DB’s 2025 results reflect a mixed picture, with persistent losses but also clear signs of recovery on the operational side. The company returned to an operating profit in fiscal year 2025, marking a visible improvement in financial performance. The group’s revenue increased by 3%, reaching approximately EUR 27 billion.
Adjusted operating profit (EBIT) improved by EUR 630 million and turned positive, reaching EUR +297 million. This indicates the company’s return to the realm of operating profit.
However, the final result after taxes remains negative at EUR -2.3 billion, indicating that financial difficulties have not been fully overcome.
At the same time, when accounting for the effect of the sale of DB Schenker, the group reported an annual profit of EUR 5.3 billion, which significantly changes the overall picture of the results.
Two special effects particularly influenced DB’s results in 2025: the sale of DB Schenker and an impairment loss at DB Fernverkehr (the DB Long-Distance division). The DB Group’s continuing operations recorded a net loss of EUR 2.3 billion. An impairment charge of EUR 1.4 billion at DB Fernverkehr (DB Long-Distance) had a significant impact on the annual result. This impairment charge is due to lower expectations regarding future revenues for DB Fernverkehr. In addition, the extension of major modernization projects until 2036 is slowing the recovery of infrastructure and punctuality. This has a direct negative impact on DB Fernverkehr’s financial performance.
Investments rose considerably in 2025, reaching a new record of EUR 22 billion EUR, of which EUR 19 billion were invested in infrastructure alone. The DB Group’s self-financed net investments, at 5.9 billion EUR, remained at the high level of the previous year.
DB’s 2025 Results by Division
Overall, the DB divisions posted slightly better financial results in 2025 compared to previous years.
DB Regio increased its positive operating result to a total of EUR 191 million. DB Regio Straße, with its bus companies, also achieved an operating profit for the first time in eight years.
DB Fernverkehr, the long-distance division, returned to profitability with an adjusted operating result of EUR 45 million. Compared to the previous year, it had posted a loss of EUR 96 million. Revenue and passenger volume reached new record levels but fell short of expectations due to infrastructure constraints.
Passenger numbers rose by 3.4% compared to the previous year, reaching 1.93 billion in 2025. Passenger volume increased by 2.7%, reaching approximately 87 billion passenger-kilometers.
DB Cargo recorded significant declines in both performance and revenue in 2025.
Although restructuring measures improved its operating result by EUR 350 million, it remained slightly negative. DB Cargo is required to implement a restructuring plan involving significant cuts in 2026.
DB InfraGO recorded a slightly positive operating result of EUR 10 million. The operational performance of the heavily used rail network remained at the previous year’s level of 1.1 billion kilometers of track in 2025.
The large number of construction sites, partly due to record investments in rail infrastructure, affected punctuality in 2025, which saw a 2.4% decline, from 62.5% in 2024 to 60.1%. DB notes that punctuality will remain under pressure in 2026, another year of major construction.
2026, “the year of transformation”
2026 will be “the year of transformation and new beginnings,” said Evelyn Palla, who emphasized the corporate restructuring of the company. DB plans to steadily reduce bureaucracy and increase train punctuality to significantly improve customer service and help shift traffic to rail.
DB anticipates further gradual improvements throughout 2026. The group’s revenue is estimated to rise to approximately EUR 28 billion, and operating profit to approximately EUR 600 million.
This year, DB and the German government will invest over EUR 23 billion in infrastructure. Recently, the Federal Ministry of Transport announced an investment of EUR 2.5 billion for a series of selected projects.
“If we maintain this level of investment, we have a chance to halt the downward trend in punctuality. Nothing will happen quickly, but we are steadily building a reliable rail network for the entire industry: 2026 will be a great year for construction,” said Evelyn Palla, CEO of DB.
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