Detailed financial statements for GATX Corporation (GATX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GATX Corporation, established in Chicago, Illinois in 1898, is a prominent global equipment lessor. The company primarily provides railcar and locomotive leasing services across North America and internationally, catering to vital industries such as petroleum, chemicals, food/agriculture, and transportation. Its operational framework is divided into three key segments: Rail North America, Rail International, and Portfolio Management.
Analysis Summary
GATX Corporation reported revenue of $1.74B in the most recent fiscal year, growing at a 5-year CAGR of 7.6%. Net income reached $333.3M, with a 17.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 33.3%, operating margin 21.2%, net margin 17.7%.
At $180.47 (closing price, October 29, 2026), GATX trades at a P/E of 17.78 and an ROE of 14.10%. Market capitalisation stands at $6.4B.
Balance sheet quality for GATX: current ratio of 1.3, net debt of $7.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$683.6M represents -205% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.42B | $1.38B | $1.36B | $1.20B | $1.21B | $1.26B | $1.27B | $1.41B | $1.59B | $1.74B |
| Cost of Revenue | $832.5M | $829.1M | $824.2M | $709.0M | $715.0M | $718.2M | $700.4M | $763.6M | $824.6M | $894.9M |
| Gross Profit | $585.8M | $547.8M | $536.7M | $493.1M | $494.2M | $539.2M | $572.6M | $647.3M | $760.9M | $845.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $174.7M | $181.5M | $191.1M | $180.4M | $172.0M | $198.3M | $195.0M | $212.7M | $236.3M | $252.6M |
| Operating Expenses | $218.5M | $215.9M | $224.2M | $211.7M | $207.3M | $242.3M | $232.4M | $259.3M | $287.3M | $311.4M |
| Operating Income | $367.3M | $331.9M | $312.5M | $281.4M | $286.9M | $296.9M | $340.2M | $388.0M | $473.6M | $534.1M |
| EBITDA | $683.2M | $646.8M | $700.4M | $658.4M | $657.8M | $776.3M | $762.4M | $901.0M | $1.02B | $1.27B |
| Interest Expense | $148.1M | $160.5M | $162.9M | $180.5M | $190.3M | $204.0M | $214.0M | $263.4M | $341.0M | $419.8M |
| Pre-tax Income | $305.4M | $214.4M | $195.1M | $145.2M | $187.5M | $196.3M | $210.7M | $317.9M | $344.2M | $396.4M |
| Income Tax | $95.7M | -$243.7M | $34.1M | $40.9M | $37.3M | $53.2M | $54.8M | $58.7M | $60.0M | $63.1M |
| Net Income | $257.1M | $502.0M | $211.3M | $211.2M | $151.3M | $143.1M | $155.9M | $259.2M | $284.2M | $333.3M |
| EPS | $6.35 | $12.94 | $5.62 | $2.92 | $4.23 | $4.04 | $4.41 | $7.13 | $7.80 | $9.14 |
| EPS (Diluted) | $6.29 | $12.74 | $5.52 | $2.87 | $4.18 | $3.98 | $4.35 | $7.12 | $7.78 | $9.12 |
| Shares Outstanding (Diluted) | 40.9 M | 39.4 M | 38.3 M | 36.4 M | 35.4 M | 36.0 M | 35.9 M | 35.7 M | 35.9 M | 35.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $439.3M | $449.0M | $583.7M | $580.1M |
| Gross Profit | $210.2M | $216.4M | $266.4M | $254.4M |
| Operating Income | $127.2M | $135.3M | $173.3M | $160.4M |
| EBITDA | $271.2M | $325.4M | $124.0M | $326.9M |
| Net Income | $82.2M | $97.0M | $85.5M | $103.4M |
| EPS | $2.25 | $2.67 | $2.35 | $2.90 |
