Revenue contraction accelerated to 22.9% in 2026Q2, driving gross margins down to 11.8% from their 18.5% peak in 2025Q4.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 2.89B | 3.23B | 3.54B | 3.94B | 2.98B | 1.75B | 2.79B | 3.03B | 2.52B | 2.18B | 2.68B | 2.6B | 2.2B | 1.75B | 1.81B | 1.24B | 764.22M | 1.02B | 1.29B | 1.22B | 953.82M | 1.02B | 729.45M | 434.99M | 305.63M | 508.83M | 619.43M | 618.5M | 540.4M | 430.9M | 530M |
| Revenue Growth % | -17.61% | -8.66% | -10.21% | 32.36% | 70.31% | -37.37% | -7.95% | 20.48% | 15.69% | -18.82% | 3.02% | 18.1% | 25.58% | -3.19% | 45.78% | 62.68% | -25.43% | -20.56% | 5.41% | 28.31% | -6.87% | 40.41% | 67.69% | 42.33% | -39.93% | -17.86% | 0.15% | 14.45% | 25.41% | -18.7% | 36.7% |
| Cost of Goods Sold | 2.43B | 2.63B | 2.99B | 3.5B | 2.67B | 1.52B | 2.44B | 2.67B | 2.1B | 1.73B | 2.11B | 2.07B | 1.88B | 1.55B | 1.59B | 1.1B | 654.28M | 922.32M | 1.13B | 1.04B | 796.44M | 899.05M | 637.27M | 380.81M | 261.93M | 513.67M | 492.7M | 488.3M | 431.4M | 319.8M | 406.1M |
| COGS % of Revenue | - | 81.43% | 84.37% | 88.79% | 89.74% | 86.72% | 87.3% | 87.93% | 83.35% | 79.55% | 78.65% | 79.48% | 85.41% | 88.35% | 87.91% | 88.78% | 85.61% | 89.99% | 87.42% | 85.34% | 83.5% | 87.78% | 87.36% | 87.55% | 85.7% | 100.95% | 79.54% | 78.95% | 79.83% | 74.22% | 76.62% |
| Gross Profit | 461.9M | 600.4M | 553.1M | 442.1M | 305.6M | 232.29M | 354.61M | 366M | 419.11M | 445.02M | 572.31M | 534.05M | 321.48M | 204.46M | 219.03M | 139.46M | 109.94M | 102.58M | 162.24M | 179.43M | 157.38M | 125.17M | 92.18M | 54.18M | 43.7M | 80.33M | 126.73M | 130.2M | 109M | 111.1M | 123.9M |
| Gross Margin % | 15.98% | 18.57% | 15.63% | 11.21% | 10.26% | 13.28% | 12.7% | 12.07% | 16.65% | 20.45% | 21.35% | 20.52% | 14.59% | 11.65% | 12.09% | 11.22% | 14.39% | 10.01% | 12.58% | 14.66% | 16.5% | 12.22% | 12.64% | 12.45% | 14.3% | 15.79% | 20.46% | 21.05% | 20.17% | 25.78% | 23.38% |
| Gross Profit Growth % | - | 8.55% | 25.11% | 44.67% | 31.56% | -34.49% | -3.11% | -12.67% | -5.82% | -22.24% | 7.16% | 66.12% | 57.24% | -6.66% | 57.06% | 26.85% | 7.17% | -36.77% | -9.58% | 14.01% | 25.73% | 35.79% | 70.15% | 23.98% | -45.6% | -36.61% | -2.67% | 19.45% | -1.89% | -10.33% | 11.12% |
| Operating Expenses | 223.3M | 263.3M | 247.1M | 235.3M | 225.2M | 191.81M | 204.71M | 213.31M | 212.37M | 188.09M | 177.68M | 151.79M | 125.27M | 103.17M | 104.6M | 80.33M | 69.93M | 64.44M | 85.13M | 83.41M | 70.92M | 57.42M | 48.29M | 31.35M | 30M | 49.55M | 74.56M | 67.6M | 52.9M | 64.5M | 63.9M |
| OpEx % of Revenue | - | 8.14% | 6.98% | 5.97% | 7.56% | 10.97% | 7.33% | 7.03% | 8.44% | 8.64% | 6.63% | 5.83% | 5.69% | 5.88% | 5.77% | 6.46% | 9.15% | 6.29% | 6.6% | 6.82% | 7.44% | 5.61% | 6.62% | 7.21% | 9.82% | 9.74% | 12.04% | 10.93% | 9.79% | 14.97% | 12.06% |
| Selling, General & Admin | 254M | 257.8M | 241.9M | 231.3M | 219.8M | 185.51M | 198.91M | 207.91M | 194.44M | 166.41M | 155.98M | 151.79M | 125.27M | 103.17M | 104.6M | 77.33M | 67.33M | 62.74M | 82.23M | 81.01M | 68.72M | 55.52M | 48.29M | 31.35M | 30M | 49.55M | 54.2M | 51.1M | 38.4M | 36.6M | 39M |
