The Greenbrier Companies (GBX) Q1 2026 earnings summary

Executive summary

• Q1 net earnings attributable to shareholders were $36 million ($1.14 per diluted share), with EBITDA of nearly $98 million (14% of revenue) and operating cash flow of $76 million.

• Delivered strong Q1 performance with disciplined execution, resilient integrated manufacturing and leasing model, and progress on strategic priorities.

• 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 high liquidity and meaningful earnings despite cautious customer capital investment and complex market conditions in North America and Europe.

• 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 $103.3 million (14.6%), down from $143.8 million (18.9%) in the prior quarter.

• Operating income was $61 million (8.7% of revenue); EBITDA was $98 million (14% of revenue).

• Diluted EPS was $1.14; opportunistic asset sales contributed to earnings.

• Repurchased 303,000 shares for $13 million; $65 million remains under the current share repurchase program.

Outlook and guidance

• FY26 guidance: deliveries of 17,500–20,500 units, 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.

• Capital expenditures expected at $80 million for Manufacturing and $205 million for Leasing & Fleet Management, with net capital expenditures of $120 million after equipment sales proceeds.

• Back half of the year expected to be stronger in both deliveries and margins.

• 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.

• Proceeds from sales of assets are expected to be about $165 million for 2026.