Brightline Loses Nearly $550MM in 2024, but Keeps on Goinghttps://www.railwayage.com/passenger/intercity/brightline-loses-nearly-550mm-in-2024-but-keeps-on-going/Now the word is out that Brightline is losing money; lots of it. C.A. Bridges and Chris Persaud reported in the Palm Beach Post on May 5, 2025, that Brightline had booked 3 million trips in 2024 but lost almost $550 million. They reported: “According to the privately run passenger train company, Brightline lost about $549 million in 2024, even though its revenue more than doubled compared to 2023.” They also reported: “A big chunk of that, more than $214 million, happened in May 2024 when Brightline refinanced its debt of about $4.6 billion. The Miami-based company also paid $178 million in interest on its debt, it said in its financial statement for 2024. But even without counting debt-related payments, the South Florida-Orlando train still spent more money than it made last year.”
At first, the Orlando airport service was not particularly helpful to Brightline’s bottom line. Business reporter Tom Hudson reported for Miami NPR station WLRN on July 24, 2024, that the service brought more passengers but not profits “while push continues for commuter rail”; the initiative over which FECR is suing. He reported: “Brightline started running its long distance service in September and those additional paying passengers were responsible for the company’s big jump in ticket revenue. If it weren’t for the passengers and fares between South Florida and Orlando, sales and ridership would have dropped. The increase in revenue did not translate into a profit, though.” Hudson went into detail about Brightline’s financial picture at the time. He noted: “It cost $23 million more to run Brightline’s trains in the first quarter than it brought in in ticket sales and other revenue. It also saw its interest expenses increase. Taken together, Brightline saw its quarterly losses more than double from last year to $116 million of red ink.” He also mentioned the 250% increase in fares on the South Florida part of the line, between Miami and West Palm Beach, which had taken effect the previous month and which we reported in May 2024.
The reports from earlier this year were not good, either. The Orlando Sentinel ran a story on May 27 that bore the headline “Brightline Draws Caution Flags from Wall Street Despite Revenue and Ridership Gains.” Chris Persaud reported the loss in the Post on May 2 saying: “Brightline spent $341 million running and maintaining its trains and stations in 2024, bringing in about $188 million from ticket sales and other sources, for a deficit of more than $153 million.”
Ernst & Young, LLP issued audited financial statements for Brightline Trains Florida LLC for the years 2023 and 2024 (download below). Here are some of the highlights that point out the changes from 2023 to 2024, rounded to the nearest million. Passenger and ancillary revenue, mostly from ticket sales, rose from $76 million to $173 million, an increase of about $97 million or 128%. Operating expenses rose from $176 million to $283 million, an increase of $107 million or 61%. Operating losses generally and specifically for the trains were by small percentages. Presumably, these changes reflected the expansion of operations on the North Segment between West Palm Beach and Orlando Airport, which took place for 101 days in 2023 and all of 2024. However, net loss and comprehensive loss increased from $307 million to $549 million, an increase of $242 million or about 79%. The value of assets increased slightly, and current liabilities declined substantially, but total liabilities decreased by about one third, apparently because long-term debt remained by far the largest liability. Cash holdings increased by a factor of five.
