July 2025 Amtrak Financial Report

• The July Report was dated August 29, 2025, and posted early on August 27, 2025. This was the second consecutive month that the financial report was posted before its scheduled date.

• The NEC generated for the year so far, a cash operating surplus of $279.651 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $804.956 million. Combined, the entire system had for the period a cash operating deficit of $525.3 million.

• Year-to-date, the NEC has made debt service payments totaling $ 475.92 million and capital expenditures of $3.0 billion. Counting all capital sources, the NEC Account has a negative balance of $195.7 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 $1.5 billion was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $601.9 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 $3.5 billion. Amtrak has also received $1.2 billion 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 $3.2 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2024, to $3.7 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 $412.876 million.

  • In November, the burn rate was $437.394 million.

  • In December, the burn rate was $419.605 million.

  • In January, the burn rate was $645.293 million.

  • In February, the burn rate was $707.837 million.

  • In March, the burn rate was $516.407 million. 

  • In April, the burn rate was $737.818 million.

  • In May, the burn rate was $454.289 million.

  • In June, the burn rate was $726.085 million.

  • In July the burn rate was $454.836 million. 

• The total Capital Spending for the year to date is $4.5 billion and breaks down into categories:

  • Capital Renewal $783.7 million

  • Mechanical $482.8 million

  • Operations $23.2 million

  • Digital Technology $252.8 million

  • ADA $148.6 million

  • Stations & Facilities $73.8 million

  • Amtrak Police & Emergency Management $0.1 million

  • Safety $1.5 million

  • Environmental $4.8 million

  • Procurement and other $2.8 million

  • Acela 21 $165.3 million

  • Gateway is separated into two categories:

    • Bridges and Tunnel $1.0 billion

    • Mega Program $21.2 Million.

  • Strategy & Planning $198.0 million 

  • B&P Tunnel $259.4 million

  • Intercity Trainsets $299.9 million

  • Major Stations $196.4 million

  • Long-Distance Equipment Procurement $5.9 million.

  • Facilities $272.3 million

  • Power $21.6 million

  • Finance and other $276.1 million

  • The total was $1.4 billion more than in FY2024 for the same period.

• The GAAP Loss for the year so far appears to be $1.5 billion, which is $55.4 million better than the same period in FY2024.  The cash operating earnings for the year were $110.0 million, exceeding those of FY2024. The cash operating loss for just the month of July 2025 was $53.9 million.

• For cash operating earnings, the corporation is $29.2 million ahead of its year-to-date prediction. The GAAP figure is $225.6 million better than the Forecast.

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

  • Acela $147.8 million

  • Northeast Regional $162.5 million

  • Auto Train $10.3million

  • Maple Leaf $3.7 million

• The four Virginia product lines generated a total loss of $27.0 million.

• Ridership for the Fiscal Year so far is more than 1,572,200 from FY2024. For the year, it stands at 28,591,200 (Amtrak reports ridership to the nearest 100). The total number of riders in June was 3,068,500.  

• The New Acelas have finally entered revenue service. Currently, five sets are being used. Between Boston, Providence, and New York, there are two round-trip trains on Weekdays and somewhat fewer on the weekend.

• The New Orleans-Mobile service has commenced with two round-trips daily.

• However, equipment shortages and locomotive failures have hampered the Amtrak system nationwide.

• The Trump Administration has been making speeches about taking control of Washington Union Station and New York Penn Station. The impact on Amtrak's control is unclear at this time.

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