Deutsche Bahn 2025 results point to a cautious turnaround

Deutsche Bahn 2025 results marked a return to positive operating performance. This came in the 2025 financial year. The group also reported a modest increase in revenue and cut debt sharply. Still, the result after taxes remained negative. The DB Schenker sale influenced the final profit figure.

Group revenue rose by 3 percent year on year to about 27 billion EUR. At the same time, adjusted earnings before interest and tax (EBIT) improved. The gain was 630 million EUR. It reached a positive 297 million EUR, according to Deutsche Bahn’s 2025 integrated report. Still, the result after taxes remained negative at minus 2.3 billion EUR. In addition, Deutsche Bahn recorded a net profit of 5.3 billion EUR. This included the effects of the DB Schenker sale.

DB CEO Evelyn Palla cautioned that the figures 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.

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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.

Deutsche Bahn 2025 results across business divisions

Most business divisions posted positive operating results in 2025. Meanwhile, DB Cargo remained the exception. DB Regio increased its operating profit to 191 million EUR. Its bus operations also returned to profit for the first time in eight years. Separately, DB Fernverkehr reported a positive adjusted EBIT of 45 million EUR. This followed a loss in the previous year. Still, infrastructure constraints kept performance below expectations.

DB Cargo performance remained under pressure. Output and revenue both declined. At the same time, its operating result improved and stayed slightly negative. Separately, DB InfraGO posted a small positive operating result of 10 million EUR. That was down from 267 million EUR in the previous year. It reflected higher staffing costs and increased depreciation linked to investment.

Investment, debt and the DB Schenker sale

Net financial debt fell by 11.9 billion EUR to around 20.7 billion EUR. This was largely because proceeds from the DB Schenker sale were used to reduce liabilities. At the same time, two one-off factors shaped the Deutsche Bahn 2025 results. These were the completion of the DB Schenker sale and an impairment at DB Fernverkehr. The impairment led to write-downs of about 1.4 billion EUR. It reflected lower future revenue expectations.

Infrastructure investment remained a central part of spending during the year. Gross investment reached about 22 billion EUR. Of that total, 19 billion EUR was allocated to infrastructure. Meanwhile, net self-financed investment stayed broadly stable at around 5.9 billion EUR. In addition, combined investment is expected to exceed 23 billion EUR in 2026. It will come from the federal government and Deutsche Bahn.

Extended timelines for infrastructure upgrades are now scheduled through 2036. They are expected to slow improvements in network condition and punctuality. That effect is also weighing on long-distance services.

Passenger traffic, punctuality and the 2026 forecast

Passenger numbers across rail services rose by 3.4 percent to 1.93 billion. Total transport performance also increased to about 87 billion passenger kilometres. Still, punctuality moved in the opposite direction. Only 60.1 percent of long-distance trains arrived on time. That compared with 62.5 percent in 2024. Ongoing construction work linked to elevated investment levels disrupted operations.

Meanwhile, Deutsche Bahn indicated that punctuality is likely to remain under pressure in 2026. At the same time, the company has announced additional short-term measures worth 140 million EUR. These measures are intended to improve station cleanliness and safety, onboard comfort, and passenger information. Also, its 2026 forecast points to revenue of around 28 billion EUR. It also points to an operating result of approximately 600 million EUR.

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