Greenbrier Companies Inc (NYSE: GBX)

The Greenbrier Companies, Inc. is a leading international supplier of equipment and services to global freight transportation markets. The company designs, builds and markets freight railcars in North America, Europe and Brazil through its wholly-owned subsidiaries and joint ventures. It also provides freight railcar wheel services, component parts, maintenance and sustainable conversion services in North America. Additionally, the company owns a lease fleet of railcars and offers railcar management, regulatory compliance and leasing services to railroads and other railcar owners. Its integrated business model combines manufacturing, leasing and aftermarket services to create cross-selling opportunities and enhance margins.

The Greenbrier Companies, Inc. generates revenue from the sale of newly manufactured railcars, the leasing of its owned railcar fleet, and the provision of maintenance, wheel services, component parts and fleet management services. Revenue is also derived from sustainable conversion projects and the resale of railcars from its lease fleet. In 2025, revenue from two customers accounted for approximately 26 percent of consolidated revenue, representing 28 percent of Manufacturing revenue and 2 percent of Leasing & Fleet Management revenue. The company’s backlog of railcar units had an estimated future revenue value of $2.2 billion as of August 31, 2025, with approximately $1.0 billion scheduled for delivery in 2026.

The company operates through the following segments: Manufacturing and Leasing & Fleet Management.

• Manufacturing: This segment designs and builds freight railcars for the North American market, including covered hoppers for food grade products, grain, fertilizer, cement, minerals and plastic pellets; gondolas and open top hoppers for steel, metals, scrap and aggregates; boxcars for paper products, perishables and general merchandise; flat cars such as center partition cars for forest products and heavy-duty flat cars; tank cars including general purpose, pressurized, coiled, lined, insulated and stainless steel models for hazardous and non-hazardous commodities; intermodal double-stack railcars marketed as Maxi-Stack® I and Maxi-Stack® IV; automotive carriers such as Auto-Max® II, Multi-Max™ and Multi-Max Plus™; sustainable conversions that repurpose existing railcars into other service equipment; component parts such as cushioning units, couplers, yokes, side frames and bolsters; wheel services providing reconditioning of wheels and axles, new axle machining and finishing; railcar maintenance performed at Association of American Railroads-certified shops; and European manufacturing of a variety of freight wagons including box, car carrier, covered, flat, hopper, intermodal, steel products and specialty wagons, as well as pressurized tank wagons for liquid petroleum, liquefied petroleum gas, chlorine and ammonia and non-pressurized tank cars for light oil, chemicals and other products.

• Leasing & Fleet Management: This segment owns and leases a fleet of approximately 17,000 railcars in North America, with 98.2 percent of units on lease as of August 31, 2025, an average remaining lease term of 4.0 years and an average fleet age of 7.0 years. It offers operating leases of varied intervals and per diem leases, and originates leases on newly built or refurbished railcars that may be held in the fleet or sold with attached leases to financial institutions or other investors. The segment provides fleet management services including railcar maintenance management, accounting (billing and revenue collection, car hire receivable and payable administration), total fleet tracking using proprietary software, logistics, administration and remarketing. Its Regulatory Services Group offers engineering, process consulting and advocacy support to tank car owners and shippers, and the segment also manages the maintenance and administration of the company’s own lease fleet.

The Greenbrier Companies, Inc. ranks among the two largest railcar manufacturers in North America and holds a top-tier position in the European market. Through its 60 percent ownership in Greenbrier-Maxion, it is a leading railcar manufacturer in South America. The company competes on the basis of quality, price, timeliness of delivery, innovative product design, reputation and customer service, and faces competition from a handful of specialty builders in niche markets and at least twenty institutions in North America that provide similar leasing and services. Its integrated model, which combines manufacturing, wheel services, maintenance, component parts, leasing and fleet management, creates cross-selling synergies and provides a competitive advantage through the ability to sell railcars with attached leases and to offer comprehensive aftermarket support.

The company serves railroads, leasing companies, financial institutions, shippers, carriers and other transportation companies across its manufacturing and leasing operations. In 2025, two customers accounted for approximately 26 percent of consolidated revenue, with no other customer exceeding 10 percent of revenue. The Greenbrier Companies, Inc. maintains long-term relationships with many of these customers, who value its high-quality products, technological responsiveness and competitive pricing.