GATX (GATX) investor relations material

Executive summary

• First-quarter diluted EPS was $2.35, up from $2.15 in the prior year, with net income of $85.5 million compared to $78.6 million in Q1 2025, driven by the $4.2B Wells Fargo railcar acquisition and higher revenues in Rail North America and Rail International.

• Integration of the Wells Fargo fleet is ahead of schedule, expanding the portfolio, adding 300 new accounts, and supporting high utilization rates.

• Macroeconomic and geopolitical uncertainties, including new tariffs and Middle East conflict, are being monitored but did not materially impact Q1 2026 results.

• Demand for aircraft spare engines remains robust, and full-year earnings guidance is reaffirmed.

Financial highlights

• Total revenues increased to $583.7 million in Q1 2026 from $421.6 million in Q1 2025, a 38% year-over-year rise.

• Lease revenue grew 44% to $518.7 million, primarily due to the Wells Fargo railcar acquisition.

• Net gain on asset dispositions was $51.0 million, up from $33.4 million year-over-year.

• Maintenance expense in North America was 27.6% of revenue, down from 31% in the prior quarter.

• Return on equity (GAAP) for the trailing 12 months ended March 31, 2026 was 12.8%, up from 11.8% a year earlier.

Outlook and guidance

• Full-year 2026 earnings expected at $9.50–$10.10 per diluted share, excluding Tax Adjustments and Other Items.

• Full-year guidance for EPS and key metrics reaffirmed, with expectations for gains on asset dispositions at $200 million ($130 million wholly owned, $70 million JV).

• Lease Price Index (LPI) guidance for the year remains in the high teens to low 20s percent range.

• Engine Leasing segment profit expected in the $180–$185 million range, up from 2025.

• No material inflationary pressures or changes to maintenance cost expectations.