Transport for Wales (TfW) is a not-for-profit company wholly owned by the Welsh Government. As of its 2024/25 annual report, the organization remains focused on reinvesting all surplus revenue back into the Welsh transport network rather than paying out dividends to private shareholders. While rail revenue saw a significant 17.8% increase to approximately £174.8 million due to a record 31.7 million journeys, the company remains heavily reliant on government subsidies to fund massive infrastructure projects like the South Wales Metro and the £800 million investment in brand-new trains. In 2026, TfW continues to operate as a public service body designed to drive economic growth and provide social value through affordable, reliable transit. Any operational "profit" or surplus generated is strictly used to offset the costs of these long-term upgrades or to fund "Active Travel" initiatives across Wales, ensuring that the primary goal remains the delivery of a world-class, integrated public transport system rather than commercial gain.