Let's talk about Amtrak.

I'm Paul Comfort, and on this episode of Transit Unplugged, we speak with

the president of Amtrak, roger Harris.

Roger's led an amazing year for Amtrak in 2025.

They had record ridership, revenue and capital investments, and the

FY 26 outlook is fantastic with continued ridership growth and some

major capital project milestones.

They're really focused on running a great railroad and he unpacks what

all that means, improving reliability along with the customer experience.

And they're also looking forward to this coming year's support of the World Cup

travelers and the America 250 initiatives.

He explains all that to us on this great in-depth look at how Amtrak,

America's national railroad, is doing and is planning to do in 2026.

I'm Paul Comfort.

Enjoy the conversation with Roger Harris.

Great to have with us the President of Amtrak, Roger Harris.

Roger, thanks for being with us on the show.

Thank you, Paul.

It's great to be here today.

Yeah.

Wow.

What an amazing year you've had Roger there at Amtrak.

2025 was like fantastic man.

Uh, record results and ridership, revenue capital investments.

You got it all going on, brother.

Yeah.

You know, Paul, it's so exciting because I feel like it's been, the culmination of

years of work by tons of different people.

And I, I wanna pay tribute to them because they really set us up.

And now we're really hitting our stride.

We've just had a couple of years of record breaking results.

Record breaking ridership, record breaking revenue, you know, improvement

in how we run the railroad every day, on all kinds of metrics.

And it's just such an exciting time.

I feel honored to be here at Amtrak at such a great point in history.

That's wonderful.

Well, let's unpack it a little bit, if you don't mind.

Let's go through, I mean, for those of you who may are listening to us

you know, in another country, maybe Amtrak is our national railroad,

and it's our inner city railroad.

And I was just talking to Roger in the green room when I was CEO in Baltimore,

Amtrak actually we used to work a lot with them 'cause we ran commuter trains.

And Roger's operation actually operated some of them for us called

the MARC Trains, under contract.

So you guys don't just run your own service sometimes you run

service under contract with others?

Yeah, absolutely.

And there's actually another dimension to that as well.

So, people think about Amtrak running trains and you know, selling tickets

and we do that all over the country.

We do exactly what you just said.

So we do subcontracting or basically the operation for some commuter agencies

like MARC, where we provide, engineers and conductors, who operate the trains.

And then the other really big piece of business that people don't see is

that we provide the infrastructure.

In the northeast corridor for the commuter agencies to run on.

So like the tracks and tunnels and bridges and things like that.

and that's a really big part of our, business.

So we're the infrastructure provider.

and you know, there's some parts of the Northeast corridor where we're actually

only 10% of the ridership and 90% of the customers who, especially in the

New York area and New Jersey, 90% of the customers are actually on our commuter

partners' trains using our infrastructure.

So it's a dimension that doesn't really get a lot of visibility, but it's,

really important and it's where we.

cut our teeth every day because our reliability is our B2B or

commuter partner customers.

Reliability.

Yeah.

Yeah.

I was in, New York a few months ago talking with Justin Vonashek,

at Metro North Railroad for our podcast and the TV show.

And you guys are a big part of the, you know, the whole northeast corridor.

Well, and what's really interesting there, Paul, is that.

it's reciprocal, right?

So, they run on us we run on them because up north of New York City, we run on

Metro North for a number of miles.

And then we continue into Connecticut where we run on

tracks owned by Connecticut DOT, that are managed by Metro North.

what a lot of people don't realize is the northeast corridor is an incredibly

complicated ecosystem of ownership and management and maintenance.

And, you know, we have this whole, entity called the Northeast

Corridor Commission, which is a governing body, that governs this.

But it just speaks to how, transit is so interdependent

on so many different levels,

Yeah, I remember, uh, when I was at MTA, I used to send Suhair Al Khatib,

my deputy to all those meetings, and he would come back and talk to me

about how complicated it all was.

So,

yeah.

Well, and you know, it was complicated back then and thank goodness that

people really laid groundwork on governance and how to share costs

and investments going forward.

Because what's interesting is after the IIJA and this infusion of money

to be spent on infrastructure.

now we have a lot to work with, right?

Like we have billions of dollars to invest and prioritize and find resources for,

and it makes it, challenging, but at the same time rewarding because we are

laying infrastructure that will, be used for 50 or a hundred years in the future.

That's awesome.

Alright, let's dive into some of what I consider highlights

from FY 25 for you guys.

ridership up 5% year over year, 34.5 million customer

trips, capital investment, $5.5 billion, up 25% year over year.

These are great numbers, Roger.

Yeah, they are.

So like, let me take the ridership for a minute.

So.

ridership, was a record breaking year.

It broke the FY 24 number, which was 32.8, I think, and, uh, that

broke the 2019 number, which was the peak the company had ever had.

