Earnings release
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NEWS RELEASE GATX Corporation Reports 2025 Second-Quarter Results 2025-07-29 Company raises 2025 full-year earnings guidance to $8.50–$8.90 per diluted share Rail North America’s eet utilization remains above 99% Demand for aircraft spare engines remains robust Investment volume was $219.0 million in the second quarter and totaled $515.3 million year to date CHICAGO--(BUSINESS WIRE)-- GATX Corporation (NYSE: GATX) today reported 2025 second-quarter net income of $75.5 million, or $2.06 per diluted share, compared to net income of $44.4 million, or $1.21 per diluted share, in the second quarter of 2024. The 2024 second-quarter results include a net negative impact of $8.0 million, or $0.22 per diluted share, from Tax Adjustments and Other Items. Net income for the rst six months of 2025 was $154.1 million, or $4.21 per diluted share, compared to $118.7 million, or $3.25 per diluted share, in the prior year period. The 2024 year-to-date results include a net negative impact of $7.4 million, or $0.20 per diluted share, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items. "Our strong second-quarter results re ect solid operating performance across our global businesses," said Robert C. Lyons, president and chief executive o cer of GATX. "At GATX Rail North America, eet utilization remained high at 99.2% at the end of the quarter and the renewal success rate was strong at 84.2%. Demand for our railcars remained stable during the quarter, and our commercial team continued to focus on improving renewal lease rates and lengthening lease terms on many car types. The renewal lease rate change of GATX’s Lease Price Index was 24.2% with an average renewal term of 60 months. In the second quarter, we capitalized on an active secondary 1
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market and generated remarketing income of over $34 million. "Within Rail International, GATX Rail Europe’s eet utilization decreased to 93.3% at the end of the second quarter. Slower economic growth, particularly in Germany, and global macroeconomic uncertainties have led customers in various sectors to take a more cautious approach with regard to railcar eet planning. Forecasts point to improved economic growth in Europe over the next 12 months and beyond, and GATX Rail Europe is well positioned to capitalize on positive long-term trends in railcar demand. At GATX Rail India, demand for railcars remains robust and eet utilization was stable at 99.6% at quarter end. Continued infrastructure development in India, along with generally strong economic conditions, is driving strong operating results and investment opportunities at GATX Rail India. "Engine Leasing continues to perform well as demand for aircraft spare engines remains strong. Our joint venture with Rolls-Royce posted excellent operating results for the quarter and year-to-date periods, and the investment pipeline for engines is expected to remain robust for the remainder of the year." Mr. Lyons added, "Investment volume totaled over $515 million on a year-to-date basis, and we continue to nd attractive investment opportunities across our businesses. In addition, at the end of May, we announced a de nitive agreement to form a joint venture with Brook eld Infrastructure to acquire Wells Fargo's rail assets. As previously disclosed, we are pursuing the customary regulatory approvals, and we continue to expect closing to occur in the rst quarter of 2026 or sooner." Mr. Lyons concluded, "Based on our nancial results year to date, and incorporating our expectations for stronger performance from Engine Leasing in the second half of the year, we are increasing our 2025 full-year earnings estimate to be in the range of $8.50 to $8.90 per diluted share. This guidance excludes the impact of Tax Bene ts and Other Items as well as any impacts from the acquisition of Wells Fargo's rail assets." RAIL NORTH AMERICA Rail North America reported segment pro t of $96.6 million in the