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The Greenbrier Companies
The Greenbrier Companies (GBX) investor relations material
The Greenbrier Companies Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary8 Jan, 2026
Executive summary
Q1 net earnings attributable to shareholders were $36 million, or $1.14 per diluted share, with operating cash flow of $76 million and EBITDA of nearly $98 million, representing 14% of revenue.
Delivered strong Q1 performance with disciplined execution, resilient integrated manufacturing and leasing model, and 15% aggregate gross margin.
New railcar orders totaled 3,700 units valued at $550 million, with 4,400 units delivered and a backlog of 16,300 units valued at $2.2 billion as of November 30, 2025.
Maintained strong liquidity, meaningful earnings, and progress on long-term strategic priorities.
Board approved a quarterly dividend of $0.32 per share, marking the 47th consecutive quarterly dividend.
Financial highlights
Q1 FY26 revenue was $706.1 million, down from $759.5 million in the previous quarter, mainly due to fewer planned deliveries.
Aggregate gross margin was 14.6%, reflecting lower production rates and deliveries than Q4.
Operating income was $61 million (8.7% of revenue); EBITDA was $98 million (14% of revenue).
Diluted EPS was $1.14.
Q1 liquidity exceeded $895 million, with $300 million in cash and $535 million in borrowing capacity.
Generated $76 million in operating cash flow, supported by earnings, fleet sales, and working capital.
Outlook and guidance
FY26 guidance: deliveries of 17,500–20,500 units (including 1,500 in Brazil), revenue of $2.7–$3.2 billion, aggregate gross margin of 16.0–16.5%, operating margin of 9.0–9.5%, and EPS of $3.75–$4.75.
Manufacturing capex projected at $80 million; leasing/fleet management investment at $205 million; net capital expenditures for FY26 are projected at $120 million after equipment sales proceeds.
Proceeds from equipment sales expected to be $165 million.
Back half of the year expected to be stronger in terms of margin and deliveries.
Management expects existing funds, cash from operations, and available credit to be sufficient for debt repayments, working capital, capital expenditures, investments, and dividends over the next twelve months.
Tariff uncertainty's impact on order timing?
How do opportunistic asset sales balance fleet growth?
Expected margin lift from H2 production ramp?
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Next The Greenbrier Companies earnings date
Q2 20266 Apr, 2026
The Greenbrier Companies
Next The Greenbrier Companies earnings date
Q2 20266 Apr, 2026
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Frequently asked questions
The Greenbrier Companies, Inc. designs, manufactures, and markets railroad freight car equipment in North America, Europe, and South America. It operates through three segments: Manufacturing, Wheels, and Leasing and Services.
The Manufacturing segment provides double-stack intermodal railcars; tank cars for the transportation of various liquid and gaseous commodities; conventional railcars comprising boxcars, covered hopper cars, center partition cars, solid bottom open top hopper cars, railcar movers, trailing devices for retarders or pushers that enhance the performance of locomotives in start/stop operations or on grades in switching yards; and mechanical products consisting of pressure vessel tanks that store natural gas fuels. The Greenbrier Companies, Inc. was founded in 1974 and is headquartered in Lake Oswego, Oregon.
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