Novermber 2025 Amtrak Financial Report

• The November Report was dated December 31, 2025, and posted on December 31, 2025. 

• The NEC had an operating surplus of $110.345 million, and the remaining National System had an operating deficit of $134.4 million. Combined, the deficit was $24.1 million.

• NEC has capital expenditures of $552.7 million, debt service of $29.1 million, a carryover balance of $1.2 billion, and any accumulated reserves from previous years.  

• The National System had capital expenditures of $2.63 billion and $0.047 million in debt service. With Federal Grants and Capital Sources, it has a carryover balance of $1.1.4 billion plus any accumulated reserves from previous years. 

• The combined accumulated reserves at 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, 2025, to $3.1 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.38, indicating that Amtrak would be quite creditworthy for any new 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 $394.7 million.

• The total Capital Spending for the year to date is $816.3 million and breaks down as:

  • Capital Renewal $154.2 million

  • Mechanical $55.2 million

  • Operations $6.6 million

  • Digital Technology $33.0 million

  • ADA $35.9 million

  • Stations & Facilities $14.8 million

  • Amtrak Police & Emergency Management $0.1 million

  • Safety $0.0 million

  • Environmental $1.9 million

  • Procurement and other $0.1 million

  • Acela 21 $27.3 million

  • Bridges and Tunnel $214.6 million

  • Mega Program at $0.5 Million

  • Strategy & Planning $71.2 million 

  • B&P Tunnel $55.4 million

  • Intercity Trainsets $9.8 million

  • Major Stations $24.1 million

  • Long-Distance Equipment Procurement $0.6 million

  • Facilities $105.7 million

  • Power $4.7 million

  • Finance and other $0.5 million

  • Total was $70.8 million more than FY2025 for the same period. 

• The GAAP loss for the year-to-date appears to be $221.1 million, which is $17.7 million better than FY2025. The cash operating earnings for the year-to-date period were $21.0 million, better than in FY2025. The cash operating loss for November 2025 alone was $7.2 million.

• For cash operating earnings, the corporation is $24.8 million ahead of its forecast for the fiscal year to date. The GAAP figure is $91.4 million better than the Forecast.

• The number of product lines showing an operating surplus for the period was six. One more product line broke even. The six product lines that were measurable:

  • Northeast Regiona $63.7 million

  • Acela $58.9 million

  • Chicago-St. Louis $1.9 million

  • Auto Train $1.7 million

  • Illini $1.5 million

  • Illinois Zephyr $1.2 million

• The four Virginia product lines generated a total loss of $7.6 million.

• Ridership for the Fiscal Year so far is more than 341,200 from FY2025. For the year, it stands at 6,227,30 (Amtrak reports ridership to the nearest 100). The total number of riders in November was 3,227,100.  

• The Senate Appropriations Committee is working on another minibus. Included are the Water & Energy Appropriation and Finance & General Services. The first supports the Corps of Engineers and the Department of Energy. The second appropriates funds for the Treasury Department, the IRS, the Office of the President, the Judiciary, the District of Columbia local government, and over 2 dozen independent Federal Agencies. The Homeland Security budget bill they would like to include is not bipartisan. The Interior bill has serious problems, as the Trump Administration clawed back money that had already been appropriated to Colorado (in an act of retribution against that state). The recent kidnapping of Venezuelan President Maduro and his wife, and threats to seize Greenland is causing huge problems for the Defense Appropriation. With the continuing resolution set to expire at the end of January, most of the Government would shut down. The THUD Budget bill has not been mentioned in recent news.

• The boring machines are scheduled to arrive in New Jersey, but they will need further testing after reassembly. Boring the new Hudson Tunnels may not begin until May of this year.

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