GATX CORP, 10-K filed on 2/19/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Entity Addresses [Line Items]      
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 1-2328    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 36-1124040    
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    
City Area Code (312)    
Local Phone Number 621-6200    
Entity Interactive Data Current Yes    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Documents Incorporated by Reference GATX’s definitive Proxy Statement to be filed on or about March 13, 2026    
ICFR Auditor Attestation Flag true    
Amendment Flag false    
Entity Central Index Key 0000040211    
Entity Common Stock, Shares Outstanding   35,500,000  
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 5,400.0
Document Type 10-K    
Entity Registrant Name GATX Corporation    
Current Fiscal Year End Date --12-31    
Document Financial Statement Error Correction [Flag] false    
NEW YORK STOCK EXCHANGE, INC. [Member]      
Entity Addresses [Line Items]      
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock    
Trading Symbol GATX    
NYSE Texas, Inc [Member]      
Entity Addresses [Line Items]      
Security Exchange Name CHX    
Title of 12(b) Security Common Stock    
Trading Symbol GATX    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Chicago, Illinois
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and Cash Equivalents $ 743.0 $ 401.6
Restricted Cash 4,241.9 0.2
Receivables    
Rent and other receivables 109.0 86.5
Less: allowance for losses (6.0) (5.7)
Receivables, net 207.2 199.1
Operating Assets and Facilities    
Property, Plant and Equipment, Gross 15,662.6 14,330.6
Less: allowance for depreciation (4,251.7) (3,880.9)
Net operating assets and facilities 11,410.9 10,449.7
Right-of-use assets, net of accumulated depreciation 137.4 165.4
Investments in Affiliated Companies 732.3 663.3
Goodwill 126.3 114.1
Other Assets 400.5 303.1
Total Assets 17,999.5 12,296.5
Liabilities and Shareholders’ Equity    
Accounts Payable and Accrued Expenses 318.4 217.1
Debt    
Borrowings under bank credit facilities 82.2 10.4
Recourse debt 12,451.7 8,215.3
Debt, Long-term and Short-term, Combined Amount 12,533.9 8,225.7
Operating leases 154.3 180.0
Deferred Income Taxes 1,195.7 1,127.3
Other Liabilities 162.1 107.5
Total Liabilities 14,364.4 9,857.6
Equity    
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 69,316,358 and 69,075,329 Outstanding shares — 35,400,021 and 35,575,691 42.9 42.7
Additional paid in capital 875.4 847.1
Retained earnings 3,451.2 3,208.1
Accumulated other comprehensive loss $ (104.6) $ (209.6)
Treasury stock at cost (in shares) 33,916,337 33,499,638
Treasury stock at cost (33,916,337 and 33,499,638 shares) $ (1,514.4) $ (1,449.4)
Equity, Including Portion Attributable to Noncontrolling Interest 3,635.1 2,438.9
Total Equity 2,750.5 2,438.9
Shareholders’ equity 884.6 0.0
Total Equity 17,999.5 12,296.5
Title of 12(b) Security $ 104.2 $ 118.3
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.625  
Authorized shares (in shares) 120,000,000  
Outstanding shares (in shares) 35,400,021 35,575,691
Issued shares (in shares) 69,316,358 69,075,329
Treasury stock at cost (in shares) 33,916,337 33,499,638
v3.25.4
Statement of Comprehensive Income (Statement) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Income $ 333.3 $ 284.2 $ 259.2
Foreign currency translation adjustments 109.3 (53.8) 45.8
Unrealized (loss) gain on derivative instruments (19.6) 1.0 1.3
Post-retirement benefit plans 0.9 10.8 (3.1)
Other comprehensive income (loss) 90.6 (42.0) 44.0
Comprehensive Income 423.9 242.2 303.2
Less: Comprehensive Loss Attributable to Non-Controlling Interest (14.4) 0.0 0.0
Comprehensive Income $ 438.3 $ 242.2 $ 303.2
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Lease revenue $ 1,486.2 $ 1,381.1 $ 1,251.4
Non-dedicated engine revenue 86.7 64.6 37.6
MarineOperatingRevenue 0.0 0.0 6.9
Total Revenues 1,740.4 1,585.5 1,410.9
Expenses      
Maintenance Expense 427.7 381.6 344.8
Marine operating expense 0.0 0.0 6.5
Depreciation expense 431.8 402.4 376.3
Operating Lease, Expense 28.9 33.9 36.0
Other operating expense 65.3 57.7 46.6
Selling, general and administrative 252.6 236.3 212.7
Total Expenses 1,206.3 1,111.9 1,022.9
Other Income (Expense)      
Net gain on asset dispositions 136.9 138.3 130.3
Interest expense, net (391.5) (341.0) (263.4)
Other expense (0.4) (9.5) (9.4)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 279.1 261.4 245.5
Income Taxes (63.1) (60.0) (58.7)
Share of Affiliates’ Earnings (net of tax) 117.3 82.8 72.4
Net Income 333.3 284.2 259.2
Less: Net Income Attributable to Non-Controlling Interest 0.0 0.0 0.0
Net income attributable to GATX $ 333.3 $ 284.2 $ 259.2
Share Data      
Basic earnings per share (in dollars per share) $ 9.14 $ 7.80 $ 7.13
Average number of common shares (in shares) 35.8 35.8 35.7
Diluted earnings per share (in dollars per share) $ 9.12 $ 7.78 $ 7.12
Diluted shares (in shares) 35.9 35.9 35.7
Other Operating Income $ 167.5 $ 139.8 $ 115.0
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 333,300 $ 284,200 $ 259,200
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization 452,300 421,400 392,100
Gains on sales of assets (140,000) (137,800) (130,900)
Asset Impairment Charges 3,600 0 1,500
Employee benefit plans (200) (800) (4,300)
Share-based compensation expense 25,000 23,000 18,300
Deferred income taxes 53,200 45,800 38,300
Share of affiliates’ earnings, net of dividends (67,300) (32,800) (47,400)
Other (11,800) (900) (6,400)
Investing Activities      
Portfolio investments and capital additions (1,316,700) (1,674,400) (1,665,000)
Portfolio proceeds 275,000 230,600 272,800
Proceeds from sales of other assets 36,800 24,900 20,200
Short-term investments 0 0 150,000
Payment for (Proceeds from) Other Investing Activity 3,100 2,200 2,700
Net cash used in investing activities (1,016,800) (1,416,700) (1,219,300)
Financing Activities      
Net proceeds from issuances of debt (original maturities longer than 90 days) 4,841,500 1,295,600 1,420,000
Repayments of debt (original maturities longer than 90 days) (733,400) (413,500) (500,000)
Net increase (decrease) in debt with original maturities of 90 days or less 70,400 0 (7,100)
Payments on capital lease obligations 0 (30,400) 0
Stock repurchases (65,000) (21,900) (2,600)
Dividends (89,800) (84,800) (80,600)
GABX equity contribution from non-controlling interest 899,000 0 0
Other (add shares used to pay taxes) 22,100 25,500 14,400
Net cash (used in) provided by financing activities 4,944,800 770,500 844,100
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation 7,000 (4,900) 1,600
Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash during the year 4,583,100 (49,000) 146,800
Cash, Cash Equivalents, and Restricted Cash at beginning of period 401,800 450,800 304,000
Cash, Cash Equivalents, and Restricted Cash at end of period 4,984,900 401,800 450,800
Interest Paid, Excluding Capitalized Interest, Operating Activity [1] 413,200 350,100 260,100
Net cash provided by operating activities 648,100 602,100 520,400
Payments to Acquire Assets Previously Leased, Investing Activities (15,000) 0 0
Non-cash financing lease transactions $ 0 $ 30,100 $ 0
[1] Interest paid consisted of interest on debt obligations and interest rate swaps (net of interest received)
v3.25.4
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Parent
Common Stock
Treasury Stock
Additional Paid In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury stock at cost (in shares)       33,300,000        
Beginning Balance at Dec. 31, 2022     $ 42.4 $ (1,424.9) $ 792.2 $ 2,831.5 $ (211.6) $ 0.0
Beginning balance (in shares) at Dec. 31, 2022     68,600,000          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, Shares     200,000          
Issuance of common stock     $ 0.1          
Share-based compensation effects         23.9      
Net Income $ 259.2         259.2    
Dividends declared (per share: $2.44 in 2025, $2.32 in 2024 and $2.20 in 2023)           81.2    
Other comprehensive income (loss) 44.0           44.0  
Stock Repurchased During Period, Value       2.6        
Less: Comprehensive Loss Attributable to Non-Controlling Interest 0.0              
Ending Balance at Dec. 31, 2023 2,273.0 $ 2,273.0 $ 42.5 $ (1,427.5) 816.1 3,009.5 (167.6) 0.0
Ending balance (in shares) at Dec. 31, 2023     68,800,000          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock repurchases (2.6)              
GABX equity contribution from non-controlling interest 0.0              
Treasury stock at cost (in shares)       33,300,000        
Issuance of common stock, Shares     300,000          
Issuance of common stock     $ 0.2          
Stock repurchases (in shares)       200,000        
Share-based compensation effects         31.0      
Net Income 284.2         284.2    
Dividends declared (per share: $2.44 in 2025, $2.32 in 2024 and $2.20 in 2023)           85.6    
Other comprehensive income (loss) $ (42.0)           (42.0)  
Balance at end of period, Common Stock, Shares at Dec. 31, 2024 69,075,329              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock Repurchased During Period, Value       $ 21.9        
Less: Comprehensive Loss Attributable to Non-Controlling Interest $ 0.0              
Ending Balance at Dec. 31, 2024 $ 2,438.9 2,438.9 $ 42.7 $ (1,449.4) 847.1 3,208.1 (209.6) 0.0
Ending balance (in shares) at Dec. 31, 2024 35,575,691   69,100,000          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock repurchases $ (21.9)              
GABX equity contribution from non-controlling interest $ 0.0              
Treasury stock at cost (in shares) 33,499,638     33,500,000        
Issuance of common stock, Shares     200,000          
Issuance of common stock     $ 0.2          
Stock repurchases (in shares)       400,000        
Share-based compensation effects         28.3      
Net Income $ 333.3         333.3    
Dividends declared (per share: $2.44 in 2025, $2.32 in 2024 and $2.20 in 2023)           90.2    
Other comprehensive income (loss) $ 90.6           105.0  
Balance at end of period, Common Stock, Shares at Dec. 31, 2025 69,316,358              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Less: Comprehensive Loss Attributable to Non-Controlling Interest $ (14.4)           14.4 (14.4)
Ending Balance at Dec. 31, 2025 $ 3,635.1 $ 2,750.5 $ 42.9 $ (1,514.4) $ 875.4 $ 3,451.2 $ (104.6) $ 884.6
Ending balance (in shares) at Dec. 31, 2025 35,400,021   69,300,000          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock repurchases $ (65.0)              
GABX equity contribution from non-controlling interest $ 899.0              
Treasury stock at cost (in shares) 33,916,337     33,900,000        
v3.25.4
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 2.44 $ 2.32 $ 2.20
v3.25.4
Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business 1. Description of Business
As used herein, "GATX," the "Company," "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 May 29, 2025, GATX entered into a definitive agreement to acquire railcars 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"). The transaction formally closed on January 1, 2026 and consisted of approximately 101,000 railcars for approximately $4.2 billion. 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. GATX also agreed to directly purchase approximately 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield agreed to directly acquire Wells Fargo’s rail finance lease portfolio. GATX will serve as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. In anticipation of the closing of the transaction, on December 31, 2025, GATX contributed equity of $385.3 million to GABX, Brookfield contributed equity of $899.0 million to GABX, and GABX executed a $2.96 billion term loan to fund the acquisition. GATX has guaranteed GABX's debt financing obligations. During 2025, GABX entered into deal contingent interest rate swaps in order to hedge the exposure on its anticipated debt financing. As of December 31, 2025, GABX is consolidated and is reported in the Rail North America segment, and its operations will be reflected within that segment for reporting periods after the closing of the transaction. See "Note 26. Subsequent Events" for further information.
v3.25.4
Accounting Changes
 12 Months Ended
Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes 2. Accounting Changes
New Accounting Pronouncements Adopted
Standard/DescriptionEffective Date and Adoption ConsiderationsEffect on Financial Statements or Other Significant Matters
Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance disclosures for the effective rate reconciliation and income taxes paid.


The Company adopted this standard in 2025.

The primary impact is the level of disaggregation disclosed in the effective rate reconciliation table, alignment of rate reconciliation category naming convention with the guidance, and the addition of income taxes paid by jurisdiction. We adopted the guidance on a retrospective basis by applying the disclosure guidance to all three comparative periods presented. The changes described are presented in "Note 13. Income Taxes."

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.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2019
Accounting Policies [Abstract]    
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation

We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP").

Consolidation

Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances.

Non-Controlling Interest

Non-controlling interest was established in December 2025 as a result of the creation and funding of the GABX joint venture with Brookfield. As of December 31, 2025, our ownership percentage in GABX is 30%. Non-controlling interest represents the portion of our consolidated net assets that are not attributable to GATX. Non-controlling interest is recorded at carrying value and is reported as a component of equity on our consolidated balance sheets. Further, a portion of net income is allocated to non-controlling interest holders based on the ownership percentage and is recorded as net income attributable to non-controlling interest on the consolidated statements of income. Income tax benefit or provision is applied to the income attributable to the controlling interest as the income attributable to the non-controlling interest is pass-through income.

Use of Estimates

Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates.

Lease Classification

We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, we evaluate whether the modification requires a reassessment of the classification per the guidance around lease modifications within ASC Topic 842, Leases ("Topic 842") and will reassess lease classification, if required. See "Note 5. Leases."

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 and services.

We disaggregate revenue into four categories as presented on our statements 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 offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of 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 5. 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 5. 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 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.

Marine Operating Revenue

Historically, we generated marine operating revenue through shipping services completed by our marine vessels. All marine vessels were sold as of December 31, 2023.

Other Revenue

Other revenue is comprised of customer repair revenue, 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.

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 nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. Vested non-employee director awards are treated as shares outstanding for basic and diluted earnings per share because these awards are guaranteed to be settled in shares upon the passage of time.

Under the two-class method, net income attributable to GATX is allocated between shares of common stock and participating securities based on their participating rights. Basic EPS is computed by dividing net income attributable to GATX, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Diluted EPS is calculated by dividing net income attributable to GATX, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding adjusted for the dilutive effect of unvested stock options, restricted stock units and performance shares. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method or the two-class method. Earnings allocated to participating securities include their portion of dividends declared and undistributed earnings during the period.

Cash and Cash Equivalents and Short-Term Investments

We classify all highly liquid investments with a maturity of three months or less at the date of purchase as cash equivalents. Investments with maturities greater than three months but less than one year at the date of purchase are classified as short-term investments.

Restricted Cash

Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. As of December 31, 2025, our restricted cash primarily related to cash held in escrow on behalf of GABX to be used for the acquisition of Wells Fargo's rail assets.
Finance Lease Receivables

We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of income. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under ASC Topic 326, Financial Instruments - Credit Losses ("Topic 326"). See the “Allowance for Losses” section within this Note for more information.

