Trainline (LSE:TRN) delivered record net ticket sales of £6.3 billion for the year ended 28 February 2026, marking a 7% increase from the prior year. Revenue edged 2% higher to £453 million, while adjusted EBITDA climbed 11% to £177 million as tighter cost controls helped counter lower UK commission rates. Operating profit rose sharply by 43% to £122 million, earnings per share advanced significantly, and adjusted free cash flow dipped modestly. The company also maintained its substantial share repurchase programme, buying back £294 million worth of shares since 2023, equivalent to 23% of its original share capital.
AI investment and European growth underpin expansion strategy
The group continues to strengthen its position in digital rail ticketing by integrating AI tools across disruption handling, customer support and marketing operations. Trainline remains the leading travel app in the UK and is seeing further momentum from digital railcards, hotel bookings and insurance products.
Across Europe, the company is seeking to establish itself as the preferred rail aggregation platform as competition among operators intensifies. Growth in France remained particularly strong, while international B2B distribution sales surged 58% year on year. Trainline’s International Consumer division is also progressing toward profitability and is expected to reach breakeven alongside upcoming UK regulatory changes that will allow independent retailers to access Delay Repay compensation schemes.
Strong fundamentals balanced by weaker market momentum
The company’s overall assessment is supported by improving profitability, solid returns on equity and healthy cash generation, alongside what is viewed as a reasonable valuation on a price-to-earnings basis. However, weaker technical indicators continue to weigh on sentiment, with the share price trading below major moving averages and the MACD indicator remaining negative.
More about Trainline
Trainline is a UK-listed digital rail and coach ticketing platform operating Europe’s most downloaded rail app as well as the UK’s leading travel app. The company combines routes, fares and operators across the UK and continental Europe, serving around 27 million active customers, including an 18 million-strong UK user base, while continuing to expand its international consumer and B2B rail distribution operations.
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