While Jean-Pierre Farandou, its chairman for the last six years, has left for the Ministry of Labour, leaving Jean Castex in charge since November, the SNCF group has achieved stable sales in 2025 at €43 billion (-0.31TP3Q/2024) and above all a net profit of €1.8 billion. This is the fifth year in a row that the Group has been in the black. In detail, the drop in activity recorded by the logistics part (Geodis, Keolis and Rail Logistique Europe) was offset by a 5% increase in turnover for SNCF Réseau, 3% for Gares & Connexions and the same for SNCF Voyageurs.
The TGV business line, which posted sales of €21 billion, was buoyed by excellent results, with sales topping the €10 billion mark (+4.51TP3Q/2024) and a record 168.4 million passengers carried (+3.51TP3Q). Passenger numbers were particularly good in the summer of 2025, followed by a sustained recovery in the autumn. Traffic was also up for TERs in the regions (+2.8%) and for Transilien in the Ile-de-France (+4%), which finally exceeded its 2019 figures before Covid. On the other hand, with 12 million passengers, Intercités ridership fell by 1% due to major works on the Paris-Orléans-Limoges-Toulouse line.
SNCF is also very satisfied with the regularity of passenger services, which last year stood at 86.6% for TGVs, 91.4% for TERs and 90.5% for Transilien trains. " These increases in passenger numbers support SNCF Voyageurs' customer strategy in a context of sluggish consumer spending "says the group. " We refuse customers on our TGVs at certain times "Jean Castex expressed his regret at the presentation of these results. Faced with a shortage of trains due to delays in delivery of the TGV M by Alstom, SNCF has decided to increase the capacity of its TGVs during their mid-life refurbishment, and also to extend the operation of around 100 trainsets from 2 to 15 years.
Good international results
The international business, where SNCF has strong ambitions, also made a positive contribution to the results thanks to a 1.8% increase in traffic for Eurostar and profitability finally achieved for Ouigo España. Now firmly established on the Spanish rail scene, SNCF's low-cost brand carried 44.3% more passengers in 2025 thanks to the opening of services to the south of the peninsula. SNCF has also benefited from the reopening of the TGV line to Milan in the spring, and the Ouigo brand is due to make its debut in Italy in 2027.
SNCF maintains its positions despite the opening up to competition
With regard to public service rail delegations in France, SNCF is delighted to have won 4 out of 5 tenders by 2025. " This brings the total number of contracts won by SNCF Voyageurs to 8 out of 12. "says the rail group. It has been selected by the Hauts-de-France Region for the "Etoile d'Amiens", by the Bourgogne-Franche-Comté Region for the "Bourgogne Ouest Nivernais" lines from the end of 2026, and by the Sud Region to operate the Est Provence and Alpes lines from the end of 2029. On the Trains d'Équilibre du Territoire (TET) lines, SNCF Voyageurs has also won the contract to operate the Nantes-Bordeaux and Nantes-Lyon services.
These good results have enabled SNCF to invest €11 billion, including €3.2 billion to maintain and modernise France's 28,000-kilometre rail network. The rail group intends to release additional resources for this renovation, reaching a record annual amount of €4.5 billion from 2028. These necessary investments would justify the current high prices of SNCF tickets.
