On this page of StockholderLetter.com we present the latest annual shareholder letter from GATX CORP — ticker symbol GATX. Reading current and past GATX letters to shareholders can bring important insights into the investment thesis.

 •  3/13/2026 Letter Continued (Full PDF)
 •  3/17/2023 GATX Stockholder Letter
 •  3/15/2024 GATX Stockholder Letter
 •  3/14/2025 GATX Stockholder Letter
 •  More "Railroads" Category Stockholder Letters
 •  GATX Benford's Law Stock Score = 88

GATX Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

At GATX, our mission is to
provide innovative, unparalleled service that
enables our customers to transport what matters safely
and sustainably while championing the well-being of our employees
and communities.
We lease transportation assets and provide critical services to customers worldwide. Our diverse portfolio of assets includes tank and freight railcars, locomotives,
aircraft spare engines, and tank containers.
Empowering our customers
to propel the world forward
By leveraging our diverse expertise, constantly innovating, and working closely with
customers to exceed their expectations, GATX strives to lead every market we serve.
We remain   rmly focused on generating attractive long-term returns for our shareholders.
Since our founding in 1898, GATX has paid a quarterly dividend   and has done so
without interruption since 1919.
We report our   nancial results through three primary business segments 
Rail North America, Rail International, and Engine Leasing.
Financial results for our tank container leasing business,
Tri  eet, are reported in the Other segment.

FINANCIAL HIGHLIGHTS
2023
2024
2025
$ 259.2
$ 7.12
$ 284.2
$ 7.78
$ 333.3
$ 9.12
(in millions, except per share data)
Net Income
Per Diluted Share Net Income
EXCLUDING TAX ADJUSTMENTS AND OTHER ITEMS (a)
Net Income
Per Diluted Share Net Income
2023
2024
2025
$ 257.6
$ 7.07
$ 288.1
$ 7.89
$ 319.8
$ 8.75
(a) The following items for each year noted are referred to as   Tax Adjustments and Other Items   
Results for 2025 included acquisition-related expenses, deferred income tax adjustments attributable to an enacted corporate tax rate reduction
in Germany, a valuation allowance adjustment associated with the realizability of state net operating losses in future tax years, and insurance
recoveries related to aircraft spare engines at RRPF for which it had previously recorded impairment losses.
Results for 2024 included expenses recorded for the settlements of litigation claims arising out of legacy business operations, reserves recorded
for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses, gains associated with sales
of the Specialized Gas Vessels and deferred income tax adjustments attributable to state tax rate reductions.
Results for 2023 included gains and losses associated with impairments and sales of the Specialized Gas Vessels, a net gain associated with the
  nal sale of our rail business in Russia, deferred income tax adjustments attributable to statutory state tax reductions, and a valuation allowance
adjustment associated with the realizability of state net operating losses in future tax years.
INVESTMENT AT A GLANCE
2025
$ 8.75
Diluted Earnings Per Share 1
Excluding tax adjustments and other items (Non-GAAP)
2023
$ 7.07
2024
2025
$ 7.89
$ 8.75
10-Year
Cumulative
Cash Returned
to Shareholders
$ 1.387
B
(2016   2025)
$ 1.50 B
$ 1,387
Return On Equity 1
2025
12%
$ 1,232
Excluding tax adjustments and other items (Non-GAAP)
2023
2024
12%
12%
2025
$ 1.25 B
$ 1,125
$ 1,042
12%
$ 1.00 B
$ 918
$ 831
$ 760
2025
$ 1,317
$ 923
B
(Millions)
2023
2024
2025
$ 1,665
$ 1,674
$ 1,317
$ 541
$ 0.50 B
$ 356
$ 0.25 B
$ 188
Cash from Operations
and Portfolio Proceeds
2025
$ 0.75
Investment Volume
(Millions)
2023
2024
2025
$ 793
$ 833
$ 923
$ 520
$ 602
$ 273
$ 231
   16
   17
   18
   19
   20
   21
   22
   23
Total
Cumulative Dividends
$ 648
Cash from Operations
Cumulative Share Repurchases
$ 275
Portfolio Proceeds
   24
   25
1. Non-GAAP Financial Measures
See footnote a above. For a reconciliation of non-GAAP   nancial measures contained herein, refer to our Annual Report on Form 10-. that has
been included as part of this Annual Report to Shareholders.
All data (including segment overview sections) as of December 31, 2025.
$0

