Cash flow Japan Airlines Co., Ltd.

Equities

9201

JP3705200008

Airlines

Market Closed - Japan Exchange Other stock markets 07:30:00 10/04/2026 BST			5-day change	1st Jan Change
2,588.50 ^JPY	+0.02%		-1.52%	-10.90%

04-09	Jefferies Revises Earnings Forecasts for Japanese Airlines on Rising Geopolitical, Fuel Risks	MT
04-08	Westjet Airlines Ltd Introduces New Interline Booking Capabilities	CI

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Published financial data: JAPAN AIRLINES CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	481B	683B	1,376B	1,652B	1,844B
Total Revenues	481B	683B	1,376B	1,652B	1,844B
Cost of Goods Sold, Total	542B	570B	774B	841B	899B
Gross Profit	-60.96B	113B	602B	811B	945B
Selling General & Admin Expenses, Total	-	-	-	-	-
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses	339B	367B	555B	661B	786B
Other Operating Expenses, Total	339B	367B	555B	661B	786B
Operating Income	-400B	-254B	47.13B	150B	159B
Interest Expense, Total	-2.93B	-7.66B	-12.52B	-13.5B	-13.18B
Interest And Investment Income	2.31B	1.79B	3.85B	4.27B	6.39B
Net Interest Expenses	-614M	-5.87B	-8.67B	-9.22B	-6.79B
Income (Loss) On Equity Invest.	-7.58B	-9.9B	-3.35B	469M	939M
Currency Exchange Gains (Loss)	1.41B	1.92B	1.37B	8B	-416M
Other Non Operating Income (Expenses)	7.84B	19.79B	9.02B	4.65B	4.5B
EBT, Excl. Unusual Items	-399B	-248B	45.5B	154B	157B
Gain (Loss) On Sale Of Investments	-3B	6.18B	631M	980M	-1.5B
Gain (Loss) On Sale Of Assets	-2.39B	431M	7.3B	-14.84B	3.47B
Asset Writedown	-	-5.26B	-1.01B	-378M	-375M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	-404B	-247B	52.43B	139B	159B
Income Tax Expense	-116B	-65.27B	18.55B	43.39B	46.26B
Earnings From Continuing Operations	-288B	-181B	33.88B	95.91B	113B
Net Income to Company	-288B	-181B	33.88B	95.91B	113B
Minority Interest	1.18B	3.79B	547M	-377M	-5.6B
Net Income - (IS)	-287B	-178B	34.42B	95.53B	107B
Net Income to Common Incl Extra Items	-287B	-178B	34.42B	95.53B	107B
Net Income to Common Excl. Extra Items	-287B	-178B	34.42B	95.53B	107B
Per Share Items
Net EPS - Basic	-764.99	-406.29	78.77	218.61	245.09
Basic EPS - Continuing Operations	-764.99	-406.29	78.77	218.61	245.09
Basic Weighted Average Shares Outstanding	375M	437M	437M	437M	437M
Net EPS - Diluted	-764.99	-406.29	78.77	218.61	245.09
Diluted EPS - Continuing Operations	-764.99	-406.29	78.77	218.61	245.09
Diluted Weighted Average Shares Outstanding	375M	437M	437M	437M	437M
Normalized Basic EPS	-661.74	-345.95	66.33	218.72	212.29
Normalized Diluted EPS	-661.74	-345.95	66.33	218.72	212.29
Dividend Per Share	-	-	25	75	86
Payout Ratio	-0.01	-0	0.01	25.04	34.62
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	-209B	-75.11B	205B	300B	315B
EBITA	-400B	-254B	47.13B	150B	159B
EBIT	-400B	-254B	47.13B	150B	159B
Effective Tax Rate - (Ratio)	28.76	26.47	35.39	31.15	29.12
Normalized Net Income	-248B	-151B	28.98B	95.58B	92.72B
Interest Capitalized	268M	726M	1.3B	943M	2.86B
Non-Cash Pension Expense	2.22B	2.18B	2.48B	3.11B	3.26B
