Annual efficiency and finance assessment of Network Rail 2025

Annex A: Summary of key financial information

Great Britain 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)7,6077,807(200)
Franchised track access charges3,3583,394(36)
Other single till income759762(3)
Total income11,72411,963(239)
Operating expenditureABC=B-A
Network operations892875(17)
Support costs1,0991,210111
Traction electricity, industry costs and rates1,3221,35432
Maintenance2,5042,373(131)
Schedule 4 compensation payments270395125
Schedule 8 compensation payments11847(71)
Total operating expenditure6,2056,25449
Capital expenditureABC=B-A
Renewals3,6834,010327
Enhancements2,0842,194110
Total capital expenditure5,7676,204437
Risk (Centrally held)---
Risk (Route-controlled)-3131
Input prices---
Total risk expenditure-3131
Other expenditureABC=B-A
Financing costs and other2,4982,687189
Corporation tax---
Total other expenditure2,4982,687189
Total expenditure14,47015,176706
Other information   
RAB89,839n/an/a
Net debt60,232n/an/a
Gearing (net debt/RAB)67%n/an/a

Source: Network Rail’s regulatory financial statements

England and Wales 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)6,9487,140(192)
Franchised track access charges2,8422,877(35)
Other single till income703703-
Total income10,49310,720(227)
Operating expenditureABC=B-A
Network operations807798(9)
Support costs9791,080101
Traction electricity, industry costs and rates1,1921,22129
Maintenance2,2622,144(118)
Schedule 4 compensation payments254381127
Schedule 8 compensation payments12047(73)
Total operating expenditure5,6145,67157
Capital expenditureABC=B-A
Renewals3,2613,550289
Enhancements1,9302,034104
Total capital expenditure5,1915,584393
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other2,2452,414169
Corporation tax---
Total other expenditure2,2452,414169
Total expenditure13,05013,669619
Other information   
RAB80,453n/an/a
Net debt54,132n/an/a
Gearing (net debt/RAB)67%n/an/a

Source: Network Rail’s regulatory financial statements

Scotland 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)659667(8)
Franchised track access charges516517(1)
Other single till income5659(3)
Total income1,2311,243(12)
Operating expenditureABC=B-A
Network operations8577(8)
Support costs12013010
Traction electricity, industry costs and rates1301333
Maintenance242229(13)
Schedule 4 compensation payments1614(2)
Schedule 8 compensation payments(2)-2
Total operating expenditure591583(8)
Capital expenditureABC=B-A
Renewals42246038
Enhancements1541606
Total capital expenditure57662044
Risk (Centrally held)---
Risk (Route-controlled)-3131
Input prices---
Total risk expenditure-3131
Other expenditureABC=B-A
Financing costs and other25327320
Corporation tax---
Total other expenditure25327320
Total expenditure1,4201,50787
Other information   
RAB9,386n/an/a
Net debt6,100n/an/a
Gearing (net debt/RAB)65%n/an/a

Source: Network Rail’s regulatory financial statements

Southern 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)1,6041,647(43)
Franchised track access charges906910(4)
Other single till income251253(2)
Total income2,7612,810(49)
Operating expenditureABC=B-A
Network operations215215-
Support costs23126736
Traction electricity, industry costs and rates37639620
Maintenance590556(34)
Schedule 4 compensation payments6710235
Schedule 8 compensation payments251(24)
Total operating expenditure1,5041,53733
Capital expenditureABC=B-A
Renewals85289341
Enhancements50511
Total capital expenditure90294442
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other57261442
Corporation tax---
Total other expenditure57261442
Total expenditure2,9783,095117
Other information   
RAB19,682n/an/a
Net debt13,791n/an/a
Gearing (net debt/RAB)70%n/an/a

