Revenue growth accelerated to 38.4% in 2026Q1, though gross margins contracted to 45.6% as the company scaled its operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.9B | 1.74B | 1.59B | 1.41B | 1.27B | 1.26B | 1.21B | 1.2B | 1.36B | 1.38B | 1.42B | 1.45B | 1.45B | 1.32B | 1.24B | 1.31B | 1.2B | 1.12B | 1.44B | 1.35B | 1.23B | 1.13B | 1.23B | 1.31B | 1.34B | 1.52B | 1.39B | 1.86B | 1.76B | 1.7B | 1.41B |
| Revenue Growth % | 16.92% | 9.77% | 12.38% | 10.83% | 1.24% | 3.99% | 0.59% | -11.67% | -1.16% | -2.92% | -2.18% | -0.08% | 9.84% | 6.26% | -4.99% | 8.6% | 7.11% | -22.05% | 7.21% | 9.51% | 8.33% | -7.86% | -6.32% | -1.95% | -11.88% | 9.39% | -25.18% | 5.43% | 3.6% | 20.33% | 14.67% |
| Cost of Goods Sold | 997.5M | 894.9M | 824.6M | 763.6M | 700.4M | 718.2M | 715M | 709M | 824.2M | 829.1M | 832.5M | 859.7M | 917M | 868.2M | 819.7M | 560.4M | 536.3M | 878M | 604.2M | 475.1M | 459.1M | 554.4M | 530.6M | 688.8M | 755.7M | 860.6M | 756.1M | 755.9M | 838M | 840.3M | 695.1M |
| COGS % of Revenue | - | 51.42% | 52.01% | 54.12% | 55.02% | 57.12% | 59.13% | 58.98% | 60.56% | 60.21% | 58.7% | 59.29% | 63.2% | 65.72% | 65.93% | 42.83% | 44.51% | 78.05% | 41.87% | 35.3% | 37.35% | 48.86% | 43.09% | 52.4% | 56.37% | 56.57% | 54.36% | 40.66% | 47.53% | 49.37% | 49.14% |
| Gross Profit | 905M | 845.5M | 760.9M | 647.3M | 572.6M | 539.2M | 494.2M | 493.1M | 536.7M | 547.8M | 585.8M | 590.2M | 534M | 452.8M | 423.5M | 748.1M | 668.6M | 246.9M | 838.9M | 870.9M | 770M | 580.2M | 700.8M | 625.7M | 585M | 660.8M | 634.7M | 1.1B | 925.1M | 861.6M | 719.3M |
| Gross Margin % | 47.57% | 48.58% | 47.99% | 45.88% | 44.98% | 42.88% | 40.87% | 41.02% | 39.44% | 39.78% | 41.3% | 40.71% | 36.8% | 34.28% | 34.07% | 57.17% | 55.49% | 21.95% | 58.13% | 64.7% | 62.65% | 51.14% | 56.91% | 47.6% | 43.63% | 43.43% | 45.64% | 59.34% | 52.47% | 50.63% | 50.86% |
| Gross Profit Growth % | - | 11.12% | 17.55% | 13.05% | 6.19% | 9.11% | 0.22% | -8.12% | -2.03% | -6.49% | -0.75% | 10.52% | 17.93% | 6.92% | -43.39% | 11.89% | 170.8% | -70.57% | -3.67% | 13.1% | 32.71% | -17.21% | 12% | 6.96% | -11.47% | 4.11% | -42.46% | 19.23% | 7.37% | 19.78% | 15.9% |
| Operating Expenses | 331.9M | 311.4M | 287.3M | 259.3M | 232.4M | 242.3M | 207.3M | 211.7M | 224.2M | 215.9M | 218.5M | 230.8M | 218.1M | 204.4M | 184.4M | 431M | 404.1M | 168M | 422.3M | 610M | 538.4M | 608M | 474.1M | 522.8M | 546M | 569.2M | 581.2M | 849.1M | 1.37B | 1.34B | 1.08B |
| OpEx % of Revenue | - | 17.89% | 18.12% | 18.38% | 18.26% | 19.27% | 17.14% | 17.61% | 16.47% | 15.68% | 15.41% | 15.92% | 15.03% | 15.47% | 14.83% | 32.94% | 33.54% | 14.93% | 29.26% | 45.32% | 43.8% | 53.59% | 38.5% | 39.77% | 40.73% | 37.41% | 41.79% | 45.68% | 77.45% | 78.85% | 76.56% |
