Greenbrier FY2026 net earnings fall to $79M

Greenbrier's fiscal 2027 guidance sets revenue at $2.8 billion–$3.2 billion and diluted EPS at $2.75–$3.75.

Rhea-AI Filing Summary

The Greenbrier Companies, Inc. (GBX) reported fiscal 2026 revenue of $2,461.1 million, versus $3,240.2 million in fiscal 2025, and net earnings attributable to Greenbrier of $79.0 million, versus $204.1 million. Fiscal diluted EPS was $2.49 and Core EBITDA was $299.8 million. In Q4, revenue was $591.0 million and net earnings attributable to Greenbrier were $8.7 million, or $0.27 per diluted share; Core diluted EPS was $0.39. Fiscal operating cash flow was $39.6 million, compared with $265.7 million.

As of August 31, 2026, railcar backlog was 14,000 units, with an estimated value of $2.1 billion, following 3,400 Q4 orders valued at $600 million. The owned lease fleet was 20,900 railcars, with 98% utilization. The board approved a $0.34 quarterly dividend payable December 2, 2026, to shareholders of record November 11, 2026. Fiscal 2027 guidance calls for revenue of $2.8 billion–$3.2 billion, operating margin of 7.0%–7.5%, diluted EPS of $2.75–$3.75, and net capital expenditures of $225 million–$275 million, net of equipment sales proceeds.

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Positive

• None.

Negative

• Moderate pointFiscal 2026 revenue was $2,461.1 million, versus $3,240.2 million in fiscal 2025.
• Moderate pointFiscal 2026 net earnings attributable to Greenbrier were $79.0 million, versus $204.1 million in fiscal 2025.
• Moderate pointFiscal 2026 operating cash flow was $39.6 million, compared with $265.7 million in fiscal 2025.

Filing Explained

Fiscal 2026 operating cash flow was lower than in fiscal 2025.

This October 26 Form 8-K furnishes Greenbrier’s completed fiscal 2026 results.

Fiscal 2026 operating cash flow was lower than in fiscal 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $2,461.1 million Net earnings attributable to Greenbrier: $79.0 million Diluted earnings per common share: $2.49 +5 more

8 metrics

Revenue $2,461.1 million Fiscal 2026; $3,240.2 million in fiscal 2025

Net earnings attributable to Greenbrier $79.0 million Fiscal 2026; $204.1 million in fiscal 2025

Diluted earnings per common share $2.49 Fiscal 2026; $6.35 in fiscal 2025

Net cash provided by operating activities $39.6 million Fiscal 2026; $265.7 million in fiscal 2025

Core EBITDA $299.8 million Fiscal 2026

Railcar backlog 14,000 units As of August 31, 2026; estimated value of $2.1 billion

Quarterly dividend $0.34 per share Approved; payable December 2, 2026

Fiscal 2027 revenue guidance $2.8 billion–$3.2 billion Fiscal 2027 guidance

Key Terms

Core EBITDA, non-recourse debt, syndication activity, facility-related rationalization costs, +1 more

5 terms

Core EBITDA financial

"Core EBITDA is not a financial measure under generally accepted accounting principles"

Core EBITDA is a measure of a company's earnings from its regular business operations before interest, taxes, depreciation and amortization, with one-off, non-recurring or unusual items removed. Investors use it to see the underlying, repeatable cash-generating performance — like checking how well a store sells its usual products after ignoring a one-time sale or a one-off repair — which helps compare companies and judge ongoing profitability.

non-recourse debt financial

"Total Lease fleet and other non-recourse debt"

A non-recourse debt is a loan where the lender can seize only the specific asset pledged as security (for example, a building or equipment) if the borrower defaults, and cannot pursue the borrower’s other assets or income. Investors care because this limits how much downside the borrower’s other holdings absorb and changes who bears loss in trouble: lenders face higher recovery risk while equity holders can be wiped out more easily, affecting valuation and risk assessment.

syndication activity financial

"revenue and expenses associated with syndication activity"

facility-related rationalization costs financial

"Facility-related rationalization costs"

Fleet leverage financial

"Fleet leverage %"

Earnings Snapshot

Revenue: $2,461.1 million · Guidance included

Fiscal year ended August 31, 2026

Revenue $2,461.1 million Fiscal 2025: $3,240.2 million

Net earnings attributable to Greenbrier $79.0 million Fiscal 2025: $204.1 million

Diluted earnings per common share $2.49 Fiscal 2025: $6.35

Net cash provided by operating activities $39.6 million Fiscal 2025: $265.7 million

Guidance

Fiscal 2027: North American industry railcar deliveries 26,000–28,000 units; total revenue $2.8 billion–$3.2 billion; operating margin 7.0%–7.5%; EPS $2.75–$3.75; total capital expenditures, net of equipment sales proceeds, $225 million–$275 million.

