GATX Corporation (NYSE:GATX) today reported 2026 third-quarter net income attributable to GATX of $105.2 million, or $2.92 per diluted share, compared to net income attributable to GATX of $82.2 million, or $2.25 per diluted share, in the third quarter of 2025. Net income attributable to GATX for the first nine months of 2026 was $294.1 million, or $8.11 per diluted share, compared to $236.3 million, or $6.46 per diluted share, in the prior year period.
The 2025 third-quarter and year-to-date results include a net positive impact of $5.3 million, or $0.15 per diluted share, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
"We delivered another quarter of outstanding performance, supported by favorable leasing fundamentals and strong execution," said Robert C. Lyons, president and chief executive officer of GATX. "The overall dynamics for railcar leasing in North America remain positive. Rail traffic is stable or modestly growing for most commodities, attrition in the industry railcar fleet continues, and the supply of new railcars is limited. This drives favorable leasing dynamics, evidenced by our high renewal success rate (86.1%), solid LPI (12.4%), and increased fleet utilization (98.4%). On top of this, the demand for railcars in the secondary market is extremely strong, underscoring the attractive value of our existing fleet. Net gains on asset dispositions were $50.3 million in the quarter and $167.8 million year-to-date.
"GATX Rail Europe's fleet utilization improved to 96.1% at quarter end, and we achieved renewal rate increases across many car types. While economic uncertainty continues across the region, the future of rail transport is positive, and we are well positioned to capitalize on the strength of our existing platform and growth opportunities. In India, demand for railcars remains robust, supported by continued infrastructure investment and economic growth, and GATX Rail India’s fleet remained fully utilized. During the quarter, we stayed focused on selectively growing and diversifying our international fleets through disciplined investments."
Mr. Lyons added, "At Engine Leasing, our Rolls-Royce and Partners Finance affiliates ("RRPF") and wholly owned engine portfolio delivered solid results. RRPF continues to invest in attractive opportunities, with investment volume approaching $1.0 billion year to date. Engine demand remains robust and global air travel is at healthy levels. While we continue to monitor geopolitical developments and broader industry conditions, we remain confident in the long-term outlook for the business."
Mr. Lyons concluded, "Based on year-to-date performance and our outlook for the remainder of the year, we now expect our 2026 full-year earnings to modestly exceed the high end of our previously announced guidance range of $9.90 to $10.30 per diluted share. Our outlook reflects positive dynamics and strong execution across our global businesses, benefits from the acquisition of Wells Fargo's rail assets and related portfolio management activities, and strong performance at Engine Leasing. This guidance excludes any impact from Tax Adjustments and Other Items."
RAIL NORTH AMERICA
Rail North America reported segment profit of $121.3 million in the third quarter of 2026, compared to $70.7 million in the third quarter of 2025. Year to date 2026, Rail North America reported segment profit of $343.7 million, compared to $256.1 million in the same period of 2025. Higher 2026 third-quarter and year-to-date results were driven by higher lease revenues, increased management fee revenue from the Brookfield-owned finance lease portfolio, and higher net gains on asset dispositions, partly offset by higher interest, depreciation and maintenance expenses.
As of Sept. 30, 2026, Rail North America’s fleet totaled approximately 199,100 cars, including approximately 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 98.4% at the end of the third quarter of 2026, compared to 98.0% at the end of the prior quarter, and 98.9% at the end of the third quarter of 2025. During the third quarter of 2026, the renewal lease rate change of the Lease Price Index (LPI) was positive 12.4%, compared to 16.8% in the prior quarter and 22.8% in the third quarter of 2025. The average lease renewal term for all cars included in the LPI during the third quarter of 2026 was 52 months, compared to 54 months in the prior quarter and 60 months in the third quarter of 2025. The 2026 third-quarter renewal success rate was 86.1%, compared to 82.6% in the prior quarter and 87.1% in the third quarter of 2025. Rail North America’s investment volume during the third quarter of 2026 was $109.3 million.
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided in the attached Supplemental Information under Rail North America Statistics.
RAIL INTERNATIONAL
Rail International’s segment profit was $35.9 million in the third quarter of 2026, compared to $34.4 million in the third quarter of 2025. Year to date 2026, Rail International reported segment profit of $99.1 million, compared to $92.3 million in the same period of 2025. Higher 2026 third-quarter segment profit was driven primarily by more railcars on lease, while year-to-date segment profit was driven primarily by more railcars on lease and changes in foreign currency exchange rates.
