8-K
GREENBRIER COMPANIES INC (GBX)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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): April 07, 2026 |
|---|
THE GREENBRIER COMPANIES, INC.
(Exact name of Registrant as Specified in Its Charter)
| Oregon | 001-13146 | 93-0816972 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| One Centerpointe Drive<br><br>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<br>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 April 7, 2026, The Greenbrier Companies, Inc. (the “Company”) issued an earnings release reporting the Company’s financial results for the second fiscal quarter ended February 28, 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<br><br>No. | Description |
|---|---|
| 99.1 | Earnings Release dated April 7, 2026 of The Greenbrier Companies, Inc. reporting the Company’s financial results for the second fiscal quarter ended February 28, 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: April 7, 2026 | By: | /s/ Michael J. Donfris |
| Michael J. Donfris | ||
| Senior Vice President, Chief Financial Officer |
EX-99.1
| Exhibit 99.1 | ||
|---|---|---|
| Earnings Release |  |
|
| One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000 | www.gbrx.com | |
| April 7, 2026 | Contact: | Travis Williams, Investor Relations |
| --- | --- | --- |
| Jack Isselmann, Media Relations | ||
| Ph: 503-684-7000 |
Greenbrier Reports Second Quarter Results
Operating cash flow of $159 million
Continued strong fleet utilization of 98%
Increases quarterly dividend by 6% to $0.34 per share
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 second fiscal quarter ended February 28, 2026.
Second Quarter Highlights
- Strong operating cash flow of $159 million.
- In Q2, new railcar orders for 2,900 units valued at $390 million and deliveries of 3,800 units, resulting in a new railcar backlog of 15,200 units with an estimated value of $2.1 billion as of February 28, 2026.
- Board increased quarterly dividend by 6% to $0.34 per share, payable on May 11, 2026 to shareholders of record as of April 20, 2026, representing Greenbrier’s 48th consecutive quarterly dividend.
- Net earnings attributable to Greenbrier of $15 million, or $0.47 per diluted share.
- EBITDA of $61 million, or 10% of revenue.
“Greenbrier delivered resilient second quarter results in a low-volume environment,” said Lorie L. Tekorius, CEO and President. “Our integrated business model, supported by disciplined execution and strong cash generation, continued to drive performance. We further strengthened our liquidity and balance sheet, providing flexibility while customer commitments remain measured and market conditions continue to evolve.”
Tekorius added, “Our focus remains on operational execution, cost discipline and improving our through-cycle performance across the business. The increase in our quarterly dividend reflects the Board's confidence in the strength of our business model, cash generation and long-term outlook. The higher dividend underscores the durability of Greenbrier’s earnings, supported by an enhanced operating platform, strong liquidity, and a continued focus on sustained shareholder value.”
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 2 |
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Business Update & Outlook
Greenbrier updates fiscal 2026 guidance to reflect a more gradual production ramp-up resulting from a shift of deliveries into early fiscal 2027. This is driven by order timing rather than changes to underlying demand. The revised outlook also includes increased investment in the lease fleet, with double digit fleet growth expected in fiscal 2026 to grow recurring revenue.
| Prior | Updated | |
|---|---|---|
| FY26 Guidance | FY26 Guidance | |
| Operating Metrics | ||
| Deliveries (1) | 17,500 - 20,500 units | 15,350 - 16,350 units |
| Revenue | $2.7B - $3.2B | $2.4B - $2.5B |
| Aggregate Gross Margin % | 16.0% - 16.5% | 14.8% - 15.2% |
| Operating Margin % (2) | 9.0% - 9.5% | 7.0% - 7.8% |
| EPS | $3.75 - $4.75 | $3.00 - $3.50 |
| Capital Expenditures | ||
| Manufacturing | $80M | $80M |
| Leasing & Fleet Management | 205M | 300M |
| Gross Capital Expenditures | $285M | $380M |
| Equipment Sales Proceeds | 165M | 175M |
| Net Capital Expenditures | $120M | $205M |
- Includes approximately 1,500 units of deliveries associated with Brazil.
- Earnings from operations divided by revenue.
Financial Summary
| Q2 FY26 | Q1 FY26 | |
|---|---|---|
| Revenue | $587.5M | 706.1M |
| Aggregate gross margin | $69.5M | 103.3M |
| Aggregate gross margin % | 11.8% | 14.6% |
| Selling and administrative expense | $57.4M | 59.9M |
| Net gain on disposition of equipment | $13.0M | 17.7M |
| Earnings from operations | $25.1M | 61.1M |
| Operating margin % | 4.3% | 8.7% |
| EBITDA (1) | $60.8M | 97.6M |
| Effective tax rate | 14.9% | 27.0% |
| Diluted EPS | $0.47 | 1.14 |
All values are in US Dollars.
