GATX Corporation
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Item 1. Business
GENERAL
GATX Corporation ("GATX," the "Company," "we," "us," "our," and similar terms), a New York corporation founded in 1898, is a leading global railcar lessor, owning fleets in North America, Europe, and India. In addition, through GATX Engine Leasing ("GEL"), our wholly owned aircraft spare engine leasing business, and our joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), we own one of the largest aircraft spare engine lease portfolios in the world. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for our tank container leasing business ("Trifleet") are reported in the Other segment.
On May 29, 2025, GATX entered into a definitive agreement to acquire railcars from Wells Fargo Bank, N.A. ("Wells Fargo") through a newly formed joint venture ("GABX" or the "GABX joint venture") with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, "Brookfield"). The transaction formally closed on January 1, 2026 and consisted of approximately 101,000 railcars for approximately $4.2 billion. Initially, GATX's ownership share of GABX is 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity over time. GATX also agreed to directly purchase approximately 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield agreed to directly acquire Wells Fargo’s rail finance lease portfolio. GATX will serve as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. In anticipation of the closing of the transaction, on December 31, 2025, GATX contributed equity of $385.3 million to GABX, Brookfield contributed equity of $899.0 million to GABX, and GABX executed a $2.96 billion term loan to fund the acquisition. GATX has guaranteed GABX's debt financing obligations. During 2025, GABX entered into deal contingent interest rate swaps in order to hedge the exposure on its anticipated debt financing. As of December 31, 2025, GABX is consolidated and is reported in the Rail North America segment, and its operations will be reflected within that segment for reporting periods after the closing of the transaction. See "Note 26. Subsequent Events" in Part II, Item 8 of this Form 10-K for further information.
In the fourth quarter of 2025, GATX Rail Europe acquired 5,882 railcars from DB Cargo AG.
The following description of our business should be read in conjunction with the information contained in our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 and the consolidated financial statements included in Part II, Item 8 of this Form 10-K.
At December 31, 2025, we had total assets of $18.0 billion, composed largely of railcars.
OPERATIONS
GATX RAIL BUSINESS OVERVIEW
Our wholly owned fleet of approximately 156,000 railcars is one of the largest railcar lease fleets in the world. We lease tank cars, freight cars, and locomotives in North America, tank cars and freight cars in Europe, and freight cars in India. The following table sets forth our worldwide rail fleet data as of December 31, 2025:
| Tank Railcars | Freight Railcars | Total Fleet | Managed Railcars | Total Railcars | Locomotives | |||||||||||||||||||||||||
Rail North America | 63,328 | 44,297 | 107,625 | 288 | 107,913 | 627 | ||||||||||||||||||||||||
Rail International | 23,437 | 25,212 | 48,649 | 7 | 48,656 | — | ||||||||||||||||||||||||
Total | 86,765 | 69,509 | 156,274 | 295 | 156,569 | 627 | ||||||||||||||||||||||||
Our rail customers primarily operate in the transportation, chemical, petroleum, and food/agriculture industries. Our worldwide railcar fleet consists of diverse railcar types that our customers use to ship more than 580 different commodities. The following table presents an overview of our railcar types as well as the industries of our customers and the commodities they ship.
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| General-Service Tank Cars | High-Pressure Tank Cars | Specialty Tank Cars | Specialty/Pneumatic Covered Hoppers | Gravity Covered Hoppers | Open-Top Cars | Boxcars | Flatcars/Intermodal Railcars | |||||||||||||||||||
| Principal Industries Served | Petroleum/Bio-fuels | Petroleum | Chemical | Plastics | Agriculture | Energy | Food | Automotive | ||||||||||||||||||
| Chemical | Chemical | Petroleum | Food | Energy | Steel | Consumer Goods | Manufactured Goods | |||||||||||||||||||
| Food |
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of the financial condition and results of operations of GATX Corporation ("GATX", the "Company," "we," "us," "our," and similar terms) should be read in conjunction with the audited financial statements included in "Item 8. Financial Statements and Supplementary Data" in this Form 10-K. We based the discussion and analysis that follows on financial data we derived from the financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and on certain other financial data that we prepared using non-GAAP components. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures” at the end of this Item. This discussion does not include the comparison of prior year 2024 to 2023 financial results, which can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025.
