GATX CORP

We generate a significant amount of cash from operating activities and investment portfolio proceeds. We also access domestic and international capital markets by issuing debt. We use these resources, along with available cash balances, to fulfill our debt, lease, and dividend obligations, to support our share repurchase programs, and to fund portfolio investments and capital additions. We primarily use cash from operations to fund daily operations. The timing of asset dispositions and changes in working capital impact cash flows from portfolio proceeds and operations. As a result, these cash flow components may vary materially from quarter to quarter and year to year.

As of September 30, 2025, we had an unrestricted cash balance of $696.1 million. We also have a $632 million, 5-year unsecured revolving credit facility in the United States that matures in 2030 and a $368 million, 3-year unsecured revolving credit facility in the United States that matures in 2028, both of which were fully available as of September 30, 2025. In addition, we have a €210 million, 3-year unsecured revolving credit facility in Europe that matures in 2027, of which €120 million was available as of September 30, 2025.

The following table shows our cash flows from operating, investing and financing activities for the nine months ended September 30 (in millions):

Net Cash Provided by Operating Activities

Net cash provided by operating activities for the nine months ended September 30, 2025 increased $107.7 million compared to the same period in 2024. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher cash receipts from revenue, lower payments for operating leases, and lower payments for taxes, were partially offset by higher payments for interest, maintenance, and other operating expenses.

Net Cash Used in Investing Activities

The following table shows our principal sources and uses of cash flows from investing activities for the nine months ended September 30 (in millions):

(1) Portfolio investments and capital additions primarily consist of purchases of operating assets and capitalized asset improvements. See the discussions of segment operating results sections in this Item for more detail.

(2) Portfolio proceeds primarily consist of proceeds from sales of operating assets.

(3) In 2025, we purchased 802 railcars that were previously on operating leases, compared to zero railcars in 2024.

(4) Proceeds from sales of other assets were primarily related to railcar scrapping.

The decrease in portfolio investments and capital additions of $448.1 million for the nine months ended September 30, 2025 was primarily due to fewer railcars and locomotives acquired at Rail North America and Rail India, the cost of aircraft spare engines acquired at GEL, and fewer tank containers acquired at Trifleet, partially offset by more railcars acquired at GRE. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Portfolio proceeds increased by $39.7 million for the nine months ended September 30, 2025, primarily due to more railcars and locomotives sold at Rail North America.

Net Cash Provided by Financing Activities

The following table shows our principal sources and uses of cash flows provided by financing activities for the nine months ended September 30 (in millions):

(1) In the nine months ended September 30, 2025, we repurchased 125,709 shares of common stock for $18.6 million. In the nine months ended September 30, 2024, we repurchased 166,400 shares of common stock for $21.8 million.

(2) In the nine months ended September 30, 2024, we purchased 728 railcars that were previously leased.

The following table shows the activity on our long-term debt principal in the nine months ended September 30, 2025 (in millions):

(1) Denominated in euros, but presented in U.S. dollars in this table.

(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.

The following provides detail of the long-term debt issued in during the nine months ended September 30, 2025:

U.S. debt

•$500.0 million of 10-year unsecured 5.50% fixed rate debt.

•$300.0 million of 30-year unsecured 6.05% fixed rate debt.

Europe debt

•€120 million ($140.8 million) of 7-year term loan at GRE in two tranches:

◦€80 million ($93.9 million) of floating rate debt, currently 3.485%.*

◦€40 million ($46.9 million) of 3.88% fixed rate debt.

(*) Floating rates are based on the applicable interest rate as of September 30, 2025.