| SG&A % of Revenue | - | 7.97% | 6.83% | 5.87% | 7.38% | 10.61% | 7.12% | 6.85% | 7.72% | 7.65% | 5.82% | 5.83% | 5.69% | 5.88% | 5.77% | 6.22% | 8.81% | 6.12% | 6.37% | 6.62% | 7.2% | 5.42% | 6.62% | 7.21% | 9.82% | 9.74% | 8.75% | 8.26% | 7.11% | 8.49% | 7.36% |
| Research & Development | 0 | 5.5M | 5.2M | 4M | 5.4M | 6.3M | 5.8M | 5.4M | 6M | 4.2M | 2.7M | 2.5M | 3.6M | 2M | 2M | 3M | 2.6M | 1.7M | 2.9M | 2.4M | 2.2M | 1.9M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.17% | 0.15% | 0.1% | 0.18% | 0.36% | 0.21% | 0.18% | 0.24% | 0.19% | 0.1% | 0.1% | 0.16% | 0.11% | 0.11% | 0.24% | 0.34% | 0.17% | 0.22% | 0.2% | 0.23% | 0.19% | 0.41% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.93M | 17.48M | 19M | -2.5M | -3.6M | -2M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | 0 | 0 | 0 | 20.36M | 16.5M | 14.5M | 27.9M | 24.9M |
| Operating Income | 238.6M | 337.1M | 306M | 206.8M | 80.4M | 40.48M | 149.9M | 152.69M | 206.74M | 256.93M | 394.63M | 382.26M | 196.21M | 101.28M | 114.44M | 59.13M | 40.01M | 38.14M | 77.11M | 96.02M | 86.46M | 67.75M | 43.9M | 24.38M | -28.8M | 20.42M | 52.17M | 62.6M | 56.1M | 46.6M | 60.6M |
| Operating Margin % | 8.26% | 10.43% | 8.64% | 5.25% | 2.7% | 2.31% | 5.37% | 5.03% | 8.21% | 11.81% | 14.72% | 14.69% | 8.91% | 5.77% | 6.31% | 4.76% | 5.23% | 3.72% | 5.98% | 7.85% | 9.06% | 6.61% | 6.02% | 5.6% | -9.42% | 4.01% | 8.42% | 10.12% | 10.38% | 10.81% | 11.43% |
| Operating Income Growth % | - | 10.16% | 47.97% | 157.21% | 98.64% | -73% | -1.83% | -26.14% | -19.53% | -34.89% | 3.24% | 94.82% | 93.73% | -11.5% | 93.52% | 47.81% | 4.89% | -50.54% | -19.69% | 11.05% | 27.62% | 54.34% | 80.08% | 184.65% | -241.03% | -60.86% | -16.66% | 11.59% | 20.39% | -23.1% | 6.69% |
| EBITDA | 364.5M | 458.6M | 421.6M | 313.1M | 182.4M | 141.19M | 259.1M | 234.59M | 281.1M | 322.06M | 457.98M | 427.42M | 236.63M | 142.73M | 156.81M | 97.43M | 77.52M | 75.81M | 112.2M | 128.84M | 111.71M | 90.69M | 64.74M | 43.09M | -5.3M | 38.22M | 72.52M | 79.1M | 70.6M | 74.5M | 85.5M |
| EBITDA Margin % | 12.61% | 14.18% | 11.91% | 7.94% | 6.12% | 8.07% | 9.28% | 7.73% | 11.17% | 14.8% | 17.08% | 16.43% | 10.74% | 8.13% | 8.65% | 7.84% | 10.14% | 7.4% | 8.7% | 10.53% | 11.71% | 8.85% | 8.87% | 9.91% | -1.73% | 7.51% | 11.71% | 12.79% | 13.06% | 17.29% | 16.13% |
| EBITDA Growth % | -25.75% | 8.78% | 34.65% | 71.66% | 29.18% | -45.51% | 10.45% | -16.54% | -12.72% | -29.68% | 7.15% | 80.63% | 65.79% | -8.98% | 60.95% | 25.68% | 2.25% | -32.43% | -12.92% | 15.33% | 23.19% | 40.09% | 50.24% | 913.12% | -113.87% | -47.31% | -8.31% | 12.04% | -5.23% | -12.87% | 5.95% |
| D&A (Non-Cash Add-back) | 125.9M | 121.5M | 115.6M | 106.3M | 102M | 100.72M | 109.2M | 81.9M | 74.36M | 65.13M | 63.34M | 45.16M | 40.42M | 41.45M | 42.37M | 38.29M | 37.51M | 37.67M | 35.09M | 32.83M | 25.25M | 22.94M | 20.84M | 18.71M | 23.5M | 17.8M | 20.36M | 16.5M | 14.5M | 27.9M | 24.9M |
| EBIT | 267.1M | 396.3M | 334.7M | 205.8M | 111.7M | 30.74M | 164.62M | 184.54M | 255.32M | 264.02M | 411.18M | 392.96M | 237.31M | 39.27M | 118.41M | 49.23M | 53.34M | -29.65M | 74.81M | 73.72M | 86.46M | 64.83M | 42.66M | 24.38M | 5.57M | 34.42M | 52.17M | 62.6M | 56.1M | 46.6M | 60.6M |
