Deutsche Bahn has reported a return to a positive operating result for the 2025 financial year, alongside a modest increase in revenue.
The group’s turnover rose by three percent year-on-year to approximately 27 billion EUR. Adjusted earnings before interest and tax (EBIT) improved by 630 million EUR, reaching a positive 297 million EUR.
However, the net result after taxes remained negative at minus 2.3 billion EUR. Including the effects of the sale of DB Schenker, the company recorded a net profit of 5.3 billion EUR.
An ICE 4 train at Frankfurt am Main Central Station
© Deutsche Bahn
Despite this positive outcome, Deutsche Bahn’s CEO, Evelyn Palla noted that the results do not justify complacency.
DB CEO Evelyn Palla said:
Complacency would be misplaced. We will only have reached our goal when we are once again generating sustainable annual profits and can finance investments from our own resources.
DB took an important step forward in terms of revenue and operating profit in 2025. A turnaround is emerging. But better is not yet good enough.
Most business divisions recorded positive operating results in 2025, with the exception of DB Cargo. Net financial debt fell significantly by 11.9 billion EUR to around 20.7 billion EUR, largely due to proceeds from the Schenker sale being used to reduce liabilities.
Two one-off factors had a notable impact on the annual result: the completion of the DB Schenker sale and an impairment at DB Fernverkehr. The latter led to write-downs of approximately 1.4 billion EUR, reflecting lower future revenue expectations. Extended timelines for infrastructure upgrades, now scheduled through to 2036, are expected to slow improvements in network condition and punctuality, affecting long-distance services.
Investment levels increased during the year, with gross investment reaching around 22 billion EUR, including 19 billion EUR allocated to infrastructure. Net self-financed investment remained stable at approximately 5.9 billion EUR. Combined investment by the federal government and Deutsche Bahn is expected to exceed 23 billion EUR in 2026.
Operational performance varied across divisions. DB Regio increased its operating profit to 191 million EUR, while its bus operations returned to profit for the first time in eight years. DB Fernverkehr also reported a positive adjusted EBIT of 45 million EUR, compared with a loss in the previous year, although performance remained below expectations due to infrastructure constraints.
Passenger numbers across rail services rose by 3.4 percent to 1.93 billion, with total transport performance increasing to around 87 billion passenger kilometres. In contrast, DB Cargo recorded declines in both output and revenue, though its operating result improved and remained slightly negative.
Infrastructure subsidiary DB InfraGO posted a small positive operating result of 10 million EUR, down from 267 million EUR the previous year, reflecting higher staffing costs and increased depreciation linked to investment.
Punctuality declined, with 60.1 percent of long-distance trains arriving on time, compared with 62.5 percent in 2024. Ongoing construction work, linked to elevated investment levels, contributed to the disruption. The company indicated that punctuality is likely to remain under pressure during 2026.
Deutsche Bahn has announced additional short-term measures worth 140 million EUR to improve cleanliness and safety at stations, onboard comfort, and passenger information. The company expects further gradual improvement in 2026, forecasting revenue of around 28 billion EUR and an operating result of approximately 600 million EUR.