GATX CORP
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 2026
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Non-GAAP Financial Measures
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures.
Reconciliation of Non-GAAP Components Used in the Computation of Certain Financial Measures
We exclude the effects of certain tax adjustments and other items for purposes of presenting net income attributable to GATX, diluted earnings per share, and return on equity attributable to GATX because we believe these items are not attributable to our business operations. Management utilizes net income attributable to GATX, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management’s ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends.
The following tables show our net income attributable to GATX, diluted earnings per share, excluding tax adjustments and other items (in millions, except per share data):
| Impact of Tax Adjustments and Other Items on Net Income: | ||||
|---|---|---|---|---|
| Three Months EndedSeptember 30 | Nine Months EndedSeptember 30 | |||
| 2026 | 2025 | 2026 | 2025 | |
| Net income (GAAP) | $107.2 | $82.2 | $297.3 | $236.3 |
| Less: Net income attributable to non-controlling interest | 2.0 | — | 3.2 | — |
| Net income attributable to GATX | $105.2 | $82.2 | $294.1 | $236.3 |
| Adjustments to pre-tax income attributable to GATX: | ||||
| Acquisition-related expenses (1) | $— | $3.8 | $— | $3.8 |
| Total adjustments to pre-tax income attributable to GATX | $— | $3.8 | $— | $3.8 |
| Income taxes thereon, based on applicable effective tax rate | — | (0.9) | — | (0.9) |
| Adjustments attributable to affiliates' earnings, net of taxes: | ||||
| Insurance proceeds (2) | — | (8.2) | — | (8.2) |
| Total adjustments attributable to affiliates' earnings, net of taxes | $— | $(8.2) | $— | $(8.2) |
| Net income attributable to GATX, excluding tax adjustments and other items (non-GAAP) | $105.2 | $76.9 | $294.1 | $231.0 |
| Impact of Tax Adjustments and Other Items on Diluted Earnings per Share: | ||||
|---|---|---|---|---|
| Three Months EndedSeptember 30 | Nine Months EndedSeptember 30 | |||
| 2026 | 2025 | 2026 | 2025 | |
| Diluted earnings per share (GAAP) | $2.92 | $2.25 | $8.11 | $6.46 |
| Adjustments to income attributable to GATX, net of taxes: | ||||
| Acquisition-related expenses (1) | — | 0.08 | — | 0.08 |
| Adjustments attributable to affiliates' earnings, net of taxes: | ||||
| Insurance proceeds (2) | — | (0.22) | — | (0.22) |
| Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) * | $2.92 | $2.10 | $8.11 | $6.31 |
(*) Sum of individual components may not be additive due to rounding.
The following tables show our net income and return on equity, excluding tax adjustments and other items, for the trailing 12 months ended September 30 (in millions):
| 2026 | 2025 | |
|---|---|---|
| Net income (GAAP) | $394.3 | $312.8 |
| Less: Net income attributable to non-controlling interest | 3.2 | — |
| Net income attributable to GATX | $391.1 | $312.8 |
| Adjustments to pre-tax income attributable to GATX: | ||
| Acquisition-related expenses (1) | $2.7 | $3.8 |
| Total adjustments to pre-tax income attributable to GATX | $2.7 | $3.8 |
| Income taxes thereon, based on applicable effective tax rate | $(0.7) | $(0.9) |
| Other income tax adjustments to income attributable to GATX: | ||
| Income tax rate changes (3) | $(13.3) | $(6.0) |
| Net operating loss valuation allowance adjustment (4) | 6.4 | — |
| Total other income tax adjustments to income attributable to GATX | $(6.9) | $(6.0) |
| Adjustments attributable to affiliates' earnings, net of taxes: | ||
| Insurance proceeds (2) | $(3.3) | $(8.2) |
| Total adjustments attributable to affiliates' earnings, net of taxes | $(3.3) | $(8.2) |
| Net income attributable to GATX, excluding tax adjustments and other items (non-GAAP) | $382.9 | $301.5 |
(1)Expenses associated with the acquisition of Wells Fargo's rail assets.
(2) Insurance recoveries related to aircraft spare engines at RRPF for which it had previously recorded impairment losses.
(3)Deferred income tax adjustment attributable to an enacted corporate income tax rate reduction in Germany in 2025 and deferred income tax adjustments attributable to state tax rate reductions in 2024.
(4) Valuation allowance adjustment associated with the realizability of state net operating losses in future tax years.
| 2026 | 2025 | |
|---|---|---|
| Return on Equity attributable to GATX (GAAP) | 14.2% | 12.1% |
| Return on Equity attributable to GATX, excluding tax adjustments and other items (non-GAAP) | 13.9% | 11.7% |
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