So, right before COVID.

32.5. we're on this growth trajectory and what's interesting is that the

growth is being seen across the country.

So, you know, a lot of people identify us with the northeast corridor

between, Washington and Boston.

But this growth is being seen in Washington State and North

Carolina and Virginia, and.

Just so many parts of the country, and it really speaks, I think,

to the widespread interest in, passenger rail in the U.S. now.

And so for the decade before, COVID, Amtrak's ridership had been

relatively flat in like the 30, 31 million passengers per year zone.

But we're now really seeing a sustained growth.

And, a dimension of that, which is interesting, is that we

haven't actually really grown our fleet in that period of time.

It's actually shrunk slightly and we're getting more use

out of the, assets we have.

we're being smarter about scheduling, maintaining, we have higher load

factors, so we're selling the seats more.

the new trains that are coming, the newest Acelas, the new Airos, these are

going to feed into this growth story and allow us to grow, our ridership.

But let me talk about the, the capital investment.

You, you talked about the, the $5.5 billion.

I mean.

I don't think people understand what that means.

Like it just sounds like a big number.

And, there aren't many companies in this world, I think, where they spend twice

as much on capital investment in a year on revenue received from the ticket box.

and.

the idea that we're spending half a billion dollars a month, a month on

these projects is just mind boggling.

And, and it's not just a lot of money, but it's across all kinds of asset classes.

It's bridges and tunnels and tracks and new trains and maintenance facilities.

It's, a really, transformational.

Set of assets that are building the future and reinforcing the

capabilities of the company.

it's 400% higher than it was five years ago and

amazing.

that's incredible.

Yeah.

and we'll dive into some of those expenditures.

'cause I do wanna talk about some of the great projects you're working on.

But, so on one side you've got the expenditures, but on the other side

you've got some amazing revenue coming in, adjusted operating

earnings up 15% year over year.

Yeah.

so, you know, to me it's like this, virtuous cycle, right?

So we go out there, there's a ton of demand.

We get riders, they buy tickets.

So we had 5% growth in ridership.

We had 10% growth in ticket revenue because people are

paying more for better product.

I think we're also just doing a smarter job of pricing to the market.

So, where there's less demand, we're reducing prices to drive ridership

and, you know, it's supply and demand.

So, we do get feedback on higher prices, on popular trains, but yeah.

This is a free market that we operate in, and that's what we're

charged to do, by Congress.

so you know, there's been a growth in ridership.

It's amplified by higher, slightly higher fares on the revenue

side and tight cost control.

and that's how we're getting the operating income, growth.

But I think it really speaks to this high fixed cost industry, which rail, in

fact, transportation in general is right.

We have these enormous fixed costs and really how we make a healthier

growing business is by finding ways to create capacity with the same assets.

And so, you know, whether it's longer trains or more frequent trains against

that asset base is really, I think, how we improve our, financial performance.

But it's also good for the traveling public because it creates more choices,

more schedule frequency, more convenience.

And this, just has this ongoing, positive effect of growing.

the convenience and utility.

Yeah.

Now do I understand it right, that you all are on track to achieve train

operational profitability by FY 28?

Yeah.

exactly.

So, and the reason why we talk about train operating profitability versus,

infrastructure is really because we have a lot of this infrastructure

investment going on, and it's a slightly different sort of dynamic in terms

of the p and l performance, but we, definitely wanna make sure that the, the

train operations is earning its keep.

and that's exactly, how those two lines cross between operating

revenue and operating expense.

And I think we're on a good track.

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Paul Comfort for this edition of the award-winning Transit Unplugged podcast.

So I just got back from a trip to Italy, uh, and rode some of their high speed

rail while I was over there and saw that they have a lot of private companies

that operate their services there.

Uh, and of course here in America people have heard of Brightline, which is mm-hmm.

Doing, uh, rail.

They're trying to build a, a, a higher speed rail between, uh, LA and um, Vegas.

explain to us maybe the structure of Amtrak.

That's something we didn't talk about at the very top, but you all are

like a congressionally- well, you, you explained better than I can.

Yeah, yeah, exactly.

So, um.

well, Amtrak was created by Congress back in 1971.

It basically assumed all of the passenger train operating li uh, reliability or

responsibility of the freight railroads.

So we're an independent corporation, chartered by Congress to fulfill

those duties essentially.

And, we are tasked with behaving in a commercial.

way.

So, you know, we are, intended to pay our way, earn our keep, and that's

exactly what we're trying to do.

So infrastructure, transportation infrastructure is always, expensive

and, uh, we're always looking ways to do it efficiently and

find new sources of capital.

And so Brightline is, is one way, uh, of doing that.

And they are, you know, they still receive federal grants for infrastructure.