second quarter of 2025, compared to $78.8 million in the second quarter of 2024. Year to date 2025, Rail North America reported segment pro t of $185.4 million, compared to $169.1 million in the same period of 2024. Higher 2025 second-quarter and year-to-date results were driven primarily by higher revenue and higher gains on asset dispositions, partly o set by higher interest and maintenance expenses. As of June 30, 2025, Rail North America’s wholly owned eet was composed of approximately 110,000 cars, including over 7,600 boxcars. The following eet statistics and performance discussion exclude the boxcar eet. 2
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Fleet utilization was 99.2% at the end of the second quarter of 2025, compared to 99.2% at the end of the prior quarter and 99.3% at the end of the second quarter of 2024. During the second quarter of 2025, the renewal lease rate change of the Lease Price Index (LPI) was positive 24.2%, compared to 24.5% in the prior quarter and 29.4% in the second quarter of 2024. The average lease renewal term for all cars included in the LPI during the second quarter of 2025 was 60 months, compared to 61 months in the prior quarter and 61 months in the second quarter of 2024. The 2025 second-quarter renewal success rate was 84.2%, compared to 85.1% in the prior quarter and 84.1% in the second quarter of 2024. Rail North America’s investment volume during the second quarter of 2025 was $132.2 million. Additional eet statistics, including information on the boxcar eet, and macroeconomic data related to Rail North America’s business are provided in the attached Supplemental Information under Rail North America Statistics. RAIL INTERNATIONAL Rail International’s segment pro t was $32.2 million in the second quarter of 2025, compared to $26.5 million in the second quarter of 2024. Year to date 2025, Rail International reported segment pro t of $57.9 million, compared to $55.3 million in the same period of 2024. 2025 second-quarter and year-to-date results were favorably impacted by more railcars on lease and negatively impacted by higher interest expense. As of June 30, 2025, GATX Rail Europe’s (GRE) eet consisted of approximately 30,500 cars. Fleet utilization was 93.3%, compared to 95.1% at the end of the prior quarter and 95.8% at the end of the second quarter of 2024. As of June 30, 2025, Rail India's eet consisted of over 11,100 railcars. Fleet utilization was 99.6%, compared to 99.6% at the end of the prior quarter and 100.0% at the end of the second quarter of 2024. Additional eet statistics for GRE and Rail India are provided on the last page of this press release. ENGINE LEASING Engine Leasing reported segment pro t of $27.3 million in the second quarter of 2025, compared to segment pro t of $18.4 million in the second quarter of 2024. Year to date 2025, segment pro t was $65.9 million, compared to segment pro t of $44.1 million in the same period of 2024. 2024 year-to-date results include a net positive impact of $0.6 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items. Higher 2025 second-quarter and year-to-date results were driven by strong performance at the Rolls-Royce and 3
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Partners Finance a liates and more engines under ownership at GATX Engine Leasing, the Company’s wholly owned engine portfolio. COMPANY DESCRIPTION At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. 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. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919. TELECONFERENCE INFORMATION GATX Corporation will host a teleconference to discuss its 2025 second-quarter results. Call details are as follows: Tuesday, July 29, 2025| 11 a.m. Eastern Time Domestic Dial-In: 1-800-715-9871 International Dial-In: 1-646-307-1963 Replay: 1-800-770-2030 (Domestic) or 1-609-800-9909 (International) / Access Code: 4187876 Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), July 29, 2025. AVAILABILITY OF INFORMATION ON GATX'S WEBSITE Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC lings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investor Relations” tab. FORWARD-LOOKING STATEMENTS Statements in this Earnings Release not based on historical facts are “forward-looking statements” within the 4
