Network Rail Limited
Registered name: NETWORK RAIL LIMITED
Part of Secretary Of State For Transport groupNetwork Rail Limited made £11.9bn revenue and £481m profit in the year to 31 Mar 2026.
Network Rail Limited’s revenue grew 5% to £11.9bn in the year to 31 Mar 2026, with £481m profit and 42,378 employees. The company is classified under “passenger rail transport, interurban” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 24 yrs · since 2002
- Type
- PRI/LTD BY GUAR/NSC (Private, limited by guarantee, no share capital)
Non-profit. It is limited by guarantee (typically an association, club or management company), so it isn't run for profit. It is excluded from our opportunity lists.
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Mar 2024 | 31 Mar 2025 | 31 Mar 2026 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £11.6bn | £11.3bn | £11.9bn |
| Operating profit | £4.1bn | £3.2bn | £3.5bn |
| Profit before tax | £1.5bn | £725m | £617m |
| Profit after tax | £1.1bn | £515m | £481m |
| Profit (best available) | £1.1bn | £515m | £481m |
| Employees (average) | 40,966 | 41,331 | 42,378 |
| Ratios | |||
| Profit margin | 9.8% | 4.5% | 4% |
| Revenue per employee | £283k | £274k | £280k |
| Profit per employee | £27.9k | £12.5k | £11.3k |
| Growth (year on year) | |||
| Revenue growth | — | ▼2% | ▲4.6% |
| Profit growth | — | ▼54.9% | ▼6.6% |
| Headcount growth | — | ▲0.9% | ▲2.5% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jul 2025 | Accounts · bulk data Jul 2025 | Accounts · bulk data Aug 2026 |
How the business works
- Profit margin
- 4%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £280k
- Revenue ÷ average employees.
- Profit per employee
- £11.3k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▲3%
- Now 42,378
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Secretary Of State For Transport (registered outside the UK register)ultimate parent75–100%
- Network Rail Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (5)
- Great British Railways LimitedFigures not disclosed
- Network Rail Holdco LimitedFigures not disclosed
- Network Rail One LimitedFigures not disclosed
- Railway SafetyFigures not disclosed
- Railway Safety & StandardsFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Mar 2026 (profit £481m), from the Companies House accounts bulk data published Aug 2026. Spotted an error? Request a correction.
Updated from Companies House on 13 Oct 2026
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.