Here are the 10-K annual reports from FreightCar America, Inc. (RAIL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow RAIL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RAIL filings page.
FreightCar America, Inc. reported 2025 revenue of $501.0 million, down from $559.4 million in 2024, but improved its consolidated gross margin to 14.6% from 12.0% on a more favorable product mix and stronger Aftermarket performance.
The company delivered 4,125 railcars in 2025 versus 4,362 in 2024, while backlog fell to 1,926 railcars with an estimated sales value of $137 million, down from $267 million. Despite lower volume, net income reached $38.1 million, compared with a net loss of $75.8 million in 2024, helped by a large income tax benefit of $49.0 million tied to releasing valuation allowances and non-cash warrant remeasurement.
Operating income was $33.9 million, slightly below 2024, as higher selling, general and administrative expenses offset margin gains and the prior-year litigation settlement. Liquidity included $64.3 million in cash and a $115.0 million Term Loan and $35.0 million asset-based revolving facility to support operations and refinance preferred stock.