The Greenbrier Companies (GBX) Q4 2026 earnings summary

Executive summary

• FY26 delivered 15,400 railcars, $2,461.1M revenue, $2.60 Core EPS and 13.6% aggregate gross margin amid geopolitical and trade uncertainty and higher interest costs.

• Versus FY22, deliveries were ~4,500 lower, while aggregate gross margin was 330 bps higher, Core EBITDA 30% higher and Core net earnings 76% higher.

• Q4 orders of 3,400 units valued at $600M and 3,600 deliveries lifted backlog to 14,000 units valued at $2.1B, its first sequential increase since FY24.

• Owned lease fleet reached 20,900 railcars, up 23%, with 98% utilization; FY26 Core EBITDA was $299.8M, or 12% of revenue.

• FY27 priorities include safety, operating execution, cost discipline, disciplined lease-fleet growth and stronger through-cycle performance.

Financial highlights

• FY26 revenue was $2,461.1M versus $3,240.2M in FY25; net earnings attributable to shareholders were $79.0M, or $2.49 per diluted share, versus $204.1M and $6.35.

• FY26 Core net earnings were $82.6M, or $2.60 per diluted share; Core EBITDA was $299.8M, or 12% of revenue.

• Q4 revenue was $591.0M, aggregate gross margin $79.8M, operating earnings $25.5M and net earnings attributable to shareholders $8.7M, or $0.27 per diluted share.

• Q4 Core net earnings were $12.3M, or $0.39 per diluted share; Core EBITDA was $72.3M, or 12% of revenue, up from $69.1M in Q3.

• FY26 results included $5.5M pre-tax facility rationalization costs; Q4 effective tax rate was ~6.5%, reflecting jurisdictional income mix and foreign currency.

Outlook and guidance

• FY27 guidance: North American industry deliveries of 26,000–28,000 units, revenue of $2.8B–$3.2B, operating margin of 7.0%–7.5% and diluted EPS of $2.75–$3.75.

• FY27 aggregate gross margin is expected at 14%–15%, with manufacturing gross margin in the low double digits; deliveries are expected to be back-half weighted.

• Net capital expenditures are projected at $225M–$275M, with ~70% directed to lease-fleet growth; Leasing & Fleet Management revenue is expected to grow 12%–15%.

• Assumptions include SG&A of $235M–$245M, net interest expense of $85M–$95M, tax rate of 26%–29% and D&A of $145M–$150M.

• Guidance reflects uncertainty in order conversion; management expects demand, volume and absorption benefits to improve in FY27 H2, partly offset by lower fleet optimization gains.