GATX Corporation (NYSE: GATX) today reported 2026 second-quarter net income attributable to GATX of $103.4 million, or $2.84 per diluted share, compared to net income attributable to GATX of $75.5 million, or $2.06 per diluted share, in the second quarter of 2025.

Net income attributable to GATX for the first six months of 2026 was $188.9 million, or $5.19 per diluted share, compared to $154.1 million, or $4.21 per diluted share, in the prior year period.

“GATX delivered strong second-quarter results,” said Robert C. Lyons, president and chief executive officer of GATX. “At Rail North America, fleet demand remained stable for most car types. Utilization of the combined fleet remained high at 98.0% at quarter end, while the renewal lease rate change of GATX’s Lease Price Index was 16.8% with an average renewal term of 54 months. Also, our second-quarter renewal success rate was strong at 82.6%. Our team has done an outstanding job integrating the Wells Fargo Rail fleet, and we are seeing incremental benefits related to the acquisition, both commercially and operationally. We did experience an abnormally high volume of railcar renewals in sand service during the quarter, including some carried over from the period immediately following the acquisition, which placed pressure on second-quarter LPI. Demand for railcars in the secondary market was very strong, as we continue to see robust interest in GATX assets from a broad and deep buyer universe. We generated $67.7 million of gains on asset dispositions in the quarter, bringing our year-to-date total to $117.5 million.

“At Rail International, GATX Rail Europe’s fleet utilization was 95.3% at quarter end, a modest increase from the previous quarter and a very positive outcome given the generally tepid economic conditions across Europe. GATX Rail India’s fleet remains fully utilized, reflecting robust demand for railcars in India.”

Mr. Lyons added, “Engine Leasing performed well as demand for aircraft spare engines remains strong. Global air passenger traffic trends have remained healthy year to date despite the ongoing conflict in the Middle East. We continue to identify attractive aircraft engine investment opportunities, with the RRPF affiliates investing over $660 million year to date.”

Mr. Lyons concluded, “We are increasing our 2026 full-year earnings estimate to be in the range of $9.90 – $10.30 per diluted share. This increase reflects several positive factors: strong operating performance and contributions from each of our segments year to date, favorable supply-demand dynamics that are driving the North American rail market, the pace of integration and positive impacts generated by the Wells Fargo Rail acquisition, and the expectation that our teams across GATX will continue executing at a high level. Combined with disciplined investment in our core markets, we believe we are well-positioned to continue generating attractive growth and returns for our shareholders.”

RAIL NORTH AMERICA

Rail North America reported segment profit of $118.5 million in the second quarter of 2026, compared to $96.6 million in the second quarter of 2025. Year to date 2026, Rail North America reported segment profit of $222.4 million, compared to $185.4 million in the same period of 2025. Higher 2026 second-quarter and year-to-date results were driven by higher revenues and higher gains on asset dispositions, partly offset by higher interest, depreciation and maintenance expenses.

As of June 30, 2026, Rail North America’s fleet totaled approximately 201,800 cars, including over 9,100 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.

Fleet utilization was 98.0% at the end of the second quarter of 2026, compared to 98.1% at the end of the prior quarter, driven by the acquisition of the Wells Fargo Rail’s fleet, and 99.2% at the end of the second quarter of 2025. During the second quarter of 2026, the renewal lease rate change of the Lease Price Index (LPI) was positive 16.8%, compared to 22.3% in the prior quarter and 24.2% in the second quarter of 2025. The average lease renewal term for all cars included in the LPI during the second quarter of 2026 was 54 months, compared to 56 months in the prior quarter and 60 months in the second quarter of 2025. The 2026 second-quarter renewal success rate was 82.6%, compared to 79.1% in the prior quarter and 84.2% in the second quarter of 2025. Rail North America’s investment volume during the second quarter of 2026 was $147.1 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 $31.6 million in the second quarter of 2026, compared to $32.2 million in the second quarter of 2025. Year to date 2026, Rail International reported segment profit of $63.2 million, compared to $57.9 million in the same period of 2025. 2026 second-quarter and year-to-date results were favorably impacted by more railcars on lease, including railcars acquired from DB Cargo in a sale-leaseback transaction, and negatively impacted by higher depreciation and interest expenses.

As of June 30, 2026, GATX Rail Europe’s (GRE) fleet consisted of approximately 36,700 cars. Fleet utilization was 95.3%, compared to 94.7% at the end of the prior quarter and 93.3% at the end of the second quarter of 2025.

