Battle · 5 companies
Train operators
On track or hitting the buffers: the railway ranking
GWR leads on 4 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. GWR is the biggest by turnover at £1,665m, against £1,274m at Southeastern. GWR keeps the most of every £100 it takes, £1.92 as pre-tax profit.
The year ends are up to 12 months apart, so this compares each company's most recent filing rather than the same twelve months.
Accounts compared: Avanti West Coast to Mar 2025 · LNER to Mar 2026 · GWR to Mar 2025 · Southeastern to Mar 2026 · Northern to Mar 2026
The Numbers
| # | Company | Turnover | Change | Pre-tax profit | Margin | Employees | Pay per head | Turnover per head | Net assets | Bank and cash | Accounts to | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | GWRFirst Greater Western Limited | £1,665m | +14.6% | £32m | 1.9% | 6,362 | £68,000 | £262,000 | £25m | £164m | Mar 2025 | Single company |
| 2 | SoutheasternSe Trains Limited | £1,274m | +0.9% | £14m | 1.1% | 4,992 | £62,000 | £255,000 | £22m | £60m | Mar 2026 | Single company |
| 3 | NorthernNorthern Trains Limited | £1,206m | +5.9% | £10m | 0.9% | 7,694 | £63,000 | £157,000 | £41m | £59m | Mar 2026 | Single company |
| 4 | LNERLondon North Eastern Railway Limited | £1,068m | +5.4% | £8m | 0.7% | 3,890 | £54,000 | £275,000 | £25m | £104m | Mar 2026 | Single company |
| 5 | Avanti West CoastFirst Trenitalia West Coast Rail Limited | £1,016m | -0.4% | £13m | 1.2% | 3,360 | £68,000 | £302,000 | £9m | £47m | Mar 2025 | Single company |
Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).
Category winners
The Takeaway
- GWR converts the most of its turnover. Of every £100, £1.92 reaches pre-tax profit, against £0.74 at LNER.
- GWR is the largest on the top line, £1,665m of turnover, 1.3x Southeastern's £1,274m.
- GWR is growing fastest, turnover +14.6% on its own prior year. Avanti West Coast went backwards.
- Northern is the biggest employer with 7,694 people; Avanti West Coast pays the most per head, an average staff cost of about £68,000.
- Northern has the largest balance sheet, net assets of £41m, while GWR holds the most cash at £164m.
Who keeps the most of every £100 of sales?
GWR keeps the most: £1.92 of every £100 of turnover becomes pre-tax profit. LNER keeps the least, £0.74.
Every profit figure here is the one the company filed.
The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.
Out of every £100 of turnover
Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.
Who is the biggest, and does the comparison hold?
By turnover the order is GWR (£1,665m), Southeastern (£1,274m), Northern (£1,206m), LNER (£1,068m), Avanti West Coast (£1,016m).
By headcount, Northern leads with 7,694 employees.
The comparison holds with the dates stated plainly: Avanti West Coast to Mar 2025, LNER to Mar 2026, GWR to Mar 2025, Southeastern to Mar 2026, Northern to Mar 2026. All are on the same filing basis.
Turnover on the latest filing
Who is growing fastest?
GWR grew fastest, turnover +14.6% on its own prior year, ahead of Northern (+5.9%), LNER (+5.4%), Southeastern (+0.9%), Avanti West Coast (-0.4%).
Turnover change on each company's own prior year
Who employs the most, who pays the most, and who brings in the most per head?
Northern employs the most, 7,694 people, against 6,362 at GWR.
Avanti West Coast has the highest average staff cost, about £68,000 a head; LNER the lowest, about £54,000.
Avanti West Coast brings in the most turnover per employee, about £302,000, against £157,000 at Northern. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.
Avanti West Coast
3,360
employees, about £68,000 pay a head, £302,000 turnover a head, +1.9% on the year
LNER
3,890
employees, about £54,000 pay a head, £275,000 turnover a head, +16.6% on the year
GWR
6,362
employees, about £68,000 pay a head, £262,000 turnover a head, -1.7% on the year
Southeastern
4,992
employees, about £62,000 pay a head, £255,000 turnover a head, +7.8% on the year
Northern
7,694
employees, about £63,000 pay a head, £157,000 turnover a head, +8.1% on the year
Who owns each one?
Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.
Held by First Rail Holdings Limited
A company recorded as a person with significant control.
