v3.26.3
Debt, net (Tables)
12 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Summary of Debt

The following table summarizes the Company’s recourse and non-recourse debt balances:

 

 

As of August 31,

 

(In millions)

 

2026

 

 

2025

 

Corporate and other – Recourse:

 

 

 

 

 

 

Revolving credit facilities

 

 

 

 

 

 

North America

 

$

50.0

 

 

$

5.0

 

Europe

 

 

92.8

 

 

 

77.6

 

Mexico

 

 

20.0

 

 

 

70.0

 

 

 

 

162.8

 

 

 

152.6

 

Corporate senior term debt

 

 

237.5

 

 

 

250.0

 

2.875% Convertible senior notes, due 2028

 

 

373.8

 

 

 

373.8

 

Other notes payable

 

 

2.2

 

 

 

1.4

 

 

 

 

776.3

 

 

 

777.8

 

Debt discount and issuance costs

 

 

(4.4

)

 

 

(6.6

)

Debt, net — Recourse

 

 

771.9

 

 

 

771.2

 

 

 

 

 

 

 

 

Lease fleet and other – Non-recourse:

 

 

 

 

 

 

Leasing warehouse credit facility

 

 

—

 

 

 

222.3

 

Leasing senior term debt

 

 

297.4

 

 

 

308.2

 

Leasing GBXL I asset-backed term notes

 

 

 

 

 

 

2022 Class A Notes

 

 

250.2

 

 

 

262.6

 

2022 Class B Notes

 

 

20.7

 

 

 

20.7

 

2023 Class A Notes

 

 

150.7

 

 

 

153.7

 

2023 Class B Notes

 

 

19.0

 

 

 

19.2

 

2026 Class A Notes

 

 

278.7

 

 

 

—

 

2026 Class B Notes

 

 

19.6

 

 

 

—

 

 

 

738.9

 

 

 

456.2

 

European debt

 

 

42.7

 

 

 

—

 

 

 

1,079.0

 

 

 

986.7

 

Debt discount and issuance costs

 

 

(13.5

)

 

 

(7.0

)

Debt, net — Non-recourse

 

 

1,065.5

 

 

 

979.7

 

Total Debt, net

 

$

1,837.4

 

 

$

1,750.9

 

 

 

 

 

 

 

 

Schedule of Contractual Maturities of Recourse and Non-recourse Debt

As of August 31, 2026, contractual maturities of recourse and non-recourse debt are as follows:

(In millions)

 

 

 

Year ending August 31,

 

 

 

2027

 

$

181.7

 

2028

 

 

445.4

 

2029

 

 

41.9

 

2030

 

 

230.5

 

2031

 

 

65.0

 

Thereafter

 

 

890.8

 

 

$

1,855.3

 

 

 

 

 

Summary of Net Carrying Amount of Assets Transferred and Related Debt

The following table summarizes the Issuer's net carrying amount of the assets transferred and the related debt.

 

 

As of August 31,

 

(In millions)

 

2026

 

 

2025

 

Assets

 

 

 

 

 

 

Restricted cash

 

$

12.1

 

 

$

7.6

 

Equipment on operating leases, net

 

 

936.0

 

 

 

609.7

 

Liabilities

 

 

 

 

 

 

Debt, net — Non-recourse

 

$

729.6

 

 

$

449.6

 

European debt

In January 2026, the Company entered into a loan agreement with a commitment of up to $50.3 million to support the Company's European operations. The European debt is secured by a pool of leased railcars and is non-recourse to Greenbrier. The European debt bears interest at a rate of EURIBOR plus 3.50% and matures in January 2031.