Greenbrier Revenue Drops 23% to $587.5M in Q2 FY2026
The Greenbrier Companies, a railcar manufacturer and lessor, posted total revenue of $587.5 million for the three months ending February 28, 2026, down 23% from $762.1 million in the prior-year quarter.
The Greenbrier Companies, Inc. (NYSE: GBX), a railcar manufacturer and lessor, reported total revenue of $587.5 million for the three months ending February 28, 2026, a decline of 23% from $762.1 million in the same period a year earlier. Net income for the quarter dropped to $15.0 million, down 71% from $51.9 million in Q2 FY2025. Read more earnings reports.
For the six months ending February 28, 2026, total revenue fell to $1.29 billion from $1.64 billion in the prior-year period, a 21% decline. Net income for the half-year reached $51.4 million, down 52% from $107.2 million a year earlier.
Manufacturing revenue, which makes up the bulk of Greenbrier's business, came in at $541.5 million for the second quarter, down from $712.9 million in Q2 FY2025. Leasing and services revenue totaled $46.0 million, compared to $49.2 million in the year-ago quarter.
Gross profit for the quarter fell to $69.5 million from $138.6 million a year earlier, reflecting lower volumes and tighter margins. Operating income dropped to $25.1 million from $83.6 million in the prior-year quarter. Selling, general and administrative expenses declined to $57.4 million from $64.6 million.
The company reported earnings per diluted share of $0.47 for Q2 FY2026, down from $1.56 in the prior-year quarter. For the first half of fiscal 2026, diluted EPS was $1.62, compared to $3.28 in the first half of fiscal 2025.
Cash and cash equivalents stood at $521.8 million as of February 28, 2026, up from $306.1 million at the end of fiscal 2025. The company generated $234.9 million in cash from operations during the six-month period, a significant improvement from $28.5 million in the prior-year period.
Greenbrier's inventory declined to $621.1 million from $688.3 million at the end of fiscal 2025. Long-term debt totaled $1.76 billion as of February 28, 2026, essentially flat from $1.75 billion at fiscal year-end. Total stockholders' equity increased to $1.56 billion from $1.53 billion.
Financial Summary
| Metric | Q2 FY2026 | Q2 FY2025 | Change |
|---|---|---|---|
| Total Revenue | $587.5M | $762.1M | -23% |
| Manufacturing Revenue | $541.5M | $712.9M | -24% |
| Leasing & Services Revenue | $46.0M | $49.2M | -7% |
| Gross Profit | $69.5M | $138.6M | -50% |
| Operating Income | $25.1M | $83.6M | -70% |
| Net Income | $15.0M | $51.9M | -71% |
| Diluted EPS | $0.47 | $1.56 | -70% |
Six-Month Performance
| Metric | H1 FY2026 | H1 FY2025 | Change |
|---|---|---|---|
| Total Revenue | $1.29B | $1.64B | -21% |
| Operating Income | $86.2M | $195.4M | -56% |
| Net Income | $51.4M | $107.2M | -52% |
| Cash from Operations | $234.9M | $28.5M | +724% |
| Diluted EPS | $1.62 | $3.28 | -51% |
The company had 30.9 million common shares outstanding as of February 28, 2026, down slightly from 30.9 million at the end of fiscal 2025. Total assets were $4.34 billion as of the end of the second quarter, compared to $4.36 billion at fiscal year-end.