As of June 30, 2026, Rail India’s fleet consisted of over 12,800 railcars. Fleet utilization was 100.0%, compared to 100.0% at the end of the prior quarter and 99.6% at the end of the second quarter of 2025.

Rail International’s investment volume during the second quarter of 2026 was $45.6 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 $66.4 million in the second quarter of 2026, compared to segment profit of $27.3 million in the second quarter of 2025. Year to date 2026, segment profit was $101.7 million, compared to segment profit of $65.9 million in the same period of 2025.

Higher 2026 second-quarter and year-to-date results were primarily driven by strong performance at the Rolls-Royce and Partners Finance (RRPF) affiliates. In the second quarter of 2026, both operating and remarketing income at RRPF were higher compared with the same period in 2025.

As of June 30, 2026, RRPF’s portfolio, 50% of which is owned by GATX, consisted of 468 aircraft engines.

As of June 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 second-quarter results. Call details are as follows:

Thursday, July 30, 2026

11 a.m. Eastern Time

Domestic Dial-In: 1-833-461-5787

International Dial-In: 1-585-542-9983

Access Code: 580 832 623

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 July 30, 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:

 

  • a significant decline in customer demand for our transportation assets or services, including as a result of:

    • prolonged inflation or deflation

    • high interest rates

    • weak macroeconomic conditions and world trade policies

    • weak market conditions in our customers’ businesses

    • adverse changes in the price of, or demand for, commodities

    • changes in, or disruptions to, supply chains

    • availability of pipelines, trucks, and other alternative modes of transportation

    • changes in conditions affecting the aviation industry, including geopolitical tensions or conflicts (such as hostilities in the Middle East), geographic exposure, customer concentrations and energy costs

    • customers’ desire to buy, rather than lease, our transportation assets

    • other operational or commercial needs or decisions of our customers

  • reduced demand for our rail assets resulting from a change in pricing, service offerings, or operating conditions of North American railroads

  • competitive factors in our primary markets

  • threatened or implemented changes in tariffs or other global trade policies

  • higher costs associated with increased assignments of our transportation assets following non-renewal of leases or a significant increase in compliance-based maintenance events

  • events having an adverse impact on assets, customers, or regions where we have a concentrated investment exposure

  • financial and operational risks associated with long-term purchase commitments for transportation assets

  • reduced opportunities to generate asset remarketing income

  • inability to successfully consummate and manage ongoing acquisition and divestiture activities, including the recent acquisition of the Wells Fargo fleet

  • reliance on Rolls-Royce in connection with our aircraft spare engine leasing businesses

 

 

  • U.S. and global political conditions and the impact of increased geopolitical tension, civil unrest and armed conflict, including the war with Iran, on domestic and global economic conditions

  • potential obsolescence of our assets

  • risks related to our international operations and expansion into new geographic markets, including laws, regulations, tariffs, taxes, treaties or trade barriers affecting our activities in the countries where we do business

  • failure to successfully negotiate collective bargaining agreements with the unions representing a substantial portion of our employees

  • inability to attract, retain, and motivate qualified personnel, including key management personnel

  • inability to protect our information technology from cybersecurity threats

  • risks posed by artificial intelligence

  • exposure to damages, fines, criminal and civil penalties, and reputational harm arising from a negative outcome in litigation, including claims arising from an accident involving transportation assets

  • changes in, or failure to comply with, laws, rules, and regulations

  • environmental liabilities and remediation costs

  • operational, functional and regulatory risks associated with climate change, severe weather events, and other environmental concerns

  • risks associated with sustainability concerns

  • prolonged inflation or deflation or interest rate increases

  • deterioration of conditions in the capital markets, reductions in our credit ratings, or increases in our financing costs

  • fluctuations in foreign exchange rates

  • inability to obtain cost-effective insurance

  • changes in assumptions, increases in funding requirements or investment losses in our pension and post-retirement plans

  • inadequate allowances to cover credit losses in our portfolio

  • asset impairment charges we may be required to recognize

  • inability to maintain effective internal control over financial reporting and disclosure controls and procedures

  • risks of a widespread health crisis

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In millions, except per share data)

 

Three Months Ended

June 30

 

Six Months Ended

June 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Revenues

 

 

 

 

 

 

 

