Passengers boarding an Amtrak train. Photo: courtesy of Amtrak.
Amtrak has reported unaudited financial results for the 2016 fiscal year that ended on September 30, 2016, including a record 31.3 million passengers, nearly 400,000 more than in 2015. This is the sixth consecutive year Amtrak has carried more than 30 million customers.
The company has also recorded an unaudited ticket revenue record of $2.14 billion, a $12 million increase over Fiscal Year 2015. Ticket sales and other revenues covered 94 percent of its operating costs in 2016 compared to 92 percent the previous year.
“The results demonstrate the value we deliver to our customers and the vital role Amtrak plays in our nation’s transportation system,” said Anthony Coscia, Amtrak board chairman. “We are off to another strong start for the new fiscal year and will provide a great travel experience for customers who choose Amtrak in the upcoming holiday season.”
Unaudited total revenue was a record $3.2 billion and unaudited operating loss was $227 million, $78 million less than last year and the lowest operating loss since 1973. Amtrak also made a net reduction in long-term debt of $71.4 million.
Amtrak services that had record years in both ridership and revenue include the Northeast Regional (Boston-New York-Washington/Virginia), Pacific Surfliner (San Luis Obispo-San Diego), Capitol Corridor (San Jose-Sacramento/Auburn), Keystone (New York-Philadelphia-Harrisburg) and Hiawatha (Milwaukee-Chicago) state-sponsored corridors, along with the California Zephyr (Chicago-Denver-San Francisco Bay).
Amtrak added cars to high-demand or sold-out trains in the past year and also improved its on-time performance of trains and customer satisfaction scores.
“More and more customers recognize Amtrak as a smarter way to travel,” stated Amtrak President and CEO Wick Moorman. “We will continue to enhance the customer experience and strengthen our market position through investments such as next-generation high-speed rail for the Northeast Corridor, while at the same time remaining focused on running an efficient and effective company.”
In August, Amtrak announced it will be investing nearly $2.5 billion in new trainsets and infrastructure upgrades for the next generation of Acela Express. The new trainsets are expected to be operational beginning in 2021. The company is also going to make station improvements at the Washington, D.C., Union Station and will create the Moynihan Station in New York City, along with other major station investments and developments in Philadelphia, Boston and Chicago.