Deutsche Bahn (DB) reported a return to positive operating earnings for the 2025 fiscal year. Total revenue rose 3 % to roughly €27 billion, while the cleaned‑up EBIT climbed by €630 million to €297 million. After taxes, however, the consolidated result remained negative at a loss of €2.3 billion, although excluding the effects of the DB Schenker divestment the group posted a net profit of €5.3 billion.
Chief executive Evelyn Palla, speaking on Friday, said that satisfaction would be premature. “Only when we consistently generate annual surpluses and can fund investments from our own resources do we truly reach our goal” she said. All business units except DB Cargo saw a profitable operating result in 2025.
Net financial debt fell by €11.9 billion to about €20.7 billion as of 31 December 2025, largely because proceeds from the DB Schenker sale were prioritized for debt reduction. The sale and an impairment charge at DB Fernverkehr – linked to lower revenue expectations and the delay of major infrastructure renovations until 2036 – were the main drivers of the year’s adverse operating result.
DB’s operating units posted a €2.3 billion annual loss after the €1.4 billion write‑down at DB Fernverkehr. The impairment reflected the expectation that rail capacity and punctuality will improve more slowly than desired because of the extended construction horizon.
Investment levels hit new highs. Gross investment totaled approximately €22 billion, with nearly €19 billion earmarked for infrastructure. Net investments self‑financed by DB reached about €5.9 billion, continuing the previous year’s strong level. In 2025 the federal government and DB together invested over €23 billion in rail infrastructure. Palla announced that 2026 would be “the year of restructuring and renewal” as the network is revamped to enable faster, more customer‑focused operations, while internal bureaucracy is consistently reduced.
Transport operations performed better than in prior years. DB Regio’s operating profit surged to €191 million. Its road segment, DB Regio Straße, earned its first operating profit in eight years. DB Fernverkehr returned to the black with a cleaned‑up operating profit of €45 million (up from a €96 million loss the year before). Revenue and passenger kilometres hit record highs, yet remain “below expectations” due to infrastructure constraints.
Passenger traffic on the network grew 3.4 % to 1.93 billion people, and passenger kilometres climbed 2.7 % to about 87 billion.
In contrast, DB Cargo recorded significant declines in performance and revenue. Its operating result improved slightly by €350 million after restructuring measures but remained marginally negative. The company will implement a stringent restructuring plan “with very tough cuts” in 2026, according to the company’s announcement.