Lease revenue

$

508.4

 

 

$

368.8

 

 

$

1,027.1

 

 

$

728.4

 

Non-dedicated engine revenue

 

20.6

 

 

 

20.5

 

 

 

42.7

 

 

 

42.0

 

Other revenue

 

51.1

 

 

 

41.2

 

 

 

94.0

 

 

 

81.7

 

Total Revenues

 

580.1

 

 

 

430.5

 

 

 

1,163.8

 

 

 

852.1

 

Expenses

 

 

 

 

 

 

 

Maintenance expense

 

151.8

 

 

 

104.5

 

 

 

292.5

 

 

 

208.0

 

Depreciation expense

 

166.5

 

 

 

106.9

 

 

 

335.7

 

 

 

210.5

 

Operating lease expense

 

7.4

 

 

 

7.1

 

 

 

14.8

 

 

 

14.7

 

Other operating expense

 

24.8

 

 

 

16.5

 

 

 

46.6

 

 

 

32.5

 

Selling, general and administrative expense

 

69.2

 

 

 

58.2

 

 

 

140.5

 

 

 

114.8

 

Total Expenses

 

419.7

 

 

 

293.2

 

 

 

830.1

 

 

 

580.5

 

Other Income (Expense)

 

 

 

 

 

 

 

Net gain on asset dispositions

 

69.7

 

 

 

40.5

 

 

 

120.7

 

 

 

73.9

 

Interest expense, net

 

(143.0

)

 

 

(96.2

)

 

 

(294.0

)

 

 

(191.1

)

Other income (expense)

 

12.7

 

 

 

(1.1

)

 

 

18.9

 

 

 

(3.8

)

Income before Income Taxes and Share of Affiliates’ Earnings

 

99.8

 

 

 

80.5

 

 

 

179.3

 

 

 

150.6

 

Income taxes

 

(26.0

)

 

 

(21.0

)

 

 

(47.2

)

 

 

(37.6

)

Share of affiliates’ earnings, net of taxes

 

37.2

 

 

 

16.0

 

 

 

58.0

 

 

 

41.1

 

Net Income

 

111.0

 

 

 

75.5

 

 

 

190.1

 

 

 

154.1

 

Less: Net Income Attributable to Non-Controlling Interest

 

7.6

 

 

 

—

 

 

 

1.2

 

 

 

—

 

Net Income Attributable to GATX

$

103.4

 

 

$

75.5

 

 

$

188.9

 

 

$

154.1

 

 

 

 

 

 

 

 

 

GATX Share Data

 

 

 

 

 

 

 

Basic earnings per share

$

2.85

 

 

$

2.07

 

 

$

5.20

 

 

$

4.22

 

Average number of common shares

 

35.7

 

 

 

35.9

 

 

 

35.7

 

 

 

35.9

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

2.84

 

 

$

2.06

 

 

$

5.19

 

 

$

4.21

 

Average number of common shares and common share equivalents

 

35.8

 

 

 

35.9

 

 

 

35.8

 

 

 

36.0

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.66

 

 

$

0.61

 

 

$

1.32

 

 

$

1.22

 

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions)

 

June 30

 

December 31

 

 

2026

 

 

 

2025

 

Assets

 

 

 

Cash and Cash Equivalents

$

747.1

 

 

$

743.0

 

Restricted Cash

 

0.1

 

 

 

4,241.9

 

Receivables

 

 

 

Rent and other receivables

 

157.4

 

 

 

109.0

 

Finance leases (as lessor)

 

191.2

 

 

 

104.2

 

Less: allowance for losses

 

(6.2

)

 

 

(6.0

)

 

 

342.4

 

 

 

207.2

 

 

 

 

 

Operating Assets and Facilities

 

19,695.8

 

 

 

15,662.6

 

Less: allowance for depreciation

 

(4,426.1

)

 

 

(4,251.7

)

 

 

15,269.7

 

 

 

11,410.9

 

Lease Assets (as lessee)

 

 

 

Right-of-use assets, net of accumulated depreciation

 

127.5

 

 

 

137.4

 

 

 

 

 

Investments in Affiliated Companies

 

721.9

 

 

 

732.3

 

Goodwill

 

123.4

 

 

 

126.3

 

Other Assets

 

388.8

 

 

 

400.5

 

Total Assets

$

17,720.9

 

 

$

17,999.5

 

 

