Estimated UPX Farebox Recovery Ratio
My number is napkin mathed based on known published data:
Operating Expense: About $55M-$60M
First year opex was $63M/year (
link). However, there were cuts to frills (elimination of magazine business, UPX suits, certain UPX-specific staff, etc) and some shared GO efficiencies when the UPX structure was merged into GO. So operating expense is likely slightly south of $60M.
Ridership: About $25-$35M/year
UPX ridrership is averaging between 10K-11K -- an article mentioned a 10,800 average. Recent years have been hovering 5 digit daily ridership averages. At current ridership at approx 11K per day (4M per year), at a rough estimate average $7.50 revenue = just slightly above $30 million dollars farebox per year. It was about 2.76M passengers from 2016-2017, but it's gone up to at least 4M. If we lowball to $6 average fare (commuter bias), that's $24M/year. If we highball to $8.50 average fare (airport bias), that's $34M/year. It's probably somewhere in between.
Divide $60M by $30M, and you get 50%. But as you can see the bias is likely <$60M opex, and farebox is likely >$30M. This is how I napkin-mathed a slightly-above-50% farebox recovery for UPX.
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EDIT: The numbers might be better than I thought
"So much so that in the past four years, ridership on the UPX has quadrupled to about 4.5 million customers annually, according to Metrolinx. " (CBC link)
The high end of the farebox recovery ratio range could even exceed 70% by now. An opex of $55M and farebox of $38M. But transfers from other routes, will decrease numbers a bit, so let's call it even and say "50%-60% farebox recovery". Single-digit loss per rider, far better than the initial years of Sheppard subway. Nicely blended in with TTC/GO farebox recovery percentages!
Even if my numbers are way off, the farebox recovery is still spectacular by North America standards now. It might be slightly less % than the rest of the network, but certainly not the "Big loss per passenger" days of 2015 and 2016.
Not too shabby considering a lot of North America transit is a dismal well-sub-50% league of farebox recovery. Given an upgrade to a 4-coach EMU and lower operating costs of electric, farebox looks even more promising.