging population (although commuter passenger volume increased due to the Matsudo Line effect, structural challenges remain)
- Rising operating costs due to inflation, electricity rates, fuel costs, etc. (explicitly cited as a key factor behind the projected profit decline in FY2027)
- Risk of driver shortages in the Bus and Taxi Businesses (recruitment efforts ongoing)
- Risk of sharp declines in passenger demand due to natural disasters, infectious disease outbreaks, etc.
Last updated: June 26, 2026