GATX CORP, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Document and Entity Information
shares in Millions
 3 Months Ended
Mar. 31, 2026
shares
Document Information [Line Items]  
Document Transition Report false
Entity Registrant Name GATX Corporation
Document Period End Date Mar. 31, 2026
City Area Code 312
Local Phone Number 621-6200
Title of 12(b) Security Common Stock
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Common Stock, Shares Outstanding 35.5
Entity Shell Company false
Entity Address, Address Line One 233 South Wacker Drive
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606
Amendment Flag false
Entity Central Index Key 0000040211
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Current Fiscal Year End Date --12-31
Document Quarterly Report true
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 36-1124040
Document Type 10-Q
Entity File Number 1-2328
NEW YORK STOCK EXCHANGE, INC.  
Document Information [Line Items]  
Trading Symbol GATX
Security Exchange Name NYSE
NYSE Texas, Inc  
Document Information [Line Items]  
Trading Symbol GATX
Security Exchange Name CHX
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and Cash Equivalents $ 740.9 $ 743.0
Restricted Cash 0.1 4,241.9
Receivables    
Rent and other receivables 162.7 109.0
Finance leases (as lessor) 192.2 104.2
Less: allowance for losses (6.1) (6.0)
Receivables, net 348.8 207.2
Property, Plant and Equipment, Net [Abstract]    
Operating Assets and Facilities 19,780.9 15,662.6
Less: allowance for depreciation (4,328.3) (4,251.7)
Operating assets and facilities, net 15,452.6 11,410.9
Lease Assets (as lessee)    
Right-of-use assets, net of accumulated depreciation 134.7 137.4
Investments in Affiliated Companies 752.4 732.3
Goodwill 124.6 126.3
Other Assets 390.1 400.5
Total Assets 17,944.2 17,999.5
Liabilities and Shareholders’ Equity    
Accounts Payable and Accrued Expenses 278.7 318.4
Debt    
Commercial paper and borrowings under bank credit facilities 49.7 82.2
Recourse 12,427.3 12,451.7
Borrowings under bank credit facilities 12,477.0 12,533.9
Lease, Liability [Abstract]    
Operating leases 150.9 154.3
Deferred income taxes 1,215.6 1,195.7
Other Liabilities 165.8 162.1
Total Liabilities 14,288.0 14,364.4
Shareholders’ Equity    
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641 42.9 42.9
Additional paid in capital 883.2 875.4
Retained earnings 3,512.4 3,451.2
Accumulated other comprehensive loss (142.2) (104.6)
Treasury stock at cost (33,937,924 and 33,916,337 shares) (1,518.2) (1,514.4)
Total Shareholders’ Equity 2,778.1 2,750.5
Non-Controlling Interest 878.1 884.6
Total Equity 3,656.2 3,635.1
Total Liabilities and Shareholders’ Equity $ 17,944.2 $ 17,999.5
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.625  
Common stock, shares authorized 120,000,000 120,000,000
Common stock, shares issued 69,440,682 69,316,358
Common stock, shares outstanding 35,502,758 35,400,021
Treasury stock, shares issued 33,937,924 33,916,337
v3.26.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Lease Income $ 518.7 $ 359.6
Non-dedicated engine revenue 22.1 21.5
Other Operating Income 42.9 40.5
Total Revenues 583.7 421.6
Total expenses (1)    
Maintenance expense 140.7 103.5
Depreciation expense 169.2 103.6
Operating lease expense 7.4 7.6
Other operating expense 21.8 16.0
Selling, general and administrative expense 71.3 56.6
Total expenses (1) 410.4 287.3
Other Income (Expense)    
Net gain on asset dispositions 51.0 33.4
Interest (expense) income, net (151.0) (94.9)
Other (expense) income 6.2 (2.7)
Loss before Income Taxes 79.5 70.1
Income taxes (21.2) (16.6)
Share of affiliates' earnings, net of taxes 20.8 25.1
Net Income 79.1 78.6
Net loss (6.4) 0.0
Net income $ 85.5 $ 78.6
GATX Share Data    
Basic earnings per share (in dollars per share) $ 2.35 $ 2.15
Denominator for basic earnings per share — weighted average shares 35.7 35.9
Diluted earnings per share (in dollars per share) $ 2.35 $ 2.15
Weighted Average Number of Shares Outstanding, Diluted 35.8 36.0
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net Income $ 79.1 $ 78.6
Other Comprehensive Income, net of taxes    
Foreign currency translation adjustments (39.0) 46.7
Unrealized gain on derivative instruments 1.2 0.5
Post-retirement benefit plans 0.1 0.0
Other comprehensive (loss) income (37.7) 47.2
Comprehensive Income 41.4 125.8
Other comprehensive loss attributable to non-controlling interest (6.5) 0.0
Comprehensive Income Attributable to GATX $ 47.9 $ 125.8
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Cash Flows [Abstract]    
Net Income $ 79,100,000 $ 78,600,000
Adjustments to reconcile income to net cash provided by operating activities:    
Depreciation, Depletion and Amortization 174,700,000 108,600,000
Net gains on sales of assets (52,600,000) (36,900,000)
Asset impairments 1,700,000 3,600,000
Deferred income taxes 19,900,000 15,800,000
Share of affiliates’ earnings, net of dividends (20,800,000) (25,100,000)
Changes in working capital items (2,900,000) (20,400,000)
Net cash provided by operating activities 199,100,000 124,200,000
Investing Activities    
Portfolio investments and capital additions (4,520,000,000) (296,300,000)
Portfolio proceeds 152,400,000 68,300,000
Purchases of assets previously leased (3,800,000) (15,000,000.0)
Proceeds from sales of other assets 11,500,000 7,100,000
Other 1,200,000 1,200,000
Net cash used in investing activities (4,358,700,000) (234,700,000)
Financing Activities    
Net proceeds from issuances of debt with original maturities longer than 90 days 973,700,000 879,800,000
Repayments of debt with original maturities longer than 90 days (1,000,100,000) (406,600,000)
Net (decrease) increase in debt with original maturities of 90 days or less (23,400,000) 4,200,000
Stock repurchases (3,800,000) (1,900,000)
Dividends (25,200,000) (23,500,000)
Other (3,800,000) 9,600,000
Net cash (used in) provided by financing activities (82,600,000) 461,600,000
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash (1,700,000) 4,700,000
Net (decrease) increase in Cash, Cash Equivalents, and Restricted Cash during the period (4,243,900,000) 355,800,000
Cash, Cash Equivalents, and Restricted Cash at beginning of the period 4,984,900,000 401,800,000
Cash, Cash Equivalents, and Restricted Cash at end of the period $ 741,000,000.0 $ 757,600,000
v3.26.1
Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($)
Total
Parent
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock, Common
Noncontrolling Interest
Common Stock, Shares, Outstanding     69,100,000          
Equity, Including Portion Attributable to Noncontrolling Interest     $ 42,700,000 $ 847,100,000 $ 3,208,100,000 $ (209,600,000) $ (1,449,400,000) $ 0
Treasury stock, shares issued, beginning at Dec. 31, 2024             33,500,000  
Stock Issued During Period, Shares, New Issues     100,000          
Stock Issued During Period, Value, New Issues     $ 100,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition       9,100,000        
Net income $ 78,600,000       78,600,000      
Dividends declared (in dollars per share) $ 0.61              
Dividends, Common Stock, Cash         (22,600,000)      
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent           (47,200,000)    
Treasury stock, shares issued, ending at Mar. 31, 2025             33,500,000  
Stock repurchases $ (1,900,000)              
Depreciation, Depletion and Amortization 108,600,000              
Asset impairments 3,600,000              
Deferred Income Tax Expense (Benefit) 15,800,000              
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions (25,100,000)              
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property (36,900,000)              
Other Noncash Income (Expense) (20,400,000)              
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 124,200,000              
Portfolio investments and capital additions (296,300,000)              
Portfolio Proceeds 68,300,000              
Purchases of assets previously leased (15,000,000.0)              
Proceeds from Sale of Other Productive Assets 7,100,000              
Other 1,200,000              
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (234,700,000)              
Net proceeds from the issuance of debt 879,800,000              
Repayments of debt with original maturities longer than 90 days (406,600,000)              
Proceeds from (Repayments of) Short-term Debt 4,200,000              
Payments of Dividends (23,500,000)              
Proceeds from Noncontrolling Interests 899,000,000.0              
Other 9,600,000              
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation 461,600,000              
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 4,700,000              
Treasury Stock, Shares, Acquired             0  
Other comprehensive loss attributable to non-controlling interest               0
Net loss 0             0
Income taxes expense (benefit) including affiliate's earnings 24,900,000              
Common Stock, Shares, Outstanding     69,200,000          
Equity, Including Portion Attributable to Noncontrolling Interest $ 2,549,400,000 $ 2,549,400,000 $ 42,800,000 856,200,000 3,264,100,000 (162,400,000) $ (1,451,300,000) 0
Common Stock, Shares, Outstanding 35,400,021   69,300,000          
Equity, Including Portion Attributable to Noncontrolling Interest $ 3,635,100,000   $ 42,900,000 875,400,000 3,451,200,000 (104,600,000) $ (1,514,400,000) 884,600,000
Common stock, shares issued, beginning at Dec. 31, 2025 69,316,358              
Treasury stock, shares issued, beginning at Dec. 31, 2025 33,916,337           (33,900,000)  
Beginning balance at Dec. 31, 2025 $ 2,750,500,000              
Stock Issued During Period, Shares, New Issues     100,000          
Stock Issued During Period, Value, New Issues     $ 0          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition       7,800,000        
Net income $ 85,500,000       85,500,000      
Dividends declared (in dollars per share) $ 0.66              
Dividends, Common Stock, Cash         (24,300,000)      
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent           37,600,000    
Common stock, shares issued, ending at Mar. 31, 2026 69,440,682              
Treasury stock, shares issued, ending at Mar. 31, 2026 33,937,924           (33,900,000)  
Ending balance at Mar. 31, 2026 $ 2,778,100,000              
Stock repurchases (3,800,000)              
Depreciation, Depletion and Amortization 174,700,000              
Asset impairments 1,700,000              
Deferred Income Tax Expense (Benefit) 19,900,000              
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions (20,800,000)              
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property (52,600,000)              
Other Noncash Income (Expense) (2,900,000)              
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 199,100,000              
Portfolio investments and capital additions (4,520,000,000)              
Portfolio Proceeds 152,400,000              
Purchases of assets previously leased (3,800,000)              
Proceeds from Sale of Other Productive Assets 11,500,000              
Other 1,200,000              
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (4,358,700,000)              
Net proceeds from the issuance of debt 973,700,000              
Repayments of debt with original maturities longer than 90 days (1,000,100,000)              
Proceeds from (Repayments of) Short-term Debt (23,400,000)              
Payments of Dividends (25,200,000)              
Other (3,800,000)              
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (82,600,000)              
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash (1,700,000)              
Treasury Stock, Shares, Acquired             0  
Other comprehensive loss attributable to non-controlling interest           100,000   (100,000)
Net loss (6,400,000)             (6,400,000)
Income taxes expense (benefit) including affiliate's earnings $ 28,000,000.0              
Common Stock, Shares, Outstanding 35,502,758   69,400,000          
Equity, Including Portion Attributable to Noncontrolling Interest $ 3,656,200,000 $ 2,778,100,000 $ 42,900,000 $ 883,200,000 $ 3,512,400,000 $ (142,200,000) $ (1,518,200,000) $ 878,100,000
v3.26.1
Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.66 $ 0.61
v3.26.1
Description of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise.

