Abstract: A track code analyzer is disclosed that measures the duty cycle, carrier frequency, modulation frequency, and amplitude of track code signal and determines when these parameters are outside predetermined limits. The system also detects and records transient anomalies in the track code. The track code analyzer of the present invention is either mounted on a railway vehicle or used as a portable, wayside troubleshooting device. In a preferred embodiment, apparatus for processing a track code signal for indicating track conditions is provided that comprises a pickup for inductively receiving and decoding an analog track code signal. The signal is preferably received and processed by a conditioning circuit for processing the analog track code signal and transmitted to an analog-to-digital (A/D) converter for creating a digital track code signal.