FAQ

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

What revenue and earnings did GBX report for fiscal 2026?

The Greenbrier Companies reported fiscal 2026 revenue of $2,461.1 million and net earnings attributable to Greenbrier of $79.0 million. Diluted earnings per common share were $2.49.

What is GBX's fiscal 2027 guidance?

Greenbrier's fiscal 2027 guidance calls for total revenue of $2.8 billion–$3.2 billion, operating margin of 7.0%–7.5%, and EPS of $2.75–$3.75. It also estimates North American industry railcar deliveries of 26,000–28,000 units and total capital expenditures, net, of $225 million–$275 million.

How large is GBX's railcar backlog?

As of August 31, 2026, Greenbrier's backlog was 14,000 railcars, with an estimated value of $2.1 billion. The company reported 3,400 Q4 orders valued at $600 million.

When is GBX's approved quarterly dividend payable?

The approved dividend of $0.34 per share is payable December 2, 2026, to shareholders of record November 11, 2026. Greenbrier described it as its 50th consecutive quarterly dividend.

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

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Available on EDGAR 10/26/2026 - 04:10 PM EDT Accepted by SEC EDGAR 10/26/2026 - 04:10 PM EDT Learn about SEC filing dates

false0000923120GREENBRIER COMPANIES INC00009231202026-10-262026-10-26

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 26, 2026

THE GREENBRIER COMPANIES, INC.

(Exact name of Registrant as Specified in Its Charter)

Oregon			001-13146	93-0816972
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
One Centerpointe Drive Suite 200
Lake Oswego, Oregon				97035
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (503) 684-7000

N/A

(Former Name or Former Address, if Changed Since Last Report)

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 communications 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 class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock without par value		GBX		New York Stock Exchange

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.

On October 26, 2026, The Greenbrier Companies, Inc. (the “Company”) issued an earnings release reporting the Company’s financial results for the fourth fiscal quarter and year ended August 31, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Earnings Release dated October 26, 2026 of The Greenbrier Companies, Inc. reporting the Company’s financial results for the fourth fiscal quarter and year ended August 31, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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.

				THE GREENBRIER COMPANIES, INC.
Date: October 26, 2026				By:		/s/ Michael J. Donfris
						Michael J. Donfris
						Senior Vice President, Chief Financial Officer

	Exhibit 99.1
Earnings Release
One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000	www.gbrx.com

October 26, 2026		Contact:		Travis Williams, Investor Relations
				Jack Isselmann, Media Relations
				Ph: 503-684-7000

Greenbrier Reports Fourth Quarter and Fiscal 2026 Results

The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its fourth fiscal quarter and year ended August 31, 2026.

Fourth Quarter and Full Year Highlights

•Q4 new railcar orders for 3,400 units valued at $600 million and deliveries of 3,600 units resulted in new railcar backlog of 14,000 units with an estimated value of $2.1 billion as of August 31, 2026.

•Completed programmatic restoration work on approximately 2,200 railcars during fiscal 2026; Not included in backlog, these units support volume in our manufacturing plants and fixed cost absorption.

•Q4 Net earnings attributable to Greenbrier were $9 million, or $0.27 per diluted share. Results include $4 million ($0.12 per share) of expense related to facility rationalization costs, net of tax and noncontrolling interest.

•Q4 Core net earnings attributable to Greenbrier were $12 million or $0.39 per diluted share.

•Core EBITDA was $72 million in Q4, or 12% of revenue.

•Fiscal 2026 Net earnings attributable to Greenbrier were $79 million, or $2.49 per diluted share. Results include $4 million ($0.11 per share) of expense related to facility rationalization costs, net of tax and noncontrolling interest.

•Core net earnings attributable to Greenbrier in fiscal 2026 were $83 million, or $2.60 per diluted share.

•Fiscal 2026 Core EBITDA was $300 million, or 12% of revenue.

•Owned lease fleet grew 23% in fiscal 2026, to 20,900 units, maintaining strong utilization of 98%.