Um,

yeah, I think you got a billion dollars for out there out west, right?

And that

Oh yeah, absolutely.

But you know, I mean, this is what transportation requires, right?

Just like air transportation requires.

Airports and air traffic control systems and, you know, all that infrastructure

because it's good for the economy, and it's good for the public in terms

of creating the utility of travel.

So, yeah, so we're different than Brightline, but I don't think we

have any less obligation or desire to be efficient with the funds that

we are provided by the taxpayer.

and I think we can be as good as any private operator.

Yeah, I tell you, I, for, for one, I love Amtrak.

I go up to, uh, Wilmington and

Uhhuh,

Delaware, and I get on the station there, park my car.

It's easy.

Walk right across the street.

Yeah, hop on the train and take it to, that's when I go

to New York or New Jersey.

One Penn Plaza, remember?

Yeah, we used to go to New Jersey transit offices and all that.

And uh, it's just a great way to travel.

And you've got some brand new vehicles, next gen Acela and all that.

Talk to us about the new vehicles and what you've got coming.

Airo.

Which sounds very interesting.

Tell us about all that.

yeah, absolutely.

Thank you.

so we just in August launched our new Next Generation Acelas.

So Acela was launched, um, at the beginning of the century

now, right after 2000.

so.

The Acela product's about 25 years old.

it really transformed travel in the Northeast and it, created a huge

shift away from the air shuttle market between New York and Washington.

And so this is our kind of refresh of that product.

we ordered 28 of these new trains and, we started revenue service in August.

They're each about 25% bigger than the original Acelas.

We ordered 40% more of them.

So there's room for growth in all of this.

they operate at a maximum speed of 160 miles per hour, 255 kilometers per hour.

and I think part of what.

happens in this country is the infrastructure is not capable

of supporting them running at that high speed the full way.

But, um, what we're really focused on is a modern, comfortable,

technologically advanced product.

And so these new trains are, really sleek, very impressive.

as with any fleet, we're having some teething pains, but, um, the trains

themselves are running really well.

We're working well with a manufacturer on, those teething pans that I mentioned.

but they're really gonna allow us to introduce the Acela franchise to

more people because the trains are bigger, but also more frequencies

because we have more of them.

That will really transform our entire product.

So we'll have all of the, previous generation Acelas, retired

from service within the year.

So people will, will have the new product.

I can't wait to ride it.

I've ridden the old one lots of times, but I can't wait to the new one.

Yeah.

Oh, okay.

Well, we have eight of the new ones in service so far.

Okay.

we're working on the ninth, 10th, and 11th.

So, you know, they're, they're coming quickly.

we have to accept them officially, each unit.

and then what's really, I think, sneaking up on people, I mean, not on us but

uh, in terms of public perception is the new Airo trains, which is Yeah.

Uh, which, so they're basically the replacement for the Amfleets that

operate the Northeast regionals, which are pushing 50 years old now.

So they really have done good service.

these new Airos, will also be seen.

In fact, they're gonna be launched first on the Cascades service in

the Pacific Northwest, next summer.

And what's really cool about them is they are dual mode.

They are capable of operating, via electric traction,

overhead contact system.

Electric on the northeast corridor.

And then they also have a diesel power pack that runs the electric

traction motors for off corridor.

So today, for instance, we have to change from electric to diesel locomotives

in Washington to go south or in New Haven to go, north to Springfield.

And this will allow us to basically switch over pretty much seamlessly

between the two traction sources.

And it's gonna take out time of the schedule where we currently

have to, it takes about 30 minutes to change out a locomotive.

We're gonna be able to switch basically in five minutes at the station.

So it, it's, it's gonna make up an a much faster product.

in terms of transitioning power sources, but it's also going to, it's a thoroughly,

thoroughly modern, comfortable, convenient train and very impressive.

And they're coming online this year of 26, right?

Yeah, so 26 in the Pacific Northwest and then 27 they're gonna

start on the Northeast corridor.

Okay.

and then eventually there's a battery operated, version of them as well.

And you've also got some new services.

We should crow a little about the Amtrak Mardi Gras service.

I love how you give each line a fun name.

Uh, Mardi Gras between Mobile and New Orleans.

And that's the first time they've had service there in a long time.

Yeah, it is.

And you know, we, we also launched that service in, uh, August.

So August was a huge month for us and it was, a long time in coming.

So it was 20 years almost to the day, yeah.

Since hurricane Katrina devastated New Orleans and

basically shut down that route.

and it took about 10 years or more to actually deliver the project, but.

What's really been amazing and when I went down there for the celebrations,

I never had any concept that each town has their own Mardi Gras there.

So, as a country we think about Mardi Gras as New Orleans, right?

Right.

It's like personified by that, but Oh no, no, no.

You go along there.

And on that launch train we went to every town, they'd be like.

