SJ (SJ) Q3 2025 earnings summary

Executive summary

• Stable financial results in Q3 2025 despite significant infrastructure disruptions from extreme weather and track work, which negatively impacted travel and customer delivery.

• Net sales increased 4% year-over-year to 3,557 MSEK, with both contract and ticket revenues rising.

• Operating profit was 351 MSEK (down from 361 MSEK), with an operating margin of 9.8% (10.6%).

• Major investments continued in new and existing trains, with 154 MSEK invested in Q3 and a total of 19 billion SEK planned for 2022–2029.

• New agreement with Region Stockholm extends commuter train operations until March 2028.

Financial highlights

• Net sales: 3,557 MSEK in Q3 2025 (3,406 MSEK in Q3 2024), up 4%.

• Operating profit: 351 MSEK (361 MSEK), operating margin 9.8% (10.6%).

• Net income: 273 MSEK (267 MSEK).

• Earnings per share: 68.3 SEK (66.8 SEK).

• Cash flow from operations: 611 MSEK (577 MSEK).

Outlook and guidance

• Ongoing large-scale investments in rolling stock expected to gradually increase leverage.

• No major changes in traffic expected in the new timetable for 2026.

• Focus on climate targets, with science-based reduction goals set for emissions.