$GBX

GREENBRIER COMPANIES INC

CIK:0000923120|SEC Filings

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025
Revenue
Revenue	$ 576.5	$ 842.7	$ 1,870.1	$ 2,480.7
Cost of revenue
Cost of revenue	495.4	691.2	1,616.2	2,017.0
Margin	81.1	151.5	253.9	463.7
Selling and administrative expense	55.2	65.9	172.5	192.5
Net gain on disposition of equipment	(6.0)	(7.0)	(36.7)	(16.8)
Earnings from operations	31.9	92.6	118.1	288.0
Interest and foreign exchange	16.5	13.2	45.7	58.3
Earnings before income tax and earnings from unconsolidated affiliates	15.4	79.4	72.4	229.7
Income tax expense	(3.0)	(18.1)	(17.0)	(71.5)
Earnings before earnings from unconsolidated affiliates	12.4	61.3	55.4	158.2
Earnings from unconsolidated affiliates	5.1	6.2	13.3	14.6
Net earnings	17.5	67.5	68.7	172.8
Net (earnings) loss attributable to noncontrolling interest	1.4	(7.4)	1.6	(5.5)
Net earnings attributable to Greenbrier	$ 18.9	$ 60.1	$ 70.3	$ 167.3
Basic earnings per common share	$ 0.61	$ 1.92	$ 2.27	$ 5.35
Diluted earnings per common share	$ 0.6	$ 1.86	$ 2.21	$ 5.18
Weighted average common shares
Basic	30,938	31,186	30,936	31,269
Diluted	31,745	32,184	31,781	32,272
Manufacturing
Revenue
Revenue	$ 529.1	$ 793.4	$ 1,727.6	$ 2,337.2
Cost of revenue
Cost of revenue	476.6	672.6	1,561.9	1,964.2
Margin	52.5	120.8	165.7	373.0
Selling and administrative expense	22.4	22.7	66.4	72.7
Net gain on disposition of equipment	(0.3)	(0.4)	(0.4)	(0.6)
Leasing & Fleet Management
Revenue
Revenue	47.4	49.3	142.5	143.5
Cost of revenue
Cost of revenue	18.8	18.6	54.3	52.8
Margin	28.6	30.7	88.2	90.7
Selling and administrative expense	5.1	6.5	15.8	19.6
Net gain on disposition of equipment	$ (5.7)	$ (6.6)	$ (36.3)	$ (16.2)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	May 31, 2026	May 31, 2025
Cash flows from operating activities
Net earnings	$ 68.7	$ 172.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes	(2.0)	8.7
Depreciation and amortization	96.1	89.3
Net gain on disposition of equipment	(36.7)	(16.8)
Stock based compensation expense	12.8	13.4
Earnings from unconsolidated affiliates	(13.3)	(14.6)
Noncontrolling interest adjustments	(5.6)	9.1
Other	(2.5)	2.6
Decrease (increase) in assets:
Accounts receivable, net	53.8	15.2
Income tax receivable	26.9	11.4
Inventories	37.0	39.3
Leased railcars for syndication	(189.9)	(133.5)
Other assets	15.6	15.4
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(70.5)	(17.8)
Deferred revenue	17.7	(26.8)
Net cash provided by operating activities	8.1	167.7
Cash flows from investing activities
Proceeds from sales of assets	170.3	75.4
Capital expenditures	(147.2)	(209.1)
Other	(6.6)	6.2
Net cash provided by (used in) investing activities	16.5	(127.5)
Cash flows from financing activities
Net change in debt with maturities of 90 days or less	10.0	12.3
Proceeds from debt with maturities longer than 90 days	620.2	97.0
Repayments of debt with maturities longer than 90 days	(570.0)	(105.7)
Debt issuance costs	(9.2)	(5.0)
Repurchase of stock	(13.3)	(21.8)
Dividends	(32.0)	(29.7)
Cash distribution to joint venture partner	(38.8)	(10.9)
Tax payments for net share settlement of restricted stock	(8.6)	(5.6)
Net cash used in financing activities	(41.7)	(69.4)
Effect of exchange rate changes	13.5	2.6
Decrease in Cash and cash equivalents and Restricted cash	(3.6)	(26.6)
Cash and cash equivalents and Restricted cash
Cash and cash equivalents and restricted cash, Beginning balance	326.4	368.6
Cash and cash equivalents and restricted cash, Ending balance	322.8	342.0
Balance sheet reconciliation
Cash and cash equivalents	273.7	296.8
Restricted cash	49.1	45.2
Total Cash and cash equivalents and Restricted cash as presented above	322.8	342.0
Cash paid during the period for
Interest	61.1	64.2
Income taxes (received) paid, net	(9.0)	28.3
Non-cash activity
Transfer from Leased railcars for syndication and Inventories to Equipment on operating leases, net	37.2	42.5
Capital expenditures accrued in Accounts payable and accrued liabilities	3.4	8.0
Change in Accounts payable and accrued liabilities associated with dividends declared	$ 0.9	$ 0.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2026	Aug. 31, 2025
Assets
Cash and cash equivalents	$ 273.7	$ 306.1
Restricted cash	49.1	20.3
Accounts receivable, net	463.4	526.4
Income tax receivable	18.0	44.9
Inventories	619.3	688.3
Leased railcars for syndication	426.7	225.9
Equipment on operating leases, net	1,298.4	1,328.5
Property, plant and equipment, net	708.5	726.7
Investment in unconsolidated affiliates	96.5	99.3
Intangibles and other assets, net	264.7	264.2
Goodwill	129.9	130.0
Total assets	4,348.2	4,360.6
Liabilities and Equity
Accounts payable and accrued liabilities	574.2	651.7
Debt, net	1,805.6	1,750.9
Deferred income taxes	179.1	180.2
Deferred revenue	61.1	44.3
Commitments and contingencies (Note 14)
Contingently redeemable noncontrolling interest	31.9	35.8
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 30,939 and 30,873 shares outstanding at May 31, 2026 and August 31, 2025
Additional paid-in capital	355.6	364.7
Retained earnings	1,238.2	1,199.0
Accumulated other comprehensive loss	(20.6)	(31.2)
Total equity - Greenbrier	1,573.2	1,532.5
Noncontrolling interest	123.1	165.2
Total equity	1,696.3	1,697.7
Liabilities and Equity	4,348.2	4,360.6
Recourse
Liabilities and Equity
Debt, net	733.3	771.2
Nonrecourse
Liabilities and Equity
Debt, net	$ 1,072.3	$ 979.7