We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for our tank container leasing business ("Trifleet") are reported in the Other segment.

On January 1, 2026, GATX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo Bank, N.A. ("Wells Fargo") through a newly formed joint venture ("GABX" or the "GABX joint venture") with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, "Brookfield"). Initially, GATX's ownership share of GABX is 30% with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity over time. See "Note 15. Non-Controlling Interest" for further information about the options to acquire GABX's equity. The transaction was funded through a $2.96 billion term loan executed by GABX, which is guaranteed by GATX, and equity contributions of $385.3 million from GATX and $899.0 million from Brookfield. As of March 31, 2026, GABX is a consolidated variable interest entity and is reported in the Rail North America segment. See "Note 3. Asset Acquisition" and "Note 7. Variable Interest Entities" for further information about the transaction and GABX consolidation.

On the same date, GATX directly purchased 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield directly acquired Wells Fargo’s rail finance lease portfolio, consisting of approximately 22,000 railcars and approximately 400 locomotives. GATX serves as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield and earns management fees for such services.
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]  
Basis of Presentation Basis of Presentation
We prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2026. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2025.

New Accounting Pronouncements Not Yet Adopted
Standard/DescriptionEffective Date and Adoption ConsiderationsEffect on Financial Statements or Other Significant Matters
Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures to require public companies to disclose a disaggregation of certain expenses that are presented on the face of the income statement including amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses.


The new guidance will be effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027 and subsequent interim periods. Early adoption is permitted.

We are currently assessing the requirements and the level of disclosure that will be required for our income statement expenses.
v3.26.1
Asset Acquisition
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Asset Acquisition Asset Acquisition
On January 1, 2026, GATX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo through the newly formed GABX joint venture with Brookfield. Initially, GATX's ownership share of GABX is 30% with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity through a series of annual call options that allow GATX to purchase a percentage of Brookfield's equity every year for up to 25 years, beginning in June 2026. The transaction was funded through a $2.96 billion term loan executed by GABX, which is guaranteed by GATX, and equity contributions of $385.3 million from GATX and $899.0 million from Brookfield. As of March 31, 2026, GABX is a consolidated variable interest entity and is reported in the Rail North America segment. See "Note 7. Variable Interest Entities" for further information.

We determined the acquisition of Wells Fargo's rail assets represented an asset acquisition in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations, as the fair value of substantially all of the assets acquired were concentrated in a group of similar assets. The cost of the asset acquisition was allocated to the assets on a relative fair value basis. We determined fair value of the assets using estimates of discounted future cash flows, independent appraisals, and market comparables. Transaction costs incurred to acquire the assets were capitalized and included in the cost basis of the acquired assets.

On the same date, GATX directly purchased 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield directly acquired Wells Fargo’s rail finance lease portfolio, consisting of approximately 22,000 railcars and approximately 400 locomotives. GATX serves as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield and earns management fees for such services.
v3.26.1
Revenue Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

We disaggregate revenue into three categories as presented on our statement of income:

Lease Revenue

Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue.
Operating Lease Revenue

We lease railcars, locomotives, aircraft spare engines, and tank containers under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not generally offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of ASC Topic 842, Leases ("Topic 842"), and we have elected not to separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not probable. See "Note 6. Leases".

Finance Lease Revenue

In certain cases, we lease railcars and tank containers that, at lease inception or upon modification, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the effective interest method, using the interest rate implicit in the lease. See "Note 6. Leases".

Non-Dedicated Engine Revenue

Certain of our owned aircraft spare engines are part of a pool of non-dedicated spare engines managed under a capacity agreement with Rolls-Royce plc and its affiliates (collectively "Rolls-Royce"). Revenue is earned based on our continued ability to meet engine capacity requirements under the agreement, which requires us to enroll a minimum number of engines in a pool of non-dedicated spare engines for short-term lease to Rolls-Royce customers. We recognize revenue based on our right to receive a portion of the revenue earned by the pool, which is calculated based on the average engine flight hours reported for each type of engine enrolled into the pool.

Other Revenue

Other revenue is composed of customer liability repair revenue, management fees, termination fees, interest income, and other miscellaneous revenues. Select components of other revenue are within the scope of ASC Topic 606, Revenue from Contracts with Customers. Revenue attributable to variable lease components is recognized when earned, in accordance with Topic 842. Management fees consist of fees GATX earns as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. Management fees earned from GABX are eliminated in consolidation but are reflected in net income attributable to GATX.
v3.26.1
Operating Assets and Facilities
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Operating Assets and Facilities Operating Assets and Facilities
The following table shows the components of our operating assets and facilities (in millions):

March 31
2026		December 31
2025
Railcars and locomotives$17,880.1 $13,802.1 
Aircraft spare engines1,177.7 1,177.5 
Tank containers277.3 278.0 
Buildings, leasehold improvements, and other equipment322.8 318.5 
Other123.0 86.5 
$19,780.9 $15,662.6 
Less: allowance for depreciation(4,328.3)(4,251.7)
Net operating assets and facilities$15,452.6 $11,410.9 

Total depreciation expense was $174.6 million for the three months ended March 31, 2026 and $108.4 million for the three months ended March 31, 2025.
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
We evaluate our interests in other entities to determine whether those entities are variable interest entities ("VIEs") and whether we are the primary beneficiary of any such VIE in accordance with ASC Topic 810, Consolidation.

