Trainline

TRN · Main Market · Travel and Leisure · mcap £706m · 210.4p

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Financials · balance sheet 28 Feb 26 · last twelve months · today’s market value

Source: results 06 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £760.4m
Owner’s net cash: −£167.4m
Net cash / market cap: -22%
EV ex leases: £927.8m
Revenue: £452.7m
Operating profit: £122.4m
Free cash flow after leases: £78.3m
EV / EBIT: 7.6×
FCF yield: 10.3%
Net income (owners): £79.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Feb 26 (twelve months to 28 Feb 26), published 06 May 26 · read the results ↗

Source ↗

	2026 £'000	2025 £'000
Continuing operations
Net ticket sales 1	6,319,160	5,907,443
Revenue	452,684	442,095
Cost of sales	(78,810)	(89,782)
Gross profit	373,874	352,313
Administrative expenses	(251,447)	(266,735)
Adjusted EBITDA 1	176,648	159,135
Exceptional items	-	(8,945)
Depreciation and amortisation	(40,814)	(43,167)
Share-based payment charges	(13,407)	(21,445)
Operating profit	122,427	85,578
Finance income	4,002	3,999
Finance costs	(12,114)	(8,692)
Net finance costs	(8,112)	(4,693)
Profit before tax	114,315	80,885
Income tax expense	(34,502)	(22,537)
Profit after tax	79,813	58,348
Earnings per share (pence)
Basic earnings per ordinary share	19.42p	13.09p
Diluted earnings per ordinary share	19.13p	12.66p

Source ↗

	2026 £'000	2025 £'000
Non-current assets
Intangible assets	80,968	74,657
Goodwill	420,208	416,181
Property, plant and equipment	47,794	11,073
Deferred tax asset	2,057	13,427
Total non-current assets	551,027	515,338
Current assets
Cash and cash equivalents	59,703	76,757
Trade and other receivables	88,925	67,212
Current tax receivable	-	947
Total current assets	148,628	144,916
Current liabilities
Trade and other payables	(223,849)	(217,973)
Current tax payable	(6,321)	-
Loans and borrowings	(600)	(83,030)
Lease liabilities	(2,480)	(4,345)
Provisions	(1,358)	-
Total current liabilities	(234,608)	(305,348)
Net current liabilities	(85,980)	(160,432)
Total assets less current liabilities	465,047	354,906
Non-current liabilities
Loans and borrowings	(226,529)	(68,100)
Lease liabilities	(32,337)	(3,107)
Provisions	(1,812)	(952)
Total non-current liabilities	(260,678)	(72,159)
Net assets	204,369	282,747
Equity
Share capital	3,854	4,455
Share premium	-	-
Foreign exchange reserve	2,262	1,285
Other reserves	(1,108,497)	(1,110,474)
Retained earnings	1,306,750	1,387,481
Total equity	204,369	282,747

Source ↗

	2026 £'000	2025 £'000
Cash flows from operating activities
Profit before tax	114,315	80,885
Adjustments for
Depreciation and amortisation	40,814	43,167
Write-off of assets	-	765
Net finance costs	8,112	4,693
Share-based payment charges	13,407	21,445
Non-cash exceptionals	-	3,752
Total adjustments for	176,648	154,707
Changes in working capital
Trade and other receivables	(25,255)	(10,920)
Trade and other payables	(4,553)	3,447
Cash generated from operating activities	146,840	147,234
Taxes paid	(15,900)	(12,988)
Interest received	2,079	3,951
Net cash generated from operating activities	133,019	138,197
Cash flows from investing activities
Payments for intangible assets	(36,626)	(40,870)
Payments for acquisition of subsidiary entities, net of cash acquired	(232)	(358)
Payments for property, plant and equipment	(16,846)	(1,441)
Net cash flow from investing activities	(53,704)	(42,669)
Cash flows from financing activities
Purchase of treasury shares	(14,631)	(17,143)
Purchase of own shares for cancellation	(146,576)	(89,348)
Proceeds from revolving credit facility	400,000	180,000
Repayment of revolving credit facility	(240,000)	(170,000)
Issue costs and fees	(4,105)	(813)
Net cash flows for payments of lease liabilities	(1,010)	(4,906)
Payment of interest on lease liabilities	(200)	(287)
Interest paid	(7,976)	(6,578)
Repayment of convertible bonds	(82,700)	-
Net cash flow from financing activities	(97,198)	(109,075)
Net (decrease)/increase in cash and cash equivalents	(17,883)	(13,547)
Cash and cash equivalents at beginning of the year	76,757	91,085
Effect of exchange rate changes on cash	829	(781)
Closing cash and cash equivalents	59,703	76,757