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	408B	494B	639B	714B	749B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	408B	494B	639B	714B	749B
Accounts Receivable, Total	76.76B	120B	175B	173B	210B
Total Receivables	76.76B	120B	175B	173B	210B
Inventory	23.68B	31.28B	36.75B	43.95B	49.72B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	59.04B	105B	71.98B	91.77B	86.4B
Total Current Assets	568B	751B	923B	1,023B	1,095B
Net Property Plant And Equipment	1,045B	1,053B	1,028B	1,096B	1,214B
Long-term Investments	178B	196B	208B	215B	201B
Goodwill	-	6.16B	3.67B	3.99B	3.99B
Other Intangibles, Total	89.66B	81.48B	79.64B	83.2B	90.33B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	226B	284B	279B	229B	190B
Other Long-Term Assets, Total	3M	4M	4M	4M	4M
Total Assets	2,107B	2,372B	2,521B	2,649B	2,795B
Liabilities
Accounts Payable, Total	97.18B	94.05B	136B	160B	179B
Short-term Borrowings	135M	3.9B	10.65B	3.27B	4.49B
Current Portion of Long-Term Debt	38.91B	58.42B	80.44B	81.45B	68B
Current Portion of Leases	30.58B	24.47B	20.87B	22.21B	22.07B
Current Income Taxes Payable	3.89B	3.6B	2.64B	2.6B	4.96B
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	306B	286B	419B	468B	560B
Total Current Liabilities	477B	470B	670B	737B	838B
Long-Term Debt	400B	788B	763B	728B	756B
Long-Term Leases	45.2B	54.15B	50.74B	52.2B	45.33B
Pension & Other Post Retirement Benefits	153B	151B	132B	121B	92.28B
Deferred Tax Liability Non Current	108M	1.97B	3.5B	3.32B	3.69B
Other Non Current Liabilities	50.05B	62.36B	44.67B	59.44B	42.5B
Total Liabilities	1,126B	1,528B	1,664B	1,701B	1,778B
Common Stock, Total	273B	273B	273B	273B	273B
Additional Paid In Capital	274B	274B	274B	274B	274B
Retained Earnings	353B	176B	226B	307B	396B
Treasury Stock	-408M	-408M	-408M	-408M	-1.47B
Comprehensive Income and Other	48.14B	76.92B	44.22B	56.28B	33.37B
Total Common Equity	947B	800B	816B	910B	975B
Minority Interest	34.08B	44.4B	40.67B	38.4B	41.62B
Total Equity	982B	844B	857B	948B	1,017B
Total Liabilities And Equity	2,107B	2,372B	2,521B	2,649B	2,795B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	437M	437M	437M	437M	437M
ECS Total Common Shares Outstanding	437M	437M	437M	437M	437M
Book Value / Share	2.17K	1.83K	1.87K	2.08K	2.23K
Tangible Book Value	858B	712B	733B	823B	881B
Tangible Book Value Per Share	1.96K	1.63K	1.68K	1.88K	2.02K
Total Debt	515B	928B	926B	887B	896B
Net Debt	107B	434B	286B	173B	147B
Debt Equivalent of Unfunded Proj. Benefit Obligation	150B	147B	124B	108B	76.41B
Minority Interest, Total (Incl. Fin. Div)	34.08B	44.4B	40.67B	38.4B	41.62B
Equity Method Investments, Total	24.23B	19.66B	20.2B	24.26B	24.33B
Inventories - Raw Materials, Total	22.02B	24.44B	27.01B	31.93B	37.33B
Inventories - Finished Goods, Total	-	-	9.74B	12.02B	12.39B
Inventories - Others	1.66B	6.84B	-	1M	1M
Full Time Employees	36.06K	35.42K	36.04K	36.5K	38.43K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-404B	-247B	52.43B	139B	159B
Depreciation & Amortization - CF	191B	179B	158B	150B	156B
Depreciation & Amortization, Total	191B	179B	158B	150B	156B
(Gain) Loss From Sale Of Asset	2.15B	-727M	-7.39B	14.83B	-2.14B
