DB report: Cargo improves operating result by €350 mln, still at a loss

DB Cargo has improved its operating result (EBIT) by 350 million euros in 2025. A major improvement, although Deutsche Bahn’s freight department still operated at a loss of 7 million euros.
In 2024, DB Cargo operated at a 357 million euro loss. It managed to reduce that by 98% amid restructuring proceedings in 2025 for a total of -7 million euros. You can find an overview of some of the key financial and operational indicators for DB Cargo at the bottom of this article.

In Germany, the freight operator’s earnings grew thanks to several factors. These included higher revenues from compensation payments for locomotive supply contracts and infrastructure-related train cancellations. Additionally, government subsidies for single wagonload traffic, infrastructure, and track access charges contributed to the increased earnings.

On the other hand, DB Cargo saw a revenue decline of 434 million euros (-8%). This was driven primarily by performance in Germany and the United Kingdom (including metal transport), as well as in Spain (partly due to the sale of subsidiaries). Price adjustments, however, partially mitigated this reduction. When adjusted for negative currency effects, the decrease in revenue was slightly less significant, says the DB report.

Positive cost developments

At the same time, DB Cargo underwent some significant positive changes in the cost picture. Material costs shrank by 292 million euros. Lower activity levels, particularly reduced expenditure on maintenance services, energy, and purchased transport services, were the main contributors to the decline. The drop in maintenance costs was primarily a result of lower volumes.

Personnel costs were 149 million euros lower than in 2024, primarily due to reductions in the German and Spanish workforces. Depreciation also declined by 95 million euros – a result of an extension of the useful lives of locomotives and freight wagons in the balance sheet, as well as the sale of rolling stock.

Sale-and-leaseback

The latter point (at least partially) relates to the sale-and-leaseback of some 6,000 wagons (GATX) and 60 locomotives (Beacon Rail). “The sale and subsequent leaseback of part of the rail vehicle fleet is a contribution to the transformation of DB Cargo, making the provision of locomotives and wagons more flexible. The proceeds from the sale also contribute to improving the financial situation of DB Cargo”, the 2025 report specifies.

The Swiss freight operator SBB Cargo recently undertook a similar step, indicating that it improved operational flexibility. In the long term, the sale-and-leaseback will help reduce depreciation write-offs and reduce maintenance costs.

“Positive one-off effects from sale-and-leaseback transactions served as a bridge in 2025 until the implemented operational measures took effect”, explains DB. In total, DB Cargo got 300 million euros from the sale of the wagons and locomotives.