Allowance for Losses

The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables.

Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts.

We evaluate reserve estimates for finance lease receivables under Topic 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above.

We record charges against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2025. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2025. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses."

Operating Assets and Facilities

We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows:
Railcars
15–45 years
Aircraft spare engines
25–30 years
Locomotives
10–20 years
Tank containers
15–25 years
Buildings
40–50 years
Leasehold improvements
5–15 years
Other equipment
3–30 years

We review our operating assets and facilities for impairment annually, or whenever circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale.
Leased Assets as a Lessee

We record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or whenever circumstances indicate that the carrying amount of those assets may not be recoverable.

Investments in Affiliates

We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 6. Investments in Affiliated Companies."

Variable Interest Entities

We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, 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 variable interest entity, we consolidate the entity in our financial statements. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may affect our determination of whether an entity is a variable interest entity and, if so, whether we are the primary beneficiary. We have determined that the GABX joint venture is a variable interest entity and that we are the primary beneficiary because we have the power to direct its significant activities. As a result, we consolidate the GABX joint venture. See "Note 7. Variable Interest Entities."

Goodwill and Intangible Assets

We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill."

We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. Intangible assets are included in other assets on the balance sheet.

Income Taxes

We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 13. Income Taxes."
Fair Value Measurements

Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value."

Derivatives

We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. In 2025, we entered into deal-contingent interest rate swap contracts to hedge the interest rate risk related to the anticipated issuance of long-term debt used to finance the acquisition of Wells Fargo's rail assets. These deal-contingent derivatives are classified as cash flow hedges. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis.

We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in interest expense, and we include the related cash flows in the cash flow section corresponding to the hedged item. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive income (loss), and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Cash flows from derivatives designated as cash flow hedges are included in the cash flow section corresponding to the hedged item. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 9. Fair Value."

Foreign Currency

We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized in other expense during the periods in which they occur. Net gains recognized were $1.3 million, $0.6 million, and $6.9 million for 2025, 2024, and 2023, respectively.
Environmental Liabilities

We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 24. Legal Proceedings and Other Contingencies."

Defined Benefit Pension and Other Post-Retirement Plans

Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost in accumulated other comprehensive loss. We record the service cost component of net periodic cost in selling, general, and administrative ("SG&A") expense in the statements of income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits."

Maintenance and Repair Costs

We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement.

Operating Lease Expense

We classify leases of certain railcars and other equipment as operating leases as a lessee. We record the lease expense associated with these leases in operating lease expense on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 5. Leases."

Share-Based Compensation

We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. For awards accounted for as liability awards, the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period. See "Note 12. Share-Based Compensation."

Net Gain on Asset Dispositions

Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions.

The following table presents the net gain on asset dispositions for the years ended December 31 (in millions):
202520242023
Net disposition gains$118.9 $122.0 $119.8 
Residual sharing income0.5 0.5 0.9 
Non-remarketing net disposition gains21.1 15.8 11.1 
Asset impairments (1)(3.6)— (1.5)
Net gain on asset dispositions$136.9 $138.3 $130.3 
_______
(1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses.
Interest Expense, net

Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $29.4 million in 2025, $24.3 million in 2024, and $15.2 million in 2023.

Other Expense

We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other expense.
  
Other Operating Income and Expense
Other Expense

We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other expense.
  
Allowance for Credit Losses  
Allowance for Losses

The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables.

Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts.

We evaluate reserve estimates for finance lease receivables under Topic 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above.

We record charges against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2025. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2025. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses."
v3.25.4
Operating Assets and Facilities
 12 Months Ended
Dec. 31, 2025
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 as of December 31 (in millions):

20252024
Railcars and locomotives$13,802.1 $12,702.9 
Aircraft spare engines1,177.5 1,030.4 
Tank containers278.0 241.4 
Buildings, leasehold improvements, and other equipment318.5 265.3 
Other86.5 90.6 
$15,662.6 $14,330.6 
Less: allowance for depreciation(4,251.7)(3,880.9)
Net operating assets and facilities$11,410.9 $10,449.7 

The following table shows the components of our total depreciation expense for the years ended December 31 (in millions):

202520242023
Operating assets and facilities, included in depreciation expense$431.8 $402.4 $376.3 
Maintenance operating assets and facilities, included in maintenance expense13.4 11.8 9.3 
Depreciation on operating assets and facilities$445.2 $414.2 $385.6 
Non-operating assets, included in SG&A6.5 6.7 5.9 
Total depreciation expense$451.7 $420.9 $391.5 
v3.25.4
Leases Lessor, Operating Leases (Notes)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee, Finance Leases [Text Block] Leases
GATX as Lessor

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. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202520242023
Operating lease revenue:
Fixed lease revenue
$1,369.1 $1,263.5 $1,145.1 
Variable lease revenue
104.4 104.1 93.7 
Total operating lease revenue
$1,473.5 $1,367.6 $1,238.8 
Finance lease revenue
12.7 13.5 12.6 
Total lease revenue
$1,486.2 $1,381.1 $1,251.4 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of income and was $146.3 million, $115.8 million and $94.6 million in 2025, 2024 and 2023, respectively.

The following table shows the components of our finance leases as of December 31 (in millions):
20252024
Total contractual lease payments receivable
$156.1 $160.0 
Estimated unguaranteed residual value of leased assets
9.4 17.2 
Unearned income
(61.3)(58.9)
Finance leases
$104.2 $118.3 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2025 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2026$1,315.1 $33.5 $1,348.6 
20271,071.1 24.5 1,095.6 
2028854.3 20.7 875.0 
2029641.3 13.9 655.2 
2030456.0 12.0 468.0 
Thereafter
836.8 51.5 888.3 
$5,174.6 $156.1 $5,330.7 
_______
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $9.9 million, $8.5 million and $12.9 million in 2025, 2024 and 2023, respectively. The gains are reported in net gain on asset dispositions in the statements of income.

GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2025, we leased 3,627 railcars at Rail North America, all of which are accounted for as operating leases.
To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202520242023
Operating lease cost (1):
Fixed lease cost - operating leases
$35.0 $40.0 $41.6 
Finance lease cost:
Amortization of right-of-use assets
— 0.2 — 
Interest on lease liabilities
— 0.3 — 
Total lease cost
$35.0 $40.5 $41.6 
_______
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $35.0 million for 2025 was recognized in connection with these operating leases compared to $41.9 million for 2024 and $41.3 million for 2023.

The following table shows the maturities of our lease liabilities as of December 31, 2025 (in millions):
Operating Leases
2026$36.8 
202733.9 
202826.7 
202919.0 
203018.7 
Thereafter
37.1 
Total undiscounted lease payments$172.2 
Less: amounts representing interest
(18.0)
Total discounted lease liabilities
$154.2 

The following table shows the lease terms and discount rates related to leases as of December 31:
20252024
Weighted-average remaining lease term (in years):
Operating leases
5.76.5
Weighted-average discount rate:
Operating leases
3.72 %3.66 %
The following table shows other information related to leases for the years ended December 31 (in millions):
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$36.0 $40.0 $41.2 
Financing cash flows for finance leases
— 30.4 — 
Total cash paid for leases$36.0 $70.4 $41.2 
Non-cash financing lease transactions (1)$— $30.1 $— 
_______
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2025, we did not exercise any options to acquire railcars previously recorded on the balance sheet as a finance lease, compared to exercising options to acquire 728 such railcars for $30.4 million in 2024 and no activity in 2023.
Lessor, Operating Leases [Text Block] Leases
GATX as Lessor

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. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202520242023
Operating lease revenue:
Fixed lease revenue
$1,369.1 $1,263.5 $1,145.1 
Variable lease revenue
104.4 104.1 93.7 
Total operating lease revenue
$1,473.5 $1,367.6 $1,238.8 
Finance lease revenue
12.7 13.5 12.6 
Total lease revenue
$1,486.2 $1,381.1 $1,251.4 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of income and was $146.3 million, $115.8 million and $94.6 million in 2025, 2024 and 2023, respectively.

The following table shows the components of our finance leases as of December 31 (in millions):
20252024
Total contractual lease payments receivable
$156.1 $160.0 
Estimated unguaranteed residual value of leased assets
9.4 17.2 
Unearned income
(61.3)(58.9)
Finance leases
$104.2 $118.3 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2025 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2026$1,315.1 $33.5 $1,348.6 
20271,071.1 24.5 1,095.6 
2028854.3 20.7 875.0 
2029641.3 13.9 655.2 
2030456.0 12.0 468.0 
Thereafter
836.8 51.5 888.3 
$5,174.6 $156.1 $5,330.7 
_______
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $9.9 million, $8.5 million and $12.9 million in 2025, 2024 and 2023, respectively. The gains are reported in net gain on asset dispositions in the statements of income.

GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2025, we leased 3,627 railcars at Rail North America, all of which are accounted for as operating leases.
To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202520242023
Operating lease cost (1):
Fixed lease cost - operating leases
$35.0 $40.0 $41.6 
Finance lease cost:
Amortization of right-of-use assets
— 0.2 — 
Interest on lease liabilities
— 0.3 — 
Total lease cost
$35.0 $40.5 $41.6 
_______
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $35.0 million for 2025 was recognized in connection with these operating leases compared to $41.9 million for 2024 and $41.3 million for 2023.

The following table shows the maturities of our lease liabilities as of December 31, 2025 (in millions):
Operating Leases
2026$36.8 
202733.9 
202826.7 
202919.0 
203018.7 
Thereafter
37.1 
Total undiscounted lease payments$172.2 
Less: amounts representing interest
(18.0)
Total discounted lease liabilities
$154.2 

The following table shows the lease terms and discount rates related to leases as of December 31:
20252024
Weighted-average remaining lease term (in years):
Operating leases
5.76.5
Weighted-average discount rate:
Operating leases
3.72 %3.66 %
The following table shows other information related to leases for the years ended December 31 (in millions):
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$36.0 $40.0 $41.2 
Financing cash flows for finance leases
— 30.4 — 
Total cash paid for leases$36.0 $70.4 $41.2 
Non-cash financing lease transactions (1)$— $30.1 $— 
_______
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2025, we did not exercise any options to acquire railcars previously recorded on the balance sheet as a finance lease, compared to exercising options to acquire 728 such railcars for $30.4 million in 2024 and no activity in 2023.
Lessee, Operating Leases [Text Block] Leases
GATX as Lessor

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. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202520242023
Operating lease revenue:
Fixed lease revenue
$1,369.1 $1,263.5 $1,145.1 
Variable lease revenue
104.4 104.1 93.7 
Total operating lease revenue
$1,473.5 $1,367.6 $1,238.8 
Finance lease revenue
12.7 13.5 12.6 
Total lease revenue
$1,486.2 $1,381.1 $1,251.4 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of income and was $146.3 million, $115.8 million and $94.6 million in 2025, 2024 and 2023, respectively.

The following table shows the components of our finance leases as of December 31 (in millions):
20252024
Total contractual lease payments receivable
$156.1 $160.0 
Estimated unguaranteed residual value of leased assets
9.4 17.2 
Unearned income
(61.3)(58.9)
Finance leases
$104.2 $118.3 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2025 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2026$1,315.1 $33.5 $1,348.6 
20271,071.1 24.5 1,095.6 
2028854.3 20.7 875.0 
2029641.3 13.9 655.2 
2030456.0 12.0 468.0 
Thereafter
836.8 51.5 888.3 
$5,174.6 $156.1 $5,330.7 
_______
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $9.9 million, $8.5 million and $12.9 million in 2025, 2024 and 2023, respectively. The gains are reported in net gain on asset dispositions in the statements of income.

GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2025, we leased 3,627 railcars at Rail North America, all of which are accounted for as operating leases.
To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202520242023
Operating lease cost (1):
Fixed lease cost - operating leases
$35.0 $40.0 $41.6 
Finance lease cost:
Amortization of right-of-use assets
— 0.2 — 
Interest on lease liabilities
— 0.3 — 
Total lease cost
$35.0 $40.5 $41.6 
_______
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $35.0 million for 2025 was recognized in connection with these operating leases compared to $41.9 million for 2024 and $41.3 million for 2023.

The following table shows the maturities of our lease liabilities as of December 31, 2025 (in millions):
Operating Leases
2026$36.8 
202733.9 
202826.7 
202919.0 
203018.7 
Thereafter
37.1 
Total undiscounted lease payments$172.2 
Less: amounts representing interest
(18.0)
Total discounted lease liabilities
$154.2 

The following table shows the lease terms and discount rates related to leases as of December 31:
20252024
Weighted-average remaining lease term (in years):
Operating leases
5.76.5
Weighted-average discount rate:
Operating leases
3.72 %3.66 %
The following table shows other information related to leases for the years ended December 31 (in millions):
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$36.0 $40.0 $41.2 
Financing cash flows for finance leases
— 30.4 — 
Total cash paid for leases$36.0 $70.4 $41.2 
Non-cash financing lease transactions (1)$— $30.1 $— 
_______
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2025, we did not exercise any options to acquire railcars previously recorded on the balance sheet as a finance lease, compared to exercising options to acquire 728 such railcars for $30.4 million in 2024 and no activity in 2023.
v3.25.4
Investments in Affiliated Companies
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies Investments in Affiliated Companies
Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines.

The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20252024Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$732.3 $663.1 50.0 %
RailPulse LLCRail North America— 0.2 10.0 %
Investments in affiliated companies$732.3 $663.3 
_______
(1) Combined investment balances of a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce.

The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202520242023
Rail North America$(0.2)$— $(0.6)
Engine Leasing157.2 108.3 98.7 
Share of affiliates' pre-tax earnings157.0 108.3 98.1 
Income taxes(39.7)(25.5)(25.7)
Share of affiliates' earnings, net of taxes$117.3 $82.8 $72.4 
There were no cash investments in affiliates in any of the periods presented. The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202520242023
Engine Leasing$50.0 $50.0 $25.0 
Total$50.0 $50.0 $25.0 

Summarized Financial Data of Affiliates

The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202520242023
Revenues$643.4 $514.0 $487.2 
Net gains on sales of assets134.6 75.2 91.7 
Net income238.4 164.0 150.6 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20252024
Current assets$521.5 $610.5 
Noncurrent assets5,897.6 4,709.1 
Total assets$6,419.1 $5,319.6 
Current liabilities$883.4 $618.4 
Noncurrent liabilities4,102.4 3,405.1 
Shareholders’ equity1,433.3 1,296.1 
Total liabilities and shareholders' equity$6,419.1 $5,319.6 

Summarized Financial Data for the RRPF Affiliates

Our affiliate investments include interests in each of the RRPF affiliates, a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in its engine maintenance programs. In aggregate, the RRPF affiliates owned 456 aircraft engines at December 31, 2025, of which 182 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 18 to 30 years to their estimated residual value. Lease terms vary but typically range from 5 to 12 years. Seconded Rolls-Royce employees act as manager for each of the RRPF affiliates and also perform substantially all required maintenance activities. In addition, the RRPF affiliates manage all of GEL's aircraft spare engines, for which we paid them a fee of $5.6 million in 2025, $4.1 million in 2024, and $2.7 million in 2023. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $117.5 million in 2025, $82.8 million in 2024, and $72.8 million in 2023. In 2025, financial results included $23.4 million ($17.5 million after-tax) of income from insurance recoveries related to aircraft spare engines.
We derived the following financial information from the combined financial statements of the RRPF affiliates.

