New analysis by the Rail, Maritime and Transport (RMT) union reveals that private rail operators have extracted £1.8 billion in dividends from the UK railway network since 2016, highlighting the scale of profits taken from public transport under privatisation. The findings come on the first anniversary of the Passenger Railways (Public Ownership) Act receiving Royal Assent, a move aimed at reforming how the railways are run and funded.

The report shows that more than £510 million was paid out during and after the pandemic, with £190.6 million distributed in 2023/24 alone. According to RMT, this represents wealth taken out of the system for shareholders, rather than being reinvested to modernise infrastructure, improve services, or enhance passenger experience.

Eddie Dempsey, RMT General Secretary, said:

"Nearly £2bn has been taken out of the railway to line the pockets of shareholders and private company bosses. Even during the pandemic, when operators were entirely reliant on public funding, dividends kept flowing out of the industry and often leaving the country altogether. The Public Ownership Act is a major step forward and we need Great British Rail as soon as possible to bring track and train together to ensure every penny is reinvested in a railway run for the interests of rail workers and passengers."

The analysis breaks down the extraction by operator:

• FirstGroup received £203.7 million post-pandemic, including £60 million from Avanti West Coast, and spent £92 million on share buybacks in 2025 with another £50 million planned for 2026.

• Govia paid £154 million, largely from its Thameslink operations, even after losing its Southeastern franchise due to financial misconduct.

• Transport UK, the rebranded Abellio, took £114 million from three franchises now returned to public ownership.

• Arriva, owned by a Luxembourg-based private equity firm, paid £35 million, almost entirely from CrossCountry operations.

• By contrast, publicly owned LNER returned more than £90 million to the Treasury.

The RMT report underscores concerns over the flow of public funds into private hands, strengthening calls for accelerated nationalisation under the framework of the Public Ownership Act to ensure reinvestment benefits passengers and workers rather than shareholders.

Image: RMT