To determine if we are the primary beneficiary of a VIE, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. If we determine we are the primary beneficiary of the VIE, we consolidate the entity in our financial statements. We evaluate new investments at inception and regularly review all existing entities for events that may affect our determination of whether an entity is a VIE and, if so, whether we are the primary beneficiary.

GABX

In 2025, GABX was formed by GATX and Brookfield with the objective to acquire the Wells Fargo railcar fleet. In December 2025, GABX was funded with equity contributions of $385.3 million and $899.0 million from GATX and Brookfield, respectively, and GABX executed a $2.96 billion term loan, guaranteed by GATX, in anticipation of closing the Wells Fargo transaction. On January 1, 2026, GABX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo, and GATX began serving as manager of the railcars for GABX. As of March 31, 2026, GATX ownership in GABX was 30%.

We evaluated our interests in GABX and determined that GABX is a VIE. We concluded that we are the primary beneficiary of GABX as we have the power to direct the activities that most significantly impact the economic performance of GABX over the course of the expected life of the entity, primarily through the management services agreement. As a result, we consolidate GABX in our financial statements.
GABX owns and leases railcars and, therefore, the activities and risks at GABX are similar to those of our wholly owned railcar leasing activities.

The following table shows the carrying amounts of the assets and liabilities of the consolidated variable interest entity reported on our condensed consolidated balance sheet (in millions):

March 31December 31
20262025
Cash and cash equivalents$13.3 $32.2 
Restricted cash— 4,211.1 
Rent and other receivables, net58.3 — 
Operating assets and facilities, net4,146.9 — 
Right of use assets, net of accumulated depreciation6.6 — 
Other assets69.0 30.6 
Total assets$4,294.1 $4,273.9 
Accounts payable and accrued expenses$38.3 $46.8 
Recourse debt (1)2,945.3 2,942.9 
Operating leases7.0 — 
Deferred income taxes1.6 — 
Other liabilities47.5 20.4 
Total liabilities$3,039.7 $3,010.1 
_________
(1)    GABX debt is guaranteed by GATX.

GABX's assets can only be used to settle its obligations and may not be used to satisfy claims of GATX.

The following table shows the statements of income of the consolidated variable interest entity reported in our condensed consolidated statements of income (in millions):

Three Months Ended
March 31
20262025
Total revenues$134.9 $— 
Total expenses (1)(100.2)— 
Net gain on asset dispositions
2.0 — 
Interest expense, net
(43.9)— 
Loss before Income Taxes(7.2)— 
Income taxes (2)(1.9)— 
Net loss$(9.1)$— 
_________
(1)    Amount includes $12.5 million of management fees paid to GATX in the three months ended March 31, 2026. Management fees are primarily based on the number of railcars under management and are consistent with market rates.
(2)    Represents income taxes directly attributable to GABX. Certain of GABX's jurisdictions are disregarded jurisdictions for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

In the three months ended March 31, 2026, significant cash flow items at GABX included $4,230.8 million of cash paid for the acquisition of operating assets, $992.0 million of net proceeds from the issuance of debt, and $992.0 million of cash paid for the repayment of debt.
v3.26.1
Fair Value Disclosure
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at March 31, 2026 and December 31, 2025.

In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows, independent appraisals, and market comparables, as applicable.

Derivative Instruments

Fair Value Hedges

We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had one instrument outstanding with an aggregate notional amount of $50.0 million as of March 31, 2026 that matures in 2027 and one instrument outstanding with an aggregate notional amount of $50.0 million as of December 31, 2025 that matures in 2027.

Cash Flow Hedges

We use U.S. Treasury rate locks, swap rate locks, and interest rate swaps to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps, forwards, and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. We had fifteen instruments outstanding with a notional amount of $1,763.0 million as of March 31, 2026 that mature in 2026 to 2030 and three instruments outstanding with a notional amount of $2,370.6 million as of December 31, 2025 that each mature in 2031. Within the next 12 months, we expect to reclassify $5.3 million ($4.8 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive loss to interest expense. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings.

Non-Designated Derivatives

We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other income (expense) immediately.

Certain of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that were in a liability position was $11.2 million as of March 31, 2026 and $28.5 million as of December 31, 2025. We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered.

In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote.
The following table shows our derivative assets and liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
March 31, 2026		Fair Value
December 31, 2025
Derivative Assets
Foreign exchange contracts (1)Other assets$0.6 $— 
Total derivative assets$0.6 $— 
Derivative Liabilities
Interest rate contracts (2)
Other liabilities
$10.7 $28.5 
Foreign exchange contracts (2)
Other liabilities
0.5 — 
Foreign exchange contracts (1)
Other liabilities
8.5 12.5 
Total derivative liabilities$19.7 $41.0 
_________
(1)    Not designated as hedges.
(2)    Designated as hedges.

We value derivatives using a pricing model with inputs (such as yield curves and foreign currency rates) that are observable in the market or that can be derived principally from observable market data. As of March 31, 2026 and December 31, 2025, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3.

The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges (in millions):
Carrying Amount of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Line Item in the Balance Sheet in Which the Hedged Item Is IncludedMarch 31
2026		December 31
2025		March 31
2026		December 31
2025
Recourse debt$49.7 $49.7 $1.3 $1.4 
The following tables show the impacts of our derivative instruments on our statements of comprehensive income (in millions):
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income
Three Months Ended
March 31
Derivative Designation20262025
Derivatives in cash flow hedging relationships:
Interest rate contracts$(6.0)$— 
Foreign exchange contracts0.5 (0.4)
Total$(5.5)$(0.4)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months Ended
March 31
20262025
Interest expense$0.7 $0.3 
Total$0.7 $0.3 

The following tables show the impacts of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of income (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
Three Months Ended
March 31
20262025
Total interest expense$(151.0)$(94.9)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(0.1)(1.4)
Derivatives designated as hedging instruments
0.1 1.4 
Loss on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.7)(0.3)
Amount of Gain (Loss) Recognized in Other Income (Expense) on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months Ended
March 31
20262025
Total other income (expense)$6.2 $(2.7)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Gain (loss) on non-designated foreign exchange derivative contracts3.9 (3.3)

Other Financial Instruments

Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and borrowings under bank credit facilities with maturities under one year approximate fair value due to the short maturity of those instruments.

We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs.

The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
March 31, 2026December 31, 2025
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$9,612.8 $9,302.5 $8,622.5 $8,443.1 
Recourse floating rate debt2,814.5 2,840.3 3,829.2 3,870.2 
Total$12,427.3 $12,142.8 $12,451.7 $12,313.3 
v3.26.1
Pension and Other Post-Retirement Benefits
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefits
The following table shows the components of net periodic cost for the three months ended March 31, 2026 and 2025 (in millions):

 
 
 
 		2026
Pension
Benefits		2025
Pension
Benefits		2026
Retiree
Health and Life		2025
Retiree
Health and Life
Service cost
$1.5 $1.4 $— $— 
Interest cost
3.9 4.2 0.1 0.2 
Expected return on plan assets
(5.1)(5.5)— — 
Amortization of (1):
Unrecognized net actuarial loss (gain)
0.3 0.2 (0.1)(0.2)
Net periodic cost
$0.6 $0.3 $— $— 
_________
(1)    Amounts reclassified from accumulated other comprehensive loss.
The service cost component of net periodic cost was $1.5 million for three months ended March 31, 2026 and $1.4 million for the three months ended March 31, 2025 and is reported in selling, general and administrative expense.

The non-service components totaled income of $0.9 million for the three months ended March 31, 2026 and $1.1 million for the three months ended March 31, 2025 and are reported in other income (expense) in the statements of income.
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the three months ended March 31, 2026, we granted 195,800 non-qualified employee stock options, 25,514 restricted stock units, 31,380 performance shares, and 1,125 restricted stock units awarded to non-employee directors. For the three months ended March 31, 2026, total share-based compensation expense was $5.8 million and the related tax benefits were $1.4 million. For the three months ended March 31, 2025, total share-based compensation expense was $6.1 million and the related tax benefits were $1.5 million.

The estimated fair value of our 2026 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:
2026
Weighted-average estimated fair value$54.92 
Quarterly dividend rate$0.66 
Expected term of stock options, in years4.2
Risk-free interest rate3.5 %
Dividend yield1.3 %
Expected stock price volatility24.9 %
Present value of dividends$10.32 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows our effective income tax rate for the three months ended March 31:
20262025
Effective income tax rate26.7 %23.6 %

The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to the impact of the structure of our ownership interest in the GABX joint venture and the mix of income between jurisdictions where it is taxed at 100% and jurisdictions where it is disregarded for income tax purposes and only taxed at the shareholder ownership percentage. The rate in both periods included incremental benefits associated with equity awards vested or exercised and a mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates.
v3.26.1
Commercial Commitments
 3 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
Commercial Commitments Commercial Commitments
We have entered into various commercial commitments, including standby letters of credit and performance bonds. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions.

