Freeze-thaw cycles (FTC) are known to have an effect on railway track stability, safety, and performance. FTC are expected to become more frequent in the future due to climate change. This paper presents the results of a field investigation in which the mechanism of FTC development within the track embankment and its effect on the performance of railway tracks including track surface deformation and track geometry degradation are studied. Field observations suggested that the frost depth within the track embankment is influenced by the freezing index and winter snow cover. They also showed that a warmer and drier winter leads to more intermittent FTC and even though the average frost heave is lower than for a colder winter, the frost heaves occurring at culvert locations creates a larger differential deformation and thus may lead to a worse operating condition. The comparison of geometry measurements before freezing and after thawing indicated that the track geometry is in poorer and rougher condition during springs that were preceded by increased FTC. It was also concluded that track in proximity to culverts suffered the highest geometry degradation. Overall, the limited field observations of this study suggest that future winters, mild with less precipitation and higher occurrence of FTC, may increase the rate of track deterioration and more maintenance will be required to keep track within safe limits.