GATX CORP
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
GATX$182.74-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0000040211-25-000085
OverviewDiscussion of Operating ResultsSegment OperationsCash Flow DiscussionLiquidity and Capital ResourcesCritical Accounting Policies and EstimatesNon-GAAP Financial MeasuresCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0000040211-25-000118
OverviewDiscussion of Operating ResultsSegment OperationsCash Flow DiscussionLiquidity and Capital ResourcesCritical Accounting Policies and EstimatesNon-GAAP Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 187 current paragraphs.
108 unchanged; 57 reworded; 19 added; 5 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 26 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
On September 16, 2025, GATX announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the transaction, which followed clearance from the European Commission under the EU merger regulation in August 2025. Additionally, the legal mandatory waiting period under the Canadian Competition Act expired on September 24, 2025 and, on October 9, 2025, the parties received a no-action letter from the Commissioner of Competition indicating that he does not intend to challenge the transaction under the merger provisions of the Canadian Competition Act. Transaction approval is pending with additional regulatory agencies, following which the transaction is anticipated to close in the first quarter of 2026 or sooner, subject to customary closing conditions.
Current report
Demand for most railcars was stable despite ongoing macroeconomic uncertainty and the renewal success rate remained strong. Utilization was 98.9% at the end of the current quarter.
Current report
In the nine months ended September 30, 2025, segment profit of $256.1 million decreased 5.7% compared to $271.5 million for the same period in the prior year. The decrease was driven by lower net gains on asset dispositions and higher maintenance and interest expense, partially offset by higher revenue.
Current report
In the three months ended September 30, 2025, segment profit of $70.7 million decreased 31.0% compared to $102.4 million for the same period in the prior year. The decrease was driven by lower net gains on asset dispositions and higher interest and maintenance expense, partially offset by higher revenue.
Current report
In the nine months ended September 30, 2025, investment volume was $147.1 million, compared to $166.1 million in the same period in 2024. GEL acquired seven aircraft spare engines in the nine months ended September 30, 2025 that were placed on long-term leases directly with a customer and seven aircraft spare engines in the same period of 2024 that were employed in the engine capacity agreement with Rolls-Royce.
Current report
In the third quarter of 2025, GATX recorded $3.8 million of expenses associated with the potential acquisition of Wells Fargo's rail assets. These expenses were recorded in SG&A.
Current report
In addition, a customer sold its interest in a nuclear power plant facility for which GATX previously managed the lease, and GATX received $7.4 million of residual sharing proceeds as part of a previously agreed upon residual sharing arrangement. This income was recorded in Other income (expense), including eliminations.
Current report
SG&A increased $9.3 million for the nine months ended September 30, 2025 compared to the same period in the prior year. The variance was driven by higher employee-related expenses, including higher share-based compensation expense and the expenses associated with the potential acquisition of Wells Fargo's rail assets noted above, partially offset by lower information technology expense.
Current report
SG&A increased $9.0 million for the three months ended September 30, 2025 compared to the same period in the prior year. The variance was primarily due to higher employee-related expenses, including higher share-based compensation expense and the expenses associated with the potential acquisition of Wells Fargo's rail assets noted above.
Current report
Other income (expense), including eliminations was favorable by $9.9 million for the three months ended September 30, 2025 compared to the same period in the prior year. The variance was primarily a result of the absence of expenses related to the settlements of litigation claims recorded in the prior year and residual sharing proceeds received in the current year, as noted above.
Current report
(2) In the nine months ended September 30, 2024, we purchased 728 railcars that were previously leased.
Current report
•€120 million ($140.8 million) of 7-year term loan at GRE in two tranches:
Current report
◦€80 million ($93.9 million) of floating rate debt, currently 3.485%.*
Current report
◦€40 million ($46.9 million) of 3.88% fixed rate debt.
Current report
(*) Sum of individual components may not be additive due to rounding.
Current report
(1) Non-recurring expenses associated with the potential acquisition of Wells Fargo's rail assets.
Current report
(5) Insurance recoveries related to aircraft spare engines at RRPF for which it had previously recorded impairment losses.
Removed paragraphs (5)
Previous report
Demand for railcars was stable, and the renewal success rate remained strong. Rail North America continued to focus on improving renewal lease rates and lengthening lease term, as well as optimization of its fleet by selectively selling railcars in the secondary market. Utilization was 99.2% at the end of the current quarter.