OVERVIEW
We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for our tank container leasing business ("Trifleet") are reported in the Other segment.
On May 29, 2025, GATX entered into a definitive agreement to acquire railcars from Wells Fargo Bank, N.A. ("Wells Fargo") through a newly formed joint venture ("GABX" or the "GABX joint venture") with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”). The transaction formally closed on January 1, 2026 and consisted of approximately 101,000 railcars for approximately $4.2 billion. Initially, GATX's ownership share of GABX is 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity over time. GATX also agreed to directly purchase approximately 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield agreed to directly acquire Wells Fargo’s rail finance lease portfolio. GATX will serve as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. In anticipation of the closing of the transaction, on December 31, 2025, GATX contributed equity of $385.3 million to GABX, Brookfield contributed equity of $899.0 million to GABX, and GABX executed a $2.96 billion term loan to fund the acquisition. GATX has guaranteed GABX's debt financing obligations. During 2025, GABX entered into deal contingent interest rate swaps in order to hedge the exposure on its anticipated debt financing. As of December 31, 2025, GABX is consolidated and is reported in the Rail North America segment, and its operations will be reflected within that segment for reporting periods after the closing of the transaction. See "Note 26. Subsequent Events" in Part II, Item 8 of this Form 10-K for further information.
In the fourth quarter of 2025, GATX Rail Europe acquired 5,882 railcars from DB Cargo AG. The acquisition was an opportunity to grow and diversify the GRE fleet by adding a mix of favorable model types.
In 2023, we sold our rail business in Russia ("Rail Russia"). Financial results were not material to our operations.
In 2023, we sold the three remaining liquefied gas-carrying vessels (the "Specialized Gas Vessels") within the Engine Leasing segment.
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DISCUSSION OF OPERATING RESULTS
The following table shows a summary of our reporting segments and consolidated financial results for the years ended December 31 (dollars in millions, except per share data):
| 2025 | 2024 | 2023 | |||||||||||||
| Segment Revenues | |||||||||||||||
| Rail North America | $ | 1,186.4 | $ | 1,099.0 | $ | 982.7 | |||||||||
| Rail International | 387.8 | 350.3 | 309.5 | ||||||||||||
| Engine Leasing | 124.9 | 97.1 | 77.2 | ||||||||||||
| Other | 41.3 | 39.1 | 41.5 | ||||||||||||
| $ | 1,740.4 | $ | 1,585.5 | $ | 1,410.9 | ||||||||||
| Segment Profit | |||||||||||||||
| Rail North America | $ | 351.8 | $ | 356.0 | $ | 307.3 | |||||||||
| Rail International | 125.9 | 119.8 | 113.4 | ||||||||||||
| Engine Leasing | 181.5 | 117.3 | 106.4 | ||||||||||||
| Other | 29.5 | 12.9 | 29.2 | ||||||||||||
| 688.7 | 606.0 | 556.3 | |||||||||||||
| Less: | |||||||||||||||
| Selling, general and administrative expense | 252.6 | 236.3 | 212.7 | ||||||||||||
Income taxes ($39.7, $25.5 and $25.7 related to affiliates' earnings) | 102.8 | 85.5 | 84.4 | ||||||||||||
| Net Income | $ | 333.3 | $ | 284.2 | $ | 259.2 | |||||||||
| Less: Net Income Attributable to Non-Controlling Interest | — | — | — | ||||||||||||
| Net Income Attributable to GATX (GAAP) | $ | 333.3 | $ | 284.2 | $ | 259.2 | |||||||||
| Net income attributable to GATX, excluding tax adjustments and other items (non-GAAP) (1) | $ | 319.8 | $ | 288.1 | $ | 257.6 | |||||||||
| Diluted earnings per share (GAAP) | $ | 9.12 | $ | 7.78 | $ | 7.12 | |||||||||
| Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) (1) | $ | 8.75 | $ | 7.89 | $ | 7.07 | |||||||||
| Return on equity attributable to GATX (GAAP) | 12.8 | % | 12.1 | % | 12.0 | % | |||||||||
| Return on equity attributable to GATX, excluding tax adjustments and other items (non-GAAP) (1) | 12.3 | % | 12.2 | % | 12.0 | % | |||||||||
| Investment Volume | $ | 1,316.7 | $ | 1,674.4 | $ | 1,665.0 | |||||||||
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(1) See "Non-GAAP Financial Measures" at the end of this Item for further details.