Source ↗

	Six months ended 31 August 2025 Unaudited £'000	Six months ended 31 August 2024 Unaudited £'000	Year ended 28 February 2025 Audited £'000
Continuing operations
Net ticket sales 1 1d	3,249,939	3,001,364	5,907,443
Revenue	234,733	229,097	442,095
Cost of sales	(41,813)	(47,721)	(89,782)
Gross profit	192,920	181,376	352,313
Administrative expenses	(125,028)	(132,195)	(266,735)
Adjusted EBITDA 1 Exceptional items 1d 3	-	159,135	(8,945)
Depreciation and amortisation	(20,024)	(21,395)	(43,167)
Share-based payment charges	(5,279)	(11,336)	(21,445)
Operating profit	67,892	49,181	85,578
Finance income	4,266	2,161	3,999
Finance costs	(5,921)	(4,852)	(8,692)
Net finance costs	(1,655)	(2,691)	(4,693)
Profit before tax	66,237	46,490	80,885
Income tax expense	(17,427)	(12,474)	(22,537)
Profit after tax	48,810	34,016	58,348
Earnings per share (pence)
Basic	11.56p	7.52p	13.09p
Diluted	11.38p	7.31p	12.66p

Source ↗

	31 August 2025 Unaudited £'000	31 August 2024 Unaudited £'000	28 February 2025 Audited £'000
Non-current assets
Intangible assets	77,786	72,960	74,657
Goodwill	419,307	417,496	416,181
Property, plant and equipment	39,497	14,460	11,073
Deferred tax asset	11,531	23,881	13,427
Total non-current assets	548,121	528,797	515,338
Current assets
Cash and cash equivalents	57,131	120,626	76,757
Trade and other receivables Current tax receivable	-	67,212	947
Total current assets	154,246	190,060	144,916
Current liabilities
Trade and other payables	(276,485)	(263,331)	(217,973)
Loans and borrowings Lease liabilities	(4,839)	(83,030)	(4,345)
Current tax payable	(8,007)	(6,788)	-
Total current liabilities	(370,295)	(275,862)	(305,348)
Net current liabilities	(216,049)	(85,802)	(160,432)
Total assets less current liabilities	332,072	442,995	354,906
Non-current liabilities
Loans and borrowings Lease liabilities	(5,167)	(68,100)	(3,107)
Provisions	(2,611)	(918)	(952)
Total non-current liabilities	(81,792)	(146,010)	(72,159)
Net assets	250,280	296,985	282,747
Equity
Share capital	4,179	4,569	4,455
Share premium	-	-	-
Foreign exchange reserve	2,029	1,799	1,285
Other reserves	(1,107,074)	(1,115,645)	(1,110,474)
Retained earnings	1,351,146	1,406,262	1,387,481
Total equity	250,280	296,985	282,747

Source ↗

	Six months ended 31 August 2025 Unaudited £'000	Six months ended 31 August 2024 Unaudited £'000	Year ended 28 February 2025 Audited £'000
Cash flows from operating activities
Profit before tax	66,237	46,490	80,885
Adjustments for
Depreciation and amortisation	20,024	21,395	43,167
Write-off of assets	-	1,078	765
Net finance costs	1,655	2,691	4,693
Share-based payment charges Non-cash exceptionals	-	21,445	3,752
Total adjustments for	93,195	82,990	154,707
Changes in working capital
Trade and other receivables	(29,891)	(10,183)	(10,920)
Trade and other payables	56,057	49,302	3,447
Cash generated from operating activities	119,361	122,109	147,234
Taxes paid	(6,582)	(7,920)	(12,988)
Interest received	1,230	2,067	3,951
Net cash generated from operating activities	114,009	116,256	138,197
Cash flows from investing activities
Payments for intangible assets	(18,860)	(20,651)	(40,870)
Payments for acquisition of subsidiary entities, net of cash acquired	(232)	-	(358)
Payments for property, plant and equipment	(1,049)	(1,008)	(1,441)
Net cash flows from investing activities	(20,141)	(21,659)	(42,669)
Cash flows from financing activities
Purchase of treasury shares	(9,631)	(12,300)	(17,143)
Purchase of own shares for cancellation	(75,209)	(46,259)	(89,348)
Proceeds from Revolving Credit Facility	130,000	60,000	180,000
Repayment of Revolving Credit Facility and other borrowings	(150,000)	(60,000)	(170,000)
Issue costs and fees	(3,275)	(770)	(813)
Payments of lease liabilities	(2,182)	(2,312)	(4,906)
Payment of interest on lease liabilities	(346)	(163)	(287)
Interest paid	(3,603)	(2,698)	(6,578)
Net cash flows from financing activities	(114,246)	(64,502)	(109,075)
Net (decrease)/increase in cash and cash equivalents	(20,378)	30,095	(13,547)
Cash and cash equivalents at beginning of the period	76,757	91,085	91,085
Effect of exchange rate changes on cash	752	(554)	(781)
Closing cash and cash equivalents	57,131	120,626	76,757

