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GATX Q3 2026 earnings: net income rises to $105M

GATX expects 2026 earnings to modestly exceed the $10.30 high end of its prior per-diluted-share range, excluding Tax Adjustments and Other Items.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

GATX Corporation reported third-quarter 2026 revenue of $598.0 million, compared with $439.3 million a year earlier. Net income attributable to GATX was $105.2 million ($2.92 per diluted share), versus $82.2 million ($2.25) in third-quarter 2025; the 2025 comparison included a net positive $5.3 million, or $0.15 per diluted share, from Tax Adjustments and Other Items.

Rail North America segment profit rose to $121.3 million from $70.7 million, while Rail International segment profit was $35.9 million versus $34.4 million. Engine Leasing reported $51.4 million versus $60.4 million; excluding the 2025 Tax Adjustments and Other Items impact, GATX said 2026 results exceeded the prior-year period. Rail North America utilization was 98.4% at quarter end; investment volume was $171.7 million in the quarter and $4,892.2 million year to date.

GATX now expects 2026 full-year earnings to modestly exceed the high end of its previously announced $9.90 to $10.30 per diluted share range. This outlook excludes any impact from Tax Adjustments and Other Items.

2 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major point. Forward-looking: it has not happened yet and may not happen.GATX expects 2026 earnings to modestly exceed the prior range's $10.30 per diluted share high end.
  • Moderate pointThird-quarter revenue was $598.0 million, versus $439.3 million a year earlier.

Negative

  • Moderate pointEngine Leasing segment profit was $51.4 million versus $60.4 million.

Filing Explained

At September 30, 2026, GATX reported $11,680.0 million in debt and lease obligations net of unrestricted cash and recourse leverage of 3.3, compared with 3.1 a year earlier; the company defines recourse leverage as total recourse debt divided by total equity.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue $598.0 million Third quarter 2026; compared with $439.3 million in third-quarter 2025
Net income attributable to GATX $105.2 million Third quarter 2026; compared with $82.2 million in third-quarter 2025
Diluted earnings per share $2.92 Third quarter 2026; compared with $2.25 in third-quarter 2025
2026 full-year earnings guidance range $9.90 to $10.30 per diluted share Previously announced range; GATX expects earnings to modestly exceed its high end
Rail North America fleet utilization 98.4% At the end of the third quarter of 2026
Engine Leasing segment profit $51.4 million Third quarter 2026; compared with $60.4 million in third-quarter 2025
Investment volume $171.7 million Third quarter 2026
Lease Price Index (LPI) financial
"renewal lease rate change of the Lease Price Index (LPI)"
A lease price index (LPI) tracks how average lease rates change over time for a group of leased assets—most commonly commercial or residential properties—similar to how a thermometer shows temperature trends. Investors use it to gauge rental market strength, forecast landlord income and property valuations, and spot inflation or demand shifts; rising LPI suggests higher future cash flows for owners, while falling LPI can signal weakening rents and pressure on returns.
renewal success rate financial
"The renewal success rate represents the percentage of railcars"
Tax Adjustments and Other Items financial
"net positive impact of $5.3 million, or $0.15 per diluted share"
non-GAAP financial
"diluted earnings per share, excluding tax adjustments and other items (non-GAAP)"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
Total revenue $598.0 million Compared with $439.3 million in third quarter 2025
Net income attributable to GATX $105.2 million Compared with $82.2 million in third quarter 2025
Diluted earnings per share $2.92 Compared with $2.25 in third quarter 2025
Rail North America segment profit $121.3 million Compared with $70.7 million in third quarter 2025
Guidance

GATX expects 2026 full-year earnings to modestly exceed the high end of its previously announced guidance range of $9.90 to $10.30 per diluted share. This guidance excludes any impact from Tax Adjustments and Other Items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were GATX's third-quarter 2026 results?
GATX reported $598.0 million in revenue and $105.2 million in net income attributable to GATX for third-quarter 2026. Diluted earnings per share were $2.92, compared with $2.25 in third-quarter 2025.

What is GATX's 2026 earnings outlook?
GATX expects 2026 full-year earnings to modestly exceed the high end of its previously announced $9.90 to $10.30 per diluted share guidance range. The outlook excludes any impact from Tax Adjustments and Other Items.

What were GATX's Rail North America renewal metrics?
Rail North America reported a 12.4% third-quarter renewal lease rate change, an 86.1% renewal success rate, and a 52-month average renewal term. The fleet utilization figure was 98.4% at quarter end; these fleet statistics and performance discussion exclude the boxcar fleet.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000040211falseNYSE00000402112026-10-292026-10-290000040211exch:XNYS2026-10-292026-10-290000040211exch:XCHI2026-10-292026-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________ 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 29, 2026
GATX Corporation
(Exact name of registrant as specified in its charter)
New York1-232836-1124040
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
233 South Wacker Drive
Chicago, Illinois 60606-7147
(Address of principal executive offices, including zip code)
(312) 621-6200
(Registrant’s telephone number, including area code)
 __________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockGATXNew York Stock Exchange
NYSE Texas, Inc
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure" and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On October 29, 2026, GATX Corporation ("GATX") issued a press release that included unaudited financial statements and supplemental financial information for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

GATX will host a teleconference to discuss its 2026 third-quarter financial results on October 29, 2026, beginning at 11 a.m. Eastern Time. Investors may access the conference by dialing 1-833-461-5787 (or 1-585-542-9983 if dialing from outside the United States) access code 354 489 716.

