The chief executives of three firms that lease trains to Britain's railways received a combined £3.5 million in pay last year. During the same period, these companies distributed nearly £400 million to shareholders in dividends.
The figures, which emerged in accounts published this week, follow a government announcement of a new rolling stock strategy. The government is considering direct ownership of trains through Great British Railways, a public body, rather than leasing them from the private sector.
Porterbrook Holdings paid £80 million in dividends and increased its chief executive's pay to £1.44 million. Eversholt Rail paid out £200 million in 2025, with its departing CEO receiving £1.33 million. Angel Trains paid £111 million in dividends and £700,000 to its chief.
Rail unions have accused the rolling stock companies (Roscos) of profiting at passengers’ expense. The RMT union has called for a 'cost of travel' levy on profits to fund a 3.4% fare cut, highlighting that the three biggest Roscos have paid out £2.4 billion in dividends over the last decade.
According to the rail regulator, operators spent over £4 billion last year leasing trains from Roscos, which had a net profit margin of 18.5%.