	FY Feb 26	FY Feb 25
Revenue to operating profit
Revenue	452.7	442.1
Gross profit	373.9	352.3
Adjusted EBITDA	176.6	159.1
Exceptional / adjusting items	0.0	(8.9)
Operating profit	122.4	85.6
Share-based payments	(13.4)	(21.4)
Operating profit to net income
Finance costs	(12.1)	(8.7)
Profit before tax	114.3	80.9
Tax	(34.5)	(22.5)
Net income (owners)	79.8	58.3
Per share
EPS basic	19.4p	13.1p
EPS diluted	19.1p	12.7p

	H2 Feb 26	H1 Aug 25	H2 Feb 25	H1 Aug 24
Revenue to operating profit
Revenue	218.0	234.7	213.0	229.1
Gross profit	181.0	192.9	170.9	181.4
Adjusted EBITDA	83.5	93.2	77.2	81.9
Operating profit	54.5	67.9	36.4	49.2
Share-based payments	(8.1)	(5.3)	(10.1)	(11.3)
Operating profit to net income
Finance costs	(6.2)	(5.9)	(3.8)	(4.9)
Profit before tax	48.1	66.2	34.4	46.5
Tax	(17.1)	(17.4)	(10.1)	(12.5)
Net income (owners)	31.0	48.8	24.3	34.0
Per share
EPS basic	7.9p	11.6p	5.6p	7.5p
EPS diluted	7.7p	11.4p	5.3p	7.3p

	FY Feb 26	FY Feb 25
Operating activities
Cash from operations	133.0	138.2
Interest paid	(8.0)	(6.6)
Tax paid	(15.9)	(13.0)
Investing activities
Capex (PP&E)	(16.8)	(1.4)
Capex (intangibles)	(36.6)	(40.9)
Financing activities
Lease principal paid	(1.0)	(4.9)
Lease interest paid	(0.2)	(0.3)
Share buybacks	(146.6)	(89.3)

	H2 Feb 26	H1 Aug 25	H2 Feb 25	H1 Aug 24
Operating activities
Cash from operations	19.0	114.0	21.9	116.3
Interest paid	(4.4)	(3.6)	(3.9)	(2.7)
Tax paid	(9.3)	(6.6)	(5.1)	(7.9)
Investing activities
Capex (PP&E)	(15.8)	(1.0)	(0.4)	(1.0)
Capex (intangibles)	(17.8)	(18.9)	(20.2)	(20.7)
Financing activities
Lease principal paid	1.2	(2.2)	(2.6)	(2.3)
Lease interest paid	0.1	(0.3)	(0.1)	(0.2)
Share buybacks	(71.4)	(75.2)	(43.1)	(46.3)

	28 Feb 26	28 Feb 25
Non-current assets
Goodwill	420.2	416.2
Other intangibles	81.0	74.7
Property, plant & equipment	47.8	11.1
Current assets
Trade receivables	88.9	67.2
Cash	59.7	76.8
Current assets	148.6	144.9
Current liabilities
Trade payables	223.8	218.0
Borrowings, current	0.6	83.0
Lease liabilities, current	2.5	4.3
Current liabilities	234.6	305.3
Non-current liabilities
Borrowings, non-current	226.5	68.1
Lease liabilities, non-current	32.3	3.1
Equity
Total equity	204.4	282.7

	28 Feb 26	31 Aug 25	28 Feb 25	31 Aug 24
Non-current assets
Goodwill	420.2	419.3	416.2	417.5
Other intangibles	81.0	77.8	74.7	73.0
Property, plant & equipment	47.8	39.5	11.1	14.5
Current assets
Trade receivables	88.9	97.1	67.2	69.4
Cash	59.7	57.1	76.8	120.6
Current assets	148.6	154.2	144.9	190.1
Current liabilities
Trade payables	223.8	276.5	218.0	263.3
Borrowings, current	0.6	83.0	83.0	0.9
Lease liabilities, current	2.5	2.8	4.3	4.8
Current liabilities	234.6	370.3	305.3	275.9
Non-current liabilities
Borrowings, non-current	226.5	46.8	68.1	139.9
Lease liabilities, non-current	32.3	32.4	3.1	5.2
Equity
Total equity	204.4	250.3	282.7	297.0

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