2025 Summary
Net income attributable to GATX was $333.3 million, or $9.12 per diluted share, for 2025 compared to $284.2 million, or $7.78 per diluted share, for 2024, and $259.2 million, or $7.12 per diluted share, for 2023. Results for 2025 included a net positive impact of $13.5 million ($0.37 per diluted share) from tax adjustments and other items, compared to a net negative impact of $3.9 million ($0.11 per diluted share) from tax adjustments and other items in 2024 and a net positive impact of $1.6 million ($0.05 per diluted share) from tax adjustments and other items in 2023 (see "Non-GAAP Financial Measures" at the end of this Item for further details).
•At Rail North America, segment profit in 2025 was lower than prior year. The decrease was primarily attributable to higher maintenance and interest expenses, partially offset by higher lease revenue and higher repair revenue.
•At Rail International, segment profit in 2025 was higher than prior year, primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest expense.
•At Engine Leasing, segment profit in 2025 increased compared to prior year, a result of higher earnings at the RRPF affiliates and GEL.
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•Within Other, Trifleet's segment profit decreased, largely due to changes in foreign exchange rates, lower lease revenue, resulting from lower utilization, and higher interest expense, partially offset by lower bad debt expense resulting from the absence of a settlement and restructuring agreement with a customer recorded in the prior year.
Total investment volume was $1,316.7 million in 2025, compared to $1,674.4 million in 2024, and $1,665.0 million in 2023.
2026 Outlook
Conditions in the North American railcar leasing market were stable in 2025, and we expect generally similar conditions in 2026. At Rail International, we expect stable demand for most railcar types in Europe, although economic headwinds will present challenges in certain car types. We expect economic growth in India will support growing demand for railcars. The operating environment for our engine leasing businesses at RRPF and GEL is strong, as global air travel trends are positive, and long lead times for delivery of new engines and repair services are driving solid demand for existing assets. We have a strong balance sheet and adequate access to capital, which we believe positions us well to manage our transportation assets based on current market conditions.
•We expect Rail North America's segment profit in 2026 to increase from 2025. Generally, lease rates for railcars scheduled to renew in 2026 will likely be higher than expiring rates for most car types as the lease rate environment for existing railcars is expected to remain stable. Our fleet is highly diversified across car types, customers, and commodities, and broadly we see stable demand for railcars in 2026. For certain of our most economically sensitive car types, we are anticipating a more challenging commercial environment. Across the entire fleet, we expect that increasing lease rates, along with new railcar additions and the impact of the Wells Fargo rail acquisition, will generate higher lease revenue in 2026. We anticipate that remarketing income, driven by strong secondary market conditions and increased asset sales activity given our larger North American fleet, will be higher in 2026. Ownership costs, comprised of interest and depreciation, and maintenance expense will be higher in 2026, primarily due to the impact of the Wells Fargo rail acquisition.
•Rail International's segment profit in 2026 is expected to increase from 2025, driven by continued growth of the fleet sizes in Europe and India, as well as favorable foreign currency impacts compared to 2025. Demand for most railcar types in Europe should remain stable, and we plan to continue to invest in the fleet. In India, we anticipate significant growth again in our fleet this coming year, which will also contribute to an increase in segment profit.
•We anticipate Engine Leasing's segment profit in 2026 to be higher than 2025. RRPF's results are expected to be higher as a result of continued growth in global air travel. Additionally, long lead times for delivery of new engines and repair services are driving strong demand for existing assets. GEL results are expected to benefit from these same factors.
Segment Operations
Segment profit is an internal performance measure reported to GATX's President and Chief Executive Officer for purposes of assessing performance and allocating capital and resources to each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments.
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RAIL NORTH AMERICA
Segment Summary
Demand for most railcars was stable during the year, despite ongoing macroeconomic uncertainty, and the renewal success rate remained strong. Utilization of our non-boxcar fleet was 99.0% at the end of the year.
