Transport for Wales is a not-for-profit company owned by the Welsh Government and managed at arms length by its appointed board. TfW oversees the Transport for Wales Group consisting of itself and its subsidiaries: Transport for Wales Rail, the train operator of the Wales & Borders railway franchise; Pullman Rail Limited; and TfW Innovation Services Limited, a joint venture between TfW (51%) and former operator KeolisAmey Wales (49%).

Transport for Wales Rail Limited, branded as Transport for Wales and TfW Rail, is a Welsh publicly owned train operating company, a subsidiary of Transport for Wales (TfW), a Welsh Government-owned company. It commenced operations of the day to day services of the Wales & Borders franchise on 7 February 2021, as an operator of last resort, succeeding KeolisAmey Wales.