Welcome to our dedicated page for FreightCar America SEC filings (Ticker: RAIL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
FreightCar America filings document the operating results, governance actions and capital-structure matters of a public railcar manufacturer and aftermarket supplier. Form 8-K reports include results of operations and financial condition, with disclosures on revenue, railcar deliveries, backlog, gross margin, adjusted EBITDA, cash flow and non-cash warrant-liability adjustments.
Proxy and governance filings cover annual meeting procedures, director elections, advisory executive compensation votes and auditor ratification. Other filings address material agreements, including a stockholder rights agreement, as well as executive severance arrangements, common and preferred stock references, and related risk and control provisions.
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.
FreightCar America reported mixed but improving 2025 results and issued 2026 guidance. Fiscal 2025 revenue was $501.0 million versus $559.4 million in 2024, but gross margin rose to 14.6% and gross profit to $73.2 million. Net income reached $38.1 million, or $1.09 per diluted share, aided by a $51.9 million deferred tax valuation allowance release and partly offset by a $32.2 million non-cash warrant liability adjustment.
Adjusted net income was $18.1 million, or $0.50 per share, and Adjusted EBITDA was $44.8 million, an 8.9% margin, up from $43.0 million and 7.7% in 2024. Operating cash flow was $34.8 million and Adjusted free cash flow $31.4 million, up 44.8% year-over-year. The company ended 2025 with a 1,926-unit backlog valued at $137.5 million and completed the Carly Railcar Components acquisition to expand its aftermarket business.
For 2026, FreightCar America guides to 4,000–4,500 railcar deliveries, revenue of $500–$550 million, and Adjusted EBITDA of $41–$50 million, implying mid-single-digit revenue growth and higher Lease-Adjusted EBITDA versus 2025.
FreightCar America, Inc. has scheduled its 2026 annual general meeting of shareholders for April 10, 2026 at 10:00 a.m. Central Time. The meeting will be held in a virtual-only format via live internet webcast, with no physical in-person component. Shareholders who were on record as of the close of business on February 10, 2026 will be entitled to receive notice of, and vote at, the meeting.
FreightCar America, Inc. received an amended ownership report showing that a former major holder group, including Continental General Insurance Company, Continental Insurance Group, Ltd., Continental General Holdings LLC and Michael Gorzynski, now reports 0 shares and 0% beneficial ownership of its common stock.
The filing states that, as of the close of business on December 31, 2025, these reporting persons no longer had voting or dispositive power over any FreightCar America shares, confirming their ownership has fallen to 5 percent or less of the class.
FreightCar America, Inc. reported that Corporate Controller and Chief Accounting Officer Juan Carlos Fuentes Sierra received a grant of 3,330 restricted stock units (RSUs) on January 13, 2026 under the company’s 2022 Long Term Incentive Plan. The RSUs vest over three years, with 34% vesting on January 13, 2027, 33% on January 13, 2028, and 33% on January 13, 2029, as long as he continues in service through each date. Once vested, each RSU converts into one share of FreightCar America common stock, and he now holds 3,330 derivative securities directly following this grant.
FreightCar America, Inc. reported an equity award to a senior executive. Chief Commercial Officer Matthew W. Tonn was granted 13,540 restricted stock units (RSUs) on January 13, 2026 under the company’s 2022 Long Term Incentive Plan, at a stated price of $0 per unit.
The RSUs vest over three years, with 34% vesting on January 13, 2027, 33% on January 13, 2028, and 33% on January 13, 2029, as long as he continues in service through each date. Once vested, each RSU converts into one share of FreightCar America common stock, aligning the officer’s compensation with future company performance.
FreightCar America, Inc. reported that its VP Finance, CFO and Treasurer, Michael Anthony Riordan, received an equity grant. On January 13, 2026, he was awarded 14,000 restricted stock units (RSUs) under the company’s 2022 Long Term Incentive Plan at a price of $0 per unit.
The RSUs are scheduled to vest 34% on January 13, 2027, 33% on January 13, 2028, and 33% on January 13, 2029, as long as he continues in service through each vesting date. Each vested RSU will convert into one share of FreightCar America common stock, and he now beneficially owns 14,000 RSUs directly.
FreightCar America, Inc. reported that President and CEO, and director, Randall Nicholas J received an equity award. On January 13, 2026, he was granted 35,900 restricted stock units (RSUs) under the company’s 2022 Long Term Incentive Plan.
The RSUs vest over three years, with 34% vesting on January 13, 2027, and 33% vesting on each of January 13, 2028 and January 13, 2029, as long as he continues in service through those dates. After this grant, he directly holds 35,900 derivative securities, and each vested RSU will convert into one share of common stock, effectively increasing his equity-linked stake in the company over time.
FreightCar America, Inc. reported that its Chief Commercial Officer, Matthew Tonn, had 12,328 shares of common stock withheld by the company on 01/06/2026 to cover his tax withholding obligations at a price of $10.76 per share. After this tax-related withholding, he directly owned 239,151 shares of the company’s common stock.
The filing notes that this Form 4 was submitted late due to an inadvertent administrative error, indicating the delay was not intentional.
FreightCar America, Inc. executive Michael Anthony Riordan, VP Finance, CFO and Treasurer, reported a tax-related share withholding. On 01/06/2026, 11,133 shares of common stock were withheld by the company at a price of $10.76 per share to satisfy his tax withholding obligations. Following this transaction, he held 155,426 shares of common stock directly. The Form 4 notes that this report was filed late due to an inadvertent administrative error.