| Segment Information |
Note 16 — Segment Information The Company operates in two reportable segments: Manufacturing and Leasing & Fleet Management. See Note 1 - Nature of Operations to the Consolidated Financial Statements for additional information on the change in the measurement basis for allocating revenue and expenses associated with syndication activity between the Company’s reportable segments effective September 1, 2025. Prior period segment results have been recast to conform to the current period presentation. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company’s CODM is Greenbrier’s President and CEO. Segment earnings from operations is the measure of profit or loss used by the CODM. As part of the Company’s budgeting and forecasting process, the CODM uses Segment earnings from operations to allocate capital and resources to each segment and considers variances from budget, forecasts, and prior period results to assess current period performance for each segment. Segment earnings from operations includes all revenues, expenses, and net gains or losses on asset dispositions that are directly attributable to each segment. Corporate expenses include selling and administrative costs not directly attributable to the reportable segments due to the Company’s integrated business model and therefore are not allocated to Segment earnings from operations. The Company does not allocate Interest and foreign exchange, Earnings from unconsolidated affiliates, or Income tax benefit (expense) for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements. The information in the following tables is derived directly from the segments’ internal financial reports used for corporate management purposes, which includes the significant expense categories that are regularly reviewed by the CODM.
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For the Year Ended August 31, 2026 |
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(In millions) |
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Manufacturing |
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Leasing & Fleet Management |
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Total |
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Revenue |
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Revenue from external customers |
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$ |
2,266.5 |
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$ |
194.6 |
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$ |
2,461.1 |
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Intersegment revenue |
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48.3 |
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0.2 |
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48.5 |
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2,314.8 |
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194.8 |
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2,509.6 |
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Elimination of intersegment revenues |
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(48.5 |
) |
Total consolidated revenues |
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$ |
2,461.1 |
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Cost of revenue |
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Cost of revenue from external customers |
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2,051.0 |
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76.4 |
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2,127.4 |
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Intersegment cost of revenue |
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47.8 |
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0.2 |
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48.0 |
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2,098.8 |
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76.6 |
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2,175.4 |
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Elimination of intersegment margin |
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(0.5 |
) |
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— |
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(0.5 |
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Margin |
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215.5 |
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118.2 |
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333.7 |
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Selling and administrative |
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91.0 |
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21.2 |
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Net loss (gain) on disposition of equipment |
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3.7 |
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(42.1 |
) |
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Segment earnings from operations |
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$ |
120.8 |
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$ |
139.1 |
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$ |
259.9 |
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For the Year Ended August 31, 2025 |
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(In millions) |
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Manufacturing |
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Leasing & Fleet Management |
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Total |
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Revenue |
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Revenue from external customers |
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$ |
3,046.9 |
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$ |
193.3 |
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$ |
3,240.2 |
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Intersegment revenue |
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98.9 |
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0.6 |
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99.5 |
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3,145.8 |
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193.9 |
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3,339.7 |
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Elimination of intersegment revenues |
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(99.5 |
) |
Total consolidated revenues |
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$ |
3,240.2 |
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Cost of revenue |
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Cost of revenue from external customers |
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2,562.4 |
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70.3 |
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2,632.7 |
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Intersegment cost of revenue |
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84.7 |
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0.6 |
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85.3 |
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2,647.1 |
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70.9 |
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2,718.0 |
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Elimination of intersegment margin |
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(14.2 |
) |
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— |
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(14.2 |
) |
Margin |
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484.5 |
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123.0 |
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607.5 |
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Selling and administrative |
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106.3 |
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26.0 |
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Net loss (gain) on disposition of equipment |
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0.8 |
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(16.7 |
) |
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Segment earnings from operations |
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$ |
377.4 |
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$ |
113.7 |
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$ |
491.1 |
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For the Year Ended August 31, 2024 |
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(In millions) |
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Manufacturing |
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Leasing & Fleet Management |
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Total |
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Revenue |
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Revenue from external customers |
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$ |
3,371.2 |
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$ |
173.5 |
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$ |
3,544.7 |
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Intersegment revenue |
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237.0 |
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1.0 |
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238.0 |
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3,608.2 |
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174.5 |
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3,782.7 |
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Elimination of intersegment revenues |
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(238.0 |
) |
