KPI: Operating expenditure
The latest full year forecast for operational expenditure against full year budgeted operational expenditure.
Overview
The full year actuals is aligned with the TfW Budget within the Business Plan and the revised funding letter received from Welsh Government.
2024/25 FY Spend £376.6M | 2025/26 FY Actuals £431.6M | 2025/26 FY Budget £431.6M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
We continue to review spend across TfW to identify risks and opportunities. We build management challenge and efficiency savings into the budget setting process.
KPI: Capital expenditure
The latest full year forecast for capital expenditure against full year budgeted capital expenditure.
Overview
The full year actuals is aligned to the TfW Budget within the Business Plan plus subsequent funding adjustments agreed with Welsh Government, all reflected in the final funding letter. The majority of 2025/26 spend was related to Core Valley Lines and new trains for service transformation.
2024/25 FY Spend £358.0M | 2025/26 FY Actuals £299.9M | 2025/26 FY Budget £299.9M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
The 2026/27 funding letter has been received from Welsh Government. We continue to review spend across TfW to identify risks and opportunities. We build management challenge and efficiency savings into the budget setting process.
KPI: Ticket sales
The revenue earned from rail ticket sales. This is commonly referred to as Passenger Revenue (although Farebox Income is used interchangeably across the industry).
Overview
Revenue from Ticket Sales increased by 8.9% year on year. Growth during the year was primarily driven by increased journeys on the network, with an additional 9.9% passenger journeys made compared to 2024/25.
2024/25 £174.8M | 2025/26 £190.3M | Q4 2025/26 £55.8M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
In 2026/27, the expansion of contactless pay as you go in North Wales and the continued success in South East Wales will be key to driving up revenue, alongside the benefit from the continued transformation of the network. All increases in revenue will be reinvested into improving the services we offer.