The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202520242023
Lease revenue from third parties$401.4 $268.1 $224.8 
Lease revenue from Rolls-Royce215.1 225.3 253.0 
Other revenue24.1 18.9 6.0 
Depreciation expense(224.4)(206.2)(223.7)
Interest expense(172.0)(127.3)(135.9)
Other expenses(64.4)(37.7)(19.3)
Other income, including net gains on sales of assets134.5 75.5 92.6 
Income before income taxes314.3 216.6 197.5 
Income taxes (1)(74.4)(49.4)(42.5)
Net income$239.9 $167.2 $155.0 
_______
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20252024
Current assets$519.3 $607.9 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,860.3 and $1,618.4 (1)
5,897.6 4,709.1 
Total assets$6,416.9 $5,317.0 
Accounts payable and accrued expenses$235.3 $239.6 
Debt:
   Current645.1 378.2 
   Noncurrent, net of adjustments for hedges3,189.4 2,673.7 
Other liabilities913.0 731.3 
Shareholders’ equity1,434.1 1,294.2 
Total liabilities and shareholders' equity$6,416.9 $5,317.0 
_______
(1) $4,620.4 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2025.

    The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2025 (in millions):
Rolls-RoyceThird PartiesTotal
2026$180.4 $408.1 $588.5 
2027102.8 372.5 475.3 
202868.9 326.1 395.0 
202956.5 281.9 338.4 
203047.5 238.7 286.2 
Thereafter
73.4 861.3 934.7 
Total
$529.5 $2,488.6 $3,018.1 
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2025 (in millions):
2026$608.2 
2027477.1 
2028576.8 
2029159.8 
2030453.1 
Thereafter
924.0 
Total debt principal (1)
$3,199.0 
_______
(1) All debt obligations are nonrecourse to the shareholders.
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Variable Interest Entities Variable Interest Entities
We determined that we are the primary beneficiary of the GABX joint venture with Brookfield. While we do not hold a majority voting interest in the joint venture, GATX has the power to direct the most significant economic activities of GABX over the course of the expected life of the entity, primarily through the management services agreement that is effective upon closing of the Wells Fargo rail assets acquisition. As a result, we consolidate this variable interest entity. See "Note 3. Significant Accounting Policies" for further information on how we determine whether we are the primary beneficiary of a variable interest entity.

As of December 31, 2025, GABX was financed through equity contributions from GATX and Brookfield and debt, which is guaranteed by GATX. The recourse debt is the primary balance reflected in the financial statement assets and liabilities of GABX presented below. Upon closing of the acquisition, GABX will own and lease railcars, with GATX serving as manager of the railcars. As such, the risks associated with it 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 balance sheet as of December 31 (in millions):

20252024
Cash and cash equivalents$32.2 $— 
Restricted cash4,211.1 — 
Other assets30.6 — 
Total assets$4,273.9 $— 
Accounts payable and accrued expenses$46.8 $— 
Recourse debt2,942.9 — 
Other liabilities20.4 — 
Total liabilities$3,010.1 $— 

GABX's assets can only be used to settle its obligations and may not be used to satisfy claims of GATX.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations

The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
20252024
Unsecured Recourse Fixed Rate Debt:
U.S.
3.25% Notes due September 2026
$350.0 $350.0 
5.40% Notes due March 2027
350.0 350.0 
3.85% Notes due March 2027
300.0 300.0 
3.50% Notes due March 2028
300.0 300.0 
4.55% Notes due November 2028
300.0 300.0 
4.70% Notes due April 2029
500.0 500.0 
4.00% Notes due June 2030
500.0 500.0 
1.90% Notes due June 2031
400.0 400.0 
3.50% Notes due June 2032
400.0 400.0 
4.90% Notes due March 2033
400.0 400.0 
5.45% Notes due September 2033
400.0 400.0 
6.05% Notes due March 2034
500.0 500.0 
6.90% Notes due May 2034
400.0 400.0 
5.50% Notes due June 2035
700.0 — 
5.20% Notes due March 2044
300.0 300.0 
4.50% Notes due March 2045
250.0 250.0 
3.10% Notes due June 2051
550.0 550.0 
6.05% Notes due May 2054
400.0 400.0 
6.05% Notes due June 2054
500.0 — 
3.25% Notes due March 2025
— 300.0 
$7,800.0 $6,900.0 
Europe (1)20252024
0.90% Schuldschein loan due October 2026
$27.0 $23.8 
5.23% Schuldschein loan due November 2026
44.0 38.8 
1.07% Notes due November 2026
88.1 77.7 
4.37% Schuldschein loan due May 2027
41.1 36.2 
1.17% Schuldschein loan due October 2028
61.1 53.8 
3.21% Notes due December 2028
88.1 — 
3.24% Notes due October 2030
135.1 — 
1.56% Schuldschein loan due October 2031
88.1 77.7 
3.62% Loan due December 2031
117.5 103.5 
3.88% Notes due August 2032
47.0 — 
1.00% Notes due March 2025
— 103.5 
1.13% Notes due August 2025
— 103.5 
$737.1 $618.5 
India (2)
8.39% - 8.83% Term loan due June 2027 (3)(4)
$45.6 $47.9 
8.13% - 8.53% Term loan due February 2028 (3)
25.6 26.9 
8.43% - 8.94% Term loan due February 2029 (3)
44.5 46.7 
8.51% - 8.80% Term loan due January 2030 (3)
22.3 23.4 
$138.0 $144.9 
Total unsecured fixed rate debt
$8,675.1 $7,663.4 
Unsecured Recourse Floating Rate Debt (5):
U.S.
5.06% Notes due January 2028
$50.0 $50.0 
5.26% Notes due January 2029
125.0 100.0 
5.90% Notes due September 2029
50.0 50.0 
5.02% Term Loan due December 2030 (6)
2,959.0 — 
$3,184.0 $200.0 
Europe (1)
3.56% Loan due December 2026
$132.7 $125.3 
3.51% Notes due December 2027
129.2 113.9 
3.16% Notes due May 2029
99.8 — 
3.71% Loan due May 2029
88.1 77.7 
4.40% Loan due November 2030
44.0 38.8 
3.85% Loan due March 2031
58.7 51.8 
3.49% Loan due August 2032
94.0 — 
$646.5 $407.5 
Total recourse floating rate debt
$3,830.5 $607.5 
Total debt principal$12,505.6 $8,270.9 
Unamortized debt discount/premium and debt issuance costs(52.5)(51.6)
Debt adjustment for fair value hedges(1.4)(4.0)
Total Debt$12,451.7 $8,215.3 
_______
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche.
(4) The outstanding balance includes $11.4 million due in 2026.
(5) For floating rate debt, the interest rate disclosed is the applicable interest rate as of December 31, 2025.
(6) Loan at GABX for the acquisition of Wells Fargo's rail assets.

The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
20252024
Weighted-average interest rate4.78 %4.59 %
Weighted-average term, in years8.28.6

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2025 (in millions):
2026$653.3 
2027854.5 
2028824.8 
2029907.4 
20303,660.4 
Thereafter
5,605.2 
Total debt principal
$12,505.6 

Borrowings Under Bank Credit Facilities

The following table shows the balance and weighted-average interest rate of our borrowings under bank credit facilities as of December 31 (in millions):
20252024
Balance$82.2 $10.4 
Weighted-average interest rate3.23 %4.24 %

Credit Lines and Facilities

In 2025, we increased our existing $600 million, 5-year unsecured revolving credit facility in the United States to $632 million and extended the maturity from May 2029 to May 2030. This facility contains one additional one-year extension option. As of December 31, 2025, the full $632 million was available under this facility. Additionally, we increased our existing $350 million 3-year unsecured revolving credit facility in the United States to $368 million and extended the maturity from May 2027 to May 2028. This facility contains one additional one-year extension option. As of December 31, 2025, the full $368 million was available under this facility.

In 2025, in anticipation of the acquisition of Wells Fargo's rail assets, GABX entered into a $250 million, 5-year unsecured revolving credit facility in the United States that matures in 2030. As of December 31, 2025, the full $250 million was available under this facility.

In Europe, we increased our existing €210 million 3-year unsecured revolving credit facility, expiring in December 2027, to €250 million. In total, our European subsidiaries have unsecured credit facilities with an aggregate limit of €275.0 million. As of December 31, 2025, €205.0 million was available under these credit facilities.

Annual commitment fees for GATX's credit facilities were $1.9 million for 2025, $1.3 million for 2024, and $1.1 million for 2023.

Delayed Draw Term Loans

As of December 31, 2025, we had INR 2.0 billion ($22.3 million) available under an outstanding delayed draw term loan in India.
Restrictive Covenants

Our $632 million and $368 million revolving credit facilities in the United States, and our €250 million revolving credit facility in Europe, contain various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.0 for the period ended December 31, 2025, which is in excess of the minimum covenant ratio of 1.2. Some of our bank term loans have the same financial covenants as these facilities.

The indenture for our public debt also contains various restrictive covenants, including limitations on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2025, this limit was $3.5 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness.

The GABX $2.96 billion term loan and $250 million revolving credit facility contain various restrictive covenants, including a requirement to maintain an asset coverage ratio that does not exceed 0.85 to 1.0. Under the terms of the agreements, this specific covenant is applicable beginning four full quarters after the closing of the transaction and was therefore not applicable as of December 31, 2025. If GABX does not meet this requirement, it will still be deemed compliant with this financial covenant so long as the GATX Corporation fixed charge coverage ratio exceeds a minimum of 1.2.

At December 31, 2025, our European subsidiaries had outstanding term loans, public debt, and private placement debt balances totaling €1,178.0 million. The loans are guaranteed by GATX and are subject to similar restrictive covenants as the revolving credit facility noted above.
At December 31, 2025, we were in compliance with all covenants and conditions of all of our credit agreements, indentures and loans. We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing.
v3.25.4
Fair Value Disclosure
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosure Fair Value
The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at December 31, 2025 and December 31, 2024.

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.

Certain assets were subject to non-recurring Level 3 fair value measurements during 2025 and 2024 and continue to be held at December 31, 2025 and 2024. The fair value of such assets at the time of their measurement was $4.0 million at December 31, 2025 and $0.4 million at December 31, 2024 and primarily consisted of railcars in both periods. See "Note 10. Asset Impairments and Assets Held for Sale" for further information.

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 December 31, 2025 that matures in 2027 and four instruments outstanding with an aggregate notional amount of $200.0 million as of December 31, 2024 with maturities ranging from 2025 to 2027.
Cash Flow Hedges

We use Treasury rate locks and swap rate locks 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. During 2025, we entered into deal-contingent interest rate swap contracts to hedge the interest rate risk related to the anticipated issuance of long-term debt used to finance the acquisition of Wells Fargo's rail assets. These deal-contingent interest rate swaps were classified as cash flow hedges. We had three instruments outstanding with an aggregate notional amount of $2,370.6 million as of December 31, 2025 that mature in 2031 and there were no instruments outstanding as of December 31, 2024. Within the next 12 months, we expect to reclassify $1.0 million ($0.7 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 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 $28.5 million as of December 31, 2025 and $4.0 million as of December 31, 2024. 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 liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
December 31, 2025		Fair Value
December 31, 2024
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$28.5 $4.0 
Foreign exchange contracts (2)
Other liabilities
12.5 8.1 
Total derivative liabilities$41.0 $12.1 
_______
(1) Designated as hedges.
(2) Not 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 December 31, 2025 and December 31, 2024, 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 as of December 31 (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 Included2025202420252024
Recourse debt$49.7 $198.9 $1.4 $4.0 
The following tables show the impact of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions):

Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss)
Derivative Designation202520242023
Derivatives in cash flow hedging relationships:
Foreign exchange contracts
$27.2 $(3.4)$3.6 
Total$27.2 $(3.4)$3.6 

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
202520242023
Interest expense$1.1 $1.6 $1.6 
Other expense0.3 (3.7)3.7 
Total$1.4 $(2.1)$5.3 

The following tables show the impact 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 for the years ended December 31 (in millions):

Amount of (Loss) Gain Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202520242023
Total interest expense$(391.5)$(341.0)$(263.4)
(Loss) gain on fair value hedging relationships
Interest rate contracts:
Hedged items
(2.5)(4.0)(3.6)
Derivatives designated as hedging instruments
2.5 4.0 3.6 
(Loss) gain on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.1)(1.6)(1.6)
Amount of (Loss) Gain Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202520242023
Total other expense$(0.4)$(9.5)$(9.4)
(Loss) gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)(0.3)3.7 (3.7)
(Loss) gain on non-designated foreign exchange derivative contracts (2)(3.6)1.7 (11.3)
_______
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.

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 as of December 31 (in millions):
20252024
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$8,622.5 $8,443.1 $7,609.5 $7,243.9 
Recourse floating rate debt3,829.2 3,870.2 605.8 617.3 
Total$12,451.7 $12,313.3 $8,215.3 $7,861.2 
v3.25.4
Asset Impairments and Assets Held for Sale (Notes)
 12 Months Ended
Dec. 31, 2025
Asset Impairment [Abstract]  
Asset Impairments Asset Impairments and Assets Held for Sale
The following table summarizes the components of asset impairments for the years ended December 31 (in millions):
 202520242023
Attributable to Consolidated Assets
Rail North America
$3.6 $— $— 
Rail International
— — 0.3 
Engine Leasing
— — 1.2 
Total
$3.6 $— $1.5 
Impairment losses at Rail North America in 2025 were related to older flammable liquids railcars. We had no asset impairments in 2024. Impairment losses at Rail International in 2023 were due to declines in value of railcars from functional obsolescence. Impairment losses at Engine Leasing in 2023 were due to the decision to sell our liquified gas-carrying vessels (the " Specialized Gas Vessels").

In the consolidated statements of income, impairment losses related to consolidated assets were included in net gain on asset dispositions.

Assets held for sale, all at Rail North America, were $4.0 million as of December 31, 2025 and $0.4 million as of December 31, 2024. All assets held for sale at December 31, 2025 are expected to be sold within one year and are included in other assets on the balance sheet.
v3.25.4
Pension and Other Post-Retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefits
We maintain both funded and unfunded noncontributory defined benefit pension plans covering our domestic employees and the employees of our subsidiaries. We also have a funded noncontributory defined benefit pension plan related to a former business in the United Kingdom that has no active employees. The plans base benefits payable on years of service and/or final average salary. We base our funding policies for the pension plans on actuarially determined cost methods allowable under IRS regulations and statutory requirements in the United Kingdom.

In 2025, the trustees of our pension plan in the United Kingdom entered into an agreement with an insurance company for a bulk annuity policy (a buy-in) (the "UK Buy-in Policy"), for which we paid the insurer £14.4 million ($19.3 million). This agreement allows the Company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of pension plan assets to the insurer in exchange for the insurance contract. Under the terms of the UK Buy-in Policy, the insurer is liable to pay the benefits of the plan, but the plan still retains full legal responsibility to pay benefits to plan participants using the insurance payments. The UK Buy-in Policy will be treated as an asset of the plan.

