Revenue volatility ranging from $64.3M to $160.5M and a gross margin collapse to 5.5% in 2026Q2 suggest limited pricing power and rising SG&A ($10.5M) consuming a growing share of thin gross profit.
FreightCar America, Inc. (RAIL) annual income statement — 24-year revenue, gross profit & net income history
| 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'01 |
|---|
| Sales/Revenue | 463.52M | 500.99M | 559.42M | 358.09M | 364.75M | 203.05M | 108.45M | 229.96M | 316.52M | 409.47M | 523.73M | 772.85M | 598.52M | 290.39M | 677.45M | 486.99M | 142.89M | 248.46M | 746.39M | 817.02M | 1.44B | 927.19M | 482.18M | 244.35M | 210.31M |
| Revenue Growth % | -0.5% | -10.45% | 56.22% | -1.83% | 79.64% | 87.23% | -52.84% | -27.35% | -22.7% | -21.82% | -32.23% | 29.13% | 106.11% | -57.13% | 39.11% | 240.81% | -42.49% | -66.71% | -8.65% | -43.45% | 55.83% | 92.29% | 97.33% | 16.18% | - |
| Cost of Goods Sold | 405.56M | 427.8M | 492.38M | 316.33M | 338.93M | 191.59M | 121.95M | 244.26M | 320.15M | 406.14M | 483.55M | 690.19M | 556.17M | 277.17M | 612.46M | 455.04M | 140.17M | 211.94M | 690.72M | 713.66M | 1.21B | 820.64M | 468.31M | 225.22M | 187.65M |
| COGS % of Revenue | - | 85.39% | 88.02% | 88.34% | 92.92% | 94.36% | 112.45% | 106.22% | 101.15% | 99.19% | 92.33% | 89.3% | 92.93% | 95.45% | 90.41% | 93.44% | 98.09% | 85.3% | 92.54% | 87.35% | 83.84% | 88.51% | 97.12% | 92.17% | 89.22% |
| Gross Profit | 57.96M | 73.19M | 67.04M | 41.76M | 25.82M | 11.46M | -13.5M | -14.3M | -3.63M | 3.33M | 40.18M | 82.66M | 42.34M | 13.22M | 64.99M | 31.95M | 2.72M | 36.52M | 55.67M | 103.36M | 233.45M | 106.55M | 13.87M | 19.13M | 22.67M |
| Gross Margin % | 12.5% | 14.61% | 11.98% | 11.66% | 7.08% | 5.64% | -12.45% | -6.22% | -1.15% | 0.81% | 7.67% | 10.7% | 7.07% | 4.55% | 9.59% | 6.56% | 1.91% | 14.7% | 7.46% | 12.65% | 16.16% | 11.49% | 2.88% | 7.83% | 10.78% |
| Gross Profit Growth % | - | 9.17% | 60.53% | 61.73% | 125.37% | 184.86% | 5.58% | -294.27% | -208.89% | -91.71% | -51.39% | 95.22% | 220.17% | -79.65% | 103.42% | 1073.62% | -92.55% | -34.39% | -46.14% | -55.72% | 119.1% | 668.14% | -27.5% | -15.59% | - |
| Operating Expenses | 40.51M | 39.27M | 29.7M | 31.27M | 40.85M | 34.22M | 67.09M | 38.3M | 29.05M | 32.91M | 36.38M | 41.66M | 35.32M | 27.46M | 32.74M | 26.43M | 24.62M | -30.82M | 51.75M | 69.75M | 34.39M | 28.46M | 32.66M | 14.32M | 15.11M |
| OpEx % of Revenue | - | 7.84% | 5.31% | 8.73% | 11.2% | 16.85% | 61.87% | 16.66% | 9.18% | 8.04% | 6.95% | 5.39% | 5.9% | 9.46% | 4.83% | 5.43% | 17.23% | -12.4% | 6.93% | 8.54% | 2.38% | 3.07% | 6.77% | 5.86% | 7.19% |
| Selling, General & Admin | 30.86M | 39.27M | 0 | 0 | 0 | 0 | 0 | 38.3M | 29.05M | 32.91M | 36.38M | 41.66M | 35.32M | 27.46M | 32.74M | 28.66M | 24.62M | -30.82M | 31.72M | 38.91M | 34.39M | 28.09M | 23.5M | 14.32M | 13.37M |
| SG&A % of Revenue | - | 7.84% | - | - | - | - | - | 16.66% | 9.18% | 8.04% | 6.95% | 5.39% | 5.9% | 9.46% | 4.83% | 5.89% | 17.23% | -12.4% | 4.25% | 4.76% | 2.38% | 3.03% | 4.87% | 5.86% | 6.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 955K | 42K | 298K | 386K | 379K | 332K | 382K | 393K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.42% | 0.01% | 0.07% | 0.07% | 0.05% | 0.06% | 0.13% | 0.06% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 29.7M | 31.27M | 40.85M | 34.22M | 67.09M | 858K | 0 | 0 | 111K | 0 | 0 | 64K | 0 | -2.23M | 0 | 0 | 20.04M | 30.84M | 0 | 370K | 9.16M | 0 | 1.74M |
