August 2025 Amtrak Financial Report

• The August Report was dated September 30, 2025, and posted early on September 27, 2025. This was the third month in a row that the financial report was posted before its date.

• The NEC generated, year-to-date, a cash operating surplus of $308.8 million (as determined by their accounting system), while the remainder of the system recorded an operating cash loss of $861.6 million. Combined, the entire system had a cash operating deficit of $552.7 million for the period.

• In the year-to-date period, the NEC made debt service payments totaling $3,968 and capital expenditures totaling $3.3 billion. Counting all capital sources, the NEC Account has a positive balance of $305.5 million. It also has the cash reserves remaining from previous years. However, last month, it reported spending $475.9 million on debt service, which might cast doubt on the veracity of Amtrak's accounting system.

• For the rest of the National System, $0.00 million was needed for Debt service, and $1.7 billion was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $658.5 million. It also has the accumulated surplus from previous years.

• The amount of appropriated funds for the combined NEC and National Network received through the year-to-date period was $3.8 billion. Amtrak has also received $1.4 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 $3.188 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, indicating that Amtrak would be quite creditworthy for any new borrowings.

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

  • November’s burn rate was $437.4 million.

  • December’s burn rate was $419.6 million.

  • January’s burn rate was $645.3 million.

  • February’s burn rate was $707.8 million.

  • March’s burn rate was $516.4 million. 

  • April’s burn rate was $737.8 million.

  • May’s burn rate was $454.3 million.

  • June’s burn rate was $726.1 million.

  • July’s burn rate was $454.8 million.

  • August’s burn rate was $3.5 million.

• Capital Spending total year to date was $5.0 billion and breaks down as:

  • Capital Renewal $874.6 million

  • Mechanical $514.5 million

  • Operations $25.7 million

  • Digital Technology $283.7 million

  • ADA $165.1 million

  • Stations & Facilities $82.6 million

  • Amtrak Police & Emergency Management $0.1 million

  • Safety $1.8 million

  • Environmental $5.8 million

  • Procurement and other $2.8 million

  • Acela 21: $185.2 million

  • Bridges and Tunnel $1.1 billion

  • Mega Program $21.7 Million

  • Strategy & Planning $245.0 million

  • B&P Tunnel $282.8 million

  • Intercity Trainsets $304.6 million

  • Major Stations $208.3 million

  • Long-Distance Equipment Procurement $6.4 million.

  • Facilities $305.5 million

  • Power $25.8 million

  • Finance and other $277.5 million

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

• The GAAP Loss for the year to date appears to be $1.6 billion, $67.5 million better than the same period in FY2024. The cash operating earnings for the year were $101.6 million, up from FY2024. The cash operating loss for August 2025 alone was $81.3 million.

• For cash operating earnings, the corporation is $55.6 million ahead of its year-to-date forecast. The GAAP figure is $293.5 million better than the Forecast.

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

  • Northeast Regiona $180.7 million

  • Acela $158.0 million

  • Auto Train $11.3million

  • Maple Leaf $3.5 million

• The four Virginia product lines generated a total loss of $29.7 million.

• Ridership for the Fiscal Year so far is more than 1,639,700 from FY2024. For the year, it stands at 31,626.400 (Amtrak reports ridership to the nearest 100). The total number of riders in August was 3,035.200.  

• The Trump Administration has paused the funds already appropriated for the Hudson Tunnels in a blatant act of retaliation against the Democrats for not rolling over to his policies. 

• Congress failed to pass a single one of the 12 budget bills despite having two of them passed by both the House and Senate by the end of July. A motion to conference should have been followed through, and the impact of any government shutdown minimized. Instead, Congress has maintained the tradition of not passing a single budget bill prior to the end of the fiscal year.

• No one is predicting how long the shutdown will last. The House, of course, has been on extended recess to prevent the full release of the Epstein Records.

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