The Greenbrier Companies reported solid first-quarter results for fiscal 2026, highlighting the resilience of its integrated manufacturing and leasing platform. Revenue of $706 million delivered a 15% gross margin and $61 million of operating income, with EBITDA of $98 million. Net income was $36.4 million and diluted EPS was $1.14 for the quarter. The company also posted a robust liquidity position, with over $895 million of liquidity and a net cash position of approximately $361.8 million, underscoring balance-sheet strength as it executes on its long-term priorities.
Demand dynamics remain mixed in the near term, as customers weigh freight volumes, tariff policy, and rail service improvements. Greenbrier closed Q1 with orders for ~3,700 railcars totaling ~ $550 million and a backlog of ~16,300 units valued at ~ $2.2 billion, indicating continued durable replacement demand and improving order momentum into Q2. Leasing and fleet management continued to provide through-cycle stability, with fleet utilization around 98% and renewals delivering double-digit rate escalations YoY.
Management reaffirmed FY2026 guidance, signaling a disciplined path to higher-margin, recurring revenue growth driven by production ramp in the back half of the year, ongoing efficiency improvements, and opportunistic asset sales. Capital allocation remains focused on returning capital to shareholders while maintaining balance-sheet strength and flexibility. The combination of a strong leasing backbone, a diversified geographic footprint (North America, Europe, Brazil), and an already constructive backlog supports an upbeat view on Greenbrier’s longer-term value creation, albeit with near-term headwinds from tariff uncertainty and macro demand fluctuations.