•Returned $56 million to shareholders in fiscal 2026 through dividends and share repurchases.

•Board approved quarterly dividend of $0.34 per share, payable on December 2, 2026 to shareholders of record as of November 11, 2026, representing Greenbrier's 50th consecutive quarterly dividend.

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 2

“Order activity improved in the fourth quarter despite tariff uncertainty in our North America markets, particularly in tank cars, triggering delays in long-lived railcar investment decisions,” said Lorie L. Tekorius, CEO and President. “The first sequential increase in backlog since fiscal 2024 represents a pivot by freight shippers toward moving goods by rail in North America. Our lease fleet grew by 23% to nearly 21,000 railcars at year end, with utilization of 98%, further establishing a recurring revenue base supporting results across market conditions and industry cycles.”

Tekorius added, “Rail traffic increases and elevated diesel prices have boosted inquiries in North America early in fiscal 2027, as freight shippers seek increased access to rail. Our focus on operational execution, cost management and disciplined growth of the lease fleet continues. Advancing these priorities will improve through-cycle performance and drive long-term shareholder value.”

Financial Summary

	Q4 FY26		Q3 FY26		Sequential Comparison – Main Drivers
Revenue	$591.0M		$576.5M		Favorable product mix and higher leasing revenue
Aggregate gross margin	$79.8M		$81.1M		Syndication timing and operational inefficiencies
Aggregate gross margin %	13.5%		14.1%
Selling and administrative expense	$56.0M		$55.2M
Net gain on disposition of equipment	$1.7M		$6.0M		Similar levels of asset sales as part of regular lease fleet optimization, offset by facility-related rationalization costs
Earnings from operations	$25.5M		$31.9M		Facility-related rationalization costs of $4 million and lower aggregate gross margin
Operating margin %	4.3%		5.5%
Core EBITDA (1)	$72.3M		$69.1M		Excludes facility-related rationalization costs
Effective tax rate	6.5%		19.5%		Mix of income in operating jurisdictions and foreign currency impact
Core Diluted EPS (1)	$0.39		$0.60		Excludes facility-related rationalization costs

(1)See reconciliation at conclusion of Supplemental Information.

Segment Summary

	Q4 FY26		Q3 FY26		Sequential Comparison – Main Drivers
Manufacturing (1)
Revenue	$538.9M		$529.1M		Favorable product mix
Gross margin %	9.2%		9.9%		Syndication timing and operational inefficiencies
Earnings from operations	$21.1M		$30.4M		Facility-related rationalization costs of $4 million and lower gross margin
Operating margin % (2)	3.9%		5.7%
Deliveries (3)	3,200		3,200

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 3

Leasing & Fleet Management
Revenue	$52.1M		$47.4M		Growth of lease fleet, partially offset by lower interim rent on railcars held for syndication
Gross margin %	57.6%		60.3%		Higher fleet maintenance expense, partially offset by lease fleet growth
Earnings from operations	$30.4M		$29.2M
Operating margin % (2)	58.3%		61.6%
Owned fleet (units)	20,900		20,600		Focused lease fleet growth
Fleet utilization	98.0%		99.0%		Continued strong fleet utilization

(1)Effective September 1, 2025, the Company changed its methodology for allocating revenue and expenses associated with syndication activity between the two reportable segments. Syndication activity is now being reflected in the Manufacturing segment. This change had no impact on the Company’s consolidated results of operations or financial position and prior period segment results have been recast to conform to the current period presentation.

(2)See segment information in Supplemental Information.

(3)Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

Business Outlook

Greenbrier is providing the following guidance for fiscal 2027:

	FY27 Guidance
Operating Metrics
Industry Deliveries (1)	26,000 - 28,000 units
Total Revenue	$2.8B - $3.2B
Operating Margin %	7.0% - 7.5%
EPS	$2.75 - $3.75
Total Capital Expenditures, Net(2)	$225M - $275M

(1)Greenbrier's estimate for North American Industry Railcar Deliveries during the fiscal period.

(2)Total capital expenditures, net of equipment sales proceeds.

Conference Call

Greenbrier will host a live conference call to discuss the fourth quarter and fiscal 2026 results today at 2:00 p.m. PT. The audio webcast and supplemental materials can be accessed via Greenbrier's investor relations website (https://investors.gbrx.com/). To participate in the call please dial 1-888-317-6003, domestically, or 1-412-317-6061 internationally, and use passcode #5771220.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America. Greenbrier owns a lease fleet of approximately 20,900 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com.

