During the 2023 Fiscal Year (FY) from October 2022 to September 2023, demand for travel on Amtrak trains has soared with passenger numbers far exceeding expectations.
Amtrak has now resumed service on all its routes and work on its advanced major infrastructure projects that will help to support plans to double passenger numbers by 2040. Throughout the USA, Amtrak recorded over 28 million customers, helped by significant growth on the Northeast Corridor where passenger numbers are booming and since early summer have consistently exceeded pre-pandemic levels.
Many State-supported services also drove contributed to the gains as well as setting monthly or annual ridership records, including on the Amtrak Downeaster and services in the Commonwealth of Virginia and the State of North Carolina.
This increase in numbers has encouraged Amtrak to proceed with historic infrastructure investments designed to launch new and expanded services, improve safety, reliability, and accessibility, drive economic development and enhance the customer experience.
Several major projects were started during the year designed to unlock major bottlenecks and improve operations and safety for both Amtrak and its commuter partners, including the Frederick Douglass Tunnel Program in Baltimore and the Hudson Tunnel Project, which is a critical piece of the Gateway Program.
Preliminary results for Fiscal Year include:
- 28.6 million customer trips, a 24.6% increase over FY22.
- Northeast Corridor ridership levels during the 4th quarter showed an increase of 8% above pre-pandemic levels.
- Service resumed on all routes suspended during the pandemic, with extra trains on the Northeast Regional, Piedmont and Amtrak Cascades.
- Nearly $3 billion, its largest annual capital investment, into new trains, upgraded stations and facilities, new tunnels and bridges, and other critical infrastructure upgrades.
- A multi-year program of investment began during the year that will be Amtrak s largest capital programme.
- Over 4,800 new jobs were created to help support the growth in ridership, improve existing services, and proceed with historic infrastructure investments.
- Total Operating Revenue was $3.4 billion, an increase of 20% over the previous year, driven by higher ridership and ticket revenue across all services.
- Adjusted Operating Earnings was $752.2 million, a $130 million improvement over FY22, driven by strong revenue performance and successfully containing costs as Amtrak recovers from significant increase in costs during the pandemic and ramp-up costs to support Amtrak s infrastructure investment programme
Amtrak CEO Stephen Gardner said: Amtrak ridership continues to set post-pandemic records thanks to our customers who were anxious to travel again and attracted to the many benefits of train travel. This resurgence was made possible by our dedicated employees, our many state and host railroad partners, and ongoing support from the Biden Administration and Congress.
We re inspired by the soaring demand for intercity passenger rail and are eager to continue connecting more people and places.
Amtrak Board Chair Tony Coscia said: The best is yet to come!. As we build a new era of passenger rail with more modern trains, expanded routes, more frequent service, upgraded stations, and renewed infrastructure, Amtrak will continue to deliver major improvements for current and future Amtrak customers over the coming decade.