| EPS (Diluted) | $2.25 | $2.66 | $2.35 | $2.89 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $307.5M | $296.5M | $100.2M | $151.0M | $292.2M | $344.3M | $303.7M | $450.7M | $401.6M | $4.98B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $148.5M | 0 | 0 | 0 |
| Receivables | $227.5M | $213.1M | $207.0M | $150.0M | $142.2M | $163.8M | $162.0M | $218.4M | $199.1M | $207.2M |
| Inventory | $51.3M | $57.2M | $63.7M | $59.4M | $64.3M | $52.0M | $60.2M | $74.0M | $71.8M | 0 |
| Total Current Assets | $544.8M | $512.8M | $313.7M | $360.4M | $434.8M | $508.3M | $728.1M | $758.3M | $691.5M | $5.19B |
| Property, Plant & Equipment | $5.80B | $6.19B | $6.55B | $6.91B | $7.54B | $8.06B | $273.0M | $9.68B | $10.67B | $10.41B |
| Goodwill | $78.0M | $85.6M | $82.9M | $81.5M | $143.7M | $123.0M | $117.2M | $120.0M | $114.1M | $126.3M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7.11B | $7.42B | $7.62B | $8.47B | $8.94B | $9.54B | $10.07B | $11.33B | $12.30B | $18.31B |
| Accounts Payable | $174.8M | $154.3M | $177.5M | $119.4M | $147.3M | $215.8M | $202.2M | 0 | 0 | $318.4M |
| Short-term Debt | $3.8M | $4.3M | $110.8M | $439.9M | $23.6M | $18.1M | $28.9M | $11.0M | $10.4M | $3.78B |
| Total Current Liabilities | $178.6M | $158.6M | $288.3M | $559.3M | $170.9M | $233.9M | $236.3M | $250.6M | $227.5M | $4.10B |
| Long-term Debt | $4.25B | $4.37B | $4.43B | $4.43B | $5.33B | $5.89B | $6.43B | $7.39B | $8.22B | $8.91B |
| Total Liabilities | $5.76B | $5.63B | $5.83B | $6.64B | $6.98B | $7.52B | $8.04B | $9.05B | $9.86B | $14.67B |
| Retained Earnings | $1.83B | $2.26B | $2.42B | $2.60B | $2.68B | $2.75B | $2.83B | $3.01B | $3.21B | $3.45B |
| Total Equity | $1.35B | $1.79B | $1.79B | $1.84B | $1.96B | $2.02B | $2.03B | $2.27B | $2.44B | $2.75B |
| Total Debt | $4.27B | $4.39B | $4.55B | $5.23B | $5.73B | $6.19B | $6.72B | $7.63B | $8.41B | $12.81B |
| Net Debt | $3.96B | $4.09B | $4.45B | $5.08B | $5.44B | $5.85B | $6.27B | $7.18B | $8.00B | $7.82B |
| Working Capital | $366.2M | $354.2M | $25.4M | -$198.9M | $263.9M | $274.4M | $491.8M | $507.7M | $464.0M | $1.09B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $696.1M | $4.98B | $741.0M | $747.1M |
| Total Assets | $13.31B | $18.31B | $17.94B | $17.72B |
| Total Liabilities | $10.59B | $14.67B | $14.29B | $14.13B |
| Total Equity | $2.72B | $2.75B | $2.78B | $2.78B |
| Total Debt | $9.03B | $12.81B | $12.63B | $12.48B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $257.1M | $502.0M | $211.3M | $180.8M | $150.2M | $143.1M | $155.9M | $259.2M | $284.2M | $327.8M |
| Depreciation & Amortization | $310.2M | $322.7M | $338.2M | $332.7M | $342.8M | $378.4M | $371.3M | $392.1M | $421.4M | $452.3M |
| Stock-based Compensation | $15.8M | $9.9M | $16.4M | $12.3M | $15.6M | $17.4M | $12.7M | $18.3M | $23.0M | 0 |
| Change in Working Capital | -$2.7M | -$18.5M | -$4.0M | -$39.1M | -$6.4M | $23.5M | $15.1M | -$6.4M | -$900,000 | -$11.8M |
| Operating Cash Flow | $626.1M | $496.8M | $508.5M | $462.6M | $428.3M | $507.2M | $533.5M | $520.4M | $602.1M | $648.1M |
| Capital Expenditure | -$712.8M | -$678.6M | -$995.9M | -$723.8M | -$860.8M | -$1.13B | -$1.26B | -$1.67B | -$1.67B | -$1.33B |
| Acquisitions | -$25.0M | -$36.6M | -$14.1M | $23.0M | -$203.2M | -$1.8M | $31.1M | $20.2M | $24.9M | $935.8M |
