SBB Cargo remains a concern in 2025 despite transformation

The SBB recorded an increase in daily passenger numbers in 2025. With 1.43 million passengers per day, the figure exceeds the 1.39 million from 2024. This development in passenger transport has led to higher revenues. At the same time, however, operating and maintenance costs as well as energy expenses have also risen. In contrast, revenues in freight transport have declined. Despite the transformation, this segment remains a concern. However, SBB Immobilien was able to achieve solid results.

Annual Results and One-Time Effects

The annual result of SBB amounts to 496 million Swiss francs, representing a significant increase compared to the 275 million Swiss francs from the previous year. However, about half of this amount is attributable to one-time effects, primarily resulting from a reduction in pension obligations. These one-time effects do not impact the debt, which currently stands at 11.3 billion Swiss francs, down from 12.1 billion Swiss francs the previous year.

SBB Cargo Remains a Challenge

SBB faces the challenge of financing the necessary investments in rolling stock and energy facilities from its own resources. To enable these investments, an annual operating profit of around 500 million Swiss francs is deemed necessary.

Freight transport remains one of the biggest challenges within the SBB Group. While passenger transport continues to benefit from rising passenger numbers, SBB Cargo is under economic pressure and is undergoing a phase of profound transformation.

SBB Cargo is the leading provider in Swiss rail freight transport. Daily, freight trains transport around 170,000 tons of goods across Switzerland. This accounts for about one-seventh of national freight transport and relieves the roads of approximately 15,000 truck trips each day. At the same time, rail transport enables a CO₂ reduction of around 80% compared to road transport.

The company serves various transport segments. These include block trains, combined transport with containers and semi-trailers, as well as single wagon load traffic (EWLV), where individual freight cars are assembled into trains at marshalling yards. The latter is traditionally considered particularly important for supplying the industry but is also the most economically challenging segment.

In single wagon load traffic, SBB Cargo transports around 11 million tons of goods annually with more than half a million wagons. Customers come from industries such as chemicals, construction, steel, food, and wood.

However, transport performance is dependent on the economic cycle. A weaker industrial demand and structural changes in logistics have recently led to declining volumes in domestic and transit traffic.

In addition to national transport, SBB Cargo also operates international rail freight transport through its subsidiary SBB Cargo International. While this area is becoming profitable again, Swiss domestic transport remains the central economic challenge.

Economic Situation

In the 2024 financial year, SBB Cargo recorded a loss of around 76 million Swiss francs. The situation remains tense in the current financial year. Industry observers expect the deficit in 2025 to amount to around 100 million Swiss francs if the structural problems in freight transport are not quickly alleviated.

However, the federal government as the owner expects that freight transport will be operated on a cost-covering basis in the long term, as it is not considered a classic public service area.

The financial difficulties are primarily related to three factors: the structural deficit in single wagon load traffic, strong competition from road transport, and economically weaker transport volumes.

To reduce costs, positions have already been cut. SBB Cargo currently employs around 2,250 staff.

In response to the ongoing losses, SBB is working on a comprehensive realignment of freight transport. The goal is to make the system more efficient and to better align production with actual demand.

Particular focus is on modernizing single wagon load traffic, expanding efficient block trains, and enhancing the integration of rail and road transport in combined transport.

A part of this strategy is the „Suisse Cargo Logistics“ concept, which aims to stabilize freight transport economically in the long term.

SBB Cargo is thus at a turning point. On one hand, rail freight transport remains a central component of Swiss logistics and plays an important role in climate protection and modal shift. On the other hand, increasing competitive pressure requires structural adjustments.

Whether the transformation succeeds will be crucial for whether rail freight transport in Switzerland can maintain its role as the backbone of a sustainable transport policy in the long term.

Here is the annual report