October 2025 Amtrak Financial Report
The September Report was dated November 28, 2025, and posted on December 2, 2025. The cash flow report is back.
The NEC recorded an operating surplus of $54.4 million, while the remaining National System recorded an operating deficit of $71.3 million. Combined, the deficit was $16.9 million.
The NEC has capital expenditures of $297.0 million, debt service of $10.1 million, and, with Federal Grants and Capital Sources, a carryover balance for the year of $1.2 billion plus any accumulated reserves from previous years.
The National System had capital expenditures of $1.5 billion and debt service of $0.02 million. With Federal Grants and Capital Sources, it has a carryover balance of $1.2 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 $2.7 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. The accumulated reserves and current ratio are down slightly from last year.
In October 2025, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $475.0 million.
The total Capital Spending for the year to date is $447.9 million and breaks down as:
Capital Renewal $86.4 million
Mechanical $32.0 million
Operations $2.9 million
Digital Technology $19.6 million
ADA $18.2 million
Stations & Facilities $6.9 million
Amtrak Police & Emergency Management $0.1 million
Safety $0.0 million
Environmental $1.1 million
Procurement and other $0.0 million
Acela 21 $15.8 million
Bridges and Tunnel $105.5 million
Mega Program $0.3 Million
Strategy & Planning $37.9 million
B&P Tunnel $34.8 million
Intercity Trainsets $5.2 million
Major Stations $11.5 million
Long-Distance Equipment Procurement $0.3 million
Facilities $66.8 million
Power $2.3 million
Finance and other $0.3 million
The total was $92.0 million more than FY2025 for the same period.
The GAAP loss for the year-to-date period appears to be $113.0 million, which is $6.7 million worse than FY2025. The cash operating earnings for the year to date was $0.2 million worse than in FY2025. The cash operating loss for October 2025 alone was $16.9 million.
For cash operating earnings, the corporation is $11.0 million ahead of its year-end forecast. The GAAP figure is $45.5 million better than the Forecast.
The number of product lines showing an operating surplus for the period was five. Two more product lines broke even. The two product lines that were measurable:
Northeast Regional $30.1 million
Acela $30.2 million
The four Virginia product lines generated a total loss of $3.0 million.
Ridership for the Fiscal Year so far is more than 71,700 from FY2025. For the year, it stands at 3,104.300 (Amtrak reports ridership to the nearest 100). The total number of riders in October was 3,104.300.
Congress passed three of the 12 budget bills, along with a continuing resolution, by January 30, 2026. Work is underway on the Defense Authorization Bill, which has passed both houses of Congress. 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 Energy Department. The second appropriates money for the Treasury Department. IRS, Office of the President, the Judiciary, the District of Columbia local government, and over 2 dozen independent Federal Agencies. The news reports indicate that other budget bills might be included, such as the Defense Appropriation and Interior & Environment.
In positive news, progress is being made on one of the tubes from New York Penn Station to Sunnyside. A completed boring machine is being shipped to the Palisades. Construction of the second Long Bridge over the Potomac is due to begin in January.
Steve Musen, Representative from Rhode Island to NARP's Council of Representatives