Previous report
In the six months ended June 30, 2025, segment profit of $185.4 million increased 9.6% compared to $169.1 million for the same period in the prior year. The increase was driven by higher revenue and higher net gain on asset dispositions, partially offset by higher interest and maintenance expense and an impairment recorded on certain older flammable liquids railcars.
Previous report
In the three months ended June 30, 2025, segment profit of $96.6 million increased 22.6% compared to $78.8 million for the same period in the prior year. The increase was driven by higher revenue and higher net gains on asset dispositions, partially offset by higher interest and maintenance expense.
Previous report
In the six months ended June 30, 2025, investment volume was zero, compared to $71.3 million in the same period in 2024. In the six months ended June 30, 2024, GEL acquired three aircraft spare engines.
Previous report
SG&A increased $0.3 million for the six months ended June 30, 2025 compared to the same period in the prior year. SG&A decreased $0.4 million for the three months ended June 30, 2025 compared to the same period in the prior year. Both variances were driven by higher employee-related expenses offset by lower information technology expense.
Reworded paragraphs (57)
Previous wording
Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2025. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2025. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
On May 29, 2025 GATX entered into a definitive agreement to acquire approximately 105,000 railcars from Wells Fargo Bank, N.A. ("Wells Fargo") for$4.4 billion through a newly formed joint venture with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”). Initially, GATX's ownership share in the joint venture will be 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of the joint venture equity over time. A portion of the purchase price will be financed by the joint venture in the form of debt financing. GATX will also directly purchase approximately 223 locomotives from Wells Fargo, and Brookfield will directly acquire Wells Fargo’s rail finance lease portfolio. GATX will serve as manager of the railcars in the joint venture as well as the finance lease portfolio directly owned by Brookfield. The transaction is subject to customary closing conditions, including required regulatory approvals and clearances, and is expected to close in the first quarter of 2026 or sooner.
Current wording
On May 29, 2025 GATX entered into a definitive agreement to acquire approximately 105,000 railcars from Wells Fargo Bank, N.A. ("Wells Fargo") for$4.4 billion through a newly formed joint venture with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”). Initially, GATX's ownership share in the joint venture will be 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of the joint venture equity over time. A portion of the purchase price will be financed by the joint venture in the form of debt financing. GATX will also directly purchase approximately 223 locomotives from Wells Fargo, and Brookfield will directly acquire Wells Fargo’s rail finance lease portfolio. GATX will serve as manager of the railcars in the joint venture as well as the finance lease portfolio directly owned by Brookfield.
Previous wording
GATX, and markets more broadly, are facing uncertainty around tariffs and economic conditions. These conditions did not have a significant impact on our business and financial results during the first six months of 2025. However, a sustained slowdown in economic growth as a result of tariffs or global tensions could have a more significant impact on GATX’s financial results in the future. If this were to occur, GATX could be impacted directly and indirectly across all segments. Such conditions could lead to specific costs and inflationary pressures that directly impact GATX, including the impact of rising costs of new railcars and other transportation assets, increased maintenance expense, and general increases in other administrative expenses. GATX could also be indirectly impacted by factors such as softening demand for our products and services if customers within the markets or commodities we serve are impacted by tariffs or economic conditions. Management continues to monitor the macroeconomic environment to identify potential risks and to manage our business accordingly. However, we believe we are in a strong position to manage these risks. Our diverse fleet, broad global customer base, and long-term nature of our lease contracts provide substantial operating flexibility. In addition, our strong balance sheet position, credit ratings, and access to capital provide us adequate cash flow availability as needed.
Current wording
GATX, and markets more broadly, are facing uncertainty around tariffs and economic conditions. These conditions did not have a significant impact on our business and financial results during the first nine months of 2025. However, a sustained slowdown in economic growth as a result of tariffs or global tensions could have a more significant impact on GATX’s financial results in the future. If this were to occur, GATX could be impacted directly and indirectly across all segments. Such conditions could lead to specific costs and inflationary pressures that directly impact GATX, including the impact of rising costs of new railcars and other transportation assets, increased maintenance expense, and general increases in other administrative expenses. GATX could also be indirectly impacted by factors such as softening demand for our products and services if customers within the markets or commodities we serve are impacted by tariffs or economic conditions. Management continues to monitor the macroeconomic environment to identify potential risks and to manage our business accordingly. However, we believe we are in a strong position to manage these risks. Our diverse fleet, broad global customer base, and long-term nature of our lease contracts provide substantial operating flexibility. In addition, our strong balance sheet position, credit ratings, and access to capital provide us adequate cash flow availability as needed.
