10-Q · July 1, 2026
Greenbrier's Q3 2026 financial results showed a significant decline in revenue to $576.5 million, down 31.6% year-over-year, with diluted EPS of $0.60, slightly exceeding estimates of $0.59. The Manufacturing segment…
Earnings analysis · 10-K
GBX earnings analysis
Filed October 26, 2026 · Our reading of the company's report
The latest report
Greenbrier’s 2026 results show a pronounced cyclical contraction: revenue declined 24.0% to $2,461.1 million, diluted EPS fell to $2.49, and operating margin dropped to approximately 5.8%. The Leasing & Fleet Management…
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Greenbrier’s 2026 results show a pronounced cyclical contraction: revenue declined 24.0% to $2,461.1 million, diluted EPS fell to $2.49, and operating margin dropped to approximately 5.8%. The Leasing & Fleet Management segment and $2.1 billion backlog provide important recurring-revenue and recovery support, but Manufacturing volume and profitability weakened materially. New CBP duty exposure of up to approximately $110 million, expanded tariffs, and an impending CEO transition increase execution and downside risk despite strong liquidity and extended debt maturities.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.49
What stood out
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Integrated model supports backlog visibility
Greenbrier describes an integrated Manufacturing and Leasing & Fleet Management model that it believes is “difficult to duplicate.” Despite a cyclical downturn, management stated it maintained strong market share; backlog was 14,000 railcars valued at $2.1 billion as of August 31, 2026, with deliveries extending into 2028 and beyond.
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Leasing earnings and fleet expanded
Leasing & Fleet Management provided increasing earnings stability: revenue rose 0.7% to $194.6 million while segment operating earnings increased 22.3% to $139.1 million. The owned lease fleet increased by 3,900 railcars, or 22.9%, to approximately 20,900 railcars.
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2026 downturn drove major earnings decline
The three-year financial trajectory deteriorated sharply in 2026: revenue fell from $3,544.7 million in 2024 and $3,240.2 million in 2025 to $2,461.1 million, while diluted EPS moved from $4.96 to $6.35 and then $2.49. Consolidated margin declined to 13.6% from 18.7% in 2025, reflecting lower volumes and unfavorable product mix.
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Liquidity and debt maturities strengthened
Liquidity remained substantial despite weaker operating cash generation. As of August 31, 2026, Greenbrier reported $235.1 million of cash and cash equivalents and $727.2 million of available borrowings, and amended Leasing senior term debt to extend maturity from August 2027 to May 2032.
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Fleet investment continued alongside returns
Capital allocation remained focused on fleet investment and shareholder returns: gross capital expenditures were $279.3 million in 2026, including $174.8 million for Leasing & Fleet Management, while the company repurchased $13.3 million of stock and paid $42.6 million of dividends in cash.
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U.S. and foreign revenue both declined
Geographic customer mix remained U.S.-led but contracted across regions. U.S. revenue was $1,827.2 million in 2026 versus $2,431.3 million in 2025, while foreign revenue declined to $633.9 million from $808.9 million.
What to watch
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CBP coupler duty exposure
CBP affirmed a determination that Greenbrier evaded AD/CVD duties on certain freight rail couplers and directed assessments dating back to April 2024. The company estimates reasonably possible losses of $0 to approximately $110 million, excluding potential interest and penalties; no accrual was recorded because management does not believe a loss is probable, and the determination was appealed to the U.S. Court of International Trade in October 2026.
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Tariffs pressure costs and demand
Trade-policy risk materially increased during 2026: expanded Section 232 tariffs now cover freight rail tank cars and components including couplers, axles, air brakes and wheels, causing a “material increase” in U.S. tank-car prices. Steel and other materials already represent more than half of direct manufacturing costs per railcar, creating substantial margin and demand risk if costs cannot be passed through.
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CEO transition amid cyclical downturn
The planned CEO transition creates execution and strategy risk during a downturn. Lorie Tekorius will retire effective January 6, 2027, when Brian Comstock becomes CEO and President; this occurs after 2026 Manufacturing deliveries fell 31.9% to 13,900 units and Manufacturing operating earnings fell 68.0% to $120.8 million.
Management's outlook
The 10-K provides 2027 net capital expenditure expectations of approximately $225 million to $275 million, primarily for lease-fleet additions and facility investments. No 2027 revenue or EPS guidance is provided in the filing; annual outlook was introduced in the accompanying earnings release/call.
Earlier filings 4
10-Q · April 7, 2026
Greenbrier reported Q2 revenue of $587.5M and diluted EPS of $0.47, both down materially versus prior-year and prior-quarter levels. Gross profit fell to $69.5M and operating income to $25.1M; however, operating cash…
10-Q · January 8, 2026
Greenbrier (GBX) reported Q1 (three months ended November 30, 2025) revenue of $706.1 million and diluted EPS of $1.14, both below the prior-year quarter but above consensus. Manufacturing revenue fell materially while…
10-K · October 28, 2025
Greenbrier positions itself as an integrated global railcar manufacturer and lessor with scale in manufacturing, wheel services and fleet management. Backlog and backlog units have meaningfully declined to $2,200…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.