 

 

 

Liabilities and Equity

 

 

 

Accounts Payable and Accrued Expenses

$

279.2

 

 

$

318.4

 

Debt

 

 

 

Borrowings under bank credit facilities

 

44.0

 

 

 

82.2

 

Recourse debt

 

12,289.3

 

 

 

12,451.7

 

 

 

12,333.3

 

 

 

12,533.9

 

Lease Obligations (as lessee)

 

 

 

Operating leases

 

143.8

 

 

 

154.3

 

 

 

 

 

Deferred Income Taxes

 

1,232.3

 

 

 

1,195.7

 

Other Liabilities

 

142.4

 

 

 

162.1

 

Total Liabilities

 

14,131.0

 

 

 

14,364.4

 

 

 

 

 

Total GATX Shareholders’ Equity

 

2,784.4

 

 

 

2,750.5

 

Non-Controlling Interest

 

805.5

 

 

 

884.6

 

Total Equity

 

3,589.9

 

 

 

3,635.1

 

Total Liabilities and Equity

$

17,720.9

 

 

$

17,999.5 

 

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended June 30, 2026

(In millions)

 

 

 

Rail North America

 

 

Rail International

 

Engine Leasing

 

Other

 

GATX Consolidated

Revenues

 

 

 

 

 

 

 

 

 

Lease revenue

$

391.0

 

 

$

100.3

 

 

$

8.8

 

 

$

8.3

 

 

$

508.4

 

Non-dedicated engine revenue

 

—

 

 

 

—

 

 

 

20.6

 

 

 

—

 

 

 

20.6

 

Other revenue

 

44.0

 

 

 

5.3

 

 

 

—

 

 

 

1.8

 

 

 

51.1

 

Total Revenues

 

435.0

 

 

 

105.6

 

 

 

29.4

 

 

 

10.1

 

 

 

580.1

 

Expenses

 

 

 

 

 

 

 

 

 

Maintenance expense

 

131.8

 

 

 

19.2

 

 

 

—

 

 

 

0.8

 

 

 

151.8

 

Depreciation expense

 

124.0

 

 

 

27.9

 

 

 

10.6

 

 

 

4.0

 

 

 

166.5

 

Operating lease expense

 

7.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7.4

 

Other operating expense

 

15.8

 

 

 

4.9

 

 

 

3.0

 

 

 

1.1

 

 

 

24.8

 

Total Expenses

 

279.0

 

 

 

52.0

 

 

 

13.6

 

 

 

5.9

 

 

 

350.5

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

Net gain on asset dispositions

 

67.7

 

 

 

2.0

 

 

 

—

 

 

 

—

 

 

 

69.7

 

Interest expense, net

 

(103.7

)

 

 

(23.9

)

 

 

(12.7

)

 

 

(2.7

)

 

 

(143.0

)

Other (expense) income

 

(1.5

)

 

 

(0.1

)

 

 

13.7

 

 

 

0.6

 

 

 

12.7

 

Share of affiliates’ pre-tax earnings

 

—

 

 

 

—

 

 

 

49.6

 

 

 

—

 

 

 

49.6

 

Segment Profit

$

118.5

 

 

$

31.6

 

 

$

66.4

 

 

$

2.1

 

 

$

218.6

 

Less:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

69.2

 

Income taxes (includes $12.4 related to affiliates’ earnings)

 

38.4

 

Net Income

 

111.0

 

Less: Net Income Attributable to Non-Controlling Interest

 

7.6

 

Net Income Attributable to GATX

$

103.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Data:

 

 

 

 

 

 

 

 

 

Investment volume

$

147.1

 

 

$

45.6

 

 

$

—

 

 

$

7.8

 

 

$

200.5

 

 

 

 

 

 

 

 

 

 

 

Net Gain on Asset Dispositions

 

 

 

 

 

 

 

 

 

Asset Remarketing Income:

 

 

 

 

 

 

 

 

 

Net gains on disposition of owned assets

$

58.3

 

 

$

0.8

 

 

$

—

 

 

$

—

 

 

$

59.1

 

Residual sharing income

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Non-remarketing net gains (1)

 

9.3

 

 

 

1.2

 

 

 

—

 

 

 

—

 

 

 

10.5

 

 

$

67.7

 

 

$

2.0

 

 

$

—

 

 

$

—

 

 

$

69.7

 