Previous wording
Net income for the six months ended June 30, 2025 was $154.1 million, or $4.21 per diluted share, compared to $118.7 million, or $3.25 per diluted share, for the same period in 2024. Results for the six months ended June 30, 2024 included a net negative impact of $7.4 million ($0.20 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income increased $28.0 million compared to the prior year, largely due to higher revenue and higher net gain on asset dispositions at Rail North America, higher revenue at Rail International, higher non-dedicated engine revenue at Engine Leasing, and higher earnings at the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), partially offset by higher maintenance expense at Rail North America, higher depreciation expense at Rail North America and Rail International, and higher interest expense.
Current wording
Net income for the nine months ended September 30, 2025 was $236.3 million, or $6.46 per diluted share, compared to $207.7 million, or $5.68 per diluted share, for the same period in 2024. Results for the nine months ended September 30, 2025, included a net positive impact of $5.3 million ($0.15 per diluted share) from tax adjustments and other items. Results for the nine months ended September 30, 2024 included a net negative impact of $9.9 million ($0.27 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income increased $13.4 million compared to the prior year, largely due to higher revenue at Rail North America and Rail International, higher dedicated and non-dedicated engine revenue at Engine Leasing, and higher earnings at the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), partially offset by lower net gain on asset dispositions and higher maintenance expense at Rail North America, and higher interest and depreciation expense.
Previous wording
Net income for the three months ended June 30, 2025 was $75.5 million, or $2.06 per diluted share, compared to $44.4 million, or $1.21 per diluted share, for the same period in 2024. Results for the three months ended June 30, 2024 included a net negative impact of $8.0 million ($0.22 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income increased $23.1 million compared to the prior year, largely due to higher revenue and higher net gain on asset dispositions at Rail North America, higher revenue at Rail International, higher non-dedicated engine revenue at Engine Leasing, and higher earnings at the RRPF affiliates, partially offset by higher maintenance expense at Rail North America, higher depreciation expense at Rail North America and Rail International, and higher interest expense.
Current wording
Net income for the three months ended September 30, 2025 was $82.2 million, or $2.25 per diluted share, compared to $89.0 million, or $2.43 per diluted share, for the same period in 2024. Results for the three months ended September 30, 2025, included a net positive impact of $5.3 million ($0.15 per diluted share) from tax adjustments and other items. Results for the three months ended September 30, 2024 included a net negative impact of $2.5 million ($0.07 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income decreased $14.6 million compared to the prior year, largely due to lower net gain on asset dispositions and higher maintenance expense at Rail North America, and higher interest expense, partially offset by higher revenue at Rail North America and Rail International, higher dedicated and non-dedicated engine revenue at Engine Leasing, and higher earnings at the RRPF affiliates.
Previous wording
As of June 30, 2025, leases for approximately 11,800 tank and freight cars and approximately 700 boxcars are scheduled to expire over the remainder of 2025. These amounts exclude railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.
Current wording
As of September 30, 2025, leases for approximately 6,900 tank and freight cars and approximately 600 boxcars are scheduled to expire over the remainder of 2025. These amounts exclude railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.
Previous wording
In 2022, we entered into a long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, are expected to be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At June 30, 2025, 6,595 railcars have been ordered pursuant to the terms of the agreement, of which 4,687 railcars have been delivered.
Current wording
In 2022, we entered into a long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, are expected to be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At September 30, 2025, 7,901 railcars have been ordered pursuant to the terms of the agreement, of which 5,223 railcars have been delivered.
Previous wording
During the second quarter of 2025, the renewal rate change of the LPI was positive 24.2%, compared to positive 24.5% in the prior quarter, and positive 29.4% in the second quarter of 2024. Lease terms on renewals for railcars in the LPI averaged 60 months in the current quarter, compared to 61 months in the prior quarter, and 61 months in the second quarter of 2024.