| Selling, General & Admin | 267.3M | 252.6M | 236.3M | 212.7M | 195M | 198.3M | 172M | 180.4M | 191.1M | 181.5M | 174.7M | 192.4M | 189.2M | 178.3M | 160.2M | 155.3M | 187.1M | 127.8M | 168M | 158.7M | 146.7M | 167.5M | 163.3M | 198.7M | 204.5M | 229.7M | 209.2M | 246.3M | 245.4M | 238.3M | 172.9M |
| SG&A % of Revenue | - | 14.51% | 14.9% | 15.08% | 15.32% | 15.77% | 14.22% | 15.01% | 14.04% | 13.18% | 12.32% | 13.27% | 13.04% | 13.5% | 12.89% | 11.87% | 15.53% | 11.36% | 11.64% | 11.79% | 11.94% | 14.76% | 13.26% | 15.12% | 15.25% | 15.1% | 15.04% | 13.25% | 13.92% | 14% | 12.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 58.8M | 51M | 46.6M | 37.4M | 44M | 35.3M | 31.3M | -21.6M | -11.1M | -11.8M | -13.2M | -13.5M | -8.4M | -8.2M | 503.2M | 484M | 217.7M | 208.7M | 451.3M | 391.7M | 440.5M | 310.8M | 324.1M | 341.5M | 339.5M | 372M | 602.8M | 1.12B | 1.1B | 910M |
| Operating Income | 573.1M | 534.1M | 473.6M | 388M | 340.2M | 296.9M | 286.9M | 281.4M | 312.5M | 331.9M | 367.3M | 359.4M | 315.9M | 248.4M | 239.1M | 325.7M | 278.7M | 286.6M | 224.6M | 260.9M | 231.6M | -27.8M | 226.7M | 102.9M | 39M | 91.6M | 53.5M | 253.9M | -440.5M | -480.4M | -363.6M |
| Operating Margin % | 30.12% | 30.69% | 29.87% | 27.5% | 26.72% | 23.61% | 23.73% | 23.41% | 22.96% | 24.1% | 25.9% | 24.79% | 21.77% | 18.8% | 19.23% | 24.89% | 23.13% | 25.48% | 15.56% | 19.38% | 18.84% | -2.45% | 18.41% | 7.83% | 2.91% | 6.02% | 3.85% | 13.66% | -24.98% | -28.23% | -25.71% |
| Operating Income Growth % | - | 12.77% | 22.06% | 14.05% | 14.58% | 3.49% | 1.95% | -9.95% | -5.85% | -9.64% | 2.2% | 13.77% | 27.17% | 3.89% | -26.59% | 16.86% | -2.76% | 27.6% | -13.91% | 12.65% | 933.09% | -112.26% | 120.31% | 163.85% | -57.42% | 71.21% | -78.93% | 157.64% | 8.31% | -32.12% | -11.64% |
| EBITDA | 1.09B | 986.4M | 895M | 780.1M | 711.5M | 675.3M | 629.7M | 614.1M | 650.7M | 654.6M | 677.5M | 649.9M | 589.4M | 503.4M | 476.5M | 552.2M | 495.7M | 513.9M | 433.3M | 464M | 410.8M | 268.3M | 437.9M | 461.1M | 447.6M | 592.7M | 388.3M | 562.1M | -173M | -228.1M | -161.2M |
| EBITDA Margin % | 57.37% | 56.68% | 56.45% | 55.29% | 55.89% | 53.71% | 52.08% | 51.09% | 47.81% | 47.54% | 47.77% | 44.82% | 40.62% | 38.11% | 38.33% | 42.2% | 41.14% | 45.68% | 30.03% | 34.47% | 33.42% | 23.65% | 35.56% | 35.08% | 33.39% | 38.96% | 27.92% | 30.24% | -9.81% | -13.4% | -11.4% |
| EBITDA Growth % | 18.22% | 10.21% | 14.73% | 9.64% | 5.36% | 7.24% | 2.54% | -5.62% | -0.6% | -3.38% | 4.25% | 10.26% | 17.08% | 5.65% | -13.71% | 11.4% | -3.54% | 18.6% | -6.62% | 12.95% | 53.11% | -38.73% | -5.03% | 3.02% | -24.48% | 52.64% | -30.92% | 424.91% | 24.16% | -41.5% | -4.61% |
| D&A (Non-Cash Add-back) | 518.4M | 452.3M | 421.4M | 392.1M | 371.3M | 378.4M | 342.8M | 332.7M | 338.2M | 322.7M | 310.2M | 290.5M | 273.5M | 255M | 237.4M | 226.5M | 217M | 227.3M | 208.7M | 203.1M | 179.2M | 296.1M | 211.2M | 358.2M | 408.6M | 501.1M | 334.8M | 308.2M | 267.5M | 252.3M | 202.4M |