As of Sept. 30, 2026, GATX Rail Europe’s (GRE) fleet consisted of approximately 36,700 cars. Fleet utilization was 96.1%, compared to 95.3% at the end of the prior quarter and 93.7% at the end of the third quarter of 2025.
As of Sept. 30, 2026, Rail India's fleet consisted of over 12,900 railcars. Fleet utilization was 100.0%, similar to the end of the prior quarter and the end of the third quarter of 2025.
Rail International’s investment volume during the third quarter of 2026 was $49.3 million.
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
ENGINE LEASING
Engine Leasing reported segment profit of $51.4 million in the third quarter of 2026, compared to segment profit of $60.4 million in the third quarter of 2025. Year to date 2026, segment profit was $153.1 million, compared to segment profit of $126.3 million in the same period of 2025.
2025 third-quarter and year-to-date results include a net positive impact of $10.9 million ($8.2 million after tax) from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
Excluding these impacts, 2026 third-quarter and year-to-date results exceeded the prior-year periods, driven primarily by higher operating and remarketing income at RRPF. Year-to-date results also benefited from a larger wholly owned aircraft spare engine portfolio.
As of Sept. 30, 2026, RRPF's portfolio, 50% of which is owned by GATX, consisted of 475 aircraft engines.
As of Sept. 30, 2026, GATX Engine Leasing, the Company’s wholly owned engine portfolio, consisted of 46 aircraft engines.
COMPANY DESCRIPTION
At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss its 2026 third-quarter results. Call details are as follows:
Thursday, October 29, 2026
11 a.m. Eastern Time
Domestic Dial-In: 1-833-461-5787
International Dial-In: 1-585-542-9983
Access Code: 354 489 716
Replay: The replay will be available at www.gatx.com
Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time) on October 29, 2026.
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the "Investor Relations" tab.
FORWARD-LOOKING STATEMENTS
Statements in this Earnings Release not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "outlook," "continue," "likely," "will," "would", and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements, except to the extent required by applicable law.
The following factors, in addition to those discussed in our press releases and filings with the U.S. Securities and Exchange Commission, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
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|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
514.2 |
|
|
$ |
377.1 |
|
|
$ |
1,541.3 |
|
|
$ |
1,105.5 |
|
Non-dedicated engine revenue |
|
22.1 |
|
|
|
22.5 |
|
|
|
64.8 |
|
|
|
64.5 |
|
Other revenue |
|
61.7 |
|
|
|
39.7 |
|
|
|
155.7 |
|
|
|
121.4 |
|
Total Revenues |
|
598.0 |
|
|
|
439.3 |
|
|
|
1,761.8 |
|
|
|
1,291.4 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
143.7 |
|
|
|
112.5 |
|
|
|
436.2 |
|
|
|
320.5 |
|
Depreciation expense |
|
165.7 |
|
|
|
109.5 |
|
|
|
501.4 |
|
|
|
320.0 |
|
Operating lease expense |
|
6.0 |
|
|
|
7.1 |
|
|
|
20.8 |
|
|
|
21.8 |
|
Other operating expense |
|
25.7 |
|
|
|
16.8 |
|
|
|
72.3 |
|
|
|
49.3 |
|
Selling, general and administrative expense |
|
64.5 |
|
|
|
66.2 |
|
|
|
205.0 |
|
|
|
181.0 |
|
Total Expenses |
|
405.6 |
|
|
|
312.1 |
|
|
|
1,235.7 |
|
|
|
892.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
51.7 |
