Revenue growth remains highly unstable, evidenced by a 33.2% year-over-year decline in 2026Q1, while gross margins struggle to consistently exceed the 16.8% peak observed in the same period.
| 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 | 469.01M | 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 % | -5.18% | -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 | 399.4M | 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 | 69.61M | 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 % | 14.84% | 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 | 40.15M | 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 | 20.39M | 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 | 2M | 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 | 29.45M | 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 % | 6.28% | 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 | 34.17M | 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 % | 7.29% | 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 % | -20.84% | -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) | 4.71M | 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 | -5.62M | 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 | -13.22M | -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 | 9.85M | 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 | -47.28M | -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 | -17.83M | -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 % | -3.8% | -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 | -47.13M | -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 % | 264.38% | 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 | 29.3M | 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 % | 6.25% | 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 % | 312.39% | 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) | 29.3M | 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) | 0.82 | 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 % | 170.37% | 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 | 35.52M | 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 | 32.02M | 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% | - | - | - |
Cyclical Revenue and Margin Volatility
As reported in recent financial statements, RAIL experienced a significant 33.2% year-over-year revenue decline in 2026Q1, highlighting the extreme cyclicality inherent in its project-based manufacturing model and the ongoing difficulty in maintaining consistent top-line growth amidst fluctuating demand from North American Class I railroads.
The erratic quarterly revenue figures suggest that the company remains highly susceptible to the timing of large-scale delivery contracts rather than benefiting from recurring demand. This lack of revenue visibility complicates long-term forecasting and underscores the company's vulnerability to the capital expenditure cycles of its primary customer base.
Based on the provided income statement data, RAIL's gross margin has struggled to sustain levels above 15%, peaking at 16.8% in 2026Q1, which suggests that the company possesses limited pricing power and remains highly sensitive to input cost volatility in steel and aluminum markets.
While the transition to the Castaños facility was intended to optimize the cost structure, the persistent margin compression indicates that these efficiencies are frequently offset by underutilization of fixed capacity. Investors should monitor whether the company can achieve higher-value product mixes to break out of this narrow margin band.
According to the company's historical income statements, operating income has demonstrated extreme volatility, swinging from a $268K profit in 2023Q4 to a $594K loss in 2026Q1, which indicates that the firm's high fixed-cost manufacturing footprint lacks the necessary scale to provide consistent operating leverage.
The inability to consistently scale operating income faster than gross profit suggests that the company's overhead remains disproportionately high relative to its current production volume. This operating structure leaves the bottom line exposed to even minor fluctuations in quarterly delivery schedules.
Analysis of the reported figures reveals that net income is frequently decoupled from operating performance, as evidenced by the $41.6M net income in 2026Q1 despite an operating loss, suggesting that non-operating items and tax anomalies are significantly obscuring the underlying health of the core business.
The presence of such large, non-operational swings makes it difficult for investors to gauge the true earnings power of the manufacturing segment. A deeper investigation into these non-recurring items is warranted to determine if they represent sustainable gains or merely accounting artifacts.
While proponents argue that RAIL's Mexico-based production provides a competitive edge in a near-shoring environment, the company's recent 10.45% revenue contraction suggests that this structural advantage has yet to translate into a defensible market position against larger, more diversified competitors like Trinity Industries.
Short-sellers may focus on the company's high geographic concentration, which creates a single point of failure regarding cross-border trade policy and logistics. The current financial performance suggests that the market's skepticism regarding the durability of the company's turnaround may be grounded in the reality of its limited scale.
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.