(Income) Loss On Equity Investments - (CF)	7.58B	9.9B	3.35B	-469M	-939M
Other Operating Activities, Total	10.66B	522M	-1.9B	8.18B	4.4B
Change In Accounts Receivable	2.6B	-26.84B	-56B	-583M	-36.3B
Change In Inventories	4.81B	-2.42B	-4.88B	-6.69B	-6.25B
Change In Accounts Payable	-27.04B	-4.71B	42.24B	21.42B	16.69B
Change in Other Net Operating Assets	-6.79B	-11.43B	107B	37.98B	91.26B
Cash from Operations	-220B	-104B	293B	364B	382B
Capital Expenditure	-89.69B	-161B	-117B	-218B	-290B
Sale of Property, Plant, and Equipment	1.44B	4.29B	13.1B	2.3B	9.13B
Cash Acquisitions	-	-4.97B	-3.09B	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.28B	-2.02B	-4.3B	-1.76B	981M
Other Investing Activities, Total	-1.49B	-9.76B	-996M	22.43B	-1.24B
Cash from Investing	-91.01B	-174B	-113B	-195B	-281B
Short Term Debt Issued, Total	-	19M	6.76B	-	1.22B
Long-Term Debt Issued, Total	257B	434B	53.23B	44.49B	107B
Total Debt Issued	257B	434B	59.99B	44.49B	108B
Short Term Debt Repaid, Total	-54M	-	-	-7.38B	-
Long-Term Debt Repaid, Total	-20.54B	-40.26B	-58.78B	-80.82B	-97.21B
Total Debt Repaid	-20.59B	-40.26B	-58.78B	-88.2B	-97.21B
Issuance of Common Stock	183B	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-31M	-7M	-2M	-23.92B	-37.06B
Common & Preferred Stock Dividends Paid	-31M	-7M	-2M	-23.92B	-37.06B
Other Financing Activities, Total	-30.3B	-34.38B	-39.67B	-37.39B	-38.9B
Cash from Financing	389B	359B	-38.46B	-105B	-64.91B
Foreign Exchange Rate Adjustments	1.09B	3.93B	3.34B	10.8B	-347M
Miscellaneous Cash Flow Adjustments	-1M	-1M	-	-1M	-1M
Net Change in Cash	79.19B	85.89B	145B	74.62B	35.16B
Supplemental Items
Cash Interest Paid	1.41B	5.26B	9.98B	11B	11.39B
Cash Income Tax Paid (Refund)	-10.04B	5.34B	10.57B	1.04B	2.38B
Levered Free Cash Flow	-49.88B	-266B	209B	64.52B	32.99B
Unlevered Free Cash Flow	-48.05B	-262B	217B	72.95B	41.22B
Change In Net Working Capital	-101B	120B	-147B	-47.55B	-75.88B
Net Debt Issued / Repaid	236B	394B	1.21B	-43.72B	11.05B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	-12.6	-7.09	1.2	3.62	3.65
Return on Total Capital	-17.72	-9.71	1.66	5.17	5.3
Return On Equity %	-27.24	-19.87	3.98	10.63	11.46
Return on Common Equity	-28.08	-20.32	4.26	11.07	11.36
Margin Analysis
Gross Profit Margin %	-12.67	16.51	43.74	49.1	51.23
SG&A Margin	-	-	-	-	-
EBITDA Margin %	-43.46	-11	14.93	18.14	17.08
EBITA Margin %	-83.07	-37.19	3.43	9.06	8.63
EBIT Margin %	-83.07	-37.19	3.43	9.06	8.63
Income From Continuing Operations Margin %	-59.82	-26.56	2.46	5.81	6.11
Net Income Margin %	-59.58	-26.01	2.5	5.78	5.8
Net Avail. For Common Margin %	-59.58	-26.01	2.5	5.78	5.8
Normalized Net Income Margin	-51.53	-22.14	2.11	5.79	5.03
Levered Free Cash Flow Margin	-10.37	-39.02	15.19	3.91	1.79
Unlevered Free Cash Flow Margin	-9.99	-38.31	15.75	4.42	2.24
Asset Turnover
Asset Turnover	0.24	0.3	0.56	0.64	0.68
Fixed Assets Turnover	0.47	0.65	1.32	1.56	1.6
Receivables Turnover (Average Receivables)	5.84	6.93	9.32	9.5	9.62
Inventory Turnover (Average Inventory)	21.61	20.74	22.75	20.84	19.2
Short Term Liquidity
Current Ratio	1.19	1.6	1.38	1.39	1.31
