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).

• Lease fleet expanded 23% sequentially to 20,600 railcars, with 99% utilization and a diversified customer base.

• Orders for 2,200 railcars valued at $340 million, with a backlog of 13,800 units worth $2.0 billion, extending deliveries into 2028 and beyond.

• Board approved a $0.34 per share dividend, marking the 49th consecutive quarterly dividend.

• Strategic focus on recurring revenue, margin expansion, and return on invested capital, supported by operational efficiency and disciplined capital allocation.

Financial highlights

• Q3 FY26 revenue was $576.5 million, down from $587.5 million in Q2 FY26, mainly due to fewer deliveries; 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 for Q3 FY26 was $69 million (12% of revenue); diluted EPS was $0.60.

• Operating cash flow (LTM) was $204 million; cash and cash equivalents at quarter end were $273.7 million.

• Lease fleet net book value at ~$1.7 billion, with an average remaining term of 2.7 years and average railcar age of 10.2 years.

Outlook and guidance

• FY26 guidance: revenue of $2.4–$2.5 billion, deliveries of 15,650–15,850 units, aggregate gross margin of 13.8%–14.2%, operating margin of 6.5%–6.8%, and diluted EPS of $3.00–$3.15.

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

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

• Focus remains on operational execution, cost management, and recurring revenue growth.

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