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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
FreightCar America (RAIL) investor relations material
FreightCar America Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue rose 42% year-over-year to $160.5 million, with railcar deliveries up to 1,304 units from 961 units in Q3 2024, and gross margin improved to 15.1% due to operational efficiency and favorable product mix.
Adjusted EBITDA reached a record $17 million (10.6% margin), up 56% year-over-year, marking the most profitable quarter since relocating production to Mexico.
Net loss for Q3 2025 was $7.4 million, mainly due to a $17.6 million non-cash warrant liability adjustment, while adjusted net income was $7.8 million ($0.24 per diluted share).
Ended the quarter with a backlog of 2,750 units valued at $222 million and $62.7 million in cash and equivalents, with a strong commercial pipeline and diversified orders including conversions and retrofits.
Strategic initiatives include digital integration (TruTrack), plant enhancements, and readiness for tank car conversions, supporting future growth and margin expansion.
Financial highlights
Q3 2025 revenue was $160.5 million on 1,304 railcar deliveries, up from $113.3 million and 961 deliveries in Q3 2024.
Gross profit was $24.2 million (15.1% margin), up from $16.2 million (14.3% margin) year-over-year.
Adjusted EBITDA reached $17 million (10.6% margin), compared to $10.9 million (9.6% margin) in Q3 2024.
Adjusted net income was $7.8 million ($0.24 per diluted share); reported net loss of $7.4 million due to a $17.6 million non-cash warrant liability adjustment.
Cash and equivalents at September 30, 2025 were $62.7 million, up from $44.5 million at year-end 2024; generated $3.4 million in operating cash and $2.2 million in adjusted free cash flow in Q3.
Outlook and guidance
Fiscal 2025 guidance: 4,500–4,900 railcar deliveries, revenue of $500–$530 million, Adjusted EBITDA of $43–$49 million; revenue guidance lowered due to higher mix of conversions.
Expect to maintain strong margins and close the year with positive free cash flow.
Capital expenditures for 2025 expected at $4–$5 million, with some spend shifting into Q1 2026.
Management expects cash balances to be sufficient for at least the next twelve months.
Anticipate pent-up industry demand to drive order recovery toward normalized replacement levels in late 2026.
What underpins 20% new car order market share?
Detail the strategy for new tank car market entry.
Explain Q4 margin step-down and future impact.
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Next FreightCar America earnings date
Q4 202512 Mar, 2026
Next FreightCar America earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
FreightCar America Inc is a manufacturer of railroad freight cars and aftermarket parts. The company produces a variety of railcars including open-top hoppers, covered hoppers, and gondolas, primarily serving North American railroads and leasing companies. It also offers repair and refurbishment services. FreightCar America Inc is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.
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