Source: Network Rail’s regulatory financial statements

Wales and Western 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)1,2341,21123
Franchised track access charges4714701
Other single till income1061024
Total income1,8111,78328
Operating expenditureABC=B-A
Network operations136132(4)
Support costs1821875
Traction electricity, industry costs and rates129122(7)
Maintenance356336(20)
Schedule 4 compensation payments315120
Schedule 8 compensation payments11176
Total operating expenditure845845-
Capital expenditureABC=B-A
Renewals61462511
Enhancements13916021
Total capital expenditure75378532
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other47951536
Corporation tax---
Total other expenditure47951536
Total expenditure2,0772,14568
Other information   
RAB16,218n/an/a
Net debt11,543n/an/a
Gearing (net debt/RAB)71%n/an/a

Source: Network Rail’s regulatory financial statements

Eastern 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)2,3822,458(76)
Franchised track access charges715721(6)
Other single till income185186(1)
Total income3,2823,365(83)
Operating expenditureABC=B-A
Network operations2622642
Support costs32033010
Traction electricity, industry costs and rates3883935
Maintenance759741(18)
Schedule 4 compensation payments8312946
Schedule 8 compensation payments322(30)
Total operating expenditure1,8441,85915
Capital expenditureABC=B-A
Renewals9541,057103
Enhancements1,5491,5523
Total capital expenditure2,5032,609106
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other66471551
Corporation tax---
Total other expenditure66471551
Total expenditure5,0115,183172
Other information   
RAB25,244n/an/a
Net debt16,010n/an/a
Gearing (net debt/RAB)63%n/an/a

Source: Network Rail’s regulatory financial statements

North West and Central 2024 to 2025

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)1,7281,824(96)
Franchised track access charges750776(26)
Other single till income161162(1)
Total income2,6392,762(123)
Operating expenditureABC=B-A
Network operations194187(7)
Support costs24629650
Traction electricity, industry costs and rates29931011
Maintenance557511(46)
Schedule 4 compensation payments739926
Schedule 8 compensation payments5227(25)
Total operating expenditure1,4211,4309
Capital expenditureABC=B-A
Renewals841975134
Enhancements19227179
Total capital expenditure1,0331,246213
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other53057040
Corporation tax---
Total other expenditure53057040
Total expenditure2,9843,246262
Other information   
RAB19,309n/an/a
Net debt12,788n/an/a
Gearing (net debt/RAB)66%n/an/a

Source: Network Rail’s regulatory financial statements

National functions 2024 to 2025

Note: the numbers set out below are allocated within each region’s financial information as part of their regional allocation.

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)7,6077,807(200)
Franchised track access charges8989-
Other single till income2335(12)
Total income7,7197,931(212)
Operating expenditureABC=B-A
Network operations2626-
Support costs65074999
Traction electricity, industry costs and rates44451
Maintenance1191212
Schedule 4 compensation payments15116101
Schedule 8 compensation payments4-(4)
Total operating expenditure8581,057199
Capital expenditureABC=B-A
Renewals397622225
Enhancements24-(24)
Total capital expenditure421622201
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other2,4982,687189
Corporation tax---
Total other expenditure2,4982,687189
Total expenditure3,7774,366589

Source: Analysis of Network Rail’s regulatory financial statements

Wales 2024 to 2025

Note: the numbers set out below are discussed in the above commentary as part of the Wales and Western region.

£ million, cash pricesActualDelivery planVariance
IncomeABC=A-B
Grant income (exc. enhancement grant)358--
Franchised track access charges103--
Other single till income11--
Total income472--
Operating expenditureABC=B-A
Network operations52--
Support costs64--
Traction electricity, industry costs and rates28--
Maintenance113--
Schedule 4 compensation payments16--
Schedule 8 compensation payments(7)--
Total operating expenditure265--
Capital expenditureABC=B-A
Renewals247--
Enhancements31--
Total capital expenditure278--
Risk (Centrally held)---
Risk (Route-controlled)---
Input prices---
Total risk expenditure---
Other expenditureABC=B-A
Financing costs and other134--
Corporation tax---
Total other expenditure134--
Total expenditure677--
Other information   
RAB5,286n/an/a
Net debt3,764n/an/a
Gearing (net debt/RAB)71%n/an/a

Source: Network Rail’s analysis of industry financials