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GATX’s Big Break: Strong Lease Rates Meet A Robust Secondary Railcar Market!

GATX Corporation reported first quarter 2026 diluted earnings per share of $2.35, up from $2.15 in the prior-year quarter. Despite an environment of heightened macroeconomic uncertainty, the company’s key business segments generally recorded results consistent with prior expectations. In Rail North America, the combined legacy and Wells Fargo acquired fleets totaled approximately 101,000 railcars, with fleet utilization steady at 98.1%. The lease renewal success rate was 79.1%, with a notable lease price index (LPI) increase of 22.3%, exceeding the company’s full-year guidance. The average renewal term declined slightly to 56 months but was characterized as noise amid ongoing integration. GATX has placed over 8,400 railcars under a long-term supply agreement with Trinity and anticipates meaningful lease rate increases across the remaining fleet. Maintenance expenses as a percentage of revenue declined relative to prior quarters but full-year guidance remains unchanged. Rail International’s fleet utilization was stable at 94.