February 2026 Amtrak Financial Report

• The February report was dated March 31, 2026, and posted on March 27, 2026. 

• The Northeast Corridor (NEC) has an operating surplus of $102.4 million and the remaining National System has an operating deficit of $385.9 million. Combined, the deficit is $283.5 million.

• The NEC has capital expenditures of $1.3 billion and debt service of $77.3 million and with federal grants and capital sources, a carryover balance for the year of $124.3 million plus any accumulated reserves from previous years.  

• The National System has capital expenditures of $618.9 million and $0.1 million in debt service. With federal grants and capital sources, it has a carryover balance of negative $220.0 million plus any accumulated reserves from previous years. 

• The combined accumulated reserves as of October 1, 2025, totaled $242 million in cash and cash equivalents, $116 million in short-term investments, and $2.8 billion in available for sale securities. This brings total cash reserves as of October 1, 2024, to $3.1 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.38, which would make Amtrak quite creditworthy for any fresh borrowings. 

• In October 2025, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $475.0 million. In November, the burn rate was $394.741 million.

• Capital Spending for the year to date total: $1.9 billion, broken down into categories:

  • Capital Renewal: $320.9 million;

  • Mechanical: $125.5 million;

  • Operations: $15.7 million;

  • Digital Technology: $90.6 million;

  • ADA: $80.5 million;

  • Stations & Facilities: $27.0 million;

  • Amtrak Police & Emergency Management: $0.1 million;

  • Safety: $0.1 million;

  • Environmental: $3.8 million;

  • Procurement and other: 0.5 million;

  • Acela 21: $55.8 million;

  • Bridges and Tunnel: $545.6 million (Gateway);

  • Mega Program: $5.3 Million (Gateway);

  • Strategy & Planning: $173.7 million;

  • B&P Tunnel: $132.3 million;

  • Intercity Trainsets: $31.2 million;

  • Major Stations: $60.2 million;

  • Long-Distance Equipment Procurement: $1.7 million;

  • Facilities: $236.7 million;

  • Power: $9.6 million;

  • Finance and other: $1.2 million

  • The total was $308.6 million less than FY2025 for the same period. 

• The GAAP loss for the year to date appears to be $771.7 million, which is $6.9 million better than FY2025. The cash operating earnings for the year to date were $3.5 million better than in FY2025. The cash operating loss for January 2026 alone was $208.9 million.

• For cash operating earnings, the corporation is $26.7 million behind its prediction for the fiscal year so far. The GAAP figure is $217.9 million better than the Forecast.

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

  • Northeast Regional: $66.0 million (For February alone it lost money)

  • Acela: $79.2 million

  • Auto Train: $4.5 million (Also lost some money in February)

  • Ethan Allen: $3.1 million 

• The four Virginia product lines generated a total loss of $14.6 million.

• Ridership for the Fiscal Year so far is more than 400,600 from FY2025. However, ridership in February 2026 was lower than in February 2025. Most likely, this was caused by equipment constraints.

• For the year, ridership stands at 11,841.400 (Amtrak reports ridership to the nearest 100). The total number of riders in February was 2,336.500.  

• The Administration published the full 2027 budget request on April 3, 2026, while both houses of Congress were in recess. A huge increase is requested for the Department of Defense, and a corresponding slashing of domestic programs. It is recommended that Amtrak receive $647 million for the NEC and $1.443 billion for the rest of the system. Combined, this is $337 million less than what it received in FY2026. While this may keep the existing system going another year. There is no real money available to order more passenger cars, especially long-distance replacements for the Superliners. 

• One of two tracks on the North Portal Bridge is now in service. The cutover for the other track is set for the Fall.  

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