| EBIT | 642.1M | 534.1M | 602.4M | 508.9M | 391.1M | 399.1M | 315.6M | 325.7M | 362.2M | 374.9M | 453.5M | 425.4M | 389.6M | 325.6M | 310.4M | 276.5M | 226.6M | 275.9M | 419.2M | 397.3M | 231.6M | -27.8M | 226.7M | -224.3M | -207.1M | -379.6M | -33.7M | 209.1M | 231.8M | -696.3M | -357.7M |
| Net Interest Income | -527.3M | -390.4M | -341M | -263.4M | -214M | -204M | -190.3M | -180.5M | -162.9M | -160.5M | -148.1M | -155.1M | -158.4M | -166.6M | -166.6M | -168.9M | -167.1M | -167.5M | -148.5M | -127.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 29.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 527.6M | 419.8M | 341M | 263.4M | 214M | 204M | 190.3M | 180.5M | 162.9M | 160.5M | 148.1M | 155.1M | 158.4M | 166.6M | 166.6M | 168.9M | 167.1M | 167.5M | 147M | 127.9M | 129.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -171.6M | -137.7M | -129.4M | -70.1M | -129.5M | -100.6M | -99.4M | -136.2M | -117.4M | -119M | -67.6M | -89.1M | -84.7M | -89.4M | -95.3M | -177.5M | -181.3M | -178.7M | -101.2M | -79.5M | -5.5M | 0 | -100.6M | 327.2M | 246.1M | -116.1M | 87.2M | 0 | 0 | 393.1M | 486.4M |
| Pretax Income | 401.5M | 396.4M | 344.2M | 317.9M | 210.7M | 196.3M | 187.5M | 145.2M | 195.1M | 214.4M | 305.4M | 270.3M | 231.2M | 159M | 143.8M | 148.2M | 97.4M | 107.9M | 269.6M | 258.6M | 226.1M | -27.8M | 226.7M | 102.9M | 39M | 5.6M | 53.5M | 253.9M | 162.6M | -87.3M | 128.7M |
| Pretax Margin % | 21.1% | 22.78% | 21.71% | 22.53% | 16.55% | 15.61% | 15.51% | 12.08% | 14.34% | 15.57% | 21.53% | 18.64% | 15.93% | 12.04% | 11.57% | 11.33% | 8.08% | 9.59% | 18.68% | 19.21% | 18.4% | -2.45% | 18.41% | 7.83% | 2.91% | 0.37% | 3.85% | 13.66% | 9.22% | -5.13% | 9.1% |
| Income Tax | 67.7M | 63.1M | 60M | 58.7M | 54.8M | 53.2M | 37.3M | 40.9M | 34.1M | -243.7M | 95.7M | 110.9M | 75.7M | 65.5M | 26.1M | 37.4M | 16.6M | 26.5M | 73.6M | 72.8M | 75.6M | -12.7M | 68.2M | 26M | 10M | -1.9M | 22.7M | 102.6M | 74.3M | -5.5M | 54.4M |
| Effective Tax Rate % | 16.86% | 15.92% | 17.43% | 18.46% | 26.01% | 27.1% | 19.89% | 28.17% | 17.48% | -113.67% | 31.34% | 41.03% | 32.74% | 41.19% | 18.15% | 25.24% | 17.04% | 24.56% | 27.3% | 28.15% | 33.44% | 45.68% | 30.08% | 25.27% | 25.64% | -33.93% | 42.43% | 40.41% | 45.69% | 6.3% | 42.27% |
| Net Income | 340.2M | 333.3M | 284.2M | 259.2M | 155.9M | 143.1M | 151.3M | 211.2M | 211.3M | 502M | 257.1M | 205.3M | 205M | 169.3M | 137.3M | 110.8M | 80.8M | 81.4M | 196M | 203.7M | 111.7M | -14.3M | 169.6M | 76.9M | 300K | 172.9M | 66.6M | 151.3M | 131.9M | -50.9M | 102.7M |
| Net Margin % | 17.88% | 19.15% | 17.92% | 18.37% | 12.25% | 11.38% | 12.51% | 17.57% | 15.53% | 36.46% | 18.13% | 14.16% | 14.13% | 12.82% | 11.04% | 8.47% | 6.71% | 7.24% | 13.58% | 15.13% | 9.09% | -1.26% | 13.77% | 5.85% | 0.02% | 11.36% | 4.79% | 8.14% | 7.48% | -2.99% | 7.26% |