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 4

THE GREENBRIER COMPANIES, INC.

Consolidated Balance Sheets

(In millions, unaudited)

		August 31, 2026				May 31, 2026				February 28, 2026				November 30, 2025				August 31,  2025
Assets
Cash and cash equivalents		$	235.1			$	273.7			$	521.8			$	361.8			$	306.1
Restricted cash			22.1				49.1				41.2				13.6				20.3
Accounts receivable, net			485.0				463.4				463.5				509.2				526.4
Income tax receivable			30.1				18.0				12.3				18.5				44.9
Inventories			742.1				619.3				621.1				680.3				688.3
Leased railcars for syndication			349.2				426.7				194.7				178.8				225.9
Equipment on operating leases, net			1,395.2				1,298.4				1,295.4				1,330.9				1,328.5
Property, plant and equipment, net			691.1				708.5				719.3				719.1				726.7
Investment in unconsolidated affiliates			97.6				96.5				90.8				98.9				99.3
Intangibles and other assets, net			256.4				264.7				249.3				254.7				264.2
Goodwill			129.8				129.9				130.3				129.8				130.0
		$	4,433.7			$	4,348.2			$	4,339.7			$	4,295.6			$	4,360.6
Liabilities and Equity
Accounts payable and accrued liabilities		$	622.8			$	574.2			$	580.5			$	577.5			$	651.7
Debt, net
Recourse			771.9				733.3				720.5				794.8				771.2
Non-recourse			1,065.5				1,072.3				1,042.2				971.4				979.7
			1,837.4				1,805.6				1,762.7				1,766.2				1,750.9
Deferred income taxes			187.5				179.1				174.8				186.7				180.2
Deferred revenue			64.5				61.1				68.6				29.7				44.3
Contingently redeemable noncontrolling interest			30.3				31.9				33.0				34.5				35.8
Total equity – Greenbrier			1,573.5				1,573.2				1,564.6				1,542.2				1,532.5
Noncontrolling interest			117.7				123.1				155.5				158.8				165.2
Total equity			1,691.2				1,696.3				1,720.1				1,701.0				1,697.7
		$	4,433.7			$	4,348.2			$	4,339.7			$	4,295.6			$	4,360.6

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 5

THE GREENBRIER COMPANIES, INC.

Consolidated Statements of Income

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

		Year ended August 31,
		2026				2025				2024
Revenue
Manufacturing		$	2,266.5			$	3,046.9			$	3,371.2
Leasing & Fleet Management			194.6				193.3				173.5
			2,461.1				3,240.2				3,544.7
Cost of revenue
Manufacturing			2,051.0				2,562.4				2,921.6
Leasing & Fleet Management			76.4				70.3				64.6
			2,127.4				2,632.7				2,986.2
Margin			333.7				607.5				558.5
Selling and administrative expense			228.5				263.3				247.1
Net gain on disposition of equipment			(38.4	)			(15.9	)			(13.1	)
Earnings from operations			143.6				360.1				324.5
Interest and foreign exchange			65.0				75.7				100.8
Earnings before income tax and earnings from    unconsolidated affiliates			78.6				284.4				223.7
Income tax expense			(17.4	)			(91.4	)			(62.0	)
Earnings before earnings from unconsolidated affiliates			61.2				193.0				161.7
Earnings from unconsolidated affiliates			20.4				20.1				11.0
Net earnings			81.6				213.1				172.7
Net earnings attributable to noncontrolling interest			(2.6	)			(9.0	)			(12.6	)
Net earnings attributable to Greenbrier		$	79.0			$	204.1			$	160.1
Basic earnings per common share		$	2.55			$	6.55			$	5.15
Diluted earnings per common share		$	2.49			$	6.35			$	4.96
Weighted average common shares:
Basic			30,937				31,171				31,102
Diluted			31,772				32,139				32,363
Dividends per common share		$	1.32			$	1.24			$	1.20

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 6

THE GREENBRIER COMPANIES, INC.