As of March 31, 2026 and December 31, 2025, we had commercial commitments of $9.8 million and $9.9 million, respectively, consisting of standby letters of credit and performance bonds. There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2026 and December 31, 2025. As of March 31, 2026, our outstanding commitments expire in 2026 through 2028. We are not aware of any event that would require us to satisfy any of our commitments.

We are parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
We compute basic and diluted earnings per share using the two-class method, which is an earnings allocation calculation that determines Earnings Per Share ("EPS") for each class of common stock and participating security. Our vested and exercisable stock options contain non-forfeitable rights to dividends or dividend equivalents and are classified as participating securities in the calculation of EPS. Our unvested stock options, restricted stock units, performance shares, and non-employee director awards do not contain non-forfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities.

The following table shows the computation of our basic and diluted earnings per common share (in millions, except per share amounts):
Three Months Ended
March 31
20262025
Basic earnings per share:
Net income
$79.1 $78.6 
Less: Net loss attributable to non-controlling interest(6.4)— 
Net income attributable to GATX85.5 78.6 
Less: Net income allocated to participating securities(1.5)(1.4)
Net income available to common shareholders$84.0 $77.2 
Weighted-average shares outstanding - basic
35.7 35.9 
Basic earnings per share
$2.35 $2.15 
Diluted earnings per share:
Net income
$79.1 $78.6 
Less: Net loss attributable to non-controlling interest(6.4)— 
Net income attributable to GATX85.5 78.6 
Less: Net income allocated to participating securities(1.5)(1.4)
Net income available to common shareholders$84.0 $77.2 
Weighted-average shares outstanding - basic
35.7 35.9 
Effect of dilutive securities:
Equity compensation plans0.1 0.1 
Weighted-average shares outstanding - diluted35.8 36.0 
Diluted earnings per share
$2.35 $2.15 
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Loss
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plans AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2025$(50.8)$(14.1)$(39.7)$(104.6)
Change in component(39.0)5.5 (0.1)(33.6)
Reclassification adjustments into earnings (1)— 0.7 0.2 0.9 
Income tax effect— (5.0)— (5.0)
Non-controlling interest— 0.1 — 0.1 
Accumulated other comprehensive loss at March 31, 2026$(89.8)$(12.8)$(39.6)$(142.2)
_________
(1)    See "Note 8. Fair Value" and "Note 9. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.26.1
Non-Controlling Interest
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Non-Controlling Interest Non-Controlling Interest
Non-controlling interest represents the portion of our consolidated net assets that are not wholly owned and therefore not attributable to GATX. Non-controlling interest was established in December 2025 as a result of the creation and funding of the GABX joint venture. In 2025, Brookfield contributed $899.0 million of equity to GABX for its share of ownership. On January 1, 2026, GABX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo. As of March 31, 2026, the non-controlling interest represents Brookfield's 70% ownership in GABX.

GATX has the right to acquire up to 100% of GABX through a series of annual call options that allow GATX to purchase a percentage of Brookfield's equity every year for up to 25 years, beginning in June 2026. The value of the call options is embedded within the non-controlling interest, rather than bifurcated and accounted for separately, as we have determined that the call options are clearly and closely related to the non-controlling interest.

The following table shows the change in non-controlling interest (in millions):

Three Months Ended
March 31
20262025
Balance at beginning of the period$884.6 $— 
Net loss attributable to non-controlling interest(6.4)— 
Other comprehensive loss attributable to non-controlling interest(0.1)— 
Balance at end of the period$878.1 $— 
v3.26.1
Legal Proceedings and Other Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Contingencies Legal Proceedings and Other Contingencies
Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. For a full discussion of our pending legal matters, please refer to "Note 24. Legal Proceedings and Other Contingencies" included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
v3.26.1
Financial Data of Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Financial Data of Business Segments Financial Data of Business Segments
The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments.

We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for Trifleet are reported in the Other segment.

The Rail North America reportable segment is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes, and provides other ancillary services. As of December 31, 2025, GABX is consolidated in the Rail North America operating segment and, for 2025, is primarily composed of the equity contributions from GATX and Brookfield, as well as the debt undertaken, in anticipation of the closing of the transaction and purchase of railcars from Wells Fargo. GABX's operations are reflected within that segment beginning on January 1, 2026 upon closing of the transaction. GATX serves as manager of the finance lease portfolio directly owned by Brookfield for which we earned $2.8 million in management fees in the three months ended March 31, 2026.

Rail International is an aggregation of our operating segments in Europe ("GATX Rail Europe" or "GRE") and India ("Rail India"). GRE primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. Rail India primarily leases railcars to customers in India pursuant to net leases, under which the lessee assumes responsibility for maintenance of the railcars.

Engine Leasing is composed of our engine leasing operations, which include our ownership interest in the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GATX Engine Leasing ("GEL"), our wholly owned business that directly owns aircraft spare engines that are leased to airline customers or employed in engine capacity agreements. All engines owned by GEL are managed by the RRPF affiliates, for
which we paid them a fee of $1.5 million in the three months ended March 31, 2026 and $1.4 million in the three months ended March 31, 2025.

Other includes Trifleet operations and certain other amounts not allocated to the segments. Selling, general, and administrative expenses and income taxes are reported on a consolidated basis.

Segment profit is an internal performance measure reported to GATX's President and Chief Executive Officer, our chief operating decision maker ("CODM"), for purposes of assessing performance and allocating capital and resources to each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general, and administrative expenses, income taxes, and certain other amounts not allocated to the segments. We have disclosed in each segment the significant expense categories that are reviewed by the CODM, and there are no additional significant expenses within the expense categories presented in the segment tables. The CODM uses segment profit during the annual budget and forecasting processes and considers comparisons of actual segment profit against budget, forecast, and prior periods to assess current period performance and when making decisions about allocating capital and resources to each segment.
The following tables show certain segment data for each of our business segments (in millions):


Rail North America		Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2026
Revenues
Lease revenue
$400.7 $100.4 $9.5 $8.1 $518.7 
Non-dedicated engine revenue— — 22.1 — 22.1 
Other revenue
36.0 4.8 — 2.1 42.9 
Total Revenues
436.7 105.2 31.6 10.2 583.7 
Expenses
Maintenance expense
120.6 19.1 — 1.0 140.7 
Depreciation expense
126.7 27.8 10.6 4.1 169.2 
Operating lease expense
7.4 — — — 7.4 
Other operating expense
13.1 5.3 3.1 0.3 21.8 
Total Expenses
267.8 52.2 13.7 5.4 339.1 
Other Income (Expense)
Net gain on asset dispositions
49.8 1.1 — 0.1 51.0 
Interest (expense) income, net(114.0)(25.0)(13.3)1.3 (151.0)
Other (expense) income
(0.8)2.5 3.1 1.4 6.2 
Share of affiliates' pre-tax earnings— — 27.6 — 27.6 
Segment Profit
$103.9 $31.6 $35.3 $7.6 $178.4 
Less:
Selling, general and administrative expense
71.3 
Income taxes (includes $6.8 related to affiliates' earnings)
28.0 
Net Income
$79.1 
Less: Net Loss Attributable to Non-Controlling Interest
(6.4)
Net Income Attributable to GATX
$85.5 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$44.0 $— $— $0.1 $44.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
7.4 1.1 — — 8.5 
Asset impairments
(1.7)— — — (1.7)
$49.8 $1.1 $— $0.1 $51.0 
Capital Expenditures
Portfolio investments and capital additions
$4,464.2 $47.4 $0.2 $8.2 $4,520.0 
Selected Balance Sheet Data at March 31, 2026
Investments in affiliated companies
$— $— $752.4 $— $752.4 
Identifiable assets
$12,270.1 $2,812.6 $1,836.6 $1,024.9 $17,944.2 
_________
(1)     Includes net gains from scrapping of railcars.