| Net Income Growth % | 17.92% | 17.28% | 9.65% | 66.26% | 8.94% | -5.42% | -28.36% | -0.05% | -57.91% | 95.25% | 25.23% | 0.15% | 21.09% | 23.31% | 23.92% | 37.13% | -0.74% | -58.47% | -3.78% | 82.36% | 881.12% | -108.43% | 120.55% | 25533.33% | -99.83% | 159.61% | -55.98% | 14.71% | 359.14% | -149.56% | 1.88% |
| Net Income (Continuing) | 333.8M | 333.3M | 284.2M | 259.2M | 155.9M | 143.1M | 150.2M | 180.8M | 190.5M | 458.1M | 257.1M | 205.3M | 205M | 169.3M | 137.3M | 110.8M | 80.8M | 81.4M | 196M | 185.8M | 150.5M | -15.1M | 158.5M | 69.4M | 29M | -22.6M | 30.4M | 126.3M | 131.9M | -50.9M | 102.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 30.4M | 20.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 878.1M | 884.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.53 | 9.12 | 7.78 | 7.12 | 4.35 | 3.98 | 4.18 | 2.87 | 5.52 | 12.74 | 6.29 | 4.69 | 4.48 | 3.59 | 2.88 | 2.35 | 1.72 | 1.66 | 3.84 | 3.68 | 1.80 | -0.29 | 2.83 | 1.56 | 0.01 | 3.56 | 1.37 | 3.01 | 2.62 | -1.13 | 2.10 |
| EPS Growth % | 17.97% | 17.22% | 9.27% | 63.68% | 9.3% | -4.78% | 45.64% | -48.01% | -56.67% | 102.54% | 34.12% | 4.69% | 24.79% | 24.65% | 22.55% | 36.63% | 3.61% | -56.77% | 4.35% | 104.44% | 720.69% | -110.25% | 81.41% | - | -99.83% | 159.85% | -54.48% | 14.89% | 331.86% | -153.81% | 1.45% |
| EPS (Basic) | - | 9.14 | 7.80 | 7.13 | 4.41 | 4.04 | 4.23 | 2.92 | 5.62 | 12.94 | 6.35 | 4.76 | 4.56 | 3.65 | 2.93 | 2.39 | 1.75 | 1.74 | 4.12 | 4.08 | 2.19 | -0.29 | 3.44 | 1.57 | 0.01 | 3.56 | 1.39 | 3.07 | 2.68 | -1.13 | 2.54 |
| Diluted Shares Outstanding | 35.7M | 35.8M | 35.9M | 35.7M | 35.9M | 36M | 35.4M | 36.4M | 38.3M | 39.4M | 40.9M | 43.8M | 45.8M | 47.1M | 47.6M | 47.2M | 47M | 48.9M | 51M | 55.4M | 62.1M | 50.11M | 60M | 49.2M | 49.06M | 48.57M | 48.61M | 50.3M | 50.43M | 45.08M | 48.92M |
| Basic Shares Outstanding | 35.7M | 35.8M | 35.8M | 35.7M | 35.4M | 35.4M | 35M | 35.7M | 37.6M | 38.8M | 40.5M | 43.1M | 45M | 46.4M | 46.8M | 46.4M | 46.1M | 46.8M | 47.6M | 49.9M | 51M | 50.11M | 49.35M | 49.08M | 48.89M | 48.57M | 47.91M | 49.3M | 49.18M | 45.08M | 40.38M |
| Dividend Payout Ratio | - | 26.94% | 29.84% | 31.1% | 49.13% | 51.92% | 46.93% | 32.81% | 32.8% | 13.59% | 26.22% | 33.22% | 30.24% | 35.74% | 42.83% | 50.54% | 66.21% | 65.85% | 26.38% | 23.37% | 38.85% | - | 23.23% | 81.66% | 20833.33% | 34.82% | 86.19% | 35.89% | 37.38% | - | 46.74% |
Fleet utilization and PSR
According to the most recent quarterly income statement, GATX reported a significant revenue surge to $583.7 million in 2026Q1, representing a 38.4% year-over-year growth rate that sharply deviates from the company's historical quarterly growth trend which previously hovered in the low double-digit range.
