Amtrak logs ridership, revenue gains in FY23

Amtrak yesterday reported a 24.6% increase in ridership and a 20% increase in total operating revenue in fiscal-year 2023 compared with the same period a year ago.

Amtrak provided a total of 28.6 million customer trips in the fiscal year, which ended Sept. 30. The railroad’s fourth-quarter Northeast Corridor ridership levels were 8% above pre-pandemic levels.

Service resumed on all routes that were suspended during the pandemic and more trains were added to the Northeast Regional, Piedmont and Amtrak Cascades routes. Multiple state-supported Amtrak services also drove ridership gains while setting monthly or annual ridership records, including the Amtrak Downeaster and services in Virginia and North Carolina.

"We’re inspired by the soaring demand for intercity passenger rail and are eager to continue connecting more people and places," said Amtrak CEO Stephen Gardner in a press release.

The railroad logged total operating revenue of $3.4 billion, with the resulting 20% year-over-year increase driven by higher ridership and ticket revenue across all service lines. Amtrak reported a $752.2 million loss in adjusted operating earnings, which was $130 million less than the railroad’s net loss in FY22. The net loss dropped in FY23 because of "strong revenue performance and successful cost containment as Amtrak recovers from the significant cost increase experienced during the pandemic and incurs ramp-up costs to support Amtrak’s infrastructure investment program," Amtrak’s press release stated.

Also in FY23, Amtrak had its largest annual capital investment in its history, investing nearly $3 billion in more modern trains, enhanced stations and facilities, new tunnels and bridges, and other critical infrastructure upgrades.