_________

(1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended June 30, 2025

(In millions)

 

 

 

Rail North America

 

 

Rail International

 

Engine Leasing

 

Other

 

GATX Consolidated

Revenues

 

 

 

 

 

 

 

 

 

Lease revenue

$

262.8

 

 

$

89.6

 

 

$

8.1

 

 

$

8.3

 

 

$

368.8

 

Non-dedicated engine revenue

 

—

 

 

 

—

 

 

 

20.5

 

 

 

—

 

 

 

20.5

 

Other revenue

 

32.9

 

 

 

6.2

 

 

 

—

 

 

 

2.1

 

 

 

41.2

 

Total Revenues

 

295.7

 

 

 

95.8

 

 

 

28.6

 

 

 

10.4

 

 

 

430.5

 

Expenses

 

 

 

 

 

 

 

 

 

Maintenance expense

 

84.3

 

 

 

18.9

 

 

 

—

 

 

 

1.3

 

 

 

104.5

 

Depreciation expense

 

71.7

 

 

 

21.7

 

 

 

9.5

 

 

 

4.0

 

 

 

106.9

 

Operating lease expense

 

7.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7.1

 

Other operating expense

 

7.8

 

 

 

4.9

 

 

 

2.9

 

 

 

0.9

 

 

 

16.5

 

Total Expenses

 

170.9

 

 

 

45.5

 

 

 

12.4

 

 

 

6.2

 

 

 

235.0

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

Net gain on asset dispositions

 

39.1

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

40.5

 

Interest expense, net

 

(64.4

)

 

 

(20.0

)

 

 

(11.6

)

 

 

(0.2

)

 

 

(96.2

)

Other (expense) income

 

(2.8

)

 

 

0.5

 

 

 

0.1

 

 

 

1.1

 

 

 

(1.1

)

Share of affiliates’ pre-tax (losses) earnings

 

(0.1

)

 

 

—

 

 

 

22.6

 

 

 

—

 

 

 

22.5

 

Segment Profit

$

96.6

 

 

$

32.2

 

 

$

27.3

 

 

$

5.1

 

 

$

161.2

 

Less:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

58.2

 

Income taxes (includes $6.5 related to affiliates’ earnings)

 

27.5

 

Net Income

 

75.5

 

Less: Net Income Attributable to Non-Controlling Interest

 

—

 

Net Income Attributable to GATX

$

75.5

 

 

 

 

 

 

 

 

 

 

 

Selected Data:

 

 

 

 

 

 

 

 

 

Investment volume

$

132.2

 

 

$

81.1

 

 

$

—

 

 

$

5.7

 

 

$

219.0

 

 

 

 

 

 

 

 

 

 

 

Net Gain on Asset Dispositions

 

 

 

 

 

 

 

 

 

Asset Remarketing Income:

 

 

 

 

 

 

 

 

 

Net gains on disposition of owned assets

$

34.1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

34.1

 

Residual sharing income

 

0.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Non-remarketing net gains (1)

 

4.8

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

6.2

 

 

$

39.1

 

 

$

1.4

 

 

$

—

 

 

$

—

 

 

$

40.5

 

__________

(1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Six Months Ended June 30, 2026

(In millions)

 

 

 

Rail North America

 

 

Rail International

 

Engine Leasing

 

Other

 

GATX Consolidated

Revenues

 

 

 

 

 

 

 

 

 

Lease revenue

$

791.7

 

 

$

200.7

 

 

$

18.3

 

 

$

16.4

 

 

$

1,027.1

 

Non-dedicated engine revenue

 

—

 

 

 

—

 

 

 

42.7

 

 

 

—

 

 

 

42.7

 

Other revenue

 

80.0

 

 

 

10.1

 

 

 

—

 

 

 

3.9

 

 

 

94.0

 

Total Revenues

 

871.7

 

 

 

210.8

 

 

 

61.0

 

 

 

20.3

 

 

 

1,163.8

 

Expenses

 

 

 

 

 

 

 

 

 

Maintenance expense

 

252.4

 

 

 

38.3

 

 

 

—

 

 

 

1.8

 

 

 

292.5

 

Depreciation expense

 

250.7

 

 

 

55.7

 

 

 

21.2

 

 

 

8.1

 

 

 

335.7

 

Operating lease expense

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.8

 

Other operating expense

 

28.9

 

 

 

10.2

 

 

 

