February 2025 Amtrak Financial Report

• The February Report was dated March 31, 2025, and posted by April 1, 2025. 

• The NEC generated for the year a cash operating surplus of $144.940 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $429.5 million. Combined, the entire system had, for the period, a cash operating deficit of $284.6 million.

• Year to date, the NEC made debt service payments totaling $111.9 million and capital expenditures of $1.5 billion. Counting all capital sources, the NEC Account has a positive balance of $33.2 million. It also has the cash reserves remaining from previous years.

• For the rest of the National System, $0.00 million was needed for Debt service and $768.6 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $327.5 million. It also has the accumulated surplus from previous years.

• The amount of appropriated money for the combined NEC and National Network received to date for the year was $1.7 billion. Amtrak has also received $643.3 million from other capital sources for the entire system. 

• The combined accumulated reserves at October 1, 2024, totaled $254 million in cash and cash equivalents, $222 million in short-term investments, and $3.188 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2024, to $3.664 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.43, which would make Amtrak quite creditworthy for any fresh borrowings.

• In October 2024, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $412.9 million.

  • In November, the burn rate was $437.4 million.

  • In December, the burn rate was $419.6 million.

  • In January, the burn rate was $645.3 million.

  • In February, the burn rate was $707.8 million.

• Capital Spending for the year to date is $2.3 billion broken down into categories:

  • Capital Renewal $433.8 million

  • Mechanical $315.9 million

  • Operations $10.4 million

  • Digital Technology $126.9 million

  • ADA $75.9 million

  • Stations & Facilities $29.4 million

  • Amtrak Police & Emergency Management $1.4 million

  • Safety $0.8million

  • Environmental $1.4million

  • Procurement and other $2.1 million

  • Acela 21 $54.1 million

  • Mega Program looks like it has been separated into Bridges and Tunnel at $438.6 million and Mega Program at $17.0 million

  • Real Estate, Strategy & Planning $78.7 million

  • B&P Tunnel was $133.6 million

  • Intercity Trainsets $19.0 million

  • Major Stations $98.6 million

  • Long-Distance Equipment Procurement $3.2million.

  • Facilities $118.4 million

  • Power $9.8 million

  • The total was $1.0 billion more than FY2024 for the same period.

• The GAAP Loss for the year so far appears to be $778.6 million, which is $73.4 million better than the same period in FY2024.  The cash operating earnings for the year were $128.1 million, surpassing those of FY2024.

• For cash operating earnings, the corporation is $22.3 million ahead of its year-to-date prediction. The GAAP figure is $89.9 million better than the Forecast.

• The number of product lines showing an operating surplus for the period was 6. The five that were measurable:

  • Northeast Regional $74.9 million

  • Acela $67.3 million

  • Maple Leaf $3.2 million

  • Auto Train $2.9 million

  • Adirondack $1.0 million

• The four Virginia product lines generated a total loss of $10.1 million.

• Ridership for the Fiscal Year so far is more than 886,700 from FY2024. For the year, it stands at 13,777,400 (Amtrak reports ridership to the nearest 100). The total number of riders in February was 2,362.600. Compared to the usual Februarys, this was one of the better ones. 

• The entire Horizon Fleet has been taken out of service due to structural problems discovered during recent examinations. The elimination (temporary or permanent) left many corridor services with no functioning cars. As a result, the NEC is now reducing the number of cars on the Northeast Regionals and shipping the extra cars west. Since Amtrak was running 10-car trains, the reduction of the consist will likely impact further growth in ridership on the NEC. The lack of any cars obviously hurt those corridors that had Horizons.  There is a serious question as to whether the Horizons will return (in smaller numbers) or whether they will have a new life as Coors Beer Cans. 

• Aggravating the situation has been the delay in instituting the new Acela II Trains. Many of the train sets have been delivered. However, due to inoperability problems, the sets have not been able to be used. Meanwhile, the original Acela train sets are in poor condition, with several sets permanently withdrawn from service. If the operating problems are solved, the new Acelas will replace the existing ones. But the replaced equipment can not be used elsewhere (nor would it be a good idea if they could). The new sets have more coach seats than the original Acelas which would help with the demand on the NEC.

• The North Portal Bridge is now laying track on the completed bridge. Things are looking good for passenger trains to be able to use at least one track on it next spring. 

• The Administration has unleashed a firestorm with the new tariffs. The new budget proposal for FY2026 has not been released yet, which would slow down the appropriation process if the House of Representatives were able to conduct business. The Senate has passed an outline that cuts spending, but numerous Freedom Caucus members intend to vote against it since they don't think it is drastic enough. 

Steve Musen, Representative from Rhode Island to NARP's Council of Representatives