The subway is owned by the city of New York and leased to the New York Transit Authority. It is one of the oldest subway systems and one of the largest in the world, with about 472 stations in operation.

The New York City Subway (often referred to as the Metro) is owned by the City of New York, but it is operated and managed by the Metropolitan Transportation Authority (MTA), a state-level public benefit corporation. While the city owns the physical tracks and stations, the MTA New York City Transit (NYCT) sub-division is responsible for the day-to-day operations, maintenance, and strategic planning. In 2026, the governance of the MTA is a complex interplay between the Governor of New York, who appoints the MTA Chairperson and most board members, and the Mayor of New York City. This structure often leads to political debates over funding and "congestion pricing" initiatives. Despite being a public entity, the system relies on a combination of farebox revenue, state subsidies, and federal grants. The history of the ownership is a patchwork of private companies (like the IRT and BMT) that were eventually unified under city ownership in 1940 to create the massive, 24-hour network that serves millions of commuters daily.