The railway reform implemented on 1. 1. 1994 has led to intensified competition in regional rail passenger transport in Germany. The market shares of the monopolist DB Regio fell by around 1/3 by 2019 due to the {5/8} ’ Vědecké stati 62 Scientia et Societas » 1/22 intense competition. Due to the liberalization of rail passenger transport in Europe, some large foreign state railways were able to enter the German market with subsidiaries and gain market shares. For passengers, this development has been positive, as the railway companies have significantly expanded their services (for example, new vehicles with higher comfort). Overall, passenger numbers have increased year after year. On the financial side, this development has led to a reduction in the monopolist’s result. The foreign railway companies have only been able to achieve their market share gains with low returns. Some railway companies even achieved high losses.