Business model

At National Express we share a fundamental belief that driving modal shift from cars to high quality mass transit is fundamental to a safe, green and prosperous future.

How we create value

Value drivers that differentiate us from our peers as a leading operator in this critical sector. 

Growing revenue

Over half of the Group’s revenue is generated through multi-year contracts with school boards, transit authorities and corporate customers. This revenue is generated either on a per mile/kilometre basis, or per route travelled with little or no demand risk. In a normal year the Group generates a further 40% of revenue through ticket sales to the public. In these, National Express assumes revenue risk. Our Revenue Management Systems (RMS) enable us to better understand purchasing behaviour to drive revenue through differential pricing depending on time of journey, ticket type, buying channel etc. whilst our customer facing apps support our customers in getting the product they need at a price they can afford.

Growing Revenue

Converting it to profit

National Express has long enjoyed industry-leading margins driven by a focus on operational excellence. Sophisticated network optimisation is a key factor whereby we optimise peak vehicle requirements and occupancy through review and redesign of our networks, reducing the cost of delivering a high quality service to our customers. We use scheduling software to optimise routes in our student transportation and transit markets in North America. Our diversity and scale are an important factor in managing indirect costs, enabling us to optimise cost and quality across the Group’s supply base.

Converting It To Profit

Delivering cash flow

National Express has a track record of consistently generating cash flow from its operations. The Group delivered an average of over £150 million of free cash flow each year prior to the impact of the pandemic in 2020.

Delivering Cash Flow

Funding returns and investment

We invest cash back into the operations to grow, having invested over £800 million both organically and inorganically since 2015. This has created our transit and shuttle business in North America; strengthened our market-leading positions in Spain; built our key hub positions in North America student transport; and enabled us to create the leading urban bus business in Morocco. In addition, over the five years prior to 2020, the Group returned £327 million through dividends.

To Fund Returns And Re Investment

Delivering for all our stakeholders


Safe, clean and reliable service at a fair price


Consistent delivery, proactive innovation and transparent communication underpinned by great value for money


A long-term partner, investing in collaborative innovation

Governments & Regulators

A partner to help to solve the challenges of congestion, carbon, clean air and inclusive growth


Enables broader positive community impact and greater social mobility


A workplace that values diversity, champions inclusion and respects the rights of all employees, creating opportunities for progression and rewards fairly


What we do

National Express Group is a leading international public transport operator, diversified internationally and by business area.

Our businesses

National Express operates transportation services in eight countries (UK, USA, Canada, Spain, Morocco, Switzerland, Germany and Bahrain) with some international coach services to other European countries.

Our strategy

Driving our business forward through our three strategic priorities