GREENBRIER COMPANIES INC

The Greenbrier Companies, Inc.

Overview

The Greenbrier Companies is an integrated supplier to global freight transportation markets. The company combines railcar manufacturing, wheel services, railcar maintenance, component parts, leasing and fleet management, and related regulatory and management services.

Business model and offerings

North American manufacturing

• Railcar types: covered hopper cars, gondolas, open-top hoppers, boxcars, flat cars, intermodal cars (including Maxi-Stack I and Maxi-Stack IV), and automotive railcars (Auto-Max II, Multi-Max, Multi-Max Plus).
• Services and capabilities: conversions (rebodying/stretching, re-racking, tank car retrofits), component parts (cushioning units, couplers, yokes, bolsters, gates, valves, etc.), wheel services (reconditioning, new axles machining), and railcar maintenance at AAR-certified facilities.

European railcar manufacturing

• Products: freight wagons (box, car carrier, covered, flat, hopper, intermodal, steel products, and specialty wagons), pressurized and non-pressurized tank wagons, bogies and related components.
• Services: leasing and maintenance for wagons.

Leasing & fleet management

• Leasing: North American railcar leasing with ownership of a lease fleet; adaptable structures including operating leases, sale-leasebacks, and syndication with external investors; managing and remarketing fleets to meet demand and liquidity needs.
• Fleet management: software and services for maintenance management, accounting, total fleet tracking, fleet logistics, administrative services, and railcar remarketing.
• Regulatory Services Group: provides regulatory, engineering, and advocacy support.

Unconsolidated affiliates

• Axis, LLC — 41.9% interest; axle manufacturing.
• Greenbrier-Maxion — 60% ownership; Brazil-based railcar manufacturing and related services (equity method).
• Amsted-Maxion — 29.5% ownership; Brazilian wheel components manufacturing. Amsted-Maxion owns 40% of Greenbrier-Maxion.

Backlog and production pipeline (as of August 31, 2026)

• Backlog units: 14,000 (each railcar platform counted as one unit).
  • 2025 backlog: 16,600 units.
  • 2024 backlog: 26,700 units.
• Estimated future revenue value of backlog:
  • 2026: $2,100 million.
  • 2025: $2,200 million.
  • 2024: $3,400 million.
• Approximately 9% of backlog units and 8% of backlog value are associated with Brazilian operations (equity method).
• About $1.0 billion of the August 31, 2026 backlog is scheduled for delivery in 2027; the remainder in 2028 and beyond.
• Backlog includes about $740 million of railcars intended for syndication (secured by lease agreements with external customers; may be syndicated to third parties or held in the lease fleet).

Customer concentration

• In 2026, revenue from a single customer represented approximately 12% of Consolidated Revenue (13% of Manufacturing Revenue and 3% of Leasing & Fleet Management Revenue).
• No other customer accounted for more than 10% of Consolidated Revenue.

Scale and workforce

• Employees: approximately 10,000 globally; about half of the workforce based in Mexico.
• Union representation: about 5,000 employees represented by unions (primarily in Mexico and Europe).

Leased and owned railcar fleet

• Owned railcars on lease: approximately 20,900.
• Percentage of owned units on lease: 98.0%.
• Average remaining lease term: about 2.5 years.
• Average age of leased units: about 10.9 years.

Facilities (as of August 31, 2026)

• Manufacturing locations:
  • United States: 18 locations (7 leased, 11 owned).
  • Mexico: 3 locations (2 owned, 1 leased).
  • Poland: 1 location (owned).
  • Romania: 2 locations (owned).
• Administrative offices: 1 location in the U.S. (leased) for Leasing & Fleet Management.

Geographic and product scope

• Geographic footprint: North America, Europe, and Brazil (via Greenbrier-Maxion and related operations).
• Core products and services: diverse railcar manufacturing (including tank cars, intermodal, and automotive railcars), wheel and component parts, maintenance services, railcar leasing, fleet management software and services, and regulatory/engineering support.

Summary

Greenbrier is an integrated railcar-focused manufacturer, services provider, and lessor with operations in North America, Europe, and Brazil. The company supports a diversified product line and services portfolio, a North American lease fleet of roughly 20,900 owned railcars, a backlog of 14,000 units with an estimated backlog value of about $2.1 billion (as of August 31, 2026), and approximately 10,000 employees.