Consolidated Statements of Cash Flows

(In millions, unaudited)

		Year ended August 31,
		2026				2025				2024
Cash flows from operating activities
Net earnings		$	81.6			$	213.1			$	172.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes			12.5				42.1				16.8
Depreciation and amortization			130.3				121.5				115.6
Net gain on disposition of equipment			(38.4	)			(15.9	)			(13.1	)
Stock based compensation expense			15.5				17.5				17.1
Earnings from unconsolidated affiliates			(20.4	)			(20.1	)			(11.0	)
Noncontrolling interest adjustments			(5.8	)			7.6				3.9
Other			(1.3	)			3.4				3.8
Decrease (increase) in assets:
Accounts receivable, net			32.1				(4.6	)			9.2
Income tax receivable			14.8				0.2				(2.9	)
Inventories			(106.7	)			62.0				50.0
Leased railcars for syndication			(97.4	)			(107.8	)			(5.1	)
Other assets			30.3				29.6				24.6
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(28.8	)			(67.0	)			(63.5	)
Deferred revenue			21.3				(15.9	)			11.5
Net cash provided by operating activities			39.6				265.7				329.6
Cash flows from investing activities
Proceeds from sales of assets			192.8				77.3				75.0
Capital expenditures			(279.3	)			(280.4	)			(398.3	)
Other			(4.6	)			—				2.9
Net cash used in investing activities			(91.1	)			(203.1	)			(320.4	)
Cash flows from financing activities
Net change in debt with maturities of 90 days or less			60.0				23.7				(27.8	)
Proceeds from debt with maturities longer than 90 days			675.0				97.0				407.2
Repayments of debt with maturities longer than 90 days			(642.8	)			(131.1	)			(236.2	)
Debt issuance costs			(9.2	)			(5.5	)			(2.9	)
Repurchase of stock, including excise tax			(13.4	)			(22.7	)			(1.3	)
Dividends			(42.6	)			(39.6	)			(38.4	)
Cash distribution to joint venture partner			(49.8	)			(17.9	)			(9.3	)
Tax payments for net share settlement of restricted stock			(8.5	)			(5.6	)			(5.1	)
Net cash provided by (used in) financing activities			(31.3	)			(101.7	)			86.2
Effect of exchange rate changes			13.6				(3.1	)			(29.5	)
Increase (decrease) in cash and cash equivalents and restricted cash			(69.2	)			(42.2	)			65.9
Cash and cash equivalents and restricted cash
Beginning of period			326.4				368.6				302.7
End of period		$	257.2			$	326.4			$	368.6
Balance sheet reconciliation
Cash and cash equivalents		$	235.1			$	306.1			$	351.8
Restricted cash			22.1				20.3				16.8
Total cash and cash equivalents and restricted cash as presented above		$	257.2			$	326.4			$	368.6

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 7

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

Operating Results by Quarter for 2026 are as follows:

		First				Second				Third				Fourth				Total
Revenue
Manufacturing		$	657.0			$	541.5			$	529.1			$	538.9			$	2,266.5
Leasing & Fleet Management			49.1				46.0				47.4				52.1				194.6
			706.1				587.5				576.5				591.0				2,461.1
Cost of revenue
Manufacturing			584.9				500.4				476.6				489.1				2,051.0
Leasing & Fleet Management			17.9				17.6				18.8				22.1				76.4
			602.8				518.0				495.4				511.2				2,127.4
Margin			103.3				69.5				81.1				79.8				333.7
Selling and administrative expense			59.9				57.4				55.2				56.0				228.5
Net gain on disposition of equipment			(17.7	)			(13.0	)			(6.0	)			(1.7	)			(38.4	)
Earnings from operations			61.1				25.1				31.9				25.5				143.6
Interest and foreign exchange			15.5				13.7				16.5				19.3				65.0
Earnings before income tax and earnings from unconsolidated affiliates			45.6				11.4				15.4				6.2				78.6
Income tax expense			(12.3	)			(1.7	)			(3.0	)			(0.4	)			(17.4	)
Earnings before earnings from unconsolidated affiliates			33.3				9.7				12.4				5.8				61.2
Earnings from unconsolidated affiliates			4.0				4.2				5.1				7.1				20.4
Net earnings			37.3				13.9				17.5				12.9				81.6
Net (earnings) loss attributable to noncontrolling interest			(0.9	)			1.1				1.4				(4.2	)			(2.6	)
Net earnings attributable to Greenbrier		$	36.4			$	15.0			$	18.9			$	8.7			$	79.0
Basic earnings per common share (1)		$	1.18			$	0.48			$	0.61			$	0.28			$	2.55
Diluted earnings per common share (1)		$	1.14			$	0.47			$	0.60			$	0.27			$	2.49
Dividends per common share		$	0.32			$	0.32			$	0.34			$	0.34			$	1.32

