olivLaw · US equity research
GATX Corporation GATX
Transportation Services · SIC 4700 · Vertical: Transportation Services (SIC 4700)
GATX is a global railcar lessor with fleets in North America, Europe and India, plus aircraft spare engine leasing and tank container leasing. In 2026 it took on, through the GABX joint venture with Brookfield, a portfolio of about 101,000 railcars, and raised its full-year earnings guidance to a range of 9.90 to 10.30 dollars per diluted share. The deal makes the company an even larger player in the North American rail leasing market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, GATX Corporation (GATX) stock was 190.72 USD (+2.65% on the day), with market capitalisation 6.7 bn USD, P/E 17.6 on diluted EPS of 10.83 USD over the last 12 months, dividend yield 1.36%, beta 0.67, 52-week range 152.47–200.76 USD. Latest reported quarter (Q3 2026): revenue of 598.0 m USD (+36.1% YoY), net income of 105.2 m USD (+28.0% YoY), diluted EPS 2.92 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 152.51 – 188.41
- above the upper band · %B 1.06 · band width 21.1%
- SMA 50 / 200
- 174.24 / 179.19
- mixed trend
- MACD (12, 26, 9)
- 3.48 / 0.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.7% | −1.1% | +11.8 pp | — |
| 3 months | +6.2% | −0.5% | +6.7 pp | — |
| 6 months | −4.4% | +4.4% | −8.8 pp | — |
| Year to date | +12.5% | +12.3% | +0.1 pp | — |
| 1 year | +25.4% | +13.5% | +11.8 pp | −21.0% |
| 3 years | +74.9% | +76.4% | −1.5 pp | +10.7% |
| 5 years | +82.8% | +63.7% | +19.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 413.5 m | 421.6 m | 430.5 m | 439.3 m | 449.0 m | 583.7 m | 580.1 m | 598.0 m |
| SG&A | 64.6 m | 56.6 m | 58.2 m | 66.2 m | 71.6 m | 71.3 m | 69.2 m | 64.5 m |
| Depreciation & amortisation | 109.6 m | 108.6 m | 112.0 m ≈ | 114.4 m ≈ | 117.3 m | 174.7 m | 172.3 m ≈ | 171.6 m ≈ |
| Interest expense | 91.5 m | 94.9 m | 96.2 m | — | — | — | — | — |
| Pre-tax income | 60.5 m | 70.1 m | 80.5 m | 58.6 m | 69.9 m | 79.5 m | 99.8 m | 101.0 m |
| Income tax | 8.1 m | 16.6 m | 21.0 m | 16.4 m | 9.1 m | 21.2 m | 26.0 m | 26.7 m |
| Net income | 76.5 m | 78.6 m | 75.5 m | 82.2 m | 97.0 m | 85.5 m | 103.4 m | 105.2 m |
| Diluted EPS | 2.13 ≈ | 2.15 | 2.06 | 2.25 | 2.72 ≈ | 2.35 | 2.84 | 2.92 |
| Operating cash flow | 206.0 m | 124.2 m | 161.3 m ≈ | 218.3 m ≈ | 144.3 m | 199.1 m | 276.2 m ≈ | 244.2 m ≈ |
| Dividends paid | 20.9 m | 23.5 m | 22.2 m ≈ | 22.1 m ≈ | 22.0 m | 25.2 m | 23.8 m ≈ | 23.5 m ≈ |
| Share repurchases | 100.0 k | 1.9 m | 15.2 m | 1.5 m ≈ | 46.4 m | 3.8 m | 47.6 m | 79.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 40-quarter history (min 4.8, median 17.5, max 32.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | −14.7% | +2.3% | +0.6% | +4.0% | +1.2% | +10.8% | +12.4% | +9.8% |
| Net income | 211.3 m | 211.2 m | 151.3 m | 143.1 m | 155.9 m | 259.2 m | 284.2 m | 333.3 m |
| Net income YoY | −57.9% | −0.0% | −28.4% | −5.4% | +8.9% | +66.3% | +9.6% | +17.3% |
| Diluted EPS | 5.52 | 5.81 | 4.27 | 3.98 | 4.35 | 7.12 | 7.78 | 9.12 |
| Diluted EPS YoY | −56.7% | +5.3% | −26.5% | −6.8% | +9.3% | +63.7% | +9.3% | +17.2% |
| net % | 18.0% | 17.6% | 12.5% | 11.4% | 12.2% | 18.4% | 17.9% | 19.2% |
| Free cash flow | -428.3 m | -297.0 m | -424.0 m | -622.9 m | -722.3 m | -1.1 bn | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 743.0 m USD
- Financial debt
- 12.5 bn USD
- Net debt
- 11.8 bn USD
- Equity
- 3.6 bn USD
- Total assets
- 18.0 bn USD
- Debt / equity
- 3.44x
- Current ratio
- unavailable
- ROE