Have you seen Biloxi, Biloxi, Mardi Gras, or Mobile, or you know, Pascagoula

or any of these cities that we stop at?

And we realized why the community wanted to call it the Mardi Gras

service because Mardi Gras is this unifying concept in that region.

and the trains have been.

tremendously successful.

far outstripping our expectations, and we are, just so heartened by that because

when you reintroduce service in a market or an area where you haven't operated for

10 or 20 or 50 years, It's really hard to quantify like what the pent up demand

is and what the ongoing interest will be.

And this really has kind of uncovered that, it's way bigger than we even

think, and so, you know, trying to get passenger rail out into

these corners of the country.

is I think, an enormous opportunity and, and I think greatly underappreciated

in terms of its potential.

And I read that you have 96% customer satisfaction rate

on that route since customer

on that route.

I mean,

oh my God.

Where, where do you get those kind of numbers, man?

well, first of all, we have.

great employees down there, like the, the, the customers just adore the employees

and I have to say, when I go down there, there's so much heart down there in

the service and, it's a little bit of southern hospitality and a lot of Amtrak.

Heart is the best way I can say it.

It's just a great team in New Orleans.

That's awesome.

Well, um, there's so much more we could talk about.

I know we only got a few more minutes, so I, I want to jump ahead

a little bit and look at what you've got proposed for this year, 2026.

Uh, you've got so many kind of cool new projects you've got coming up.

I love your focus on running a great railroad.

Tell us what that means to you and what you're gonna do

this year to make that happen.

Yeah, Paul, that's, to me, that's about just table stakes, right?

Like people come to us because we provide transportation and people, they want

to get somewhere by a time certain, they want a clean train, they want polite,

friendly employees and this is who we are and, We do that really well, but

what we can improve on is consistency.

And so, you know, I get, letters from customers and, and things like that.

And sometimes I think like, oh my gosh, like we have so much to do.

We do have stuff to do, right?

But we have a great place to start.

And so we're really focusing on that and trying to figure out

how to help our employees, right?

Because oftentimes when they have an issue, it's because.

we haven't given the right tools, so,

right.

You know, let's try really hard on that.

we have old infrastructure.

A couple of things that are coming this year.

They're so exciting.

Um, we're gonna be opening the first, track on the Portal North Bridge in

New Jersey with our partner in New Jersey Transit and in New York on the

East River tunnel side, we're gonna be reopening one of the East River tunnels.

And so these improvements in infrastructure are just gonna

bring more reliability and more, on time performance of the train.

So those are the building blocks I think of, what we're gonna be delivering.

That's great.

And of course where most people who've never ridden public

transportation will try it this year is going to a World Cup game, right?

Yeah.

And then you've got, of course, America 250, our 250th anniversary.

Talk to us about the role Amtrak will have in supporting them.

Well, it is two levels really.

So, I mean, one is just our normal scheduled service.

And so we're looking really hard at our schedules there.

finding ways, if we can, to provide more capacity on those peak days.

It's not easy when you're kind of running flat out or, uh, you know, to begin with,

but, there are, opportunities for that.

but.

we were talking about how we have this huge infrastructure business

as well, where we have so many partners, running on our network.

That's really where we have a big impact on the World Cup and America 250.

So, agencies like New Jersey Transit in New Jersey, SEPTA in the Philadelphia

area will have a huge role to play in terms of getting fans to events,

and they're running on Amtrak infrastructure in many of those cases.

And so we have to make sure that our infrastructure is ready for the event

and that we're standing by to take care of any eventualities that may occur.

Of course we hope everything goes smoothly, but you know, yeah,

life always has its way of growing its challenges towards you.

That's wonderful.

Roger, it's been a great kind of, uh, review of Amtrak, our

American national railroad.

Are there any closing thoughts you'd like to give people who maybe

have never tried Amtrak before?

well, I want to thank all of our customers for their support and, I would like to

ask all those people who haven't tried Amtrak yet to come and try it now that

we have, these renewed, products that are really gonna take us to world class

levels, in both the Acela and the new Airo trains that we're gonna introduce.

That's great.

Well, I'll be riding this year.

I can't wait to do it again, as we always did.

And, and Roger Harris, president of Amtrak, thank you so much for spending

a little time with us today to kind of review the great news from this last year

and the wonderful plans you have for 2026.

We wish you all the best.

Thank you, Paul.

I enjoyed it.

Thank you for listening to this episode of Transit Unplugged, the world's

number one transit executive podcast.

I'm Julie Gates, executive producer of the podcast.

Many thanks to the team that makes this show happen.

Host and producer Paul Comfort, producer Chris O'Keeffe, editor

Patrick Emil, associate producer Cyndi Raskin and consultants Dan

Meisner and Jonas Woos at Bumper

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