Railcar maker Greenbrier wrestled with the twin issues of volume and mix in the second quarter as lower railcar deliveries weighed on revenue and profits, even though cash flow stayed solid.
Fiscal Q2 2026 earnings for the Lake Oswego, Ore.-based supplier (NYSE: GBX) saw weak earnings per share at $.47 versus $.89 in estimates, on revenue of $587.5 million that also fell below expectations.
Cash flow checked in at a positive $159 million and fleet utilization neared 98%.
Earnings from operations were about $25 million, or 4.3% of revenue, which points to margin pressure versus stronger recent quarters.
“Greenbrier delivered resilient second quarter results in a low-volume environment,” said Chief Executive and President Lorie Tekorius, in an earnings release. “Our integrated business model, supported by disciplined execution and strong cash generation, continued to drive performance. We further strengthened our liquidity and balance sheet, providing flexibility while customer commitments remain measured and market conditions continue to evolve.”
Management raised the quarterly dividend by 6% to $.34, which signals confidence in cash generation even amid a softer quarter.
The company continued to emphasize strong liquidity and fleet utilization, suggesting the leasing side remained a stabilizer.
Greenbrier updated guidance to 17,500-20,500 units from 15,350- 16,350 units, and revenue to $2.7-$3.2 billion from $2.4-$2.5 billion.
Subscribe to FreightWaves’ Rail e-newsletter and get the latest insights on rail freight right in your inbox.
Read more articles by Stuart Chirls here.
Read more:
Rising intermodal volume slows big four U.S. rail system
No June swoon for surging rail traffic
CSX marks unique status with DC 250 rail event
UPDATED: Maersk shifts SoCal import containers to UP from BNSF
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now