| Net Interest Income | -67.7M | -91.8M | -93.9M | -79.2M | -55.7M | -44.7M | -42.4M | -32.26M | -30.95M | -23.52M | -17.27M | -18.98M | -18.31M | -21.66M | -24.43M | -36.74M | -44.36M | -40.74M | -40.77M | -39.52M | -25.4M | -14.84M | -11.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 252K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 67.7M | 91.8M | 93.9M | 79.2M | 55.7M | 44.7M | 42.4M | 32.26M | 30.95M | 23.52M | 17.27M | 18.98M | 18.31M | 21.66M | 24.43M | 36.99M | 44.36M | 40.74M | 40.77M | 39.52M | 25.4M | 14.84M | 11.47M | 0 | 0 | 19.05M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -31.8M | -32.6M | -71.3M | -106.6M | -8.5M | -45.56M | -22.13M | -5.29M | -1.78M | -32.45M | 2.51M | -4.79M | 25.97M | -81.6M | -20.88M | -47.18M | -32.63M | -109.09M | -42.2M | -61.86M | -25.23M | -18.02M | -12.7M | 0 | 0 | -21.92M | -21.76M | -21.2M | -20.2M | 0 | -28.6M |
| Pretax Income | 206.8M | 304.5M | 234.7M | 100.2M | 71.9M | -5.09M | 127.77M | 147.4M | 204.96M | 224.48M | 397.15M | 377.47M | 222.18M | 19.68M | 93.56M | 11.95M | 7.37M | -70.95M | 34.91M | 34.16M | 61.23M | 49.73M | 31.19M | 10.96M | -3.66M | -1.5M | 30.41M | 41.4M | 35.9M | 10.4M | 31.4M |
| Pretax Margin % | 7.16% | 9.42% | 6.63% | 2.54% | 2.41% | -0.29% | 4.58% | 4.86% | 8.14% | 10.32% | 14.82% | 14.51% | 10.08% | 1.12% | 5.16% | 0.96% | 0.96% | -6.92% | 2.71% | 2.79% | 6.42% | 4.86% | 4.28% | 2.52% | -1.2% | -0.29% | 4.91% | 6.69% | 6.64% | 2.41% | 5.92% |
| Income Tax | 52M | 91.4M | 62M | 24.6M | 18.1M | -40.22M | 40.18M | 41.59M | 32.89M | 64.01M | 112.32M | 112.16M | 72.4M | 25.06M | 32.39M | 3.56M | -959K | -15.42M | 18.55M | 13.66M | 21.7M | 19.91M | 9.12M | 4.7M | -2.07M | 7.17M | 16.05M | 21M | 15.6M | 4.4M | 13.4M |
| Effective Tax Rate % | 25.15% | 30.02% | 26.42% | 24.55% | 25.17% | 790.39% | 31.45% | 28.21% | 16.05% | 28.52% | 28.28% | 29.71% | 32.59% | 127.34% | 34.62% | 29.82% | -13.01% | 21.73% | 53.14% | 39.98% | 35.43% | 40.04% | 29.23% | 42.87% | 56.64% | -478.44% | 52.79% | 50.72% | 43.45% | 42.31% | 42.68% |
| Net Income | 146.1M | 204.1M | 160.1M | 62.5M | 46.9M | 32.48M | 48.97M | 71.08M | 151.78M | 116.07M | 183.21M | 192.83M | 111.92M | -11.05M | 58.71M | 6.47M | 4.28M | -54.06M | 19.54M | 22.01M | 39.6M | 29.82M | 20.78M | 4.32M | -26.09M | 1.12M | 14.35M | 19.5M | 20.3M | -4.2M | 18.3M |
| Net Margin % | 5.06% | 6.31% | 4.52% | 1.59% | 1.57% | 1.86% | 1.75% | 2.34% | 6.03% | 5.33% | 6.83% | 7.41% | 5.08% | -0.63% | 3.24% | 0.52% | 0.56% | -5.27% | 1.51% | 1.8% | 4.15% | 2.91% | 2.85% | 0.99% | -8.54% | 0.22% | 2.32% | 3.15% | 3.76% | -0.97% | 3.45% |
| Net Income Growth % | -27.92% | 27.48% | 156.16% | 33.26% | 44.41% | -33.68% | -31.11% | -53.17% | 30.77% | -36.65% | -4.99% | 72.3% | 1113.03% | -118.82% | 807.95% | 51.18% | 107.91% | -376.63% | -11.21% | -44.42% | 32.78% | 43.53% | 381.31% | 116.54% | -2431.9% | -92.2% | -26.39% | -3.94% | 583.33% | -122.95% | 9.58% |