Item 9.01. Financial Statements and Exhibits.
    (d) Exhibits
Exhibit No.  Description
99.1  
Press Release of GATX Corporation, dated October 29, 2026, reporting GATX Corporation's results for the quarter ended September 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
GATX CORPORATION
(Registrant)
/s/ Thomas A. Ellman
Thomas A. Ellman
Executive Vice President and Chief Financial Officer
October 29, 2026



Exhibit 99.1
NEWS RELEASE
image0a04a01a46.jpg

FOR IMMEDIATE RELEASE

GATX CORPORATION REPORTS 2026 THIRD-QUARTER RESULTS
•Third-quarter diluted earnings per share increased to $2.92 from $2.25 in the prior-year period
•Company expects 2026 full-year earnings to modestly exceed the high end of its previously announced guidance range
•Rail North America fleet utilization increased to 98.4% at quarter end
•Demand for aircraft spare engines remains strong
•Investment volume was $171.7 million in the third quarter and totaled over $4.8 billion year to date


CHICAGO, Oct. 29, 2026—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

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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.



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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.





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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.


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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.













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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






Page 7


FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Shari Hellerman
Vice President, Investor Relations and Corporate Communications
312-621-4285
shari.hellerman@gatx.com


(10/29/2026)



Page 8


GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share data)
 
Three Months Ended
September 30		Nine Months Ended
September 30
2026202520262025
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 











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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions)
 
September 30December 31
20262025
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 



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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended September 30, 2026
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
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 Interest2.0 
  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.









Page 11


GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended September 30, 2025
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
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 expense66.2 
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 income0.1 — — — 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.










Page 12


GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Nine Months Ended September 30, 2026
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
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.










Page 13


GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Nine Months Ended September 30, 2025
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
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.


Page 14


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
September 30		Nine Months Ended
September 30
2026202520262025
Net income (GAAP)$107.2 $82.2 $297.3 $236.3 
Less : Net income attributable to non-controlling interest2.0 — 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
September 30		Nine Months Ended
September 30
2026202520262025
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.



















Page 15


GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In millions, except leverage)
(Continued)

9/30/20266/30/20263/31/202612/31/20259/30/2025
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 International2,710.8 2,729.1 2,738.0 2,825.1 2,522.9 
Engine Leasing1,803.8 1,763.3 1,805.3 1,786.9 1,805.9 
Other414.8 412.9 417.3 433.6 415.3 
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 facilities34.6 44.0 49.7 82.2 117.3 
Recourse debt11,904.0 12,289.3 12,427.3 12,451.7 8,751.3 
Operating lease obligations131.4 143.8 150.9 154.3 160.7 
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 



Page 16


 GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)

9/30/20266/30/20263/31/202612/31/20259/30/2025
Rail North America Statistics
Lease Price Index (LPI) (1)
Average renewal lease rate change12.4 %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 balance192,638 196,233 100,593 101,288 102,317 
Railcars added325 690 98,535 920 366 
Railcars scrapped(731)(878)(1,355)(898)(478)
Railcars sold(2,129)(3,407)(1,540)(717)(917)
Ending balance190,103 192,638 196,233 100,593 101,288 
Utilization98.4 %98.0 %98.1 %99.0 %98.9 %
Average active railcars188,358 190,587 193,195 99,999 100,896 
Boxcar Fleet Rollforward
Beginning balance9,136 9,888 7,032 7,478 7,621 
Railcars added140 — 3,411 1 172 
Railcars scrapped(280)(251)(266)(365)(285)
Railcars sold— (501)(289)(82)(30)
Ending balance8,996 9,136 9,888 7,032 7,478 
Utilization97.9 %97.1 %97.6 %97.1 %96.9 %
Average active railcars8,883 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).








Page 17


GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)

9/30/20266/30/20263/31/202612/31/20259/30/2025
Rail Europe Statistics
Fleet Rollforward
Beginning balance36,718 36,651 36,484 30,572 30,492 
Railcars added206 229 355 6,145 328 
Railcars scrapped or sold(212)(162)(188)(233)(248)
Ending balance36,712 36,718 36,651 36,484 30,572 
Utilization96.1 %95.3 %94.7 %94.7 %93.7 %
Average active railcars35,138 34,868 34,588 32,671 28,592 
Rail India Statistics
Fleet Rollforward
Beginning balance12,851 12,508 12,165 11,712 11,112 
Railcars added98 343 343 453 600 
Ending balance12,949 12,851 12,508 12,165 11,712 
Utilization100.0 %100.0 %100.0 %100.0 %100.0 %
Average active railcars12,925 12,692 12,275 11,905 11,363 


Source: View Original Filing on SEC EDGAR

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