false0000923120GREENBRIER COMPANIES INC00009231202026-07-012026-07-01

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 01, 2026

 

 

THE GREENBRIER COMPANIES, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Oregon

001-13146

93-0816972

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

One Centerpointe Drive

Suite 200

 

Lake Oswego, Oregon

 

97035

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (503) 684-7000

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock without par value

 

GBX

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On July 1, 2026, The Greenbrier Companies, Inc. (the “Company”) issued an earnings release reporting the Company’s financial results for the third fiscal quarter ended May 31, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description

 

 

99.1

Earnings Release dated July 1, 2026 of The Greenbrier Companies, Inc. reporting the Company’s financial results for the third fiscal quarter ended May 31, 2026.

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

THE GREENBRIER COMPANIES, INC.

 

 

 

 

Date: July 1, 2026

 

By:

/s/ Michael J. Donfris

 

 

 

Michael J. Donfris

 

 

 

Senior Vice President, Chief Financial Officer

 

 

 

 

Exhibit 99.1

Earnings Release

img70698568_0.jpg

One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000

www.gbrx.com

 

 

July 1, 2026

Contact:

 

Travis Williams, Investor Relations

 

 

 

 

Jack Isselmann, Media Relations

 

 

 

 

Ph: 503-684-7000

 

Greenbrier Reports Third Quarter Results

 

The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its third fiscal quarter ended May 31, 2026.

Third Quarter Highlights

•
Aggregate gross margin percentage increased 230 basis points sequentially to 14.1%, driven by improved manufacturing margin.
•
Owned lease fleet grew to 20,600, up 23% sequentially.
•
Lease fleet utilization remained exceptionally strong at 99%.
•
Entered into a new, $425 million non-recourse term loan, with improved pricing and terms, to support continued lease fleet growth.
•
Net earnings attributable to Greenbrier were $19 million, or $0.60 per diluted share.
•
EBITDA was $69 million, or 12% of revenue.
•
New railcar orders for 2,200 units valued at $340 million and deliveries of 3,600 units, resulting in a new railcar backlog of 13,800 units with an estimated value of $2.0 billion as of May 31, 2026.
•
Board approved quarterly dividend of $0.34 per share, payable on August 6, 2026 to shareholders of record as of July 16, 2026, representing Greenbrier's 49th consecutive quarterly dividend.

 

“Greenbrier executed well in Q3, delivering solid results across both Leasing & Fleet Management and Manufacturing,” said Lorie L. Tekorius, CEO and President. “The current freight railcar environment enhances the value of our growing lease fleet, supporting strong performance as reflected in the 99% utilization. Aggregate gross margin of 14.1% reflects the strength and stability of our operating platform.”

 

Tekorius added, “We remain committed to disciplined operational execution, prudent cost management, and continuous improvement across the business. We are working closely with customers to assess deferred demand for railcars in North America. During the quarter, we continued our lease fleet investments, maintaining our commitment to thoughtful growth, recurring revenue and long-term shareholder value. These actions strengthen Greenbrier’s earnings power and support the durability of our business.”

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 2

 

Financial Summary

 

Q3 FY26

 

Q2 FY26

 

 

Sequential Comparison – Main Drivers

Revenue

$576.5M

 

$587.5M

 

Primarily fewer deliveries

Aggregate gross margin

$81.1M

 

$69.5M

 

Improved manufacturing efficiency

Aggregate gross margin %

14.1%

 

11.8%

 

Selling and administrative expense

$55.2M

 

$57.4M

 

Primarily lower employee-related expense

Net gain on disposition of equipment

$6.0M

 

$13.0M

 

Timing of fleet optimization activities

Earnings from operations

$31.9M

 

$25.1M

 

Higher aggregate gross margin and favorable S&A expense, partially offset by timing of fleet optimization

Operating margin %

5.5%

 

4.3%

 

EBITDA (1)

$69.1M

 

$60.8M

 

 

Effective tax rate

19.5%

 

14.9%

 

Mix of income in foreign jurisdictions

Diluted EPS

$0.60

 

$0.47

 

 

 

(1)
See reconciliation at conclusion of Supplemental Information.

