Based on our discussions with the sell-side analysts who publish research on Trainline shares, our understanding of current market consensus is as follows:
| FY2025A | FY2026F | FY2027F | FY2028F | |
|---|---|---|---|---|
| Net ticket sales (£m) | ||||
| UK Consumer | 3,912 | 4,168 | 4,197 | 4,404 |
| International Consumer | 1,055 | 1,095 | 1,181 | 1,310 |
| Trainline Solutions | 941 | 1,078 | 1,173 | 1,149 |
| Group | 5,907 | 6,341 | 6,551 | 6,863 |
| Revenue (£m) | ||||
| UK Consumer | 208 | 201 | 201 | 210 |
| International Consumer | 53 | 55 | 60 | 67 |
| Trainline Solutions | 181 | 193 | 202 | 209 |
| Group | 442 | 449 | 463 | 486 |
| Adjusted EBITDA (£m)1 | ||||
| UK Consumer | 88 | 91 | 88 | 93 |
| International Consumer | (20) | (18) | (17) | (21) |
| Trainline Solutions | 91 | 104 | 108 | 113 |
| Group | 159 | 177 | 179 | 185 |
1 Adjusted EBITDA excludes exceptional items and share-based payment charges.
Last updated 15 December 2025. Consensus incorporates estimates from 11 analysts who have updated their estimates following the UK Government’s announcement on 23 November 2025 of a freeze on regulated rail fares for 2026.
The financial forecasts presented above have not been prepared by and are not endorsed in any way by Trainline plc (“Trainline”). Trainline has not verified or commented on any individual estimates, nor does it intend to do so in the future. Trainline assumes no responsibility to update, revise or otherwise comment on any of the information contained in these forecasts. It should be noted that financial forecasts are, by definition, forward looking, and are therefore subject to various risks and uncertainties which are subject to change at any time.
Analysts covering Trainline
| Sell-side house | Analyst |
|---|---|
| Bank of America | Tim Ramskill |
| Barclays | Andrew Ross |
| Berenberg | Alex Short |
| BNP Paribas Exane | Alistair Johnson |
| Canaccord | Sean Thapar |
| Deutsche Bank Numis* | Gareth Davies |
| Investec | Alastair Reid |
| JP Morgan | Lara Simpson |
| Morgan Stanley* | Ed Young |
| Panmure Liberum | Sean Kealy |
| Peel Hunt | James Lockyer |
| Shore Capital | Katie Cousins |
| Stifel | Peter McNally |
| UBS | Ivar Billfalk-Kelly |
| *Corporate Broker to Trainline plc |