See reconciliation at conclusion of Supplemental Information.
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 3 |
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Segment Summary
| Q2 FY26 | Q1 FY26 | |
|---|---|---|
| Manufacturing (1) | ||
| Revenue | $541.5M | 657.0M |
| Gross margin % | 7.6% | 11.0% |
| Earnings from operations | $20.7M | 48.6M |
| Operating margin % (2) | 3.8% | 7.4% |
| Deliveries (3) | 3,400 | 4,100 |
| Leasing & Fleet Management | ||
| Revenue | $46.0M | 49.1M |
| Gross margin % | 61.7% | 63.5% |
| Earnings from operations | $35.5M | 44.0M |
| Operating margin % (2) | 77.2% | 89.6% |
| Owned fleet (units) | 16,800 | 17,000 |
| Fleet utilization | 98.5% | 98.3% |
All values are in US Dollars.
- 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.
- See supplemental segment information in Supplemental Information.
- Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.
Conference Call
Greenbrier will host a teleconference to discuss its second quarter 2026 results. In conjunction with this release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:
April 7, 2026
2:00 p.m. Pacific Daylight Time
Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International)
Entry Number “6357300”
Webcast access at http://www.gbrx.com
Please access the site 10-15 minutes prior to the start time.
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 4 |
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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 16,800 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.
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 5 |
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THE GREENBRIER COMPANIES, INC.
Consolidated Balance Sheets
(In millions, unaudited)
| February 28,<br>2026 | November 30,<br>2025 | August 31,<br> 2025 | May 31,<br>2025 | February 28,<br>2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash and cash equivalents | $ | 521.8 | $ | 361.8 | $ | 306.1 | $ | 296.8 | $ | 263.5 |
| Restricted cash | 41.2 | 13.6 | 20.3 | 45.2 | 38.4 | |||||
| Accounts receivable, net | 463.5 | 509.2 | 526.4 | 507.7 | 535.4 | |||||
| Income tax receivable | 12.3 | 18.5 | 44.9 | 33.7 | 31.5 | |||||
| Inventories | 621.1 | 680.3 | 688.3 | 707.6 | 692.5 | |||||
| Leased railcars for syndication | 194.7 | 178.8 | 225.9 | 248.6 | 260.4 | |||||
| Equipment on operating leases, net | 1,295.4 | 1,330.9 | 1,328.5 | 1,300.4 | 1,259.0 | |||||
| Property, plant and equipment, net | 719.3 | 719.1 | 726.7 | 711.7 | 702.6 | |||||
| Investment in unconsolidated affiliates | 90.8 | 98.9 | 99.3 | 95.0 | 88.2 | |||||
| Intangibles and other assets, net | 249.3 | 254.7 | 264.2 | 277.3 | 268.5 | |||||
| Goodwill | 130.3 | 129.8 | 130.0 | 129.2 | 127.0 | |||||
| $ | 4,339.7 | $ | 4,295.6 | $ | 4,360.6 | $ | 4,353.2 | $ | 4,267.0 | |
| Liabilities and Equity | ||||||||||
| Accounts payable and accrued liabilities | $ | 580.5 | $ | 577.5 | $ | 651.7 | $ | 696.2 | $ | 669.0 |
| Debt, net | ||||||||||
| Recourse | 720.5 | 794.8 | 771.2 | 767.3 | 753.2 | |||||
| Non-recourse | 1,042.2 | 971.4 | 979.7 | 995.4 | 1,003.7 | |||||
| 1,762.7 | 1,766.2 | 1,750.9 | 1,762.7 | 1,756.9 | ||||||
| Deferred income taxes | 174.8 | 186.7 | 180.2 | 151.9 | 144.4 | |||||
| Deferred revenue | 68.6 | 29.7 | 44.3 | 32.5 | 35.0 | |||||
| Contingently redeemable noncontrolling interest | 33.0 | 34.5 | 35.8 | 40.1 | 41.2 | |||||
| Total equity – Greenbrier | 1,564.6 | 1,542.2 | 1,532.5 | 1,504.0 | 1,460.2 | |||||
| Noncontrolling interest | 155.5 | 158.8 | 165.2 | 165.8 | 160.3 | |||||
| Total equity | 1,720.1 | 1,701.0 | 1,697.7 | 1,669.8 | 1,620.5 | |||||
| $ | 4,339.7 | $ | 4,295.6 | $ | 4,360.6 | $ | 4,353.2 | $ | 4,267.0 |
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 6 |
