Note 1 – Interim Financial Statements

The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries as of May 31, 2026 and for the three and nine months ended May 31, 2026 and May 31, 2025 have been prepared to reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. References in this Quarterly Report on Form 10-Q to the “Company,” “Greenbrier,” “we,” “us” and “our” refer to The Greenbrier Companies, Inc. and, where appropriate, its subsidiaries. All references to years refer to the fiscal years ended August 31st unless otherwise noted. The results of operations for the three and nine months ended May 31, 2026 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2026.

Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these unaudited financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended August 31, 2025.

Effective September 1, 2025, the Company changed its measurement basis for allocating revenue and expenses associated with syndication activity between the Manufacturing and Leasing & Fleet Management reportable segments. This change reflects the information currently provided to the Company’s chief operating decision maker (CODM) to assess performance and allocate resources and had no impact on the Company’s consolidated results of operations or financial position. Prior period segment results have been recast to conform to the current period presentation. See Note 12 – Segment Information to the Condensed Consolidated Financial Statements for additional information on the Company’s reportable segments.

Management Estimates – The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in the U.S. requires judgment on the part of management to arrive at estimates and assumptions on matters that are inherently uncertain. These estimates may affect the amount of assets, liabilities, revenue and expenses reported in the financial statements and accompanying notes and disclosure of contingent assets and liabilities within the financial statements. Estimates and assumptions are periodically evaluated and may be adjusted in future periods. Actual results could differ from those estimates.

Contingently redeemable noncontrolling interest – Greenbrier-Astra Rail B.V. is controlled by the Company with an approximate 75% interest and the remaining noncontrolling interest is held by Astra Holding GmbH (Astra). Astra holds a put option to sell its entire noncontrolling interest to Greenbrier at an exercise price equal to the higher of the fair value or a defined earnings before interest, taxes, depreciation and amortization multiple as measured on the exercise date (the put purchase price). The option was exercisable 30 business days prior to and up until June 1, 2026. During the third quarter of 2026, the option was extended to be exercisable within 20 business days after Astra has received written determination of the put purchase price. The put purchase price has not been determined through the date of this filing.

Share Repurchase Program – The Board of Directors has authorized the Company to repurchase in aggregate up to $100.0 million of the Company’s common stock. The program may be modified, suspended, or discontinued at any time without prior notice and currently has an expiration date of January 31, 2027. Under the share repurchase program, shares of common stock may be purchased from time to time on the open market or through privately negotiated transactions. The timing and amount of purchases is based upon market conditions, securities law limitations and other factors.

During the nine months ended May 31, 2026, the Company repurchased a total of 313 thousand shares for $13.3 million, which were repurchased under the current authorization of the share repurchase plan. There were no share repurchases during the three months ended May 31, 2026. During the three and nine months ended May 31, 2025, the Company repurchased a total of 507 thousand shares for $21.8 million. As of May 31, 2026, the amount remaining for repurchase under the share repurchase program was $64.5 million.

Reclassifications - Certain immaterial reclassifications have been made to the accompanying prior year Condensed Consolidated Financial Statements to conform to the current year presentation.