In addition to the pension plans, we have other post-retirement plans that provide health care, life insurance, and other benefits for certain retired domestic employees who meet established criteria. Most domestic employees who retire with immediate benefits under our pension plan are eligible for health care and life insurance benefits. The other post-retirement plans are either contributory or noncontributory, depending on various factors.

Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $1.4 million of expense in 2023.
We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions):
 
 
 
 		2025 Pension
Benefits 		2024 Pension
Benefits 		2025 Retiree
Health
and Life		2024 Retiree
Health
and Life
Change in Benefit Obligation
Benefit obligation at beginning of year
$329.7 $346.9 $13.1 $14.9 
Service cost
6.1 6.1 0.1 0.1 
Interest cost
16.9 16.4 0.7 0.7 
Actuarial loss (gain)
9.8 (14.9)0.5 (1.0)
Benefits paid
(23.4)(24.3)(1.2)(1.6)
Effect of foreign exchange rate changes
1.4 (0.5)— — 
Benefit obligation at end of year
$340.5 $329.7 $13.2 $13.1 
Change in Fair Value of Plan Assets
Plan assets at beginning of year
$325.0 $328.8 $— $— 
Actual return on plan assets
32.8 19.6 — — 
Effect of exchange rate changes
1.8 (0.4)— — 
Company contributions
1.4 1.3 1.2 1.6 
Benefits paid
(23.4)(24.3)(1.2)(1.6)
Plan assets at end of year
$337.6 $325.0 $— $— 
Funded Status at end of year
$(2.9)$(4.7)$(13.2)$(13.1)
Amount Recognized
Other liabilities
$(2.9)$(4.7)$(13.2)$(13.1)
Accumulated other comprehensive loss (income):
Net actuarial loss (gain)
56.2 58.0 (6.1)(7.1)
Prior service cost
0.4 0.5 — — 
Accumulated other comprehensive loss (income)
56.6 58.5 (6.1)(7.1)
Total recognized
$53.7 $53.8 $(19.3)$(20.2)
After-tax amount recognized in accumulated other comprehensive loss (income)
$44.5 $46.2 $(4.8)$(5.6)

The aggregate accumulated benefit obligation for the defined benefit pension plans was $326.6 million at December 31, 2025 and $316.1 million at December 31, 2024.

The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions):
20252024
Projected benefit obligations$28.3 $25.4 
Fair value of plan assets— — 

The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions):    
20252024
Accumulated benefit obligations$24.5 $22.0 
Fair value of plan assets— — 
The following table shows the components of net periodic cost for the years ended December 31 (in millions):

 
 
 
 		2025
Pension
Benefits 		2024
Pension
Benefits 		2023
Pension
Benefits 		2025
Retiree Health and Life		2024
Retiree Health and Life		2023
Retiree Health and Life
Service cost
$6.1 $6.1 $5.3 $0.1 $0.1 $0.1 
Interest cost
16.9 16.4 16.6 0.7 0.7 0.8 
Expected return on plan assets
(21.9)(21.6)(21.4)— — — 
Settlement accounting adjustment
— — 1.4 — — — 
Amortization of (1):
Unrecognized prior service cost (credit)
— 0.1 — — (0.2)(0.3)
Unrecognized net actuarial loss (gain)
0.9 1.0 0.9 (0.5)(0.5)(0.5)
Net periodic cost
$2.0 $2.0 $2.8 $0.3 $0.1 $0.1 
_______
(1) Amounts reclassified from accumulated other comprehensive loss.

The service cost component of net periodic cost was $6.2 million in 2025, $6.2 million in 2024, and $5.4 million in 2023 and is recorded in selling, general and administrative expense. The non-service components totaled income of $3.9 million in 2025, $4.1 million in 2024, and $2.5 million in 2023 and are recorded in other expense in the statements of income.

We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees.
We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31:
20252024
Domestic defined benefit pension plans
Benefit Obligation at December 31:
Discount rate — salaried funded plans5.31 %5.59 %
Discount rate — salaried unfunded plans
4.36% - 5.21%
5.11% - 5.55%
Discount rate — hourly funded plan5.65 %5.74 %
Cash balance interest crediting rate — salaried funded plan
4.70% - 4.84%
4.54% - 4.78%
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plansn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — salaried funded and unfunded plans5.59 %4.95 %
Discount rate — hourly funded plan5.75 %5.06 %
Expected return on plan assets — salaried funded plan6.60 %6.40 %
Expected return on plan assets — hourly funded plan5.80 %5.60 %
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plann/an/a
Foreign defined benefit pension plan
Benefit Obligation at December 31:
Discount rate5.40 %5.40 %
Rate of pension-in-payment increases2.70 %3.00 %
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate5.40 %4.50 %
Expected return on plan assets5.55 %4.80 %
Rate of pension-in-payment increases3.00 %2.80 %
Other post-retirement benefit plans
Benefit Obligation at December 31:
Discount rate — combined health5.00 %5.41 %
Discount rate — combined life insurance5.34 %5.61 %
Rate of compensation increasesn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — combined health5.44 %4.84 %
Discount rate — combined life insurance5.61 %4.97 %
Rate of compensation increasesn/an/a
We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate.
20252024
Assumed Health Care Cost Trend Rates at December 31:
Health care cost trend assumed for next year
Medical claims — pre age 657.50 %7.50 %
Medical claims — post age 656.50 %6.00 %
Prescription drugs claims — pre age 6511.75 %13.00 %
Prescription drugs claims — post age 6510.75 %12.00 %
Post age 65 Medicare Advantage Part D6.30 %18.75 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)
Medical claims4.50 %4.50 %
Prescription drugs claims4.50 %4.50 %
Year that rate reaches the ultimate trend rate
Medical claims20352034
Prescription drugs claims20352034

Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2025 and 2024, and current target asset allocation for 2025, by asset category:
  
 		Plan Assets for Salaried Employees at
December 31
Target20252024
Asset Category
Equity securities43.7 %44.4 %44.4 %
Debt securities53.0 %50.7 %51.3 %
Real estate3.3 %2.3 %2.4 %
Cash— %2.6 %1.9 %
100.0 %100.0 %100.0 %

 
 		 
 		Plan Assets for Hourly Employees at
December 31
Target20252024
Asset Category
Equity securities9.3 %9.2 %9.2 %
Debt securities90.0 %87.2 %87.5 %
Real estate0.7 %1.0 %1.3 %
Cash— %2.6 %2.0 %
100.0 %100.0 %100.0 %
The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2025 and 2024, and current target asset allocation for 2025, by asset category:
 
 		 
 		Plan Assets at
December 31
Target20252024
Asset Category
Debt securities100.0 %76.1 %47.4 %
Cash— %23.9 %52.6 %
100.0 %100.0 %100.0 %

The following table sets forth the fair value of our pension plan assets as of December 31 (in millions):
20252024
Assets measured at net asset value (1):
Short-term investment collective trust fund
$13.6 $18.5 
Common stock collective trust funds
112.6 107.5 
Fixed-income collective trust funds
186.8 192.6 
Real estate collective trust funds
6.3 6.4 
Annuity policies (2):
UK Buy-in Policy
18.3 — 
Total
$337.6 $325.0 
_______
(1) In accordance with the relevant accounting standards, investments measured at fair value using the net asset value per share (or its equivalent) practical expedient are not recorded in any specific category of the fair value hierarchy.
(2) The fair value of the UK Buy-in Policy is categorized as Level 3 in the fair value hierarchy. The UK Buy-in Policy was valued as equal to the projected benefit obligation, excluding an estimate of additional uninsured liabilities, and was estimated using unobservable inputs.

The following is a description of the valuation techniques and inputs used as of December 31, 2025 and 2024.

Short-term investment collective trust fund

We value the short-term investment collective trust fund based on the closing net asset values ("NAV") quoted by the funds. The short-term investment collective trust fund is a highly liquid investment in obligations of the U.S. Government, or its agencies or instrumentalities, and the related money market instruments. The short-term investment fund has no restrictions on redemption frequency or advance notice periods required for redemption. The fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term.

Common stock collective trust funds and fixed-income collective trust funds

We value common stock collective trust funds and fixed-income collective trust funds based on the closing NAV prices quoted by the funds. None of the collective trust funds have restrictions on redemption frequency or advance notice periods required for redemption. The investment objective of each of the common stock funds is long-term total return through capital appreciation and current income. The fixed-income funds are each designed to deliver safety and stability by preserving principal and accumulated earnings. The fixed-income fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the long-term domestic investment grade credit bond market.

Real estate collective trust funds

We value real estate collective trust funds based on the NAV provided by the funds' administrators. A lack of liquidity in the funds may limit or delay redemptions. The investment objective of the real estate funds, which are diversified by location and property type, is long-term return through property appreciation, current income, and timely sales.
The primary investing objective of the pension plans is to provide benefits to plan participants and their beneficiaries. To achieve this goal, we invest in a diversified portfolio of equities, debt, and real estate investments to maximize return and to keep long-term investment risk at a reasonable level. Equity investments are diversified across U.S. and non-U.S. stocks, growth and value stocks, and small cap and large cap stocks. Debt securities are predominately investments in long-term, investment-grade corporate bonds. Real estate investments include investments in funds that are diversified by location and property type.

On a timely basis, but not less than twice a year, we formally review pension plan investments to ensure we adhere to investment guidelines and our stated investment approach. Our review also evaluates the reasonableness of our investment decisions and risk positions. We compare our investments' performance to indices and peers to determine if investment performance has been acceptable.

In 2026, we expect to contribute approximately $4.4 million to our pension and other post-retirement benefit plans. Additional contributions to the domestic funded pension plans will depend on investment returns on plan assets and actuarial experience.

The following table shows expected future benefit payments, which reflect expected future service (in millions):

 		Funded PlansUnfunded PlansRetiree Health and Life
2026$30.2 $3.1 $1.3 
202729.4 3.2 1.4 
202829.0 3.2 1.4 
202927.9 3.1 1.4 
203027.2 2.9 1.3 
Years 2031-2035125.7 12.0 5.2 
Total$269.4 $27.5 $12.0 

In addition to our defined benefit plans, we have two 401(k) retirement savings plans available to substantially all salaried employees and certain other employee groups. We may contribute to the plans as specified by their respective terms and as our Board of Directors (the "Board" or "Board of Directors") determines. Contributions to our 401(k) retirement plans were $4.3 million for 2025, $4.0 million for 2024, and $2.6 million for 2023. We also made contributions of $2.0 million in 2025, $1.9 million in 2024, and $1.7 million in 2023 to certain foreign contributory plans.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
We provide equity awards to our employees under the GATX Corporation Amended and Restated 2012 Incentive Award Plan (the "2012 Plan"), including grants of non-qualified employee stock options, restricted stock units, performance shares, and phantom stock units and restricted stock units to non-employee directors. As of December 31, 2025, 4.6 million shares were authorized under the 2012 Plan and 1.5 million shares were available for future issuance. We recognize compensation expense for our equity awards in selling, general and administrative expenses over the applicable service period of each award. Share-based compensation expense was $25.0 million for 2025, $23.0 million for 2024, and $18.3 million for 2023, and the related tax benefits were $6.1 million for 2025, $5.8 million for 2024, and $4.6 million for 2023.

Stock Options

Stock options entitle the holder to purchase shares of common stock for periods up to seven years from the grant date. Stock options entitle the holder to purchase shares of our common stock at a specified exercise price. The dividends that accrue on all stock options are paid upon vesting and continue to be paid until the stock options are exercised, canceled, or expire. The exercise price for stock options is equal to the average of the high and low trading prices of our common stock on the date of grant. We recognize compensation expense on a straight-line basis over the vesting period of the award, which is generally three years.

The estimated fair value of a stock option is the sum of the value we derive using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award. The Black-Scholes valuation incorporates various assumptions, including expected term, expected volatility, and risk free interest rates. We base the expected term on historical exercise patterns and post-vesting terminations, and we base the expected volatility on the historical volatility of our stock price over a period equal to the expected term. We use risk-free interest rates that are based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term.
The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:
202520242023
Weighted-average estimated fair value$49.30 $45.22 $41.06 
Quarterly dividend rate$0.61 $0.58 $0.55 
Expected term of stock options, in years4.14.24.2
Risk-free interest rate4.3 %4.0 %3.7 %
Dividend yield1.5 %1.8 %1.9 %
Expected stock price volatility25.9 %34.7 %35.4 %
Present value of dividends
$9.20 $8.87 $8.57 

The following table shows information about outstanding stock options for the year ended December 31, 2025:

Number of Stock Options
(in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of the year948 $100.13 
Granted198 166.19 
Exercised(205)83.40 
Forfeited/Cancelled(9)139.96 
Outstanding at end of the year932 117.49 
Vested and exercisable at end of the year551 98.72 

The following table shows the aggregate intrinsic value of stock options exercised in 2025, 2024, and 2023, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options outstanding and vested as of December 31, 2025:
Stock OptionsWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in millions)
Exercised in 2023$9.0
Exercised in 202413.6 
Exercised in 202516.1 
Outstanding at December 31, 2025 (a)3.848.6
Vested and exercisable at December 31, 20252.739.1 
_______
(a) As of December 31, 2025, 932,172 stock options were outstanding.

Total cash received from employees for exercises of stock options during the years ended December 31, 2025, 2024, and 2023 was $31.1 million, $32.1 million, and $22.3 million, respectively. As of December 31, 2025, we had $9.8 million of unrecognized compensation expense related to unvested stock options, which we expect to recognize over a weighted-average period of 1.7 years.

Restricted Stock Units and Performance Shares

Restricted stock units entitle the recipient to receive a specified number of restricted shares of common stock upon vesting. Restricted stock units do not carry voting rights and are not transferable prior to the expiration of a specified restriction period, which is generally three years, as determined by the Compensation Committee of the Board (the "Compensation Committee"). We accrue dividends on all restricted stock units and pay those dividends when the awards vest. We recognize compensation expense for these awards over the applicable vesting period.
Performance shares are restricted shares that we grant to key employees for achieving certain strategic objectives. The shares convert to common stock at the end of a specified performance period if predetermined performance goals are achieved, as determined by the Compensation Committee. We estimate the number of shares we expect will vest as a result of actual performance against the performance criteria at the time of grant to determine total compensation expense to be recognized. We reevaluate the estimate annually and adjust total compensation expense for any changes to the estimate of the number of shares we expect to vest. The performance shares granted include an option to settle shares earned in cash upon vesting for certain eligible employees. As a result, these awards are accounted for as liability awards and recorded in other liabilities. The liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period, which is generally three years.

We value our restricted stock units and performance share awards using the average of the high and low values of our common stock on the grant date of the awards. As of December 31, 2025, there was $12.6 million of unrecognized compensation expense related to these awards, which we expect to be recognized over a weighted-average period of 1.7 years.