Quick Ratio	1.02	1.31	1.22	1.2	1.14
Operating Cash Flow to Current Liabilities	-0.46	-0.22	0.44	0.49	0.46
Days Sales Outstanding (Average Receivables)	62.45	52.68	39.17	38.54	37.93
Days Outstanding Inventory (Average Inventory)	16.89	17.6	16.04	17.56	19.01
Average Days Payable Outstanding	89.16	60.43	53.9	63.91	68.4
Cash Conversion Cycle (Average Days)	-9.82	9.86	1.31	-7.81	-11.47
Long Term Solvency
Total Debt/Equity	52.48	109.99	108	93.56	88.13
Total Debt / Total Capital	34.42	52.38	51.92	48.34	46.85
LT Debt/Equity	45.39	99.71	94.93	82.29	78.83
Long-Term Debt / Total Capital	29.77	47.48	45.64	42.51	41.9
Total Liabilities / Total Assets	53.42	64.41	66	64.2	63.62
EBIT / Interest Expense	-136.62	-33.15	3.76	11.09	12.07
EBITDA / Interest Expense	-71.48	-9.81	16.4	22.2	23.89
(EBITDA - Capex) / Interest Expense	-102.13	-30.86	7.02	6.04	1.9
Total Debt / EBITDA	-2.46	-12.36	4.51	2.96	2.84
Net Debt / EBITDA	-0.51	-5.78	1.39	0.58	0.47
Total Debt / (EBITDA - Capex)	-1.72	-3.93	10.54	10.88	35.86
Net Debt / (EBITDA - Capex)	-0.36	-1.84	3.26	2.13	5.88
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-65.9	41.87	101.49	20.09	11.64
Gross Profit, 1 Yr. Growth %	-118.19	-284.96	433.69	34.79	16.48
EBITDA, 1 Yr. Growth %	-187.64	-64.09	-373.36	45.91	5.13
EBITA, 1 Yr. Growth %	-497.23	-36.48	-118.56	217.48	6.3
EBIT, 1 Yr. Growth %	-497.23	-36.48	-118.56	217.48	6.3
Earnings From Cont. Operations, 1 Yr. Growth %	-601.17	-37.01	-118.68	183.12	17.44
Net Income, 1 Yr. Growth %	-636.81	-38.07	-119.39	177.53	12.04
Normalized Net Income, 1 Yr. Growth %	-503.5	-39.04	-119.17	229.78	-3
Diluted EPS Before Extra, 1 Yr. Growth %	-591.45	-46.89	-119.39	177.53	12.11
Accounts Receivable, 1 Yr. Growth %	-12.69	56.75	45.36	-1.08	21.49
Inventory, 1 Yr. Growth %	-10.61	32.09	17.48	19.6	13.14
Net Property, Plant and Equip., 1 Yr. Growth %	4.77	0.71	-2.37	6.59	10.81
Total Assets, 1 Yr. Growth %	13.33	12.55	6.28	5.1	5.5
Tangible Book Value, 1 Yr. Growth %	-14.14	-16.99	2.93	12.25	7.05
Common Equity, 1 Yr. Growth %	-13.46	-15.59	2.07	11.47	7.16
Cash From Operations, 1 Yr. Growth %	-465.68	-52.83	-382.88	24.25	4.83
Capital Expenditures, 1 Yr. Growth %	-62.57	79.86	-27.16	85.61	32.97
Levered Free Cash Flow, 1 Yr. Growth %	-45.36	433.99	-178.43	-69.12	-48.87
Unlevered Free Cash Flow, 1 Yr. Growth %	-47.13	444.35	-182.85	-66.34	-43.49
Dividend Per Share, 1 Yr. Growth %	-	-	-	200	14.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-43.12	-30.45	69.07	55.55	15.78
Gross Profit, 2 Yr. CAGR %	-61.54	-41.99	214.19	168.21	25.3
EBITDA, 2 Yr. CAGR %	-16.54	-43.9	-0.92	99.71	23.85
EBITA, 2 Yr. CAGR %	50.64	58.84	-65.66	-23.23	83.71
EBIT, 2 Yr. CAGR %	50.64	58.84	-65.66	-23.23	83.71
Earnings From Cont. Operations, 2 Yr. CAGR %	36.22	77.68	-65.7	-27.28	82.34
Net Income, 2 Yr. CAGR %	37.88	82.33	-65.35	-26.65	76.34
Normalized Net Income, 2 Yr. CAGR %	52.15	56.84	-65.81	-20.49	78.85
Diluted EPS Before Extra, 2 Yr. CAGR %	33.06	61.56	-67.91	-26.65	76.39
Accounts Receivable, 2 Yr. CAGR %	-29.04	16.98	50.95	19.92	9.63
Inventory, 2 Yr. CAGR %	3.92	8.66	24.57	18.54	16.32
