SBB profit more than doubles as passenger numbers climb

SBB more than doubled its first-half profit to CHF 126 million, giving Switzerland’s national railway a stronger financial base as passenger traffic continued to recover. The result compares with CHF 48 million in the first half of 2025, according to figures released on Wednesday, August 26, 2026.

The improvement came as an average of 1.45 million passengers used SBB trains each day, a 4% increase on the same period last year. Passenger revenue, stronger property income and a recovery in freight traffic all contributed to the improved result.

The figures matter beyond SBB’s accounts. The railway is responsible for the backbone of public transport in Switzerland, linking major cities, regional centres and Alpine communities. Rising demand supports the case for continued investment in trains, stations and services, while also increasing pressure on the network’s capacity and reliability.

SBB’s recovery remains incomplete. Its finances are still under pressure from rolling stock renewal, service expansion and the need to limit debt growth. The company says it will need annual profits of around CHF 500 million over the medium term. The first-half result is a significant step towards that requirement, but it remains well below the stated target.

Daily passenger numbers reached 1.45 million, confirming that rail travel remains central to mobility across Switzerland. SBB recorded a 4% year-on-year increase during the first half of 2026, extending the recovery in demand that has helped lift its financial performance.

The passenger figure represents an average across the network, from heavily used intercity routes to regional services. It also reflects the role of rail in a country where commuting, business travel and tourism depend on frequent connections between urban and rural areas.

Higher traffic brings commercial benefits, but it also places greater demands on infrastructure. More passengers mean fuller trains, busier stations and less room for disruption when services run late. SBB reported that 94.1% of trains arrived on time in the first half of 2026. That was a decline from 94.5% in the same period of 2025.

The change is small in percentage terms, yet punctuality remains closely watched by passengers and policymakers. A railway operating near capacity can see delays spread quickly across the timetable. SBB must therefore balance rising demand with investment in rolling stock, track capacity and network resilience.

SBB Cargo returned to a CHF 2 million first-half profit, marking an improvement of CHF 49 million from the previous year and the first time in many years that the freight business has reached break-even territory.

The recovery gives SBB another source of support at a time when passenger operations and infrastructure require sustained investment. Rail freight is also important to Switzerland’s transport system because it moves goods across the country and through the Alpine corridor while reducing reliance on roads.

The freight division will undergo a structural change. From 2027, SBB Cargo is planned to become a division of SBB AG, ending its current position as a separate entity within the group structure. The reintegration forms part of continuing restructuring at the railway operator.

The improved result does not remove the pressure behind those reforms. Freight markets can shift with industrial output, cross-border trade and operating costs. SBB must also ensure that the business can support its wider investment programme while maintaining reliable services for customers.

For the railway, the Cargo result is an encouraging signal rather than a final resolution. Sustained profitability will determine how much the division contributes to SBB’s medium-term financial goals and its role in Switzerland’s freight strategy.

SBB needs around CHF 500 million in annual profit over the medium term, according to the company, to renew its rolling stock and expand services without allowing debt to rise sharply. That target places the latest first-half result in perspective: CHF 126 million is a marked improvement, but it does not yet provide the full financial cushion the railway says it needs.

The investment challenge is substantial. SBB must replace ageing trains, maintain a heavily used network and respond to increasing demand from passengers. Each decision involves long planning cycles, major capital costs and coordination with federal transport policy and regional authorities.

The company’s property business contributed to the stronger first-half result, alongside passenger and freight improvements. Property income can help support the railway’s broader finances, particularly around major stations and development sites. It cannot, however, substitute for durable performance across core rail operations.

The next phase will test whether SBB can turn a strong six-month result into a stable annual trend. Passenger growth provides momentum, and the freight division has improved. Punctuality has slipped slightly, while restructuring continues. From 2027, the reintegration of SBB Cargo will add another test of execution as the operator works towards its longer-term financial target.