Segment Summary

 

Q3 FY26

 

Q2 FY26

 

 

Sequential Comparison – Main Drivers

Manufacturing (1)

 

 

 

 

 

Revenue

$529.1M

 

$541.5M

 

Fewer new railcar deliveries, partially offset by higher maintenance program work

Gross margin %

9.9%

 

7.6%

 

Improved operating performance and positive product mix

Earnings from operations

$30.4M

 

$20.7M

 

Operating margin % (2)

5.7%

 

3.8%

 

Deliveries (3)

3,200

 

3,400

 

 

Leasing & Fleet Management

 

 

 

 

 

Revenue

$47.4M

 

$46.0M

 

Timing of fleet additions

Gross margin %

60.3%

 

61.7%

 

Timing of maintenance expense

Earnings from operations

$29.2M

 

$35.5M

 

Timing of fleet optimization

Operating margin % (2)

61.6%

 

77.2%

 

Owned fleet (units)

20,600

 

16,800

 

Strategic growth of lease fleet primarily through secondary market purchases

Fleet utilization

99.0%

 

98.5%

 

Continued strong fleet utilization

 

(1)
Effective September 1, 2025, the Company changed its methodology for allocating revenue and expenses associated with syndication activity between the two reportable segments. Syndication activity is now being reflected in the Manufacturing segment. This change had no impact on the Company’s consolidated results of operations or financial position and prior period segment results have been recast to conform to the current period presentation.
(2)
See supplemental segment information in Supplemental Information.
(3)
Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 3

 

Fiscal 2026 Guidance

Greenbrier is updating its fiscal 2026 guidance as follows:

 

 

Prior

Updated

 

FY26 Guidance

FY26 Guidance

Operating Metrics

 

 

Deliveries (1)

15,350 - 16,350 units

15,650 - 15,850 units

Revenue

$2.4B - $2.5B

$2.4B - $2.5B

Aggregate Gross Margin %

14.8% - 15.2%

13.8% - 14.2%

Operating Margin % (2)

7.0% - 7.8%

6.5% - 6.8%

EPS

$3.00 - $3.50

$3.00 - $3.15

Capital Expenditures

 

 

Manufacturing

$80M

$95M

Leasing & Fleet Management

300M

285M

Gross Capital Expenditures

$380M

$380M

Equipment Sales Proceeds

175M

175M

Net Capital Expenditures

$205M

$205M

 

(1)
Includes approximately 1,500 units of deliveries associated with Brazil.
(2)
Earnings from operations divided by revenue.

 

 

Conference Call

 

Greenbrier will host a live conference call to discuss the third quarter results today at 2:00 p.m. PT. The audio webcast and supplemental materials can be accessed via Greenbrier's investor relations website (https://investors.gbrx.com/). To participate in the call please dial 1-888-317-6003, domestically, or 1-412-317-6061 internationally, and use passcode #0443346.

 

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America. Greenbrier owns a lease fleet of approximately 20,600 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com.

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 4

 

THE GREENBRIER COMPANIES, INC.

Consolidated Balance Sheets

(In millions, unaudited)

 

 

May 31,
2026

 

 

February 28,
2026

 

 

November 30,
2025

 

 

August 31,
 2025

 

 

May 31,
2025

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

273.7

 

 

$

521.8

 

 

$

361.8

 

 

$

306.1

 

 

$

296.8

 

Restricted cash

 

 

49.1

 

 

 

41.2

 

 

 

13.6

 

 

 

20.3

 

 

 

45.2

 

Accounts receivable, net

 

 

463.4

 

 

 

463.5

 

 

 

509.2

 

 

 

526.4

 

 

 

507.7

 

Income tax receivable

 

 

18.0

 

 

 

12.3

 

 

 

18.5

 

 

 

44.9

 

 

 

33.7

 

Inventories

 

 

619.3

 

 

 

621.1

 

 

 

680.3

 

 

 

688.3

 

 

 

707.6

 

Leased railcars for syndication

 

 

426.7

 

 

 

194.7

 

 

 

178.8

 

 

 

225.9

 

 

 

248.6

 

Equipment on operating leases, net

 

 

1,298.4

 

 

 

1,295.4

 

 

 

1,330.9

 

 

 

1,328.5

 

 

 

1,300.4

 

Property, plant and equipment, net

 

 

708.5

 

 

 

719.3

 

 

 

719.1

 

 

 

726.7

 

 

 

711.7

 

Investment in unconsolidated affiliates

 

 

96.5

 

 

 