6.1

 

 

 

1.4

 

 

 

46.6

 

Total Expenses

 

546.8

 

 

 

104.2

 

 

 

27.3

 

 

 

11.3

 

 

 

689.6

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

Net gain on asset dispositions

 

117.5

 

 

 

3.1

 

 

 

—

 

 

 

0.1

 

 

 

120.7

 

Interest expense, net

 

(217.7

)

 

 

(48.9

)

 

 

(26.0

)

 

 

(1.4

)

 

 

(294.0

)

Other (expense) income

 

(2.3

)

 

 

2.4

 

 

 

16.8

 

 

 

2.0

 

 

 

18.9

 

Share of affiliates’ pre-tax earnings

 

—

 

 

 

—

 

 

 

77.2

 

 

 

—

 

 

 

77.2

 

Segment Profit

$

222.4

 

 

$

63.2

 

 

$

101.7

 

 

$

9.7

 

 

$

397.0

 

Less:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

140.5

 

Income taxes (includes $19.2 related to affiliates’ earnings)

 

66.4

 

Net Income

 

190.1

 

Less: Net Income Attributable to Non-Controlling Interest

 

1.2

 

Net Income Attributable to GATX

$

188.9

 

 

 

 

 

 

 

 

 

 

 

Selected Data:

 

 

 

 

 

 

 

 

 

Investment volume

$

4,611.3

 

 

$

93.0

 

 

$

0.2

 

 

$

16.0

 

 

$

4,720.5

 

 

 

 

 

 

 

 

 

 

 

Net Gain on Asset Dispositions

 

 

 

 

 

 

 

 

 

Asset Remarketing Income:

 

 

 

 

 

 

 

 

 

Net gains on disposition of owned assets

$

102.3

 

 

$

0.8

 

 

$

—

 

 

$

0.1

 

 

$

103.2

 

Residual sharing income

 

0.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Non-remarketing net gains (1)

 

16.7

 

 

 

2.3

 

 

 

—

 

 

 

—

 

 

 

19.0

 

Asset impairments

 

(1.7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.7

)

 

$

117.5

 

 

$

3.1

 

 

$

—

 

 

$

0.1

 

 

$

120.7

 

_________

(1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Six Months Ended June 30, 2025

(In millions)

 

 

 

Rail North America

 

 

Rail International

 

Engine Leasing

 

Other

 

GATX Consolidated

Revenues

 

 

 

 

 

 

 

 

 

Lease revenue

$

522.8

 

 

$

173.2

 

 

$

16.2

 

 

$

16.2

 

$

728.4

 

Non-dedicated engine revenue

 

—

 

 

 

—

 

 

 

42.0

 

 

 

—

 

 

42.0

 

Other revenue

 

66.2

 

 

 

11.1

 

 

 

—

 

 

 

4.4

 

 

81.7

 

Total Revenues

 

589.0

 

 

 

184.3

 

 

 

58.2

 

 

 

20.6

 

 

852.1

 

Expenses

 

 

 

 

 

 

 

 

 

Maintenance expense

 

168.0

 

 

 

37.4

 

 

 

—

 

 

 

2.6

 

 

208.0

 

Depreciation expense

 

142.1

 

 

 

41.8

 

 

 

18.9

 

 

 

7.7

 

 

210.5

 

Operating lease expense

 

14.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

14.7

 

Other operating expense

 

15.3

 

 

 

9.5

 

 

 

5.7

 

 

 

2.0

 

 

32.5

 

Total Expenses

 

340.1

 

 

 

88.7

 

 

 

24.6

 

 

 

12.3

 

 

465.7

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

Net gain on asset dispositions

 

71.2

 

 

 

2.7

 

 

 

—

 

 

 

—

 

 

73.9

 

Interest (expense) income, net

 

(129.1

)

 

 

(39.1

)

 

 

(23.8

)

 

 

0.9

 

 

(191.1

)

Other (expense) income

 

(5.5

)

 

 

(1.3

)

 

 

0.1

 

 

 

2.9

 

 

(3.8

)

Share of affiliates’ pre-tax (losses) earnings

 

(0.1

)

 

 

—

 

 

 

56.0

 

 

 

—

 

 

55.9

 

Segment Profit

$

185.4

 

 

$

57.9

 

 

$

65.9

 

 

$

12.1

 

$

321.3

 

Less:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

114.8

 