Current wording
During the third quarter of 2025, the renewal rate change of the LPI was positive 22.8%, compared to positive 24.2% in the prior quarter, and positive 26.6% in the third quarter of 2024. Lease terms on renewals for railcars in the LPI averaged 60 months in the current quarter, compared to 60 months in the prior quarter, and 59 months in the third quarter of 2024.
Previous wording
In the six months ended June 30, 2025, lease revenue increased $44.2 million, or 9.2%, driven by more railcars on lease and higher lease rates. Other revenue increased $9.4 million primarily due to higher repair revenue, partially offset by lower lease termination fees.
Current wording
In the nine months ended September 30, 2025, lease revenue increased $59.1 million, or 8.1%, driven by more railcars on lease and higher lease rates. Other revenue increased $12.5 million primarily due to higher repair revenue, partially offset by lower lease termination fees.
Previous wording
In the six months ended June 30, 2025, maintenance expense increased $17.7 million, driven by more repair events, including more repairs performed by the railroads, and higher costs of repairs. Depreciation expense increased $10.2 million, due to the timing of new railcar investments and dispositions.
Current wording
In the nine months ended September 30, 2025, maintenance expense increased $33.1 million, driven by more repair events, including more repairs performed by the railroads, and a mix of repairs that resulted in higher costs per repair. Depreciation expense increased $13.1 million, due to the timing of new railcar investments and dispositions.
Previous wording
In the six months ended June 30, 2025, net gain on asset dispositions increased $12.1 million, driven by higher net gains on asset dispositions and railcars converted to finance leases, as well as higher net scrapping gains, partially offset by an impairment related to older flammable liquids railcars. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $19.4 million, due to a higher average debt balance and higher average interest rate.
Current wording
In the nine months ended September 30, 2025, net gain on asset dispositions decreased $13.3 million, driven by lower net gains on asset dispositions, partially offset by higher net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $24.1 million, due to a higher average debt balance and higher average interest rate.
Previous wording
During the six months ended June 30, 2025, investment volume was $359.9 million compared to $629.8 million in the same period in 2024. We acquired 1,269 newly built railcars and purchased 707 railcars in the secondary market in the six months ended June 30, 2025, compared to 2,200 newly built railcars and 1,247 railcars in the secondary market in the same period in 2024.
Current wording
During the nine months ended September 30, 2025, investment volume was $502.5 million compared to $955.7 million in the same period in 2024. We acquired 1,805 newly built railcars and purchased 849 railcars in the secondary market in the nine months ended September 30, 2025, compared to 2,987 newly built railcars, 2,005 railcars in the secondary market, and 156 locomotives in the secondary market in the same period in 2024.
Previous wording
In the three months ended June 30, 2025, lease revenue increased $20.7 million, or 8.6%, driven by more railcars on lease and higher lease rates. Other revenue increased $4.6 million, primarily due to higher repair revenue.
Current wording
In the three months ended September 30, 2025, lease revenue increased $14.9 million, or 6.0%, driven by higher lease rates. Other revenue increased $3.1 million, primarily due to higher repair revenue.
Previous wording
In the three months ended June 30, 2025, maintenance expense increased $6.9 million, driven by more repair events, including more repairs performed by the railroads, and higher costs of repairs, partially offset by fewer regulatory compliance events. Depreciation expense increased $4.9 million, due to the timing of new railcar investments and dispositions.
Current wording
In the three months ended September 30, 2025, maintenance expense increased $15.4 million, driven by more repair events and a mix of repairs that resulted in higher costs per repair. Depreciation expense increased $2.9 million, due to the timing of new railcar investments and dispositions.
Previous wording
In the three months ended June 30, 2025, net gain on asset dispositions increased $14.2 million, driven by higher net gains on asset dispositions and railcars converted to finance leases. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $8.0 million, due to a higher average debt balance and higher average interest rate.
Current wording
In the three months ended September 30, 2025, net gain on asset dispositions decreased $25.4 million, driven by lower net gains on asset dispositions and railcars converted to finance leases, partially offset by higher net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $4.7 million, due to a higher average debt balance and higher average interest rate.
Previous wording
Rail International, composed primarily of GATX Rail Europe ("GRE"), experienced a challenging railcar leasing market. Slower economic growth, particularly in Germany, and global macroeconomic uncertainties have led customers in various sectors to take a more cautious approach with regard to railcar fleet planning. Despite pressure on utilization, GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 93.3% at the end of the current quarter.