| Net Income (Continuing) | 154.8M | 213.1M | 172.7M | 75.6M | 53.8M | 35.13M | 87.59M | 105.81M | 172.06M | 160.46M | 284.82M | 265.31M | 149.78M | -5.38M | 61.17M | 8.39M | 8.33M | -55.53M | 16.36M | 20.51M | 39.54M | 29.82M | 22.07M | 4.32M | -26.09M | 8.13M | 14.35M | 20.4M | 20.3M | 6M | 18.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -416K | 0 | 0 | 0 | 0 | 0 | 62K | 0 | 739K | -49K | -21.93M | -7.01M | 0 | 0 | 0 | -10.2M | -300K |
| Minority Interest | 155.5M | 201M | 202.2M | 211.2M | 179.9M | 198.39M | 211.13M | 196.53M | 163.88M | 196.91M | 142.52M | 130.65M | 62.33M | 28.63M | 21.87M | 14.33M | 11.47M | 8.72M | 8.62M | 5.15M | 0 | 3.75M | 3.75M | 4.9M | 4.9M | 5.03M | 5.07M | 14M | 9.8M | 18.2M | 38.2M |
| EPS (Diluted) | 4.59 | 6.35 | 4.96 | 1.88 | 1.40 | 0.96 | 1.46 | 2.14 | 4.68 | 3.65 | 5.73 | 5.93 | 3.44 | -0.41 | 1.91 | 0.24 | 0.21 | -3.21 | 1.19 | 1.37 | 2.48 | 1.92 | 1.37 | 0.30 | -1.85 | 0.08 | 1.01 | 1.36 | 1.42 | -0.29 | 1.29 |
| EPS Growth % | -25.32% | 28.02% | 163.83% | 34.29% | 45.83% | -34.25% | -31.78% | -54.27% | 28.22% | -36.3% | -3.37% | 72.38% | 939.02% | -121.47% | 695.83% | 14.29% | 106.54% | -369.75% | -13.14% | -44.76% | 29.17% | 40.15% | 356.67% | 116.22% | -2412.5% | -92.08% | -25.74% | -4.23% | 589.66% | -122.48% | 10.26% |
| EPS (Basic) | - | 6.55 | 5.15 | 1.95 | 1.44 | 0.99 | 1.50 | 2.18 | 4.92 | 3.97 | 6.28 | 6.85 | 3.97 | -0.41 | 2.21 | 0.27 | 0.23 | -3.21 | 1.19 | 1.37 | 2.51 | 1.99 | 1.43 | 0.31 | -1.85 | 0.08 | 1.01 | 1.37 | 1.43 | -0.29 | 1.29 |
| Diluted Shares Outstanding | 31.8M | 32.14M | 32.36M | 33.8M | 33.63M | 33.66M | 33.44M | 33.16M | 32.84M | 32.56M | 32.47M | 33.33M | 34.21M | 26.68M | 33.72M | 26.5M | 20.21M | 16.82M | 16.42M | 16.09M | 15.94M | 15.56M | 15.2M | 14.32M | 14.12M | 14.17M | 14.24M | 14.29M | 14.35M | 14.48M | 14.19M |
| Basic Shares Outstanding | 30.93M | 32.14M | 31.1M | 31.98M | 32.57M | 32.65M | 32.67M | 32.62M | 30.86M | 29.23M | 29.16M | 28.15M | 28.16M | 26.68M | 26.57M | 24.1M | 18.59M | 16.82M | 16.39M | 16.06M | 15.75M | 15M | 14.57M | 14.14M | 14.12M | 14.15M | 14.23M | 14.25M | 14.2M | 14.48M | 14.19M |
| Dividend Payout Ratio | - | 19.4% | 23.98% | 57.76% | 76.33% | 109.81% | 71.83% | 46.7% | 19.71% | 21.44% | 12.72% | 8.55% | 3.68% | - | - | - | - | - | 26.92% | 23.37% | 12.73% | 13.04% | 4.28% | 19.62% | - | 454.51% | 35.75% | 28.72% | 16.75% | - | 18.58% |
Cyclical manufacturing demand volatility
As reported in recent financial statements, GBX experienced a significant revenue decline of 22.9% in 2026Q2, marking a sharp acceleration in top-line contraction compared to the 19.3% decline observed in the prior quarter, signaling persistent weakness in the core manufacturing segment's order intake and delivery cadence.
The consistent negative growth trajectory suggests that the manufacturing backlog is failing to replenish at a rate sufficient to offset the completion of legacy contracts. Investors should monitor whether this trend reflects a broader industry-wide slowdown in capital expenditure among Class I railroads or specific competitive losses in the North American market.
Based on the provided income statement data, gross margins have deteriorated to 11.8% in 2026Q2, a notable decline from the 18.5% peak observed in 2025Q4, indicating that the company is struggling to maintain pricing power or operational efficiency as factory utilization rates likely trend downward.