- 11.0%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 172.0 m | 198.3 m | 195.0 m | 212.7 m | 236.3 m | 252.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | — | 378.4 m | 371.3 m | 392.1 m | 421.4 m | 452.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Interest expense | 190.3 m | 204.0 m | 214.0 m | 263.4 m | 341.0 m | 391.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 125.3 m | 195.1 m | 177.1 m | 245.5 m | 261.4 m | 279.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 37.3 m | 53.2 m | 54.8 m | 58.7 m | 60.0 m | 63.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 151.3 m | 143.1 m | 155.9 m | 259.2 m | 284.2 m | 333.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 4.27 | 3.98 | 4.35 | 7.12 | 7.78 | 9.12 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 35.4 m | 36.0 m | 35.9 m | 35.7 m | 35.9 m | 35.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | — | — | — | 2.20 | 2.32 | 2.44 | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 292.2 m | 344.3 m | 303.7 m | 450.7 m | 401.6 m | 743.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | — | — | — | 218.4 m | 199.1 m | 207.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 7.2 bn | 7.8 bn | 8.3 bn | 9.4 bn | 10.4 bn | 11.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 143.7 m | 123.0 m | 117.2 m | 120.0 m | 114.1 m | 126.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 8.9 bn | 9.5 bn | 10.1 bn | 11.3 bn | 12.3 bn | 18.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 5.4 bn | 5.9 bn | 6.5 bn | 7.5 bn | 8.3 bn | 12.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 7.0 bn | 7.5 bn | 8.0 bn | 9.1 bn | 9.9 bn | 14.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.0 bn † | 2.0 bn † | 2.0 bn † | 2.3 bn | 2.4 bn | 3.6 bn | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 436.8 m | 507.2 m | 533.5 m | 520.4 m | 602.1 m | 648.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 860.8 m | 1.1 bn | 1.3 bn | 1.7 bn | — | — | SEC (XBRL)· 16 Feb 2024verified |
| Free cash flow | -424.0 m ≈ | -622.9 m ≈ | -722.3 m ≈ | -1.1 bn ≈ | — | — | SEC (XBRL)· 16 Feb 2024derived |
| Investing cash flow | -904.9 m | -917.7 m | -1.1 bn | -1.2 bn | -1.4 bn | -1.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 355.6 m | 463.1 m | 504.4 m | 844.1 m | 770.5 m | 4.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 71.0 m | 74.3 m | 76.6 m | 80.6 m | 84.8 m | 89.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | 13.1 m | 47.2 m | 2.6 m | 21.9 m | 65.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.7 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 91.83 – 501.83 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E91.83 – 501.83 (Mid 213.39)7 companies used · median multiple 19.7x · quartiles 8.5x – 46.3xBKNG, EXPE, GXO, HAFN, MMYT, VRRM, XPO
- Dividend discount (DDM)outside the aggregate32.06 – 43.12 (Mid 36.78)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.7% | 83 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.0% | 92 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | 28.0% | 100 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.6x | 67 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.1% | 58 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth96/100 · 2/2 factors with a value
- Quality· partial83/100 · 1/3 factors with a value
- Returns· partial58/100 · 1/2 factors with a value
- Valuation· partial67/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GATX Corporation (GATX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth 9.8%; net margin 17.7%; ROE 14.2%.