The following table shows information about restricted stock units and performance shares for the year ended December 31, 2025:

Number of Share Units Outstanding (in thousands)Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Unvested at beginning of the year102 $113.79 
Granted26 166.19 
Vested(39)103.89 
Forfeited(4)132.13 
Unvested at end of the year85 133.17 
Performance Shares:
Unvested at beginning of the year89 $119.39 
Granted33 166.19 
Net increase due to estimated performance28 142.72 
Vested(51)113.28 
Unvested at end of the year99 144.65 

The total fair value of restricted stock units and performance shares that vested during the year was $14.8 million in 2025, $11.9 million in 2024, and $9.7 million in 2023. Cash paid to settle performance share awards was $8.1 million in 2025, $4.7 million in 2024, and $4.1 million in 2023.

Non-Employee Director Awards

We grant awards to non-employee directors as a component of their compensation for service on our Board. Currently, these awards are in the form of restricted stock units. Previously, these awards were in the form of phantom stock units, which are units that equate to, but are not common shares. Restricted stock unit awards and phantom stock awards are both dividend participating and, for awards that are deferred, dividends are reinvested in additional units at the average of the high and low trading prices of our stock on the dividend payment date. At the expiration of each director’s service on the Board, or in accordance with the deferral election, whole units of both restricted stock units and phantom stock units will be settled with shares of common stock, and fractional units will be paid in cash. In 2025, we granted 12,204 units of restricted stock and there was a total of 247,317 restricted stock units and phantom stock units outstanding as of December 31, 2025.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions):
202520242023
Income before Income Taxes
Domestic$58.9 $80.6 $82.9 
Foreign220.2 180.8 162.6 
Total$279.1 $261.4 $245.5 

The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions):
202520242023
Income Tax Expense
Current
Domestic:
Federal
$(1.9)$— $2.9 
State and local
0.1 0.7 0.2 
$(1.8)$0.7 $3.1 
Foreign
11.7 13.5 17.3 
Total current
$9.9 $14.2 $20.4 
Deferred
Domestic:
Federal
$16.2 $18.4 $13.5 
State and local
5.9 (6.4)(1.8)
$22.1 $12.0 $11.7 
Foreign
31.1 33.8 26.6 
Total deferred
$53.2 $45.8 $38.3 
Income taxes
$63.1 $60.0 $58.7 
The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions):
202520242023
Income taxes at federal statutory rate
$58.6 21.0 %$54.9 21.0 %$51.6 21.0 %
Adjust for effect of:
Foreign tax effects:
Germany
Foreign tax rate change impact(13.3)(4.8)%— — %— — %
Other3.7 1.3 %4.2 1.6 %4.0 1.6 %
Other foreign jurisdictions6.6 2.4 %5.1 2.0 %5.6 2.3 %
Foreign tax effects(3.0)(1.1)%9.3 3.6 %9.6 3.9 %
Nontaxable or nondeductible items:
Nondeductible officers compensation4.3 1.5 %2.8 1.1 %2.3 0.9 %
Share-based compensation(3.2)(1.1)%(2.2)(0.8)%(1.7)(0.7)%
Other0.7 0.2 %— — %(1.7)(0.7)%
State and local income tax, net of federal (national) income tax effect (1)6.0 2.2 %(4.8)(1.9)%(1.6)(0.6)%
Changes in unrecognized tax benefits(0.3)(0.1)%— — %0.2 0.1 %
Income taxes at effective income tax rate
$63.1 22.6 %$60.0 23.0 %$58.7 23.9 %
_______
(1) During the year ended 2025, the following states represent the majority of income tax reconciling items: Illinois, California, Texas, Georgia, Kansas and Minnesota. In 2024, the states included Illinois, California, Georgia, Texas, Iowa and Kansas. In 2023, the states included Illinois, Texas, California, Georgia, Iowa and Louisiana.

In 2025, our effective tax rate was 22.6% compared to 23.0% in 2024 and 23.9% in 2023.

The adjustment for foreign earnings in each year reflected the impact of applicable statutory tax rates on income earned at our foreign subsidiaries. Compensation is adjusted for the difference between the deductibility of these expenses under the U.S. tax law versus U.S. GAAP. State income taxes are recognized on domestic pretax income or loss. The amount of our domestic income subject to state taxes relative to our total worldwide income impacts the effect state income tax has on our overall income tax rate.

Annually, we determine whether it is more likely than not that we will be able to utilize our state net operating losses, based upon that analysis, we have made the following changes to our state valuation allowance; an expense of $6.4 million, a benefit of $1.8 million, and a benefit of $2.3 million respectively in 2025, 2024, and 2023.

Separately, our affiliates incurred income taxes of $39.7 million, $25.5 million, and $25.7 million respectively in 2025, 2024, and 2023.
The following table shows income taxes paid, for the years ended December 31 (in millions):

202520242023
Income Taxes Paid
Domestic:
   Federal$(1.9)$— $2.9 
   State (1)0.1 0.7 0.2 
$(1.8)$0.7 $3.1 
Foreign:
   Germany$6.9 $8.8 $6.0 
   Canada0.3 (1.2)(0.6)
   Poland5.3 6.8 4.0 
   Mexico1.5 1.4 1.2 
   Austria(0.2)2.3 1.6 
   Netherlands1.2 1.5 1.1 
   India1.1 1.8 0.3 
   Other0.2 0.9 0.6 
$16.3 $22.3 $14.2 
Total$14.5 $23.0 $17.3 
_______
(1) During the years ended December 31, 2025, 2024 and 2023, we did not make tax payments to any states that exceeded more than 5% of total tax payments.
The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions):
20252024
Deferred Tax Liabilities
Book/tax basis difference due to depreciation$1,439.4 $1,327.9 
Right-of-use assets33.7 41.3 
Investments in affiliated companies3.8 4.5 
Lease accounting17.4 18.0 
Intangible amortization1.7 1.5 
Other5.3 4.9 
Total deferred tax liabilities$1,501.3 $1,398.1 
Deferred Tax Assets
Lease liability$37.9 $44.4 
Federal net operating loss140.8 82.6 
Foreign tax credit0.8 0.8 
Valuation allowance on foreign tax credit(0.8)(0.8)
Federal interest limitation carryforward50.5 72.5 
State net operating loss43.3 37.4 
Valuation allowance on state net operating loss(26.9)(20.4)
State interest limitation carryforward7.7 11.4 
Foreign net operating loss2.1 4.4 
Accruals not currently deductible for tax purposes37.8 32.3 
Allowance for losses1.2 1.3 
Pension and post-retirement benefits1.9 2.1 
Other9.3 2.8 
Total deferred tax assets$305.6 $270.8 
Net deferred tax liabilities$1,195.7 $1,127.3 

Deferred income taxes are the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We expect at this time to continue reinvestment of foreign earnings outside the U.S. indefinitely. Consequently, our tax provision does not include any deferred tax costs that might arise due to book versus tax basis differences in investments in foreign subsidiaries. Under provisions of the territorial tax system, future dividend distributions from foreign subsidiaries and affiliates are generally exempt from U.S. income tax. Taxes may arise from withholding taxes or on foreign exchange or other gains recognized in connection with the basis differences in our investments in foreign subsidiaries. The ultimate tax cost of repatriating these earnings depends on tax laws in effect and other circumstances at the time of distribution.

At December 31, 2025, we had a U.S. federal tax net operating loss carryforward of $670.2 million that can be carried forward indefinitely until the loss is fully recovered. The utilization of net operating losses carried forward are limited to 80% of future taxable income. We also had foreign tax credits of $0.8 million that expire after 2027. We have recorded a $0.8 million valuation allowance related to these credits, as we believe it is more likely than not that we will be unable to utilize them.

At December 31, 2025, due to a provision of the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), the deductibility of interest expense may be limited on our federal tax return. Disallowed amounts can be carried forward indefinitely until the expense is fully utilized. As a result of this limitation, we have a federal interest expense carryforward amount of $248.3 million.

At December 31, 2025, we had state tax net operating losses of $43.3 million, net of federal benefits that are scheduled to expire at various times beginning in 2026. We have recorded a $26.9 million valuation allowance related to state net operating losses, as we believe it is more likely than not that we will be unable to use all of these losses. Also, as a result of the provision in the Tax Act limiting the deductibility of interest expense on our federal tax return, as referenced above, we had a corresponding state interest limitation of $7.7 million that can be carried forward indefinitely until the expense is fully utilized.
At December 31, 2025, we had foreign net operating losses of $2.1 million, with various carryforward periods. It is more likely than not that we will be able to use these losses in the future, and therefore, no valuation allowance is required at this time.

At December 31, 2025, our gross liability for unrecognized tax benefits was $9.1 million. Of this amount, $9.0 million is attributed to our foreign operations. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. To the extent interest is not assessed or is otherwise reduced with respect to uncertain tax positions, we will record any required adjustment as a reduction of income tax expense.

We file one separate federal income tax return and one consolidated federal income tax return with our domestic subsidiaries in the U.S. jurisdiction, as well as tax returns in various state and foreign jurisdictions. As of December 31, 2025, all audits or statutes of limitations with respect to our federal tax returns for years prior to 2022 have been closed or expired. Additionally, we currently have no open federal income tax audits, no open state income tax audits, and four of our foreign jurisdictions have open income tax audits.
v3.25.4
Concentrations
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
Concentration of Revenues

We derived revenue from a wide range of industries and companies. In 2025, we generated approximately 26% of our total revenues from customers in the transportation industry, 22% from the chemical industry, 22% from the petroleum industry, 12% from food/agriculture industries, and 5% from the mining, minerals and aggregates industry. Our foreign identifiable revenues were primarily derived in Canada, Germany, the United Kingdom, Poland, Austria and India.

Concentration of Credit Risk

We did not have revenue concentrations greater than 10% from any particular customer for any of the years ended December 31, 2025, 2024, and 2023. Under our lease agreements with customers, we typically retain legal ownership of the assets unless such assets have been financed by sale-leasebacks. We perform a credit evaluation prior to approval of a lease contract. Subsequently, we monitor the creditworthiness of the customer and the value of the collateral on an ongoing basis. We maintain an allowance for losses to provide for credit losses inherent in our receivables balances.

Concentration of Labor Force

As of December 31, 2025, collective bargaining agreements covered approximately 39% of our employees. None of the agreements are set to expire within the next year. The hourly employees at our U.S. service centers are represented by the United Steelworkers. Employees at three of Rail North America's Canadian service centers are represented by Unifor and the Employee Shop Committee of Rivière-des-Prairies. Certain employees of GATX Rail Europe are represented by one union in Poland.
v3.25.4
Commercial Commitments
 12 Months Ended
Dec. 31, 2025
Guarantees [Abstract]  
Commercial Commitments Commercial Commitments
We have entered into various commercial commitments, including standby letters of credit, performance bonds, and guarantees related to certain transactions. 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 December 31, 2025 and December 31, 2024, we had commercial commitments of $9.9 million and $8.7 million, consisting of standby letters of credit and performance bonds. There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2025 and December 31, 2024. As of December 31, 2025, 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.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
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 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 nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. See "Note 3. Significant Accounting Policies" for more detail of our EPS calculation methodology.

The following table shows the computation of our basic and diluted earnings per common share for the years ended December 31 (in millions, except per share amounts):
202520242023
Basic earnings per share:
Net income
$333.3 $284.2 $259.2 
Less: Net income attributable to non-controlling interest— — — 
Net income attributable to GATX
333.3 284.2 259.2 
Less: Net income allocated to participating securities(5.5)(4.9)(4.9)
Net income available to common shareholders$327.8 $279.3 $254.3 
Weighted-average shares outstanding - basic
35.8 35.8 35.7 
Basic earnings per share
$9.14 $7.80 $7.13 
Diluted earnings per share:
Net income
$333.3 $284.2 $259.2 
Less: Net income attributable to non-controlling interest— — — 
Net income attributable to GATX
333.3 284.2 259.2 
Less: Net income allocated to participating securities(5.5)(4.9)(4.9)
Net income available to common shareholders$327.8 $279.3 $254.3 
Weighted-average shares outstanding - basic
35.8 35.8 35.7 
Effect of dilutive securities:
Equity compensation plans0.1 0.1 0.1 
Weighted-average shares outstanding - diluted *
35.9 35.9 35.7 
Diluted earnings per share
$9.12 $7.78 $7.12 
_______
(*) Sum of individual components may not be additive due to rounding.
v3.25.4
Goodwill
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Our goodwill was $126.3 million as of December 31, 2025 and $114.1 million as of December 31, 2024. In the fourth quarter of 2025, we performed a review for impairment of goodwill, and concluded that goodwill was not impaired. The following table summarizes the components of goodwill by segment for the years ended December 31 (in millions):
20252024
Rail North America$23.8 $23.8 
Rail International (1)60.5 53.3 
Other (1)42.0 37.0 
Total$126.3 $114.1 
_______
(1) Goodwill relates to our rail operations in Europe at the Rail International segment and Trifleet at the Other segment.

The changes in the carrying amount of our goodwill for 2025 resulted from fluctuations in foreign currency exchange rates. There are no accumulated impairment losses related to our goodwill.
v3.25.4
Allowance for Losses
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Allowance for Losses Allowance for Losses
The following table shows changes in the allowance for losses at December 31 (in millions):
20252024
Beginning balance$5.7 $5.9 
Provision for losses0.5 2.0 
Charges to allowance(0.4)(1.9)
Recoveries and other, including foreign exchange adjustments0.2 (0.3)
Ending balance$6.0 $5.7 
v3.25.4
Other Assets and Other Liabilities
 12 Months Ended
Dec. 31, 2025
Other Assets and Other Liabilities [Abstract]  
Other Assets and Other Liabilities Other Assets and Other Liabilities
The following table shows the components of other assets reported on our balance sheets as of December 31 (in millions):
20252024
GST/VAT receivable$85.9 $44.1 
Inventory
84.0 71.8 
Office furniture, fixtures and other equipment, net of accumulated depreciation
35.9 26.8 
Prepaid pension
25.4 20.7 
Prepaid items24.9 18.4 
Utilization asset17.2 26.5 
Assets held for sale4.0 0.4 
Deferred financing costs
3.6 3.5 
Other
119.6 90.9 
Total
$400.5 $303.1 

The following table shows the components of other liabilities reported on our balance sheets as of December 31 (in millions):
20252024
Accrued pension and other post-retirement benefits$41.5 $38.5 
Derivatives41.0 12.1 
Environmental accruals10.3 12.0 
Other69.3 44.9 
Total$162.1 $107.5 
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
On January 25, 2019, our Board approved a $300 million share repurchase program (the "Prior Repurchase Program"), pursuant to which we were authorized to purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to Rule 10b5-1 plans. During 2025, we repurchased 416,699 shares of common stock for $65.0 million under the Prior Repurchase Program, compared to 167,452 shares for $21.9 million in 2024 and 24,520 shares of common stock for $2.6 million in 2023.

On February 18, 2026, the Board terminated the Prior Repurchase Program and approved a new $300.0 million share repurchase program (the "New Repurchase Program"), pursuant to which we are authorized to purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to Rule 10b5-1 plans. The New Repurchase Program does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. The timing of share repurchases will be dependent on market conditions and other factors.

In accordance with our certificate of incorporation,120 million shares of common stock are authorized, at a par value of $0.625 per share. As of December 31, 2025, 69.3 million shares were issued and 35.4 million shares were outstanding.

