Trainline plc (LON:TRN) has announced its results for the twelve months ended 28 February 2026.
Trainline delivers robust operating performance in line with enhanced expectations
FY2026 financial summary:
| £m unless otherwise stated: | FY2026 | FY2025 | % YoY | % YoY CCY5 |
| Net ticket sales1 | 6,319 | 5,907 | +7% | +7% |
| Revenue | 453 | 442 | +2% | +2% |
| Adjusted EBITDA2 | 177 | 159 | +11% | |
| Operating profit | 122 | 86 | +43% | |
| Adjusted basic earnings per share (pence)3 | 23.6 | 19.2 | +23% | |
| Basic earnings per share (pence)3 | 19.4 | 13.1 | +48% | |
| Adjusted free cash flow4 | 66 | 72 | -9% |
Financial highlights:
· Group net ticket sales up 7% year-on-year5 to £6.3 billion; revenue up 2%5 to £453 million
· Adjusted EBITDA up 11% to £177 million, with operating leverage and cost discipline more than offsetting impact from previously-flagged commission rate reduction6
· Operating profit up 43% to £122 million
· Basic earnings per share up 48% to 19.4p; adjusted basic earnings per share up 23% to 23.6p
· Adjusted free cash flow of £66 million, down £6 million given timing effects on working capital movements
Strategic highlights:
· Europe’s most downloaded rail app7 with total active customer base of 27 million8
· Leveraging tech and data strengths to deploy AI Strategy across the business:
o Launched AI-powered rail disruption navigation features
o Market-leading share of GenAI citations; integrated Trainline App into ChatGPT
o Transforming how we operate, including automation in customer service, faster engineering workflows and scalable marketing content creation
· Strengthening position as UK’s #1 travel app9, including deepening engagement with 18 million UK customer base10:
o Digital railcard customers up 16% to 2.7 million11; share of 16-30 railcard users at 45%12
o Strong double-digit % growth in hotel bookings and insurance sales
o Progress in challenging operator self-preferencing – Government committed to allow 3rd party retailers to offer Delay Repay once Great British Railways (GBR) launches
· Positioning ourselves as aggregator of choice in Europe:
o Sales in South-East France up 26% this year following operator Trenitalia’s expansion
o Improved International Consumer profitability; expected to breakeven in FY202713:
· Supporting B2B travel as travel management companies (TMCs) increase rail travel sales across Europe, with International B2B Distribution up 58%
Jody Ford, CEO of Trainline said:
“This has been a year of strong delivery for Trainline; with record net ticket sales and revenue, and continued double-digit growth in profitability. As carrier competition expands across Europe, we are positioning ourselves as the market aggregator. This tailwind catalyses our top line growth and improves profitability, with International Consumer set to breakeven for the first time this year.
“We are leveraging AI to innovate at pace, launching AI-powered rail disruption features, integrating our app into ChatGPT and increasingly using tools and agents to transform how we operate.
“Ahead of the creation of GBR Online Retail in the UK, we are working closely with Government to deliver on its commitment to deliver a fair and open regulatory framework. We strongly welcome the recent decision to open Delay Repay to independent retailers, our customers’ number one ask.”
Market guidance:
In FY2027 we expect to generate:
· Net ticket sales of £6.2 to £6.45 billion;
· Revenue of £440 to £455 million; and
· Adjusted EBITDA as a % of net ticket sales at c.2.9%, with International Consumer expected to breakeven this year
Material progress against enhanced share buyback programme:
· As at the 30th of April 2026, Trainline repurchased £94 million of shares under the current £150 million programme
· £294 million of shares repurchased in total since launching first buyback programme in September 2023 (23% of issued share capital14)
Presentation of results
There will be a live webcast presentation of the results to analysts and investors at 09:00am BST today (6 May 2026). Please register to participate at the Company’s investor website: https://webcast.openbriefing.com/trainline-fy2026/
Footnotes
1. Please refer to the Non-GAAP Measures note for definition of net ticket sales.
2. Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) excludes share-based payment charges and exceptional items.
3. Please refer to Note 6 for definitions of adjusted basic earnings per share, basic earnings per share and diluted earnings per share.
4. Adjusted free cash flow reflects adjusted EBITDA (excluding non-cash items), capitalised expenditure excluding expenditure on business combinations or trade and asset purchases, net working capital movements, and cash charges for net finance costs, taxation, lease repayments and treasury share purchases, but excludes non-recurring expenditure primarily relating to the Group’s new office with the majority incurred in H2 FY2026.
5. Constant currency (“CCY”) year-on-year growth calculated for International Consumer and Trainline Solutions using prior period average €/£ exchange rate applied to current year reported numbers.
6. Trainline estimates a c.0.25% net reduction in commission rate, effective 1 April 2025, resulting from a 0.5%
reduction in the base B2C online sales commission rate in UK, from 5% to 4.5%, partly offset by removal of central
industry costs of c.0.25% (reflected in cost of sales). These changes were first announced in March 2022 and
became effective from April 2025.
7. Trainline is the number one app versus rail focused peers as per number of app downloads across Europe over the last 12 months as of February 2026, as sourced from Sensor Tower.
8. Number of customers across the United Kingdom and Europe who have transacted at least once over the last 12 months.
9. Trainline is the number one app in the UK versus major travel peers as per daily average active user data in FY2026, as sourced from Sensor Tower.
10. Number of customers across United Kingdom who have transacted at least once over the last 12 months.
11. Year-on-year growth of Trainline’s digital railcard user base in the United Kingdom to the 3rd January 2026.
12. Trainline’s share of total 16-30 year-old railcard users in the United Kingdom as at 3rd January 2026.
13. International adjusted EBITDA including the internal transaction fee paid to Trainline Solutions to access Platform One.
14. Calculated by reference to the original number of shares in issue at the start of Trainline’s first share buyback programme in September 2023 (481 million shares).
