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12/4/2024
Amtrak logged 32.8 million passenger trips in fiscal-year 2024, a 15% increase over FY2023 and an all-time record as demand for passenger-rail service has continued to increase across the nation, Amtrak officials announced yesterday.
The intercity national passenger railroad reported FY2024 ticket revenue of $2.5 billion, up 9%, and total operating revenue of $3.6 billion, up 7%, year over year. The total operating revenue includes payments from state partners for Amtrak's state-supported routes.
Amtrak posted an adjusted operating earnings loss of $705.2 million, a 9% improvement of the railroad's bottom line in FY2023. Amtrak fiscal years end on Sept. 30.
Also last year, Amtrak invested an unprecedented $4.5 billion into major infrastructure and fleet projects, creating the largest boom in rail construction in its history. On the service side, the railroad launched one new train service and expanded four additional routes.
“Breaking our ridership record is just the beginning,” said Amtrak CEO Stephen Gardner in a press release. “This record ridership shows that travelers throughout the U.S. want efficient travel options, and we are committed to meeting that demand. Through bold investments, strong partnerships with states and host railroads, and dedicated planning, we are doubling down on our vision to connect more people and communities like never before.”
Amtrak's investments were made in projects such as building new bridges and tunnels, upgrading its fleet and stations, and laying the groundwork for future corridor expansion. The railroad has a goal of doubling ridership to 66 million by 2040.
“We are modernizing our network and fleet so we can make every journey with Amtrak world-class,” said Amtrak President Roger Harris. “As we build for the future, our investments in new equipment, expanded service, and critical infrastructure will continue to elevate the experience from coast to coast.”
More information about Amtrak's FY2024 is available here.