The following shares of common stock were reserved as of December 31, 2025 (in millions):
GATX Corporation 2004 Equity Incentive Compensation Plan2.1 
GATX Corporation 2012 Amended and Restated Incentive Award Plan4.6 
Total6.7 
Our certificate of incorporation also authorizes five million shares of preferred stock at a par value of $1.00 per share. We had no outstanding shares of preferred stock as of December 31, 2025 or December 31, 2024.
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [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, 2022
$(152.1)$(11.2)$(48.3)$(211.6)
Change in component45.8 (3.6)(4.1)38.1 
Reclassification adjustments into earnings (1)— 5.3 0.1 5.4 
Income tax effect— (0.4)0.9 0.5 
Accumulated other comprehensive loss at December 31, 2023$(106.3)$(9.9)$(51.4)$(167.6)
Change in component(53.8)3.4 13.9 (36.5)
Reclassification adjustments into earnings (1)— (2.1)0.4 (1.7)
Income tax effect— (0.3)(3.5)(3.8)
Accumulated other comprehensive loss at December 31, 2024$(160.1)$(8.9)$(40.6)$(209.6)
Change in component109.3 (27.2)— 82.1 
Reclassification adjustments into earnings (1)— 1.4 0.4 1.8 
Income tax effect— 6.2 0.5 6.7 
   Non-controlling interest— 14.4 — 14.4 
Accumulated other comprehensive loss at December 31, 2025$(50.8)$(14.1)$(39.7)$(104.6)
_______
(1) See "Note 9. Fair Value" and "Note 11. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.25.4
Foreign Operations
 12 Months Ended
Dec. 31, 2025
Concentration Risks, Types, No Concentration Percentage [Abstract]  
Foreign Operations Foreign Operations
For the years ended December 31, 2025, 2024, and 2023, we did not derive revenues in excess of 10% of our consolidated revenues from any one foreign country. At December 31, 2025, Canada was the only foreign country that held more than 10% of our identifiable assets. At December 31, 2024, the United Kingdom was the only foreign country that held more than 10% of our identifiable assets.

The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions):
202520242023
Revenues
Foreign
$721.4 $637.3 $548.1 
United States
1,019.0 948.2 862.8 
Total
$1,740.4 $1,585.5 $1,410.9 
Identifiable Assets
Foreign
$6,801.3 $5,167.2 $4,718.5 
United States
11,198.2 7,129.3 6,607.5 
Total
$17,999.5 $12,296.5 $11,326.0 
v3.25.4
Legal Proceedings and Other Contingencies
 12 Months Ended
Dec. 31, 2025
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.

Norfolk Southern Train Derailment in East Palestine, Ohio

On June 30, 2023, a third-party complaint was filed by Norfolk Southern Railway Company and Norfolk Southern Corporation (collectively, "Norfolk Southern") against GATX and several other parties in the Northern District of Ohio (Eastern Division) for contribution and recovery of environmental damages related to the derailment of a Norfolk Southern train in East Palestine, Ohio that included railcars owned by GATX Corporation. The Company filed a motion to dismiss Norfolk Southern's third-party complaint on September 15, 2023. On March 6, 2024, the Court granted GATX's and the other third-party defendants’ motions and dismissed all Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") claims. The Court also dismissed all state law claims, declining to exercise supplemental jurisdiction over them in light of its dismissal of the CERCLA claims. On March 26, 2024, Norfolk Southern moved the Court for entry of partial final judgment as to the order dismissing the third-party complaint in order to appeal before final judgment the Court’s dismissal order as to GATX and the other third-party defendants. The Court has denied Norfolk Southern’s motion. In the interim, on May 23, 2024, Norfolk Southern entered into a Consent Decree settling claims with the United States Department of Justice and Environmental Protection Agency (but not the State of Ohio) to which GATX is not a party. The State of Ohio first party action against Norfolk Southern remains pending.

All other litigation involving the East Palestine train derailment incident has been fully resolved as to GATX, including a recent agreement for dismissal of GATX with prejudice of a putative class action lawsuit originally filed in federal court in Pennsylvania by four Pennsylvania school districts and their students.

To the extent there are any further actions against GATX, the Company will vigorously defend itself.
Other Litigation

GATX and its subsidiaries have been named as defendants in various legal actions and claims, governmental proceedings, and private civil suits arising in the ordinary course of business, including environmental matters, workers’ compensation claims, and other personal injury claims. Some of these proceedings include claims for punitive as well as compensatory damages. Several of our subsidiaries have also been named as defendants or co-defendants in cases alleging injury caused by exposure to asbestos. The plaintiffs seek an unspecified amount of damages based on common law, statutory, or premises liability. In addition, demand has been made against GATX for asbestos-related claims under limited indemnities given in connection with the sale of certain of our former 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.

Litigation Accruals

We have recorded accruals totaling $4.6 million at December 31, 2025 for losses related to those litigation matters that we believe to be probable and for which an amount of loss can be reasonably estimated. However, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in liability that materially exceeds the accrued amount.

In addition, we have other litigation matters pending for which we have not recorded any accruals because our potential liability for those matters is not probable or cannot be reasonably estimated based on currently available information. For those matters where we have not recorded an accrual but a loss is reasonably possible, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have not recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in a significant liability for GATX.

Environmental

Our operations are subject to extensive federal, state, and local environmental regulations. Our operating procedures include practices to protect the environment from the risks inherent in full service railcar leasing, which involves maintaining railcars used by customers to transport chemicals and other hazardous materials. Under some environmental laws in the U.S. and certain other countries, the owner of a leased transportation asset may be liable for environmental damage and cleanup or other costs in the event of a spill or discharge of material from such asset without regard to the owner’s fault. While our standard forms of lease agreements require the lessee to indemnify us against environmental claims and to carry liability insurance coverage, such indemnities and insurance may not fully protect us against claims for environmental damage. Additionally, some of our real estate holdings, including previously owned properties, are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies whose activities might have resulted in discharges on the property. As a result, we are subject to environmental cleanup and enforcement actions. In particular, CERCLA, also known as the Superfund law, as well as similar state laws, impose joint and several liability for cleanup and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. If there are other potentially responsible parties ("PRPs"), we generally contribute to the cleanup of these sites through cost-sharing agreements with terms that vary from site to site. Costs are typically allocated based on the relative volumetric contribution of material, the period of time the site was owned or operated, and/or the portion of the site owned or operated by each PRP.

At the time a potential environmental issue is identified, initial accruals for environmental liability are established when such liability is determined to be probable and a reasonable estimate of the associated costs can be made. Costs are estimated based on the type and level of investigation and/or remediation activities that our internal environmental staff (and where appropriate, independent consultants) have advised to be necessary to comply with applicable laws and regulations. Activities include surveys and environmental studies of potentially contaminated sites as well as costs for remediation and restoration of sites determined to be contaminated. In addition, we have provided indemnities for potential environmental liabilities to buyers of divested companies. In
these instances, accruals are based on the scope and duration of the respective indemnities together with the extent of known contamination. Estimates are periodically reviewed and adjusted as required to reflect additional information about facility or site characteristics or changes in regulatory requirements. We conduct a quarterly environmental contingency analysis, which considers a combination of factors including independent consulting reports, site visits, legal reviews, analysis of the likelihood of participation in and the ability of other PRPs to pay for cleanup, and historical trend analyses.

We are involved in administrative and judicial proceedings and other voluntary and mandatory cleanup efforts at 6 sites, including Superfund sites, for which we are contributing to the cost of performing the study or cleanup, or both, of alleged environmental contamination. As of December 31, 2025, we have recorded accruals of $10.3 million for remediation and restoration costs that we believe to be probable and for which the amount of loss can be reasonably estimated. These amounts are included in other liabilities on our balance sheet. Our environmental liabilities are not discounted.

We did not materially change our methodology for identifying and calculating environmental liabilities in the last three years. Currently, no known trends, demands, commitments, events or uncertainties exist that are reasonably likely to occur and materially affect the methodology or assumptions described above.

The recorded accruals represent our best estimate of all costs for remediation and restoration of affected sites, without reduction for anticipated recoveries from third parties, and include both asserted and unasserted claims. However, we are unable to provide a reasonable estimate of the maximum potential loss associated with these sites because cleanup costs cannot be predicted with certainty. Various factors beyond our control can impact the amount of loss GATX will ultimately incur with respect to these sites, including the extent of corrective actions that may be required; evolving environmental laws and regulations; advances in environmental technology; the extent of other parties' participation in cleanup efforts; developments in periodic environmental analyses related to sites determined to be contaminated; and developments in environmental surveys and studies of potentially contaminated sites. As a result, future charges associated with these sites could have a significant effect on results of operations in a particular quarter or year if the costs materially exceed the accrued amount as individual site studies and remediation and restoration efforts proceed. However, management believes it is unlikely that the ultimate cost to GATX for any of these sites, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or liquidity.
v3.25.4
Financial Data of Business Segments
 12 Months Ended
Dec. 31, 2025
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.

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 insurance, and provides other ancillary services. As of December 31, 2025, GABX is consolidated in the Rail North America operating segment and 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 will be reflected within that segment upon closing of the transaction.

Rail International is an aggregation of our operating segments in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India") and, until January 31, 2023, our rail business in Russia ("Rail Russia"). In 2023, we completed the sale of Rail Russia. 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.

As previously disclosed, we changed the name of our Portfolio Management business segment to Engine Leasing in 2024 to reflect the prospective operations of the segment. Historically, this business segment included marine operations from our Specialized Gas Vessels. As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations.

Engine Leasing is now almost entirely composed of our engine leasing operations, which include our ownership interest in the RRPF affiliates, a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GEL, our wholly owned business that directly owns aircraft spare engines that are leased to airline customers or employed in engine capacity agreements.

Other includes Trifleet operations, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments.

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 the years ended December 31, 2025, 2024, and 2023 (in millions):


Rail North
America
Rail International
Engine Leasing		OtherGATX Consolidated
2025 Profitability
Revenues
Lease revenue$1,049.1 $366.1 $38.2 $32.8 $1,486.2 
Non-dedicated engine revenue— — 86.7 — 86.7 
Other revenue137.3 21.7 — 8.5 167.5 
Total Revenues1,186.4  387.8 124.9 41.3 1,740.4 
Expenses
Maintenance expense350.5 72.4 — 4.8 427.7 
Depreciation expense285.7 90.5 39.7 15.9 431.8 
Operating lease expense28.9 — — — 28.9 
Other operating expense31.1 19.3 11.2 3.7 65.3 
Total Expenses696.2 182.2 50.9 24.4 953.7 
Other Income (Expense)
Net gain on asset dispositions130.0 6.8 — 0.1 136.9 
Interest (expense) income, net(259.5)(82.6)(49.7)0.3 (391.5)
Other (expense) income(8.7)(3.9)— 12.2 (0.4)
Share of affiliates' pre-tax (loss) earnings(0.2)— 157.2 — 157.0 
Segment profit$351.8 $125.9 $181.5 $29.5 $688.7 
Less:
Selling, general and administrative expense
252.6 
Income taxes (includes $39.7 related to affiliates' earnings)
102.8 
Net Income$333.3 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$333.3 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$116.5 $2.3 $— $0.1 $118.9 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)16.6 4.5 — — 21.1 
Asset impairments(3.6)— — — (3.6)
$130.0 $6.8 $— $0.1 $136.9 
Capital Expenditures
Portfolio investments and capital additions$644.1 $502.4 $147.1 $23.1 $1,316.7 
Selected Balance Sheet Data 
Investments in affiliated companies$— $— $732.3 $— $732.3 
Identifiable assets (2)$12,235.5 $2,919.0 $1,831.6 $1,013.4 $17,999.5 
_______
(1) Includes net gains from scrapping of railcars.
(2) Identifiable assets at Rail North America include 100% of the assets at the GABX joint venture with Brookfield.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2024 Profitability
Revenues
Lease revenue$983.5 $333.6 $32.4 $31.6 $1,381.1 
Non-dedicated engine revenue— — 64.6 — 64.6 
Other revenue115.5 16.7 0.1 7.5 139.8 
Total Revenues1,099.0 350.3 97.1 39.1 1,585.5 
Expenses
Maintenance expense306.9 70.7 — 4.0 381.6 
Depreciation expense271.1 78.7 37.8 14.8 402.4 
Operating lease expense33.9 — — — 33.9 
Other operating expense26.4 17.4 9.6 4.3 57.7 
Total Expenses638.3 166.8 47.4 23.1 875.6 
Other Income (Expense)
Net gain on asset dispositions132.8 4.5 0.6 0.4 138.3 
Interest (expense) income, net(232.1)(71.4)(41.9)4.4 (341.0)
Other (expense) income(5.4)3.2 0.6 (7.9)(9.5)
Share of affiliates' pre-tax earnings— — 108.3 — 108.3 
Segment profit$356.0 $119.8 $117.3 $12.9 $606.0 
Less:
Selling, general and administrative expense
236.3 
Income taxes (includes $25.5 related to affiliates' earnings)
85.5 
Net Income$284.2 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$284.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$119.4 $1.7 $0.6 $0.3 $122.0 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)12.9 2.8 — 0.1 15.8 
$132.8 $4.5 $0.6 $0.4 $138.3 
Capital Expenditures
Portfolio investments and capital additions$1,162.4 $232.9 $260.8 $18.3 $1,674.4 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $663.1 $— $663.3 
Identifiable assets
$7,751.6 $2,233.3 $1,653.4 $658.2 $12,296.5 
_______
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2023 Profitability
Revenues
Lease revenue$888.8 $296.6 $32.6 $33.4 $1,251.4 
Non-dedicated engine revenue— — 37.6 — 37.6 
Marine operating revenue— — 6.9 — 6.9 
Other revenue93.9 12.9 0.1 8.1 115.0 
Total Revenues982.7 309.5 77.2 41.5 1,410.9 
Expenses
Maintenance expense276.6 64.1 — 4.1 344.8 
Depreciation expense265.9 68.2 28.3 13.9 376.3 
Operating lease expense36.0 — — — 36.0 
Marine operating expense— — 6.5 — 6.5 
Other operating expense25.9 10.4 7.3 3.0 46.6 
Total Expenses604.4 142.7 42.1 21.0 810.2 
Other Income (Expense)
Net gain on asset dispositions120.5 7.0 2.2 0.6 130.3 
Interest expense (income), net(182.9)(56.2)(29.8)5.5 (263.4)
Other (expense) income(8.0)(4.2)0.2 2.6 (9.4)
Share of affiliates' pre-tax (loss) earnings(0.6)— 98.7 — 98.1 
Segment profit$307.3 $113.4 $106.4 $29.2 $556.3 
Less:
Selling, general and administrative expense212.7 
Income taxes (includes $25.7 related to affiliates' earnings)
84.4 
Net Income$259.2 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$259.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$111.7 $4.9 $2.9 $0.3 $119.8 
Residual sharing income0.4 — 0.5 — 0.9 
Non-remarketing net gains (1)8.4 2.4 — 0.3 11.1 
Asset impairments— (0.3)(1.2)— (1.5)
$120.5 $7.0 $2.2 $0.6 $130.3 
Capital Expenditures
Portfolio investments and capital additions$976.9 $382.4 $267.3 $38.4 $1,665.0 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $626.8 $— $627.0 
Identifiable assets
$6,993.8 $2,175.2 $1,355.1 $801.9 $11,326.0 
_______
(1) Includes net gains from scrapping of railcars.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 1, 2026:

•GATX completed the acquisition of Wells Fargo's rail operating lease portfolio for a purchase price of approximately $4.2 billion. At closing, Wells Fargo's rail operating lease portfolio comprised approximately 101,000 railcars. The acquisition was completed through the 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% ownership over time through a call option agreement it entered into with GABX and Brookfield. We will account for the purchase as an asset acquisition, and the operations of the joint venture will be consolidated within the Rail North America segment.
•GATX acquired approximately 200 locomotives directly from Wells Fargo for approximately $30.4 million.
•Brookfield completed the acquisition of Wells Fargo’s rail finance lease portfolio, consisting of both railcars and locomotives.