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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<br>February 28, | Six months ended<br>February 28, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Revenue | ||||||||||||
| Manufacturing | $ | 541.5 | $ | 712.9 | $ | 1,198.5 | $ | 1,543.8 | ||||
| Leasing & Fleet Management | 46.0 | 49.2 | 95.1 | 94.2 | ||||||||
| 587.5 | 762.1 | 1,293.6 | 1,638.0 | |||||||||
| Cost of revenue | ||||||||||||
| Manufacturing | 500.4 | 606.2 | 1,085.3 | 1,291.6 | ||||||||
| Leasing & Fleet Management | 17.6 | 17.3 | 35.5 | 34.2 | ||||||||
| 518.0 | 623.5 | 1,120.8 | 1,325.8 | |||||||||
| Margin | 69.5 | 138.6 | 172.8 | 312.2 | ||||||||
| Selling and administrative expense | 57.4 | 64.6 | 117.3 | 126.6 | ||||||||
| Net gain on disposition of equipment | (13.0 | ) | (9.6 | ) | (30.7 | ) | (9.8 | ) | ||||
| Earnings from operations | 25.1 | 83.6 | 86.2 | 195.4 | ||||||||
| Interest and foreign exchange | 13.7 | 21.7 | 29.2 | 45.1 | ||||||||
| Earnings before income tax and earnings from<br> unconsolidated affiliates | 11.4 | 61.9 | 57.0 | 150.3 | ||||||||
| Income tax expense | (1.7 | ) | (20.0 | ) | (14.0 | ) | (53.4 | ) | ||||
| Earnings before earnings from unconsolidated affiliates | 9.7 | 41.9 | 43.0 | 96.9 | ||||||||
| Earnings from unconsolidated affiliates | 4.2 | 4.3 | 8.2 | 8.4 | ||||||||
| Net earnings | 13.9 | 46.2 | 51.2 | 105.3 | ||||||||
| Net loss attributable to noncontrolling interest | 1.1 | 5.7 | 0.2 | 1.9 | ||||||||
| Net earnings attributable to Greenbrier | $ | 15.0 | $ | 51.9 | $ | 51.4 | $ | 107.2 | ||||
| Basic earnings per common share | $ | 0.48 | $ | 1.66 | $ | 1.66 | $ | 3.42 | ||||
| Diluted earnings per common share | $ | 0.47 | $ | 1.56 | $ | 1.62 | $ | 3.28 | ||||
| Weighted average common shares: | ||||||||||||
| Basic | 30,917 | 31,376 | 30,935 | 31,311 | ||||||||
| Diluted | 31,733 | 33,228 | 31,799 | 32,745 | ||||||||
| Dividends per common share | $ | 0.32 | $ | 0.30 | $ | 0.64 | $ | 0.60 |
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 7 |
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THE GREENBRIER COMPANIES, INC.
Consolidated Statements of Cash Flows
(In millions, unaudited)
| Six months ended<br>February 28, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||
| Cash flows from operating activities | ||||||
| Net earnings | $ | 51.2 | $ | 105.3 | ||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
| Deferred income taxes | 6.4 | 13.4 | ||||
| Depreciation and amortization | 64.0 | 59.6 | ||||
| Net gain on disposition of equipment | (30.7 | ) | (9.8 | ) | ||
| Stock based compensation expense | 9.4 | 8.7 | ||||
| Earnings from unconsolidated affiliates | (8.2 | ) | (8.4 | ) | ||
| Noncontrolling interest adjustments | (4.4 | ) | 7.9 | |||
| Other | (4.3 | ) | 1.6 | |||
| Decrease (increase) in assets: | ||||||
| Accounts receivable, net | 53.0 | (17.7 | ) | |||
| Income tax receivable | 32.6 | 13.7 | ||||
| Inventories | 42.1 | 49.0 | ||||
| Leased railcars for syndication | 49.9 | (146.4 | ) | |||
| Other assets | 16.0 | 8.5 | ||||
| Increase (decrease) in liabilities: | ||||||
| Accounts payable and accrued liabilities | (66.2 | ) | (34.8 | ) | ||
| Deferred revenue | 24.1 | (22.1 | ) | |||
| Net cash provided by operating activities | 234.9 | 28.5 | ||||
| Cash flows from investing activities | ||||||
| Proceeds from sales of assets | 122.2 | 55.6 | ||||
| Capital expenditures | (87.6 | ) | (126.4 | ) | ||
| Other | (3.5 | ) | 5.8 | |||
| Net cash provided by (used in) investing activities | 31.1 | (65.0 | ) | |||
| Cash flows from financing activities | ||||||
| Net change in debt with maturities of 90 days or less | (5.0 | ) | 11.9 | |||
| Proceeds from debt with maturities longer than 90 days | 435.6 | 46.2 | ||||
| Repayments of debt with maturities longer than 90 days | (416.2 | ) | (56.8 | ) | ||
