Amtrak FY 2023: Passenger numbers exceed expectations

Amtrak published their passenger figures for the financial year 2023 (FY23). Amtrak continued its strong growth in Fiscal Year 2023 (FY23) as the company resumed service on all routes and advanced major infrastructure projects that will support plans to double ridership by 2040. In FY23, more than 28 million customers rode Amtrak nationwide, fuelled in part by significant growth on the Northeast Corridor (NEC), where ridership is booming and consistently exceeding pre-pandemic levels since early summer.

“Amtrak ridership continues to set post-pandemic records thanks to our customers who were anxious to travel again and attracted to the many benefits of train travel. This resurgence was made possible by our dedicated employees, our many state and host railroad partners, and ongoing support from the Biden Administration and Congress,” said Amtrak CEO Stephen Gardner. “We’re inspired by the soaring demand for intercity passenger rail and are eager to continue connecting more people and places.”

Multiple State Supported services also drove ridership gains while setting monthly or annual ridership records, including the Amtrak Downeaster and services in the Commonwealth of Virginia and the State of North Carolina.

Amtrak is capitalising on this positive momentum by advancing historic infrastructure investments that will launch new and expanded services, advance safety and reliability, improve accessibility, drive economic development and enhance the customer experience. Several major projects kicked off in FY23 that will unlock major bottlenecks and improve operations and safety for Amtrak and its commuter partners. This includes the Frederick Douglass Tunnel Program in Baltimore and the Hudson Tunnel Project, a critical piece of the Gateway Program, among others.

“The best is yet to come!” said Amtrak Board Chair Tony Coscia. “As we build a new era of passenger rail with more modern trains, expanded routes, more frequent service, upgraded stations, and renewed infrastructure, Amtrak will continue to deliver major improvements for current and future Amtrak customers over the coming decade.”

Preliminary results for FY23 (Oct. 2022 – Sept. 2023) include:

• Ridership: Provided 28.6 million customer trips, a 24.6% increase over FY22.
  • FY23 4th Quarter NEC ridership levels were 8% above pre-pandemic levels, demonstrating the strong velocity built over the Fiscal Year.
• Service: Resumed service on all routes suspended during the pandemic and added more trains on the Northeast Regional, Piedmont, and Amtrak Cascades.
• Major Infrastructure Investments: Amtrak made its largest annual capital investment ever, investing nearly $3 billion into modern trains, enhanced stations and facilities, new tunnels and bridges, and other critical infrastructure upgrades.
  • FY23 began a multi-year program of investment that will be the largest capital program in company.
• Jobs Created: Welcomed more than 4,800 new hires who are helping to support ridership growth, improve existing service and advance historic infrastructure investments.
• Total Operating Revenue[1]: $3.4 billion, an increase of 20% over FY22, driven by higher ridership and ticket revenue across all service lines.
• Adjusted Operating Earnings[2]: (752.2 million), an improvement of $130 million over FY22, driven by 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.

[1] Includes payments from state partners for State Supported routes

[2] Unaudited