Short answer
GREENBRIER COMPANIES INC (GBX) filed its fiscal 2025 10-K annual report with the SEC on Oct 28, 2025. It reported revenue of $3.2B (−8.6% year over year) and net income of $204M.
- Top risk flagged: Regulatory risk from uncertain U.S. and reciprocal tariffs impacting costs and demand, monitored amid ongoing legal challenges and negotiations
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- −8.6% YoY
- Net income
- $204M
- +27.5% YoY
- Operating margin
- 11.1%
- +2.0 pp YoY
- Gross margin
- 18.7%
- +3.0 pp YoY
- EPS (diluted)
- $6.35
- +28.0% YoY
- ROE
- 13.3%
- +1.7 pp YoY
- Operating cash flow
- $266M
- −19.4% YoY
Source: XBRL data from the GREENBRIER COMPANIES INC (GBX) FY2025 10-K on SEC EDGAR. USD.
GREENBRIER COMPANIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: integrated freight railcar manufacturing, leasing, maintenance, wheel services, and fleet management across North America, Europe, and Brazil
- Structural change: combined Maintenance Services and Manufacturing into a single Manufacturing segment as of Sept 2024 to streamline operations
- Backlog decline: railcar backlog units down to 16,600 in 2025 from 26,700 in 2024, with estimated future revenue value of $2.2B vs $3.4B prior year
- Workforce: approx. 11,000 employees globally, half in Mexico; implemented company-wide safety culture reset in 2025 with new metrics and training
- Environmental focus: received EPA "Special Notice" letter in Nov 2024 initiating formal Superfund site settlement negotiations for Portland Harbor contamination
Management Discussion & Analysis
- Revenue $3.24B, down 6.8% YoY; Manufacturing $2.99B (-9.7%), Leasing & Fleet Management $249.0M (+7.2%)
- Operating margin Manufacturing 10.9% vs 9.3%, Leasing & Fleet Management 64.5% vs 59.8%
- Best segment Leasing & Fleet Management ops income $160.6M (+15.5%); worst Manufacturing ops income $327.5M (+6.1%) on lower revenue
- Operating cash flow $265.7M, capex $280.4M gross; share repurchases $22.2M (517k shares); dividend $0.32/share declared quarterly
- Management expects 2026 capex ~$320M, proceeds from asset sales ~$115M; risks include tax law changes (OBBBA), foreign exchange, and macroeconomic factors affecting demand
Risk Factors
- Regulatory risk from uncertain U.S. and reciprocal tariffs impacting costs and demand, monitored amid ongoing legal challenges and negotiations
- Geopolitical exposure to war in Ukraine causing higher energy, steel prices, supply chain disruptions, and uncertain pass-through costs in Europe
- Supply chain risk from reliance on limited suppliers for specialty railcar components, with top 10 suppliers accounting for 36% of purchases in 2025
- Competitive risk from rivals potentially less affected by tariffs, able to mitigate increased material costs better than Greenbrier
- Financial risk from customer concentration, with two customers generating approximately 26% of consolidated revenue in 2025
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