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Here are 1-2 brief analogies for Greenbrier Companies (GBX):

• The Boeing or Airbus for freight trains and barges.

• A Caterpillar for railroads and waterways.

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• New Railcar Manufacturing: Greenbrier designs, manufactures, and markets a diverse portfolio of freight railcars for various industries.
• Aftermarket Services: The company provides comprehensive maintenance, repair, refurbishment, and wheel services for existing railcars.
• Leasing & Management Services: Greenbrier offers full-service operating leases for its railcar fleet and provides management services for customer-owned railcars.

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The Greenbrier Companies (GBX) operates on a business-to-business (B2B) model, primarily manufacturing, selling, and servicing freight railcars and providing related services. Its customer base consists predominantly of other companies.

Major Customer Companies:

• GATX Corporation (NYSE: GATX) - GATX Corporation is a leading global railcar leasing company and has consistently been identified as a significant customer for Greenbrier. For instance, GATX accounted for 17.5% of Greenbrier's total revenues in fiscal year 2023, and similar percentages in previous years.
• One Unnamed Private Customer: In its fiscal year 2023 filings, Greenbrier indicated that another single private, non-public customer accounted for 12.3% of its total revenues. Due to its private nature, the name of this customer is not disclosed.

Other Key Customer Categories:

Beyond these specific major customers, Greenbrier serves a diverse range of companies within the freight rail industry. While these are not individually named as exceeding 10% of revenue in recent public filings (except for the unnamed private customer), they represent significant customer segments:

• Other Railcar Operating Lessors: Companies, similar to GATX, that own large fleets of railcars and lease them to various industrial and freight customers.
• Class I and Short Line Railroads: Major freight railroad operators in North America and other regions that purchase new railcars directly and utilize Greenbrier's repair, refurbishment, and maintenance services for their fleets.
• Industrial Companies with Private Railcar Fleets: Various industrial shippers across sectors such as chemicals, agriculture, energy, and automotive, which own or manage their own dedicated fleets of railcars for transporting their goods. These companies are customers for both new railcar purchases and aftermarket services.

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• Wabtec Corporation (WAB)

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Lorie L. Tekorius Chief Executive Officer & President
Lorie Tekorius joined Greenbrier in 1995, and since then has held various finance and operational leadership roles. She was promoted to Chief Operating Officer in 2018 and President in 2019, before assuming her current role as CEO & President in 2022. Prior to her appointment as CEO, she also served as the company's Chief Financial Officer. Tekorius has been instrumental in managing large-scale acquisitions, global diversification, and expansion into international markets. She is also an elected independent director of Alamo Group, Inc.'s Board of Directors.

Michael Donfris Senior Vice President, Chief Financial Officer
Michael Donfris was appointed as Greenbrier's Chief Financial Officer in 2024. Before joining Greenbrier, he served as the Chief Financial Officer of R.J. Corman Railroad Group since 2020. His extensive career spans nearly four decades in finance and accounting, including approximately 30 years in various roles at Kimberly-Clark, and leadership positions at TrinityRail, where he was Vice President of Finance and Chief Accounting Officer. At R.J. Corman, he contributed to strategic planning and the execution of transactions, including railroad acquisitions.

William A. Furman Co-founder, Executive Chair (Retired from Executive Offices)
William A. Furman co-founded The Greenbrier Companies in 1981 with Alan James. He served as CEO and President of Greenbrier since 1994 and as Chairman of the Board of Directors since 2014, transitioning to Executive Chair in March 2022 before retiring from all executive offices in September 2022. Furman's association with Greenbrier and its predecessor companies dates back to 1974. Earlier in his career, he founded the FMC Finance division, a captive sales finance arm for FMC Corporation, and served as Group Vice President for the Leasing Group of TransPacific Financial Corporation. He also previously served as a director of Schnitzer Steel Industries, Inc.

Brian J. Comstock Executive Vice President & President, The Americas
Brian Comstock joined Greenbrier in 1998, bringing with him a career in the railroad industry that began in 1980. He has hands-on experience in various operational aspects of the rail industry, including welding, paint and lining, valves, sandblasting, and mobile repair, before transitioning into sales. In his current role, Comstock leads Greenbrier's operations across The Americas, encompassing the United States, Canada, and Brazil. Prior to this, he held the position of Chief Commercial & Leasing Officer for the company. His background also includes senior operations and sales roles at Transco Industries, Transco Railway Products, and Trinity Industries.