This sudden acceleration in top-line performance warrants further investigation into whether this reflects a structural shift in lease pricing power or a non-recurring event such as a large-scale asset disposition. Investors should monitor if this growth trajectory is sustainable or if it represents a temporary spike in demand that may normalize in subsequent periods.
Based on reported financial figures, GATX experienced a contraction in gross margin to 45.6% in 2026Q1, down from the 49.2% levels observed in late 2024, suggesting that the recent revenue expansion may be accompanied by higher relative costs of maintenance or asset servicing.
The decline in gross margin despite significant top-line growth may indicate that the company is absorbing higher inflationary pressures within its maintenance network. It appears that the cost of maintaining an aging fleet or meeting regulatory compliance standards is beginning to outpace the company's ability to pass these costs through to lessees.
As reported in recent filings, GATX maintained an operating margin of 29.7% in 2026Q1, demonstrating that the company has successfully managed its SG&A overhead even as revenue scaled rapidly, keeping operating income at $173.3 million despite the recent gross margin headwinds.
The ability to keep operating margins stable while revenue growth accelerates suggests a high degree of operational discipline and effective cost control within the administrative functions. This indicates that the company's core business model remains highly scalable, allowing for incremental revenue to flow efficiently to the operating income line.
Based on the provided income statement data, net income margins fluctuated significantly, dropping to 14.6% in 2026Q1 from a peak of 22.0% in 2024Q3, which may indicate that non-operating items or tax rate anomalies are creating noise in the reported bottom-line results.
The inconsistency in net income margins suggests that investors should look past headline EPS to understand the underlying cash-generating capability of the core leasing business. The presence of lumpy asset disposition gains or equity earnings from joint ventures likely obscures the true operational profitability of the railcar portfolio.
While the 38.4% revenue growth in 2026Q1 appears impressive, the simultaneous compression in gross margins to 45.6% suggests that the current growth phase may be driven by lower-margin activities or increased maintenance intensity that could pressure long-term profitability if not carefully managed.
Short-term observers might view the revenue spike as a positive signal, but the underlying margin degradation warrants caution regarding the quality of this growth. It is possible that the company is sacrificing long-term margin stability to capture short-term market share, which may prove unsustainable in a more competitive or cost-sensitive environment.
Quick answers to the most common questions about buying GATX stock.
For fiscal year 2025, GATX Corporation (GATX) reported total revenue of $1.74B. This represents a 23.0% increase compared to $1.41B in 1996.
GATX Corporation (GATX) is profitable, generating $333.3M in net income for the fiscal year ending 2025 with a net profit margin of 19.2%.
GATX Corporation (GATX) reported an operating income of $534.1M, resulting in an operating profit margin of 30.7%. This margin reflects the operational efficiency of the business before interest and taxes.
GATX Corporation (GATX) generated $845.5M in gross profit for the year, representing a gross profit margin of 48.6%. This demonstrates the company's core pricing power and production efficiency.