June 2025 Amtrak Financial Report

• The June Report was dated July 31, 2025, and posted early on July 29, 2025. It was a good month for several reasons, as listed below.

• The NEC generated for the year so far, a cash operating surplus of $274.296 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $745.7 million. Combined, the entire system had a cash operating deficit of $471.4 million for the period.

• Year-to-date, the NEC has made debt service payments totaling $475.8 million and capital expenditures of $2.7 billion. Counting all capital sources, the NEC Account has a negative balance of $183.1 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 $1,413.9 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $526.5 million. It also has the accumulated surplus from previous years.

• The amount of appropriated money for the combined NEC and National Network received for the year to date was $3.245 million. Amtrak has also received $1.1 billion from other capital sources for the entire system. This corrects the situation reported in the May Report.

• 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.

• The total Capital Spending for the year to date is $4.1 billion and breaks down into categories:

  • Capital Renewal $685.2 million

  • Mechanical $447.8 million

  • Operations $21.4 million

  • Digital Technology $227.0 million

  • ADA $133.1 million

  • Stations & Facilities $65.4 million

  • Amtrak Police & Emergency Management $0.1 million

  • Safety $1.3 million

  • Environmental $3.9 million

  • Procurement and other $2.0 million

  • Acela 21: $142.3 million

  • Gateway is separated int:

    • Bridges and Tunnel $920.5 million

    • Mega Program $22.3 million

  • Strategy & Planning $181.5 million 

  • B&P Tunnel $253.5 million

  • Intercity Trainsets $295.6 million

  • Major Stations $171.1 million

  • Long-Distance Equipment Procurement $5.5 million

  • Facilities $240.4 million

  • Power at $18.0 million

  • Finance and other $274.8 million

  • The total was $1.5 billion more than in FY2024 for the same period.

• The GAAP Loss for the year so far appears to be $1.3 billion, which is $97.8 million better than the same period in FY2024. The cash operating earnings for the year were $145.6 million, exceeding those of FY2024. The cash operating loss for just the month of June 2025 was only $9.3 million.

• For cash operating earnings, the corporation is $36.4 million ahead of its year-to-date prediction. The GAAP figure is $206.8 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 $137.8 million

  • Northeast Regional $150.6 million

  • Auto Train $10.1 million

  • Maple Leaf $4.0 million

• The four Virginia product lines generated a total loss of $21.1 million.

• Ridership for the Fiscal Year so far is more than 1,407,500 from FY2024. For the year, it stands at 25,522.700 (Amtrak reports ridership to the nearest 100). The total number of riders in June was 3,038,400.  

• The Senate Appropriations Committee has released a draft THUD bill that provides Amtrak with nearly the same amount as FY2025, without repurposing some of the pre-appropriated BIL funds to cover the cost. An additional $75 million would be appropriated for the Federal/State Partnership. 

• The Senate THUD allocated $3 million towards the Michigan Central Intermodal Passenger Station and $3 million for RIPTA for Bus purchases.

• Amtrak President Harris says some of the Acela II will be running in revenue service soon. This replaces the previous goal of running those Trainsets in the "Spring of 2025". 

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