Railway companies in Japan, which have successfully managed their business using TOD approach, now face a decrease in the general population under a motorised society. They are trying to cooperate with residents along their operating lines by expanding their activities, but it is unclear what residents expect of railway companies and to what extent residents are satisfied with these companies. This paper uses questionnaire survey data to explore this issue quantitatively. Expectations and satisfaction are examined using both aggregate and disaggregate analysis. In disaggregate analysis, expectations and satisfaction are jointly modelled in bivariate ordered probit models to investigate the interrelationships between them. The results are as follows. Residents have high expectations in various issues, and those in metropolitan areas tend to be satisfied with the transportation-related services provided by railway companies. However, there is quite a large amount of dissatisfaction with railway company activities in fields other than transportation. Expectations and satisfaction depend on the respondents’ attributes, including residential geographical conditions, and these vary even among stations within the same company, but expectations and satisfaction have little relationship to whether or not residents frequently travel by train.