|
|
|
23.1 |
|
|
|
172.4 |
|
|
|
97.0 |
|
Interest expense, net |
|
(143.7 |
) |
|
|
(98.2 |
) |
|
|
(437.7 |
) |
|
|
(289.3 |
) |
Other income |
|
0.6 |
|
|
|
6.5 |
|
|
|
19.5 |
|
|
|
2.7 |
|
Income before Income Taxes and Share of Affiliates’ Earnings |
|
101.0 |
|
|
|
58.6 |
|
|
|
280.3 |
|
|
|
209.2 |
|
Income taxes |
|
(26.7 |
) |
|
|
(16.4 |
) |
|
|
(73.9 |
) |
|
|
(54.0 |
) |
Share of affiliates’ earnings, net of taxes |
|
32.9 |
|
|
|
40.0 |
|
|
|
90.9 |
|
|
|
81.1 |
|
Net Income |
|
107.2 |
|
|
|
82.2 |
|
|
|
297.3 |
|
|
|
236.3 |
|
Less: Net Income Attributable to Non-Controlling Interest |
|
2.0 |
|
|
|
— |
|
|
|
3.2 |
|
|
|
— |
|
Net Income Attributable to GATX |
$ |
105.2 |
|
|
$ |
82.2 |
|
|
$ |
294.1 |
|
|
$ |
236.3 |
|
|
|
|
|
|
|
|
|
||||||||
GATX Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
2.93 |
|
|
$ |
2.25 |
|
|
$ |
8.13 |
|
|
$ |
6.47 |
|
Average number of common shares |
|
35.3 |
|
|
|
35.9 |
|
|
|
35.5 |
|
|
|
35.9 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
2.92 |
|
|
$ |
2.25 |
|
|
$ |
8.11 |
|
|
$ |
6.46 |
|
Average number of common shares and common share equivalents |
|
35.4 |
|
|
|
36.0 |
|
|
|
35.6 |
|
|
|
36.0 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.66 |
|
|
$ |
0.61 |
|
|
$ |
1.98 |
|
|
$ |
1.83 |
|
GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
September 30 |
|
December 31 |
||||
|
|
2026 |
|
|
|
2025 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
390.0 |
|
|
$ |
743.0 |
|
Restricted Cash |
|
0.2 |
|
|
|
4,241.9 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
145.1 |
|
|
|
109.0 |
|
Finance leases (as lessor) |
|
178.0 |
|
|
|
104.2 |
|
Less: allowance for losses |
|
(5.9 |
) |
|
|
(6.0 |
) |
|
|
317.2 |
|
|
|
207.2 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
19,679.7 |
|
|
|
15,662.6 |
|
Less: allowance for depreciation |
|
(4,537.2 |
) |
|
|
(4,251.7 |
) |
|
|
15,142.5 |
|
|
|
11,410.9 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
115.4 |
|
|
|
137.4 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
754.1 |
|
|
|
732.3 |
|
Goodwill |
|
122.6 |
|
|
|
126.3 |
|
Other Assets |
|
445.4 |
|
|
|
400.5 |
|
Total Assets |
$ |
17,287.4 |
|
|
$ |
17,999.5 |
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
297.8 |
|
|
$ |
318.4 |
|
Debt |
|
|
|
||||
Borrowings under bank credit facilities |
|
34.6 |
|
|
|
82.2 |
|
Recourse debt |
|
11,904.0 |
|
|
|
12,451.7 |
|
|
|
11,938.6 |
|
|
|
12,533.9 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
131.4 |
|
|
|
154.3 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,252.1 |
|
|
|
1,195.7 |
|
Other Liabilities |
|
129.1 |
|
|
|
162.1 |
|
Total Liabilities |
|
13,749.0 |
|
|
|
14,364.4 |
|
|
|
|
|
||||
Total GATX Shareholders’ Equity |
|
2,784.8 |
|
|
|
2,750.5 |
|
Non-Controlling Interest |
|
753.6 |
|
|
|
884.6 |
|
Total Equity |
|
3,538.4 |
|
|
|
3,635.1 |
|
Total Liabilities and Equity |
$ |
17,287.4 |
|
|
$ |
17,999.5 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2026 (In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
394.2 |
|
|
$ |
102.5 |
|
|
$ |
8.9 |
|
|
$ |
8.6 |
|
|
$ |
514.2 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
22.1 |
|
|
|
— |
|
|
|
22.1 |
|
Other revenue |
|
53.8 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
1.9 |
|
|
|
61.7 |
|
Total Revenues |
|
448.0 |
|
|
|
108.5 |
|
|
|
31.0 |
|
|
|
10.5 |
|
|
|
598.0 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
124.6 |
|
|
|
