Revenue clears a threshold
Metropolitan Intercity Railway Company reported operating revenue of ¥50.38bn in the year to March 2026, up from ¥47.94bn a year earlier. Ordinary income rose to ¥8.36bn from ¥7.20bn, and net income increased to ¥8.18bn from ¥5.99bn. Basic earnings per share improved to 2,211.42 from 1,619.88.
Within the five-year summary, the latest year is the strongest yet on revenue, ordinary income and net income.
Equity keeps improving
The balance-sheet figures also strengthened. Net assets rose to ¥206.81bn, total assets fell to ¥629.00bn, and the equity-to-asset ratio improved to 32.88% from 30.74% a year earlier. Return on equity rose to 3.9% from 3.0%, and net assets per share increased to 55,888.60 from 53,677.17.
The capital base in the summary barely moved: capital stock stayed at ¥185.02bn and issued shares remained 3,700,326 throughout the five-year series.
Upward overall, not perfectly smooth
The longer run is upward overall rather than uniformly neat. Revenue increased every year from ¥34.82bn in the year to March 2022 to ¥50.38bn in the latest period. Net income moved from a ¥4.33bn loss to ¥2.14bn, then ¥6.07bn, dipped slightly to ¥5.99bn, and rose again to ¥8.18bn.
| Period | Revenue | Ordinary income | Net income | Equity ratio |
|---|---|---|---|---|
| 2022 | ¥34.82bn | -¥4.32bn | -¥4.33bn | 24.09% |
| 2023 | ¥40.87bn | ¥1.96bn | ¥2.14bn | 25.74% |
| 2024 | ¥45.24bn | ¥6.28bn | ¥6.07bn | 28.62% |
| 2025 | ¥47.94bn | ¥7.20bn | ¥5.99bn | 30.74% |
| 2026 | ¥50.38bn | ¥8.36bn | ¥8.18bn | 32.88% |
What the excerpt leaves open
The evidence supplied here is mostly summary data, so the result is clearer than the operating story behind it. The same excerpt shows operating cash flow of ¥23.44bn in the latest year, and five straight years of positive operating cash generation, but the material provided does not break performance out by passenger volumes, fare trends or capital spending plans.
For readers tracking infrastructure finance, that combination still matters because the recovery is showing up alongside a higher equity ratio. The excerpt does not tell us which lever mattered most, but the arithmetic is hard to miss.