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meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are di cult to predict and could cause our actual results, performance, or achievements to di er materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, nancial performance, prospects, or future events. In some cases, forward-looking statements can be identi ed by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “continue,” “likely,” “will,” “would”, and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward- looking statements. The following factors, in addition to those discussed in our press releases and lings with the U.S. Securities and Exchange Commission, could cause actual results to di er materially from our current expectations expressed in forward-looking statements: a signi cant decline in customer demand for our transportationassets or services, including as a result of:prolonged in ation or de ationhigh interest ratesweak macroeconomic conditions and the impact of globaltrade disruptions on us and our customers, including theimpact of tari s on in ation, supply chains and consumersentimentweak market conditions in our customers' businessesadverse changes in the price of, or demand for,commoditieschanges in railroad operations, e ciency, pricing andservice o erings, including those related to "precisionscheduled railroading" or labor strikes or shortageschanges in, or disruptions to, supply chainsavailability of pipelines, trucks, and other alternativemodes of transportationchanges in conditions a ecting the aviation industry,including global con icts, geographic exposure andcustomer concentrationscustomers' desire to buy, rather than lease, ourtransportation assetsother operational or commercial needs or decisions of ourcustomers inability to maintain our transportation assets on lease atsatisfactory rates and term length due to reduced demand oroversupply of transportation assets in the market or otherchanges in supply and demandcompetitive factors in our primary markets, including existing ornew competitors with signi cantly greater nancial resources,higher credit ratings or lower costs of capitalhigher costs associated with increased assignments of ourtransportation assets following non-renewal of leases, customerdefaults, and compliance maintenance programs or othermaintenance initiativesevents having an adverse impact on assets, customers, or regionswhere we have a concentrated investment exposure nancial and operational risks associated with long-termpurchase commitments for transportation assetsreduced opportunities to generate asset remarketing incomeinability to successfully consummate and manage ongoing iiti dditit tiitii ldith iiti f reliance on Rolls-Royce in connection with our aircraft spareengine leasing businesses, and the risks that certain factors thatadversely a ect Rolls-Royce could have an adverse e ect on ourbusinessespotential obsolescence of our assetsrisks related to our international operations and expansion intonew geographic markets, including laws, regulations, tari s, taxes,treaties or trade barriers a ecting our activities in the countrieswhere we do businessfailure to successfully negotiate collective bargaining agreementswith the unions representing a substantial portion of ouremployeesinability to attract, retain, and motivate quali ed personnel,including key management personnelinability to maintain and secure our information technologyinfrastructure from cybersecurity threats and related disruptionof our businessexposure to damages, nes, criminal and civil penalties, andreputational harm arising from a negative outcome in litigation,including claims arising from an accident involving transportationassetschanges in, or failure to comply with, laws, rules, and