RTD releases preliminary 2025 financial results and receives credit rating affirmation from S&P

The Regional Transportation District (RTD)’s preliminary, unaudited 2025 financial results indicate a 17% year-over-year revenue growth, totaling $1.3 billion revenue. RTD’s financial position is strengthened by investment income and continued grant performance contributing to financial progress and disciplined management across the organization.

Customer boardings remain stable though reduced from 2019 levels due to enduring fully remote and hybrid work schedules which began in 2020 that impact total boardings and fare revenue. However, RTD’s sales and use tax revenue mitigates reliance on fares solely for overall revenue. While RTD is operating at a deficit during a multi-year adjustment cycle, the agency is focused on long-term sustainability as a provider of critical transit resources across the service area.

Chief Financial Officer Kelly Mackey said, “Under the leadership of General Manager and CEO, Debra A. Johnson, in partnership with the Board of Directors, staff is addressing the deficit head-on and preparing for the 2027 budget cycle; transparency will remain central to that work.”

RTD’s sales and use tax revenue grew 1.3% to $869 million though $34 million below budget (-4%) due to projected construction starts and permitting that did not materialize for use tax. RTD fare revenue of $61 million decreased 4% year-over-year and was $4 million favorable to budget (7%).

The agency reported a preliminary net position decrease of $227 million, which was a 20% year-over-year improvement and $163 million (42%) better than budget. RTD boardings declined by 0.3% in 2025 compared to prior year but increased by 4.3% in the second half of 2025 compared with the same timeframe in 2024 due in part to an update in the A Line ridership counting method.

Notably, 2025 working capital declined as pandemic-era federal funding was utilized – not only for RTD, but transit agencies nationwide – while operating costs continued to increase. Even so, liquidity remains well above pre‑pandemic levels, supporting stability and debt‑service capacity.

Credit agencies affirm stable outlook

On March 13, S&P Global Ratings affirmed RTD’s financial strength with the agency maintaining its AA+ long-term rating and underlying rating (SPUR) on certificates of participation (COPs) outstanding. S&P affirmed RTD’s stable outlook, recognizing the agency’s healthy liquidity and manageable debt profile, while highlighting the importance of continued progress in addressing the structural deficit as the agency prepares for the 2027 budget cycle.

On Jan. 15, Fitch Ratings reported that RTD maintained its AA+ rating on RTD’s FasTracks revenue bonds and AA on COPs with stable outlooks across all categories. Similarly, on Dec. 17, 2025, Moody’s affirmed that RTD maintained its ratings of Aa2 on FasTracks revenue bonds and A1 on COPs with a stable outlook.

The credit rating agencies recognize RTD’s proactive and conservative financial management and policies and RTD’s support from voter-approved sales and use taxes that enable the agency to provide transit services for 3.1 million customers across its 2,345 square-mile service area. The ratings reflect confidence in RTD’s proactive financial management and recognize the need for its essential role as a transit provider across the Denver metro area.