Eurostar made a record £200 million in profit in 2024-25 while passenger numbers continue to grow, according to the Office of Rail and Road (ORR).
The operator saw net income grow by more than £68 million compared to 2023-24, a huge rise of 49% overall and a significant turnaround since Eurostar came close to collapse during the COVID-19 pandemic.
The achievement comes as a serious battle shapes up to compete over tracks in Britain and over the Channel, with new operators attempting to charm customers away from both Eurostar and the lure of low-cost airlines.
Max Hailey, a filmmaker from Belgium who travels by Eurostar fortnightly, said: “It’s way easier than flying for me, it gets me right into the centre of London and they’re really customer-friendly, I’d say.
“But I think the prices are insane sometimes, I think they’re extortionate. A lot of the times I would wait for the sales, which they have every three or four months.”
The ORR’s data highlights just how close Eurostar came to bankruptcy, with both Brexit and the pandemic bringing yearly losses to more than £350 million just three years ago before merging with French operator Thalys.
But the high-speed rail operator made £206 million net income this year – its highest on record and a dramatic upswing after years of unprofitability.
Hailey is just one of an increasing number who are travelling from London to the continent by train, as Eurostar announced that half a million more people travelled with them from London to Paris or Brussels in 2024, UK customers making up more than half of the rise.
A spokesperson for Eurostar said: “We’re pleased to be seeing strong growth across the business, particularly in the UK.
“International and sustainable travel is growing and it is good for the planet – 2024 was our best year on record, with 19.5 million people travelling across our network, and we’re already on track to surpass 20 million this year.
“The UK market continues to be a key driver of that momentum, with passenger increases of 280,000 on the London–Paris route and 250,000 on London–Brussels in 2024.”
The spike in 2024 can also be attributed to a 5% growth in passenger numbers during the 2024 Paris Olympics and Paralympics, according to Eurostar, though they are not the only ones on the market.
According to an EU survey in July, high-speed rail is more popular than ever, with the EU outlining plans to expand and integrate the continent-wide network in a bid to reach their target of becoming climate-neutral by 2050.
Other operators like Italy’s FS Italiane Group, who already partly run Avanti West Coast, c2c, and Virgin are also reportedly planning to compete with Eurostar to run services from London to the continent.
Hailey was enthusiastic about competition to Eurostar opening up, citing issues like poor onboard internet connection and high prices being particular problems she wanted solved.
She said: “I think I would choose the cheapest line – I don’t think I would stay loyal to Eurostar if it were more expensive than the other lines.
“It would be good for Eurostar to have some competition. Maybe they could step up their game.”
In an opening move, Virgin Trains successfully applied to be able to use the Temple Mills depot in London last month, the only train depot accessible from the high-speed line to Europe.
FS Italiane have in the meantime announced their plans to run high-speed trains from Paris to London as early as 2029, while Eurostar is taking on competition with its own investment.
In October, the London-based rail operator announced an investment of $2 billion into a suite of new double decker trains from supplier Alstrom, to be run on the network from 2031.
Meanwhile, plans emerged earlier this year for Eurostar to run trains from London as far as Frankfurt and Geneva, expanding their network across the next decade.
European tour operators Byway Travel organise holidays across the continent solely by train and have a close relationship with Eurostar.
Head of Partnerships Paul Conroy said: “People really enjoy travelling by train – lots of customers are becoming more and more aware of their carbon footprint while travelling for leisure, so Eurostar provides a much more carbon-friendly alternative to flying, but it’s not just sustainability, it’s much more about enjoyment.
“I think people are really getting that it’s a really civilised, enjoyable, non-stressful way to travel…airports are not joyous places to spend time.”
On the question of competition, though, Conroy was clear that it can only benefit the UK market.
He said: “The capacity through the tunnel is vast – currently Eurostar is using a fraction of it. If these organisations can see the commercial endpoint of that then these things are going to happen.
“We’d be delighted to see more competition on the line. I’d like to think that increased competition, increased availability would have a dampening effect on prices.”
Conroy warned that logistics and rolling stock cost may cause impediments to any operator attempting to run trains from Britain to Europe, but indicated that rail could become a serious competitor to low-cost airlines.
Meanwhile, London St. Pancras Highspeed Ltd, who own and run the train line under the Channel, saw income grow to £182 million in 2025.
It’s a £45 million increase compared to the year previous – another marker of a growing boom in the UK’s international rail industry.
Featured Image Credit: Mannus Etten
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