# EDGAR Filing Document

**Accession Number:** 0000923120
**File Stem:** 0001193125-25-253533
**Filing Date:** 2025-10
**Character Count:** 47209
**Document Hash:** 62ac2d53bbef27f2203d5ef3915021fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-253533.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-253533

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251028

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GREENBRIER COMPANIES INC
- **CENTRAL INDEX KEY:** 0000923120
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROAD EQUIPMENT [3743]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 930816972
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13146
- **FILM NUMBER:** 251425085

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CENTERPOINTE DR
- **STREET 2:** STE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 5036847000

**MAIL ADDRESS:**
- **STREET 1:** ONE CENTERPOINTE DR
- **STREET 2:** STE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### Form 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) October 28, 2025

## THE GREENBRIER COMPANIES, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Oregon** | **001-13146** | **93-0816972** |
| **(State of**<br> **Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035

#### (Address of principal executive offices) (Zip Code)
(503) 684-7000

#### Registrant's telephone number, including area code

#### Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock without par value | GBX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition**  |

---

On October 28, 2025, The Greenbrier Companies, Inc. (the "Company") issued an earnings release reporting the Company's financial results for the fourth fiscal quarter and year ended August 31, 2025. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br> No. | Description |
| 99.1 | [Earnings Release dated October 28, 2025 of The Greenbrier Companies, Inc. reporting the Company's financial results for the fourth fiscal quarter and year ended August 31, 2025.](d54114dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **THE GREENBRIER COMPANIES, INC.** | **THE GREENBRIER COMPANIES, INC.** |
| Date: October 28, 2025 | By: | /s/ Michael J. Donfris |
|  |  | Michael J. Donfris |
|  |  | Senior Vice President, Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| **Earnings Release** | ![LOGO](g54114dsp01.jpg) |

---

<u>*One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000*</u>   <u>*www.gbrx.com*</u>

October 28, 2025 *Contact:* Justin Roberts, Investor Relations Jack Isselmann, Media Relations Ph: 503-684-7000

**Greenbrier Reports Fourth Quarter and Record Fiscal 2025 Diluted EPS of $6.35** 

*Strong full-year operating cash flow exceeds $265 million* 

*Q4 GAAP Diluted EPS of $1.16 includes $0.10 per share of additional European* 

*facility-related rationalization costs* 

*Q4 Core Diluted EPS of $1.26* 

The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its fourth fiscal quarter and year ended August 31, 2025.

"Fiscal 2025 was a record year for Greenbrier, demonstrating the continued success of our strategy to deliver consistent, high-quality performance," said Lorie L. Tekorius, CEO and President. "We achieved record earnings and EBITDA, while exceeding our long-term financial targets for aggregate gross margin and return on invested capital. These results reflect disciplined execution and operational excellence. As we enter fiscal 2026, we are navigating the current North American and European freight rail markets with a resilient business model, growing lease fleet, and continued productivity gains. We will continue to focus on operational efficiencies and execution to deliver higher through-cycle profitability and long-term shareholder value across market conditions."

**<u>Fourth Quarter and Full Year Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings attributable to Greenbrier for Q4 of $37 million, or $1.16 per diluted share. Results include
$3 million ($0.10 per share), net of tax and non-controlling interest, of expense related to our European facility-related rationalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core net earnings attributable to Greenbrier of $40 million or $1.26 per diluted share in Q4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing the European facility rationalization started in Q2, Greenbrier announced the closure of two
additional facilities in Q4. Rationalization costs of approximately $6 million included $3 million of Gross margin impact and $3 million of Selling and administrative expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized savings of $20 million expected from European facility rationalization actions while maintaining
consistent production capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal 2025 Net earnings attributable to Greenbrier of $204 million, or $6.35 per diluted share. Results
include $8 million, or $0.24 per share, net of tax and non-controlling interest, of European facility-related rationalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal 2025 Core net earnings attributable to Greenbrier of $212 million, or $6.59 per diluted share.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core EBITDA of $115 million, or 15% of revenue in Q4 and a record $512 million, or 16% for fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In fiscal 2025, lease fleet growth of nearly 10%, to 17,000 units, with robust utilization of 98%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Q4, new railcar orders for 2,400 units valued at more than $300 million and deliveries of 4,900 units,
resulting in a new railcar backlog of 16,600 units with an estimated value of $2.2 billion as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase of 10,000 shares for $470,000 in Q4 and 517,000 shares for $22 million in fiscal 2025.
$78 million remaining under current share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board approves quarterly dividend of $0.32 per share, payable on December 3, 2025 to shareholders of record
as of November 12, 2025, representing Greenbrier's 46<sup>th</sup> consecutive quarterly dividend.