The following table shows Rail North America's segment results for the years ended December 31 (in millions):
| 2025 | 2024 | 2023 | |||||||||||||
| Revenues | |||||||||||||||
| Lease revenue | $ | 1,049.1 | $ | 983.5 | $ | 888.8 | |||||||||
| Other revenue | 137.3 | 115.5 | 93.9 | ||||||||||||
| Total Revenues | 1,186.4 | 1,099.0 | 982.7 | ||||||||||||
| Expenses | |||||||||||||||
| Maintenance expense | 350.5 | 306.9 | 276.6 | ||||||||||||
| Depreciation expense | 285.7 | 271.1 | 265.9 | ||||||||||||
| Operating lease expense | 28.9 | 33.9 | 36.0 | ||||||||||||
| Other operating expense | 31.1 | 26.4 | 25.9 | ||||||||||||
| Total Expenses | 696.2 | 638.3 | 604.4 | ||||||||||||
| Other Income (Expense) | |||||||||||||||
| Net gain on asset dispositions | 130.0 | 132.8 | 120.5 | ||||||||||||
| Interest expense, net | (259.5) | (232.1) | (182.9) | ||||||||||||
| Other expense | (8.7) | (5.4) | (8.0) | ||||||||||||
| Share of affiliates' pre-tax loss | (0.2) | — | (0.6) | ||||||||||||
| Segment Profit | $ | 351.8 | $ | 356.0 | $ | 307.3 | |||||||||
| Investment Volume | $ | 644.1 | $ | 1,162.4 | $ | 976.9 | |||||||||
The following table shows the components of Rail North America's lease revenue for the years ended December 31 (in millions):
| 2025 | 2024 | 2023 | |||||||||||||
| Railcars | $ | 954.2 | $ | 888.9 | $ | 805.5 | |||||||||
| Boxcars | 58.5 | 64.7 | 57.2 | ||||||||||||
| Locomotives | 36.4 | 29.9 | 26.1 | ||||||||||||
| Total | $ | 1,049.1 | $ | 983.5 | $ | 888.8 | |||||||||
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Rail North America Fleet Data
The following table shows fleet activity and statistics for Rail North America railcars, excluding boxcars, for the years ended December 31:
| 2025 | 2024 | 2023 | |||||||||||||
| Beginning balance | 102,966 | 101,167 | 100,954 | ||||||||||||
| Railcars added | 3,345 | 5,359 | 4,653 | ||||||||||||
| Railcars scrapped | (2,305) | (1,433) | (1,286) | ||||||||||||
| Railcars sold | (3,413) | (2,127) | (3,154) | ||||||||||||
| Ending balance | 100,593 | 102,966 | 101,167 | ||||||||||||
| Utilization rate at year end (1) | 99.0 | % | 99.1 | % | 99.3 | % | |||||||||
| Renewal success rate (2) | 87.3 | % | 85.3 | % | 84.1 | % | |||||||||
| Active railcars at year end (3) | 99,560 | 102,003 | 100,498 | ||||||||||||
| Average active railcars (4) | 101,321 | 101,392 | 100,217 | ||||||||||||
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(1) Utilization is calculated as the number of railcars on lease as a percentage of total railcars in the fleet.
(2) The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers.
(3) Active railcars refers to the number of railcars on lease to customers. Changes in railcars on lease compared to prior years are impacted by the utilization of new railcars purchased from builders or in the secondary market and the disposition of railcars that were sold or scrapped, as well as the fleet utilization rate.
(4) Average active railcars for the year is calculated using the number of active railcars at the end of each month.
As of December 31, 2025, leases for approximately 13,700 tank and freight cars and approximately 1,100 boxcars are scheduled to expire in 2026. These amounts exclude railcars on leases expiring in 2026 that have already been renewed or assigned to a new lessee.
In 2022, we entered into a long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity is scheduled to deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, are expected to be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At December 31, 2025, 8,133 railcars have been ordered pursuant to the terms of the agreement, of which 5,720 have been delivered.
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Lease Price Index
Our Lease Price Index ("LPI") is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The LPI calculation includes all renewal activity based on a 12-month trailing average, and the renewals are weighted by the count of all renewals over the 12-month period. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI.
During 2025, the renewal rate change of the LPI was positive 21.9%, compared to positive 26.7% in 2024. Lease terms on renewals for railcars in the LPI averaged 58 months in 2025 compared to 60 months in 2024.
