v3.26.1
Financial Data of Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Financial Data of Business Segments Financial Data of Business Segments
The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments.

We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for Trifleet are reported in the Other segment.

The Rail North America reportable segment is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes, and provides other ancillary services. As of December 31, 2025, GABX is consolidated in the Rail North America operating segment and, for 2025, is primarily composed of the equity contributions from GATX and Brookfield, as well as the debt undertaken, in anticipation of the closing of the transaction and purchase of railcars from Wells Fargo. GABX's operations are reflected within that segment beginning on January 1, 2026 upon closing of the transaction. GATX serves as manager of the finance lease portfolio directly owned by Brookfield for which we earned $2.8 million in management fees in the three months ended March 31, 2026.

Rail International is an aggregation of our operating segments in Europe ("GATX Rail Europe" or "GRE") and India ("Rail India"). GRE primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. Rail India primarily leases railcars to customers in India pursuant to net leases, under which the lessee assumes responsibility for maintenance of the railcars.

Engine Leasing is composed of our engine leasing operations, which include our ownership interest in the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GATX Engine Leasing ("GEL"), our wholly owned business that directly owns aircraft spare engines that are leased to airline customers or employed in engine capacity agreements. All engines owned by GEL are managed by the RRPF affiliates, for
which we paid them a fee of $1.5 million in the three months ended March 31, 2026 and $1.4 million in the three months ended March 31, 2025.

Other includes Trifleet operations and certain other amounts not allocated to the segments. Selling, general, and administrative expenses and income taxes are reported on a consolidated basis.

Segment profit is an internal performance measure reported to GATX's President and Chief Executive Officer, our chief operating decision maker ("CODM"), for purposes of assessing performance and allocating capital and resources to each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general, and administrative expenses, income taxes, and certain other amounts not allocated to the segments. We have disclosed in each segment the significant expense categories that are reviewed by the CODM, and there are no additional significant expenses within the expense categories presented in the segment tables. The CODM uses segment profit during the annual budget and forecasting processes and considers comparisons of actual segment profit against budget, forecast, and prior periods to assess current period performance and when making decisions about allocating capital and resources to each segment.
The following tables show certain segment data for each of our business segments (in millions):


Rail North America		Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2026
Revenues
Lease revenue
$400.7 $100.4 $9.5 $8.1 $518.7 
Non-dedicated engine revenue— — 22.1 — 22.1 
Other revenue
36.0 4.8 — 2.1 42.9 
Total Revenues
436.7 105.2 31.6 10.2 583.7 
Expenses
Maintenance expense
120.6 19.1 — 1.0 140.7 
Depreciation expense
126.7 27.8 10.6 4.1 169.2 
Operating lease expense
7.4 — — — 7.4 
Other operating expense
13.1 5.3 3.1 0.3 21.8 
Total Expenses
267.8 52.2 13.7 5.4 339.1 
Other Income (Expense)
Net gain on asset dispositions
49.8 1.1 — 0.1 51.0 
Interest (expense) income, net(114.0)(25.0)(13.3)1.3 (151.0)
Other (expense) income
(0.8)2.5 3.1 1.4 6.2 
Share of affiliates' pre-tax earnings— — 27.6 — 27.6 
Segment Profit
$103.9 $31.6 $35.3 $7.6 $178.4 
Less:
Selling, general and administrative expense
71.3 
Income taxes (includes $6.8 related to affiliates' earnings)
28.0 
Net Income
$79.1 
Less: Net Loss Attributable to Non-Controlling Interest
(6.4)
Net Income Attributable to GATX
$85.5 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$44.0 $— $— $0.1 $44.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
7.4 1.1 — — 8.5 
Asset impairments
(1.7)— — — (1.7)
$49.8 $1.1 $— $0.1 $51.0 
Capital Expenditures
Portfolio investments and capital additions
$4,464.2 $47.4 $0.2 $8.2 $4,520.0 
Selected Balance Sheet Data at March 31, 2026
Investments in affiliated companies
$— $— $752.4 $— $752.4 
Identifiable assets
$12,270.1 $2,812.6 $1,836.6 $1,024.9 $17,944.2 
_________
(1)     Includes net gains from scrapping of railcars.


Rail North America
Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2025
Revenues
Lease revenue
$260.0 $83.6 $8.1 $7.9 $359.6 
Non-dedicated engine revenue— — 21.5 — 21.5 
Other revenue
33.3 4.9 — 2.3 40.5 
Total Revenues
293.3 88.5 29.6 10.2 421.6 
Expenses
Maintenance expense
83.7 18.5 — 1.3 103.5 
Depreciation expense
70.4 20.1 9.4 3.7 103.6 
Operating lease expense
7.6 — — — 7.6 
Other operating expense
7.5 4.6 2.8 1.1 16.0 
Total Expenses
169.2 43.2 12.2 6.1 230.7 
Other Income (Expense)
Net gain on asset dispositions
32.1 1.3 — — 33.4 
Interest (expense) income, net
(64.7)(19.1)(12.2)1.1 (94.9)
Other (expense) income
(2.7)(1.8)— 1.8 (2.7)
Share of affiliates' pre-tax earnings
— — 33.4 — 33.4 
Segment profit
$88.8 $25.7 $38.6 $7.0 $160.1 
Less:
Selling, general and administrative expense
56.6 
Income taxes (includes $8.3 related to affiliates' earnings)
24.9 
Net Income$78.6 
Less: Net Income Attributable to Non-Controlling Interest
— 
Net Income Attributable to GATX
$78.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$30.5 $0.6 $— $— $31.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
5.1 0.7 — — 5.8 
Asset impairments
(3.6)— — — (3.6)
$32.1 $1.3 $— $— $33.4 
Capital Expenditures
Portfolio investments and capital additions
$227.7 $62.7 $— $5.9 $296.3 
Selected Balance Sheet Data at December 31, 2025
Investments in affiliated companies
$— $— $732.3 $— $732.3 
Identifiable assets
$12,235.5 $2,919.0 $1,831.6 $1,013.4 $17,999.5 
_________
(1)     Includes net gains from scrapping of railcars.