18.1 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
143.7 |
|
Depreciation expense |
|
123.3 |
|
|
|
27.7 |
|
|
|
10.6 |
|
|
|
4.1 |
|
|
|
165.7 |
|
Operating lease expense |
|
6.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.0 |
|
Other operating expense |
|
16.5 |
|
|
|
5.2 |
|
|
|
3.1 |
|
|
|
0.9 |
|
|
|
25.7 |
|
Total Expenses |
|
270.4 |
|
|
|
51.0 |
|
|
|
13.7 |
|
|
|
6.0 |
|
|
|
341.1 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
50.3 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
51.7 |
|
Interest expense, net |
|
(104.7 |
) |
|
|
(24.0 |
) |
|
|
(12.1 |
) |
|
|
(2.9 |
) |
|
|
(143.7 |
) |
Other (expense) income |
|
(1.9 |
) |
|
|
1.1 |
|
|
|
0.1 |
|
|
|
1.3 |
|
|
|
0.6 |
|
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
46.1 |
|
|
|
— |
|
|
|
46.1 |
|
Segment Profit |
$ |
121.3 |
|
|
$ |
35.9 |
|
|
$ |
51.4 |
|
|
$ |
3.0 |
|
|
$ |
211.6 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
64.5 |
|
||||||||||||||||
Income taxes (includes $13.2 related to affiliates' earnings) |
|
39.9 |
|
||||||||||||||||
Net Income |
|
107.2 |
|
||||||||||||||||
Less: Net Income Attributable to Non-Controlling Interest |
|
2.0 |
|
||||||||||||||||
Net Income Attributable to GATX |
$ |
105.2 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
109.3 |
|
|
$ |
49.3 |
|
|
$ |
— |
|
|
$ |
13.1 |
|
|
$ |
171.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
46.1 |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
46.8 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Non-remarketing net gains (1) |
|
4.8 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
5.5 |
|
Asset impairments |
|
(0.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
$ |
50.3 |
|
|
$ |
1.3 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
51.7 |
|
_________ |
||
(1) |
Includes net gains from scrapping of railcars. |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2025 (In millions) |
||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
264.1 |
|
|
$ |
94.2 |
|
|
$ |
10.4 |
|
|
$ |
8.4 |
|
$ |
377.1 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
22.5 |
|
|
|
— |
|
|
22.5 |
|
Other revenue |
|
32.4 |
|
|
|
5.2 |
|
|
|
— |
|
|
|
2.1 |
|
|
39.7 |
|
Total Revenues |
|
296.5 |
|
|
|
99.4 |
|
|
|
32.9 |
|
|
|
10.5 |
|
|
439.3 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
93.1 |
|
|
|
18.1 |
|
|
|
— |
|
|
|
1.3 |
|
|
112.5 |
|
Depreciation expense |
|
72.1 |
|
|
|
23.0 |
|
|
|
10.3 |
|
|
|
4.1 |
|
|
109.5 |
|
Operating lease expense |
|
7.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
7.1 |
|
Other operating expense |
|
8.2 |
|
|
|
4.8 |
|
|
|
2.9 |
|
|
|
0.9 |
|
|
16.8 |
|
Total Expenses |
|
180.5 |
|
|
|
45.9 |
|
|
|
13.2 |
|
|
|
6.3 |
|
|
245.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
21.3 |
|
|
|
1.8 |
|
|
|
— |
|
|
|
— |
|
|
23.1 |
|
Interest (expense) income, net |
|
(64.9 |
) |
|
|
(20.7 |
) |
|
|
(12.7 |
) |
|
|
0.1 |
|
|
(98.2 |
) |
Other (expense) income |
|
(1.6 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
8.3 |
|
|
6.5 |
|
Share of affiliates' pre-tax (losses) earnings |
|
(0.1 |
) |
|
|
— |
|
|
|
53.4 |
|
|
|
— |
|
|
53.3 |
|
Segment Profit |
$ |
70.7 |
|
|
$ |
34.4 |
|
|
$ |
60.4 |
|
|
$ |
12.6 |
|
$ |
178.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
66.2 |
|
|||||||||||||||
Income taxes (includes $13.3 related to affiliates' earnings) |
|
29.7 |
|
|||||||||||||||
Net Income |
|
82.2 |
|
|||||||||||||||