| Operating Income | 17.45M | 33.92M | 37.34M | 10.49M | -15.02M | -22.76M | -80.59M | -75.6M | -32.1M | -31.79M | 15.85M | 46.76M | 9.51M | -24.09M | 33.24M | 5.51M | -21.5M | 5.7M | 3.92M | 33.61M | 199.06M | 78.09M | -18.79M | 4.82M | 7.55M |
| Operating Margin % | 3.77% | 6.77% | 6.67% | 2.93% | -4.12% | -11.21% | -74.32% | -32.88% | -10.14% | -7.76% | 3.03% | 6.05% | 1.59% | -8.29% | 4.91% | 1.13% | -15.04% | 2.29% | 0.52% | 4.11% | 13.78% | 8.42% | -3.9% | 1.97% | 3.59% |
| Operating Income Growth % | - | -9.16% | 255.9% | 169.83% | 34% | 71.76% | -6.6% | -135.48% | -0.98% | -300.61% | -66.11% | 391.88% | 139.47% | -172.47% | 502.92% | 125.65% | -477.07% | 45.62% | -88.35% | -83.11% | 154.92% | 515.6% | -490.22% | -36.26% | - |
| EBITDA | 24.32M | 40.13M | 43.1M | 15.1M | -10.89M | -18.46M | -71.39M | -52.68M | -20.09M | -22.43M | 25.58M | 56.79M | 19.58M | -14.01M | 41.64M | 14.33M | -14.48M | 11.36M | 8.29M | 37.52M | 204.5M | 86.23M | -10.98M | 12.81M | 7.55M |
| EBITDA Margin % | 5.25% | 8.01% | 7.71% | 4.22% | -2.99% | -9.09% | -65.83% | -22.91% | -6.35% | -5.48% | 4.88% | 7.35% | 3.27% | -4.82% | 6.15% | 2.94% | -10.14% | 4.57% | 1.11% | 4.59% | 14.15% | 9.3% | -2.28% | 5.24% | 3.59% |
| EBITDA Growth % | -35.78% | -6.9% | 185.49% | 238.65% | 41.01% | 74.15% | -35.52% | -162.24% | 10.43% | -187.66% | -54.95% | 190.11% | 239.73% | -133.65% | 190.48% | 198.98% | -227.49% | 36.94% | -77.89% | -81.65% | 137.15% | 885.45% | -185.67% | 69.65% | - |
| D&A (Non-Cash Add-back) | 6.87M | 6.21M | 5.76M | 4.61M | 4.13M | 4.3M | 9.2M | 22.92M | 12.02M | 9.37M | 9.74M | 10.03M | 10.07M | 10.08M | 8.4M | 8.82M | 7.01M | 5.66M | 4.38M | 3.91M | 5.44M | 8.15M | 7.81M | 8M | 0 |
| EBIT | 6M | 6.69M | 33.75M | 13.53M | -9.95M | -15.3M | -42.87M | -74.74M | -30.26M | -31.41M | 15.96M | 41M | 9.55M | -24.83M | 33.25M | 5.52M | -21.41M | 5.83M | 18.59M | 33.61M | 199.06M | 78.09M | -18.79M | 4.82M | 7.55M |
| Net Interest Income | -15.26M | -17.56M | -6.85M | -15.03M | -25.42M | -13.32M | -2.23M | -609K | -155K | -163K | -171K | -243K | -1.08M | -809K | -373K | -226K | -876K | -669K | 3.43M | 7.93M | 5.51M | -9.86M | -13.57M | -12.58M | -10.16M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 0 | 89K | 0 | 3.83M | 8.35M | 5.86M | 1.23M | 282K | 128K | 887K |
| Interest Expense | 15.26M | 17.56M | 6.85M | 15.03M | 25.42M | 13.32M | 2.23M | 609K | 155K | 163K | 171K | 243K | 1.08M | 809K | 384K | 226K | 965K | 669K | 396K | 420K | 352K | 11.08M | 13.86M | 12.7M | 11.05M |
| Other Income/Expense | -26.72M | -44.79M | -107.32M | -32.58M | -21.51M | -17.27M | -5.31M | 249K | 1.69M | 376K | -60K | -127K | -1.03M | -745K | -373K | -220K | -1.15M | -669K | -7.97M | 7.7M | 5.2M | -10.63M | -14.03M | -13.55M | -10.86M |
| Pretax Income | -9.27M | -10.87M | -69.98M | -22.09M | -36.53M | -40.03M | -85.9M | -75.35M | -30.41M | -31.41M | 15.79M | 46.64M | 8.47M | -24.83M | 32.87M | 5.29M | -22.37M | 5.03M | 7.07M | 41.31M | 204.26M | 67.45M | -32.82M | -8.74M | -3.31M |
