Greenbrier Reports $2,461.1 Million in 2026 Revenue and Issues 2027 Outlook
Key Facts
Greenbrier reported fourth-quarter and fiscal 2026 results on October 26, 2026, for the year ended August 31, clarifying that the figures were for the fourth quarter, not the third, as stated in an earlier draft. Fiscal-year revenue was $2,461.1 million, compared with $3,240.2 million in fiscal 2025. The company also reported net earnings attributable to it of $79.0 million, versus $204.1 million a year earlier. The results put the full fiscal-year figures in focus as the company presents its fiscal 2027 outlook and freight railcar demand data. Greenbrier announced the results in a statement issued on October 26.
Available quarterly comparisons show third-quarter fiscal 2026 revenue declining to $576.5 million from $842.7 million in the third quarter of fiscal 2025. Net earnings attributable to the company in the third quarter were $19 million, or $0.60 per diluted share. In that quarter, consolidated gross margin rose sequentially by 230 basis points to 14.1%. The figures reflect two different trends in the quarterly results: revenue was below the year-earlier period, while gross margin was higher than in the previous quarter. These were third-quarter figures, separate from the fourth-quarter and fiscal-year results announced in October.
Chief Executive Officer Lori Tekorius said the company "executed well in the third quarter, delivering strong results in leasing and fleet management and manufacturing." She added that its leasing fleet utilization rate was 99% that quarter. Her remarks place leasing and fleet management alongside manufacturing in management's account of the quarterly results. The utilization rate also indicates that most of the leasing fleet was in use during the period, based on the figure the company reported. Tekorius's comments concerned the third quarter of fiscal 2026, not the fourth-quarter results announced in October.
On demand, Greenbrier received 3,400 new freight railcar orders in the fourth quarter, valued at $600 million. Its backlog stood at 14,000 railcars on August 31, 2026, with an estimated value of $2.1 billion. These figures combine orders received during the quarter with the volume of business on the books at the end of the fiscal year. The backlog indicates work awaiting execution, while the number of new orders shows activity recorded during the fourth quarter. The available figures did not include details on railcar delivery timing or the breakdown of orders by customer.
For fiscal 2027, the company expects revenue of between $2.8 billion and $3.2 billion, an operating margin of between 7.0% and 7.5%, and diluted earnings per share of between $2.75 and $3.75. These ranges represent the guidance Greenbrier issued for the coming fiscal year, covering revenue, margin and earnings per share. The focus thus shifts from the results for the completed fiscal year to the operating and financial targets the company set for the next period. The board also approved a quarterly dividend of $0.34 per share. The dividend will be paid on December 2, 2026, to shareholders of record on November 11, 2026.