GATX CORP
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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Discussion of Operating Results
Net income attributable to GATX for the three months ended March 31, 2026 was $85.5 million, or $2.35 per diluted share, compared to $78.6 million, or $2.15 per diluted share, for the same period in 2025. Net income attributable to GATX increased $6.9 million compared to the prior year and was impacted by the Wells Fargo rail assets acquisition. The variance was largely due to higher revenue at Rail North America and Rail International and higher net gain on asset dispositions at Rail North America, partially offset by higher maintenance expense and depreciation expense at Rail North America, higher interest expense, and lower earnings at the Rolls-Royce & Partners Finance joint ventures (collectively, 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 EndedMarch 31 | ||
|---|---|---|
| 2026 | 2025 | |
| Segment Revenues | ||
| Rail North America | $436.7 | $293.3 |
| Rail International | 105.2 | 88.5 |
| Engine Leasing | 31.6 | 29.6 |
| Other | 10.2 | 10.2 |
| $583.7 | $421.6 | |
| Segment Profit | ||
| Rail North America | $103.9 | $88.8 |
| Rail International | 31.6 | 25.7 |
| Engine Leasing | 35.3 | 38.6 |
| Other | 7.6 | 7.0 |
| 178.4 | 160.1 | |
| Less: | ||
| Selling, general and administrative expense | 71.3 | 56.6 |
| Income taxes (includes $6.8 and $8.3 related to affiliates' earnings) | 28.0 | 24.9 |
| Net Income | $79.1 | $78.6 |
| Less: Net Loss Attributable to Non-Controlling Interest | (6.4) | — |
| Net Income Attributable to GATX (GAAP) | $85.5 | $78.6 |
| Diluted earnings per share (GAAP) | $2.35 | $2.15 |
| Investment Volume | $4,520.0 | $296.3 |
The following table shows our return on equity for the trailing 12 months ended March 31:
| 2026 | 2025 | |
|---|---|---|
| Return on equity attributable to GATX (GAAP) | 12.8% | 11.8% |
| Return on equity attributable to GATX, excluding tax adjustments and other items (non-GAAP) (1) | 12.3% | 12.0% |
(1) See "Non-GAAP Financial Measures" at the end of this Item for further details.
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