Income taxes (includes $14.8 related to affiliates’ earnings)

 

52.4

 

Net Income

 

154.1

 

Less: Net Income Attributable to Non-Controlling Interest

 

—

 

Net Income Attributable to GATX

$

154.1

 

 

 

 

 

 

 

 

 

 

 

Selected Data:

 

 

 

 

 

 

 

 

 

Investment volume

$

359.9

 

 

$

143.8

 

 

$

—

 

 

$

11.6

 

$

515.3

 

 

 

 

 

 

 

 

 

 

 

Net Gain on Asset Dispositions

 

 

 

 

 

 

 

 

 

Asset Remarketing Income:

 

 

 

 

 

 

 

 

 

Net gains on disposition of owned assets

$

64.6

 

 

$

0.6

 

 

$

—

 

 

$

—

 

$

65.2

 

Residual sharing income

 

0.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

0.3

 

Non-remarketing net gains (1)

 

9.9

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

12.0

 

Asset impairments

 

(3.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

(3.6

)

 

$

71.2

 

 

$

2.7

 

 

$

—

 

 

$

—

 

$

73.9

 

_________

(1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(In millions, except leverage)

 

6/30/2026

 

3/31/2026

 

12/31/2025

 

9/30/2025

 

6/30/2025

Total Assets, Excluding Cash, by Segment

Rail North America

$

12,068.4

 

 

$

12,242.6

 

 

$

7,969.0

 

 

$

7,865.3

 

 

$

7,886.8

 

Rail International

 

2,729.1

 

 

 

2,738.0

 

 

 

2,825.1

 

 

 

2,522.9

 

 

 

2,514.9

 

Engine Leasing

 

1,763.3

 

 

 

1,805.3

 

 

 

1,786.9

 

 

 

1,805.9

 

 

 

1,626.5

 

Other

 

412.9

 

 

 

417.3

 

 

 

433.6

 

 

 

415.3

 

 

 

416.8

 

Total Assets, excluding cash

$

16,973.7

 

 

$

17,203.2

 

 

$

13,014.6

 

 

$

12,609.4

 

 

$

12,445.0

 

Debt and Lease Obligations, Net of Unrestricted Cash

Unrestricted cash

$

(747.1

)

 

$

(740.9

)

 

$

(743.0

)

 

$

(696.1

)

 

$

(754.6

)

Borrowings under bank credit facilities

 

44.0

 

 

 

49.7

 

 

 

82.2

 

 

 

117.3

 

 

 

106.1

 

Recourse debt

 

12,289.3

 

 

 

12,427.3

 

 

 

12,451.7

 

 

 

8,751.3

 

 

 

8,741.3

 

Operating lease obligations

 

143.8

 

 

 

150.9

 

 

 

154.3

 

 

 

160.7

 

 

 

168.4

 

Total debt and lease obligations, net of unrestricted cash

$

11,730.0

 

 

$

11,887.0

 

 

$

11,945.2

 

 

$

8,333.2

 

 

$

8,261.2

 

Total recourse debt (1)

$

11,730.0

 

 

$

11,887.0

 

 

$

11,945.2

 

 

$

8,333.2

 

 

$

8,261.2

 

Total equity

$

3,589.9

 

 

$

3,656.2

 

 

$

3,635.1

 

 

$

2,718.9

 

 

$

2,669.7

 

Recourse Leverage (2)

 

3.3

 

 

 

3.3

 

 

 

3.3

 

 

 

3.1

 

 

 

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

$

17,720.9

 

 

$

17,944.2

 

 

$

17,999.5

 

 

$

13,305.8

 

 

$

13,200.2

 

Less: cash

 

(747.2

)

 

 

(741.0

)

 

 

(4,984.9

)

 

 

(696.4

)

 

 

(755.2

)

Total Assets, excluding cash

$

16,973.7

 

 

$

17,203.2

 

 

$

13,014.6

 

 

$

12,609.4

 

 

$

12,445.0

 

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(Continued)

 

6/30/2026

 

3/31/2026

 

12/31/2025

 

9/30/2025

 

6/30/2025

Rail North America Statistics

 

 

 

 

 

 

 

 

 

Lease Price Index (LPI) (1)

 

 

 

 

 

 

 

 

 

Average renewal lease rate change

16.8

%

 

22.3

%

 

21.9

%

 

22.8

%

 

