Great Britain
2025-26 | 2025-26 | 2025-26 | 2024-25 | |
|---|---|---|---|---|
| £ million, 2025-26 prices | Actual | Delivery plan | Variance | Actual |
| Income | A | B | C=A-B |
|
| Grant income (exc. enhancement grant) | 8,127 | 8,175 | (48) | 7,851 |
| Franchised track access charges | 3,385 | 3,401 | (16) | 3,465 |
| Other single till income | 831 | 797 | 34 | 783 |
| Total income | 12,343 | 12,373 | (30) | 12,099 |
| Operating expenditure | A | B | C=B-A |
|
| Network operations | 963 | 910 | (53) | 921 |
| Support costs | 1,137 | 1,185 | 48 | 1,134 |
| Traction electricity, industry costs and rates | 1,285 | 1,296 | 11 | 1,364 |
| Maintenance | 2,657 | 2,439 | (218) | 2,584 |
| Schedule 4 compensation payments | 307 | 322 | 15 | 279 |
| Schedule 8 compensation payments | 177 | 6 | (171) | 122 |
| Total operating expenditure | 6,526 | 6,158 | (368) | 6,404 |
| Capital expenditure | A | B | C=B-A |
|
| Renewals | 3,654 | 3,968 | 314 | 3,801 |
| Enhancements | 1,896 | 2,136 | 240 | 2,151 |
| Total capital expenditure | 5,550 | 6,104 | 554 | 5,952 |
| Risk (Centrally-held) | - | 120 | 120 | - |
| Risk (Region-controlled) | - | 26 | 26 | - |
| Input prices | - | (7) | (7) | - |
| Total risk expenditure | - | 139 | 139 | - |
| Other expenditure | A | B | C=B-A |
|
| Financing costs and other | 2,952 | 2,884 | (68) | 2,578 |
| Corporation tax | - | - | - | - |
| Total other expenditure | 2,952 | 2,884 | (68) | 2,578 |
| Total expenditure | 15,028 | 15,285 | 257 | 14,934 |
| Other information |
|
|
|
|
| RAB | 92,691 | n/a | n/a | 92,714 |
| Net debt | 61,080 | n/a | n/a | 60,232 |
| Gearing (net debt/RAB) | 66% | n/a | n/a | 65% |
Source: Network Rail’s regulatory financial statements
England and Wales
2025-26 | 2025-26 | 2025-26 | 2024-25 | |
|---|---|---|---|---|
| £ million, 2025-26 prices | Actual | Delivery plan | Variance | Actual |
| Income | A | B | C=A-B |
|
| Grant income (exc. enhancement grant) | 7,478 | 7,486 | (8) | 7,171 |
| Franchised track access charges | 2,858 | 2,878 | (20) | 2,933 |
| Other single till income | 773 | 735 | 38 | 725 |
| Total income | 11,109 | 11,099 | 10 | 10,829 |
| Operating expenditure | A | B | C=B-A | A |
| Network operations | 866 | 830 | (36) | 833 |
| Support costs | 1,024 | 1,064 | 40 | 1,010 |
| Traction electricity, industry costs and rates | 1,158 | 1,169 | 11 | 1,230 |
| Maintenance | 2,396 | 2,201 | (195) | 2,334 |
| Schedule 4 compensation payments | 285 | 308 | 23 | 262 |
| Schedule 8 compensation payments | 176 | 5 | (171) | 124 |
| Total operating expenditure | 5,905 | 5,577 | (328) | 5,793 |
| Capital expenditure | A | B | C=B-A | A |
| Renewals | 3,228 | 3,519 | 291 | 3,365 |
| Enhancements | 1,743 | 1,977 | 234 | 1,992 |
| Total capital expenditure | 4,971 | 5,496 | 525 | 5,357 |
| Risk (Centrally held) | - | 120 | 120 | 0 |
| Risk (Route-controlled) | - | - | - | 0 |
| Input prices | - | (12) | (12) | 0 |
| Total risk expenditure | - | 108 | 108 | - |
| Other expenditure | A | B | C=B-A | A |
| Financing costs and other | 2,652 | 2,591 | (61) | 2,317 |
| Corporation tax | - | - | - | - |
| Total other expenditure | 2,652 | 2,591 | (61) | 2,317 |
| Total expenditure | 13,528 | 13,772 | 244 | 13,467 |
| Other information |
|
|
|
|
| RAB | 83,008 | n/a | n/a | 83,028 |
| Net debt | 54,859 | n/a | n/a | 54,132 |
| Gearing (net debt/RAB) | 66% | n/a | n/a | 65% |