Less: Net Income Attributable to Non-Controlling Interest |
|
— |
|
|||||||||||||||
Net Income Attributable to GATX |
$ |
82.2 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
142.6 |
|
|
$ |
66.1 |
|
|
$ |
147.1 |
|
|
$ |
5.9 |
|
$ |
361.7 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
16.4 |
|
|
$ |
0.8 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
17.2 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.1 |
|
Non-remarketing net gains (1) |
|
4.8 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
5.8 |
|
|
$ |
21.3 |
|
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
23.1 |
|
| __________ | ||
(1) |
Includes net gains from scrapping of railcars. |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2026 (In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
1,185.9 |
|
|
$ |
303.2 |
|
|
$ |
27.2 |
|
|
$ |
25.0 |
|
|
$ |
1,541.3 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
64.8 |
|
|
|
— |
|
|
|
64.8 |
|
Other revenue |
|
133.8 |
|
|
|
16.1 |
|
|
|
— |
|
|
|
5.8 |
|
|
|
155.7 |
|
Total Revenues |
|
1,319.7 |
|
|
|
319.3 |
|
|
|
92.0 |
|
|
|
30.8 |
|
|
|
1,761.8 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
377.0 |
|
|
|
56.4 |
|
|
|
— |
|
|
|
2.8 |
|
|
|
436.2 |
|
Depreciation expense |
|
374.0 |
|
|
|
83.4 |
|
|
|
31.8 |
|
|
|
12.2 |
|
|
|
501.4 |
|
Operating lease expense |
|
20.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20.8 |
|
Other operating expense |
|
45.4 |
|
|
|
15.4 |
|
|
|
9.2 |
|
|
|
2.3 |
|
|
|
72.3 |
|
Total Expenses |
|
817.2 |
|
|
|
155.2 |
|
|
|
41.0 |
|
|
|
17.3 |
|
|
|
1,030.7 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
167.8 |
|
|
|
4.4 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
172.4 |
|
Interest expense, net |
|
(322.4 |
) |
|
|
(72.9 |
) |
|
|
(38.1 |
) |
|
|
(4.3 |
) |
|
|
(437.7 |
) |
Other (expense) income |
|
(4.2 |
) |
|
|
3.5 |
|
|
|
16.9 |
|
|
|
3.3 |
|
|
|
19.5 |
|
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
123.3 |
|
|
|
— |
|
|
|
123.3 |
|
Segment Profit |
$ |
343.7 |
|
|
$ |
99.1 |
|
|
$ |
153.1 |
|
|
$ |
12.7 |
|
|
$ |
608.6 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
205.0 |
|
||||||||||||||||
Income taxes (includes $32.4 related to affiliates' earnings) |
|
106.3 |
|
||||||||||||||||
Net Income |
|
297.3 |
|
||||||||||||||||
Less: Net Income Attributable to Non-Controlling Interest |
|
3.2 |
|
||||||||||||||||
Net Income Attributable to GATX |
$ |
294.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
4,720.6 |
|
|
$ |
142.3 |
|
|
$ |
0.2 |
|
|
$ |
29.1 |
|
|
$ |
4,892.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
148.4 |
|
|
$ |
1.4 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
150.0 |
|
Residual sharing income |
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Non-remarketing net gains (1) |
|
21.5 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
— |
|
|
|
24.5 |
|
Asset impairments |
|
(2.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.4 |
) |
|
$ |
167.8 |
|
|
$ |
4.4 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
172.4 |
|
| __________ | ||
(1) |
Includes net gains from scrapping of railcars. |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2025 (In millions) |
||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
786.9 |
|
|
$ |
267.4 |
|
|
$ |
26.6 |
|
|
$ |
24.6 |
|
$ |
1,105.5 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
64.5 |
|
|
|
— |
|
|
64.5 |
|
Other revenue |
|
98.6 |
|
|
|
16.3 |
|
|
