Greenbrier Companies, Inc. (NYSE: GBX) Q2 2026 Financial Results Summary

Release Date: April 7, 2026

Greenbrier Companies, Inc. reported its financial results for the second fiscal quarter ending February 28, 2026. Below is a summary of key metrics and highlights:

Financial Highlights

• Operating Cash Flow: $159 million
• New Railcar Orders: 2,900 units valued at $390 million
• Deliveries of Railcars: 3,800 units
• New Railcar Backlog: 15,200 units (valued at $2.1 billion)
• Net Earnings: $15 million or $0.47 per diluted share
• EBITDA: $61 million (10% of revenue)
• Fleet Utilization: 98%
• Quarterly Dividend: Increased by 6% to $0.34 per share (48th consecutive quarterly dividend)

Year-over-Year Comparison

• Revenue: $587.5 million (down from $762.1 million) - 23% decrease
• Aggregate Gross Margin: $69.5 million (down from $138.6 million) - 50% decrease
• Aggregate Gross Margin %: 11.8% (down from 18.2%) - 6.4 percentage point decrease
• Earnings from Operations: $25.1 million (down from $83.6 million) - 70% decrease
• Operating Margin %: 4.3% (down from 11.0%) - 6.7 percentage point decrease
• Diluted EPS: $0.47 (down from $1.56) - 70% decrease

Business Developments and Outlook

• Production Adjustments: The fiscal 2026 guidance was updated reflecting a gradual production ramp-up related to the timing of deliveries into early fiscal 2027 rather than a decline in demand.
• Investments in Lease Fleet: More than $300 million is expected to be invested into lease fleet management, projecting double-digit fleet growth.

Updated Fiscal Year 2026 Guidance

• Deliveries: Adjusted from 17,500 - 20,500 units to 15,350 - 16,350 units.
• Revenue: Expected range reduced from $2.7 billion - $3.2 billion to $2.4 billion - $2.5 billion.
• Aggregate Gross Margin %: Revised from 16.0% - 16.5% to 14.8% - 15.2%.
• Operating Margin %: Adjusted from 9.0% - 9.5% to 7.0% - 7.8%.
• Earnings per Share (EPS): Lowered from $3.75 - $4.75 to $3.00 - $3.50.
• Capital Expenditures: Total expected to increase from $285 million to $380 million.

Segment Performance Overview

• Manufacturing Segment:
  • Revenue: $541.5 million (down from $712.9 million)
  • Earnings from Operations: $20.7 million (down from $48.6 million)
  • Operating Margin %: 3.8% (down from 7.4%)
  • Deliveries: 3,400 units (down from 4,100)
• Leasing & Fleet Management Segment:
  • Revenue: $46.0 million (down from $49.1 million)
  • Earnings from Operations: $35.5 million (down from $44.0 million)
  • Operating Margin %: 77.2% (down from 89.6%)

Cash Flow and Debt Management

• Net Cash Provided by Operating Activities: $234.9 million (up from $28.5 million)
• Cash on Hand: $521.8 million (up from $263.5 million)
• Total Consolidated Debt: $1.76 billion (down marginally from $1.77 billion)

Share Repurchase and Dividend Distribution

• Stock Repurchase: $13.3 million
• Dividends: $21.5 million (previously $19.8 million)

Conclusion

The second quarter of fiscal 2026 for Greenbrier Companies showcased significant financial challenges, with decreases in revenue and net earnings. Adjustments to future guidance indicate a conservative approach in response to market conditions, yet the management's confidence remains fortified with a steady dividend and ongoing investments in fleet growth.

Note: All amounts in the following tables are in thousands/millions.

	Three months ended	2026	Six months ended	2026
February 28,	2025		February 28,	2025
Revenue
Manufacturing	$541.5	$712.9	$1,198.5	$1,543.8
Leasing & Fleet Management	$46.0	$49.2	$95.1	$94.2
	$587.5	$762.1	$1,293.6	$1,638.0
Cost of revenue
Manufacturing	$500.4	$606.2	$1,085.3	$1,291.6
Leasing & Fleet Management	$17.6	$17.3	$35.5	$34.2
	$518.0	$623.5	$1,120.8	$1,325.8
Margin	$69.5	$138.6	$172.8	$312.2
Selling and administrative expense	$57.4	$64.6	$117.3	$126.6
Net gain on disposition of equipment	$(13.0)	$(9.6)	$(30.7)	$(9.8)
Earnings from operations	$25.1	$83.6	$86.2	$195.4
Interest and foreign exchange	$13.7	$21.7	$29.2	$45.1
Earnings before income tax and	$11.4	$61.9	$57.0	$150.3
earnings from unconsolidated affiliates	-	-	-	-
Income tax expense	$(1.7)	$(20.0)	$(14.0)	$(53.4)
Earnings before earnings from	$9.7	$41.9	$43.0	$96.9
unconsolidated affiliates	$4.2	$4.3	$8.2	$8.4
Net earnings	$13.9	$46.2	$51.2	$105.3
Net loss attributable to	$1.1	$5.7	$0.2	$1.9
noncontrolling interest
Net earnings attributable to Greenbrier	$15.0	$51.9	$51.4	$107.2
Basic earnings per common share	$0.48	$1.66	$1.66	$3.42
Diluted earnings per common share	$0.47	$1.56	$1.62	$3.28
Weighted average common shares:
Basic	30,917	31,376	30,935	31,311
Diluted	31,733	33,228	31,799	32,745
Dividends per common share	$0.32	$0.30	$0.64	$0.60

Note: All amounts in the following table are in millions.