**<u>Long-Term Financial Target Update</u>**

Greenbrier announced long-term financial targets in April 2023 at its first Investor Day. As of August 31, 2025, Greenbrier successfully surpassed two of its three financial targets, with the third target on track, reflecting sustained growth and strategic execution. Detailed progress towards those targets is shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Starting Point<sup>(1)</sup>** | **Target** | **FY 2025** | **Commentary** |
| Recurring Revenue<sup>(2)</sup> | $113M | Double within five years | $169M | Nearly 50% growth; on track to achieve target |
| Aggregate Gross Margin % | 10.7% | Mid-teens by FY26 | 18.7% | Target achieved – 800 bps improvement |
| Core Return on Invested Capital (ROIC)<sup>(3)</sup> | 8.3% | 10 – 14% by FY26 | 10.9% | Target achieved – 260 bps improvement |

---

(1) Last twelve months as of February 28, 2023.

(2) Leasing & Fleet Management revenue excluding the impact of transactional syndication activity.

(3) See reconciliations in Supplemental Information.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 3** |

---

<u>**Business Update** & Outlook</u> 

Greenbrier is providing the following guidance for fiscal 2026:

---

| | |
|:---|:---|
|  | **Guidance** |
|  **Operating Metrics** | **Operating Metrics** |
|  Deliveries<sup>(1)</sup> | 17,500 – 20,500 units |
|  Revenue | $2.7B - $3.2B |
|  Aggregate Gross Margin % | 16.0% - 16.5% |
|  Operating Margin %<sup>(2)</sup> | 9.0% - 9.5% |
|  EPS | $3.75 - $4.75 |
|  **Capital Expenditures** | **Capital Expenditures** |
|  Manufacturing | $80M |
|  Leasing & Fleet Management | 240M |
|  **Gross Capital Expenditures** | **$320M** |
|  Equipment Sales Proceeds | 115M |
|  **Net Capital Expenditures** | **$205M** |

---

(1) Includes approximately 1,500 units of deliveries associated with Brazil.

(2) Earnings from operations divided by revenue.

**<u>Financial Summary</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Q4 FY25** | **Q3 FY25** | **Sequential Comparison – Main Drivers** |
|  Revenue | $759.5M | $842.7M | Lower new railcar deliveries |
|  Aggregate Gross margin | $143.8M | $151.5M | Continued strong operating performance offset by lower volume and $2.7 million of European facility-related rationalization costs |
|  Aggregate Gross margin % | 18.9% | 18.0% | Continued strong operating performance offset by lower volume and $2.7 million of European facility-related rationalization costs |
|  Selling and administrative expense | $70.8M | $65.9M | Includes $3.1 million of European rationalization costs |
|  Earnings from operations | $72.1M | $92.6M | Strong operating performance offset by lower volume, timing of gains from equipment sales and $5.8 million of European rationalization costs |
|  Operating margin % | 9.5% | 11.0% | Strong operating performance offset by lower volume, timing of gains from equipment sales and $5.8 million of European rationalization costs |
|  Core EBITDA<sup>(1)</sup> | $114.8M | $128.5M |  |
|  Effective tax rate | 36.4% | 22.8% | Geographic mix of earnings and unfavorable discrete items in foreign jurisdictions |
|  Core Net earnings attributable to Greenbrier<sup>(1)</sup> | $40.2M | $60.1M |  |
|  Core Diluted EPS<sup>(1)</sup> | $1.26 | $1.86 |  |