GATX, through separate management agreements with GABX and Brookfield, will serve as manager of the railcars in the joint venture, as well as the finance lease railcars and locomotives directly owned by Brookfield, and will receive a management fee for these services.
v3.25.4
Noncontrolling Interest
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure 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. As of December 31, 2025, the non-controlling interest represents Brookfield's 70% ownership in GABX.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Board recognizes the critical importance of maintaining the trust and confidence of our employees, customers, shareholders and other stakeholders. Among other areas of responsibility, the Board has oversight responsibilities in relation to the Company’s risk management program, and cybersecurity represents an important component of the Company’s overall approach to enterprise risk management (“ERM”). The Company’s cybersecurity policies and practices are integrated into the Company’s ERM program and our risk goals are guided by internationally recognized standards and frameworks that help us to identify, assess, and manage risks relevant to our business. In general, the Company manages our cybersecurity risk using an evidence- and risk-based approach designed to reduce risks and thereby protect the Company’s mission, business, and stakeholders, rather than focusing upon meeting any specific technical specifications.

Risk Management and Strategy

The Company’s cybersecurity program is focused on the following key areas:

•Governance: As discussed in more detail below, the Board’s oversight of cybersecurity risk management is supported by its Audit Committee, which interacts with the Company’s ERM function, the Company’s Senior Vice President and Chief Information Officer (“CIO”), the Global Head of IT Security, who reports directly to the CIO, and other relevant members of management.
•Collaborative Approach: We have implemented a cross-functional approach to identifying, mitigating, and managing cybersecurity risks, threats, and incidents through a broad range of controls and supporting processes.
•Technical Safeguards: We deploy various technical safeguards that are designed to protect the Company’s information systems and data from cybersecurity threats.
•Incident Response and Recovery Planning: We have established, and maintain, an incident response plan that addresses the Company’s planned responses to a potential or actual cybersecurity incident. This plan is periodically reviewed, tested, and evaluated. The incident response plan also includes consideration of disclosure requirements and communication to appropriate parties within the Company.
•Third-Party Risk Management: We take a risk-based approach to identifying the cybersecurity risks presented by third-party service providers, including by conducting a security assessment and an evaluation of AI usage of prospective vendors where warranted.
•Education and Awareness: We provide training for our employees regarding cybersecurity threats as a means to build awareness and equip them with effective tools to identify and address cybersecurity threats, as well as to communicate the Company’s evolving information security policies and practices.

We engage in the periodic assessment and testing of our cybersecurity policies and practices. These efforts include a range of activities focused on evaluating the effectiveness of our cybersecurity measures and planning. We engage third parties to perform assessments on various aspects of our cybersecurity measures, including information security maturity assessments, audits, and reviews of our information security control environment and operating effectiveness. The results of such assessments, audits, and reviews are reported to senior management and the Audit Committee, and we adjust our cybersecurity processes as necessary based on the information provided by these assessments, audits, and reviews.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company’s cybersecurity policies and practices are integrated into the Company’s ERM program and our risk goals are guided by internationally recognized standards and frameworks that help us to identify, assess, and manage risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
Through its Audit Committee, the Board oversees the Company’s ERM program, including risks arising from cybersecurity threats. The Audit Committee receives periodic presentations and reports on cybersecurity risks addressing recent developments, evolving standards, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to the Company’s peers and third parties. The Audit Committee also receives information regarding cybersecurity incidents impacting the Company that are deemed more significant under the cybersecurity incident response plan, as well as ongoing updates regarding any such incidents until they have been addressed. The Audit Committee discusses the Company’s approach to cybersecurity risk management with GATX senior management, including the CIO and the Global Head of IT Security, who has responsibility for assessing and managing material risks from cybersecurity threats.

A cybersecurity group within GATX’s IT department, led by the Global Head of IT Security, works collaboratively across the Company to administer a program designed to protect the Company’s information systems and information from cybersecurity threats and to execute processes in accordance with the Company’s incident response plan. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams and the cybersecurity group, the Global Head of IT Security monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents and reports such threats and incidents to the Audit Committee when appropriate. The CIO has over 26 years of experience in information technology, including over 19 years managing the cybersecurity function and resources. The Global Head of IT Security has over 16 years of experience in information technology and information security, including over 11 years of leadership roles within the information security domain, and holds multiple certifications in cybersecurity and risk management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Through its Audit Committee, the Board oversees the Company’s ERM program, including risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives periodic presentations and reports on cybersecurity risks addressing recent developments, evolving standards, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to the Company’s peers and third parties. The Audit Committee also receives information regarding cybersecurity incidents impacting the Company that are deemed more significant under the cybersecurity incident response plan, as well as ongoing updates regarding any such incidents until they have been addressed. The Audit Committee discusses the Company’s approach to cybersecurity risk management with GATX senior management, including the CIO and the Global Head of IT Security, who has responsibility for assessing and managing material risks from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block] A cybersecurity group within GATX’s IT department, led by the Global Head of IT Security, works collaboratively across the Company to administer a program designed to protect the Company’s information systems and information from cybersecurity threats and to execute processes in accordance with the Company’s incident response plan. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams and the cybersecurity group, the Global Head of IT Security monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents and reports such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] A cybersecurity group within GATX’s IT department, led by the Global Head of IT Security, works collaboratively across the Company to administer a program designed to protect the Company’s information systems and information from cybersecurity threats and to execute processes in accordance with the Company’s incident response plan.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO has over 26 years of experience in information technology, including over 19 years managing the cybersecurity function and resources. The Global Head of IT Security has over 16 years of experience in information technology and information security, including over 11 years of leadership roles within the information security domain, and holds multiple certifications in cybersecurity and risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee receives periodic presentations and reports on cybersecurity risks addressing recent developments, evolving standards, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to the Company’s peers and third parties. The Audit Committee also receives information regarding cybersecurity incidents impacting the Company that are deemed more significant under the cybersecurity incident response plan, as well as ongoing updates regarding any such incidents until they have been addressed. The Audit Committee discusses the Company’s approach to cybersecurity risk management with GATX senior management, including the CIO and the Global Head of IT Security, who has responsibility for assessing and managing material risks from cybersecurity threats.A cybersecurity group within GATX’s IT department, led by the Global Head of IT Security, works collaboratively across the Company to administer a program designed to protect the Company’s information systems and information from cybersecurity threats and to execute processes in accordance with the Company’s incident response plan. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams and the cybersecurity group, the Global Head of IT Security monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents and reports such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2019
Accounting Policies [Abstract]    
Basis of presentation  
Basis of Presentation

We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP").
Consolidation  
Consolidation
Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances.
Non-Controlling Interest
Non-Controlling Interest

Non-controlling interest was established in December 2025 as a result of the creation and funding of the GABX joint venture with Brookfield. As of December 31, 2025, our ownership percentage in GABX is 30%. Non-controlling interest represents the portion of our consolidated net assets that are not attributable to GATX. Non-controlling interest is recorded at carrying value and is reported as a component of equity on our consolidated balance sheets. Further, a portion of net income is allocated to non-controlling interest holders based on the ownership percentage and is recorded as net income attributable to non-controlling interest on the consolidated statements of income. Income tax benefit or provision is applied to the income attributable to the controlling interest as the income attributable to the non-controlling interest is pass-through income.
  
Use of Estimates  
Use of Estimates

Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates.
Lease Classification
Lease Classification

We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, we evaluate whether the modification requires a reassessment of the classification per the guidance around lease modifications within ASC Topic 842, Leases ("Topic 842") and will reassess lease classification, if required. See "Note 5. Leases."
  
Revenue Recognition  
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 and services.

We disaggregate revenue into four categories as presented on our statements 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 offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of 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 5. 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 5. 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 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.

Marine Operating Revenue

Historically, we generated marine operating revenue through shipping services completed by our marine vessels. All marine vessels were sold as of December 31, 2023.

Other Revenue

Other revenue is comprised of customer repair revenue, 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.
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 nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. Vested non-employee director awards are treated as shares outstanding for basic and diluted earnings per share because these awards are guaranteed to be settled in shares upon the passage of time.

Under the two-class method, net income attributable to GATX is allocated between shares of common stock and participating securities based on their participating rights. Basic EPS is computed by dividing net income attributable to GATX, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Diluted EPS is calculated by dividing net income attributable to GATX, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding adjusted for the dilutive effect of unvested stock options, restricted stock units and performance shares. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method or the two-class method. Earnings allocated to participating securities include their portion of dividends declared and undistributed earnings during the period.
  
Cash and Cash Equivalents  
Cash and Cash Equivalents and Short-Term Investments

We classify all highly liquid investments with a maturity of three months or less at the date of purchase as cash equivalents. Investments with maturities greater than three months but less than one year at the date of purchase are classified as short-term investments.
Restricted Cash  
Restricted Cash

Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. As of December 31, 2025, our restricted cash primarily related to cash held in escrow on behalf of GABX to be used for the acquisition of Wells Fargo's rail assets.
Operating Assets and Facilities  
Operating Assets and Facilities

We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows:
Railcars
15–45 years
Aircraft spare engines
25–30 years
Locomotives
10–20 years
Tank containers
15–25 years
Buildings
40–50 years
Leasehold improvements
5–15 years
Other equipment
3–30 years

We review our operating assets and facilities for impairment annually, or whenever circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale.
Leased assets as a Lessee
Leased Assets as a Lessee
We record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or whenever circumstances indicate that the carrying amount of those assets may not be recoverable. 		 
Investments in Affiliates  
Investments in Affiliates

We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 6. Investments in Affiliated Companies."
Variable Interest Entities
Variable Interest Entities
We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, 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 variable interest entity, we consolidate the entity in our financial statements. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may affect our determination of whether an entity is a variable interest entity and, if so, whether we are the primary beneficiary. We have determined that the GABX joint venture is a variable interest entity and that we are the primary beneficiary because we have the power to direct its significant activities. As a result, we consolidate the GABX joint venture. 		 
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill."

We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. Intangible assets are included in other assets on the balance sheet.
Income Taxes  
Income Taxes
We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 13. Income Taxes."
Fair Value Measurements  
Fair Value Measurements

Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value."
Derivatives  
Derivatives

We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. In 2025, we entered into deal-contingent interest rate swap contracts to hedge the interest rate risk related to the anticipated issuance of long-term debt used to finance the acquisition of Wells Fargo's rail assets. These deal-contingent derivatives are classified as cash flow hedges. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis.
We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in interest expense, and we include the related cash flows in the cash flow section corresponding to the hedged item. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive income (loss), and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Cash flows from derivatives designated as cash flow hedges are included in the cash flow section corresponding to the hedged item. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 9. Fair Value
Foreign Currency  
Foreign Currency

We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized in other expense during the periods in which they occur. Net gains recognized were $1.3 million, $0.6 million, and $6.9 million for 2025, 2024, and 2023, respectively.
Environmental Liabilities  
Environmental Liabilities
We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 24. Legal Proceedings and Other Contingencies.
Defined Benefit Pension and Other Post-Retirement Plans  
Defined Benefit Pension and Other Post-Retirement Plans

Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost in accumulated other comprehensive loss. We record the service cost component of net periodic cost in selling, general, and administrative ("SG&A") expense in the statements of income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits."
Maintenance and Repair Costs  
Maintenance and Repair Costs

We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement.
Operating Lease Expense  
Operating Lease Expense

We classify leases of certain railcars and other equipment as operating leases as a lessee. We record the lease expense associated with these leases in operating lease expense on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 5. Leases."
Share-Based Compensation  
Share-Based Compensation
We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. For awards accounted for as liability awards, the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period. See "Note 12. Share-Based Compensation
Net Gain on Asset Dispositions  
Net Gain on Asset Dispositions

Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions.
Interest expense, net   nterest Expense, net
Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $29.4 million in 2025, $24.3 million in 2024, and $15.2 million in 2023.
Receivable  
Finance Lease Receivables

We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of income. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under ASC Topic 326, Financial Instruments - Credit Losses ("Topic 326"). See the “Allowance for Losses” section within this Note for more information.
v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Net gain on disposition of assets
The following table presents the net gain on asset dispositions for the years ended December 31 (in millions):
202520242023
Net disposition gains$118.9 $122.0 $119.8 
Residual sharing income0.5 0.5 0.9 
Non-remarketing net disposition gains21.1 15.8 11.1 
Asset impairments (1)(3.6)— (1.5)
Net gain on asset dispositions$136.9 $138.3 $130.3 
_______
(1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses.
v3.25.4
Operating Assets and Facilities (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Operating Assets and Facilities
The following table shows the components of our operating assets and facilities as of December 31 (in millions):

20252024
Railcars and locomotives$13,802.1 $12,702.9 
Aircraft spare engines1,177.5 1,030.4 
Tank containers278.0 241.4 
Buildings, leasehold improvements, and other equipment318.5 265.3 
Other86.5 90.6 
$15,662.6 $14,330.6 
Less: allowance for depreciation(4,251.7)(3,880.9)
Net operating assets and facilities$11,410.9 $10,449.7 
The following table shows the components of our total depreciation expense for the years ended December 31 (in millions):
202520242023
Operating assets and facilities, included in depreciation expense$431.8 $402.4 $376.3 
Maintenance operating assets and facilities, included in maintenance expense13.4 11.8 9.3 
Depreciation on operating assets and facilities$445.2 $414.2 $385.6 
Non-operating assets, included in SG&A6.5 6.7 5.9 
Total depreciation expense$451.7 $420.9 $391.5 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2019
Leases [Abstract]    
Operating Lease, Lease Income [Table Text Block]  
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202520242023
Operating lease revenue:
Fixed lease revenue
$1,369.1 $1,263.5 $1,145.1 
Variable lease revenue
104.4 104.1 93.7 
Total operating lease revenue
$1,473.5 $1,367.6 $1,238.8 
Finance lease revenue
12.7 13.5 12.6 
Total lease revenue
$1,486.2 $1,381.1 $1,251.4 
The following table shows the components of our finance leases as of December 31 (in millions):
20252024
Total contractual lease payments receivable
$156.1 $160.0 
Estimated unguaranteed residual value of leased assets
9.4 17.2 
Unearned income
(61.3)(58.9)
Finance leases
$104.2 $118.3 
Assets And Liabilities, Lessee [Table Text Block]  
The following table shows the lease terms and discount rates related to leases as of December 31:
20252024
Weighted-average remaining lease term (in years):
Operating leases
5.76.5
Weighted-average discount rate:
Operating leases
3.72 %3.66 %
Lease, Cost [Table Text Block]
The following table shows the components of lease expense for the years ended December 31 (in millions):
202520242023
Operating lease cost (1):
Fixed lease cost - operating leases
$35.0 $40.0 $41.6 
Finance lease cost:
Amortization of right-of-use assets
— 0.2 — 
Interest on lease liabilities
— 0.3 — 
Total lease cost
$35.0 $40.5 $41.6 
_______
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.
The following table shows other information related to leases for the years ended December 31 (in millions):
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$36.0 $40.0 $41.2 
Financing cash flows for finance leases
— 30.4 — 
Total cash paid for leases$36.0 $70.4 $41.2 
Non-cash financing lease transactions (1)$— $30.1 $— 
_______
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.
  
