SBB Cargo Continues to Bleed

Why It Matters

The widening deficit threatens SBB Cargo’s ability to fund network upgrades and could erode Switzerland’s position as a European rail freight hub.

Key Takeaways

• Losses rose to 122 million CHF in 2025.
• Domestic volumes fell below 5 bn net tonne‑km.
• Block trains remain only profitable service type.
• Government grants 260 million CHF for SWL until 2029.
• Eight terminals closed, dozens of jobs lost.

Pulse Analysis

SBB Cargo, Switzerland’s flagship rail freight operator, reported a 60 % increase in its net loss, reaching 122 million CHF in 2025. The widening deficit stems largely from a one‑off write‑down of obsolete locomotives and wagons, a accounting adjustment that masks an otherwise stable cost base. Meanwhile, both domestic and international tonnage have been on a downward trajectory, with Swiss‑only volumes slipping below five billion net tonne‑kilometres for the third consecutive year. The trend reflects broader competitive pressures from road haulage and shifting logistics patterns across Europe.

The company’s service portfolio highlights a stark profitability gap. Block‑train operations are the only segment that covers its own costs, while combined transport and single‑wagonload (SWL) services run at a loss. A transformation of the combined‑transport business triggered the closure of eight terminals across the country, eliminating dozens of jobs and reducing network flexibility. SWL, once a cornerstone of Swiss intermodal freight, is slated for a full re‑organisation this year, but its recovery hinges on scale, digitalisation and better asset utilisation.

To stabilise the SWL segment, the Swiss federal government approved a four‑year, 260 million CHF support package that will run through 2029. As the sole provider of single‑wagonload services, SBB Cargo will receive the entire fund, earmarked for both compensation and infrastructure upgrades. Analysts view the injection as a lifeline that could restore economies of scale and make SWL competitive again, but long‑term viability will depend on integrating rail more tightly with ports and hinterland logistics. The outcome will shape the future of Switzerland’s rail freight market and its role in Europe’s green transport agenda.