Total consolidated revenues |
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$ |
3,544.7 |
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Cost of revenue |
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Cost of revenue from external customers |
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2,921.6 |
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64.6 |
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2,986.2 |
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Intersegment cost of revenue |
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212.1 |
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0.9 |
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213.0 |
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3,133.7 |
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65.5 |
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3,199.2 |
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Elimination of intersegment margin |
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(24.9 |
) |
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(0.1 |
) |
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(25.0 |
) |
Margin |
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449.6 |
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108.9 |
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558.5 |
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Selling and administrative |
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90.3 |
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30.7 |
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Net loss (gain) on disposition of equipment |
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0.4 |
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(13.5 |
) |
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Segment earnings from operations |
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$ |
358.9 |
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$ |
91.7 |
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$ |
450.6 |
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Reconciliation of Segment earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates:
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For the Year Ended August 31, |
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(In millions) |
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2026 |
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2025 |
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2024 |
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Segment earnings from operations |
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Manufacturing |
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$ |
120.8 |
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$ |
377.4 |
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$ |
358.9 |
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Leasing & Fleet Management |
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139.1 |
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113.7 |
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91.7 |
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259.9 |
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491.1 |
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450.6 |
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Corporate |
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(116.3 |
) |
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(131.0 |
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(126.1 |
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Earnings from operations |
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143.6 |
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360.1 |
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324.5 |
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Interest and foreign exchange |
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65.0 |
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75.7 |
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100.8 |
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Earnings before income tax and earnings from unconsolidated affiliates |
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$ |
78.6 |
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$ |
284.4 |
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$ |
223.7 |
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The following tables present selected financial information by segment.
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As of August 31, |
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(In millions) |
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2026 |
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2025 |
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Assets: |
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Manufacturing |
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$ |
2,065.3 |
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$ |
2,085.9 |
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Leasing & Fleet Management |
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2,043.7 |
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1,858.4 |
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Unallocated, including cash |
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324.7 |
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416.3 |
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$ |
4,433.7 |
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$ |
4,360.6 |
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For the Year Ended August 31, |
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(In millions) |
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2026 |
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2025 |
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2024 |
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Depreciation and amortization: |
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Manufacturing |
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$ |
85.5 |
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$ |
78.4 |
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$ |
72.1 |
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Leasing & Fleet Management |
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44.8 |
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43.1 |
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43.5 |
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$ |
130.3 |
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$ |
121.5 |
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$ |
115.6 |
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Capital expenditures: |
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Manufacturing |
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$ |
104.5 |
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$ |
139.9 |
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$ |
121.3 |
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Leasing & Fleet Management |
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174.8 |
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140.5 |
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|
277.0 |
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$ |
279.3 |
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$ |
280.4 |
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$ |
398.3 |
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The following tables summarize selected geographic information.
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As of August 31, |
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(In millions) |
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2026 |
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2025 |
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Assets: |
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U.S. |
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$ |
3,103.8 |
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$ |
2,994.3 |
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Mexico |
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891.3 |
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1,019.7 |
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Europe |
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438.6 |
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|
346.6 |
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$ |
4,433.7 |
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$ |
4,360.6 |
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For the Year Ended August 31, |
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(In millions) |
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2026 |
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2025 |
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|
2024 |
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Revenue 1: |
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U.S. |
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$ |
1,827.2 |
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$ |
2,431.3 |
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$ |
2,787.5 |
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Foreign |
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633.9 |
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|
808.9 |
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|
757.2 |
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$ |
2,461.1 |
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$ |
3,240.2 |
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$ |
3,544.7 |
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1 Revenue is presented on the basis of geographic location of customers. |