The Greenbrier Companies (GBX) Q3 2026 earnings summary

Executive summary

• Aggregate gross margin rose to 14.1%, up 230 basis points sequentially, with EBITDA at $69 million (12% of revenue) and net earnings of $18.9 million ($0.60 per diluted share).

• Owned lease fleet expanded 23% sequentially to 20,600 railcars, with utilization at 99%.

• Orders for 2,200 railcars valued at $340 million and a backlog of 13,800 units worth $2.0 billion.

• Board approved a $0.34 per share dividend for the 49th consecutive quarter.

• Strategic focus on recurring revenue, margin expansion, and return on invested capital.

Financial highlights

• Q3 FY26 revenue was $576.5 million, down from $587.5 million in Q2 FY26; nine-month revenue was $1,870.1 million, down 24.6% year-over-year.

• Aggregate gross margin was $81.1 million (14.1%), up from 11.8% in Q2 FY26.

• EBITDA reached $69 million (12% of revenue); earnings from operations were $31.9 million.

• Diluted EPS was $0.60 for the quarter; net earnings attributable to shareholders were $18.9 million.

• Total liquidity at quarter end was ~$890 million, including $273.7 million in cash and $613 million in borrowing capacity.

Outlook and guidance

• FY26 revenue guidance is $2.4–$2.5 billion; deliveries expected at 15,650–15,850 units; aggregate gross margin at 13.8%–14.2%; operating margin at 6.5%–6.8%; EPS guidance narrowed to $3.00–$3.15.

• Gross capital expenditures for FY26 projected at $380 million; net capital expenditures at $205 million.

• Some manufacturing activity is shifting into fiscal 2027, with strong customer engagement and a positive business pipeline for 2027.

• Proceeds from asset sales expected to be about $175 million for 2026.

• Integrated model and diversified customer base provide flexibility across cycles.