We define the routing capacity of a network to be the supremum of all possible fractional message throughputs achievable by routing. We prove that the routing capacity of every network is achievable and rational, we present an algorithm for its computation, and we prove that every non-negative rational number is the routing capacity of some network. We also determine the routing capacity for various example networks. Finally, we discuss the extension of routing capacity to fractional coding solutions and show that the coding capacity of a network is independent of the alphabet used