KPI: Operating expenditure
The latest full year forecast for operational expenditure against full year budgeted operational expenditure.
Overview
The full year outturn 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 Forecast £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 outturn 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 will be for the Core Valley Lines and new trains for service transformation.
2024/25 FY Spend £358.0M | 2025/26 FY Forecast £299.9M | 2025/26 FY Budget £299.9M |
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: 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 7.2% in Q1 2025/26 compared to Q1 2024/25. This was predominantly driven by growth in the number of journeys undertaken on the TfW network, with growth in the North particularly strong.
Q1 2024/25 £39.1M | Q1 2025/26 £41.9M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
In 2025/26, the expansion of demand-led pricing and contactless pay as you go ticketing across the network will be key to driving up revenue. Customers will also benefit from the continued transformation of the network and allow us to further increase revenue. This will enable reinvestment into improving the services we offer.
