Here are 1-3 brief analogies to describe GATX:

• Hertz for freight trains
• Ryder for railcars
• United Rentals for industrial rail equipment

• Railcar Leasing: GATX provides operating leases for a diverse fleet of freight railcars, including tank cars, freight cars, and locomotives, to customers across various industries primarily in North America, Europe, and India.
• Marine Leasing: GATX offers operating leases for tankerman vessels, which are utilized for the transportation of petroleum products and chemicals, predominantly in North America.

GATX Corporation (NYSE: GATX) primarily sells its services (leasing of railcars, marine vessels, and other assets) to other companies.

According to its latest financial filings, GATX has a diverse customer base and does not have any single customer that accounts for a significant portion of its total revenues. The largest single customer represented less than 3% of total revenues in recent fiscal years. Therefore, it is not possible to list specific "major customer" companies by name.

Instead, GATX serves various categories of businesses across its operating segments:

• Railroads and Rail Transportation Providers: These include major freight railroads and other companies that provide rail transportation and logistics services, utilizing GATX's leased railcars for their operations or for their own customers.
• Industrial Companies and Shippers: A broad category encompassing businesses across various sectors such as chemical producers, petroleum companies, agricultural businesses, energy companies, and manufacturers. These companies lease railcars to transport their raw materials or finished products, or marine vessels for the bulk transportation of liquids like petroleum products and chemicals.

• Trinity Industries (NYSE: TRN)
• The Greenbrier Companies (NYSE: GBX)

Robert C. Lyons, President & Chief Executive Officer

Mr. Lyons was elected President and Chief Executive Officer of GATX in April 2022. He joined GATX in 1997 and has held various leadership positions, including Executive Vice President and President, Rail North America from 2018 to 2022, and Executive Vice President and Chief Financial Officer from 2012 to 2018. Earlier in his career at GATX, he served as Senior Vice President and Chief Financial Officer, Vice President and Chief Financial Officer, and Vice President, Investor Relations. Before joining GATX, Mr. Lyons worked for the Financial Relations Board and in the corporate banking division of The Bank of Tokyo-Mitsubishi. He also serves on the Board of Directors of Packaging Corporation of America.

Thomas A. Ellman, Executive Vice President & Chief Financial Officer

Mr. Ellman was elected Executive Vice President and Chief Financial Officer in August 2018. He joined the GATX Rail finance group in 1993 and has held progressively more responsible positions in finance and fleet management. His previous roles at GATX include Executive Vice President and President of Rail North America (2013-2018) and Senior Vice President & Chief Commercial Officer (2011-2013). Prior to his current role, Mr. Ellman also served as Senior Vice President & Chief Risk Officer and Senior Vice President, Asset Management at GE Equipment Services, Railcar Services. He began his career in public accounting at KPMG.

Paul F. Titterton, Executive Vice President & President, Rail North America

Mr. Titterton was elected Executive Vice President and President, Rail North America in April 2022. He joined GATX in 1997 and has served in a variety of roles across sales, customer experience, marketing, business development, government affairs, strategy, structured finance, investment analysis, and fleet management. Prior to his current position, he was Senior Vice President and Chief Operating Officer, Rail North America, and Senior Vice President and Chief Commercial Officer.

Brian L. Glassberg, Executive Vice President, General Counsel & Corporate Secretary

Mr. Glassberg was appointed Executive Vice President, General Counsel and Corporate Secretary effective December 1, 2022. He joined GATX in 2011 as Assistant General Counsel and has since held various leadership roles within the law department, including Deputy General Counsel. In these roles, he has been responsible for corporate governance, securities, international matters, and providing legal support for North American railcar and locomotive commercial and transactional matters. Before joining GATX, Mr. Glassberg was a corporate attorney at Latham & Watkins, LLP.

Jennifer L. Van Aken, Senior Vice President, Treasurer & Chief Risk Officer

Ms. Van Aken was elected Senior Vice President, Treasurer and Chief Risk Officer in September 2020. She joined GATX in 2006 as Manager, Corporate Finance, and has since held roles in treasury, investor relations, investment risk management, and financial planning & analysis. Before her tenure at GATX, Ms. Van Aken held several positions of increasing responsibility within the financial services industry.

1. Financial Pressures and Debt Burden: GATX faces heightened financial pressures, including ongoing cash burn and a significant debt burden. The company's demanding reinvestments have drained its resources, leading to a negative free cash flow margin over the last five years. This situation raises concerns about its ability to expand its fleet and manage capital requirements without potentially diluting shareholder value.
2. Macroeconomic Volatility and Weak Demand: GATX is exposed to risks related to macroeconomic volatility and sustained economic slowdowns. Prolonged slowdowns in economic growth, potentially exacerbated by tariffs or global tensions, could indirectly affect GATX’s business by impacting commodity flows and overall demand for railcars. A significant decline in customer demand for its transportation assets or services can result from weak macroeconomic conditions, increased interest rates, or weak market conditions in its customers' businesses.
3. Intermodal Market Challenges in Europe: GATX has noted continued significant challenges in the intermodal market in Europe, which has led to lower utilization in that specific segment. The business environment in Europe remains challenging and uncertain due to macro headwinds and slower GDP growth, causing some customers to delay fleet planning decisions and impacting utilization in that region.

