GATX Corporation

GATX, founded in 1898, makes most of its money leasing railcars to companies that ship by rail. As of December 31, 2025, its wholly owned fleet of about 156,000 railcars was one of the world's largest. It leases tank cars, freight cars and locomotives in North America, tank and freight cars in Europe, and freight cars in India. Customers, mainly in chemicals, petroleum, food, agriculture and transportation, use the cars to ship more than 580 commodities.

Most leases in North America and Europe are "full-service," meaning GATX handles maintenance. In North America it runs its own repair shops, serves about 800 customers and signs leases that generally last one to ten years. Indian leases are "net," so customers maintain the cars. GATX also owns one of the world's largest portfolios of spare aircraft engines for lease, through its own engine leasing unit and joint ventures with Rolls-Royce.

In 2025, revenue was $1.74 billion. Rail North America produced 68.2% and Rail International 22.3%, with smaller segments making up the rest; 58.5% came from the United States. On January 1, 2026, GABX, a joint venture owned 30% by GATX and 70% by Brookfield, acquired about 101,000 railcars from Wells Fargo for about $4.2 billion. GATX manages the cars and has an option to raise its stake to 100% over time.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $598.0M, up 36.1% from a year earlier, and net income was $105.2M (+28.0%).
• For fiscal 2025, revenue was $1.74B (+9.8% year over year; +7.6% a year from FY2020 to FY2025) with a 19.2% net margin.

• Over FY2021–FY2025: $149.8M in buybacks and $406.1M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +4.0% a year over 5 years (FY2020–FY2025).
• Dividends took 26.9% of earnings in the latest fiscal year.
• Shares outstanding changed -1.4% from Jan 31, 2022 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

GATX’s market value went from $2.46B at the end of 2016 to $5.89B on Oct 28, 2026, about 2.4 times as much; since the end of 2025 it is down 3%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 10 sales ($4.6M).

Large shareholders (13G filings)

ETFs with the most weight in GATX

1. Wells Fargo railcar deal adds new risks. GATX owns 30% of the GABX joint venture that acquired about 101,000 railcars, but guarantees its $2.96 billion term loan. Integration problems, or failing to acquire a bigger stake, could hurt results.
2. Railroad changes could leave railcars idle. Most of North America's largest railroads use "precision scheduled railroading," which aims for faster, leaner operations. Faster trains mean shippers need fewer railcars, and worse service could push freight onto trucks.
3. Customers' industries rise and fall with economy. Some customers are in steel, energy, chemicals and construction, which slow in downturns. As leases expire, weak demand or commodity price swings can mean lower lease rates or railcars sitting idle.
4. Heavy borrowing makes interest rates matter. As of June 30, 2026, GATX had about $12.4 billion of debt against $2.8 billion of shareholders' equity. Higher rates or a credit-rating cut could raise borrowing costs on new and refinanced debt.
5. Locked-in orders for thousands of new railcars. A 2022 agreement commits GATX to purchase 15,000 new railcars from Trinity through 2028. If demand weakens, GATX could end up owning new cars it cannot lease at good rates.
6. Engine leasing depends on Rolls-Royce. GATX's aircraft spare engine business relies on joint ventures with Rolls-Royce. Problems at Rolls-Royce, or weaker air travel and airline profits, could hurt that part of the business.

• Oct 29, 2026 Quarterly results released; Investor presentation or announcement
• Jul 30, 2026 Quarterly results released; Investor presentation or announcement
• Jul 1, 2026 Other company announcement
• May 21, 2026 Major agreement signed; New debt or financial obligation
• May 7, 2026 Quarterly results released; Investor presentation or announcement
• Apr 28, 2026 Executive or board change; Shareholder vote results
• Mar 16, 2026 Major agreement signed; New debt or financial obligation
• Feb 19, 2026 Quarterly results released; Investor presentation or announcement
• Jan 5, 2026 Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement

GATX has raised its dividend at least nine years in a row through FY2025, and the true streak may be longer. Dividends per share grew from about $2.01 in FY2020 to $2.44 in FY2025, roughly 4% a year, and took 26.9% of FY2025 earnings. Free cash flow (cash from operations minus capital spending) was negative in FY2020–FY2023, a sign that investment in its fleet exceeded the cash the business brought in. The yield was 1.53% as of October 28, 2026. Buybacks totaled $149.8 million over FY2021–FY2025, yet the share count barely changed.

The stock has dropped hard in market slumps. It fell 72% from June 2008 to March 2009 and took about 42 months to recover. It fell 31.7% in the 2020 COVID crash and 31.9% in the 2022 bear market, recovering in about eight months each time. Single stocks carry more risk than diversified funds, because one company's setbacks can hit the whole holding.