Amtrak Board Briefed on Strong Q1, Challenges in the Year Ahead

By Sean Jeans-Gail | VP of Gov’t Affairs + Policy

Amtrak executives reported record first‑quarter ridership and ticket revenue for the first quarter of Fiscal Year 2026 during a public board meeting the railroad hosted Wednesday. However, company leaders cautioned that equipment shortages and major infrastructure projects—and their associated track outages—will present challenges throughout the rest of the year.

Chief Financial Officer Costin Corneanu told the board that ridership climbed by 422,000 passengers compared to the same period last year, a 4.7% year‑over‑year increase, exceeding internal forecasts by 49,000 riders. Growth was seen across all business lines, with the Northeast Corridor (NEC) up 294,000 passenger trips, state‑supported services up 95,000, and long‑distance trains up 33,000.

However, reduced capacity on State-supported routes following the retirement of the Horizon car fleet provided stiff financial headwinds. Even so, ticket revenue on those routes ticked up nearly 1%.

Long-distance services showed notable financial improvement, with a 9.9% reduction in losses driven by higher per‑ticket yields and modest capacity increases. Corneanu and Chief Commercial Officer Eliot Hamlisch attributed the gains to rising demand—particularly for sleeper accommodations—and better on-timer performance along key corridors. Hamlisch summarized it succinctly as “more riders traveling further paying more.”

Hamlisch went on to warn that “equipment delays and major infrastructure outages” would likely constrain the company’s ability to sustain its early momentum.

A major challenge remains the delayed rollout of the NextGen Acela fleet. Only eight trainsets are currently in service, representing half of Amtrak’s active high‑speed equipment. Reliability issues—especially door malfunctions requiring recalibration by manufacturer Alstom—are limiting capacity while the aging legacy Acela fleet approaches retirement.

Operationally, the NEC is also strained by two major capital projects. The Penn Access project, which adds Metro‑North service into Penn Station, has forced a 20% service reduction since early January and will continue through March 30, with additional outages expected May through November. Meanwhile, the Portal North Bridge cutover will reduce service by 50% between Newark and Secaucus from Feb. 13 to March 16 as trains are shifted onto the first completed span of the new high‑level bridge.

Amtrak emphasized that while short‑term disruptions will be significant, both infrastructure upgrades and the full arrival of the NextGen fleet are essential for long‑term reliability and future growth.