Finance.

496 CHF m Consolidated result

Consolidated result

to entry in the table

4.15 CHF bn Public-sector funding

Total public-sector funding

to entry in the table

6.58 CHF bn Purchasing volume

Purchasing volume

to entry in the table

Features of the SBB statistics portal

The income statement, balance sheet and cashflow below provide a short and clear overview of SBB’s financial situation from a Group perspective. By showing the public sector funding, we make clear the significance of public money to SBB, and not least for the additions to assets. The figures on SBB’s purchasing volume and references from the extensive annual and financial reports as well as diagrams on selected financial indices round up the insight into SBB’s finances.

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			2021	2022	2023	2024	2025	∆
	Income statement								Files Copy link
Income statement Files sbb-geschaeftsbericht-2025.pdf Share Link copied
	Operating income	CHF m	[9,870]	[10,727]	[11,424]	11,388	11,682	+2.6%	Diagram Files Footnote Download Copy link
Operating income Files f010pe-sbb-operating-income-expenses-2025.pptx Footnote Revenue in 2025 was CHF 10224 million (operating income minus retained earnings; 2024: CHF 9913 million, +3.1%). Share Link copied
	Traffic revenue	CHF m	3,409	4,242	4,578	4,815	4,957	+2.9%	Diagram Download Copy link
Traffic revenue Share Link copied
	Passenger revenues	CHF m	2,540	3,395	3,731	3,974	4,127	+3.8%	Diagram Download Copy link
Passenger revenues Share Link copied
	Freight revenues	CHF m	777	747	745	732	721	-1.5%	Diagram Download Copy link
Freight revenues Share Link copied
	Revenue from infrastructure use	CHF m	92	101	102	109	109	+0.3%	Diagram Download Copy link
Revenue from infrastructure use Share Link copied
	Public-sector funding	CHF m	[3,264]	[3,127]	3,180	3,056	3,122	+2.2%	Diagram Footnote Link Download Copy link
Public-sector funding Footnote Only payments reflected in income statement. Related Links Database of federal subsidies (in German) Share Link copied
	Grants for regional passenger services	CHF m	[834]	[788]	800	710	682	-4.0%	Diagram Download Copy link
Grants for regional passenger services Share Link copied
	Grants for long-distance services	CHF m	—	—	0	0	1	—	Diagram Footnote Download Copy link
Grants for long-distance services Footnote Grants for advance payments relating to international night train connections. Share Link copied
	Contributions to the rail infrastructure	CHF m	2,387	2,338	2,378	2,344	2,436	+3.9%	Diagram Download Copy link
Contributions to the rail infrastructure Share Link copied
	Grants for freight traffic	CHF m	43	1	2	2	2	+13.9%	Diagram Download Copy link
Grants for freight traffic Share Link copied
	Rental income from real estate	CHF m	608	657	686	718	743	+3.4%	Diagram Download Copy link
Rental income from real estate Share Link copied
	Other income	CHF m	[1,200]	[1,343]	1,552	1,323	1,403	+6.0%	Diagram Download Copy link
Other income Share Link copied
	Own work capitalised	CHF m	[1,349]	[1,357]	[1,429]	1,475	1,458	-1.2%	Diagram Download Copy link
Own work capitalised Share Link copied
	Operating expenses	CHF m	[-10,094]	[-10,887]	[-11,050]	-10,994	-11,069	+0.7%	Diagram Files Download Copy link
Operating expenses Files f010pe-sbb-operating-income-expenses-2025.pptx Share Link copied
	Cost of materials	CHF m	-777	-828	-900	-933	-967	+3.6%	Diagram Download Copy link
Cost of materials Share Link copied
	Personnel expenses	CHF m	-4,407	-4,540	-4,685	-4,824	-4,467	-7.4%	Diagram Download Copy link
Personnel expenses Share Link copied
	Other operating expenses	CHF m	[-2,447]	[-2,811]	[-2,919]	-2,681	-2,942	+9.7%	Diagram Download Copy link
Other operating expenses Share Link copied
	Third-party operating and maintenance services	CHF m	-1,097	-1,051	-1,180	-1,165	-1,186	+1.8%	Diagram Download Copy link
Third-party operating and maintenance services Share Link copied
	Other expenses	CHF m	[-1,350]	[-1,760]	[-1,739]	-1,517	-1,756	+15.8%	Diagram Download Copy link
Other expenses Share Link copied
	Depreciation	CHF m	[-2,462]	[-2,707]	[-2,546]	-2,556	-2,694	+5.4%	Diagram Download Copy link
Depreciation Share Link copied
	Depreciation of financial assets	CHF m	-2	-1	-1	0	0	-100.0%	Diagram Download Copy link
Depreciation of financial assets Share Link copied
	Depreciation of tangible assets	CHF m	-2,254	-2,453	-2,305	-2,337	-2,454	+5.0%	Diagram Download Copy link
Depreciation of tangible assets Share Link copied
	Depreciation of intangible assets	CHF m	[-206]	[-254]	[-241]	-220	-240	+9.4%	Diagram Download Copy link
Depreciation of intangible assets Share Link copied
	Operating result/EBIT	CHF m	-225	-160	374	393	613	+55.9%	Diagram Download Copy link
Operating result/EBIT Share Link copied
	Financial result	CHF m	-98	-135	-115	-110	-96	-13.1%	Diagram Download Copy link
Financial result Share Link copied
	Profit from real estate sales	CHF m	24	8	30	6	3	-50.3%	Diagram Download Copy link
Profit from real estate sales Share Link copied
	Income taxes	CHF m	-23	-21	-19	-12	-27	+116.0%	Diagram Download Copy link
Income taxes Share Link copied
	Minority interests	CHF m	-4	62	-4	-2	2	-203.6%	Diagram Download Copy link
Minority interests Share Link copied
	Consolidated result	CHF m	-325	-245	267	275	496	+80.2%	Diagram Files Download Copy link
Consolidated result Files f020pe-sbb-consolidated-result-2025.pptx Share Link copied