| Debt issuance costs | (5.4 | ) | (1.0 | ) | ||
| Repurchase of stock | (13.3 | ) | — | |||
| Dividends | (21.5 | ) | (19.8 | ) | ||
| Cash distribution to joint venture partner | (7.9 | ) | (6.7 | ) | ||
| Tax payments for net share settlement of restricted stock | (8.5 | ) | (5.5 | ) | ||
| Net cash used in financing activities | (42.2 | ) | (31.7 | ) | ||
| Effect of exchange rate changes | 12.8 | 1.5 | ||||
| Increase (decrease) in Cash and cash equivalents and Restricted cash | 236.6 | (66.7 | ) | |||
| Cash and cash equivalents and restricted cash | ||||||
| Beginning of period | 326.4 | 368.6 | ||||
| End of period | $ | 563.0 | $ | 301.9 | ||
| Balance sheet reconciliation | ||||||
| Cash and cash equivalents | $ | 521.8 | $ | 263.5 | ||
| Restricted cash | 41.2 | 38.4 | ||||
| Total cash and cash equivalents and restricted cash as presented above | $ | 563.0 | $ | 301.9 |
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 8 |
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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) | February 28,<br>2026 | November 30,<br>2025 | ||||
| Beginning balance | 17,000 | 17,000 | ||||
| Railcars added | 1,400 | 1,400 | ||||
| Railcars sold / scrapped | (1,600 | ) | (1,400 | ) | ||
| Ending balance | 16,800 | 17,000 | ||||
| February 28,<br>2026 | November 30,<br>2025 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Equipment on operating lease (2) | $ | 1,261.7 | $ | 1,330.9 | ||
| Non-recourse warehouse | $ | — | $ | 220.6 | ||
| ABS non-recourse notes | 748.5 | 452.4 | ||||
| Non-recourse term loan | 302.1 | 305.2 | ||||
| Total Lease fleet non-recourse debt | $ | 1,050.6 | $ | 978.2 | ||
| Fleet leverage %(3)(4) | 83 | % | 73 | % |
Owned fleet includes Leased railcars for syndication
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
Total Leasing non-recourse debt / Equipment on operating lease
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
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 9 |
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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 | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Manufacturing | $ | 657.0 | $ | 541.5 | $ | 1,198.5 | |||
| Leasing & Fleet Management | 49.1 | 46.0 | 95.1 | ||||||
| 706.1 | 587.5 | 1,293.6 | |||||||
| Cost of revenue | |||||||||
| Manufacturing | 584.9 | 500.4 | 1,085.3 | ||||||
| Leasing & Fleet Management | 17.9 | 17.6 | 35.5 | ||||||
| 602.8 | 518.0 | 1,120.8 | |||||||
| Margin | 103.3 | 69.5 | 172.8 | ||||||
| Selling and administrative expense | 59.9 | 57.4 | 117.3 | ||||||
| Net gain on disposition of equipment | (17.7 | ) | (13.0 | ) | (30.7 | ) | |||
| Earnings from operations | 61.1 | 25.1 | 86.2 | ||||||
| Interest and foreign exchange | 15.5 | 13.7 | 29.2 | ||||||
| Earnings before income tax and earnings from unconsolidated affiliates | 45.6 | 11.4 | 57.0 | ||||||
| Income tax expense | (12.3 | ) | (1.7 | ) | (14.0 | ) | |||
| Earnings before earnings from unconsolidated affiliates | 33.3 | 9.7 | 43.0 | ||||||
| Earnings from unconsolidated affiliates | 4.0 | 4.2 | 8.2 | ||||||
| Net earnings | 37.3 | 13.9 | 51.2 | ||||||
| Net (earnings) loss attributable to noncontrolling interest | (0.9 | ) | 1.1 | 0.2 | |||||
| Net earnings attributable to Greenbrier | $ | 36.4 | $ | 15.0 | $ | 51.4 | |||
| Basic earnings per common share (1) | $ | 1.18 | $ | 0.48 | $ | 1.66 | |||
| Diluted earnings per common share (1) | $ | 1.14 | $ | 0.47 | $ | 1.62 | |||
| Dividends per common share | $ | 0.32 | $ | 0.32 | $ | 0.64 |
Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 10 |
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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 |
Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 11 |
|---|
THE GREENBRIER COMPANIES, INC.