---

(1) See reconciliation in Supplemental Information.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 4** |

---

**<u>Segment Summary</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Q4 FY25** | **Q3 FY25** | **Sequential Comparison – Main Drivers** |
|  **Manufacturing** | **Manufacturing** | **Manufacturing** | **Manufacturing** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $692.3M | $778.2M | Lower new railcar deliveries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin % | 13.6% | 13.6% | Continued strong operating performance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from operations<br> Operating margin % <sup>(1)</sup> | $59.1M<br> 8.5% | $83.3M<br> 10.7% | Healthy operating performance impacted by $5.8 million of European rationalization costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deliveries (units) <sup>(2)</sup> | 4600 | 5200 | Lower production rates and timing of syndication activity |
|  **Leasing & Fleet Management** | **Leasing & Fleet Management** | **Leasing & Fleet Management** | **Leasing & Fleet Management** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $67.2M | $64.5M | Fleet growth and syndication product mix |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin % | 74.0% | 71.2% | Fleet growth and syndication product mix |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from operations | $43.0M | $45.3M | Timing of gains from equipment sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating margin % <sup>(1)</sup> | 64.0% | 70.2% | Timing of gains from equipment sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owned fleet (units) | 17000 | 16800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fleet utilization | 98.2% | 98.2% |  |

---

(1) See reconciliation in Supplemental Information.

(2) Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

**<u>Conference Call</u>**

Greenbrier will host a teleconference to discuss its fourth quarter and fiscal 2025 results. In conjunction with this release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2:00 p.m. Pacific Daylight Time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entry Number "0854333"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast access at <u>http://www.gbrx.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please access the site 10-15 minutes prior to the start time.

**<u>About Greenbrier</u>**

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America. Greenbrier owns a lease fleet of approximately 17,000 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at <u>www.gbrx.com</u>.

*- More -* 

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|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 5** |

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**THE GREENBRIER COMPANIES, INC.** 

**CONSOLIDATED BALANCE SHEETS** 

*(In millions, unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **August 31,<br>2025** | **May 31,**<br>**2025** | **February 28,<br>2025** | **November 30,<br>2024** | **August 31,**<br>**2024** |
|  **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $306.1 | $296.8 | $263.5 | $300.0 | $351.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 20.3 | 45.2 | 38.4 | 12.9 | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 526.4 | 507.7 | 535.4 | 583.0 | 523.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable | 44.9 | 33.7 | 31.5 | 26.7 | 45.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 688.3 | 707.6 | 692.5 | 753.8 | 770.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased railcars for syndication | 225.9 | 248.6 | 260.4 | 228.1 | 130.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment on operating leases, net | 1328.5 | 1300.4 | 1259.0 | 1234.1 | 1243.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 726.7 | 711.7 | 702.6 | 695.5 | 711.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in unconsolidated affiliates | 99.3 | 95.0 | 88.2 | 83.9 | 87.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangibles and other assets, net | 264.2 | 277.3 | 268.5 | 242.1 | 244.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 130.0 | 129.2 | 127.0 | 127.4 | 128.5 |
|  | $4360.6 | $4353.2 | $4267.0 | $4287.5 | $4254.5 |
|  **Liabilities and Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $651.7 | $696.2 | $669.0 | $653.1 | $731.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recourse | 771.2 | 767.3 | 753.2 | 868.4 | 776.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recourse | 979.7 | 995.4 | 1003.7 | 971.0 | 978.9 |
|  | 1750.9 | 1762.7 | 1756.9 | 1839.4 | 1755.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 180.2 | 151.9 | 144.4 | 131.4 | 130.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 44.3 | 32.5 | 35.0 | 45.5 | 58.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingently redeemable noncontrolling interest | 35.8 | 40.1 | 41.2 | 43.1 | 41.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity – Greenbrier | 1532.5 | 1504.0 | 1460.2 | 1412.7 | 1376.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | 165.2 | 165.8 | 160.3 | 162.3 | 160.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1697.7 | 1669.8 | 1620.5 | 1575.0 | 1536.6 |
|  | $4360.6 | $4353.2 | $4267.0 | $4287.5 | $4254.5 |

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*- More -* 

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|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 6** |

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**THE GREENBRIER COMPANIES, INC**.