	Balance sheet								Files Copy link
Balance sheet Files sbb-geschaeftsbericht-2025.pdf Share Link copied
	Assets	CHF m	[52,058]	[53,562]	[55,022]	56,683	58,191	+2.7%	Diagram Download Copy link
Assets Share Link copied
	Current assets	CHF m	[1,400]	[1,401]	[1,729]	2,134	2,077	-2.7%	Diagram Download Copy link
Current assets Share Link copied
	Fixed assets	CHF m	[50,658]	[52,161]	[53,293]	54,549	56,114	+2.9%	Diagram Download Copy link
Fixed assets Share Link copied
	Financial assets	CHF m	627	482	489	503	453	-9.9%	Diagram Download Copy link
Financial assets Share Link copied
	Property, plant and equipment	CHF m	42,029	43,893	44,287	45,171	46,031	+1.9%	Diagram Download Copy link
Property, plant and equipment Share Link copied
	Assets under construction and advance payments	CHF m	6,892	6,632	7,280	7,664	8,402	+9.6%	Diagram Download Copy link
Assets under construction and advance payments Share Link copied
	Intangible assets	CHF m	[1,110]	[1,154]	[1,236]	1,211	1,228	+1.4%	Diagram Download Copy link
Intangible assets Share Link copied
	Equity and liabilities	CHF m	[52,058]	[53,562]	[55,022]	56,683	58,191	+2.7%	Diagram Download Copy link
Equity and liabilities Share Link copied
	Public loans (Federal and cantonal)	CHF m	[24,343]	[25,785]	[26,618]	27,296	28,258	+3.5%	Diagram Download Copy link
Public loans (Federal and cantonal) Share Link copied
	Interest-bearing debt	CHF m	[11,232]	11,585	11,415	12,280	11,458	-6.7%	Diagram Footnote Download Copy link
Interest-bearing debt Footnote Net interest-bearing debt was CHF 11.3 billion (2024: CHF 12.1 billion, -6.4%). Share Link copied
	of which net interest-bearing debt	CHF m	10,975	11,438	11,263	12,072	11,299	-6.4%	Diagram Download Copy link
of which net interest-bearing debt Share Link copied
	Other foreign capital	CHF m	[3,977]	[4,055]	[4,540]	4,408	4,431	+0.5%	Diagram Download Copy link
Other foreign capital Share Link copied
	Equity, incl. minority interests	CHF m	[12,506]	[12,196]	[12,448]	12,700	14,044	+10.6%	Diagram Download Copy link
Equity, incl. minority interests Share Link copied

	Free cash flow								Files Copy link
Free cash flow Files sbb-geschaeftsbericht-2025.pdf Share Link copied
	Cash flow from operating activities including payments from the Confederation for infrastructure depreciation and amortisation	CHF m	[2,334]	[2,441]	[2,776]	2,609	3,262	+25.0%	Diagram Download Copy link
Cash flow from operating activities including payments from the Confederation for infrastructure depreciation and amortisation Share Link copied
	Confederation payments for infrastructure depreciation and amortisation	CHF m	1,430	1,509	1,481	1,506	1,553	+3.1%	Diagram Download Copy link
Confederation payments for infrastructure depreciation and amortisation Share Link copied
	Cash flow from operating activities excluding payments from the Confederation for infrastructure depreciation and amortisation	CHF m	[904]	[932]	[1,295]	1,103	1,708	+54.8%	Diagram Download Copy link
Cash flow from operating activities excluding payments from the Confederation for infrastructure depreciation and amortisation Share Link copied
	Cash flow from investing activities	CHF m	[-1,468]	[-1,394]	[-1,109]	-1,913	-1,785	-6.7%	Diagram Download Copy link
Cash flow from investing activities Share Link copied
	Cash flow from financing activities	CHF m	286	475	-181	824	39	-95.2%	Diagram Download Copy link
Cash flow from financing activities Share Link copied
	Total cash flow	CHF m	-279	13	6	15	-37	-357.2%	Diagram Download Copy link
Total cash flow Share Link copied

