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• Railcar Leasing: Leases tank and freight railcars and locomotives to various industries.
• Railcar Maintenance and Services: Provides a range of services for railcars, including interior cleaning, routine maintenance, repairs, and regulatory compliance.
• Aircraft Spare Engine Leasing: Leases aircraft spare engines.
• Vessel Leasing: Leases liquefied gas-carrying vessels.
• Asset Portfolio Management: Manages portfolios of assets for third parties.

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GATX Corporation primarily leases railcars, locomotives, aircraft spare engines, and vessels to other companies. Based on the provided information, the company serves companies operating within the following major industries:

• Companies in the petroleum industry
• Companies in the chemical industry
• Companies in the food/agriculture industry
• Companies in the transportation industry

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Robert C. Lyons, President and Chief Executive Officer

Mr. Lyons was elected President and Chief Executive Officer in April 2022. Prior to this role, he served as Executive Vice President and President, Rail North America starting in August 2018. He also held various Chief Financial Officer positions at GATX from 2004 to 2018. Mr. Lyons joined GATX in 1997 and progressed through the treasury and investor relations departments, becoming Vice President, Investor Relations in 2002. Before joining GATX, he worked for the Financial Relations Board and in the corporate banking division of The Bank of Tokyo-Mitsubishi. He currently serves on the Board of Directors of Packaging Corporation of America.

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

Mr. Ellman was elected Executive Vice President and Chief Financial Officer in August 2018. He previously served as Executive Vice President and President, Rail North America in 2013, and Senior Vice President & Chief Commercial Officer in 2011, after being Vice President & Chief Commercial Officer since 2006. Mr. Ellman originally joined the GATX Rail finance group in 1993 and has held increasingly responsible positions within the company's finance and fleet management areas. His work experience also includes time with GE Equipment Services, Railcar Services, where he was Senior Vice President & Chief Risk Officer and Senior Vice President, Asset Management. He began his career in public accounting at KPMG.

Brian L. Glassberg, Executive Vice President, General Counsel and Secretary

Mr. Glassberg was elected Executive Vice President, General Counsel and Secretary, effective December 2022. He joined GATX in 2011 as Assistant General Counsel and has since held various leadership roles within the GATX Law department. Prior to his time at GATX, Mr. Glassberg worked as a corporate associate at Latham & Watkins, LLP.

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

Mr. Titterton holds the position of Executive Vice President and President, Rail North America.

Robert A. Zmudka, Senior Vice President and Chief Commercial Officer

Mr. Zmudka is the Senior Vice President and Chief Commercial Officer at GATX. He has 31 years of experience in large ticket rail equipment leasing and marketing. In his role, he leads the commercial sales, marketing, customer service, and fleet utilization teams responsible for a significant portion of the company's annual lease revenue on its North American railcar portfolio.

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GATX Corporation, a prominent railcar and aircraft spare engine leasing company, faces several key risks inherent to its capital-intensive and cyclical business model.

The most significant risk to GATX's business is **macroeconomic volatility and the cyclical nature of the railcar leasing market**. The company's performance is highly sensitive to overall economic conditions, fluctuations in commodity prices, and global trade policies. Prolonged economic slowdowns, inflationary pressures, and high interest rates can lead to a significant decline in customer demand for its transportation assets, lower lease rates, and increased operational costs. Furthermore, GATX has noted continued challenges in the European intermodal market due to macroeconomic headwinds and slower GDP growth, impacting fleet utilization in that region.

A second major risk stems from **GATX's high leverage and sensitivity to interest rate fluctuations**. As a capital-intensive leasing business, GATX operates with a significant debt-to-equity ratio, which was reported at 3.26 as of late 2025. This financial structure makes the company particularly vulnerable to increases in interest rates, which can raise its financing costs and impact overall profitability. The need to fund substantial acquisitions and fleet investments further underscores the importance of effective debt management and exposes GATX to refinancing risks.

Finally, **intense competition and dynamic market conditions** pose a key risk. GATX operates in a competitive environment with other lessors, and its ability to secure satisfactory lease rates and maintain high fleet utilization can be impacted by market oversupply or aggressive pricing from competitors. Changes in the broader transportation landscape, such as the availability of alternative modes of transport like pipelines or trucks, could also reduce demand for railcars and affect GATX's core business. The constant threat of asset obsolescence in transportation leasing further necessitates continuous investment to maintain a competitive and modern fleet.

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The accelerating global transition away from fossil fuels and the associated decarbonization efforts pose a clear emerging threat to a significant portion of GATX's business by reducing the long-term demand for railcars and vessels specialized in transporting petroleum, certain chemicals, and liquefied natural gas.

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GATX Corporation operates in several addressable markets globally and in North America, primarily focusing on railcar leasing, locomotive leasing, aircraft spare engine leasing, and liquefied gas-carrying vessel leasing.