**CONSOLIDATED STATEMENTS OF INCOME** 

*(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** |
|  **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $2991.2 | $3312.4 | $3764.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 249.0 | 232.3 | 179.9 |
|  | 3240.2 | 3544.7 | 3944.0 |
|  **Cost of revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 2556.6 | 2913.0 | 3447.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 76.1 | 73.2 | 55.5 |
|  | 2632.7 | 2986.2 | 3502.9 |
|  **Margin** | 607.5 | 558.5 | 441.1 |
|  Selling and administrative expense | 263.3 | 247.1 | 235.3 |
|  Net gain on disposition of equipment | (15.9) | (13.1) | (17.3) |
|  Asset impairment, disposal, and exit costs, net |  |  | 46.7 |
|  **Earnings from operations** | 360.1 | 324.5 | 176.4 |
|  Interest and foreign exchange | 75.7 | 100.8 | 85.4 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 284.4 | 223.7 | 91.0 |
|  Income tax expense | (91.4) | (62.0) | (24.6) |
|  Earnings before earnings from unconsolidated affiliates | 193.0 | 161.7 | 66.4 |
|  Earnings from unconsolidated affiliates | 20.1 | 11.0 | 9.2 |
|  **Net earnings** | 213.1 | 172.7 | 75.6 |
|  Net earnings attributable to noncontrolling interest | (9.0) | (12.6) | (13.1) |
|  **Net earnings attributable to Greenbrier** | $204.1 | $160.1 | $62.5 |
|  **Basic earnings per common share:** | $6.55 | $5.15 | $1.95 |
|  **Diluted earnings per common share:** | $6.35 | $4.96 | $1.89 |
|  **Weighted average common shares**: |  |  |  |
|  Basic | 31171 | 31102 | 31983 |
|  Diluted | 32139 | 32363 | 33799 |
|  Dividends per common share | $1.24 | $1.20 | $1.11 |

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|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 7** |

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**THE GREENBRIER COMPANIES, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(In millions, unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** |
|  **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings | $213.1 | $172.7 | $75.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 42.1 | 16.8 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 121.5 | 115.6 | 106.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on disposition of equipment | (15.9) | (13.1) | (17.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation expense | 17.5 | 17.1 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest adjustments | 7.6 | 3.9 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from unconsolidated affiliates | (20.1) | (11.0) | (9.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3.4 | 3.8 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (4.6) | 9.2 | (14.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable | 0.2 | (2.9) | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 62.0 | 50.0 | (17.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased railcars for syndication | (107.8) | (5.1) | (123.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 29.6 | 24.6 | (42.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (67.0) | (63.5) | 16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (15.9) | 11.5 | 21.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 265.7 | 329.6 | 71.2 |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of assets | 77.3 | 75.0 | 78.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (280.4) | (398.3) | (362.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 2.9 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (203.1) | (320.4) | (280.0) |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in debt with maturities of 90 days or less | 23.7 | (27.8) | 29.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from debt with maturities longer than 90 days | 97.0 | 407.2 | 295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debt with maturities longer than 90 days | (131.1) | (236.2) | (291.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs | (5.5) | (2.9) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of stock, including excise tax | (22.7) | (1.3) | (56.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | (39.6) | (38.4) | (36.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distribution to joint venture partner | (17.9) | (9.3) | (13.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax payments for net share settlement of restricted stock | (5.6) | (5.1) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | (101.7) | 86.2 | (76.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes | (3.1) | (29.5) | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in cash, cash equivalents and restricted cash | (42.2) | 65.9 | (256.4) |
|  **Cash and cash equivalents and restricted cash** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 368.6 | 302.7 | 559.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $326.4 | $368.6 | $302.7 |
|  **Balance Sheet Reconciliation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $306.1 | $351.8 | $281.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 20.3 | 16.8 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Cash and cash equivalents and restricted cash | $326.4 | $368.6 | $302.7 |

---

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 8** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL LEASING & FLEET MANAGEMENT INFORMATION** 

*(In millions, except owned fleet, unaudited)* 

During the April 2023 Investor Day, Greenbrier provided a long-term target to more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years. Recurring revenue is defined as Leasing & Fleet Management revenue excluding the impact of transactional syndication activity. Investing in leasing assets provides a recurring stream of revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier's Manufacturing revenue and margin as a result of deferring revenue recognition.

