GREENBRIER COMPANIES Business Summary

The Greenbrier Companies, Inc. (GBX) operates as a leading integrated supplier of equipment and services to the global freight transportation markets, primarily generating revenue through the design, manufacturing, and marketing of new railroad freight cars and marine vessels. The company’s business model is bifurcated into two core segments: Manufacturing, which produces a diverse range of railcars including tank cars, covered hoppers, and intermodal units; and Leasing & Management Services, which provides recurring revenue through a lease fleet of approximately 17,000 units and comprehensive fleet management for over 445,000 railcars. Greenbrier further diversifies its income via maintenance services, including wheel reconditioning, parts supply, and retrofitting. In a competitive landscape dominated by Trinity Industries (TRN), GATX Corporation, FreightCar America, and Wabtec Corporation, Greenbrier maintains a premier market position, holding a dominant ~40% share of the North American railcar manufacturing market and leveraging a multi-billion dollar backlog to ensure long-term operational visibility. The company was formally established in 1981 by co-founders Alan James and William A. Furman, following their 1974 acquisition of a lease-underwriting division. Current leadership is headed by President and CEO Lorie L. Tekorius, a 30-year company veteran who assumed the top role in 2022 and was recently named a 2026 Executive of the Year. The executive team includes Senior VP and CFO Michael Donfris, who joined in 2024 with extensive rail industry pedigree, and Chief Commercial Officer Ted Baun, who took office in January 2026 after leadership roles at FreightCar America. The board is chaired by Admiral Thomas B. Fargo and features high-profile industry experts including Stevan Bobb (former EVP of BNSF) and Jeffrey Songer (former COO of Kansas City Southern). Greenbrier is characterized by high institutional ownership, with major stakes held by firms such as BlackRock and Vanguard, alongside significant individual shareholder Jeffrey L. Gendell.