GBX earnings analysis
What we found in GBX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Greenbrier's Q3 2026 financial results showed a significant decline in revenue to $576.5 million, down 31.6% year-over-year, with diluted EPS of $0.60, slightly exceeding estimates of $0.59. The Manufacturing segment faced a 33.3% drop in revenue, primarily attributed to a 38.5% decrease in deliveries, while the Leasing & Fleet Management segment revenues saw a modest decline of 3.9%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Slightly Exceeds Estimates
- Reported EPS was $0.60, beating the estimate of $0.59 by 1.69%.
- Significant Revenue Decline
- Revenue dropped by $266.2 million or 31.6% from $842.7 million in Q3 2025.
- Manufacturing Segment Revenue Down
- Manufacturing segment revenue decreased by 33.3% to $529.1 million.
- Cost Reductions in Revenue
- Cost of revenue decreased by 28.3%, from $691.2 million to $495.4 million.
- Administrative Expenses Lowered
- Selling and administrative expenses decreased by $10.7 million, a reduction of 16.2% from $65.9 million.
- Net Gain on Disposition Holds Steady
- Net gain from disposition of equipment was $6.0 million in Q3 2026, only slightly down from $7.0 million in Q3 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Decline Due to Fewer Deliveries
- Q3 revenue fell to $576.5 million, primarily due to a 38.5% decline in railcar deliveries.
- Lowered Expectations Setting
- Despite maintaining total revenue guidance for FY 2026, management adjusted EPS guidance lower, indicating anticipated challenges.
- Impact of Tariffs and Trade Policies
- Ongoing uncertainties related to tariffs are expected to adversely affect demand for new railcars and business operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.6
- Gross margin
- 14.1%
- Operating margin
- 5.5%
- Segment
- Manufacturing: $529.1M
- Segment
- Leasing & Fleet Management: $47.4M
What they said about what is next.
Fiscal 2026 guidance updated; maintaining revenue range but adjusting EPS downward.
The filing reads worse than the one before it.
What came before.
- 10-Q · April 7, 2026
- Greenbrier reported Q2 revenue of $587.5M and diluted EPS of $0.47, both down materially versus prior-year and prior-quarter levels. Gross profit fell to $69.5M and operating income to $25.1M; however, operating cash…
- 10-Q · January 8, 2026
- Greenbrier (GBX) reported Q1 (three months ended November 30, 2025) revenue of $706.1 million and diluted EPS of $1.14, both below the prior-year quarter but above consensus. Manufacturing revenue fell materially while…
- 10-K · October 28, 2025
- Greenbrier positions itself as an integrated global railcar manufacturer and lessor with scale in manufacturing, wheel services and fleet management. Backlog and backlog units have meaningfully declined to $2,200…
- 10-Q · July 2, 2025
- Greenbrier reported a Q3 quarter with revenue of $842.7 million and diluted EPS of $1.86, both improving versus the prior-year quarter. Gross profit rose to $151.5 million and operating income increased to $92.6…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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