Current wording
Rail International, composed primarily of GATX Rail Europe ("GRE"), experienced a challenging railcar leasing market as GRE faced ongoing macroeconomic headwinds, including weak GDP results. This uncertain environment continued to cause some customers to take a cautionary approach to rail fleet planning, thereby tempering demand across certain car types. Despite pressure on utilization, GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 93.7% at the end of the current quarter.
Previous wording
The fleet size of our rail business in India ("Rail India") continued to grow during the current quarter, as Rail India continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained strong, driven by continued growth in the economy and infrastructure development. Utilization was 99.6% at the end of the current quarter.
Current wording
The fleet size of our rail business in India ("Rail India") continued to grow during the current quarter, as Rail India continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained strong, driven by continued growth in the economy and infrastructure development. Utilization was 100.0% at the end of the current quarter.
Previous wording
As of June 30, 2025, leases for approximately 6,300 railcars are scheduled to expire over the remainder of 2025. This amount excludes railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.
Current wording
As of September 30, 2025, leases for approximately 4,500 railcars are scheduled to expire over the remainder of 2025. This amount excludes railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.
Previous wording
Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the six months ended June 30, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $1.8 million and positively impacted segment profit, excluding other income (expense), by approximately $0.6 million compared to the same period in 2024.
Current wording
Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the nine months ended September 30, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $6.5 million and positively impacted segment profit, excluding other income (expense), by approximately $3.2 million compared to the same period in 2024.
Previous wording
In the six months ended June 30, 2025, segment profit of $57.9 million increased 4.7% compared to $55.3 million for the same period in the prior year. The increase was primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest and maintenance expense.
Current wording
In the nine months ended September 30, 2025, segment profit of $92.3 million increased 3.5% compared to $89.2 million for the same period in the prior year. The increase was primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest expense.
Previous wording
In the six months ended June 30, 2025, lease revenue increased $10.6 million, or 6.5%, due to more railcars on lease and higher lease rates at GRE and Rail India and the impact of foreign exchange rates.
Current wording
In the nine months ended September 30, 2025, lease revenue increased $18.5 million, or 7.4%, due to more railcars on lease and higher lease rates at GRE and Rail India and the impact of foreign exchange rates.
Previous wording
In the six months ended June 30, 2025, maintenance expense increased $1.7 million, primarily due to more repair events and higher costs of repairs, partially offset by lower wheelset costs. Depreciation expense increased $3.5 million, due the impact of new railcars added to the fleet.
Current wording
In the nine months ended September 30, 2025, maintenance expense increased $2.8 million, primarily due to more repair events, higher costs of repairs, and the impact of foreign exchange rates, partially offset by lower wheelset costs. Depreciation expense increased $6.2 million, due the impact of new railcars added to the fleet.
Previous wording
In the six months ended June 30, 2025, net interest expense increased $4.9 million, due to a higher average interest rate and a higher average debt balance. Other income (expense) was unfavorable by $1.0 million, driven by the negative impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.
Current wording
In the nine months ended September 30, 2025, net interest expense increased $7.1 million, due to a higher average interest rate and a higher average debt balance. Other (expense) income was unfavorable by $2.3 million, driven by the negative impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.
Previous wording
During the six months ended June 30, 2025, investment volume was $143.8 million compared to $109.5 million in the same period in 2024. In the six months ended June 30, 2025, GRE acquired 1,025 newly built railcars compared to 710 newly built railcars for the same period in 2024, and Rail India acquired 529 newly built railcars compared to 1,104 newly built railcars for the same period in 2024.
Current wording
During the nine months ended September 30, 2025, investment volume was $209.9 million compared to $190.1 million in the same period in 2024. In the nine months ended September 30, 2025, GRE acquired 1,353 newly built railcars compared to 1,120 newly built railcars for the same period in 2024, and Rail India acquired 1,129 newly built railcars compared to 1,561 newly built railcars for the same period in 2024.
Previous wording
Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the three months ended June 30, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $3.9 million and positively impacted segment profit, excluding other income (expense), by approximately $2.0 million compared to the same period in 2024.