Railcar Leasing

• The global railcar leasing market size was valued at approximately USD 11.4 billion in 2025 and is projected to grow to USD 18.2 billion by 2034, with a compound annual growth rate (CAGR) of 5.4% from 2026 to 2034.
• North America is the largest market for railcar leasing, holding approximately 60% of the global market share and 72.44% in 2025. The North America railcar leasing market size is estimated to reach USD 7.9 billion by 2031.
• The U.S. railcar leasing market was valued at USD 7.29 billion in 2025.

Locomotive Leasing

• The global locomotive leasing market size was approximately USD 5.8 billion in 2024 and is projected to reach USD 10.1 billion by 2033, growing at a CAGR of 6.2% from 2025 to 2033. Another source indicates the global market was valued at USD 12.41 billion in 2025 and is expected to reach USD 24.19 billion by 2032, with a CAGR of 10.0% during the forecast period.
• North America remains the largest regional market for locomotive leasing, accounting for approximately USD 2.1 billion in 2024, and over 25% of the market in 2025.

Aircraft Spare Engine Leasing

• The global engine leasing market size was valued at approximately USD 11.12 billion in 2025 and is projected to reach USD 17.70 billion by 2032, growing at a CAGR of around 6.87% from 2026 to 2032.
• North America holds the largest market share in the global engine leasing market, at about 34% in 2025.

Liquefied Gas-Carrying Vessel Leasing (LNG Carriers)

• The global LNG carriers market size was valued at USD 16.71 billion in 2025 and is projected to grow from USD 18.04 billion in 2026 to USD 33.37 billion by 2034, exhibiting a CAGR of 7.99% during the forecast period. Other estimates for the global market size include USD 13.70 billion in 2025, expected to reach USD 22.67 billion by 2033 at a CAGR of 6.50%, and USD 15.47 billion in 2025, projected to reach USD 23.19 billion by 2031 at a CAGR of 6.89%.

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Here are 3-5 expected drivers of future revenue growth for GATX Corporation (GATX) over the next 2-3 years:

1. Significant Expansion of Rail North America Fleet: GATX recently completed its largest acquisition, integrating the Wells Fargo Rail lease fleet, which virtually doubled the size of its North American railcar leasing fleet. This expansion is projected to substantially increase Rail North America lease revenue by approximately $550 million over 2025 in 2026, with anticipated 98% to 99% utilization of the consolidated fleet by the end of 2026.
2. Strong Pricing Power and High Utilization in North American Railcar Leasing: GATX has consistently demonstrated robust pricing power, with positive renewal lease rate changes in its Lease Price Index (LPI) (e.g., 21.9% in Q4 2025). Coupled with an impressive utilization rate of around 99% for its North American railcar fleet, these factors indicate strong demand and the ability to secure favorable lease terms, driving higher lease revenues.
3. Growth in Aircraft Engine Leasing Segment: The company's engine leasing segment is a significant driver of profit growth, supported by the continued recovery in global air travel. GATX anticipates a $15 million to $20 million increase in segment profit for engine leasing in 2026.
4. International Railcar Fleet Expansion: GATX is actively growing its international railcar fleets, particularly in India and Europe. This strategic expansion, including the acquisition of 6,000 freight cars from Germany's DB Cargo and an increase in its Indian fleet to over 12,000 cars, is expected to contribute to a $5 million to $10 million increase in Rail International segment profit in 2026.
5. Increased Gains from Equipment Disposition: GATX projects higher net gains from asset dispositions, including scrapping. These gains are expected to reach $200 million in 2026, up from $130 million in 2025, contributing to overall revenue.

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Share Repurchases

• GATX's Board of Directors authorized a new $300 million share repurchase program on February 18, 2026, as the prior authorization from 2019 was largely depleted.
• In 2025, GATX returned approximately $155 million to shareholders through a combination of dividends and share buybacks.
• During the nine months ended September 30, 2024, the company repurchased 166,400 shares of common stock for $21.8 million.

Outbound Investments

• On January 1, 2026, GATX, through a new joint venture (GABX) with Brookfield Infrastructure Partners, completed the acquisition of approximately 101,000 railcars from Wells Fargo for about $4.2 billion, with GATX holding an initial 30% ownership. GATX also directly purchased approximately 200 locomotives from Wells Fargo for approximately $30.4 million.
• In the fourth quarter of 2025, GATX Rail Europe acquired 5,882 railcars from DB Cargo AG, significantly expanding its European fleet.
• GATX Rail India expanded its portfolio to over 12,000 wagons in 2025.

Capital Expenditures

• GATX's total investment volume, reflecting capital expenditures across its core businesses, exceeded $1.3 billion in 2025. This included over $640 million in Rail North America and over $500 million in GATX International.
• In 2024, the company's total investment volume exceeded $1.6 billion, with over $1.1 billion dedicated to the Rail North America business.
• Capital expenditures are primarily focused on expanding and enhancing GATX's fleet of railcars across North America, Europe, and India, as well as its aircraft spare engine portfolio. The company has a long-term agreement with Trinity for 15,000 new railcars through 2028, including 6,000 tank cars from 2024 to 2028.