**Key information for the Leasing & Fleet Management segment:** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended |
| **Greenbrier Lease Fleet** *(Units)<sup>(1)</sup>* | August 31,<br>2025 | May 31,<br>2025 | August 31,<br>2025 |
|  Beginning balance | 16800 | 16600 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Railcars added | 1300 | 1900 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Railcars sold / scrapped | (1100) | (1700) | (5000) |
|  Ending balance | 17000 | 16800 | 17000 |

---

---

| | |
|:---|:---|
|  | Year Ended<br>August 31, 2025 |
|  Recurring revenue | $168.8 |

---

---

| | | |
|:---|:---|:---|
|  | August 31,<br>2025 | May 31,<br>2025 |
|  Equipment on operating lease, net<sup>(2)</sup> | $1328.5 | $1300.4 |
|  Non-recourse warehouse | $222.3 | $231.4 |
|  ABS non-recourse notes | 456.2 | 459.9 |
|  Non-recourse term loan | 308.2 | 311.3 |
|  Total Leasing non-recourse debt | $986.7 | $1002.6 |
|  **Fleet leverage %<sup>(3)(4)</sup>** | **74%** | **77%** |

---

(1) Owned fleet includes Leased railcars for syndication

(2) The $600 million U.S. corporate revolver borrowing base includes Equipment on operating lease assets that
do not currently secure the Leasing non-recourse term loan

(3) Total Leasing non-recourse debt / Equipment on operating lease

(4) Fleet assets are leveraged at fair market value based on independent appraisals while they are shown at net
book value on Greenbrier's Consolidated Balance Sheet

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 9** |

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**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, except per share amounts, unaudited)* 

**Operating Results by Quarter for Fiscal 2025 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First** | **Second** | **Third** | **Fourth** | **Total** |
|  **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $820.4 | $700.3 | $778.2 | $692.3 | $2991.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 55.5 | 61.8 | 64.5 | 67.2 | 249.0 |
|  | 875.9 | 762.1 | 842.7 | 759.5 | 3240.2 |
|  **Cost of revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 680.4 | 605.4 | 672.6 | 598.2 | 2556.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 21.9 | 18.1 | 18.6 | 17.5 | 76.1 |
|  | 702.3 | 623.5 | 691.2 | 615.7 | 2632.7 |
|  **Margin** | 173.6 | 138.6 | 151.5 | 143.8 | 607.5 |
|  Selling and administrative expense | 62.0 | 64.6 | 65.9 | 70.8 | 263.3 |
|  Net (gain) loss on disposition of equipment | (0.2) | (9.6) | (7.0) | 0.9 | (15.9) |
|  **Earnings from operations** | 111.8 | 83.6 | 92.6 | 72.1 | 360.1 |
|  **Other costs** |  |  |  |  |  |
|  Interest and foreign exchange | 23.4 | 21.7 | 13.2 | 17.4 | 75.7 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 88.4 | 61.9 | 79.4 | 54.7 | 284.4 |
|  Income tax expense | (33.4) | (20.0) | (18.1) | (19.9) | (91.4) |
|  Earnings before earnings from unconsolidated affiliates | 55.0 | 41.9 | 61.3 | 34.8 | 193.0 |
|  Earnings from unconsolidated affiliates | 4.1 | 4.3 | 6.2 | 5.5 | 20.1 |
|  **Net earnings** | 59.1 | 46.2 | 67.5 | 40.3 | 213.1 |
|  Net (earnings) loss attributable to noncontrolling interest | (3.8) | 5.7 | (7.4) | (3.5) | (9.0) |
|  **Net earnings attributable to Greenbrier** | $55.3 | $51.9 | $60.1 | $36.8 | $204.1 |
|  **Basic earnings per common share** <sup>(1)</sup> | $1.77 | $1.66 | $1.92 | $1.19 | $6.55 |
|  **Diluted earnings per common share** <sup>(1)</sup> | $1.72 | $1.56 | $1.86 | $1.16 | $6.35 |
|  Dividends per common share | $0.30 | $0.30 | $0.32 | $0.32 | $1.24 |