Rail North America
Rail North America delivered a strong year in 2025. We ended the
year at 99% utilization with a 91.4% renewal success rate in the
fourth quarter, re  ecting solid customer demand for our existing   eet.
Capitalizing on this environment, we increased renewal lease rates
and extended lease terms, strengthening the quality and duration of
our committed cash   ows. The secondary market was also healthy,
contributing $117 million of remarketing income for the year.
2025 was a signi  cant year of growth for our business. On January 1,
2026, we closed the acquisition of approximately 101,000 railcars from
Wells Fargo through a newly formed joint venture   the largest railcar
acquisition in GATX   s history. This expansion meaningfully increases
the scale of our   eet and enhances our long-term earnings potential.
Looking ahead to 2026, we expect a stable operating environment for
the North American railcar leasing market. The integration of our newly
acquired   eet, together with opportunities to renew expiring leases at
higher rates across a broad range of car types, gives us solid momentum
entering the year. Supported by a larger and more diverse   eet, longstanding customer relationships, and an experienced team, Rail North
America remains well positioned to deliver consistent performance and
long-term value.
Industries Served
Fleet Mix
Railroads
and Other
Transports
Chemicals
28%
21%
17%
Re  ners
and Other
Petroleum
107,600+
99.0%
Wholly Owned
Railcars
Fleet Utilization
(Excludes Boxcars)
4%
Mining,
Minerals and
Aggregates
16%
14%
Food and
Agriculture
Other
800+
Customers
Other
Covered
Hopper
General
Service Tank
39%
11%
High
Pressure
Tank
$3.9 Billion
in Contractual
Lease Receipts
11%
Specialty Open
Top
Tank
10%
Gravity
Covered
Hopper
36,000+
Service Events
Completed
in 2025
9% 6% 6% 8%
Boxcar Other
$7.64 Billion
Net Book Value

Rail International
Rail International delivered solid operating performance in 2025,
re  ecting the strength and resiliency of our global rail platform. In
Europe, GATX Rail Europe (GRE) achieved higher renewal lease rates
across most car types despite a challenging economic environment.
GRE also acquired approximately 6,000 freight railcars from DB Cargo,
an addition that further diversi  es the   eet and strengthens its position
in key European markets.
In India, rail freight volumes continued to grow, supported by broader
economic expansion and government initiatives aimed at improving
freight ef  ciency and strengthening the country   s logistics network.
Against this backdrop of steady freight growth, GATX Rail India
expanded and diversi  ed its   eet while maintaining 100% utilization.
As we look to 2026, Rail International enters the year with a larger
fleet, strong customer relationships, and a solid foundation for
continued operational performance. We expect the segment to continue
contributing to GATX   s long-term growth and value creation.
Rail International | Industries Served
Freight and Intermodal
54%
Rail International | Countries Served
LPG
27%
11%
Mineral Oil
Germany
8%
27%
Chemicals
5% Switzerland
3% Hungary
Other
India
23%
Poland
15%
12%
8%
Austria
4%
Based on 2025 Rail International Fleet Count
3%
Romania
France
Based on 2025 Rail International Revenues
36,400+
12,100+
23
GRE Wholly
Owned Railcars
Rail India Wholly
Owned Railcars
(94.7% Fleet
Utilization)
(100% Fleet
Utilization)
Countries
Served
in Europe
and Asia
300+
Customers
$2.6 Billion+
Net Book
Value

3/13/2026 Letter Continued (Full PDF)

 

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