regulationsenvironmental liabilities and remediation costsoperational, functional and regulatory risks associated withclimate matters, severe weather events and natural disastersU.S. and global political conditions and the impact of increasedgeopolitical tension and wars on domestic and global economicconditions in general, including supply chain challenges anddisruptionsprolonged in ation or de ation uctuations in foreign exchange ratesdeterioration of conditions in the capital markets, reductions inour credit ratings, or increases in our nancing costsinability to obtain cost-e ective insurancechanges in assumptions, increases in funding requirements orinvestment losses in our pension and post-retirement plansinadequate allowances to cover credit losses in our portfolioasset impairment charges we may be required to recognizeinability to maintain e ective internal control over nancialreporting and disclosure controls and proceduresthe occurrence of a widespread health crisis and the impact ofmeasures taken in response 5
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acquisition and divestiture activities, including the acquisition ofapproximately 105,000 railcars from Wells Fargo GATX CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(In millions, except per share data)Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Revenues Lease revenue $ 368.8$ 339.6$ 728.4$ 672.9Non-dedicated engine revenue20.5 13.7 42.0 26.9 Other revenue 41.2 33.4 81.7 66.8 Total Revenues 430.5 386.7 852.1 766.6 Expenses Maintenance expense 104.5 96.6 208.0 188.0Depreciation expense 106.9 98.5 210.5 194.5Operating lease expense 7.1 9.0 14.7 18.0Other operating expense 16.5 13.8 32.5 27.4 Selling, general and administrative expense58.2 58.6 114.8 114.5 Total Expenses 293.2 276.5 580.5 542.4 Other Income (Expense) Net gain on asset dispositions40.5 25.6 73.9 61.8Interest expense, net (96.2) (82.8) (191.1) (160.6) Other expense (1.1) (10.8) (3.8) (10.0) Income before Income Taxes and Share of A liates’Earnings 80.5 42.2 150.6 115.4Income taxes (21.0) (10.4) (37.6) (29.0) Share of a liates’ earnings, net of taxes16.0 12.6 41.1 32.3 Net Income $ 75.5$ 44.4$ 154.1$ 118.7 Share Data Basic earnings per share $ 2.07$ 1.22$ 4.22$ 3.25Average number of common shares35.9 35.8 35.9 35.8Diluted earnings per share$ 2.06$ 1.21$ 4.21$ 3.25Average number of common shares and common shareequivalents 35.9 35.9 36.0 35.9Dividends declared per common share$ 0.61$ 0.58$ 1.22$ 1.16 GATX CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (UNAUDITED)(In millions) June 30December 312025 2024 AssetsCash and Cash Equivalents $ 754.6$ 401.6 Restricted Cash 0.6 0.2 Receivables Rent and other receivables 108.1 86.5Finance leases (as lessor) 124.3 118.3 Less: allowance for losses (5.9) (5.7) 226.5 199.1 Operating Assets and Facilities 15,053.214,330.6 Less: allowance for depreciation (4,125.8) (3,880.9) 10,927.410,449.7 Lease Assets (as lessee) Right-of-use assets, net of accumulated depreciation150.8 165.4 Investments in A liated Companies706.4 663.3 Gdill 6
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Goodwill 126.6 114.1 Other Assets 307.3 303.1 Total Assets $ 13,200.2$ 12,296.5 Liabilities and Shareholders’ EquityAccounts Payable and Accrued Expenses$ 229.3$ 217.1 Debt Borrowings under bank credit facilities 106.1 10.4 Recourse debt 8,741.3 8,215.3 8,847.4 8,225.7 Lease Obligations (as lessee) Operating leases 168.4 180.0 Deferred Income Taxes 1,182.7 1,127.3 Other Liabilities 102.7 107.5 Total Liabilities 10,530.59,857.6 Total Shareholders’ Equity 2,669.7 2,438.9 Total Liabilities and Shareholders’ Equity$ 13,200.2$ 12,296.5 GATX CORPORATION AND SUBSIDIARIESSEGMENT DATA (UNAUDITED)Three Months Ended June 30, 2025(In millions)Rail North AmericaRail InternationalEngine LeasingOtherGATX ConsolidatedRevenues Lease revenue $ 262.8$ 89.6$ 8.1$ 8.3$ 368.8Non-dedicated engine revenue— — 20.5 — 20.5 Other revenue 32.9 6.2 — 2.1 41.2 Total Revenues 295.7 95.8 28.6 10.4 430.5 Expenses Maintenance expense 84.3 18.9 — 