Supplemental Information
(In millions, unaudited)
Segment Information
Three months ended February 28, 2026:
| Revenue | Earnings (loss) from operations | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| External | Intersegment | Total | External | Intersegment | Total | |||||||||||
| Manufacturing | $ | 541.5 | $ | 10.1 | $ | 551.6 | $ | 20.7 | $ | — | $ | 20.7 | ||||
| Leasing & Fleet Management | 46.0 | 0.1 | 46.1 | 35.5 | — | 35.5 | ||||||||||
| Eliminations | — | (10.2 | ) | (10.2 | ) | — | — | — | ||||||||
| Corporate | — | — | — | (31.1 | ) | — | (31.1 | ) | ||||||||
| $ | 587.5 | $ | — | $ | 587.5 | $ | 25.1 | $ | — | $ | 25.1 |
Three months ended November 30, 2025:
| Revenue | Earnings (loss) from operations | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| External | Intersegment | Total | External | Intersegment | Total | |||||||||||
| Manufacturing | $ | 657.0 | $ | 10.1 | $ | 667.1 | $ | 48.6 | $ | — | $ | 48.6 | ||||
| Leasing & Fleet Management | 49.1 | — | 49.1 | 44.0 | — | 44.0 | ||||||||||
| Eliminations | — | (10.1 | ) | (10.1 | ) | — | — | — | ||||||||
| Corporate | — | — | — | (31.5 | ) | — | (31.5 | ) | ||||||||
| $ | 706.1 | $ | — | $ | 706.1 | $ | 61.1 | $ | — | $ | 61.1 | |||||
| Total assets | ||||||||||||||||
| --- | --- | --- | --- | --- | ||||||||||||
| February 28, <br>2026 | November 30,<br>2025 | |||||||||||||||
| Manufacturing | $ | 1,927.1 | $ | 2,018.2 | ||||||||||||
| Leasing & Fleet Management | 1,806.5 | 1,844.8 | ||||||||||||||
| Unallocated, including cash | 606.1 | 432.6 | ||||||||||||||
| $ | 4,339.7 | $ | 4,295.6 |
Supplemental Backlog and Delivery Information (Unaudited)
| Three Months Ended | |||
|---|---|---|---|
| February 28,<br>2026 | |||
| Backlog Activity (units) (1) | |||
| Beginning backlog | 16,300 | ||
| Orders received | 2,900 | ||
| Production held on the Balance Sheet | (1,000 | ) | |
| Production sold directly to third parties | (3,000 | ) | |
| Ending backlog | 15,200 | ||
| Delivery Information (units) (1) | |||
| Production sold directly to third parties | 3,000 | ||
| Sales of Leased railcars for syndication | 800 | ||
| Total deliveries | 3,800 |
Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 12 |
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THE GREENBRIER COMPANIES, INC.
Supplemental Information
(In millions, unaudited)
Reconciliation of Net earnings to EBITDA
| Three Months Ended | ||||
|---|---|---|---|---|
| February 28,<br>2026 | November 30,<br>2025 | |||
| Net earnings | $ | 13.9 | $ | 37.3 |
| Interest and foreign exchange | 13.7 | 15.5 | ||
| Income tax expense | 1.7 | 12.3 | ||
| Depreciation and amortization | 31.5 | 32.5 | ||
| EBITDA | $ | 60.8 | $ | 97.6 |
Debt Summary
| February 28,<br>2026 | November 30,<br>2025 | |||||
|---|---|---|---|---|---|---|
| Total Lease fleet and other non-recourse debt | $ | 1,054.1 | $ | 978.2 | ||
| Total Corporate and other recourse debt | 726.0 | 800.9 | ||||
| 1,780.1 | 1,779.1 | |||||
| Debt discount and issuance costs | (17.4 | ) | (12.9 | ) | ||
| Total consolidated debt | $ | 1,762.7 | $ | 1,766.2 |
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| Greenbrier Reports Second Quarter Results (Cont.) | Page 13 |
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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 “affect,” “approximately,” “are,” “backlog,” “believe,” “continue,” “drive,” “estimate,” “grow,” “long-term,” “may,” “recurring,” “result,” “strategy,” “strong,” “target,” “trend,” 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.