	Public-sector funding								Files Copy link
Public-sector funding Files sbb-geschaeftsbericht-2025.pdf Share Link copied
	Total public-sector funding	CHF m	[4,091]	[5,126]	4,083	3,879	4,149	+7.0%	Diagram Download Copy link
Total public-sector funding Share Link copied
	Payments reflected in income statement	CHF m	[3,264]	[3,127]	3,180	3,056	3,122	+2.2%	Diagram Link Download Copy link
Payments reflected in income statement Related Links Database of federal subsidies (in German) Share Link copied
	Contributions to the rail infrastructure	CHF m	2,387	2,338	2,378	2,344	2,436	+3.9%	Diagram Download Copy link
Contributions to the rail infrastructure Share Link copied
	Grants for regional passenger services	CHF m	[834]	[788]	800	710	682	-4.0%	Diagram Download Copy link
Grants for regional passenger services Share Link copied
	Grants for long-distance services	CHF m	—	—	0	0	1	—	Diagram Footnote Download Copy link
Grants for long-distance services Footnote Grants for advance payments relating to international night train connections. Share Link copied
	Grants for freight traffic	CHF m	43	1	2	2	2	+13.9%	Diagram Download Copy link
Grants for freight traffic Share Link copied
	Increase in loans, non-repayable contributions	CHF m	[827]	[1,999]	903	823	1,027	+24.8%	Diagram Download Copy link
Increase in loans, non-repayable contributions Share Link copied
	Increase in loans for financing of rail infrastructure	CHF m	778	1,441	833	700	962	+37.5%	Diagram Download Copy link
Increase in loans for financing of rail infrastructure Share Link copied
	Non-repayable contributions to investments	CHF m	[49]	[558]	70	123	65	-47.3%	Diagram Download Copy link
Non-repayable contributions to investments Share Link copied

	Additions to assets								Files Copy link
Additions to assets Files f030pe-sbb-additions-assets-2025.pptx Share Link copied
	Additions to assets reflected in the balance sheet	CHF m	3,470	4,392	3,696	3,870	4,367	+12.8%	Diagram Download Copy link
Additions to assets reflected in the balance sheet Share Link copied
	Passenger Services Markets	CHF m	—	707	586	878	996	+13.4%	Diagram Download Copy link
Passenger Services Markets Share Link copied
	Passenger Services Production	CHF m	—	98	95	119	146	+23.2%	Diagram Download Copy link
Passenger Services Production Share Link copied
	Real Estate	CHF m	412	502	578	465	595	+28.0%	Diagram Download Copy link
Real Estate Share Link copied
	Freight Section	CHF m	32	18	24	47	13	-72.3%	Diagram Download Copy link
Freight Section Share Link copied
	Infrastructure Network	CHF m	1,838	2,840	2,210	2,163	2,421	+11.9%	Diagram Download Copy link
Infrastructure Network Share Link copied
	Infrastructure Energy	CHF m	221	190	159	157	151	-4.0%	Diagram Download Copy link
Infrastructure Energy Share Link copied
	Group-level units	CHF m	30	37	44	42	46	+9.7%	Diagram Download Copy link
Group-level units Share Link copied

	SBB as a purchaser								Files Copy link
SBB as a purchaser Files f040pe-sbb-purchaser-2025.pptx Share Link copied
	Purchasing volume	CHF m	[5,634]	[5,861]	[5,838]	6,170	6,384	+3.5%	Diagram Download Copy link
Purchasing volume Share Link copied
	Proportion of suppliers based in Switzerland	%	[88.5]	[86.4]	[88.5]	90.1	89.0	-1.1%	Diagram Download Copy link
Proportion of suppliers based in Switzerland Share Link copied
	Suppliers	number	[13,315]	[13,870]	[14,244]	14,488	14,627	+1.0%	Diagram Footnote Download Copy link
Suppliers Footnote Only includes billers with a purchasing volume of more than CHF 2,000 in 2025. Share Link copied
	Proportion of suppliers based in Switzerland	%	[90.6]	[90.5]	[90.4]	90.3	90.7	+0.4%	Diagram Footnote Download Copy link
Proportion of suppliers based in Switzerland Footnote Only includes billers with a purchasing volume of more than CHF 2,000 in 2025. Share Link copied