Source: Network Rail’s regulatory financial statements
Scotland
2025-26 | 2025-26 | 2025-26 | 2024-25 | ||
|---|---|---|---|---|---|
| £ million, 2025-26 prices | Actual | Delivery plan | Variance | Actual | |
| Income | A | B | C=A-B | A | |
| Grant income (exc. enhancement grant) | 649 | 689 | (40) | 680 | |
| Franchised track access charges | 527 | 523 | 4 | 532 | |
| Other single till income | 58 | 62 | (4) | 58 | |
| Total income | 1,234 | 1,274 | (40) | 1,270 | |
| Operating expenditure | A | B | C=B-A | A | |
| Network operations | 97 | 80 | (17) | 88 | |
| Support costs | 113 | 121 | 8 | 124 | |
| Traction electricity, industry costs and rates | 127 | 127 | - | 134 | |
| Maintenance | 261 | 238 | (23) | 250 | |
| Schedule 4 compensation payments | 22 | 14 | (8) | 17 | |
| Schedule 8 compensation payments | 1 | 1 | - | (2) | |
| Total operating expenditure | 621 | 581 | (40) | 611 | |
| Capital expenditure | A | B | C=B-A | A | |
| Renewals | 426 | 449 | 23 | 436 | |
| Enhancements | 153 | 159 | 6 | 159 | |
| Total capital expenditure | 579 | 608 | 29 | 595 | |
| Risk (Centrally held) | - | - | - | - | |
| Risk (Route-controlled) | - | 26 | 26 | - | |
| Input prices | - | 5 | 5 | - | |
| Total risk expenditure | - | 31 | 31 | - | |
| Other expenditure | A | B | C=B-A | A | |
| Financing costs and other | 300 | 293 | (7) | 261 | |
| Corporation tax | - | - | - | - | |
| Total other expenditure | 300 | 293 | (7) | 261 | |
| Total expenditure | 1,500 | 1,513 | 13 | 1,467 | |
| Other information |
|
|
|
| |
| RAB | 9,683 | n/a | n/a | 9,686 | |
| Net debt | 6,221 | n/a | n/a | 6,100 | |
| Gearing (net debt/RAB) | 64% | n/a | n/a | 63% | |
Source: Network Rail’s regulatory financial statements
Wales
Note: the numbers set out below are discussed in the above commentary as part of the Wales and Western region.
2025-26 | 2025-26 | 2025-26 | 2024-25 | |
|---|---|---|---|---|
| £ million, 2025-26 prices | Actual | Delivery plan | Variance | Actual |
| Income | A | B | C=A-B |
|
| Grant income (exc. enhancement grant) | 359 |
|
| 358 |
| Franchised track access charges | 104 | - | - | 103 |
| Other single till income | 11 | - | - | 11 |
| Total income | 474 | - | - | 472 |
| Operating expenditure | A | B | C=B-A |
|
| Network operations | 54 | - | - | 52 |
| Support costs | 62 | - | - | 64 |
| Traction electricity, industry costs and rates | 25 | - | - | 28 |
| Maintenance | 131 | - | - | 113 |
| Schedule 4 compensation payments | 18 | - | - | 16 |
| Schedule 8 compensation payments | (8) | - | - | (7) |
| Total operating expenditure | 283 | - | - | 265 |
| Capital expenditure | A | B | C=B-A |
|
| Renewals | 215 | - | - | 247 |
| Enhancements | 11 | - | - | 31 |
| Total capital expenditure | 226 | - | - | 278 |
| Risk (Centrally held) | - | - | - | - |
| Risk (Route-controlled) | - | - | - | - |
| Input prices | - | - | - | - |
| Total risk expenditure | - | - | - | - |
| Other expenditure | A | B | C=B-A |
|
| Financing costs and other | 159 | - | - | 134 |
| Corporation tax | - | - | - | - |
| Total other expenditure | 159 | - | - | 134 |
| Total expenditure | 667 | - | - | 677 |
| Other information |
|
|
|
|
| RAB | 5,397 | n/a | n/a | 5,286 |
| Net debt | 3,776 | n/a | n/a | 3,764 |
| Gearing (net debt/RAB) | 70% | n/a | n/a | 71% |
Source: Network Rail’s analysis of industry financials