The estimated value range is 91.83–501.83 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 213.39 USD, the price of 190.72 USD leaves a potential of 11.9% (value / price − 1) and a margin of safety of 10.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.7%
- Revenue CAGR 3Y: 11.0%
- EPS CAGR 3Y: 28.0%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Transportation Services (SIC 4700) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKNGBooking Holdings Inc. | 127.2 bn | 1.0 | — | — | +13.4% | −13% / +37% |
| EXPEExpedia Group, Inc. | 36.2 bn | 19.7 | 199.1% | 13.0% | +7.6% | +24% / +132% |
| XPOXPO, Inc. | 21.9 bn | 44.3 | 26.5% | 5.7% | +1.1% | +32% / +118% |
| GATXGATX Corporation | 6.7 bn | 17.6 | 14.2% | 17.7% | +9.8% | +25% / +75% |
| GXOGXO Logistics, Inc. | 6.4 bn | 48.4 | 4.6% | 1.0% | +12.5% | +12% / +1% |
| HAFNHafnia Limited | 4.9 bn | 6.5 | 34.5% | 27.0% | +7.4% | +64% / unavailable |
| RXORxo, Inc. | 4.7 bn | — | -5.7% | -1.3% | +26.2% | +115% / +35% |
| LINDLindblad Expeditions Holdings, Inc. | 2.2 bn | 8,279.1 | — | 0.7% | +19.6% | +179% / +327% |
| TOURTuniu Corp | 1.5 bn | 473.0 | 3.0% | 5.4% | +17.5% | −35% / −47% |
| SPCEVirgin Galactic Holdings, Inc. | 380.5 m | — | -75.1% | -23,867.4% | −78.1% | −35% / −94% |
| VRRMVerra Mobility Corporation | 377.0 m | 10.4 | 11.3% | 33.2% | +14.6% | −89% / −88% |
| PALProficient Auto Logistics, Inc. | 82.5 m | — | -13.0% | — | unavailable | −64% / unavailable |
| NTRPNextTrip, Inc. | 18.1 m | — | -296.7% | -319.8% | +641.0% | −68% / −68% |
| YTRAMagna Holdings Ltd. | — | — | -2.0% | -1.3% | +85.2% | −50% / −43% |
| MMYTMakeMyTrip Ltd | — | 61.1 | 8.2% | 9.7% | +25.0% | −29% / +20% |
1- and 3-year price returns: for GATX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 124.20 Total return -34% · Per year -34% | 218.94 Total return 16% · Per year 16% | 328.90 Total return 74% · Per year 74% |
| 3 years | 136.77 Total return -25% · Per year -9% | 269.69 Total return 47% · Per year 14% | 442.48 Total return 139% · Per year 34% |
| 5 years | 150.61 Total return -15% · Per year -3% | 332.21 Total return 84% · Per year 13% | 595.27 Total return 225% · Per year 27% |
- Exit P/E± 67.42
- Net margin± 47.20
- Annual revenue growth± 36.47
- Annual dilution± 3.97
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
GATX is a global railcar lessor with fleets in North America, Europe and India, plus aircraft spare engine leasing and tank container leasing. In 2026 it took on, through the GABX joint venture with Brookfield, a portfolio of about 101,000 railcars, and raised its full-year earnings guidance to a range of 9.90 to 10.30 dollars per diluted share 3. The deal makes the company an even larger player in the North American rail leasing market.
SWOT
Strengths
- Large and diversified railcar fleet with high utilization and solid renewal rates, which underpin lease revenue.
- Strong position in aircraft engines through the Rolls-Royce affiliates and GEL, with profit growth in 2025 and 2026.
- Remarketing expertise that generates asset disposition gains and supports profitability.
Weaknesses
- Higher maintenance and interest costs in Rail North America that pressured segment profit in 2025.
- Reliance on a joint venture structure in which the company holds only a minority stake in GABX.
- Exposure to economic cycles in customer industries such as steel, energy and chemicals.
Opportunities
- Raising the stake in GABX could increase control over a large railcar portfolio.
- Fleet growth in Europe and India could add further profit growth in the international segment.
- Strong demand for aircraft engines and a solid secondary market could support additional gains.
Threats
- Tariffs and uncertainty in trade policy could raise the cost of acquiring railcars.
- Changes in railroad operations or a modal shift toward trucks could reduce demand for railcars.
- Geopolitical conflict in the Middle East may affect air traffic and demand for engines.
Risks
- Integration of the Wells Fargo acquisitionhigh
If integration of contracts, systems and staff is delayed or errors occur, service disruptions and unexpected costs could follow.
- Tariff and trade policiesmedium
New or modified tariffs could raise the cost of railcars and affect customer demand, especially for components that do not qualify for exemptions.
- Pressure from railroad operationsmedium
Changes in how Class I railroads operate could reduce demand for railcars or slow transit times.
- Competition and economic cyclesmedium
Competitors with greater resources may offer lower rates, and an economic downturn could reduce utilization and renewal income.
Investment thesis
What would need to be true (bull case)
- The 2026 guidance has been raised and profit in Rail North America and Engine Leasing has grown, suggesting the earnings base could expand if the market stays favorable.