Rail North America
Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2025
Revenues
Lease revenue
$260.0 $83.6 $8.1 $7.9 $359.6 
Non-dedicated engine revenue— — 21.5 — 21.5 
Other revenue
33.3 4.9 — 2.3 40.5 
Total Revenues
293.3 88.5 29.6 10.2 421.6 
Expenses
Maintenance expense
83.7 18.5 — 1.3 103.5 
Depreciation expense
70.4 20.1 9.4 3.7 103.6 
Operating lease expense
7.6 — — — 7.6 
Other operating expense
7.5 4.6 2.8 1.1 16.0 
Total Expenses
169.2 43.2 12.2 6.1 230.7 
Other Income (Expense)
Net gain on asset dispositions
32.1 1.3 — — 33.4 
Interest (expense) income, net
(64.7)(19.1)(12.2)1.1 (94.9)
Other (expense) income
(2.7)(1.8)— 1.8 (2.7)
Share of affiliates' pre-tax earnings
— — 33.4 — 33.4 
Segment profit
$88.8 $25.7 $38.6 $7.0 $160.1 
Less:
Selling, general and administrative expense
56.6 
Income taxes (includes $8.3 related to affiliates' earnings)
24.9 
Net Income$78.6 
Less: Net Income Attributable to Non-Controlling Interest
— 
Net Income Attributable to GATX
$78.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$30.5 $0.6 $— $— $31.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
5.1 0.7 — — 5.8 
Asset impairments
(3.6)— — — (3.6)
$32.1 $1.3 $— $— $33.4 
Capital Expenditures
Portfolio investments and capital additions
$227.7 $62.7 $— $5.9 $296.3 
Selected Balance Sheet Data at December 31, 2025
Investments in affiliated companies
$— $— $732.3 $— $732.3 
Identifiable assets
$12,235.5 $2,919.0 $1,831.6 $1,013.4 $17,999.5 
_________
(1)     Includes net gains from scrapping of railcars.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Operating Assets and Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Operating Assets and Facilities
The following table shows the components of our operating assets and facilities (in millions):

March 31
2026		December 31
2025
Railcars and locomotives$17,880.1 $13,802.1 
Aircraft spare engines1,177.7 1,177.5 
Tank containers277.3 278.0 
Buildings, leasehold improvements, and other equipment322.8 318.5 
Other123.0 86.5 
$19,780.9 $15,662.6 
Less: allowance for depreciation(4,328.3)(4,251.7)
Net operating assets and facilities$15,452.6 $11,410.9 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Components of Lease Income
The following table shows the components of our lease revenue (in millions):
Three Months Ended
March 31
20262025
Operating lease revenue:
Fixed lease revenue
$484.4 $330.8 
Variable lease revenue
30.2 25.6 
Total operating lease revenue
$514.6 $356.4 
Finance lease revenue
4.1 3.2 
Total lease revenue
$518.7 $359.6 
Components of Lease Income
The following table shows the components of our lease revenue (in millions):
Three Months Ended
March 31
20262025
Operating lease revenue:
Fixed lease revenue
$484.4 $330.8 
Variable lease revenue
30.2 25.6 
Total operating lease revenue
$514.6 $356.4 
Finance lease revenue
4.1 3.2 
Total lease revenue
$518.7 $359.6 
v3.26.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table shows the carrying amounts of the assets and liabilities of the consolidated variable interest entity reported on our condensed consolidated balance sheet (in millions):

March 31December 31
20262025
Cash and cash equivalents$13.3 $32.2 
Restricted cash— 4,211.1 
Rent and other receivables, net58.3 — 
Operating assets and facilities, net4,146.9 — 
Right of use assets, net of accumulated depreciation6.6 — 
Other assets69.0 30.6 
Total assets$4,294.1 $4,273.9 
Accounts payable and accrued expenses$38.3 $46.8 
Recourse debt (1)2,945.3 2,942.9 
Operating leases7.0 — 
Deferred income taxes1.6 — 
Other liabilities47.5 20.4 
Total liabilities$3,039.7 $3,010.1 
_________
(1)    GABX debt is guaranteed by GATX.

GABX's assets can only be used to settle its obligations and may not be used to satisfy claims of GATX.

The following table shows the statements of income of the consolidated variable interest entity reported in our condensed consolidated statements of income (in millions):

Three Months Ended
March 31
20262025
Total revenues$134.9 $— 
Total expenses (1)(100.2)— 
Net gain on asset dispositions
2.0 — 
Interest expense, net
(43.9)— 
Loss before Income Taxes(7.2)— 
Income taxes (2)(1.9)— 
Net loss$(9.1)$— 
_________
(1)    Amount includes $12.5 million of management fees paid to GATX in the three months ended March 31, 2026. Management fees are primarily based on the number of railcars under management and are consistent with market rates.
(2)    Represents income taxes directly attributable to GABX. Certain of GABX's jurisdictions are disregarded jurisdictions for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

In the three months ended March 31, 2026, significant cash flow items at GABX included $4,230.8 million of cash paid for the acquisition of operating assets, $992.0 million of net proceeds from the issuance of debt, and $992.0 million of cash paid for the repayment of debt.
v3.26.1
Fair Value Disclosure (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and liabilities at fair value recurring basis
The following table shows our derivative assets and liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
March 31, 2026		Fair Value
December 31, 2025
Derivative Assets
Foreign exchange contracts (1)Other assets$0.6 $— 
Total derivative assets$0.6 $— 
Derivative Liabilities
Interest rate contracts (2)
Other liabilities
$10.7 $28.5 
Foreign exchange contracts (2)
Other liabilities
0.5 — 
Foreign exchange contracts (1)
Other liabilities
8.5 12.5 
Total derivative liabilities$19.7 $41.0 
_________
(1)    Not designated as hedges.
(2)    Designated as hedges.
Fair value hedging instruments
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges (in millions):
Carrying Amount of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Line Item in the Balance Sheet in Which the Hedged Item Is IncludedMarch 31
2026		December 31
2025		March 31
2026		December 31
2025
Recourse debt$49.7 $49.7 $1.3 $1.4 
The following tables show the impacts of our derivative instruments on our statements of comprehensive income (in millions):
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income
Three Months Ended
March 31
Derivative Designation20262025
Derivatives in cash flow hedging relationships:
Interest rate contracts$(6.0)$— 
Foreign exchange contracts0.5 (0.4)
Total$(5.5)$(0.4)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months Ended
March 31
20262025
Interest expense$0.7 $0.3 
Total$0.7 $0.3 
Cash flow hedging instruments
The following tables show the impacts of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of income (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
Three Months Ended
March 31
20262025
Total interest expense$(151.0)$(94.9)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(0.1)(1.4)
Derivatives designated as hedging instruments
0.1 1.4 
Loss on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.7)(0.3)
Amount of Gain (Loss) Recognized in Other Income (Expense) on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months Ended
March 31
20262025
Total other income (expense)$6.2 $(2.7)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Gain (loss) on non-designated foreign exchange derivative contracts3.9 (3.3)
Carrying amounts and fair values of other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
March 31, 2026December 31, 2025
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$9,612.8 $9,302.5 $8,622.5 $8,443.1 
Recourse floating rate debt2,814.5 2,840.3 3,829.2 3,870.2 
Total$12,427.3 $12,142.8 $12,451.7 $12,313.3 
v3.26.1
Pension and Other Post-Retirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Components of pension and other post retirement benefit costs
The following table shows the components of net periodic cost for the three months ended March 31, 2026 and 2025 (in millions):

 
 
 
 		2026
Pension
Benefits		2025
Pension
Benefits		2026
Retiree
Health and Life		2025
Retiree
Health and Life
Service cost
$1.5 $1.4 $— $— 
Interest cost
3.9 4.2 0.1 0.2 
Expected return on plan assets
(5.1)(5.5)— — 
Amortization of (1):
Unrecognized net actuarial loss (gain)
0.3 0.2 (0.1)(0.2)
Net periodic cost
$0.6 $0.3 $— $— 
_________
(1)    Amounts reclassified from accumulated other comprehensive loss.
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Computation of basic and diluted net income per common share
The following table shows the computation of our basic and diluted earnings per common share (in millions, except per share amounts):
Three Months Ended
March 31
20262025
Basic earnings per share:
Net income
$79.1 $78.6 
Less: Net loss attributable to non-controlling interest(6.4)— 
Net income attributable to GATX85.5 78.6 
Less: Net income allocated to participating securities(1.5)(1.4)
Net income available to common shareholders$84.0 $77.2 
Weighted-average shares outstanding - basic
35.7 35.9 
Basic earnings per share
$2.35 $2.15 
Diluted earnings per share:
Net income
$79.1 $78.6 
Less: Net loss attributable to non-controlling interest(6.4)— 
Net income attributable to GATX85.5 78.6 
Less: Net income allocated to participating securities(1.5)(1.4)
Net income available to common shareholders$84.0 $77.2 
Weighted-average shares outstanding - basic
35.7 35.9 
Effect of dilutive securities:
Equity compensation plans0.1 0.1 
Weighted-average shares outstanding - diluted35.8 36.0 
Diluted earnings per share
$2.35 $2.15 
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Accumulated other comprehensive income (loss)
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plans AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2025$(50.8)$(14.1)$(39.7)$(104.6)
Change in component(39.0)5.5 (0.1)(33.6)
Reclassification adjustments into earnings (1)— 0.7 0.2 0.9 
Income tax effect— (5.0)— (5.0)
Non-controlling interest— 0.1 — 0.1 
Accumulated other comprehensive loss at March 31, 2026$(89.8)$(12.8)$(39.6)$(142.2)
_________
(1)    See "Note 8. Fair Value" and "Note 9. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.26.1
Non-Controlling Interest (Tables)
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Schedule Of Changes In Noncontrolling Interest
The following table shows the change in non-controlling interest (in millions):

