by Sean Jeans-Gail, VP of Gov’t Affairs + Policy
Amtrak’s Fiscal Year 2027 General and Legislative Annual Report was released one week after the Federal Railroad Administration (FRA) opened applications for $8 billion in grant opportunities for rail—a convergence that underscores the investment cliff confronting the U.S. passenger rail industry with the expiration of the Infrastructure Investment and Jobs Act (IIJA) at the end of this September.
Amtrak’s FY27 General and Legislative Annual Report highlights strong recent financial performance, noting that FY25 was one of Amtrak’s strongest revenue years on record, with adjusted operating earnings improving 14% year‑over‑year and continued improvement on the company’s operating ratio.
Notable for its absence was any sort of request to Congressional appropriators for FY27 operational funding. This is an unusual move by Amtrak, which generally includes a request for federal funding support for operations and key infrastructure programs. The White House included a 14% reduction to Amtrak’s operating budget in its FY27 Presidential Budget Request. Rail Passengers is asking Congress to reject the Trump Administration’s proposed cuts and fund passenger rail programs at previously authorized levels.
The report goes on to detail the railroad’s ongoing capital needs as the company continues modernizing its national network. Amtrak emphasized its expanding capital portfolio, including major fleet procurements (NextGen Acela, Airo, and long‑distance equipment) and large‑scale infrastructure projects on the Northeast Corridor (NEC) and beyond.
Amtrak also provided a more detailed description of how it is using the IIJA advance appropriations, with a table summarizing programmatic investments across both the NEC and National Network.
Amtrak did dial back the horizon for its planned capital expenditures compared to prior years. The railroad’s FY26 legislative grant request projected capital expenditures through FY30, while the current-year document only depicts investment through FY27. Presumably, however, the underlying five-year plan the two charts are based on remains largely unchanged.
The document also maps out Amtrak’s national procurement footprint. Much of this information has available at the state level via Amtrak’s State Fact Sheets, but this is a new and improved visualization of the railroad’s national contribution to local economies.
This release comes on the heels of the FRA announcing $8 billion in competitive grant funding for rail infrastructure, safety, and passenger‑rail expansion. The FRA’s announcement includes three major programs, each with substantial funding:
Consolidated Rail Infrastructure and Safety Improvements (CRISI) — $2.04 billion: supports safety technology, grade‑crossing improvements, congestion mitigation, and capital projects for both freight and passenger rail. Applications due June 22, 2026.
Federal‑State Partnership for Intercity Passenger Rail – Northeast Corridor (FSP-NEC) — $4.75 billion: funds major intercity passenger‑rail upgrades, including high‑speed rail corridors and improvements to existing routes. Recent FRA awards under this program have supported high‑speed rail development in California and new corridors nationwide. Applications due May 5, 2026.
Railroad Crossing Elimination (RCE) — $1.15 billion: Targets grade‑crossing safety projects, a critical area for both community safety and network reliability. Applications due June 8, 2026.
The FSP announcement will be of greatest interest for passengers, and the FRA provided a clear statement of intent for how it plans to use the funds in its announcement. The Notice of Funding Opportunity (NOFO) stated that the $4.75 billion will be broken into two rounds of funding, with the first round prioritizing upgrades to stations included on the 2026 Northeast Corridor Project Inventory.
“For Round 1, only those projects identified as ‘High Priority Major Stations’ on the 2026 Inventory are eligible to apply,’ stated the NOFO. “For Round 2 and beyond, FRA intends to announce on its website subsequent dates on which applications under this notice will be accepted.”
The NEC Project Inventory currently identifies four “High Priority Major Station Projects” with $660 million in estimated federal funding needs:
The FRA is required to make grant selections for FSP-NEC funds in line with the NEC Project Inventory, so the document will also serve as a map for the second round of funding.
So nothing for Long Distance, and nothing to advance projects in the Corridor ID pipeline?