Consolidated balance sheet
Assets
| € million | Note | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment | (13) | 64,744 | 56,027 |
| Intangible assets | (14) | 1,458 | 1,396 |
| Investments accounted for using the equity method | (15) | 406 | 402 |
| Other investments and securities | (17) | 40 | 38 |
| Receivables and other assets | (19) | 2,045 | 2,587 |
| Derivative financial instruments | (21) | 706 | 798 |
| Deferred tax assets | (16) | 51 | 52 |
| 69,450 | 61,300 | ||
| Current assets | |||
| Inventories | (18) | 2,324 | 2,185 |
| Other investments and securities | (17) | 0 | 514 |
| Trade receivables | (19) | 3,549 | 3,198 |
| Other receivables and other assets | (19) | 1,985 | 1,696 |
| Income tax receivables | (20) | 39 | 32 |
| Derivative financial instruments | (21) | 46 | 179 |
| Cash and cash equivalents | (22) | 11,408 | 4,170 |
| Assets held for sale | (23) | 76 | 10,624 |
| 19,427 | 22,598 | ||
| Total assets | 88,877 | 83,898 |
Equity and liabilities
| € million | Note | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
| Equity | |||
| Subscribed capital | (24) | 2,150 | 2,150 |
| Reserves | (25) | 20,655 | 11,797 |
| Generated profits | (26) | 6,308 | 1,167 |
| Equity attributable to shareholder of Deutsche Bahn AG | 29,113 | 15,114 | |
| Hybrid capital | (27) | 998 | 2,002 |
| Non-controlling interests | (27) | 50 | 87 |
| 30,161 | 17,203 | ||
| Non-current liabilities | |||
| Financial debt | (28) | 29,535 | 33,330 |
| Other liabilities | (29) | 811 | 985 |
| Derivative financial instruments | (21) | 296 | 376 |
| Pension obligations | (31) | 2,903 | 3,318 |
| Other provisions | (32) | 2,933 | 2,705 |
| Deferred items | (33) | 2,712 | 908 |
| Deferred tax liabilities | (16) | 11 | 7 |
| 39,201 | 41,629 | ||
| Current liabilities | |||
| Financial debt | (28) | 3,449 | 4,793 |
| Trade liabilities | (29) | 4,127 | 3,457 |
| Other liabilities | (29) | 3,973 | 3,283 |
| Income tax liabilities | (30) | 22 | 33 |
| Derivative financial instruments | (21) | 111 | 156 |
| Other provisions | (32) | 7,034 | 6,314 |
| Deferred items | (33) | 799 | 831 |
| Liabilities in connection with assets held for sale | (23) | – | 6,199 |
| 19,515 | 25,066 | ||
| Total assets | 88,877 | 83,898 |