(1)Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 8

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

Operating Results by Quarter for 2025 are as follows:

		First				Second				Third				Fourth				Total
Revenue
Manufacturing		$	830.9			$	712.9			$	793.4			$	709.7			$	3,046.9
Leasing & Fleet Management			45.0				49.2				49.3				49.8				193.3
			875.9				762.1				842.7				759.5				3,240.2
Cost of revenue
Manufacturing			685.4				606.2				672.6				598.2				2,562.4
Leasing & Fleet Management			16.9				17.3				18.6				17.5				70.3
			702.3				623.5				691.2				615.7				2,632.7
Margin			173.6				138.6				151.5				143.8				607.5
Selling and administrative expense			62.0				64.6				65.9				70.8				263.3
Net (gain) loss on disposition of equipment			(0.2	)			(9.6	)			(7.0	)			0.9				(15.9	)
Earnings from operations			111.8				83.6				92.6				72.1				360.1
Interest and foreign exchange			23.4				21.7				13.2				17.4				75.7
Earnings before income tax and earnings from unconsolidated affiliates			88.4				61.9				79.4				54.7				284.4
Income tax expense			(33.4	)			(20.0	)			(18.1	)			(19.9	)			(91.4	)
Earnings before earnings from unconsolidated affiliates			55.0				41.9				61.3				34.8				193.0
Earnings from unconsolidated affiliates			4.1				4.3				6.2				5.5				20.1
Net earnings			59.1				46.2				67.5				40.3				213.1
Net (earnings) loss attributable to noncontrolling interest			(3.8	)			5.7				(7.4	)			(3.5	)			(9.0	)
Net earnings attributable to Greenbrier		$	55.3			$	51.9			$	60.1			$	36.8			$	204.1
Basic earnings per common share (1)		$	1.77			$	1.66			$	1.92			$	1.19			$	6.55
Diluted earnings per common share (1)		$	1.72			$	1.56			$	1.86			$	1.16			$	6.35
Dividends per common share		$	0.30			$	0.30			$	0.32			$	0.32			$	1.24

(1)Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 9

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, unaudited)

Segment Information

Three months ended August 31, 2026:

(in millions)		Manufacturing				Leasing & Fleet Management				Total
Revenue		$	538.9			$	52.1			$	591.0
Cost of revenue			489.1				22.1				511.2
Margin			49.8				30.0				79.8
Selling and administrative			24.6				5.4
Net loss (gain) on disposition of equipment			4.1				(5.8	)
Segment earnings from operations		$	21.1			$	30.4			$	51.5
Corporate											(26.0	)
Earnings from operations										$	25.5

Three months ended May 31, 2026:

(in millions)		Manufacturing				Leasing & Fleet Management				Total
Revenue		$	529.1			$	47.4			$	576.5
Cost of revenue			476.6				18.8				495.4
Margin			52.5				28.6				81.1
Selling and administrative			22.4				5.1
Net gain on disposition of equipment			(0.3	)			(5.7	)
Segment earnings from operations		$	30.4			$	29.2			$	59.6
Corporate											(27.7	)
Earnings from operations										$	31.9

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 10

THE GREENBRIER COMPANIES, INC.

Supplemental Leasing Information

(In millions, except owned fleet, unaudited)

Greenbrier's leasing strategy complements its manufacturing business, providing customers with flexible fleet solutions while expanding a portfolio of recurring revenue assets. Strategic investment in leasing supports cash flow stability, strengthens financial resilience, and drives long-term shareholder value.

Key information for the consolidated Leasing & Fleet Management segment:

		Three Months Ended								Year Ended
Greenbrier Lease Fleet (Units) (1)		August 31, 2026				May 31, 2026				August 31, 2026
Beginning balance			20,600				16,800				17,000
Railcars added			1,500				5,300				9,600
Railcars sold / scrapped			(1,200	)			(1,500	)			(5,700	)
Ending balance			20,900				20,600				20,900

		August 31, 2026				May 31, 2026
Equipment on operating lease (2)		$	1,327.4			$	1,229.6
Non-recourse warehouse		$	—			$	—
ABS non-recourse notes			738.9				743.5
Non-recourse term loan			297.4				300.0
Total Lease fleet non-recourse debt		$	1,036.3			$	1,043.5
Fleet leverage %(3)(4)			78	%			85	%

