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ORR protects the interests of rail and road users. We are improving the safety, value, and performance of railways and roads, today and in the future.

Rail industry finance (UK)

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Annual statistics reporting income and expenditure for Network Rail, passenger operators (both franchised and open access) and other sectors of the UK rail industry including Northern Ireland. It also includes data for government support to the rail industry. Before 2019-20, detailed analysis was published in the UK rail industry financials.

For details on how these statistics are compiled, please see our Rail finance quality and methodology report and for information on any revisions, please see our Revisions log.

Data and reports that include previous statistical releases on Rail investment and subsidies can be found on the National Archives. Previous UK rail industry financial reports can be found on the ORR website.

Our statistical practice is regulated by the Office for Statistics Regulation (OSR).

If you have any questions or feedback on these statistics, please contact rail.stats@orr.gov.uk

Latest statistical release

Rail industry finance (UK), April 2023 to March 2024
Rail industry finance (UK), April 2023 to March 2024

Date published: 28 Nov 2024
Date next published: TBC

Key results

  • In the latest year (April 2023 to March 2024), passenger revenue continued to recover from the impact of the pandemic, allowing government financial support to the industry to fall. The first full year of operations for Elizabeth line and fewer days of industrial action compared with the previous year led to the increase in passenger revenue.
  • Total income for the operational rail industry was £25.4 billion. Adjusted for inflation this is an increase of 5.7% compared with the previous year. This consisted of £12.5 billion from government funding, £11.0 billion from passenger operators (£10.4 billion of fares and £0.7 billion of other operator income), and £1.9 billion from other sources.
  • Total expenditure for the operational rail industry was £25.1 billion. Adjusted for inflation this is a 6.6% decrease compared with the previous year. This consisted of £12.5 billion of franchised train operator expenditure, £11.1 billion of Network Rail expenditure and £1.4 billion of expenditure by other parts of the rail industry.