September 2025 Amtrak Financial Report
The September Report was dated October 31, 2025, and posted on November 4, 2025. Once again, the Cash Flow Report was eliminated. Consequently, we no longer know what appropriated funds were received each month, nor the other financial capital payments. The elimination was the only normal form used to evaluate the organization's fiscal health.
We no longer know the breakdown between the NEC and the remaining National System. However, the entire system had a cash operating deficit of $598.4 million for the year. As a result, we no longer know how much money is in the NEC and National System Accounts.
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, 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 $437.394 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.
September’s burn rate was $603.5 million.
This last item is more speculative, since the amount of debt maintenance payments is unknown, and the source material shows figures only to the hundreds of millions rather than to the thousands.
The total Capital Spending for the year to date is: $5.5 billion and breask down as:
Capital Renewal $990.5 million
Mechanical $551.6 million
Operations $30.5 million
Digital Technology $332.1 million
ADA $182.0 million
Stations & Facilities $101.1 million
Amtrak Police & Emergency Management $0.2 million
Safety $2.0 million
Environmental $6.8 million
Procurement and other $3.2 million
Acela 21 $197.7 million
Bridges and Tunnel $1.3 billion
Mega Program $22.2 Million
Strategy & Planning $271.9 million
B&P Tunnel $312.7 million
Intercity Trainsets $367.1 million
Major Stations $220.3 million
Long-Distance Equipment Procurement $7.2 million.
Facilities $368.4 million
Power $20.5 million
Finance and other $269.3 million
Total was $1.0 billion more than FY2024 for the same period.
The GAAP Loss for the year is $1.8 billion, $48.8 million better than FY2024. The cash operating earnings for the year were $106.8 million, up from FY2024. The cash operating loss for September 2025 alone was $45.7 million.
For cash operating earnings, the corporation is $68.7 million ahead of their prediction for the year. The GAAP figure is $695.3 million better than the Forecast.
The number of product lines showing an operating surplus for the period was five. The four that were measurable:
Northeast Regional $192.8 million
Acela $177.8 million
Auto Train $9.3million
Maple Leaf $3.6 million
The four Virginia product lines generated a total loss of $31.8 million.
Ridership for the Fiscal Year is more than 1,665,000 from FY2024. For the year, it was 34,471.500 (Amtrak reports ridership to the nearest 100). The total number of riders in September was 2,845.100.
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