Current wording
Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the three months ended September 30, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $4.8 million and positively impacted segment profit, excluding other income (expense), by approximately $2.6 million compared to the same period in 2024.
Previous wording
In the three months ended June 30, 2025, segment profit of $32.2 million increased 21.5% compared to $26.5 million for the same period in the prior year. The increase was primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest expense.
Current wording
In the three months ended September 30, 2025, segment profit of $34.4 million increased 1.5% compared to $33.9 million for the same period in the prior year. The increase was primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest expense.
Previous wording
In the three months ended June 30, 2025, lease revenue increased $7.6 million, or 9.3%, driven by more railcars on lease at Rail India and higher lease rates at GRE and Rail India, as well as the impact of foreign exchange rates.
Current wording
In the three months ended September 30, 2025, lease revenue increased $7.9 million, or 9.2%, driven by more railcars on lease at Rail India and higher lease rates at GRE and Rail India, as well as the impact of foreign exchange rates.
Previous wording
In the three months ended June 30, 2025, maintenance expense increased $0.7 million, primarily due to more repair events and higher costs of repairs. Depreciation expense increased $2.3 million, due the impact of new railcars added to the fleet.
Current wording
In the three months ended September 30, 2025, maintenance expense increased $1.1 million, primarily due to more repair events, higher costs of repairs, and the impact of foreign exchange rates. Depreciation expense increased $2.7 million, due the impact of new railcars added to the fleet.
Previous wording
In the three months ended June 30, 2025, net interest expense increased $2.5 million, due to a higher average debt balance and a higher average interest rate. Other income (expense) was favorable by $1.2 million, driven by the positive impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.
Current wording
In the three months ended September 30, 2025, net interest expense increased $2.2 million, due to a higher average debt balance and a higher average interest rate. Other (expense) income was unfavorable by $1.3 million, driven by the negative impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.
Previous wording
Engine Leasing includes the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce"), a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $56.0 million and $22.6 million for the six months and three months ended June 30, 2025, compared to $40.6 million and $16.9 million for the same periods in 2024. The operating environment for the RRPF affiliates continued to be favorable as demand for aircraft spare engines remained strong.
Current wording
Engine Leasing includes the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce"), a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $109.4 million and $53.4 million for the nine months and three months ended September 30, 2025, compared to $75.8 million and $35.2 million for the same periods in 2024. In the third quarter of 2025, the RRPF affiliates recorded income from insurance recoveries related to aircraft spare engines. GATX's 50% share of this recovery was $10.9 million ($8.2 million after tax). The operating environment for the RRPF affiliates continued to be favorable as robust global passenger air travel continued to drive strong demand for aircraft spare engines.
Previous wording
Engine Leasing also includes GATX Engine Leasing ("GEL"), our wholly owned entity that invests directly in aircraft spare engines. As of June 30, 2025, GEL owned 39 aircraft spare engines, with 14 on long-term leases with airline customers and 25 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $2.7 million and $1.3 million for the six months and three months ended June 30, 2025 and $1.8 million and $0.9 million for the same periods in 2024.
Current wording
Engine Leasing also includes GATX Engine Leasing ("GEL"), our wholly owned entity that invests directly in aircraft spare engines. GEL acquired seven aircraft spare engines for $147.1 million in the third quarter of 2025, all of which were placed on long-term leases directly with a customer. As of September 30, 2025, GEL owned 46 aircraft spare engines, with 21 on long-term leases with airline customers and 25 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $4.1 million and $1.4 million for the nine months and three months ended September 30, 2025 and $2.9 million and $1.1 million for the same periods in 2024.
Previous wording
In the six months ended June 30, 2025, segment profit was $65.9 million, compared to segment profit of $44.1 million for the same period in the prior year. Segment profit included $0.6 million of gains in 2024 associated with the Specialized Gas Vessels. Excluding the impact of this item, results for Engine Leasing were $22.4 million higher than 2024. The increase was driven by higher earnings at the RRPF affiliates and GEL.
Current wording
In the nine months ended September 30, 2025, segment profit was $126.3 million, compared to segment profit of $81.6 million for the same period in the prior year. Segment profit in 2025 included $10.9 million from insurance recoveries at the RRPF affiliates, as noted above. Segment profit in 2024 included $0.6 million of gains associated with the sale of the Specialized Gas Vessels. Excluding the impact of these items, results for Engine Leasing were $34.4 million higher than 2024. The increase was driven by higher earnings at the RRPF affiliates and GEL.