- The Wells Fargo acquisition and a higher GABX stake could add revenue and greater control over a large asset portfolio.
- Strong demand for aircraft engines and a solid secondary railcar market could sustain disposition gains.
What would break the thesis
- Rising maintenance and interest costs in Rail North America could keep compressing segment margins if integration does not go well.
- The guarantee of GABX debt increases the company's exposure, and losses at the joint venture could weigh on liquidity.
- Trade tensions and geopolitical conflict could slow the economy and reduce demand from customers in sensitive industries.
What to watch
- Utilization and LPI trends in Rail North America after the Wells Fargo acquisitionQ3 2026
- Whether the 9.90 to 10.30 dollar per diluted share guidance is confirmed in annual results2026
- How much GATX raises its GABX stake through further call optionsnext 10-K
- Profit trend in Engine Leasing amid engine demand and air trafficQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
GATX Corporation, a New York corporation founded in 1898 and headquartered in Chicago, leases, operates and remarkets long-lived assets, mainly in rail. Its wholly owned railcar fleet numbers about 156,000 railcars, and total assets at 31 December 2025 were 18.0 billion dollars, composed largely of railcars 1. Beyond railcars, the company owns one of the largest aircraft spare engine lease portfolios in the world through its Rolls-Royce joint ventures and GEL, and it reports a tank container fleet within the Other segment 1.
Results are reported across three primary segments, Rail North America, Rail International and Engine Leasing, with Trifleet in Other. Rail customers operate mainly in transportation, chemicals, petroleum and agriculture, and the fleet carries more than 580 different commodities 1. The model combines medium- and long-term leases with remarketing of assets, which contributes significantly to segment profit 1.
The Wells Fargo acquisition, closed on 1 January 2026, was structured through GABX, in which GATX initially held 30% and Brookfield 70%; GATX exercised its first call option on 30 June 2026, raising its stake to 33.5% 2. GABX is consolidated in the Rail North America segment, which changes the reported figures for 2026 2.
Market context
The North American railcar leasing market was stable in 2025, and management expects generally similar conditions in 2026 with stable demand for most car types 1. The European market remains under pressure from weak economic conditions, while India shows growing demand for railcars 1. Demand for aircraft spare engines stays strong because of long lead times for new engines and healthy air traffic, although the Middle East conflict adds uncertainty 3.
The secondary market for railcars was very strong in the second quarter of 2026, supporting disposition gains 3. The market is sensitive to trade and tariff policies, which can change acquisition costs and customer demand 2.
Trends
- Fleet consolidation after the Wells Fargo acquisitionmixed
The purchase of about 101,000 railcars has enlarged the asset base and lease revenue, but it also brings higher maintenance and interest costs. If integration remains effective, the benefit could be durable.
- Rising lease rates on renewaltailwind
The LPI renewal rate change was 21.9% in 2025 and 16.8% in the second quarter of 2026, suggesting renewal pricing remains favorable even as the trend moderates 13.
- Demand for aircraft enginestailwind
Air traffic and long lead times for new engines support demand for spare engines, helping the Engine Leasing segment. Geopolitical conflict could however reduce air traffic.
- Trade and geopolitical tensionsheadwind
Tariffs and the Middle East conflict have raised economic uncertainty; if these tensions persist they could weigh on customer demand and on the cost of acquiring railcars.
Competitive position
In North American railcar leasing GATX competes with Union Tank Car Company, CIT Rail, Trinity Industries Leasing Company and American Industrial Transport, on factors such as availability, maintenance and lease rate 1. In Europe the main rivals are VTG, Streem, Wascosa and Touax, while Trifleet faces Exsif, Eurotainer, Raffles, Seaco, CS Leasing and Peacock 1.
Larger competitors may have greater financial resources, higher credit ratings and a lower cost of capital, allowing them to offer cheaper leases; some also manufacture railcars for their own leasing businesses 1.
- Union Tank Car Company
Competitor in North American railcar leasing, named in the filing.
- Trinity Industries
Railcar manufacturer and lessor, also a principal supplier of GATX in North America.
- CIT Rail
Competitor in railcars and locomotives in North America.
- VTG Aktiengesellschaft
Main European competitor of GATX Rail Europe.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Other events · Financial statements and exhibits
- Current report21 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Apr 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report16 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GATX Corporation · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GATX Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GATX Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.