Form 8-K
8-K — GREENBRIER COMPANIES INC
Accession: 0001193125-26-292598
Filed: 2026-07-01
Period: 2026-07-01
CIK: 0000923120
SIC: 3743 (RAILROAD EQUIPMENT)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — gbx-20260701.htm (Primary)
EX-99.1 (gbx-ex99_1.htm)
GRAPHIC (img70698568_0.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: gbx-20260701.htm · Sequence: 1
8-K
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
EX-99.1
EX-99.1
Filename: gbx-ex99_1.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Earnings Release
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.”
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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.
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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.
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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
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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
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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
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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
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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.
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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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