Three Months Ended
March 31
20262025
Balance at beginning of the period$884.6 $— 
Net loss attributable to non-controlling interest(6.4)— 
Other comprehensive loss attributable to non-controlling interest(0.1)— 
Balance at end of the period$878.1 $— 
v3.26.1
Financial Data of Business Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Data
The following tables show certain segment data for each of our business segments (in millions):


Rail North America		Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2026
Revenues
Lease revenue
$400.7 $100.4 $9.5 $8.1 $518.7 
Non-dedicated engine revenue— — 22.1 — 22.1 
Other revenue
36.0 4.8 — 2.1 42.9 
Total Revenues
436.7 105.2 31.6 10.2 583.7 
Expenses
Maintenance expense
120.6 19.1 — 1.0 140.7 
Depreciation expense
126.7 27.8 10.6 4.1 169.2 
Operating lease expense
7.4 — — — 7.4 
Other operating expense
13.1 5.3 3.1 0.3 21.8 
Total Expenses
267.8 52.2 13.7 5.4 339.1 
Other Income (Expense)
Net gain on asset dispositions
49.8 1.1 — 0.1 51.0 
Interest (expense) income, net(114.0)(25.0)(13.3)1.3 (151.0)
Other (expense) income
(0.8)2.5 3.1 1.4 6.2 
Share of affiliates' pre-tax earnings— — 27.6 — 27.6 
Segment Profit
$103.9 $31.6 $35.3 $7.6 $178.4 
Less:
Selling, general and administrative expense
71.3 
Income taxes (includes $6.8 related to affiliates' earnings)
28.0 
Net Income
$79.1 
Less: Net Loss Attributable to Non-Controlling Interest
(6.4)
Net Income Attributable to GATX
$85.5 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$44.0 $— $— $0.1 $44.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
7.4 1.1 — — 8.5 
Asset impairments
(1.7)— — — (1.7)
$49.8 $1.1 $— $0.1 $51.0 
Capital Expenditures
Portfolio investments and capital additions
$4,464.2 $47.4 $0.2 $8.2 $4,520.0 
Selected Balance Sheet Data at March 31, 2026
Investments in affiliated companies
$— $— $752.4 $— $752.4 
Identifiable assets
$12,270.1 $2,812.6 $1,836.6 $1,024.9 $17,944.2 
_________
(1)     Includes net gains from scrapping of railcars.