90.8

 

 

 

98.9

 

 

 

99.3

 

 

 

95.0

 

Intangibles and other assets, net

 

 

264.7

 

 

 

249.3

 

 

 

254.7

 

 

 

264.2

 

 

 

277.3

 

Goodwill

 

 

129.9

 

 

 

130.3

 

 

 

129.8

 

 

 

130.0

 

 

 

129.2

 

 

 

$

4,348.2

 

 

$

4,339.7

 

 

$

4,295.6

 

 

$

4,360.6

 

 

$

4,353.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

574.2

 

 

$

580.5

 

 

$

577.5

 

 

$

651.7

 

 

$

696.2

 

Debt, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse

 

 

733.3

 

 

 

720.5

 

 

 

794.8

 

 

 

771.2

 

 

 

767.3

 

Non-recourse

 

 

1,072.3

 

 

 

1,042.2

 

 

 

971.4

 

 

 

979.7

 

 

 

995.4

 

 

 

 

1,805.6

 

 

 

1,762.7

 

 

 

1,766.2

 

 

 

1,750.9

 

 

 

1,762.7

 

Deferred income taxes

 

 

179.1

 

 

 

174.8

 

 

 

186.7

 

 

 

180.2

 

 

 

151.9

 

Deferred revenue

 

 

61.1

 

 

 

68.6

 

 

 

29.7

 

 

 

44.3

 

 

 

32.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingently redeemable noncontrolling interest

 

 

31.9

 

 

 

33.0

 

 

 

34.5

 

 

 

35.8

 

 

 

40.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity – Greenbrier

 

 

1,573.2

 

 

 

1,564.6

 

 

 

1,542.2

 

 

 

1,532.5

 

 

 

1,504.0

 

Noncontrolling interest

 

 

123.1

 

 

 

155.5

 

 

 

158.8

 

 

 

165.2

 

 

 

165.8

 

Total equity

 

 

1,696.3

 

 

 

1,720.1

 

 

 

1,701.0

 

 

 

1,697.7

 

 

 

1,669.8

 

 

 

$

4,348.2

 

 

$

4,339.7

 

 

$

4,295.6

 

 

$

4,360.6

 

 

$

4,353.2

 

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 5

 

THE GREENBRIER COMPANIES, INC.

Consolidated Statements of Income

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

 

 

Three months ended
May 31,

 

 

Nine months ended
May 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

529.1

 

 

$

793.4

 

 

$

1,727.6

 

 

$

2,337.2

 

Leasing & Fleet Management

 

 

47.4

 

 

 

49.3

 

 

 

142.5

 

 

 

143.5

 

 

 

576.5

 

 

 

842.7

 

 

 

1,870.1

 

 

 

2,480.7

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

476.6

 

 

 

672.6

 

 

 

1,561.9

 

 

 

1,964.2

 

Leasing & Fleet Management

 

 

18.8

 

 

 

18.6

 

 

 

54.3

 

 

 

52.8

 

 

 

495.4

 

 

 

691.2

 

 

 

1,616.2

 

 

 

2,017.0

 

Margin

 

 

81.1

 

 

 

151.5

 

 

 

253.9

 

 

 

463.7

 

Selling and administrative expense

 

 

55.2

 

 

 

65.9

 

 

 

172.5

 

 

 

192.5

 

Net gain on disposition of equipment

 

 

(6.0

)

 

 

(7.0

)

 

 

(36.7

)

 

 

(16.8

)

Earnings from operations

 

 

31.9

 

 

 

92.6

 

 

 

118.1

 

 

 

288.0

 

Interest and foreign exchange

 

 

16.5

 

 

 

13.2

 

 

 

45.7

 

 

 

58.3

 

Earnings before income tax and earnings from
   unconsolidated affiliates

 

 

15.4

 

 

 

79.4

 

 

 

72.4

 

 

 

229.7

 

Income tax expense

 

 

(3.0

)

 

 

(18.1

)

 

 

(17.0

)

 

 

(71.5

)

Earnings before earnings from unconsolidated affiliates

 

 

12.4

 

 

 

61.3

 

 

 

55.4

 

 

 

158.2

 

Earnings from unconsolidated affiliates

 

 

5.1

 

 

 

6.2

 

 

 

13.3

 

 

 

14.6

 

Net earnings

 

 

17.5

 

 