Previous wording
In the six months ended June 30, 2025, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $15.1 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.
Current wording
In the nine months ended September 30, 2025, lease revenue increased $2.3 million, driven by aircraft spare engines acquired in 2025 and placed on leases directly with airline customers. Non-dedicated engine revenue increased $19.5 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.
Previous wording
In the six months ended June 30, 2025, depreciation expense increased $1.9 million, due to aircraft spare engines acquired in 2024.
Current wording
In the nine months ended September 30, 2025, depreciation expense increased $2.1 million, due to aircraft spare engines acquired in 2024 and 2025, partially offset by the impact of an increase in the useful lives of certain engines.
Previous wording
In the six months ended June 30, 2025, income from our share of affiliates' earnings increased $15.4 million, driven by higher income from operations and higher remarketing income. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.
Current wording
In the nine months ended September 30, 2025, income from our share of affiliates' earnings increased $33.6 million, driven by higher income from operations, partially offset by lower remarketing income. Higher income from operations was primarily due to more aircraft spare engines in the fleet and the income from insurance recoveries, as noted above, partially offset by higher interest expense. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.
Previous wording
In the three months ended June 30, 2025, segment profit of $27.3 million increased $8.9 million compared to segment profit of $18.4 million for the same period in the prior year. The increase was driven by higher earnings at the RRPF affiliates and GEL.
Current wording
In the three months ended September 30, 2025, segment profit of $60.4 million increased $22.9 million compared to segment profit of $37.5 million for the same period in the prior year. Segment profit in 2025 included $10.9 million of insurance recoveries at the RRPF affiliates, as noted above. Excluding the impact of this item, results for Engine Leasing were $12.0 million higher than 2024. The higher result was driven by higher earnings at the RRPF affiliates and GEL.
Previous wording
In the three months ended June 30, 2025, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $6.8 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.
Current wording
In the three months ended September 30, 2025, lease revenue increased $2.3 million, driven by aircraft spare engines acquired and placed on leases directly with airline customers. Non-dedicated engine revenue increased $4.4 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.
Previous wording
In the three months ended June 30, 2025, depreciation expense increased $0.9 million, due to aircraft spare engines acquired in 2024.
Current wording
In the three months ended September 30, 2025, depreciation expense increased $0.2 million, due to aircraft spare engines acquired in 2024 and 2025.
Previous wording
In the three months ended June 30, 2025, income from our share of affiliates' earnings increased $5.7 million, driven by higher income from operations and higher remarketing income. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.
Current wording
In the three months ended September 30, 2025, income from our share of affiliates' earnings increased $18.2 million, driven by higher income from operations, partially offset by lower remarketing income. Higher income from operations was primarily due to more aircraft spare engines in the fleet and the income from insurance recoveries, as noted above, partially offset by higher interest expense. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.
Previous wording
In the second quarter of 2024, GATX recorded reserves of $10.7 million for its share of anticipated environmental remediation costs arising out of prior operations and legacy businesses.
Current wording
In the third quarter of 2024, GATX recorded settlement expenses of $3.3 million for litigation claims arising out of legacy business operations. In the second quarter of 2024, GATX recorded reserves of $10.7 million for its share of anticipated environmental remediation costs arising out of prior operations and legacy businesses. The majority of the recorded reserves relate to a facility that GATX sold in 1974, while the remainder of the amount relates to a landfill that GATX entities previously utilized, which was closed in 1986. These items were recorded in Other income (expense), including eliminations.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
On September 23, 2025, GATX Rail Europe entered into a definitive agreement to acquire approximately 6,000 railcars from DB Cargo AG. The transaction is subject to customary closing conditions, including required regulatory approvals and clearances, and is expected to close in the fourth quarter of 2025.
Current report — wording carried from elsewhere
On September 23, 2025, GATX Rail Europe entered into a definitive agreement to acquire approximately 6,000 railcars from DB Cargo AG. The transaction is subject to customary closing conditions, including required regulatory approvals and clearances, and is expected to close in the fourth quarter of 2025.
Current report — wording carried from elsewhere
(*) Floating rates are based on the applicable interest rate as of September 30, 2025.