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The following table shows fleet activity and statistics for Rail North America boxcars for the years ended December 31:
| 2025 | 2024 | 2023 | |||||||||||||
| Beginning balance | 8,395 | 9,311 | 8,663 | ||||||||||||
| Boxcars added | 200 | 587 | 1,248 | ||||||||||||
| Boxcars scrapped | (1,451) | (1,343) | (459) | ||||||||||||
| Boxcars sold | (112) | (160) | (141) | ||||||||||||
| Ending balance | 7,032 | 8,395 | 9,311 | ||||||||||||
| Utilization rate at year end (1) | 97.1 | % | 99.8 | % | 100.0 | % | |||||||||
| Active boxcars at year end (2) | 6,831 | 8,376 | 9,310 | ||||||||||||
| Average active boxcars (3) | 7,645 | 9,059 | 8,944 | ||||||||||||
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(1) Utilization is calculated as the number of boxcars on lease as a percentage of total boxcars in the fleet.
(2) Active boxcars refers to the number of boxcars on lease to customers. Changes in boxcars on lease compared to prior years are impacted by the utilization of new boxcars purchased from builders or in the secondary market and the disposition of boxcars that were sold or scrapped, as well as the fleet utilization rate.
(3) Average active boxcars for the year is calculated using the number of active boxcars at the end of each month.
The following table shows fleet activity and statistics for Rail North America locomotives for the years ended December 31:
| 2025 | 2024 | 2023 | |||||||||||||
| Beginning balance | 661 | 523 | 544 | ||||||||||||
| Locomotives added | — | 156 | — | ||||||||||||
| Locomotives scrapped or sold | (34) | (18) | (21) | ||||||||||||
| Ending balance | 627 | 661 | 523 | ||||||||||||
| Utilization rate at year end (1) | 92.5 | % | 89.1 | % | 88.3 | % | |||||||||
| Active locomotives at year end (2) | 580 | 589 | 462 | ||||||||||||
| Average active locomotives (3) | 584 | 509 | 472 | ||||||||||||
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(1) Utilization is calculated as the number of locomotives on lease as a percentage of total locomotives in the fleet.
(2) Active locomotives refers to the number of locomotives on lease to customers. Changes in locomotives on lease compared to prior years are impacted by the utilization of locomotives purchased in the secondary market and the disposition of locomotives that were sold or scrapped, as well as the fleet utilization rate.
(3) Average active locomotives for the year is calculated using the number of active locomotives at the end of each month.
Comparison of Reported Results
Segment Profit
In 2025, segment profit of $351.8 million decreased 1.2% compared to $356.0 million in 2024. The decrease was driven by higher maintenance and interest expenses, partially offset by higher lease revenue and higher repair revenue.
Revenues
In 2025, lease revenue increased $65.6 million, or 6.7%, driven by more railcars on lease and higher lease rates. Other revenue increased $21.8 million, primarily due to higher repair revenue and higher lease termination fees.
Expenses
In 2025, maintenance expense increased $43.6 million, driven by more repair events, including more repairs performed by the railroads, and a mix of repairs that resulted in higher costs per repair. Depreciation expense increased $14.6 million, due to the timing of new railcar investments and dispositions. Other operating expense increased $4.7 million, due to higher insurance, switching, and freight costs.
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Other Income (Expense)
In 2025, net gain on asset dispositions decreased $2.8 million, driven by lower net gains on asset dispositions, partially offset by higher net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from year to year. Net interest expense increased $27.4 million, due to a higher average debt balance and a higher average interest rate. Other expense increased $3.3 million, driven by higher net legal costs and lower customer settlement proceeds received in 2025.
Investment Volume
During 2025, investment volume was $644.1 million, compared to $1,162.4 million in 2024. We acquired 2,302 newly built railcars and purchased 1,035 railcars in the secondary market in 2025 compared to 3,812 newly built railcars, 2,279 railcars in the secondary market, and 156 locomotives in the secondary market in 2024.
Our investment volume is predominantly composed of acquired railcars, but also includes the acquisition of locomotives and certain capitalized repairs and improvements to owned railcars and our maintenance facilities. As a result, the dollar value of investment volume does not necessarily correspond to the number of railcars acquired in any given period. In addition, the comparability of amounts invested and the number of railcars acquired in each period is impacted by the mix of railcars purchased, which may include tank cars and freight cars, as well as newly manufactured railcars or those purchased in the secondary market.
