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, 2026, we had an unrestricted cash balance of $390.0 million. We also have a $632 million, 5-year unsecured revolving credit facility in the United States that matures in 2031 and a $368 million, 3-year unsecured revolving credit facility in the United States that matures in 2029, both of which were fully available as of September 30, 2026. In addition, we have a €250 million, 3-year unsecured revolving credit facility in Europe that matures in 2027, of which €220 million was available as of September 30, 2026. At GABX, we have a $250 million, 5-year unsecured revolving credit facility in the United States that matures in 2030, all of which was fully available as of September 30, 2026.

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, 2026 increased $215.7 million compared to the same period in 2025. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher cash receipts from revenue and lower payments for operating leases were partially offset by higher payments for maintenance, interest, income taxes, 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 consisted 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 consisted of proceeds from sales of operating assets.

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

(4) In 2026, we purchased 400 railcars that were previously on operating leases, compared to 802 railcars in 2025.

The increase in portfolio investments and capital additions of $4,015.2 million for the nine months ended September 30, 2026 was primarily due to the acquisition of railcars and locomotives from Wells Fargo and tank containers acquired at Trifleet, partially offset by fewer non-Wells Fargo railcars acquired at Rail North America, fewer railcars acquired at GRE and Rail India, and the cost of aircraft spare engines acquired at GEL in 2025. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Portfolio proceeds increased by $323.1 million for the nine months ended September 30, 2026, primarily due to more railcars 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 2026, we purchased 781 railcars that were previously on financing leases, compared to zero such railcars in 2025.

(2) Cash paid for share repurchases consists of those transactions that settled during the period and includes excise taxes and commissions.

The following table shows the activity on our long-term debt principal in the nine months ended September 30, 2026 (in millions):

(1) Issuances include $1,000.0 million at GABX. The cash proceeds were used for partial prepayment of the outstanding GABX term loan.

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

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

The following provides detail of the long-term debt issued in the nine months ended September 30, 2026:

U.S. debt

•$500.0 million of 5-year unsecured 4.63% fixed rate debt at GABX, which is guaranteed by GATX Corporation.

•$500.0 million of 10-year unsecured 5.30% fixed rate debt at GABX, which is guaranteed by GATX Corporation.

India debt

•INR 2.0 billion ($21.2 million) from a delayed draw term loan at a fixed rate of 8.70%.