GBX — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-10-26

• Effective September 1, 2025, we changed our measurement basis for allocating revenue and expenses associated with syndication activity between the Manufacturing and Leasing & Fleet Management reportable segments. This change reflects the information currently provided to our chief operating decision…

• North American Manufacturing - We manufacture a broad range of freight railcar types used in the North American market. We also place railcars on lease to customers and sell the railcars with leases attached to investors (syndicate railcars). We continue to develop product features and capabilities …

• Tank Cars - We manufacture a variety of tank cars, including general-purpose, pressurized, coiled, lined, insulated and stainless-steel designs. These railcars are used to transport hazardous and non-hazardous commodities, including petroleum products, ethanol, liquefied petroleum gas, petrochemical…

• Intermodal Railcars - We manufacture a portfolio of intermodal railcars, including our Maxi-Stack® I and Maxi-Stack® IV double-stack railcars. These railcars are designed to transport containers stacked two-high on a single platform.

• Automotive - We manufacture railcar equipment designed for the transportation of light vehicles. Our automotive offerings include the Auto-Max® II, Multi-MaxTM and Multi-Max PlusTM products, which are designed to transport automobiles, CUVs, SUVs, trucks and high-sided vans.

Text removed vs the prior filing · source: 10-K · 2025-10-28

• We operate in two reportable segments: Manufacturing and Leasing & Fleet Management. Effective September 1, 2024, we combined our former Maintenance Services and Manufacturing segments into a single reportable segment, Manufacturing. The combined Manufacturing reportable segment reflects a comprehen…

• North American Manufacturing - We manufacture most freight railcar types currently in use in the North American market (other than coal cars) and we continue to expand our product features and functionality. We have demonstrated an ability to capture high market shares in many of the car types we pr…

• Tank Cars - We produce a variety of tank cars, including general purpose, pressurized, coiled, lined, insulated and stainless steel. These are designed for the transportation of hazardous and non-hazardous commodities such as

• petroleum products, ethanol, liquefied petroleum gas, petrochemicals, caustic soda, chlorine, fertilizers, vegetable oils, bio-diesel and various other products.

• Intermodal Railcars - We manufacture a comprehensive portfolio of intermodal railcars. Our most popular intermodal product is our double-stack railcars called Maxi-Stack® I and Maxi-Stack® IV. The double-stack railcar is designed to transport containers stacked two-high on a single platform and prov…

Text added vs the prior filing · source: 10-K · 2026-10-26

• Changes in global trade policies, including the imposition of tariffs under Section 232 of the U.S. Trade Expansion Act of 1962, anti-dumping duties under the U.S. Tariff Act of 1930, and uncertainty regarding the future of the United States Mexico Canada Agreement (USMCA), have increased and may co…

• In April 2026, the U.S. expanded Section 232 tariffs on steel, aluminum and copper to cover freight rail tank cars and a broad range of rail components, including couplers, axles, air brakes and wheels. These tariffs have caused a material increase in the price of our tank cars to our customers in t…

• In May 2026, the CBP issued a Notice of Determination (the Determination) that we evaded antidumping and countervailing duties (AD/CVD) on certain duty orders (the Orders) of certain freight rail couplers (FRCs) attached to newly built railcars during the period of investigation dating to April 2024…

• Based on information currently available, we estimate that the range of reasonably possible loss with respect to

• AD/CVD duties associated with covered FRCs subject to the Determination is from zero to approximately $110 million, based on covered FRCs identified from April 24, 2024 through September 30, 2026. This estimate remains

Text removed vs the prior filing · source: 10-K · 2025-10-28

• Changes in global trade policies, including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations.

• The current U.S. presidential administration has announced a wide range of tariffs on imports from many countries. In response to these tariffs, certain of the impacted countries have announced, and in some cases imposed, counter tariffs on goods that are imported from the U.S. The imposition of suc…

• The theft, loss, or misuse of third-party data collected, used, stored, or transferred by us to run our business, and our attempts to address cybersecurity threats and incidents, whether or not successful, could result in our incurring significant costs related to, for example, disruptions in our op…

• We rely on information technology infrastructure and architecture, including hardware, network, software, people, processes and other infrastructure to provide useful and confidential information to conduct our business. In the ordinary course of business, we collect and store sensitive data and inf…

• We face significant competition serving the markets and geographies our customers operate in. We face competition with respect to price, quality, timing, product performance, technological innovation, warranties, reliability of

Text added vs the prior filing · source: 10-K · 2026-10-26

• We are monitoring developments related to tariffs and trade policies, including those imposed under Section 232 of the Trade Expansion Act of 1962 on steel, aluminum and copper, the impact of the recent Determination on freight couplers from the CBP and the administration of trade policy in North Am…

• We continue to execute on our strategic plan of increasing recurring revenue, expanding aggregate gross margin and raising return on invested capital. Recurring revenue is defined as Leasing & Fleet Management revenue excluding the impact of syndication transactions.

• Results for 2026 reflected challenging conditions in the North American railcar market. Lower demand for new railcars resulted in decreased deliveries, Revenue and earnings compared to the prior year. Despite these conditions, we maintained strong market share and achieved profitability that compare…

• Increased our owned lease fleet by 3,900 railcars, representing a 22.9% increase since August 31, 2025.

• Amended our Leasing senior term debt in May 2026 on similar terms, providing for an additional $125.0 million available under a delayed draw facility through November 2026 and extending the maturity date from August 2027 to May 2032.

Text removed vs the prior filing · source: 10-K · 2025-10-28

• While we believe that macroeconomic uncertainty is affecting demand across the markets in which we operate, we delivered strong results in 2025, which included the following:

• Increased Net earnings attributable to Greenbrier by $44.0 million or 27.5% compared to the prior year.

• Generated $266 million of Net cash provided by operating activities.

• Increased our owned lease fleet by 1,500 railcars, representing a 9.7% increase since August 31, 2024.

• Renewed and extended our $600 million domestic revolving facility and $250 million term loan in May 2025, extending the maturity date of both instruments until 2030.