Amtrak also invested $4.5 billion into major infrastructure and fleet projects, “creating the largest boom in rail construction in Amtrak’s history, putting thousands of skilled Americans to work and jump-starting American manufacturing,” according to the company, which says it is “seizing the opportunity of strong customer interest and leveraging investments to improve all aspects of the travel experience.”
“Breaking our ridership record is just the beginning,” said Amtrak CEO Stephen Gardner. “This record ridership shows that travelers throughout the U.S. want efficient travel options, and we are committed to meeting that demand. Through bold investments, strong partnerships with states and host railroads, and dedicated planning, we are doubling down on our vision to connect more people and communities like never before.”
Preliminary results for FY24 (Oct. 2023-Sept. 2024) include:
- “Ridership: All-time record 32.8 million customer trips, a 15% increase over FY23.
- “Ticket Revenue: $2.5 billion – a first in Amtrak’s history and 9% higher year-over-year.
- “Total Operating Revenue: $3.6 billion, a 7% increase over FY23.
- “Major Infrastructure Investments: Invested $4.5 billion into critical infrastructure upgrades, driving economic growth, creating jobs, and improving mobility around the country.
- “Adjusted Operating Earnings: Improved by 9% over FY23 to ($705.2 million).
- “Service: Launched one new train service and expanded four additional routes.”
With a strong workforce and private-sector partners, Amtrak says it is building new bridges, tunnels, trains, and more “to deliver world-class infrastructure upgrades.” These investments, the company adds, “will enhance safety and reliability, expand capacity, spur economic growth, and improve accessibility.” Amtrak is also working closely with state partners to establish new routes, upgrade stations, and lay the groundwork for future corridor expansion.
Advancing a new era of passenger rail supports Amtrak’s goal of doubling ridership to 66 million by 2040, the company noted. “This includes encouraging even more consumers to reimagine their approach and ‘Retrain Travel‘, where Amtrak provides an unmatched experience by attracting new riders, serving new communities, and transforming passenger rail,” Amtrak said.
“We are modernizing our network and fleet so we can make every journey with Amtrak world-class,” said Amtrak President Roger Harris. “As we build for the future, our investments in new equipment, expanded service, and critical infrastructure will continue to elevate the experience from coast to coast.”
“Amtrak’s record ridership reflects not only the need for train travel in America but also the impact of strategic investments that support our long-term vision,” said Amtrak Board Chair Tony Coscia. “We’re modernizing and expanding our network in ways that will improve service, enhance reliability, and increase capacity. This is an exciting time for rail in America, and Amtrak is committed to leading the way.”
