Brightline trains carried almost 10,000 passengers on the average day in February. That's a new record as ridership between its five stations in South Florida jumped thanks to a sharp drop in average fares.
Long distance trips between South Florida and Orlando, however, remain the main driver of revenue as Brightline works to be a transportation alternative to driving on I-95 or the Florida Turnpike.
The average long distance fare in February was up 7% from a year earlier, while ridership grew by 4%. A price hike for its baggage fee also helped drive stronger revenue. Brightline's total monthly revenue was $18.3 million, up 8%. The company does not disclose its monthly operating costs.
Short haul riders, those on trains in South Florida, jumped on cheaper fares last month. The average passenger paid 16% less for the shorter trips in February as ridership on those itineraries jumped 21%. And most of that increase came in the final two weeks of the month.
"February ridership and revenue were negatively impacted by a cold weather event in Florida during the first 10 days of February," Brightline noted in its monthly report. Ticket revenue was flat during that same period. The company also sold a lot more higher-priced premium tickets from a year ago. Brightline has changed its scheduling and fare strategy in recent months to offer peak and off-peak prices while adding trains to its South Florida service, hoping to attract more regular commuters. It canceled a popular ticket package more than a year and a half ago only to reintroduce a commuter pass a year later.
"We believe the commuter business will reach its previous levels over the next several months," it said.
Brightline is racing to accelerate its revenue growth to meet its debt payments. Last month, it negotiated with some of its bondholders to extend the deadline for one interest payment that was originally due Feb. 17. The lenders agreed to wait two more months.
Credit rating agencies S&P Global, Kroll and Fitch cut their grade on some Brightline bonds this year as the company's revenue growth has lagged behind forecasts. S&P has since withdrawn its rating altogether at the request of Brightline. Its IOUs are rated as junk bonds, the riskiest category for lenders.
The company tapped its reserve account to pay its interest payments that were due Jan. 1. It is scheduled to pay $162 million in debt payments this year, though credit analysts are increasingly doubtful the company will be able to stay current on its IOUs.
In March, S&P Global predicted Brightline will be forced to restructure its debt "in about six months."
The company has been updating lenders for months that it is looking to raise money by selling "a substantial amount of equity" to pay down its multi-billion dollar debt load. Analysts expect some bondholders will convert their loans into ownership stakes of the passenger train service.
Copyright 2026 WLRN