RAIL INTERNATIONAL
Segment Summary
Within Rail International, GATX Rail Europe ("GRE") experienced a challenging railcar leasing market as GRE faced macroeconomic headwinds, including weak GDP results. This uncertainty caused some customers to take a cautionary approach to rail fleet planning, thereby tempering demand across certain car types.
Despite pressure on utilization, GRE experienced renewal lease rate increases for a majority of railcar types in 2025. Utilization was 94.7% at the end of the year.
In the fourth quarter of 2025, GRE acquired 5,882 railcars from DB Cargo AG.
The fleet size of our rail business in India ("Rail India") continued to grow in 2025, as Rail India continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained strong, driven by continued growth in the economy and infrastructure development. Utilization was 100.0% at the end of the year.
In 2023, we sold Rail Russia. Financial results were not material to Rail International's segment profit.
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The following table shows Rail International's segment results for the years ended December 31 (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||||
| Revenues | |||||||||||||||||||
| Lease revenue | $ | 366.1 | $ | 333.6 | $ | 296.6 | |||||||||||||
| Other revenue | 21.7 | 16.7 | 12.9 | ||||||||||||||||
| Total Revenues | 387.8 | 350.3 | 309.5 | ||||||||||||||||
| Expenses | |||||||||||||||||||
| Maintenance expense | 72.4 | 70.7 | 64.1 | ||||||||||||||||
| Depreciation expense | 90.5 | 78.7 | 68.2 | ||||||||||||||||
| Other operating expense | 19.3 | 17.4 | 10.4 | ||||||||||||||||
| Total Expenses | 182.2 | 166.8 | 142.7 | ||||||||||||||||
| Other Income (Expense) | |||||||||||||||||||
| Net gain on asset dispositions | 6.8 | 4.5 | 7.0 | ||||||||||||||||
| Interest expense, net | (82.6) | (71.4) | (56.2) | ||||||||||||||||
| Other (expense) income | (3.9) | 3.2 | (4.2) | ||||||||||||||||
| Segment Profit | $ | 125.9 | $ | 119.8 | $ | 113.4 | |||||||||||||
| Investment Volume | $ | 502.4 | $ | 232.9 | $ | 382.4 | |||||||||||||
GRE Fleet Data
The following table shows fleet activity and statistics for GRE railcars for the years ended December 31:
| 2025 | 2024 | 2023 | |||||||||||||
| Beginning balance | 30,027 | 29,216 | 28,005 | ||||||||||||
| Railcars added | 7,498 | 1,316 | 1,695 | ||||||||||||
| Railcars scrapped or sold | (1,041) | (505) | (484) | ||||||||||||
| Ending balance | 36,484 | 30,027 | 29,216 | ||||||||||||
| Utilization rate at year end (1) | 94.7 | % | 96.1 | % | 95.9 | % | |||||||||
| Active railcars at year end (2) | 34,536 | 28,849 | 28,004 | ||||||||||||
| Average active railcars (3) | 29,905 | 28,410 | 27,947 | ||||||||||||
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Next expected filings
- ~2026-10-29 10-Q expected by 2026-11-11 (in 92 days)
- ~2027-02-18 10-K expected by 2027-03-02 (in 204 days)
- ~2027-05-06 10-Q expected by 2027-05-19 (in 281 days)
- ~2027-07-28 10-Q expected by 2027-08-10 (in 364 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-07-01 8-K Other Events; Financial Statements and Exhibits
- 2026-05-21 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-05-08 S-8 Employee Benefit Plan Registration
- 2026-05-07 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-05-07 10-Q Quarterly Report
- 2026-04-28 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
- 2026-03-16 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-03-03 8-K/A Completion of Acquisition/Disposition; Financial Statements and Exhibits
- 2026-02-19 10-K Annual Report
- 2026-02-19 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-05 8-K Material Agreement Entered; Completion of Acquisition/Disposition; Material Financial Obligation; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-30 10-Q Quarterly Report
- 2025-10-24 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-10-21 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-15 8-K Other Events; Financial Statements and Exhibits