---

<sup>(1)</sup> Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. 

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 10** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, except per share amounts, unaudited)* 

**Operating Results by Quarter for Fiscal 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First** | **Second** | **Third** | **Fourth** | **Total** |
|  **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $759.7 | $811.0 | $755.0 | $986.7 | $3312.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 49.1 | 51.7 | 65.2 | 66.3 | 232.3 |
|  | 808.8 | 862.7 | 820.2 | 1053.0 | 3544.7 |
|  **Cost of revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 672.5 | 725.4 | 672.2 | 842.9 | 2913.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 15.0 | 15.1 | 24.2 | 18.9 | 73.2 |
|  | 687.5 | 740.5 | 696.4 | 861.8 | 2986.2 |
|  **Margin** | 121.3 | 122.2 | 123.8 | 191.2 | 558.5 |
|  Selling and administrative expense | 56.3 | 63.6 | 59.3 | 67.9 | 247.1 |
|  Net (gain) loss on disposition of equipment | 0.1 | (4.9) | (7.8) | (0.5) | (13.1) |
|  **Earnings from operations** | 64.9 | 63.5 | 72.3 | 123.8 | 324.5 |
|  Interest and foreign exchange | 23.2 | 24.6 | 24.7 | 28.3 | 100.8 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 41.7 | 38.9 | 47.6 | 95.5 | 223.7 |
|  Income tax expense | (10.0) | (9.3) | (10.7) | (32.0) | (62.0) |
|  Earnings before earnings from unconsolidated affiliates | 31.7 | 29.6 | 36.9 | 63.5 | 161.7 |
|  Earnings from unconsolidated affiliates | 1.5 | 4.0 | 3.7 | 1.8 | 11.0 |
|  **Net earnings** | 33.2 | 33.6 | 40.6 | 65.3 | 172.7 |
|  Net earnings attributable to noncontrolling interest | (2.0) | (0.2) | (6.7) | (3.7) | (12.6) |
|  **Net earnings attributable to Greenbrier** | $31.2 | $33.4 | $33.9 | $61.6 | $160.1 |
|  **Basic earnings per common share** <sup>(1)</sup> | $1.00 | $1.08 | $1.09 | $1.98 | $5.15 |
|  **Diluted earnings per common share** <sup>(1)</sup> | $0.96 | $1.03 | $1.06 | $1.92 | $4.96 |
|  Dividends per common share | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 |

---

<sup>(1)</sup> Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. 

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 11** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, unaudited)* 

**Segment Information** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Three months ended August 31, 2025: | Three months ended August 31, 2025: | Three months ended August 31, 2025: | Three months ended August 31, 2025: | Three months ended August 31, 2025: | Three months ended August 31, 2025: | Three months ended August 31, 2025: |
|  | Revenue | Revenue | Revenue | Earnings (loss) from operations | Earnings (loss) from operations | Earnings (loss) from operations |
|  | External | Intersegment | Total | External | Intersegment | Total |
|  Manufacturing | $692.3 | $27.6 | $719.9 | $59.1 | $3.0 | $62.1 |
|  Leasing & Fleet Management | 67.2 | 0.2 | 67.4 | 43.0 |  | 43.0 |
|  Eliminations |  | (27.8) | (27.8) |  | (3.0) | (3.0) |
|  Corporate |  |  |  | (30.0) |  | (30.0) |
|  | $759.5 | $— | $759.5 | $72.1 | $— | $72.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: |  |  |  |  |
|  | Revenue | Revenue | Revenue | Earnings (loss) from operations | Earnings (loss) from operations | Earnings (loss) from operations |
|  | External | Intersegment | Total | External | Intersegment | Total |
|  Manufacturing | $778.2 | $15.2 | $793.4 | $83.3 | $1.5 | $84.8 |
|  Leasing & Fleet Management | 64.5 |  | 64.5 | 45.3 |  | 45.3 |
|  Eliminations |  | (15.2) | (15.2) |  | (1.5) | (1.5) |
|  Corporate |  |  |  | (36.0) |  | (36.0) |
|  | $842.7 | $— | $842.7 | $92.6 | $— | $92.6 |