|
— |
|
|
|
6.5 |
|
|
121.4 |
|
Total Revenues |
|
885.5 |
|
|
|
283.7 |
|
|
|
91.1 |
|
|
|
31.1 |
|
|
1,291.4 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
261.1 |
|
|
|
55.5 |
|
|
|
— |
|
|
|
3.9 |
|
|
320.5 |
|
Depreciation expense |
|
214.2 |
|
|
|
64.8 |
|
|
|
29.2 |
|
|
|
11.8 |
|
|
320.0 |
|
Operating lease expense |
|
21.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
21.8 |
|
Other operating expense |
|
23.5 |
|
|
|
14.3 |
|
|
|
8.6 |
|
|
|
2.9 |
|
|
49.3 |
|
Total Expenses |
|
520.6 |
|
|
|
134.6 |
|
|
|
37.8 |
|
|
|
18.6 |
|
|
711.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
92.5 |
|
|
|
4.5 |
|
|
|
— |
|
|
|
— |
|
|
97.0 |
|
Interest (expense) income, net |
|
(194.0 |
) |
|
|
(59.8 |
) |
|
|
(36.5 |
) |
|
|
1.0 |
|
|
(289.3 |
) |
Other (expense) income |
|
(7.1 |
) |
|
|
(1.5 |
) |
|
|
0.1 |
|
|
|
11.2 |
|
|
2.7 |
|
Share of affiliates' pre-tax (losses) earnings |
|
(0.2 |
) |
|
|
— |
|
|
|
109.4 |
|
|
|
— |
|
|
109.2 |
|
Segment Profit |
$ |
256.1 |
|
|
$ |
92.3 |
|
|
$ |
126.3 |
|
|
$ |
24.7 |
|
$ |
499.4 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
181.0 |
|
|||||||||||||||
Income taxes (includes $28.1 related to affiliates' earnings) |
|
82.1 |
|
|||||||||||||||
Net Income |
|
236.3 |
|
|||||||||||||||
Less: Net Income Attributable to Non-Controlling Interest |
|
— |
|
|||||||||||||||
Net Income Attributable to GATX |
$ |
236.3 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
502.5 |
|
|
$ |
209.9 |
|
|
$ |
147.1 |
|
|
$ |
17.5 |
|
$ |
877.0 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
81.0 |
|
|
$ |
1.4 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
82.4 |
|
Residual sharing income |
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.4 |
|
Non-remarketing net gains (1) |
|
14.7 |
|
|
|
3.1 |
|
|
|
— |
|
|
|
— |
|
|
17.8 |
|
Asset impairments |
|
(3.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(3.6 |
) |
|
$ |
92.5 |
|
|
$ |
4.5 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
97.0 |
|
| __________ | ||
(1) |
Includes net gains from scrapping of railcars. |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except per share data)
Impact of Tax Adjustments and Other Items on Net Income Attributable to GATX(1) |
|||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
2025 |
|
Net income (GAAP) |
$ |
107.2 |
|
$ |
82.2 |
|
|
$ |
297.3 |
|
$ |
236.3 |
|
Less : Net income attributable to non-controlling interest |
|
2.0 |
|
|
— |
|
|
|
3.2 |
|
|
— |
|
Net income attributable to GATX |
$ |
105.2 |
|
$ |
82.2 |
|
|
$ |
294.1 |
|
$ |
236.3 |
|
Adjustments to pre-tax income attributable to GATX: |
|
|
|
|
|
|
|
||||||
Acquisition-related expenses (2) |
$ |
— |
|
$ |
3.8 |
|
|
$ |
— |
|
$ |
3.8 |
|
Total adjustments to pre-tax income attributable to GATX |
$ |
— |
|
$ |
3.8 |
|
|
$ |
— |
|
$ |
3.8 |
|
Income taxes thereon, based on applicable effective tax rate |
|
— |
|
|
(0.9 |
) |
|
|
— |
|
|
(0.9 |
) |
Adjustments attributable to affiliates' earnings, net of taxes: |
|
|
|
|
|
|
|
||||||
Insurance proceeds (3) |
|
— |
|
|
(8.2 |
) |
|
|
— |
|
|
(8.2 |
) |
Total adjustments attributable to affiliates' earnings, net of taxes |
$ |
— |
|
$ |
(8.2 |
) |
|
$ |
— |
|
$ |
(8.2 |
) |
Net income attributable to GATX, excluding tax adjustments and other items (non-GAAP) |
$ |
105.2 |
|
$ |
76.9 |
|
|
$ |
294.1 |
|
$ |
231.0 |
|
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1) |
|||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