| Pretax Margin % | -2% | -2.17% | -12.51% | -6.17% | -10.02% | -19.72% | -79.21% | -32.77% | -9.61% | -7.67% | 3.01% | 6.03% | 1.42% | -8.55% | 4.85% | 1.09% | -15.66% | 2.03% | 0.95% | 5.06% | 14.14% | 7.28% | -6.81% | -3.58% | -1.57% |
| Income Tax | 3.21M | -48.98M | 5.84M | 1.5M | 2.31M | 1.41M | 199K | -115K | 10.17M | -8.85M | 3.46M | 14.83M | 2.57M | -5.54M | 13.77M | 354K | -9.51M | 248K | 2.45M | 14.84M | 75.53M | 21.76M | -7.96M | -1.32M | 167K |
| Effective Tax Rate % | -34.64% | 450.48% | -8.34% | -6.8% | -6.33% | -3.53% | -0.23% | 0.15% | -33.44% | 28.16% | 21.94% | 31.8% | 30.31% | 22.3% | 41.9% | 6.69% | 42.51% | 4.93% | 34.69% | 35.93% | 36.98% | 32.26% | 24.26% | 15.08% | -5.05% |
| Net Income | -12.48M | 38.1M | -75.82M | -23.59M | -38.85M | -41.45M | -84.44M | -75.24M | -40.58M | -22.56M | 12.32M | 31.8M | 5.9M | -19.3M | 19.09M | 4.93M | -12.77M | 4.78M | 4.61M | 26.47M | 128.73M | 45.69M | -24.86M | -7.42M | -3.48M |
| Net Margin % | -2.69% | 7.61% | -13.55% | -6.59% | -10.65% | -20.41% | -77.87% | -32.72% | -12.82% | -5.51% | 2.35% | 4.12% | 0.99% | -6.64% | 2.82% | 1.01% | -8.94% | 1.93% | 0.62% | 3.24% | 8.91% | 4.93% | -5.16% | -3.04% | -1.65% |
| Net Income Growth % | -21.18% | 150.26% | -221.41% | 39.28% | 6.27% | 50.92% | -12.23% | -85.4% | -79.86% | -283.07% | -61.25% | 438.7% | 130.6% | -201.05% | 286.93% | 138.64% | -366.95% | 3.68% | -82.57% | -79.44% | 181.73% | 283.8% | -235.04% | -113.46% | - |
| Net Income (Continuing) | -12.48M | 38.1M | -75.82M | -23.59M | -38.85M | -41.45M | -86.1M | -75.24M | -40.58M | -22.56M | 12.32M | 31.8M | 5.9M | -19.3M | 19.09M | 4.94M | -12.86M | 4.78M | 4.61M | 26.47M | 128.73M | 45.69M | -24.86M | -7.42M | -3.48M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | 87K | 101K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | 1.09 | -3.12 | -1.18 | -1.56 | -2.00 | -6.29 | -6.09 | -3.29 | -1.84 | 1.00 | 2.58 | 0.49 | -1.61 | 1.60 | 0.41 | -1.07 | 0.42 | 0.97 | 2.17 | 10.07 | 4.04 | -3.61 | -1.08 | -0.47 |
| EPS Growth % | 38.82% | 134.94% | -164.41% | 24.36% | 22% | 68.2% | -3.28% | -85.11% | -78.8% | -284% | -61.24% | 426.53% | 130.43% | -200.63% | 290.24% | 138.32% | -354.76% | -56.7% | -55.3% | -78.45% | 149.26% | 211.91% | -234.26% | -129.79% | - |
| EPS (Basic) | - | 1.16 | -3.12 | -1.18 | -1.56 | -2.00 | -6.29 | -6.09 | -3.29 | -1.84 | 1.00 | 2.59 | 0.49 | -1.61 | 1.60 | 0.41 | -1.07 | 0.42 | 0.97 | 2.18 | 10.23 | 4.08 | -3.61 | -1.08 | -0.47 |
| Diluted Shares Outstanding | 31.94M | 33.79M | 30.73M | 28.37M | 24.84M | 20.77M | 13.43M | 12.35M | 12.32M | 12.29M | 12.26M | 12.22M | 12.1M | 11.95M | 11.97M | 11.96M | 11.9M | 11.87M | 11.83M | 12.19M | 12.79M | 11.23M | 6.89M | 6.88M | 7.43M |
| Basic Shares Outstanding | 31.94M | 31.81M | 30.73M | 28.37M | 24.84M | 20.77M | 13.43M | 12.35M | 12.32M | 12.29M | 12.26M | 12.18M | 12M | 11.95M | 11.93M | 11.92M | 11.9M | 11.86M | 11.79M | 12.12M | 12.59M | 11.14M | 6.89M | 6.88M | 7.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 36.15% | 13.89% | 49.05% | - | 15.06% | - | - | 59.91% | 61.86% | 11.1% | 1.47% | 1.64% | - | - | - |
Quick answers to the most common questions about buying RAIL stock.