1.3 104.5Depreciation expense 71.7 21.7 9.5 4.0 106.9Operating lease expense7.1 — — — 7.1 Other operating expense7.8 4.9 2.9 0.9 16.5 Total Expenses 170.9 45.5 12.4 6.2 235.0 Other Income (Expense) Net gain on asset dispositions39.1 1.4 — — 40.5Interest expense, net (64.4) (20.0) (11.6) (0.2) (96.2)Other (expense) income (2.8) 0.5 0.1 1.1 (1.1) Share of a liates' pre-tax (losses) earnings(0.1) — 22.6 — 22.5 Segment pro t$ 96.6$ 32.2$ 27.3$ 5.1$ 161.2Less:Selling, general and administrative expense 58.2 Income taxes (includes $6.5 related to a liates' earnings)27.5 Net income $ 75.5 Selected Data: Investment volume $ 132.2$ 81.1$ —$ 5.7$ 219.0 Net Gain on Asset Dispositions Asset Remarketing Income:Net gains on disposition of owned assets$ 34.1$ —$ —$ —$ 34.1Residual sharing income0.2 — — — 0.2 Non-remarketing net gains (1)4.8 1.4 — — 6.2 $ 39.1$ 1.4$ —$ —$ 40.5 _________(1) Includes net gains from scrapping of railcars. 7
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GATX CORPORATION AND SUBSIDIARIESSEGMENT DATA (UNAUDITED)Three Months Ended June 30, 2024(In millions)Rail North AmericaRail InternationalEngine LeasingOtherGATX ConsolidatedRevenues Lease revenue $ 242.1$ 82.0$ 8.1$ 7.4$ 339.6Non-dedicated engine revenue— — 13.7 — 13.7 Other revenue 28.3 3.2 — 1.9 33.4 Total Revenues 270.4 85.2 21.8 9.3 386.7 Expenses Maintenance expense 77.4 18.2 — 1.0 96.6Depreciation expense 66.8 19.4 8.6 3.7 98.5Operating lease expense9.0 — — — 9.0 Other operating expense6.4 3.6 1.9 1.9 13.8 Total Expenses 159.6 41.2 10.5 6.6 217.9 Other Income (Expense) Net gain on asset dispositions24.9 0.7 — — 25.6Interest (expense) income, net(56.4) (17.5) (9.7) 0.8 (82.8)Other expense (0.3) (0.7) (0.1) (9.7) (10.8) Share of a liates' pre-tax (losses) earnings(0.2) — 16.9 — 16.7 Segment pro t$ 78.8$ 26.5$ 18.4$ (6.2) $ 117.5Less:Selling, general and administrative expense 58.6 Income taxes (includes $4.1 related to a liates' earnings)14.5 Net income $ 44.4 Selected Data: Investment volume $ 308.1$ 59.6$ 71.3$ 3.0$ 442.0 Net Gain on Asset Dispositions Asset Remarketing Income:Net gains on disposition of owned assets$ 19.8$ —$ —$ —$ 19.8Residual sharing income 0.1 — — — 0.1 Non-remarketing net gains (1)5.0 0.7 — — 5.7 $ 24.9$ 0.7$ —$ —$ 25.6 __________(1) Includes net gains from scrapping of railcars. GATX CORPORATION AND SUBSIDIARIESSEGMENT DATA (UNAUDITED)Six Months Ended June 30, 2025(In millions)Rail North AmericaRail InternationalEngine LeasingOtherGATX ConsolidatedRevenues Lease revenue $ 522.8$ 173.2$ 16.2$ 16.2$ 728.4Non-dedicated engine revenue— — 42.0 — 42.0 Other revenue 66.2 11.1 — 4.4 81.7 Total Revenues 589.0 184.3 58.2 20.6 852.1 Expenses Maintenance expense 168.0 37.4 — 2.6 208.0Depreciation expense 142.1 41.8 18.9 7.7 210.5Operating lease expense14.7 — — — 14.7 Other operating expense15.3 9.5 5.7 2.0 32.5 Total Expenses 340.1 88.7 24.6 12.3 465.7 Other Income (Expense) Nt i tdi iti 712 27 739 8
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Net gain on asset dispositions71.2 2.7 — — 73.9Interest (expense) income, net(129.1) (39.1) (23.8) 0.9 (191.1)Other (expense) income (5.5) (1.3) 0.1 2.9 (3.8) Share of a liates' pre-tax (losses) earnings(0.1) — 56.0 — 55.9 Segment pro t$ 185.4$ 57.9$ 65.9$ 12.1$ 321.3Less:Selling, general and administrative expense 114.8 Income taxes (includes 14.8 related to a liates' earnings)52.4 Net income $ 154.1 Selected Data: Investment volume $ 359.9$ 143.8$ —$ 11.6$ 515.3 Net Gain on Asset Dispositions Asset Remarketing Income:Net gains on disposition of owned assets$ 64.6$ 0.6$ —$ —$ 65.2Residual sharing income0.3 — — — 0.3Non-remarketing net gains (1)9.9 2.1 — — 12.0 Asset impairments (3.6) — — — (3.6) $ 71.2$ 2.7$ —$ —$ 73.9 _________(1) Includes net gains from scrapping of railcars. GATX CORPORATION AND SUBSIDIARIESSEGMENT DATA (UNAUDITED)Six Months Ended June 30, 2024(In millions)Rail North AmericaRail InternationalEngine LeasingOtherGATX ConsolidatedRevenues Lease revenue $ 478.6$ 162.6$ 16.2$ 15.5$ 672.9Non-dedicated engine revenue— — 26.9 — 26.9 Other revenue 56.8 6.3 — 3.7 66.8 Total Revenues 535.4 168.9 43.1 19.2 766.6 Expenses Maintenance expense 150.3 35.7 — 2.0 188.0Depreciation expense 131.9 38.3 17.0 7.3 194.5Operating lease expense18.0 — — — 18.0 Other operating expense13.1 7.1 4.4 2.8 27.4 Total Expenses 313.3 81.1 21.4 12.1 427.9 Other Income (Expense) Net gain on asset dispositions59.1 2.0 0.6 0.1 61.8Interest (expense) income, net(109.7) (34.2) (19.0) 2.3 (160.6)Other (expense) income (2.4) (0.3) 0.2 (7.5) (10.0) Share of a liates' pre-tax earnings— — 40.6 — 40.6 Segment pro t$ 169.1$ 55.3$ 44.1$ 2.0$ 270.5Less:Selling, general and administrative expense 114.5 Income taxes (includes $8.3 related to a liates' earnings)37.3 Net income $ 118.7 Selected Data: Investment volume $ 629.8$ 109.5$ 71.3$ 10.0$ 820.6 Net Gain on Asset Dispositions Asset Remarketing Income:Net gains on disposition of owned assets$ 52.7$ 0.1$ 0.6$ 0.1$ 53.5Residual sharing income0.2 — — — 0.2 Non-remarketing net gains (1)6.2 1.9 — — 8.1 $ 59.1$ 2.0$ 0.6$ 0.1$ 61.8 9
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_________(1) Includes net gains from scrapping of railcars. GATX CORPORATION AND SUBSIDIARIESSUPPLEMENTAL INFORMATION (UNAUDITED)(In millions, except per share data)Impact of Tax Adjustments and Other Items on Net Income(1) Three Months Ended June 30Six Months Ended June 30 2025202420252024 Net income (GAAP) $ 75.5$ 44.4$ 154.1$ 118.7Adjustments attributable to consolidated pre-tax income:Environmental reserves (2) $ —$ 10.7$ —$ 10.7Net gain on Specialized Gas Vessels at Engine Leasing (3)— — — (0.6) Total adjustments attributable to consolidated pre-tax income$ —$ 10.7$ —$ 10.1Income taxes thereon, based on applicable e ective tax rate$ —$ (2.7) $ —$ (2.7) Net income, excluding tax adjustments and other items (non-GAAP)$ 75.5$ 52.4$ 154.1$ 126.1 Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1)Three Months Ended June 30Six Months Ended June 30 2025202420252024 Diluted earnings per share (GAAP)$ 2.06$ 1.21$ 4.21$ 3.25Diluted earnings per share, excluding tax adjustments and other items (non-GAAP)$ 2.06$ 1.43$ 4.21$ 3.45 _________(1)In addition to nancial results reported in accordance with GAAP, we compute certain nancial measures using non-GAAP components.Speci cally, we exclude the e ects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings pershare because we believe these items are not attributable to our business operations. Management utilizes net income, excluding taxadjustments and other items, when analyzing nancial performance because such amounts re ect the underlying operating results that arewithin management’s ability to in uence. Accordingly, we believe presenting this information provides investors and other users of our nancialstatements with meaningful supplemental information for purposes of analyzing year-to-year nancial performance on a comparable basis andassessing trends.(2)Reserves recorded for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses.(3)In 2022, we made the decision to sell the Specialized Gas Vessels. We have recorded gains and losses associated with the subsequentimpairments and sales of these assets. As of December 31, 2023, all vessels had been sold. GATX CORPORATION AND SUBSIDIARIESSUPPLEMENTAL INFORMATION (UNAUDITED)(In millions, except leverage)(Continued)6/30/20253/31/202512/31/20249/30/20246/30/2024Total Assets, Excluding Cash, by Segment Rail North America $ 7,886.8$ 7,888.3$ 7,741.1$ 7,643.7$ 7,416.0Rail International 2,514.92,304.32,169.02,298.62,168.3Engine Leasing 1,626.51,619.81,603.91,544.71,431.7Oth 4168 3963 3807 3891 3828 10