Diluted earnings per share (GAAP) |
$ |
2.92 |
|
$ |
2.25 |
|
$ |
8.11 |
|
$ |
6.46 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
2.92 |
|
$ |
2.10 |
|
$ |
8.11 |
|
$ |
6.31 |
_________ |
||
(1) |
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income attributable to GATX and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income attributable to GATX, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management’s ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends. |
|
(2) |
Expenses associated with the acquisition of Wells Fargo's rail assets. |
|
(3) |
Insurance recoveries related to aircraft spare engines at RRPF for which it had previously recorded impairment losses. |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) (Continued) |
|||||||||||||||||||
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
||||||||||
Total Assets, Excluding Cash, by Segment |
|||||||||||||||||||
Rail North America |
$ |
11,967.8 |
|
|
$ |
12,068.4 |
|
|
$ |
12,242.6 |
|
|
$ |
7,969.0 |
|
|
$ |
7,865.3 |
|
Rail International |
|
2,710.8 |
|
|
|
2,729.1 |
|
|
|
2,738.0 |
|
|
|
2,825.1 |
|
|
|
2,522.9 |
|
Engine Leasing |
|
1,803.8 |
|
|
|
1,763.3 |
|
|
|
1,805.3 |
|
|
|
1,786.9 |
|
|
|
1,805.9 |
|
Other |
|
414.8 |
|
|
|
412.9 |
|
|
|
417.3 |
|
|
|
433.6 |
|
|
|
415.3 |
|
Total Assets, excluding cash |
$ |
16,897.2 |
|
|
$ |
16,973.7 |
|
|
$ |
17,203.2 |
|
|
$ |
13,014.6 |
|
|
$ |
12,609.4 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
|||||||||||||||||||
Unrestricted cash |
$ |
(390.0 |
) |
|
$ |
(747.1 |
) |
|
$ |
(740.9 |
) |
|
$ |
(743.0 |
) |
|
$ |
(696.1 |
) |
Borrowings under bank credit facilities |
|
34.6 |
|
|
|
44.0 |
|
|
|
49.7 |
|
|
|
82.2 |
|
|
|
117.3 |
|
Recourse debt |
|
11,904.0 |
|
|
|
12,289.3 |
|
|
|
12,427.3 |
|
|
|
12,451.7 |
|
|
|
8,751.3 |
|
Operating lease obligations |
|
131.4 |
|
|
|
143.8 |
|
|
|
150.9 |
|
|
|
154.3 |
|
|
|
160.7 |
|
Total debt and lease obligations, net of unrestricted cash |
$ |
11,680.0 |
|
|
$ |
11,730.0 |
|
|
$ |
11,887.0 |
|
|
$ |
11,945.2 |
|
|
$ |
8,333.2 |
|
Total recourse debt (1) |
$ |
11,680.0 |
|
|
$ |
11,730.0 |
|
|
$ |
11,887.0 |
|
|
$ |
11,945.2 |
|
|
$ |
8,333.2 |
|
Total equity |
$ |
3,538.4 |
|
|
$ |
3,589.9 |
|
|
$ |
3,656.2 |
|
|
$ |
3,635.1 |
|
|
$ |
2,718.9 |
|
Recourse Leverage (2) |
|
3.3 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
3.1 |
|
_________ |
||
(1) |
Includes recourse debt, borrowings under bank credit facilities, and operating lease obligations, net of unrestricted cash. |
|
(2) |
Calculated as total recourse debt / total equity. |
|
Reconciliation of Total Assets to Total Assets, Excluding Cash |
|||||||||||||||||||
Total Assets |
$ |
17,287.4 |
|
|
$ |
17,720.9 |
|
|
$ |
17,944.2 |
|
|
$ |
17,999.5 |
|
|
$ |
13,305.8 |
|
Less: cash |
|
(390.2 |
) |
|
|
(747.2 |
) |
|
|
(741.0 |
) |
|
|
(4,984.9 |
) |
|
|
(696.4 |
) |
Total Assets, excluding cash |
$ |
16,897.2 |
|
|
$ |
16,973.7 |
|
|
$ |
17,203.2 |
|
|
$ |
13,014.6 |
|
|
$ |
12,609.4 |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
12.4 |
% |
|
16.8 |
% |
|
22.3 |
% |
|
21.9 |
% |
|
22.8 |
% |
Average renewal term (months) |
52 |
|
|
54 |
|
|
56 |
|
|
58 |
|
|
60 |
|
Renewal Success Rate (2) |
86.1 |
% |
|
82.6 |
% |
|
79.1 |
% |
|
91.4 |
% |
|
87.1 |
% |
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
192,638 |
|
|
196,233 |
|
|
100,593 |
|
|
101,288 |
|
|
102,317 |
|
Railcars added |