 

67.5

 

 

 

68.7

 

 

 

172.8

 

Net (earnings) loss attributable to noncontrolling interest

 

 

1.4

 

 

 

(7.4

)

 

 

1.6

 

 

 

(5.5

)

Net earnings attributable to Greenbrier

 

$

18.9

 

 

$

60.1

 

 

$

70.3

 

 

$

167.3

 

Basic earnings per common share

 

$

0.61

 

 

$

1.92

 

 

$

2.27

 

 

$

5.35

 

Diluted earnings per common share

 

$

0.60

 

 

$

1.86

 

 

$

2.21

 

 

$

5.18

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

30,938

 

 

 

31,186

 

 

 

30,936

 

 

 

31,269

 

Diluted

 

 

31,745

 

 

 

32,184

 

 

 

31,781

 

 

 

32,272

 

Dividends per common share

 

$

0.34

 

 

$

0.32

 

 

$

0.98

 

 

$

0.92

 

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 6

 

THE GREENBRIER COMPANIES, INC.

Consolidated Statements of Cash Flows

(In millions, unaudited)

 

 

Nine months ended
May 31,

 

 

 

2026

 

 

2025

 

Cash flows from operating activities

 

 

 

 

 

 

Net earnings

 

$

68.7

 

 

$

172.8

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Deferred income taxes

 

 

(2.0

)

 

 

8.7

 

Depreciation and amortization

 

 

96.1

 

 

 

89.3

 

Net gain on disposition of equipment

 

 

(36.7

)

 

 

(16.8

)

Stock based compensation expense

 

 

12.8

 

 

 

13.4

 

Earnings from unconsolidated affiliates

 

 

(13.3

)

 

 

(14.6

)

Noncontrolling interest adjustments

 

 

(5.6

)

 

 

9.1

 

Other

 

 

(2.5

)

 

 

2.6

 

Decrease (increase) in assets:

 

 

 

 

 

 

Accounts receivable, net

 

 

53.8

 

 

 

15.2

 

Income tax receivable

 

 

26.9

 

 

 

11.4

 

Inventories

 

 

37.0

 

 

 

39.3

 

Leased railcars for syndication

 

 

(189.9

)

 

 

(133.5

)

Other assets

 

 

15.6

 

 

 

15.4

 

Increase (decrease) in liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

(70.5

)

 

 

(17.8

)

Deferred revenue

 

 

17.7

 

 

 

(26.8

)

Net cash provided by operating activities

 

 

8.1

 

 

 

167.7

 

Cash flows from investing activities

 

 

 

 

 

 

Proceeds from sales of assets

 

 

170.3

 

 

 

75.4

 

Capital expenditures

 

 

(147.2

)

 

 

(209.1

)

Other

 

 

(6.6

)

 

 

6.2

 

Net cash provided by (used in) investing activities

 

 

16.5

 

 

 

(127.5

)

Cash flows from financing activities

 

 

 

 

 

 

Net change in debt with maturities of 90 days or less

 

 

10.0

 

 

 

12.3

 

Proceeds from debt with maturities longer than 90 days

 

 

620.2

 

 

 

97.0

 

Repayments of debt with maturities longer than 90 days

 

 

(570.0

)

 

 

(105.7

)

Debt issuance costs

 

 

(9.2

)

 

 

(5.0

)

Repurchase of stock

 

 

(13.3

)

 

 

(21.8

)

Dividends

 

 

(32.0

)

 

 

(29.7

)

Cash distribution to joint venture partner

 

 

(38.8

)

 

 

(10.9

)

Tax payments for net share settlement of restricted stock

 

 

(8.6

)

 

 

(5.6

)

Net cash used in financing activities

 

 

(41.7

)

 

 

(69.4

)

Effect of exchange rate changes

 

 

13.5

 

 

 

2.6

 

Decrease in Cash and cash equivalents and Restricted cash

 

 

(3.6

)

 

 

(26.6

)

Cash and cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

 

326.4

 

 

 

368.6

 

End of period

 

$

322.8

 

 

$

342.0

 

Balance sheet reconciliation

 

 

 

 

 

 

Cash and cash equivalents

 

$

273.7

 

 

$

296.8

 

Restricted cash

 

 

49.1

 

 

 

45.2

 

Total cash and cash equivalents and restricted cash as presented above

 

$

322.8

 

 

$

342.0

 

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 7

 

THE GREENBRIER COMPANIES, INC.