(1)Owned fleet includes Leased railcars for syndication

(2)The $600 million U.S. corporate revolver borrowing base includes Equipment on operating lease assets that do not currently secure the Leasing non-recourse term loan

(3)Total Leasing non-recourse debt / Equipment on operating lease

(4)Fleet assets are leveraged at Fair Market Value based on independent appraisals while they are shown at net book value on Greenbrier’s Consolidated Balance Sheet

Supplemental Backlog and Delivery Information
(Unaudited)

		Three Months Ended				Year Ended
		August 31, 2026				August 31, 2026
Backlog Activity (units) (1)
Beginning backlog			13,800				16,600
Orders received			3,400				12,200
Production held on the Balance Sheet			(800	)			(3,400	)
Production sold directly to third parties			(2,400	)			(11,400	)
Ending backlog			14,000				14,000
Delivery Information (units) (1)
Production sold directly to third parties			2,400				11,400
Sales of Leased railcars for syndication			1,200				4,000
Total deliveries			3,600				15,400

(1)Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method.

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 11

THE GREENBRIER COMPANIES, INC.

Supplemental Information

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

Reconciliation of Net earnings to Core EBITDA

		Three Months Ended								Year Ended
		August 31, 2026				May 31, 2026				August 31, 2026
Net earnings		$	12.9			$	17.5			$	81.6
Interest and foreign exchange			19.3				16.5				65.0
Income tax expense			0.4				3.0				17.4
Depreciation and amortization			34.2				32.1				130.3
Facility-related rationalization costs			5.5				—				5.5
Core EBITDA		$	72.3			$	69.1			$	299.8

Reconciliation of Net earnings attributable to Greenbrier to Core net earnings attributable to Greenbrier

		Three Months Ended				Year Ended
		August 31, 2026		May 31, 2026		August 31, 2026
Net earnings attributable to Greenbrier		$8.7		$18.9		$79.0
Facility-related rationalization costs (1)		3.6		—		3.6
Core net earnings attributable to Greenbrier		$12.3		$18.9		$82.6

(1)Net of $1.5 million and $0.4 million of tax and noncontrolling interest, respectively, for the quarter and year ended August 31, 2026.

Share Calculations for Core diluted earnings per share (in thousands)

		Three Months Ended				Year Ended
		August 31, 2026		May 31, 2026		August 31, 2026
Basic Shares		30,939		30,938		30,937
Dilutive effect of performance awards		806		807		835
Diluted weighted average shares outstanding		31,745		31,745		31,772

Reconciliation of Diluted earnings per share to Core diluted earnings per share

		Three Months Ended				Year Ended
		August 31, 2026		May 31, 2026		August 31, 2026
Diluted earnings per share		$0.27		$0.60		$2.49
Facility-related rationalization costs		0.12		—		0.11
Core diluted earnings per share		$0.39		$0.60		$2.60

Debt Summary

		August 31, 2026				May 31, 2026
Total Lease fleet and other non-recourse debt		$	1,079.0			$	1,086.2
Total Corporate and other recourse debt			776.3				738.3
			1,855.3				1,824.5
Debt discount and issuance costs			(17.9	)			(18.9	)
Total consolidated debt		$	1,837.4			$	1,805.6

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Greenbrier Reports Fourth Quarter and Fiscal 2026 Results (Cont.) Page 12

Forward-Looking Statements

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Greenbrier uses words, and variations of words, such as “approximately,” “are,” “backlog,” “believe,” “contingent,” “continue,” “drive,” “estimate,” “grow,” “improve,” “increase,” “long-term,” “may,” “recurring,” “result,” “stability,” “strategy,” “strong,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about our guidance and outlook, backlog and other orders, leasing performance, leasing strategy, financing, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; changes to tariffs or import duties, including retaliatory tariffs; changes in macroeconomic policies; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; labor disputes; loss of market share to other modes of freight shipment; geopolitical unrest including the war in Ukraine and conflict in the Middle East. Our backlog of railcar units and other orders not included in backlog are not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof.

Financial Metric Definitions

Core EBITDA, Core net earnings attributable to Greenbrier and Core diluted earnings per share (EPS) are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not measures of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Core EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization and the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Core EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending and other items. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.

Core net earnings attributable to Greenbrier and Core diluted EPS exclude the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe this assists in comparing our performance across reporting periods.

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