325 |
|
|
690 |
|
|
98,535 |
|
|
920 |
|
|
366 |
|
Railcars scrapped |
(731 |
) |
|
(878 |
) |
|
(1,355 |
) |
|
(898 |
) |
|
(478 |
) |
Railcars sold |
(2,129 |
) |
|
(3,407 |
) |
|
(1,540 |
) |
|
(717 |
) |
|
(917 |
) |
Ending balance |
190,103 |
|
|
192,638 |
|
|
196,233 |
|
|
100,593 |
|
|
101,288 |
|
Utilization |
98.4 |
% |
|
98.0 |
% |
|
98.1 |
% |
|
99.0 |
% |
|
98.9 |
% |
Average active railcars |
188,358 |
|
|
190,587 |
|
|
193,195 |
|
|
99,999 |
|
|
100,896 |
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
9,136 |
|
|
9,888 |
|
|
7,032 |
|
|
7,478 |
|
|
7,621 |
|
Railcars added |
140 |
|
|
— |
|
|
3,411 |
|
|
1 |
|
|
172 |
|
Railcars scrapped |
(280 |
) |
|
(251 |
) |
|
(266 |
) |
|
(365 |
) |
|
(285 |
) |
Railcars sold |
— |
|
|
(501 |
) |
|
(289 |
) |
|
(82 |
) |
|
(30 |
) |
Ending balance |
8,996 |
|
|
9,136 |
|
|
9,888 |
|
|
7,032 |
|
|
7,478 |
|
Utilization |
97.9 |
% |
|
97.1 |
% |
|
97.6 |
% |
|
97.1 |
% |
|
96.9 |
% |
Average active railcars |
8,883 |
|
|
9,152 |
|
|
9,895 |
|
|
7,206 |
|
|
7,391 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (4) |
76.9 |
% |
|
76.3 |
% |
|
75.5 |
% |
|
75.7 |
% |
|
76.1 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5) |
2.7 |
% |
|
3.2 |
% |
|
4.2 |
% |
|
1.5 |
% |
|
2.1 |
% |
Year-over-year Change in U.S. Carloadings (chemical) (5) |
2.3 |
% |
|
2.9 |
% |
|
3.8 |
% |
|
0.8 |
% |
|
1.5 |
% |
Year-over-year Change in U.S. Carloadings (petroleum) (5) |
7.7 |
% |
|
7.4 |
% |
|
7.3 |
% |
|
(1.6 |
)% |
|
(1.2 |
)% |
Production Backlog at Railcar Manufacturers (6) |
25,326 |
|
|
23,427 |
|
|
23,128 |
|
|
23,431 |
|
|
25,687 |
|
_________
(1) |
GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The LPI calculation includes all renewal activity based on a 12-month trailing average, and the renewals are weighted by the count of all renewals over the 12-month period. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI. |
|
(2) |
The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers. |
|
(3) |
Excludes boxcar fleet. |
|
(4) |
As reported and revised by the Federal Reserve. |
|
(5) |
As reported by the Association of American Railroads (AAR). |
|
(6) |
As reported by the Railway Supply Institute (RSI). |
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
|||||
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
36,718 |
|
|
36,651 |
|
|
36,484 |
|
|
30,572 |
|
|
30,492 |
|
Railcars added |
206 |
|
|
229 |
|
|
355 |
|
|
6,145 |
|
|
328 |
|
Railcars scrapped or sold |
(212 |
) |
|
(162 |
) |
|
(188 |
) |
|
(233 |
) |
|
(248 |
) |
Ending balance |
36,712 |
|
|
36,718 |
|
|
36,651 |
|
|
36,484 |
|
|
30,572 |
|
Utilization |
96.1 |
% |
|
95.3 |
% |
|
94.7 |
% |
|
94.7 |
% |
|
93.7 |
% |
Average active railcars |
35,138 |
|
|
34,868 |
|
|
34,588 |
|
|
32,671 |
|
|
28,592 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
12,851 |
|
|
12,508 |
|
|
12,165 |
|
|
11,712 |
|
|
11,112 |
|
Railcars added |
98 |
|
|
343 |
|
|
343 |
|
|
453 |
|
|
600 |
|
Ending balance |
12,949 |
|
|
12,851 |
|
|
12,508 |
|
|
12,165 |
|
|
11,712 |
|
Utilization |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Average active railcars |
12,925 |
|
|
12,692 |
|
|
12,275 |
|
|
11,905 |
|
|
11,363 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20261029047681/en/
FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Shari Hellerman
Vice President, Investor Relations and Corporate Communications
312-621-4285
shari.hellerman@gatx.com