Tokyo Metro Co., Ltd.
9023・Prime Market・Land Transportation
Transportation Business
Tokyo Metro's core segment operating 9 lines across the Tokyo metropolitan wards
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment operating revenue (external customers) | ¥384,108 million | ¥370,121 million | ↑ |
| Segment operating revenue (total including intersegment) | ¥386,618 million | ¥372,500 million | ↑ |
| Segment operating income | ¥76,189 million | ¥74,217 million | ↑ |
| Operating margin | 19.7% | 19.9% | ↓ |
| Number of passengers carried (total) | 2,571,229 thousand | 2,495,750 thousand | ↑ |
| Passenger transport revenue | ¥350,485 million | ¥339,366 million | ↑ |
| Passenger transport revenue (commuter pass) | ¥134,162 million | ¥129,995 million | ↑ |
| Passenger transport revenue (non-commuter pass) | ¥216,323 million | ¥209,370 million | ↑ |
| Segment assets | ¥1,852,542 million | ¥1,840,038 million | ↑ |
| Depreciation and amortization | ¥70,075 million | ¥68,410 million | ↑ |
| Increase in tangible and intangible fixed assets | ¥85,868 million | ¥99,667 million | ↓ |
Business Details
Owns and operates 9 lines centered on the Tokyo metropolitan wards: the Ginza, Marunouchi, Hibiya, Tozai, Chiyoda, Yurakucho, Hanzomon, Namboku, and Fukutoshin lines. Passenger transport revenue forms the foundation of earnings, and the segment encompasses not only railway operation and management but also station cleaning, operational management, facility maintenance, and rolling stock maintenance carried out by group subsidiaries. As the most important segment, accounting for approximately 91% of consolidated operating revenue, its key challenges are improving safety and convenience and creating demand.
Recent Overview
Passenger demand remained strong for both commuter and non-commuter pass ridership, with both revenue and profit increasing
In the Transportation Business segment for FY2026 (ending March 2026), passenger transport revenue continued to trend favorably, with operating revenue from external customers reaching ¥384,108 million (up 3.8% year on year) and operating income reaching ¥76,189 million (up 2.7% year on year). The number of passengers carried increased to 2,571,229 thousand (up 3.0% year on year), with growth in both commuter pass (up 3.4% year on year) and non-commuter pass (up 2.7% year on year) ridership. On the other hand, operating expenses also increased due to higher expenses and personnel costs, resulting in a slight decline in the operating margin.
Key Products
Growth Drivers
- Increased passenger demand on both weekdays and holidays driven by the revitalization of economic activity centered in central Tokyo
- Expanding demand for products such as the Tokyo Subway Ticket driven by an increase in inbound travelers
- Effects of measures to promote repeat ridership, including expansion of Metopo and the my! app
- Future network expansion through the Yurakucho Line and Namboku Line extensions
- Improved operational stability and cost structure reform through introduction of the CBTC System and promotion of CBM
- Acquisition of new revenue sources through the Overseas Railway O&M Business (UK Elizabeth line, etc.)
- Increased commuter demand (an increase in passenger transport revenue is also forecast for FY2027, ending March 2027)
Risks
- Downward pressure on profit margins from rising operating expenses such as repair costs and personnel costs (operating expenses also increased year on year in FY2026, ending March 2026)
- Risk of a structural decline in commuter pass demand due to factors such as the entrenchment of telework
- Cost burden of responding to intensifying natural disasters and large-scale flooding risk
- Substantial capital expenditure burden associated with the Yurakucho Line and Namboku Line extension construction (long-term borrowings for new line construction promotion of ¥192,120 million continue)
- Rising costs for repairs, outsourcing, etc., due to price increases and labor shortages
- Security investment burden associated with increasing terrorism and cybercrime risk
- Impact on inbound demand from geopolitical risks such as the Middle East situation (not yet factored into earnings forecasts at this time)
Last updated: June 23, 2026