What did National Express report for January?

The company highlighted double-digit year-on-year passenger growth on UK coach routes. Gatwick Airport services rose 14%. In Gloucestershire, Gloucester advanced 22% and Cheltenham 13%, with some routes up 28%. These gains point to stronger adoption of coaches for both airport transfers and regional intercity travel.

Why is UK coach travel demand rising now?

Price remains a key factor. Many travellers are choosing coaches over flexible rail fares, taxis, or long car trips when fuel and parking are included. Recovery in air travel also helps, as frequent, direct services to terminals provide a simple, lower-cost option for airport transfers across different times of day.

How could this trend affect revenue and margins?

Higher passenger volumes lift load factor, which spreads fixed costs like drivers and vehicles over more tickets. Airport links can support better average fares and some ancillary revenue. If growth persists into spring and summer peaks, operators may see stronger cash generation alongside selective capacity increases.

What should investors monitor next?

Focus on monthly passenger updates by corridor, especially airport links like Gatwick. Track seat capacity, punctuality, and any frequency or timetable changes. Also watch pricing discipline and fleet investments. Consistent service quality is vital to convert first-time riders into repeat customers and sustain revenue momentum.

Global Market Insights

National Express February 12: UK Coach Demand Surges in January

ByDanny Kontos February 12, 2026February 12, 2026

National Express posted a strong start to the year, with January passenger numbers up double digits across UK coach routes. Gatwick Airport services rose 14% year on year, while Gloucestershire saw 22% growth in Gloucester and 13% in Cheltenham, with some routes up 28%. For investors, this points to a cost-led shift toward coaches and improving airport surface-access demand. We review what is driving the gains and the implications for revenue momentum in 2026.