1. Decarbonization and Technological Shifts in Maritime and Rail Propulsion Systems

The global push for decarbonization and stringent environmental regulations are driving rapid technological advancements in both the maritime and rail sectors. For GATX's marine segment, there's an accelerating shift towards alternative fuels (e.g., LNG, methanol, ammonia, hydrogen) and hybrid-electric propulsion systems to meet evolving IMO targets and customer demands for greener shipping. This threatens to accelerate the obsolescence of GATX's existing conventional marine fleet and requires significant new capital investment in technologies with uncertain long-term viability and infrastructure.

Similarly, in the locomotive leasing business, major rail operators (e.g., Union Pacific, CN, BNSF) are actively piloting battery-electric and hydrogen fuel cell locomotives from suppliers like Wabtec and Progress Rail. Governments are also incentivizing cleaner transportation. If these alternative propulsion systems mature rapidly and gain widespread adoption, GATX's substantial fleet of diesel locomotives could face accelerated depreciation, reduced lease rates, or require costly conversions and new investments to remain competitive.

2. Advancements in Autonomous Long-Haul Trucking

The rapid development and increasing viability of autonomous long-haul trucking technology pose an emerging threat to the rail freight industry, and consequently, to railcar lessors like GATX. Companies such as Waymo Via, Aurora, and Kodiak Robotics, often in partnership with traditional trucking giants, are actively testing and deploying autonomous trucks in commercial pilot programs across various states. As this technology progresses towards widespread adoption and regulatory approval, it could offer a highly efficient, 24/7, and potentially lower-cost alternative for certain types of freight currently transported by rail, particularly intermodal and high-value goods where point-to-point delivery speed and flexibility are critical. This could divert freight volumes from rail to road, leading to reduced demand for railcars and downward pressure on lease rates for GATX.

Railcar Leasing

Locomotive Leasing

Aircraft Spare Engine Leasing

Tank Container Leasing

1. Strategic Acquisitions: GATX anticipates revenue growth from the pending acquisitions of rail assets. Specifically, the acquisition of 105,000 railcars from Wells Fargo (via a joint venture) and 6,000 railcars from DB Cargo AG are expected to close in Q1 2026 and Q4 2025, respectively, and contribute to future financial performance.
2. Strength and Investment in Engine Leasing: The company's engine leasing business is a strong performer, with management anticipating continued robustness and plans to invest approximately $200 million in its engine portfolio. This segment has shown significant growth, with segment profit increasing to $60.4 million in Q3 2025 from $37.5 million in Q3 2024.
3. Increased Lease Rates and Extended Terms for Railcars: GATX has been experiencing stable demand for its North American railcar fleet, achieving strong renewal lease rate increases. The renewal lease rate change of the Lease Price Index (LPI) was positive 22.8% in Q3 2025, with an average renewal term of 60 months, indicating enhanced monetization of its existing fleet.
4. Robust Secondary Market for Asset Sales: The continued strength in the secondary market for asset sales, particularly in North America, and the resulting remarketing income, are expected to drive revenue. Management projects no material change in secondary market demand or remarketing income levels through 2027.
5. Placement of New Railcars from Supply Agreements: GATX continues to successfully place new railcars from its committed supply agreements with a diverse customer base. For instance, over 6,500 railcars have been placed from its 2022 Trinity supply agreement, with the earliest scheduled deliveries under this agreement extending into 2026.

Share Repurchases

• GATX has returned over $1.4 billion to shareholders through dividends and share repurchases in the past decade.
• Under a buyback program initiated in January 2019, GATX completed the repurchase of 2,908,493 shares for $253.46 million as of September 30, 2025.
• From July 1, 2025, to September 30, 2025, the company repurchased 9,772 shares for $1.52 million.

Share Issuance

• GATX's shares outstanding were 0.036 billion for the quarter ending June 30, 2025, showing a 0% increase year-over-year.
• Shares outstanding saw a 0.56% increase from 2023 to 2024 and a 0.56% decline from 2022 to 2023.

Outbound Investments

• GATX entered into a definitive agreement to form a joint venture with Brookfield Infrastructure to acquire Wells Fargo's rail assets, with the transaction expected to close by Q1 2026 or earlier.
• The company invested over $1.1 billion in its North American rail business in 2024, including opportunistic railcar purchases and investments under existing supply agreements.
• As of Q3 2025, year-to-date investment volume totaled $877.0 million, and in September 2025, GATX acquired approximately 6,000 freight railcars from DB Cargo AG.

Capital Expenditures

• GATX's capital allocation framework prioritizes investments in long-lived, widely used, service-intensive assets.
• The company's investment volume (which includes capital expenditures) is expected to be approximately $1.4 billion for the full year 2025.
• GATX plans to invest around $200 million in its engine portfolio in 2025.