---

---

| | | |
|:---|:---|:---|
|  | Total assets | Total assets |
|  | August 31,<br>2025 | May 31,<br>2025 |
|  Manufacturing | $2085.9 | $2071.2 |
|  Leasing & Fleet Management | 1858.4 | 1858.2 |
|  Unallocated, including cash | 416.3 | 423.8 |
|  | $4360.6 | $4353.2 |

---

**BACKLOG AND DELIVERY INFORMATION**

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
| | Three Months Ended | Year Ended |
| | August 31,<br>2025 | August 31,<br>2025 |
|  **Backlog Activity (units) <sup>(1)</sup>**  |  |  |
|  Beginning backlog | 18900 | 26700 |
|  Orders received | 2400 | 13200 |
|  Production held on the Balance Sheet | (1000) | (5800) |
|  Production sold to third parties | (3700) | (17500) |
|  Ending backlog | 16600 | 16600 |
|  **Delivery Information (units) <sup>(1)</sup>**  |  |  |
|  Direct sales | 3700 | 17500 |
|  Sale of Leased railcars for syndication | 1200 | 4500 |
|  Total deliveries | 4900 | 22000 |

---

<sup>(1)</sup> Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 12** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, unaudited)* 

**Reconciliation of Net earnings to Core EBITDA** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended |
|  | August 31,<br>2025 | May 31,<br>2025 | August 31,<br>2025 |
|  Net earnings | $40.3 | $67.5 | $213.1 |
|  Interest and foreign exchange | 17.4 | 13.2 | 75.7 |
|  Income tax expense | 19.9 | 18.1 | 91.4 |
|  Depreciation and amortization | 31.4 | 29.7 | 119.7 |
|  Facility-related rationalization costs<sup>(1)</sup>  | 5.8 |  | 12.4 |
|  Core EBITDA | $114.8 | $128.5 | $512.3 |

---

<sup>(1)</sup> Includes $0.8 million and $1.8 million of Depreciation & amortization for the quarter and year ended August 31, 2025, respectively 

**Share Calculations for Core diluted earnings per share (*in thousands*)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended |
|  | August 31,<br>2025 | May 31,<br>2025 | August 31,<br>2025 |
|  Basic Shares | 30880 | 31186 | 31171 |
|  Dilutive effect of performance awards | 981 | 998 | 968 |
|  Diluted weighted average shares outstanding | 31861 | 32184 | 32139 |

---

**Reconciliation of Net earnings attributable to Greenbrier to Core net earnings attributable to Greenbrier** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended |
|  | August 31,<br>2025 | May 31,<br>2025 | August 31,<br>2025 |
|  Net earnings attributable to Greenbrier | $36.8 | $60.1 | $204.1 |
|  Facility-related rationalization costs<sup>(1)</sup>  | 3.4 |  | 7.6 |
|  Core net earnings attributable to Greenbrier | $40.2 | $60.1 | $211.7 |

---

<sup>(1)</sup> Net of $2.4 million and $4.8 million of tax and non-controlling interest for the quarter and year ended August 31, 2025, respectively 

**Reconciliation of Diluted earnings per share to Core diluted earnings per share** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended |
|  | August 31,<br>2025 | May 31,<br>2025 | August 31,<br>2025 |
|  Diluted earnings per share | $1.16 | $1.86 | $6.35 |
|  Facility-related rationalization costs | 0.10 |  | 0.24 |
|  Core diluted earnings per share | $1.26 | $1.86 | $6.59 |

