Deutsche Bahn (DB) reported a return to profitability in its core operations for the fiscal year 2025. Overall group revenue rose by three percent to roughly €27 billion compared with the previous year, and the adjusted operating earnings before interest, taxes, depreciation and amortisation (EBIT) improved by €630 million to a positive €297 million, the state‑owned company announced on Friday.
However, the net income after tax remains significantly negative at -€2.3 billion. When the effects of the sale of DB Schenker are factored in, the group’s net profit climbs to €5.3 billion. „Contentment would be misplaced – it is only when we consistently generate profitable returns and can finance investments by ourselves that we are on target” said CEO Evelyn Palla.
All operating units, except for DB Cargo, achieved positive results in 2025. Net financial debt fell by €11.9 billion to roughly €20.7 billion as of 31 December 2025, a decline attributed to the sale proceeds of DB Schenker, which were used to pay down debt as planned. Palla added that the company has made a decisive step forwards in sales and operating profit and that a trend reversal is dawning, but that “better is still not good enough”.
Two special items influenced the year’s results: the completion of the DB Schenker sale and an impairment of DB Fernverkehr. The latter resulted in a large charge of about €1.4 billion, lowering the group’s annual deficit of €2.3 billion. The impairment stemmed from lower revenue expectations for the long‑distance passenger segment, partly because network upgrades are being extended until 2036, which reduces service quality and punctuality and negatively affects the financial performance of DB Fernverkehr.
Gross investments in 2025 rose markedly to a record €22 billion, with about €19 billion directed at infrastructure. Net internally financed investments were approximately €5.9 billion, mirroring the previous year’s high level. In total, government and DB together invested more than €23 billion in infrastructure that year. Palla described 2026 as the “year of restructuring and momentum” noting that DB is being reshaped to act faster and more customer‑focused, with a deliberate reduction in bureaucracy to increase economic efficiency.
Transport divisions performed better than in earlier years. DB Regio’s operating profit grew to €191 million, and DB Regio Straße, its bus subsidiaries, recorded an operating gain for the first time in eight years. DB Fernverkehr returned to profit in 2025 with an adjusted operating profit of €45 million (the previous year’s loss was €96 million). Although revenue and passenger traffic hit new record highs, DB cautioned that they remain below expectations due to infrastructural constraints.
Passenger traffic in the company’s rail passenger sector increased by 3.4 percent year‑over‑year, reaching 1.93 billion travellers, while traffic performance rose by 2.7 percent to about 87 billion passenger kilometres.
DB Cargo posted noticeable declines in both performance and sales. Its operating profit improved by €350 million thanks to turnaround measures but still edged slightly negative. The company announced that it will implement a stringent restructuring plan with “very tough cuts” in 2026.