The erosion of gross margins suggests that fixed costs are becoming increasingly burdensome as revenue volumes shrink. This trend warrants further investigation into whether the company is forced to accept lower-margin contracts to maintain production levels or if input cost inflation is outpacing the company's ability to pass through price increases.
According to the latest quarterly figures, operating income plummeted to $25.1M in 2026Q2, representing a significant contraction in operating margins to 4.3%, which highlights the company's inability to scale SG&A expenses effectively in response to the sharp decline in gross profit generation during this period.
The lack of operating leverage suggests that the company's cost structure remains heavily weighted toward fixed overheads that do not adjust rapidly to revenue fluctuations. This may indicate that management is maintaining capacity in anticipation of a recovery, though such a strategy appears to be currently weighing heavily on bottom-line profitability.
Analysis of the income statement reveals that stock-based compensation reached $5.9M in 2026Q2, a notable increase from prior periods where such expenses were absent, which may suggest a shift in compensation structure that could dilute shareholder value if net income continues to face downward pressure.
The emergence of stock-based compensation in recent quarters warrants scrutiny, as it complicates the assessment of core operational profitability. Investors should consider whether this expense is a recurring necessity to retain talent or a temporary adjustment that may further mask the underlying volatility in earnings per share.
While the company maintains a presence in the leasing and services market, the 69.9% decline in EPS growth for 2026Q2 suggests that the current business model may be highly vulnerable to cyclical downturns, potentially challenging the narrative of a stable, recurring revenue stream from the managed fleet.
Short-term observers may focus on the rapid deterioration of net margins, which fell to 2.2% in the most recent quarter. This trend raises questions about whether the leasing and services segment can truly act as a sufficient buffer against the inherent volatility of the manufacturing arm during prolonged industrial slowdowns.
Quick answers to the most common questions about buying GBX stock.
For fiscal year 2025, The Greenbrier Companies, Inc. (GBX) reported total revenue of $3.23B. This represents a 510.0% increase compared to $530.0M in 1996.
The Greenbrier Companies, Inc. (GBX) is profitable, generating $204.1M in net income for the fiscal year ending 2025 with a net profit margin of 6.3%.
The Greenbrier Companies, Inc. (GBX) reported an operating income of $337.1M, resulting in an operating profit margin of 10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
The Greenbrier Companies, Inc. (GBX) generated $600.4M in gross profit for the year, representing a gross profit margin of 18.6%. This demonstrates the company's core pricing power and production efficiency.