The Greenbrier Companies (GBX) delivered a solid QQ1 2025 performance with meaningful margin expansion and a robust backlog, underscoring the company’s multi-geography platform and its Better Together strategy. Revenue of $875.9 millionCompare to prior year, up 8.3% YoY, while QoQ it declined ~16.7% as syndication activity moderated. Aggregate gross margin reached 19.8% (up 160 basis points sequentially), supported by a favorable product mix and manufacturing efficiencies, with manufacturing gross margin at 17.1% during the quarter. EBITDA was $145 million (margin approximately 16.6%), and operating income was $111.8 million (operating margin ~12.8%). Net income was $55.3 million, delivering diluted EPS of $1.72 and basic EPS of $1.77, marking the strongest quarterly earnings per share since 2016. The company ended QQ1 with $549 million of liquidity (cash of $300 million and $249 million available borrowing capacity) and a net debt-to-EBITDA of roughly 3.0x, highlighting a solid liquidity position even as free cash flow remained negative at -$124 million driven by working capital tied to leased assets and syndication timing. Importantly, GBX maintains a strong backlog of 23,400 units valued around $3.0 billion, providing meaningful revenue visibility. Management reaffirmed fiscal 2025 guidance, emphasizing margin expansion potential into the ~20% aggregate level and a product mix shift in the second half toward more commoditized car types, while noting that the pipeline has strengthened in December and January. The company intends to invest up to $300 million net per year in fleet additions and related initiatives, with capex guidance modestly adjusted for 2025 (manufacturing around $120 million; gross investment in leasing around $360 million; proceeds from equipment sales around $60 million). Overall, Greenbrier appears well positioned to navigate a softer near-term demand environment while capturing value from efficiency gains, refurbishment/requalification activities, and a diversified geographic footprint.