Supplemental Leasing Information

(In millions, except owned fleet, unaudited)

 

Greenbrier’s leasing strategy provides an additional “go-to-market” element to Greenbrier’s Commercial strategy of direct sales, partnerships with operating leasing companies, and origination of leases for syndication partners as well as providing a platform for further growth at scale. Investing in leasing assets also provides a recurring stream of revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier’s Manufacturing revenue and margin as a result of deferring revenue recognition.

During the April 2023 Investor Day, Greenbrier provided a long-term target to more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years. Recurring revenue is defined as Leasing & Fleet Management revenue excluding the impact of syndication transactions.

Key information for the consolidated Leasing & Fleet Management segment:

 

 

Three Months Ended

 

Greenbrier Lease Fleet (Units) (1)

 

May 31,
2026

 

 

February 28,
2026

 

Beginning balance

 

 

16,800

 

 

 

17,000

 

Railcars added

 

 

5,300

 

 

 

1,400

 

Railcars sold / scrapped

 

 

(1,500

)

 

 

(1,600

)

Ending balance

 

 

20,600

 

 

 

16,800

 

 

 

 

May 31,
2026

 

 

February 28,
2026

 

Equipment on operating lease (2)

 

$

1,229.6

 

 

$

1,261.7

 

Non-recourse warehouse

 

$

—

 

 

$

—

 

ABS non-recourse notes

 

 

743.5

 

 

 

748.5

 

Non-recourse term loan

 

 

300.0

 

 

 

302.1

 

Total Lease fleet non-recourse debt

 

$

1,043.5

 

 

$

1,050.6

 

Fleet leverage %(3)(4)

 

 

85

%

 

 

83

%

 

(1)
Owned fleet includes Leased railcars for syndication
(2)
The $600 million U.S. corporate revolver borrowing base includes Equipment on operating lease assets that do not currently secure the Leasing non-recourse term loan
(3)
Total Leasing non-recourse debt / Equipment on operating lease
(4)
Fleet assets are leveraged at Fair Market Value based on independent appraisals while they are shown at net book value on Greenbrier’s Consolidated Balance Sheet

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 8

 

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

Operating Results by Quarter for 2026 are as follows:

 

 

 

First

 

 

Second

 

 

Third

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

657.0

 

 

$

541.5

 

 

$

529.1

 

 

$

1,727.6

 

Leasing & Fleet Management

 

 

49.1

 

 

 

46.0

 

 

 

47.4

 

 

 

142.5

 

 

 

706.1

 

 

 

587.5

 

 

 

576.5

 

 

 

1,870.1

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

584.9

 

 

 

500.4

 

 

 

476.6

 

 

 

1,561.9

 

Leasing & Fleet Management

 

 

17.9

 

 

 

17.6

 

 

 

18.8

 

 

 

54.3

 

 

 

602.8

 

 

 

518.0

 

 

 

495.4

 

 

 

1,616.2

 

Margin

 

 

103.3

 

 

 

69.5

 

 

 

81.1

 

 

 

253.9

 

Selling and administrative expense

 

 

59.9

 

 

 

57.4

 

 

 

55.2

 

 

 

172.5

 

Net gain on disposition of equipment

 

 

(17.7

)

 

 

(13.0

)

 

 

(6.0

)

 

 

(36.7

)

Earnings from operations

 

 

61.1

 

 

 

25.1

 

 

 

31.9

 

 

 

118.1

 

Interest and foreign exchange

 

 

15.5

 

 

 

13.7

 

 

 

16.5

 

 

 

45.7

 

Earnings before income tax and earnings from unconsolidated affiliates

 

 

45.6

 

 

 

11.4

 

 

 

15.4

 

 

 

72.4

 

Income tax expense

 

 

(12.3

)

 

 

(1.7

)

 

 

(3.0

)

 

 

(17.0

)

Earnings before earnings from unconsolidated affiliates

 

 

33.3

 

 

 

9.7

 

 

 

12.4

 

 

 

55.4

 

Earnings from unconsolidated affiliates

 

 

4.0

 

 

 

4.2

 

 

 

5.1

 

 

 

13.3

 

Net earnings

 

 

37.3

 

 

 

13.9

 

 

 

17.5

 

