Russian Railways reports financial loss for first nine months of 2025

Russian Railways (RZD) reported a net loss of 4.2 billion rubles (approximately $45.5 million) in January–September 2025, its Russian Accounting Standards (RSBU ) report shows.

A year earlier, the company recorded a profit of 44.7 billion rubles (about $484.8 million) for the same period, Caliber.Az reports via Russian media.

Despite the loss, revenue grew by 10.1 percent year-on-year to 2.3 trillion rubles ($24.9 billion), while gross profit rose 12.4 percent to 474.8 billion rubles ($5.1 billion).

Operating profit reached 319 billion rubles ($3.45 billion), marking a 16.5 percent increase from the previous year.

The company’s International Financial Reporting Standards (IFRS) report for the first half of 2025 showed a 26-fold decrease in net profit, down to 4.4 billion rubles ($47.8 million), even as revenue climbed 11 percent to 1.8 trillion rubles ($19.5 billion).

Russian Railways has come under financial pressure after Forbes ranked it among Russia’s top three debtors in 2024, with liabilities of 2.77 trillion rubles ($30.1 billion).

The company has begun staff cuts, mainly among managers, citing lower workloads and economic difficulties.

Freight volumes fell 6.7 percent in January–September 2025, and a 6 percent annual drop is expected.

Meanwhile, the Federal Antimonopoly Service has again proposed raising RZD tariffs by 10 percent for empty wagon runs and 5 percent for container transport, a move meant to support the company but likely to increase costs for shippers.

By Jeyhun Aghazada