24.2

%

Average renewal term (months)

54

 

 

56

 

 

58

 

 

60

 

 

60

 

Renewal Success Rate (2)

82.6

%

 

79.1

%

 

91.4

%

 

87.1

%

 

84.2

%

Fleet Rollforward (3)

 

 

 

 

 

 

 

 

 

Beginning balance

196,233

 

 

100,593

 

 

101,288

 

 

102,317

 

 

103,310

 

Railcars added

690

 

 

98,535

 

 

920

 

 

366

 

 

595

 

Railcars scrapped

(878

)

 

(1,355

)

 

(898

)

 

(478

)

 

(614

)

Railcars sold

(3,407

)

 

(1,540

)

 

(717

)

 

(917

)

 

(974

)

Ending balance

192,638

 

 

196,233

 

 

100,593

 

 

101,288

 

 

102,317

 

Utilization

98.0

%

 

98.1

%

 

99.0

%

 

98.9

%

 

99.2

%

Average active railcars

190,587

 

 

193,195

 

 

99,999

 

 

100,896

 

 

102,073

 

Boxcar Fleet Rollforward

 

 

 

 

 

 

 

 

 

Beginning balance

9,888

 

 

7,032

 

 

7,478

 

 

7,621

 

 

7,990

 

Railcars added

—

 

 

3,411

 

 

1

 

 

172

 

 

27

 

Railcars scrapped

(251

)

 

(266

)

 

(365

)

 

(285

)

 

(396

)

Railcars sold

(501

)

 

(289

)

 

(82

)

 

(30

)

 

—

 

Ending balance

9,136

 

 

9,888

 

 

7,032

 

 

7,478

 

 

7,621

 

Utilization

97.1

%

 

97.6

%

 

97.1

%

 

96.9

%

 

98.7

%

Average active railcars

9,152

 

 

9,895

 

 

7,206

 

 

7,391

 

 

7,773

 

Rail North America Industry Statistics

 

 

 

 

 

 

 

 

 

Manufacturing Capacity Utilization Index (4)

76.1

%

 

75.5

%

 

75.7

%

 

76.1

%

 

77.8

%

Year-over-year Change in U.S. Carloadings (excl. intermodal) (5)

3.2

%

 

4.2

%

 

1.5

%

 

2.1

%

 

2.4

%

Year-over-year Change in U.S. Carloadings (chemical) (5)

2.9

%

 

3.8

%

 

0.8

%

 

1.5

%

 

1.6

%

Year-over-year Change in U.S. Carloadings (petroleum) (5)

7.4

%

 

7.3

%

 

(1.6

)%

 

(1.2

)%

 

(0.9

)%

Production Backlog at Railcar Manufacturers (6)

23,427

 

 

23,128

 

 

23,431

 

 

25,687

 

 

29,871

 
_________

(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)

 

6/30/2026

 

3/31/2026

 

12/31/2025

 

9/30/2025

 

6/30/2025

Rail Europe Statistics

 

 

 

 

 

 

 

 

 

Fleet Rollforward

 

 

 

 

 

 

 

 

 

Beginning balance

36,651

 

 

36,484

 

 

30,572

 

 

30,492

 

 

30,223

 

Railcars added

229

 

 

355

 

 

6,145

 

 

328

 

 

579

 

Railcars scrapped or sold

(162

)

 

(188

)

 

(233

)

 

(248

)

 

(310

)

Ending balance

36,718

 

 

36,651

 

 

36,484

 

 

30,572

 

 

30,492

 

Utilization

95.3

%

 

94.7

%

 

94.7

%

 

93.7

%

 

93.3

%

Average active railcars

34,868

 

 

34,588

 

 

32,671

 

 

28,592

 

 

28,572

 

 

 

 

 

 

 

 

 

 

 

Rail India Statistics

 

 

 

 

 

 

 

 

 

Fleet Rollforward

 

 

 

 

 

 

 

 

 

Beginning balance

12,508

 

 

12,165

 

 

11,712

 

 

11,112

 

 

10,895

 

Railcars added

343

 

 

343

 

 

453

 

 

600

 

 

217

 

Ending balance

12,851

 

 

12,508

 

 

12,165

 

 

11,712

 

 

11,112

 

Utilization

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

 

99.6

%

Average active railcars

12,692

 

 

12,275

 

 

11,905

 

 

11,363

 

 

10,945

 

 

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