 

 

68.7

 

Net (earnings) loss attributable to noncontrolling interest

 

 

(0.9

)

 

 

1.1

 

 

 

1.4

 

 

 

1.6

 

Net earnings attributable to Greenbrier

 

$

36.4

 

 

$

15.0

 

 

$

18.9

 

 

$

70.3

 

Basic earnings per common share (1)

 

$

1.18

 

 

$

0.48

 

 

$

0.61

 

 

$

2.27

 

Diluted earnings per common share (1)

 

$

1.14

 

 

$

0.47

 

 

$

0.60

 

 

$

2.21

 

Dividends per common share

 

$

0.32

 

 

$

0.32

 

 

$

0.34

 

 

$

0.98

 
(1)
Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

 

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 9

 

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

Operating Results by Quarter for 2025 are as follows:

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

830.9

 

 

$

712.9

 

 

$

793.4

 

 

$

709.7

 

 

$

3,046.9

 

Leasing & Fleet Management

 

 

45.0

 

 

 

49.2

 

 

 

49.3

 

 

 

49.8

 

 

 

193.3

 

 

 

 

875.9

 

 

 

762.1

 

 

 

842.7

 

 

 

759.5

 

 

 

3,240.2

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

685.4

 

 

 

606.2

 

 

 

672.6

 

 

 

598.2

 

 

 

2,562.4

 

Leasing & Fleet Management

 

 

16.9

 

 

 

17.3

 

 

 

18.6

 

 

 

17.5

 

 

 

70.3

 

 

 

 

702.3

 

 

 

623.5

 

 

 

691.2

 

 

 

615.7

 

 

 

2,632.7

 

Margin

 

 

173.6

 

 

 

138.6

 

 

 

151.5

 

 

 

143.8

 

 

 

607.5

 

Selling and administrative expense

 

 

62.0

 

 

 

64.6

 

 

 

65.9

 

 

 

70.8

 

 

 

263.3

 

Net (gain) loss on disposition of equipment

 

 

(0.2

)

 

 

(9.6

)

 

 

(7.0

)

 

 

0.9

 

 

 

(15.9

)

Earnings from operations

 

 

111.8

 

 

 

83.6

 

 

 

92.6

 

 

 

72.1

 

 

 

360.1

 

Interest and foreign exchange

 

 

23.4

 

 

 

21.7

 

 

 

13.2

 

 

 

17.4

 

 

 

75.7

 

Earnings before income tax and earnings from unconsolidated affiliates

 

 

88.4

 

 

 

61.9

 

 

 

79.4

 

 

 

54.7

 

 

 

284.4

 

Income tax expense

 

 

(33.4

)

 

 

(20.0

)

 

 

(18.1

)

 

 

(19.9

)

 

 

(91.4

)

Earnings before earnings from unconsolidated affiliates

 

 

55.0

 

 

 

41.9

 

 

 

61.3

 

 

 

34.8

 

 

 

193.0

 

Earnings from unconsolidated affiliates

 

 

4.1

 

 

 

4.3

 

 

 

6.2

 

 

 

5.5

 

 

 

20.1

 

Net earnings

 

 

59.1

 

 

 

46.2

 

 

 

67.5

 

 

 

40.3

 

 

 

213.1

 

Net (earnings) loss attributable to noncontrolling interest

 

 

(3.8

)

 

 

5.7

 

 

 

(7.4

)

 

 

(3.5

)

 

 

(9.0

)

Net earnings attributable to Greenbrier

 

$

55.3

 

 

$

51.9

 

 

$

60.1

 

 

$

36.8

 

 

$

204.1

 

Basic earnings per common share (1)

 

$

1.77

 

 

$

1.66

 

 

$

1.92

 

 

$

1.19

 

 

$

6.55

 

Diluted earnings per common share (1)

 

$

1.72

 

 

$

1.56

 

 

$

1.86

 

 

$

1.16

 

 

$

6.35

 

Dividends per common share

 

$

0.30

 

 

$

0.30

 

 

$

0.32

 

 

$

0.32

 

 

$

1.24

 
(1)
Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 10

 

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, unaudited)

Segment Information

Three months ended May 31, 2026:

(in millions)

 

Manufacturing

 

 

Leasing & Fleet Management

 

 

Total

 

Revenue

 

$

529.1

 

 

$

47.4

 