Net Property, Plant and Equip., 2 Yr. CAGR %	6.07	2.72	-0.85	2.01	8.68
Total Assets, 2 Yr. CAGR %	1.88	12.94	9.37	5.69	5.3
Tangible Book Value, 2 Yr. CAGR %	-10.58	-15.57	-7.56	7.49	9.62
Common Equity, 2 Yr. CAGR %	-9.82	-14.53	-7.18	6.67	9.29
Cash From Operations, 2 Yr. CAGR %	-13.99	31.34	15.51	87.48	14.13
Capital Expenditures, 2 Yr. CAGR %	-36.46	-17.95	14.45	16.27	57.1
Levered Free Cash Flow, 2 Yr. CAGR %	-16.28	70.81	104.64	-50.78	-60.26
Unlevered Free Cash Flow, 2 Yr. CAGR %	-18.11	69.65	112.37	-47.19	-56.39
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	85.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-29.67	-22.86	-0.85	50.85	39.27
Gross Profit, 3 Yr. CAGR %	-46.12	-35.08	21.55	136.96	103.11
EBITDA, 3 Yr. CAGR %	-9.84	-36.99	-4.89	12.72	61.26
EBITA, 3 Yr. CAGR %	31.81	12.96	-22.34	-27.93	-14.43
EBIT, 3 Yr. CAGR %	31.81	12.96	-22.34	-27.93	-14.43
Earnings From Cont. Operations, 3 Yr. CAGR %	26.86	5.34	-16.14	-30.68	-14.68
Net Income, 3 Yr. CAGR %	28.41	5.59	-13.62	-30.67	-15.52
Normalized Net Income, 3 Yr. CAGR %	34.13	12.17	-22.16	-27.23	-15.04
Diluted EPS Before Extra, 3 Yr. CAGR %	25.91	-2.03	-20.31	-34.13	-15.51
Accounts Receivable, 3 Yr. CAGR %	-20.14	-7.59	25.77	31.12	20.44
Inventory, 3 Yr. CAGR %	2.49	12.57	11.53	22.89	16.71
Net Property, Plant and Equip., 3 Yr. CAGR %	5.88	4.25	0.99	1.57	4.86
Total Assets, 3 Yr. CAGR %	4.36	5.32	10.67	7.93	5.63
Tangible Book Value, 3 Yr. CAGR %	-3.84	-12.77	-9.81	-1.38	7.34
Common Equity, 3 Yr. CAGR %	-3.68	-11.79	-9.32	-1.34	6.83
Cash From Operations, 3 Yr. CAGR %	-7.96	-29.6	69.61	18.36	54.45
Capital Expenditures, 3 Yr. CAGR %	-24.45	-10.12	-21.15	34.47	21.59
Levered Free Cash Flow, 3 Yr. CAGR %	15.04	55.26	31.77	8.95	-50.16
Unlevered Free Cash Flow, 3 Yr. CAGR %	13.05	53.97	33.6	14.93	-45.98
Dividend Per Share, 3 Yr. CAGR %	-	-	-23.11	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-18.48	-11.94	-0.11	2.12	5.5
Gross Profit, 5 Yr. CAGR %	-31.52	-20.81	9.08	14.5	23.04
EBITDA, 5 Yr. CAGR %	-6.82	-22.35	-6.38	-0.04	5.71
EBITA, 5 Yr. CAGR %	13.83	8.31	-23.04	-3.21	9.59
EBIT, 5 Yr. CAGR %	13.83	8.31	-23.04	-3.21	9.59
Earnings From Cont. Operations, 5 Yr. CAGR %	9.73	1.2	-24.81	-9.17	14.42
Net Income, 5 Yr. CAGR %	10.44	1.58	-23.96	-8.73	14.92
Normalized Net Income, 5 Yr. CAGR %	15.04	8.25	-22.37	-2.25	8.57
Diluted EPS Before Extra, 5 Yr. CAGR %	9.71	-2.31	-27.12	-12.74	9.5
Accounts Receivable, 5 Yr. CAGR %	-9.64	-3.29	3.02	2.56	19.05
Inventory, 5 Yr. CAGR %	3.11	8.17	10.81	14.92	13.42
Net Property, Plant and Equip., 5 Yr. CAGR %	7.49	5	3.14	3.35	4
Total Assets, 5 Yr. CAGR %	5.94	6.53	6.33	5.47	8.49
Tangible Book Value, 5 Yr. CAGR %	2.38	-4.06	-5.34	-5.17	-2.49
Common Equity, 5 Yr. CAGR %	2.36	-3.83	-5.1	-4.82	-2.29
Cash From Operations, 5 Yr. CAGR %	-6.81	-16.37	0.79	4.17	44.75
Capital Expenditures, 5 Yr. CAGR %	-15.7	-7.1	-10.8	-0.37	3.89
Levered Free Cash Flow, 5 Yr. CAGR %	0.75	44.05	44.85	-1.94	-18.42
Unlevered Free Cash Flow, 5 Yr. CAGR %	-0.3	43.89	45.47	0.36	-14.63
Dividend Per Share, 5 Yr. CAGR %	-	-	-25.65	-7.37	9.35