| Stock Repurchased | -$120.1M | -$100.0M | -$115.5M | -$150.0M | 0 | -$13.1M | -$47.2M | -$2.6M | -$21.9M | -$65.0M |
| Dividends Paid | -$67.4M | -$68.2M | -$69.3M | -$69.3M | -$71.0M | -$74.3M | -$76.6M | -$80.6M | -$84.8M | -$89.8M |
| Free Cash Flow | -$86.7M | -$181.8M | -$487.4M | -$261.2M | -$432.5M | -$622.9M | -$722.3M | -$1.14B | -$1.07B | -$683.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $218.3M | $144.3M | $199.1M | $276.2M |
| Capital Expenditure | -$361.7M | -$439.7M | -$4.52B | -$200.5M |
| Free Cash Flow | -$143.4M | -$295.4M | -$4.32B | $75.7M |
| Dividends Paid | -$22.1M | -$22.0M | -$25.2M | -$23.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.9% | -1.2% | -11.7% | +0.6% | +4.0% | +1.2% | +10.8% | +12.4% | +9.8% | |
| Net Income Growth (YoY) | +95.3% | -57.9% | -0.0% | -28.4% | -5.4% | +8.9% | +66.3% | +9.6% | +17.3% | |
| EPS Growth (YoY) | +103.8% | -56.6% | -48.0% | +44.9% | -4.5% | +9.2% | +61.7% | +9.4% | +17.2% | |
| Shares Change (YoY) | -3.7% | -2.8% | -5.0% | -2.7% | +1.7% | -0.3% | -0.6% | +0.6% | -0.3% | |
| FCF Growth (YoY) | -109.7% | -168.1% | +46.4% | -65.6% | -44.0% | -16.0% | -58.5% | +6.3% | +36.2% | |
| Gross Margin | 41.3% | 39.8% | 39.4% | 41.0% | 40.9% | 42.9% | 45.0% | 45.9% | 48.0% | 48.6% |
| Operating Margin | 25.9% | 24.1% | 23.0% | 23.4% | 23.7% | 23.6% | 26.7% | 27.5% | 29.9% | 30.7% |
| EBITDA Margin | 48.2% | 47.0% | 51.5% | 54.8% | 54.4% | 61.7% | 59.9% | 63.9% | 64.6% | 72.9% |
| Net Margin | 18.1% | 36.5% | 15.5% | 17.6% | 12.5% | 11.4% | 12.2% | 18.4% | 17.9% | 19.2% |
| FCF Margin | -6.1% | -13.2% | -35.8% | -21.7% | -35.8% | -49.5% | -56.7% | -81.1% | -67.6% | -39.3% |
| Effective Tax Rate | 31.3% | -113.7% | 17.5% | 28.2% | 19.9% | 27.1% | 26.0% | 18.5% | 17.4% | 15.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.12 | $-4.61 | $-12.73 | $-7.18 | $-12.22 | $-17.30 | $-20.12 | $-32.06 | $-29.87 | $-19.09 |
| Dividends Per Share | $1.65 | $1.73 | $1.81 | $1.90 | $2.01 | $2.06 | $2.13 | $2.26 | $2.36 | $2.51 |
| Shares Outstanding (Basic) | 40.5 M | 38.8 M | 37.6 M | 35.7 M | 35.0 M | 35.4 M | 35.4 M | 35.7 M | 35.8 M | 35.8 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 14.10% |
| Return on Invested Capital | 20.58% |
| Return on Assets | 2.26% |
| Gross Margin | 33.35% |
| Operating Margin | 21.21% |
| Net Margin | 17.69% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.78 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.70 | 4.80 | 12.60 | 28.37 | 19.66 | 25.79 | 24.11 | 16.86 | 19.87 | 18.56 |
| P/B | 1.85 | 1.35 | 1.49 | 1.61 | 1.49 | 1.83 | 1.85 | 1.89 | 2.27 | 2.21 |
| P/S | 1.76 | 1.75 | 1.96 | 2.46 | 2.41 | 2.93 | 2.96 | 3.04 | 3.50 | 3.49 |
| Gross Margin | 41.3% | 39.8% | 39.4% | 41.0% | 40.9% | 42.9% | 45.0% | 45.9% | 48.0% | 48.6% |
| Operating Margin | 25.9% | 24.1% | 23.0% | 23.4% | 23.7% | 23.6% | 26.7% | 27.5% | 29.9% | 30.7% |
| Net Margin | 18.1% | 36.5% | 15.5% | 17.6% | 12.5% | 11.4% | 12.2% | 18.4% | 17.9% | 19.2% |
Related companies: CAR · R · KEX · TKR · MSA · GTES · FCN
Explore sector: Industrials · Rental & Leasing Services
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