Rail North America
Rail International
Engine Leasing		OtherGATX Consolidated
Three Months Ended March 31, 2025
Revenues
Lease revenue
$260.0 $83.6 $8.1 $7.9 $359.6 
Non-dedicated engine revenue— — 21.5 — 21.5 
Other revenue
33.3 4.9 — 2.3 40.5 
Total Revenues
293.3 88.5 29.6 10.2 421.6 
Expenses
Maintenance expense
83.7 18.5 — 1.3 103.5 
Depreciation expense
70.4 20.1 9.4 3.7 103.6 
Operating lease expense
7.6 — — — 7.6 
Other operating expense
7.5 4.6 2.8 1.1 16.0 
Total Expenses
169.2 43.2 12.2 6.1 230.7 
Other Income (Expense)
Net gain on asset dispositions
32.1 1.3 — — 33.4 
Interest (expense) income, net
(64.7)(19.1)(12.2)1.1 (94.9)
Other (expense) income
(2.7)(1.8)— 1.8 (2.7)
Share of affiliates' pre-tax earnings
— — 33.4 — 33.4 
Segment profit
$88.8 $25.7 $38.6 $7.0 $160.1 
Less:
Selling, general and administrative expense
56.6 
Income taxes (includes $8.3 related to affiliates' earnings)
24.9 
Net Income$78.6 
Less: Net Income Attributable to Non-Controlling Interest
— 
Net Income Attributable to GATX
$78.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$30.5 $0.6 $— $— $31.1 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
5.1 0.7 — — 5.8 
Asset impairments
(3.6)— — — (3.6)
$32.1 $1.3 $— $— $33.4 
Capital Expenditures
Portfolio investments and capital additions
$227.7 $62.7 $— $5.9 $296.3 
Selected Balance Sheet Data at December 31, 2025
Investments in affiliated companies
$— $— $732.3 $— $732.3 
Identifiable assets
$12,235.5 $2,919.0 $1,831.6 $1,013.4 $17,999.5 
_________
(1)     Includes net gains from scrapping of railcars.
v3.26.1
Description of Business (Details)
railcar in Thousands, $ in Millions
 3 Months Ended
Jan. 01, 2026
USD ($)
locomotive
railcar
Mar. 31, 2026
Segment
Dec. 31, 2025
USD ($)
Asset Acquisition [Line Items]      
Number of business segments | Segment   3  
Joint venture, ownership interest 30.00%    
Joint venture, potential ownership interest to acquire 100.00%    
Brookfield      
Asset Acquisition [Line Items]      
Joint venture, ownership interest 70.00%    
Railcar Acquisition      
Asset Acquisition [Line Items]      
Term loan     $ 2,960.0
Railcar Acquisition | Brookfield      
Asset Acquisition [Line Items]      
Number of assets acquired | railcar 22    
Locomotive Acquisition | Brookfield      
Asset Acquisition [Line Items]      
Number of assets acquired | locomotive 400    
Wells Fargo Bank, N.A. | Railcar Acquisition      
Asset Acquisition [Line Items]      
Number of assets acquired | railcar 101    
Asset acquisition, consideration transferred $ 4,200.0    
Wells Fargo Bank, N.A. | Locomotive Acquisition      
Asset Acquisition [Line Items]      
Number of assets acquired | locomotive 200    
Asset acquisition, consideration transferred $ 30.4    
v3.26.1
Asset Acquisition (Details)
railcar in Thousands, $ in Millions
Jan. 01, 2026
USD ($)
locomotive
railcar
Dec. 31, 2025
USD ($)
Asset Acquisition [Line Items]    
Joint venture, ownership interest 30.00%  
Joint venture, potential ownership interest to acquire 100.00%  
Brookfield    
Asset Acquisition [Line Items]    
Joint venture, ownership interest 70.00%  
Railcar Acquisition    
Asset Acquisition [Line Items]    
Term loan   $ 2,960.0
Railcar Acquisition | Brookfield    
Asset Acquisition [Line Items]    
Number of assets acquired | railcar 22  
Locomotive Acquisition | Brookfield    
Asset Acquisition [Line Items]    
Number of assets acquired | locomotive 400  
Wells Fargo Bank, N.A. | Railcar Acquisition    
Asset Acquisition [Line Items]    
Number of assets acquired | railcar 101  
Asset acquisition, consideration transferred $ 4,200.0  
Wells Fargo Bank, N.A. | Locomotive Acquisition    
Asset Acquisition [Line Items]    
Number of assets acquired | locomotive 200  
Asset acquisition, consideration transferred $ 30.4  
GABX    
Asset Acquisition [Line Items]    
Joint Venture, Equity Contributed In Transaction   385.3
GABX | Brookfield    
Asset Acquisition [Line Items]    
Joint Venture, Equity Contributed In Transaction   $ 899.0
v3.26.1
Operating Assets and Facilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 19,780.9   $ 15,662.6
Less: allowance for depreciation (4,328.3)   (4,251.7)
Operating assets and facilities, net 15,452.6   11,410.9
Total depreciation expense 174.6 $ 108.4  
Railcars and locomotives      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 17,880.1   13,802.1
Aircraft spare engines      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 1,177.7   1,177.5
Tank containers      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 277.3   278.0
Buildings, leasehold improvements, and other equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 322.8   318.5
Other      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 123.0   $ 86.5
v3.26.1
Leases - Components of Lease Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating lease revenue:    
Fixed lease revenue $ 484.4 $ 330.8
Variable lease revenue 30.2 25.6
Operating Lease, Lease Income 514.6 356.4
Finance lease revenue 4.1 3.2
Total lease revenue 518.7 359.6
Additional lease revenue 34.6 33.9
Gain (Loss) On Finance Lease, Liability $ 4.9 $ 3.5
v3.26.1
Variable Interest Entities - Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 740.9 $ 743.0
Operating assets and facilities, net 15,452.6 11,410.9
Right-of-use assets, net of accumulated depreciation 134.7 137.4
Other assets 390.1 400.5
Identifiable assets 17,944.2 17,999.5
Accounts payable and accrued expenses 278.7 318.4
Recourse debt (1) 12,427.3 12,451.7
Operating leases 150.9 154.3
Deferred income taxes 1,215.6 1,195.7
Other liabilities 165.8 162.1
Total liabilities 14,288.0 14,364.4
Variable Interest Entity, Primary Beneficiary | GABX    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 13.3 32.2
Restricted cash 0.0 4,211.1
Rent and other receivables, net 58.3 0.0
Operating assets and facilities, net 4,146.9 0.0
Right-of-use assets, net of accumulated depreciation 6.6 0.0
Other assets 69.0 30.6
Identifiable assets 4,294.1 4,273.9
Accounts payable and accrued expenses 38.3 46.8
Recourse debt (1) 2,945.3 2,942.9
Operating leases 7.0 0.0
Deferred income taxes 1.6 0.0
Other liabilities 47.5 20.4
Total liabilities $ 3,039.7 $ 3,010.1
v3.26.1
Variable Interest Entities - Income Statement (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Variable Interest Entity [Line Items]    
Lease Income $ 518,700,000 $ 359,600,000
Other Operating Income 42,900,000 40,500,000
Total revenues 583,700,000 421,600,000
Maintenance expense 140,700,000 103,500,000
Depreciation expense 169,200,000 103,600,000
Operating lease expense 7,400,000 7,600,000
Other operating expense 21,800,000 16,000,000.0
Selling, general and administrative expense 71,300,000 56,600,000
Total expenses (1) 410,400,000 287,300,000
Net gain on asset dispositions 51,000,000.0 33,400,000
Interest (expense) income, net (151,000,000.0) (94,900,000)
Income taxes (21,200,000) (16,600,000)
Net Income 79,100,000 78,600,000
Payment for management fee 1,500,000 1,400,000
Cash paid for the acquisition of operating assets 4,520,000,000 296,300,000
Net proceeds from the issuance of debt 973,700,000 879,800,000
Cash paid for the repayment of debt 1,000,100,000 406,600,000
Loss before Income Taxes 79,500,000 70,100,000
GABX    
Variable Interest Entity [Line Items]    
Depreciation expense
Variable Interest Entity, Primary Beneficiary | GABX    
Variable Interest Entity [Line Items]    
Total revenues 134,900,000 0
Total expenses (1) (100,200,000) 0
Net gain on asset dispositions 2,000,000.0 0
Interest (expense) income, net (43,900,000) 0
Income taxes (1,900,000) 0
Net Income (9,100,000) 0
Payment for management fee 12,500,000  
Cash paid for the acquisition of operating assets 4,230,800,000  
Net proceeds from the issuance of debt 992,000,000.0  
Cash paid for the repayment of debt 992,000,000.0  
Loss before Income Taxes $ (7,200,000) $ 0
v3.26.1
Fair Value Disclosure - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Instrument
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Instrument
Derivative [Line Items]      
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months $ 5.3    
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax 4.8    
Credit risk derivatives liability 11.2   $ 28.5
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset impairments 1.7 $ 3.6  
Rail International      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset impairments $ 0.0 $ 0.0  
Designated as Hedging Instrument | Fair Value Hedging [Member] | Interest Rate Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument 1   1
Derivative, notional amount $ 50.0   $ 50.0
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument 15   3
Derivative, notional amount $ 1,763.0   $ 2,370.6
v3.26.1
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 0.6 $ 0.0
Derivative liability 19.7 41.0
Designated as Hedging Instrument | Foreign Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0.5 0.0
Designated as Hedging Instrument | Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 10.7 28.5
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0.6 0.0
Derivative liability $ 8.5 $ 12.5
v3.26.1
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - Recourse Debt [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) $ 1.3 $ 1.4
Hedged Liability, Fair Value Hedge $ 49.7 $ 49.7
v3.26.1
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ 0.7 $ 0.3
Interest Expense [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 0.7 0.3
Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income (5.5) (0.4)
Interest Rate Contract [Member] | Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income (6.0) 0.0
Foreign Exchange Contract [Member] | Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income $ 0.5 $ (0.4)
v3.26.1
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest (expense) income, net $ (151.0) $ (94.9)
Other (expense) income 6.2 (2.7)
Not Designated as Hedging Instrument [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other (expense) income 3.9 (3.3)
Interest Rate Contract [Member] | Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest Expense, Operating and Nonoperating (0.7) (0.3)
Interest Rate Contract [Member] | Fair Value Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Amount of Hedged Item (0.1) (1.4)
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments $ 0.1 $ 1.4
v3.26.1
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure $ 12,142.8 $ 12,313.3
Recourse debt (1) 12,427.3 12,451.7
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 9,612.8 8,622.5
Recourse Floating Rate Debt Fair Value Disclosure 2,814.5 3,829.2
Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 9,302.5 8,443.1
Recourse Floating Rate Debt Fair Value Disclosure $ 2,840.3 $ 3,870.2
v3.26.1
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 1.5 $ 1.4
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (0.9) (1.1)
Defined Benefit Pension [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 1.5 1.4
Interest cost 3.9 4.2
Expected return on plan assets (5.1) (5.5)
Defined Benefit Plan, Amortization of Gain (Loss) 0.3 0.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total 0.6 0.3
Retiree Health and Life [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0.0 0.0
Interest cost 0.1 0.2
Expected return on plan assets 0.0 0.0
Defined Benefit Plan, Amortization of Gain (Loss) (0.1) (0.2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 0.0 $ 0.0
v3.26.1
Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Share-based compensation expense $ 5.8 $ 6.1
Tax benefit from share-based compensation expense $ 1.4 $ 1.5
