Monitoring Network Rail's efficiency

By reporting on Network Rail’s efficiency and wider financial performance over time, we give assurance to rail users and funders that Network Rail is delivering what is expected and at the same time, we provide a strong reputational incentive on Network Rail to become more efficient.

Annual efficiency and finance assessment 2025

Our annual assessments are intended to help customers, funders and other interested parties gain a better understanding of Network Rail's efficiency and financial performance compared with the CP7 financial assumptions that we set out in our 2023 periodic review (PR23) final determination.

Our assessment provides a snapshot based on the best available information and presents financial data on Great Britain, England and Wales, and Network Rail’s five regions: Scotland, Southern, Wales and Western, Eastern, and North West and Central.

It contains reported figures and commentary on Network Rail's income and expenditure and its efficiency compared to its delivery plan and our PR23 determination.

The highlights from our 2025 report can be found in our blog. 

Report on rail industry productivity 2026

Published 23 March 2026

Our report on rail industry productivity examines the outputs the rail industry delivers in return for the inputs it uses. We analyse how productivity has changed over time across different parts of the industry, including rail infrastructure and passenger and freight operators.

Our 2026 report is the third iteration of our productivity reporting, following on from our March 2025 report and our 2024 discussion paper.

We have made several improvements to the report this year in response to feedback on the 2025 publication. The most significant change is the addition of a new chapter on Total Factor Productivity (TFP), following an independent study we commissioned from Europe Economics. Their analysis complements our existing partial productivity measures.

Director of economics, finance and markets Will Godfrey discusses the report in his latest blog.