The earnings call highlighted strong financial performance, operational efficiency, and robust liquidity. However, challenges in order levels and muted European market activity present potential concerns. Overall, the sentiment is cautiously optimistic with confidence in strategic execution and a positive market outlook.

Company Guidance

During the Greenbrier Companies' Third Quarter 2025 Earnings Conference Call, several key metrics were highlighted, showcasing the company's strong financial performance and strategic initiatives. For the quarter ending May 31, 2025, Greenbrier reported net earnings of $60.1 million, or $1.86 per share, with an impressive aggregate gross margin of 18%, marking the seventh consecutive quarter at or above its mid-teens target. The company also achieved a return on invested capital (ROIC) within its long-term target range, reflecting efficient operational execution. Greenbrier's liquidity reached its highest level since 2023, with nearly $770 million, comprising $300 million in cash and $470 million in available borrowing capacity. The company delivered 5,600 new railcars in Q3, while its leasing and fleet management operation reported recurring revenue of nearly $165 million over the last four quarters, a 50% increase from its starting point. Additionally, Greenbrier's backlog stood at nearly 19,000 units, providing robust visibility into future revenue. The company also announced the renewal of $850 million in bank facilities and updated its fiscal 2025 guidance, raising aggregate gross margin and operating margin percent ranges.

Strong Financial Performance

Net earnings of $60.1 million or $1.86 per share increased sequentially and year-over-year. Aggregate gross margin stands at 18%, marking the seventh consecutive quarter at or above the mid-teens long-term target.

Operational Efficiency Initiatives

European footprint rationalization and North American insourcing project resulted in expected annual savings of at least $10 million. Production capacity in Europe remains largely unchanged, with potential for increase.

Leasing and Fleet Management Growth

Recurring revenue reached nearly $165 million over the last 4 quarters, representing nearly 50% growth from $113 million over 2 years ago. Fleet utilization remained high at 98%.

Strong Liquidity and Debt Management

Liquidity stands at nearly $770 million, with renewed bank facilities totaling $850 million. The balance sheet features more nonrecourse borrowings, supporting lease fleet growth.

Robust New Railcar Orders and Backlog

Orders of 3,900 units worth more than $500 million in the quarter. Global new railcar backlog remains healthy at nearly 19,000 units, providing industry-leading visibility.

Positive Market Outlook

Expectations of a strong finish to the fiscal year with optimism about market conditions in the medium to long term, driven by U.S. tax and trade policy certainty.

Greenbrier (GBX) Earnings, Revenues Date & History

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GBX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 24, 2025	2025 (Q4)	1.18 / -	1.92	―	―	―
Jul 01, 2025	2025 (Q3)	0.98 / 1.86	1.06	75.47% (+0.80)
Apr 07, 2025	2025 (Q2)	1.78 / 1.69	1.03	64.08% (+0.66)
Jan 08, 2025	2025 (Q1)	1.16 / 1.72	0.96	79.17% (+0.76)
Oct 23, 2024	2024 (Q4)	1.40 / 1.92	0.92	108.70% (+1.00)
Jul 08, 2024	2024 (Q3)	1.15 / 1.06	1.02	3.92% (+0.04)
Apr 05, 2024	2024 (Q2)	0.86 / 1.03	0.99	4.04% (+0.04)
Jan 05, 2024	2024 (Q1)	0.75 / 0.96	0.05	1820.00% (+0.91)
Oct 25, 2023	2023 (Q4)	1.00 / 0.92	0.6	53.33% (+0.32)
Jun 29, 2023	2023 (Q3)	0.60 / 1.02	0.09	1033.33% (+0.93)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GBX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 01, 2025	$46.70	$56.54	+21.07%
Apr 07, 2025	$44.11	$39.07	-11.43%
Jan 08, 2025	$59.32	$61.58	+3.81%
Oct 23, 2024	$50.26	$58.64	+16.67%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.