Greenbrier 10-K: FY26 EPS Falls to $2.49, Flags Up to $110M CBP Duty Exposure
GBX is trading near its 52-week low of $37.02 (0.8% above the low) on elevated volume (2.3× avg).
Summary
Greenbrier's FY26 revenue fell 24.0% to $2,461.1M and EPS dropped to $2.49 from $6.35 as railcar deliveries fell 31.9%. The 10-K also discloses a zero-to-$110M CBP duty exposure it is appealing, plus a new trade petition targeting Mexican-built tank cars.
Key Events · Earnings and Guidance · GBX
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FY26 Earnings Halve on Volume Collapse
Revenue fell 24.0% to $2,461.1M and net earnings attributable to Greenbrier dropped 61.3% to $79.0M, or $2.49 per diluted share versus $6.35, as deliveries fell 31.9% to 13,900 units.
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Manufacturing Profit Down 68%, Leasing Up 22%
Manufacturing earnings from operations fell to $120.8M from $377.4M on lower volume and unfavorable product mix, while Leasing & Fleet Management rose to $139.1M on fleet growth and $38.4M of equipment sale gains.
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CBP Duty Exposure of Up to $110M
CBP affirmed its freight rail coupler evasion Determination in September 2026; Greenbrier appealed to the U.S. Court of International Trade in October 2026 and estimates a reasonably possible loss of zero to approximately $110 million, with no accrual recorded.
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New Mexico Tank Car Trade Petition
A September 30, 2026 antidumping and countervailing duty petition targets railway tank cars from Mexico, including units built at Greenbrier's Mexican facilities; adverse duties could be material if costs cannot be passed through.
Analysis · GBX · Manufacturing
The annual report confirms how deep the North American railcar downturn cut: revenue fell 24.0% to $2,461.1M and net earnings attributable to Greenbrier dropped 61.3% to $79.0M ($2.49 per diluted share) as deliveries slid 31.9% to 13,900 units. Manufacturing earnings from operations collapsed 68.0% to $120.8M, while the leasing arm grew 23% to $139.1M — the integrated model is now carried by the fleet, not the factory. The bigger new item is legal: CBP affirmed its freight-rail-coupler duty evasion Determination in September 2026, and Greenbrier appealed to the U.S. Court of International Trade in October 2026. Management pegs the reasonably possible loss at zero to roughly $110 million with no accrual booked, so a full adverse outcome would erase more than a year of current earnings. A September 30, 2026 petition seeking duties on Mexican-built tank cars adds a second trade front against the company's core production base. Balance sheet is the offset: $235.1M cash plus $727.2M of available borrowings, and debt covenants were met.
How filings like this one have moved
In the 30 days to Oct 26, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, GBX was trading at $37.30 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $37.02 to $59.19. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.