How much debt is the French Railways in?

This involved a reduction of $35 billion in the company's debt. The public authorities completed this debt repayment process in 2022 – the debt now stands at €24.4 billion, compared to €60.2 billion in 2019 – by taking over the last scheduled €10 billion.



As of early 2026, the SNCF (French National Railway Company) maintains a net debt of approximately €23.9 billion to €24.2 billion. This reflects a significant improvement from the massive debt levels seen in the previous decade, which at one point exceeded €50 billion. This reduction was primarily achieved through a massive State-led debt takeover in 2020 and 2022, where the French government absorbed €35 billion of the rail network's liabilities to restore its financial stability. In return, the SNCF is required to meet strict financial milestones, including maintaining a positive free cash flow. Despite the remaining debt, the company has reported strong net profits in 2024 and 2025, driven by high demand for high-speed TGV travel. In 2026, the SNCF is focusing its financing on "Green Bonds" to modernize its infrastructure while keeping its debt-to-EBITDA ratio within a sustainable target of 3.2x to 4.0x.

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