GATX CORP
For the period ended Jun 30, 2026. Filed Jul 31, 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.
Jun 30, 2026 · Filed Jul 31, 2026
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Discussion of Operating Results
Net income attributable to GATX for the six months ended June 30, 2026 was $188.9 million, or $5.19 per diluted share, compared to $154.1 million, or $4.21 per diluted share, for the same period in 2025. Net income attributable to GATX increased $34.8 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, higher net gain on asset dispositions at Rail North America, 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.
Net income attributable to GATX for the three months ended June 30, 2026 was $103.4 million, or $2.84 per diluted share, compared to $75.5 million, or $2.06 per diluted share, for the same period in 2025. Net income attributable to GATX increased $27.9 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, higher net gain on asset dispositions at Rail North America, 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, higher interest expense, and lower 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 EndedJune 30 | Six Months EndedJune 30 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Segment Revenues | ||||
| Rail North America | $435.0 | $295.7 | $871.7 | $589.0 |
| Rail International | 105.6 | 95.8 | 210.8 | 184.3 |
| Engine Leasing | 29.4 | 28.6 | 61.0 | 58.2 |
| Other | 10.1 | 10.4 | 20.3 | 20.6 |
| $580.1 | $430.5 | $1,163.8 | $852.1 | |
| Segment Profit | ||||
| Rail North America | $118.5 | $96.6 | $222.4 | $185.4 |
| Rail International | 31.6 | 32.2 | 63.2 | 57.9 |
| Engine Leasing | 66.4 | 27.3 | 101.7 | 65.9 |
| Other | 2.1 | 5.1 | 9.7 | 12.1 |
| 218.6 | 161.2 | 397.0 | 321.3 | |
| Less: | ||||
| Selling, general and administrative expense | 69.2 | 58.2 | 140.5 | 114.8 |
| Income taxes (includes $12.4 and $6.5 QTR and $19.2 and $14.8 YTD related to affiliates' earnings) | 38.4 | 27.5 | 66.4 | 52.4 |
| Net Income | $111.0 | $75.5 | $190.1 | $154.1 |
| Less: Net Income Attributable to Non-Controlling Interest | 7.6 | — | 1.2 | — |
| Net Income Attributable to GATX (GAAP) | $103.4 | $75.5 | 188.9 | $154.1 |
| Diluted earnings per share (GAAP) | $2.84 | $2.06 | $5.19 | $4.21 |
| Investment Volume | $200.5 | $219.0 | $4,720.5 | $515.3 |
The following table shows our return on equity for the trailing 12 months ended June 30:
| 2026 | 2025 | |
|---|---|---|
| Return on equity attributable to GATX (GAAP) | 13.5% | 12.8% |
| Return on equity attributable to GATX, excluding tax adjustments and other items (non-GAAP) (1) | 13.0% | 12.6% |
(1) See "Non-GAAP Financial Measures" at the end of this Item for further details.
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