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Other 416.8 396.3 380.7 389.1 382.8 Total Assets, excluding cash$ 12,445.0$ 12,208.7$ 11,894.7$ 11,876.1$ 11,398.8 Debt and Lease Obligations, Net of Unrestricted Cash Unrestricted cash $ (754.6) $ (757.2) $ (401.6) $ (503.7) $ (823.6)Borrowings under bank credit facilities106.1 101.5 10.4 11.1 10.7Recourse debt 8,741.38,653.18,215.38,293.58,235.7Operating lease obligations 168.4 174.4 180.0 187.5 209.3 Total debt and lease obligations, net of unrestricted cash$ 8,261.2$ 8,171.8$ 8,004.1$ 7,988.4$ 7,632.1 Total recourse debt (1) $ 8,261.2$ 8,171.8$ 8,004.1$ 7,988.4$ 7,632.1Shareholders’ Equity $ 2,669.7$ 2,549.4$ 2,438.9$ 2,436.7$ 2,343.4Recourse Leverage (2) 3.1 3.2 3.3 3.3 3.3 _________(1)Includes recourse debt, borrowings under bank credit facilities, and operating lease obligations, net of unrestricted cash.(2)Calculated as total recourse debt / shareholder's equity. Reconciliation of Total Assets to Total Assets, Excluding Cash Total Assets $ 13,200.2$ 12,966.3$ 12,296.5$ 12,379.9$ 12,222.6Less: cash (755.2) (757.6) (401.8) (503.8) (823.8) Total Assets, excluding cash$ 12,445.0$ 12,208.7$ 11,894.7$ 11,876.1$ 11,398.8 GATX CORPORATION AND SUBSIDIARIESSUPPLEMENTAL INFORMATION (UNAUDITED)(Continued)6/30/20253/31/202512/31/20249/30/20246/30/2024Rail North America StatisticsLease Price Index (LPI) (1) Average renewal lease rate change24.2% 24.5% 26.7% 26.6% 29.4%Average renewal term (months)60 61 60 59 61 Renewal Success Rate (2)84.2% 85.1% 89.1% 82.0% 84.1% Fleet Rollforward (3) Beginning balance 103,310102,966102,697102,086101,687Railcars added 595 1,464 1,126 1,474 1,337Railcars scrapped (614) (316) (309) (360) (389)Railcars sold (974) (804) (548) (503) (549) Ending balance 102,317103,310102,966102,697102,086Utilization 99.2% 99.2% 99.1% 99.3% 99.3%Average active railcars 102,073102,367102,150101,629101,181 Boxcar Fleet Rollforward Beginning balance 7,990 8,395 8,779 8,990 9,670Railcars added 27 — — — —Railcars scrapped (396) (405) (349) (211) (555)Railcars sold — — (35) — (125) Ending balance 7,621 7,990 8,395 8,779 8,990Utilization 98.7% 99.8% 99.8% 99.8% 99.8%Average active railcars 7,773 8,163 8,552 8,848 9,304 Rail North America Industry Statistics Manufacturing Capacity Utilization Index (4)77.6% 77.7% 77.6% 77.5% 78.2%Year-over-year Change in U.S. Carloadings (excl. intermodal) (5)2.4% 0.1% (2.9)% (3.3)% (4.5)%Year-over-year Change in U.S. Carloadings (chemical) (5)1.6% 2.0% 4.1% 4.2% 4.3%Year-over-year Change in U.S. Carloadings (petroleum) (5)(0.9)% 1.9% 9.6% 10.4% 11.1%Production Backlog at Railcar Manufacturers (6)29,87131,54834,27339,65244,238 11
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_________(1)GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar eet,excluding boxcars. The LPI calculation includes all renewal activity based on a 12-month trailing average, and the renewals are weighted by thecount of all renewals over the 12 month period. The average renewal lease rate change is reported as the percentage change between theaverage renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and re ects the averagerenewal lease term in the LPI.(2)The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewalsuccess rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costsprior to being leased to new customers.(3)Excludes boxcar eet.(4)As reported and revised by the Federal Reserve.(5)As reported by the Association of American Railroads (AAR).(6)As reported by the Railway Supply Institute (RSI). GATX CORPORATION AND SUBSIDIARIESSUPPLEMENTAL INFORMATION (UNAUDITED)(Continued)6/30/20253/31/202512/31/20249/30/20246/30/2024Rail Europe StatisticsFleet Rollforward Beginning balance 30,22330,02729,95329,64929,371Railcars added 579 446 196 410 388Railcars scrapped or sold (310) (250) (122) (106) (110) Ending balance 30,49230,22330,02729,95329,649Utilization 93.3% 95.1% 96.1% 95.9% 95.8%Average active railcars 28,57228,82328,81228,62628,198 Rail India StatisticsFleet Rollforward Beginning balance 10,89510,58310,3619,904 9,501Railcars added 217 312 222 457 408Railcars scrapped or sold — — — — (5) Ending balance 11,11210,89510,58310,3619,904Utilization 99.6% 99.6% 100.0% 100.0% 100.0%Average active railcars 10,94510,71110,46010,1659,711 FOR FURTHER INFORMATION CONTACT: GATX Corporation Shari Hellerman Senior Director, Investor Relations and Corporate Communications 312-621-4285 shari.hellerman@gatx.com Source: GATX Corporation 12