Who owns Avanti West Coast →
London North Eastern Railway Limited · 04659712Held by Dft Olr Holdings Limited
A company recorded as a person with significant control.
Who owns LNER →
First Greater Western Limited · 05113733Held by First Rail Holdings Limited
A company recorded as a person with significant control.
Who owns GWR →
Se Trains Limited · 03266762Held by Dft Operator Limited
A company recorded as a person with significant control.
Who owns Southeastern →
Northern Trains Limited · 03076444Held by Dft Operator Limited
A company recorded as a person with significant control.
Who owns Northern →
What does the full ledger show?
| Measure | Avanti West Coast | LNER | GWR | Southeastern | Northern |
|---|---|---|---|---|---|
| Registered name | FIRST TRENITALIA WEST COAST RAIL LIMITED | LONDON NORTH EASTERN RAILWAY LIMITED | FIRST GREATER WESTERN LIMITED | SE TRAINS LIMITED | NORTHERN TRAINS LIMITED |
| Company number | 10349442 | 04659712 | 05113733 | 03266762 | 03076444 |
| Incorporated | 2016 | 2003 | 2004 | 1996 | 1995 |
| Accounts filed | 24 November 2025 | 4 September 2026 | 21 November 2025 | 7 September 2026 | 4 September 2026 |
| Turnover, prior year | £1,019m | £1,013m | £1,453m | £1,262m | £1,139m |
| Pre-tax profit, prior year | £12m | £7m | £26m | £10m | £11m |
| Staff costs | £230m | £211m | £432m | £310m | £483m |
| Payroll share of turnover | 22.6% | 19.7% | 26.0% | 24.4% | 40.1% |
| Employees, prior year | 3,296 | 3,337 | 6,471 | 4,629 | 7,115 |
| Dividends paid | £11m | £5m | £21m | £15m | £25m |
| Charges outstanding | 0 | 0 | 0 | 0 | 0 |
A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.
Train operators: common questions
Who is the biggest of Avanti West Coast, LNER, GWR, Southeastern or Northern?
GWR, with turnover of £1,665m in the year to March 2025.
Which makes the most profit?
GWR: £32m pre-tax in the year to March 2025.
Which employs the most people?
Northern, with 7,694 employees in its latest accounts.
Avanti West Coast or LNER: which is bigger?
LNER, with turnover of £1,068m against £1,016m at Avanti West Coast on their latest filings. On margin, Avanti West Coast keeps more of each £100 as pre-tax profit.
Avanti West Coast or GWR: which is bigger?
GWR, with turnover of £1,665m against £1,016m at Avanti West Coast on their latest filings. On margin, GWR keeps more of each £100 as pre-tax profit.
Avanti West Coast or Southeastern: which is bigger?
Southeastern, with turnover of £1,274m against £1,016m at Avanti West Coast on their latest filings. On margin, Avanti West Coast keeps more of each £100 as pre-tax profit.
Avanti West Coast or Northern: which is bigger?
Northern, with turnover of £1,206m against £1,016m at Avanti West Coast on their latest filings. On margin, Avanti West Coast keeps more of each £100 as pre-tax profit.
LNER or GWR: which is bigger?
GWR, with turnover of £1,665m against £1,068m at LNER on their latest filings. On margin, GWR keeps more of each £100 as pre-tax profit.
LNER or Southeastern: which is bigger?
Southeastern, with turnover of £1,274m against £1,068m at LNER on their latest filings. On margin, Southeastern keeps more of each £100 as pre-tax profit.
LNER or Northern: which is bigger?
Northern, with turnover of £1,206m against £1,068m at LNER on their latest filings. On margin, Northern keeps more of each £100 as pre-tax profit.
GWR or Southeastern: which is bigger?
GWR, with turnover of £1,665m against £1,274m at Southeastern on their latest filings. On margin, GWR keeps more of each £100 as pre-tax profit.
GWR or Northern: which is bigger?
GWR, with turnover of £1,665m against £1,206m at Northern on their latest filings. On margin, GWR keeps more of each £100 as pre-tax profit.
Southeastern or Northern: which is bigger?
Southeastern, with turnover of £1,274m against £1,206m at Northern on their latest filings. On margin, Southeastern keeps more of each £100 as pre-tax profit.
Where do these figures come from?
Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.
Deep dive: what story does Avanti West Coast's money tell? →
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