Weighted average estimated fair value $ 54.92  
Quarterly dividend rate $ 0.66  
Expected term of stock options and stock appreciation rights, in years 4 years 2 months 12 days  
Risk-free interest rate 3.50%  
Dividend yield 1.30%  
Expected stock price volatility 24.90%  
Present value of dividends $ 10.32  
v3.26.1
Share Based Compensation - Outstanding Options and Rights (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 5.8 $ 6.1
Tax benefit from share-based compensation expense 1.4 1.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Tax benefit from share-based compensation expense $ 1.4 $ 1.5
v3.26.1
Share Based Compensation (Details Textual) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 195,800  
Share-based compensation expense $ 5.8 $ 6.1
Tax benefit from share-based compensation expense $ 1.4 $ 1.5
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 25,514  
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 31,380  
Director Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 1,125  
v3.26.1
Income Taxes (Details Textual) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective Income Tax Rate Reconciliation, Percent 26.70% 23.60%
Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Income taxes $ 21.2 $ 16.6
v3.26.1
Commercial Commitments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Standby letters of credit [Member]    
Guarantor Obligations [Line Items]    
Total commercial commitments $ 9.8 $ 9.9
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net Income $ 79.1 $ 78.6
Net loss (6.4) 0.0
Net income 85.5 78.6
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic (1.5) (1.4)
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted (1.5) (1.4)
Net Income (Loss) Available to Common Stockholders, Basic 84.0 77.2
Net Income (Loss) Available to Common Stockholders, Diluted $ 84.0 $ 77.2
Denominator:    
Denominator for basic earnings per share — weighted average shares 35.7 35.9
Basic earnings per share from consolidated operations (in dollars per share) $ 2.35 $ 2.15
Effect of dilutive securities:    
Equity compensation plans 0.1 0.1
Weighted-average shares outstanding - diluted 35.8 36.0
Diluted earnings per share (in dollars per share) $ 2.35 $ 2.15
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Balance at beginning of the period $ 3,635.1  
Balance at end of the period 3,656.2 $ 2,549.4
AOCI Attributable to Parent [Member]    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Balance at beginning of the period (104.6) (209.6)
Change in component (33.6)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0.9  
Income tax effect (5.0)  
Other comprehensive loss attributable to non-controlling interest 0.1  
Balance at end of the period (142.2) $ (162.4)
Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Balance at beginning of the period (50.8)  
Change in component (39.0)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0.0  
Income tax effect 0.0  
Other comprehensive loss attributable to non-controlling interest 0.0  
Balance at end of the period (89.8)  
Unrealized Loss on Derivative Instruments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Balance at beginning of the period (14.1)  
Change in component 5.5  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0.7  
Income tax effect (5.0)  
Other comprehensive loss attributable to non-controlling interest 0.1  
Balance at end of the period (12.8)  
Post-Retirement Benefit Plans Adjustments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Balance at beginning of the period (39.7)  
Change in component (0.1)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0.2  
Income tax effect 0.0  
Other comprehensive loss attributable to non-controlling interest 0.0  
Balance at end of the period $ 39.6  
v3.26.1
Non-Controlling Interest - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jan. 01, 2026
Noncontrolling Interest [Line Items]      
Proceeds from Noncontrolling Interests   $ 899  
Joint venture, ownership interest     30.00%
Joint venture, potential ownership interest to acquire     100.00%
Number of years to acquire ownership interest 25 years    
Brookfield      
Noncontrolling Interest [Line Items]      
Joint venture, ownership interest     70.00%
GABX      
Noncontrolling Interest [Line Items]      
Joint venture, potential ownership interest to acquire 100.00%    
GABX | Brookfield      
Noncontrolling Interest [Line Items]      
Joint venture, ownership interest 70.00%    
v3.26.1
Non-Controlling Interest - Schedule of Changes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity, Attributable to Noncontrolling Interest [Roll Forward]    
Balance at beginning of the period $ 3,635.1  
Net loss attributable to non-controlling interest (6.4) $ 0.0
Balance at end of the period 3,656.2 2,549.4
Noncontrolling Interest    
Equity, Attributable to Noncontrolling Interest [Roll Forward]    
Balance at beginning of the period 884.6 0.0
Net loss attributable to non-controlling interest (6.4) 0.0
Other comprehensive loss attributable to non-controlling interest (0.1) 0.0
Balance at end of the period $ 878.1 $ 0.0
v3.26.1
Financial Data of Business Segments (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]      
Number of business segments | Segment 3    
Number of Reportable Segments | Segment 3    
Payment for management fee $ 1,500,000 $ 1,400,000  
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease revenue 518,700,000 359,600,000  
Non-dedicated engine revenue 22,100,000 21,500,000  
Other revenue 42,900,000 40,500,000  
Total Revenues 583,700,000 421,600,000  
Maintenance expense 140,700,000 103,500,000  
Depreciation expense 169,200,000 103,600,000  
Operating lease expense 7,400,000 7,600,000  
Other operating expense 21,800,000 16,000,000.0  
Total Expenses 339,100,000 230,700,000  
Net gain on asset dispositions 51,000,000.0 33,400,000  
Interest (expense) income, net (151,000,000.0) (94,900,000)  
Other (expense) income 6,200,000 (2,700,000)  
Share of affiliates' earnings (pre-tax) 27,600,000 33,400,000  
Segment profit (loss) 178,400,000 160,100,000  
Selling, general and administrative expense 71,300,000 56,600,000  
Net Income Attributable to GATX 85,500,000 78,600,000  
Net gains on disposition of owned assets 44,100,000 31,100,000  
Residual sharing income 100,000 100,000  
Non-remarketing net gains 8,500,000 5,800,000  
Asset impairments 1,700,000 3,600,000  
Net gain on asset dispositions 51,000,000.0 33,400,000  
Cash paid for the acquisition of operating assets 4,520,000,000 296,300,000  
Investments in affiliated companies 752,400,000   $ 732,300,000
Identifiable assets 17,944,200,000   17,999,500,000
Income taxes, affiliates' earnings 6,800,000 8,300,000  
Total expenses (1) 410,400,000 287,300,000  
Income taxes expense (benefit) including affiliate's earnings 28,000,000.0 24,900,000  
Net Income 79,100,000 78,600,000  
Net loss (6,400,000) 0  
Brookfield      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Other revenue 2,800,000    
GABX      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation expense  
Rail North America      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease revenue 400,700,000 260,000,000.0  
Other revenue 36,000,000.0 33,300,000  
Total Revenues 436,700,000 293,300,000  
Maintenance expense 120,600,000 83,700,000  
Depreciation expense 126,700,000 70,400,000  
Operating lease expense 7,400,000 7,600,000  
Other operating expense 13,100,000 7,500,000  
Total Expenses 267,800,000 169,200,000  
Net gain on asset dispositions 49,800,000 32,100,000  
Interest (expense) income, net (114,000,000.0) (64,700,000)  
Other (expense) income (800,000) (2,700,000)  
Share of affiliates' earnings (pre-tax) 0 0  
Segment profit (loss) 103,900,000 88,800,000  
Net gains on disposition of owned assets 44,000,000.0 30,500,000  
Residual sharing income 100,000 100,000  
Non-remarketing net gains 7,400,000 5,100,000  
Asset impairments 1,700,000 3,600,000  
Net gain on asset dispositions 49,800,000 32,100,000  
Cash paid for the acquisition of operating assets 4,464,200,000 227,700,000  
Identifiable assets 12,270,100,000   12,235,500,000
Rail North America | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in affiliated companies 0   0
Rail International      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease revenue 100,400,000 83,600,000  
Other revenue 4,800,000 4,900,000  
Total Revenues 105,200,000 88,500,000  
Maintenance expense 19,100,000 18,500,000  
Depreciation expense 27,800,000 20,100,000  
Operating lease expense 0 0  
Other operating expense 5,300,000 4,600,000  
Total Expenses 52,200,000 43,200,000  
Net gain on asset dispositions 1,100,000 1,300,000  
Interest (expense) income, net (25,000,000.0) (19,100,000)  
Other (expense) income 2,500,000 (1,800,000)  
Share of affiliates' earnings (pre-tax) 0 0  
Segment profit (loss) 31,600,000 25,700,000  
Net gains on disposition of owned assets 0 600,000  
Residual sharing income 0 0  
Non-remarketing net gains 1,100,000 700,000  
Asset impairments 0 0  
Net gain on asset dispositions 1,100,000 1,300,000  
Cash paid for the acquisition of operating assets 47,400,000 62,700,000  
Investments in affiliated companies     0
Identifiable assets 2,812,600,000   2,919,000,000
Rail International | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in affiliated companies 0    
Engine Leasing      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease revenue 9,500,000 8,100,000  
Non-dedicated engine revenue 22,100,000 21,500,000  
Other revenue 0 0  
Total Revenues 31,600,000 29,600,000  
Other operating expense 3,100,000 2,800,000  
Net gain on asset dispositions 0 0  
Net gains on disposition of owned assets 0 0  
Residual sharing income 0 0  
Non-remarketing net gains 0 0  
Asset impairments 0 0  
Net gain on asset dispositions 0 0  
Cash paid for the acquisition of operating assets 200,000 0  
Investments in affiliated companies     732,300,000
Identifiable assets 1,836,600,000   1,831,600,000
Engine Leasing | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in affiliated companies 752,400,000    
Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease revenue 8,100,000 7,900,000  
Other revenue 2,100,000 2,300,000  
Total Revenues 10,200,000 10,200,000  
Maintenance expense 1,000,000.0 1,300,000  
Depreciation expense 4,100,000 3,700,000  
Operating lease expense 0 0  
Other operating expense 300,000 1,100,000  
Total Expenses 5,400,000 6,100,000  
Net gain on asset dispositions 100,000 0  
Interest (expense) income, net 1,300,000 1,100,000  
Other (expense) income 1,400,000 1,800,000  
Share of affiliates' earnings (pre-tax) 0 0  
Segment profit (loss) 7,600,000 7,000,000.0  
Net gains on disposition of owned assets 100,000 0  
Residual sharing income 0 0  
Non-remarketing net gains 0 0  
Asset impairments 0 0  
Net gain on asset dispositions 100,000 0  
Cash paid for the acquisition of operating assets 8,200,000 5,900,000  
Investments in affiliated companies     0
Identifiable assets 1,024,900,000   $ 1,013,400,000
Other | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in affiliated companies 0    
Portfolio Management      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Maintenance expense 0 0  
Depreciation expense 10,600,000 9,400,000  
Operating lease expense 0 0  
Total Expenses 13,700,000 12,200,000  
Net gain on asset dispositions 0 0  
Interest (expense) income, net (13,300,000) (12,200,000)  
Other (expense) income 3,100,000 0  
Share of affiliates' earnings (pre-tax) 27,600,000 33,400,000  
Segment profit (loss) 35,300,000 38,600,000  
Net gain on asset dispositions $ 0 $ 0