As far as I know, the TGV is indeed profitable even subtracting that. I believe the maintenance of the tracks falls under SNCF Réseau (owned by SNCF) and the ro

As far as I know, the TGV is indeed profitable even subtracting that. I believe the maintenance of the tracks falls under SNCF Réseau (owned by SNCF) and the rolling stock falls under SNCF. Figures for the profitability of the individual lines, with construction costs included, can be found here [0] in French. You'll see several lines with yearly rates of return in the ~7-15% range depending on how you measure things. I'd call that excellent, especially given that there are other massive benefits (environmental, health, safety, national security etc) involved that are not included in that calculation. That said, I may be forgetting to include something, so I may be wrong. But, like you said, only further supports the point that high speed rail can only be accomplished with government input :) [0] http://geoconfluences.ens-lyon.fr/informations-scientifiques/dossiers-regionaux/territoires-europeens-regions-etats-union/rte-t/lgv-nimes-barcelone http://geoconfluences.ens-lyon.fr/informations-scientifiques...