Highlights

  • Revenue for the year ended August 31, 2026 was $2,461.1 million, a 24.0% decrease from $3,240.2 million in the prior year.
  • Net earnings attributable to Greenbrier were $79.0 million, or $2.49 per diluted share, compared with $204.1 million, or $6.35.
  • New railcar backlog was 14,000 units with an estimated future revenue value of $2,100 million at August 31, 2026.
  • Management guided fiscal 2027 revenue to between $2.8 billion and $3.2 billion and earnings per share to between $2.75 and $3.75.

The Greenbrier Companies, Inc. (NYSE: GBX) shares were trading at USD 36.66 on October 27, 2026, down 4.28%, with a relative volume at time of 4.29. The railcar manufacturer and lessor issued $300.0 million of term notes in February 2026, declared a quarterly dividend on October 21, 2026, and filed its annual report for the fiscal year ended August 31, 2026 on October 26, 2026, with fiscal 2027 guidance.

Greenbrier is incorporated in Oregon, and its principal executive offices are at One Centerpointe Drive in Lake Oswego, Oregon. The company manufactures freight railcars, tank cars, intermodal and automotive railcars in North America and Europe, and provides component parts, wheel services and railcar maintenance. Its Leasing & Fleet Management segment operates a lease fleet of approximately 20,900 railcars and provides fleet management services. It holds interests in unconsolidated affiliates, including Greenbrier-Maxion in Brazil. The company had approximately 10,000 employees, about half in Mexico. Its fiscal year ends August 31.

Fiscal 2026 Results

For the year ended August 31, 2026, revenue was $2,461.1 million, against $3,240.2 million in fiscal 2025. The company attributed the 24.0% decrease primarily to a 31.9% decrease in deliveries, partly offset by a change in railcar manufacturing product mix. Margin percentage decreased 5.1%, which the company linked to railcar manufacturing product mix and lower volumes in Manufacturing.

Net earnings attributable to Greenbrier were $79.0 million, or $2.49 per diluted share, compared with $204.1 million, or $6.35. Earnings from operations were $143.6 million, compared with $360.1 million. Manufacturing earnings from operations were $120.8 million, compared with $377.4 million, while Leasing & Fleet Management earnings from operations were $139.1 million, compared with $113.7 million. Selling and administrative expense was $228.5 million, down $34.8 million, and net gain on disposition of equipment was $38.4 million, compared with $15.9 million. Income tax expense was $17.4 million, compared with $91.4 million.

On the earnings call, management said fourth quarter revenue was $591 million and that core earnings per share, which excludes about $0.12 per share of facility-related rationalization costs, were $0.39. It cited full year core EPS of $2.60 and deliveries of 15,400 units.

Backlog, Liquidity and Capital

New railcar backlog was 14,000 units at August 31, 2026, compared with 16,600 units a year earlier and 26,700 units at August 31, 2024. The estimated future revenue value was $2,100 million, compared with $2,200 million and $3,400 million. The company said approximately $1.0 billion of backlog sales are scheduled for delivery in 2027.

Cash and cash equivalents were $235.1 million at August 31, 2026, with $727.2 million in available borrowings. Cash from operating activities decreased $226.1 million from the prior year. In February 2026, the company issued $300.0 million of term notes secured by railcars and leases. During fiscal 2026 it purchased 313 thousand shares for $13.3 million, leaving $64.5 million under the repurchase authorization. A quarterly dividend of $0.34 per share was declared on October 21, 2026.

Fiscal 2027 Outlook

Management guided fiscal 2027 North American industry deliveries to 26,000 to 28,000 railcars, revenue to between $2.8 billion and $3.2 billion, operating margin to 7% to 7.5% and earnings per share to between $2.75 and $3.75. It expects capital expenditures, net of equipment sale proceeds, of $225 million to $275 million, with approximately 70% for lease fleet growth, and leasing and fleet management revenue growth of 12% to 15%. It also expects aggregate gross margin of 14% to 15%.

The company disclosed risks including tariff and trade policy changes and a petition filed by a competitor seeking duties on certain tank cars, which management said is weighing on near-term tank car demand. Management also said the European rail market remains soft.