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
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Discussion of Operating Results
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.
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.
The following table shows a summary of our reporting segments and consolidated financial results (in millions, except per share data):
| Three Months EndedSeptember 30 | Nine Months EndedSeptember 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Segment Revenues | ||||
| Rail North America | $296.5 | $278.5 | $885.5 | $813.9 |
| Rail International | 99.4 | 90.6 | 283.7 | 259.5 |
| Engine Leasing | 32.9 | 26.2 | 91.1 | 69.3 |
| Other | 10.5 | 10.1 | 31.1 | 29.3 |
| $439.3 | $405.4 | $1,291.4 | $1,172.0 | |
| Segment Profit | ||||
| Rail North America | $70.7 | $102.4 | $256.1 | $271.5 |
| Rail International | 34.4 | 33.9 | 92.3 | 89.2 |
| Engine Leasing | 60.4 | 37.5 | 126.3 | 81.6 |
| Other | 12.6 | 4.2 | 24.7 | 6.2 |
| 178.1 | 178.0 | 499.4 | 448.5 | |
| Less: | ||||
| Selling, general and administrative expense | 66.2 | 57.2 | 181.0 | 171.7 |
| Income taxes (includes $13.3 and $8.9 QTR and $28.1 and $17.2 YTD related to affiliates' earnings) | 29.7 | 31.8 | 82.1 | 69.1 |
| Net Income (GAAP) | $82.2 | $89.0 | $236.3 | $207.7 |
| Net income, excluding tax adjustments and other items (non-GAAP) (1) | $76.9 | $91.5 | $231.0 | $217.6 |
| Diluted earnings per share (GAAP) | $2.25 | $2.43 | $6.46 | $5.68 |
| Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) (1) | $2.10 | $2.50 | $6.31 | $5.95 |
| Investment Volume | $361.7 | $504.5 | $877.0 | $1,325.1 |
The following table shows our return on equity for the trailing 12 months ended September 30:
| 2025 | 2024 | |
|---|---|---|
| Return on Equity (GAAP) | 12.1% | 11.9% |
| Return on Equity, excluding tax adjustments and other items (non-GAAP) (1) | 11.7% | 12.2% |
(1) See "Non-GAAP Financial Measures" at the end of this item for further details.
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