Adrian J. Downes Senior Advisor to the CEO (previously Chief Financial Officer)
Adrian Downes served as Greenbrier's Chief Financial Officer until March 31, 2024, when he transitioned to a role as Senior Advisor to the CEO through March 2025. He joined Greenbrier in 2013 as Chief Accounting Officer. Before his tenure at Greenbrier, Downes held the position of Executive Vice President and Chief Financial Officer for Knowledge Universe, which was a private equity-owned early childhood education provider. He also held various senior financial executive positions at Fortune 200 publicly traded organizations such as SuperValu, Albertsons Cos., Gap Inc., and Pacific Telesis. Downes began his professional career in public accounting at PricewaterhouseCoopers.

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1. Economic Downturn and Cyclicality of the Railcar Industry: The demand for Greenbrier's products and services is highly sensitive to the overall economic climate and the cyclical nature of the freight transportation market. An economic downturn or uncertainty can lead to a decrease in demand for new railcars and related services, potentially limiting the company's growth potential and impacting its profitability. Greenbrier's financials are strong but cyclical, and recent impressive growth may not be sustainable. The company's backlog and delivery data have shown signs of a potential slowdown in growth.
2. Inflation and Supply Chain Disruptions: Greenbrier is exposed to risks associated with inflation, including rising energy prices, interest rates, wages, and other operating costs. Disruptions in the supply of critical materials and components, such as steel, brakes, wheels, and axles, can significantly increase production costs, as these specialty components represent a substantial portion of the cost of most freight cars.
3. Geopolitical Risks and Impact on European Operations: Geopolitical instability, such as the conflict in Ukraine, poses risks to Greenbrier's European sales and profitability. Rising production costs in Europe and broader geopolitical unrest, including conflict in the Middle East, are identified as factors that could materially affect the company's results. Greenbrier has already undertaken rationalization efforts in its European facilities to address these challenges.

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Railcar Manufacturing

Railcar Leasing and Management Services

Railcar Maintenance and Repair Services

Marine Vessel Manufacturing (Marine Barges)

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The Greenbrier Companies (GBX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market tailwinds:

1. Strong Railcar Backlog and Deliveries: Greenbrier concluded fiscal year 2025 with a substantial railcar backlog of 16,600 units, valued at $2.2 billion. The company anticipates delivering between 17,500 and 20,500 new railcars in fiscal year 2026. This existing backlog provides a clear revenue pipeline for its manufacturing segment.

2. Expansion of Leasing and Management Services (Recurring Revenue): A key strategic priority for Greenbrier is to significantly grow its recurring revenue base through investments in its lease fleet. The company aims for a 100% increase in annual recurring revenue from its Leasing and Management Services segment by fiscal year 2026. Greenbrier plans to invest approximately $300 million net annually into its lease fleet, building on a 39% growth in leasing revenue over the last two years.

3. Optimized Manufacturing Footprint and Efficiency Improvements: Greenbrier has undertaken strategic initiatives to optimize its industrial footprint and enhance operational efficiency. This includes completing capacity expansion in Mexico and consolidating European facilities, which are projected to generate substantial annual savings (e.g., $20 million from European closures). These efficiencies are expected to improve gross margins and enable the company to maintain competitive pricing and capture market share more effectively, indirectly supporting revenue growth.

4. Diversified Market Demand and Global Positioning: Greenbrier benefits from its market-leading position across North American, European, and Brazilian freight railcar manufacturing markets. Expected drivers of demand include the natural replacement cycle of aging railcar fleets, a potential rebound in economic activity, and governmental infrastructure spending. The company's ability to serve diverse commercial sectors across these geographies positions it to capitalize on broad-based demand for various railcar types.

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Share Repurchases

• In Fiscal Year 2025, Greenbrier Companies repurchased 517 thousand shares for $22.2 million under its share repurchase program.
• As of October 2025, $77.8 million remained authorized for future share repurchases.
• In Fiscal Year 2023, the company repurchased 1.9 million shares for $57 million.

Share Issuance

• Greenbrier's diluted shares outstanding decreased, with the share count shrinking by 1.6% over the last five years.
• The number of shares outstanding decreased from 32,782,692 on October 24, 2022, to 31,128,446 on October 20, 2023.

Outbound Investments

• In fiscal year 2023, Greenbrier completed divestitures of businesses that did not align with its more focused strategy, transitioning assets intact with the existing workforce.

Capital Expenditures

• For Fiscal Year 2026, Greenbrier expects gross capital expenditures of approximately $320 million, including $240 million for Leasing & Fleet Management and $80 million for Manufacturing.
• In Fiscal Year 2023, total gross capital expenditures were approximately $330 million, with $240 million for Leasing & Management Services, $80 million for Manufacturing, and $10 million for Maintenance Services.
• The primary focus of capital expenditures includes additions to the lease fleet and continued investments into the safety and productivity of its facilities.