---

**Core Return on Invested Capital (ROIC) Calculation** 

---

| | | |
|:---|:---|:---|
|  | Year Ended | Last Twelve Months<br>Ended |
|  | August 31,<br>2025 | February 28,<br>2023 |
|  Earnings from operations | $360.1 | $143.6 |
|  Earnings from unconsolidated affiliates | 20.1 | 11.5 |
|  Facility-related rationalization costs | 12.4 |  |
|  Asset impairment, disposal, and exit related costs, net |  | 25.1 |
|  Core net operating profit before tax | 392.6 | 180.2 |
|  Cash taxes received (paid) | (48.2) | 37.2 |
|  Core net operating profit after tax | $344.4 | $217.4 |

---

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 13** |

---

**SUPPLEMENTAL INFORMATION** 

*(In millions, unaudited)* 

---

| | | |
|:---|:---|:---|
|  | Average Trailing Five Quarters | Average Trailing Five Quarters |
|  | August 31,<br>2025 | February 28,<br>2023 |
|  Total funded debt | $1773.1 | $1560.5 |
|  Total Equity | 1660.3 | 1448.4 |
|  Cash and cash equivalents | 303.6 | 444.5 |
|  Minimum operating cash | (40.0) | (40.0) |
|  Cash in excess of $40 million | 263.6 | 404.5 |
|  Total invested capital <sup>(1)</sup>  | $3169.8 | $2604.4 |
|  Core ROIC <sup>(2)</sup>  | 10.9% | 8.3% |

---

<sup>(1)</sup> Total invested capital is the sum of Total funded debt and Total Equity less Cash and cash equivalents in excess of $40 million 

<sup>(2)</sup> Core ROIC is calculated by dividing Adjusted Core net operating profit after tax by Total invested capital 

**Debt Summary** 

---

| | | |
|:---|:---|:---|
|  | August 31,<br>2025 | May 31,<br>2025 |
|  Total Leasing non-recourse debt | $986.7 | $1002.6 |
|  Total other debt | 777.8 | 774.5 |
|  | 1764.5 | 1777.1 |
|  Debt discount and issuance costs | (13.6) | (14.4) |
|  Total consolidated debt | $1750.9 | $1762.7 |

---

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Fourth Quarter and 2025 Fiscal Results *(Cont.)*** | **Page 14** |

---

**Forward-Looking Statements** 

This press release may contain forward-looking statements, including statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as "affect," "approximately," "are," "backlog," "believe," "continue," "drive," "estimate," "grow," "long-term," "may," "ongoing," "progress," "recurring," "result," "schedule," "strategy," "strong," "target," and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about our guidance and outlook, backlog and other orders, leasing performance, leasing strategy, financing, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; changes to tariffs or import duties, including retaliatory tariffs; changes in macroeconomic policies; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; labor disputes; loss of market share to other modes of freight shipment; geopolitical unrest including the war in Ukraine and conflict in the Middle East. Our backlog of railcar units and other orders not included in backlog are not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof.

**Financial Metric Definitions** 

Core EBITDA, Core net earnings attributable to Greenbrier, Core diluted earnings per share (EPS), and Core ROIC are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not measures of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Core EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization and the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Core EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending and other items. These items may vary for different companies for reasons unrelated to the overall operating performance of a company's core business. We believe this assists in comparing our performance across reporting periods.

Core net earnings attributable to Greenbrier and core diluted EPS excludes the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe this assists in comparing our performance across reporting periods.

Core ROIC is calculated by dividing the trailing four quarters of Core net operating profit after tax by the average trailing five quarters of total invested capital. Core net operating profit after tax is defined as Earnings from operations, plus Earnings from unconsolidated affiliates, excluding the impact associated with items we do not believe are indicative of our core business or which affect comparability, less cash paid for income taxes, net. Total invested capital is defined as Debt, net, plus Total equity, less cash in excess of $40 million. We believe Core ROIC is useful to investors as it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

*###*