For fiscal year 2025, FreightCar America, Inc. (RAIL) reported total revenue of $501.0M. This represents a 138.2% increase compared to $210.3M in 2001.
FreightCar America, Inc. (RAIL) is profitable, generating $38.1M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
FreightCar America, Inc. (RAIL) reported an operating income of $33.9M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
FreightCar America, Inc. (RAIL) generated $73.2M in gross profit for the year, representing a gross profit margin of 14.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile revenue and margin erosion
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Weakness
According to reported quarterly figures, RAIL's revenue swung between $64.3M and $160.5M across the ten quarters, with the latest quarter at $113.1M showing a 4.6% year-over-year decline that suggests demand remains uneven.
The revenue series shows no sustained growth direction, with sharp swings such as the 40.2% drop in 2025Q1 followed by a 41.7% rebound in 2025Q3. This pattern is consistent with lumpy railcar order timing rather than a durable demand trend. Investors should monitor whether backlog conversion smooths future quarters, as the current data does not establish growth durability.
Gross Margins Compressed to Single Digits
Based on reported figures, RAIL's gross margin fell from roughly 15% through most of 2025 to 5.5% in 2026Q2, indicating limited pricing power and sensitivity to cost absorption on fixed plant overhead.
Gross margins held in a 12.5% to 15.3% band through 2024 and most of 2025 before compressing sharply in the latest quarter. The decline suggests either price concessions on contracts or under-absorption of manufacturing costs during lower volume periods. Relative to peers such as Greenbrier at 18.6% and Trinity at 26.6%, RAIL's margin structure appears structurally weaker.
Net Income Driven by Non-Operating Swings
As reported in financial statements, RAIL posted a $50.4M net income in 2025Q1 on a $3.9M operating income base, suggesting that non-operating items materially distorted reported earnings.
Net income diverges sharply from operating income in several quarters, including a $107.0M loss in 2024Q3 against $8.7M of operating income and a $41.6M profit in 2026Q1 against negative operating income. Such gaps likely reflect tax effects, impairments, or other non-operating items that the supplied data does not decompose. Reported EPS should therefore be treated with caution until the underlying drivers are identified.
SG&A Rising as Revenue Falls
Based on reported figures, RAIL's SG&A reached $11.4M in 2026Q1 and $10.5M in 2026Q2, consuming a larger share of gross profit as revenue contracted, which may indicate limited expense flexibility.
SG&A is disclosed only in select quarters, limiting full trend analysis, though the available figures sit near $9M to $11M. Against gross profit of $6.2M in the latest quarter, SG&A exceeds gross profit, pushing operating income negative. Investors should monitor whether overhead can be reduced in line with volume, as current cost structure appears poorly matched to lower output.
Margin Erosion Could Persist Longer Than Expected
Bearish analysis suggests RAIL's latest 5.5% gross margin and negative operating margin of -3.8% may signal structural rather than cyclical pressure, warranting further investigation.
The strongest counter-argument is that recent quarters reflect a shift in contract mix or pricing rather than a temporary volume dip. If so, the 2024 to 2025 margin profile may not be recoverable without a material change in order economics. Reported net losses in several quarters, combined with volatile earnings, further suggest the income statement does not yet demonstrate a repeatable earnings base.