 

$

576.5

 

Cost of revenue

 

 

476.6

 

 

 

18.8

 

 

 

495.4

 

Margin

 

 

52.5

 

 

 

28.6

 

 

 

81.1

 

Selling and administrative

 

 

22.4

 

 

 

5.1

 

 

 

 

Net gain on disposition of equipment

 

 

(0.3

)

 

 

(5.7

)

 

 

 

Segment earnings from operations

 

$

30.4

 

 

$

29.2

 

 

$

59.6

 

Corporate

 

 

 

 

 

 

 

 

(27.7

)

Earnings from operations

 

 

 

 

 

 

 

$

31.9

 

 

Three months ended February 28, 2026:

(in millions)

 

Manufacturing

 

 

Leasing & Fleet Management

 

 

Total

 

Revenue

 

$

541.5

 

 

$

46.0

 

 

$

587.5

 

Cost of revenue

 

 

500.4

 

 

 

17.6

 

 

 

518.0

 

Margin

 

 

41.1

 

 

 

28.4

 

 

 

69.5

 

Selling and administrative

 

 

20.6

 

 

 

5.7

 

 

 

 

Net gain on disposition of equipment

 

 

(0.2

)

 

 

(12.8

)

 

 

 

Segment earnings from operations

 

$

20.7

 

 

$

35.5

 

 

$

56.2

 

Corporate

 

 

 

 

 

 

 

 

(31.1

)

Earnings from operations

 

 

 

 

 

 

 

$

25.1

 

 

Supplemental Backlog and Delivery Information
(Unaudited)

 

 

Three Months Ended

 

 

 

May 31,
2026

 

Backlog Activity (units) (1)

 

 

 

Beginning backlog

 

 

15,200

 

Orders received

 

 

2,200

 

Production held on the Balance Sheet

 

 

(1,000

)

Production sold directly to third parties

 

 

(2,600

)

Ending backlog

 

 

13,800

 

Delivery Information (units) (1)

 

 

 

Production sold directly to third parties

 

 

2,600

 

Sales of Leased railcars for syndication

 

 

1,000

 

Total deliveries

 

 

3,600

 
(1)
Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 11

 

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, unaudited)

Reconciliation of Net earnings to EBITDA

 

 

Three Months Ended

 

 

 

May 31,
2026

 

 

February 28,
2026

 

Net earnings

 

$

17.5

 

 

$

13.9

 

Interest and foreign exchange

 

 

16.5

 

 

 

13.7

 

Income tax expense

 

 

3.0

 

 

 

1.7

 

Depreciation and amortization

 

 

32.1

 

 

 

31.5

 

EBITDA

 

$

69.1

 

 

$

60.8

 

 

Debt Summary

 

 

May 31,
2026

 

 

February 28,
2026

 

Total Lease fleet and other non-recourse debt

 

$

1,086.2

 

 

$

1,054.1

 

Total Corporate and other recourse debt

 

 

738.3

 

 

 

726.0

 

 

 

 

1,824.5

 

 

 

1,780.1

 

Debt discount and issuance costs

 

 

(18.9

)

 

 

(17.4

)

Total consolidated debt

 

$

1,805.6

 

 

$

1,762.7

 

 

- More -

Greenbrier Reports Third Quarter Results (Cont.)

Page 12

 

Forward-Looking Statements

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Greenbrier uses words, and variations of words, such as “approximately,” “are,” “backlog,” “believe,” “contingent,” “continue,” “drive,” “durability,” “emerging,” “estimate,” “grow,” “long-term,” “may,” “recurring,” “result,” “stability,” “strategy,” “strong,” “target,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about our guidance and outlook, backlog and other orders, leasing performance, leasing strategy, financing, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; changes to tariffs or import duties, including retaliatory tariffs; changes in macroeconomic policies; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; labor disputes; loss of market share to other modes of freight shipment; geopolitical unrest including the war in Ukraine and conflict in the Middle East. Our backlog of railcar units and other orders not included in backlog are not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof.

Financial Metric Definitions

EBITDA is not a financial measure under generally accepted accounting principles (GAAP). This metric is a performance measurement tool used by rail supply companies and Greenbrier. You should not consider this metric in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because this metric is not a measure of financial performance under GAAP and is susceptible to varying calculations, the measure presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization. We believe the presentation of EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.
 

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