Tren Maya Spends Eight Times More Than It Earns, Lawmaker Says

Cancún, Quintana Roo — Mexico’s federal government is proposing another 18.18 billion pesos for the Tren Maya in 2027, extending public financing for a railway that is still expanding into freight service while passenger operations remain heavily dependent on subsidies.

The allocation appears in the 2027 Federal Expenditure Budget Proposal submitted by the Finance Ministry. It is a proposal rather than an approved budget and can still be changed by the Chamber of Deputies.

Most of the money would not go directly toward running passenger trains. Approximately 17.19 billion pesos is earmarked for the freight system now being added to the railway, while roughly 990 million pesos would support the company responsible for its general operation.

The distinction matters. The railway’s passenger service is already operating, but the federal government argues that freight is essential to its long-term financial model.

Passenger revenue covers a fraction of operating costs

Financial results from the second quarter of 2026 show a wide gap between what the Tren Maya earned from its services and what it cost to operate. Between April and June, the railway generated approximately 117 million pesos in service revenue while reporting operating costs of 985 million pesos. That left a difference of about 868 million pesos before other income, government transfers and accounting expenses were considered.

For every peso collected from services during the quarter, operating costs amounted to approximately 8.42 pesos.

The company also received about 417 million pesos in government transfers during the same three-month period, according to financial information reviewed by national media. Even with that support, its service income and subsidy combined remained below its reported operating costs.

The railway’s net loss is a broader accounting measure than the difference between ticket revenue and train operating costs. It can include administrative expenses, financing costs, depreciation and other non-operating items. The figures should therefore not be treated as interchangeable.

Nevertheless, both measures point to the same underlying issue: passenger revenue currently covers only a small share of the system’s expenses.

Losses accelerate in 2026

Tren Maya’s financial statements reportedly show a net loss of approximately 5.01 billion pesos during the first six months of 2026. That exceeds the 4.81 billion pesos reported for all of 2025.

Since passenger service began in December 2023, the company had accumulated approximately 14.1 billion pesos in losses through June 2026 while generating about 1.06 billion pesos in total revenue, according to a review of its financial statements.

The comparison does not include the much larger cost of building the railway itself, which was financed separately through the federal budget.

Federal Deputy Ernesto Sánchez Rodríguez of the opposition National Action Party has cited the results in calling for a review of the project’s finances. He argues that the railway continues to require substantial public funding despite having carried paying passengers for nearly three years.

The government has not presented the railway solely as a commercial transportation company. It has also described it as a public infrastructure and regional development project intended to connect communities, support tourism and stimulate investment across southeastern Mexico.

Public transportation systems do not necessarily need to recover all their costs from passenger fares. However, the scale of the gap and continued federal allocations have renewed questions about how much taxpayers will be expected to contribute each year.

World Cup provided little direct help

Critics have pointed to the 2026 FIFA World Cup as a missed opportunity to increase railway use. That argument requires some context. The tournament began June 11, meaning it overlapped with only the final 20 days of the April-to-June reporting period. Mexico’s matches were held in Mexico City, Guadalajara and Monterrey, none of which is connected to the Tren Maya.

World Cup travel may have generated some additional tourism elsewhere in Mexico, but the tournament was not centered in the Yucatán Peninsula. It therefore cannot be treated as a direct test of the railway’s ability to serve a major event in its own region.

The more significant concern is that June reportedly produced the lowest passenger revenue and highest operating cost of the second quarter, despite the beginning of Mexico’s summer travel period.

Government looks to freight for profitability

Federal officials have repeatedly said the Tren Maya’s financial model will not be complete until it begins carrying cargo. The freight program is expected to connect the passenger railway with logistics centers, industrial areas and the Port of Progreso. Cargo facilities are planned in Palenque, Poxilá, Progreso and Cancún, with smaller operating yards in other parts of the peninsula.

A fuel spur is also planned for Tulum. The system is intended to move products, construction materials, fuel and other cargo across southeastern Mexico while connecting with the Interoceanic Corridor. Commercial freight service is currently scheduled to begin in January 2027.

The government expects cargo contracts to produce steadier income than tourism, which rises and falls by season. Freight operations could also make greater use of infrastructure that would otherwise remain underused between passenger services.

Whether that revenue will be enough to reduce the railway’s dependence on federal support remains unknown. Officials have not released a detailed public forecast showing expected freight volumes, prices, operating costs or the year in which the combined passenger-and-cargo system could approach financial self-sufficiency.

Most of the new money is for an unfinished system

The proposed 18.18 billion pesos should not be described entirely as a subsidy for existing passenger operations. Nearly 95 percent is intended for construction and implementation of the freight component.

But it also demonstrates that the Tren Maya remains unfinished as a complete transportation system. The government is continuing to invest in new terminals, tracks and equipment while also supporting a passenger operation that does not yet generate enough revenue to cover its costs.

The freight investment could improve the railway’s finances if sufficient commercial demand develops. It will also create additional costs for equipment, staffing, maintenance and logistics operations.

For residents and travelers in the Mexican Caribbean, the central issue is not simply whether the train turns an immediate profit. It is whether the public benefits, passenger use and future freight income justify the continuing cost.

The 2027 budget proposal gives the federal government another year to build out the freight network. It does not yet answer when the Tren Maya will require less support from taxpayers.