Lessee, Leases, Future Minimum Payments [Table Text Block]
The following table shows the maturities of our lease liabilities as of December 31, 2025 (in millions):
Operating Leases
2026$36.8 
202733.9 
202826.7 
202919.0 
203018.7 
Thereafter
37.1 
Total undiscounted lease payments$172.2 
Less: amounts representing interest
(18.0)
Total discounted lease liabilities
$154.2 
The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2025 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2026$1,315.1 $33.5 $1,348.6 
20271,071.1 24.5 1,095.6 
2028854.3 20.7 875.0 
2029641.3 13.9 655.2 
2030456.0 12.0 468.0 
Thereafter
836.8 51.5 888.3 
$5,174.6 $156.1 $5,330.7 
_______
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.
v3.25.4
Investments in Affiliated Companies (Tables)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]      
Significant Investments in Affiliated Companies, by Segment    
The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20252024Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$732.3 $663.1 50.0 %
RailPulse LLCRail North America— 0.2 10.0 %
Investments in affiliated companies$732.3 $663.3 
_______
(1) Combined investment balances of a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce
Equity Method Investments, Earnings by Segment  
The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202520242023
Rail North America$(0.2)$— $(0.6)
Engine Leasing157.2 108.3 98.7 
Share of affiliates' pre-tax earnings157.0 108.3 98.1 
Income taxes(39.7)(25.5)(25.7)
Share of affiliates' earnings, net of taxes$117.3 $82.8 $72.4 
  
Equity method Investments, Investments and Distributions     The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202520242023
Engine Leasing$50.0 $50.0 $25.0 
Total$50.0 $50.0 $25.0 
Equity Method Investments, Guarantees Investments in Affiliated Companies
Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines.

The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20252024Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$732.3 $663.1 50.0 %
RailPulse LLCRail North America— 0.2 10.0 %
Investments in affiliated companies$732.3 $663.3 
_______
(1) Combined investment balances of a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce.

The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202520242023
Rail North America$(0.2)$— $(0.6)
Engine Leasing157.2 108.3 98.7 
Share of affiliates' pre-tax earnings157.0 108.3 98.1 
Income taxes(39.7)(25.5)(25.7)
Share of affiliates' earnings, net of taxes$117.3 $82.8 $72.4 
There were no cash investments in affiliates in any of the periods presented. The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202520242023
Engine Leasing$50.0 $50.0 $25.0 
Total$50.0 $50.0 $25.0 

Summarized Financial Data of Affiliates

The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202520242023
Revenues$643.4 $514.0 $487.2 
Net gains on sales of assets134.6 75.2 91.7 
Net income238.4 164.0 150.6 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20252024
Current assets$521.5 $610.5 
Noncurrent assets5,897.6 4,709.1 
Total assets$6,419.1 $5,319.6 
Current liabilities$883.4 $618.4 
Noncurrent liabilities4,102.4 3,405.1 
Shareholders’ equity1,433.3 1,296.1 
Total liabilities and shareholders' equity$6,419.1 $5,319.6 

Summarized Financial Data for the RRPF Affiliates

Our affiliate investments include interests in each of the RRPF affiliates, a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in its engine maintenance programs. In aggregate, the RRPF affiliates owned 456 aircraft engines at December 31, 2025, of which 182 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 18 to 30 years to their estimated residual value. Lease terms vary but typically range from 5 to 12 years. Seconded Rolls-Royce employees act as manager for each of the RRPF affiliates and also perform substantially all required maintenance activities. In addition, the RRPF affiliates manage all of GEL's aircraft spare engines, for which we paid them a fee of $5.6 million in 2025, $4.1 million in 2024, and $2.7 million in 2023. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $117.5 million in 2025, $82.8 million in 2024, and $72.8 million in 2023. In 2025, financial results included $23.4 million ($17.5 million after-tax) of income from insurance recoveries related to aircraft spare engines.
We derived the following financial information from the combined financial statements of the RRPF affiliates.

The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202520242023
Lease revenue from third parties$401.4 $268.1 $224.8 
Lease revenue from Rolls-Royce215.1 225.3 253.0 
Other revenue24.1 18.9 6.0 
Depreciation expense(224.4)(206.2)(223.7)
Interest expense(172.0)(127.3)(135.9)
Other expenses(64.4)(37.7)(19.3)
Other income, including net gains on sales of assets134.5 75.5 92.6 
Income before income taxes314.3 216.6 197.5 
Income taxes (1)(74.4)(49.4)(42.5)
Net income$239.9 $167.2 $155.0 
_______
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20252024
Current assets$519.3 $607.9 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,860.3 and $1,618.4 (1)
5,897.6 4,709.1 
Total assets$6,416.9 $5,317.0 
Accounts payable and accrued expenses$235.3 $239.6 
Debt:
   Current645.1 378.2 
   Noncurrent, net of adjustments for hedges3,189.4 2,673.7 
Other liabilities913.0 731.3 
Shareholders’ equity1,434.1 1,294.2 
Total liabilities and shareholders' equity$6,416.9 $5,317.0 
_______
(1) $4,620.4 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2025.

    The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2025 (in millions):
Rolls-RoyceThird PartiesTotal
2026$180.4 $408.1 $588.5 
2027102.8 372.5 475.3 
202868.9 326.1 395.0 
202956.5 281.9 338.4 
203047.5 238.7 286.2 
Thereafter
73.4 861.3 934.7 
Total
$529.5 $2,488.6 $3,018.1 
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2025 (in millions):
2026$608.2 
2027477.1 
2028576.8 
2029159.8 
2030453.1 
Thereafter
924.0 
Total debt principal (1)
$3,199.0 
_______
(1) All debt obligations are nonrecourse to the shareholders.
    
Equity Method Investments, Summarized Financial Data    
The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202520242023
Revenues$643.4 $514.0 $487.2 
Net gains on sales of assets134.6 75.2 91.7 
Net income238.4 164.0 150.6 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20252024
Current assets$521.5 $610.5 
Noncurrent assets5,897.6 4,709.1 
Total assets$6,419.1 $5,319.6 
Current liabilities$883.4 $618.4 
Noncurrent liabilities4,102.4 3,405.1 
Shareholders’ equity1,433.3 1,296.1 
Total liabilities and shareholders' equity$6,419.1 $5,319.6 
Schedule of Maturities of Debt Obligations    
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2025 (in millions):
2026$653.3 
2027854.5 
2028824.8 
2029907.4 
20303,660.4 
Thereafter
5,605.2 
Total debt principal
$12,505.6 
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
Equity Method Investments, Summarized Financial Data    
The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202520242023
Lease revenue from third parties$401.4 $268.1 $224.8 
Lease revenue from Rolls-Royce215.1 225.3 253.0 
Other revenue24.1 18.9 6.0 
Depreciation expense(224.4)(206.2)(223.7)
Interest expense(172.0)(127.3)(135.9)
Other expenses(64.4)(37.7)(19.3)
Other income, including net gains on sales of assets134.5 75.5 92.6 
Income before income taxes314.3 216.6 197.5 
Income taxes (1)(74.4)(49.4)(42.5)
Net income$239.9 $167.2 $155.0 
_______
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20252024
Current assets$519.3 $607.9 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,860.3 and $1,618.4 (1)
5,897.6 4,709.1 
Total assets$6,416.9 $5,317.0 
Accounts payable and accrued expenses$235.3 $239.6 
Debt:
   Current645.1 378.2 
   Noncurrent, net of adjustments for hedges3,189.4 2,673.7 
Other liabilities913.0 731.3 
Shareholders’ equity1,434.1 1,294.2 
Total liabilities and shareholders' equity$6,416.9 $5,317.0 
_______
(1) $4,620.4 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2025.
Schedule of Future Minimum Lease Payments Receivable     The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2025 (in millions):
Rolls-RoyceThird PartiesTotal
2026$180.4 $408.1 $588.5 
2027102.8 372.5 475.3 
202868.9 326.1 395.0 
202956.5 281.9 338.4 
203047.5 238.7 286.2 
Thereafter
73.4 861.3 934.7 
Total
$529.5 $2,488.6 $3,018.1 
Schedule of Maturities of Debt Obligations    
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2025 (in millions):
2026$608.2 
2027477.1 
2028576.8 
2029159.8 
2030453.1 
Thereafter
924.0 
Total debt principal (1)
$3,199.0 
_______
(1) All debt obligations are nonrecourse to the shareholders.
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [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 balance sheet as of December 31 (in millions):

20252024
Cash and cash equivalents$32.2 $— 
Restricted cash4,211.1 — 
Other assets30.6 — 
Total assets$4,273.9 $— 
Accounts payable and accrued expenses$46.8 $— 
Recourse debt2,942.9 — 
Other liabilities20.4 — 
Total liabilities$3,010.1 $— 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2019
Debt Disclosure [Abstract]    
Outstanding balances of debt obligations and the applicable interest rates  
The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
20252024
Unsecured Recourse Fixed Rate Debt:
U.S.
3.25% Notes due September 2026
$350.0 $350.0 
5.40% Notes due March 2027
350.0 350.0 
3.85% Notes due March 2027
300.0 300.0 
3.50% Notes due March 2028
300.0 300.0 
4.55% Notes due November 2028
300.0 300.0 
4.70% Notes due April 2029
500.0 500.0 
4.00% Notes due June 2030
500.0 500.0 
1.90% Notes due June 2031
400.0 400.0 
3.50% Notes due June 2032
400.0 400.0 
4.90% Notes due March 2033
400.0 400.0 
5.45% Notes due September 2033
400.0 400.0 
6.05% Notes due March 2034
500.0 500.0 
6.90% Notes due May 2034
400.0 400.0 
5.50% Notes due June 2035
700.0 — 
5.20% Notes due March 2044
300.0 300.0 
4.50% Notes due March 2045
250.0 250.0 
3.10% Notes due June 2051
550.0 550.0 
6.05% Notes due May 2054
400.0 400.0 
6.05% Notes due June 2054
500.0 — 
3.25% Notes due March 2025
— 300.0 
$7,800.0 $6,900.0 
Europe (1)20252024
0.90% Schuldschein loan due October 2026
$27.0 $23.8 
5.23% Schuldschein loan due November 2026
44.0 38.8 
1.07% Notes due November 2026
88.1 77.7 
4.37% Schuldschein loan due May 2027
41.1 36.2 
1.17% Schuldschein loan due October 2028
61.1 53.8 
3.21% Notes due December 2028
88.1 — 
3.24% Notes due October 2030
135.1 — 
1.56% Schuldschein loan due October 2031
88.1 77.7 
3.62% Loan due December 2031
117.5 103.5 
3.88% Notes due August 2032
47.0 — 
1.00% Notes due March 2025
— 103.5 
1.13% Notes due August 2025
— 103.5 
$737.1 $618.5 
India (2)
8.39% - 8.83% Term loan due June 2027 (3)(4)
$45.6 $47.9 
8.13% - 8.53% Term loan due February 2028 (3)
25.6 26.9 
8.43% - 8.94% Term loan due February 2029 (3)
44.5 46.7 
8.51% - 8.80% Term loan due January 2030 (3)
22.3 23.4 
$138.0 $144.9 
Total unsecured fixed rate debt
$8,675.1 $7,663.4 
Unsecured Recourse Floating Rate Debt (5):
U.S.
5.06% Notes due January 2028
$50.0 $50.0 
5.26% Notes due January 2029
125.0 100.0 
5.90% Notes due September 2029
50.0 50.0 
5.02% Term Loan due December 2030 (6)
2,959.0 — 
$3,184.0 $200.0 
Europe (1)
3.56% Loan due December 2026
$132.7 $125.3 
3.51% Notes due December 2027
129.2 113.9 
3.16% Notes due May 2029
99.8 — 
3.71% Loan due May 2029
88.1 77.7 
4.40% Loan due November 2030
44.0 38.8 
3.85% Loan due March 2031
58.7 51.8 
3.49% Loan due August 2032
94.0 — 
$646.5 $407.5 
Total recourse floating rate debt
$3,830.5 $607.5 
Total debt principal$12,505.6 $8,270.9 
Unamortized debt discount/premium and debt issuance costs(52.5)(51.6)
Debt adjustment for fair value hedges(1.4)(4.0)
Total Debt$12,451.7 $8,215.3 
_______
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche.
(4) The outstanding balance includes $11.4 million due in 2026.
(5) For floating rate debt, the interest rate disclosed is the applicable interest rate as of December 31, 2025.
(6) Loan at GABX for the acquisition of Wells Fargo's rail assets.
Maturities of GATX's debt obligation  
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2025 (in millions):
2026$653.3 
2027854.5 
2028824.8 
2029907.4 
20303,660.4 
Thereafter
5,605.2 
Total debt principal
$12,505.6 
Schedule of Long-Term Debt Instruments
The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
20252024
Weighted-average interest rate4.78 %4.59 %
Weighted-average term, in years8.28.6
The following table shows the balance and weighted-average interest rate of our borrowings under bank credit facilities as of December 31 (in millions):
20252024
Balance$82.2 $10.4 
Weighted-average interest rate3.23 %4.24 %
  
v3.25.4
Fair Value Disclosure (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities at fair value recurring basis
The following table shows our derivative liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
December 31, 2025		Fair Value
December 31, 2024
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$28.5 $4.0 
Foreign exchange contracts (2)
Other liabilities
12.5 8.1 
Total derivative liabilities$41.0 $12.1 
_______
(1) Designated as hedges.
(2) Not designated as hedges.
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss)
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (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 Included2025202420252024
Recourse debt$49.7 $198.9 $1.4 $4.0 
The following tables show the impact of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions):

Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss)
Derivative Designation202520242023
Derivatives in cash flow hedging relationships:
Foreign exchange contracts
$27.2 $(3.4)$3.6 
Total$27.2 $(3.4)$3.6 

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
202520242023
Interest expense$1.1 $1.6 $1.6 
Other expense0.3 (3.7)3.7 
Total$1.4 $(2.1)$5.3 
Fair value hedging instruments
The following tables show the impact 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 for the years ended December 31 (in millions):

Amount of (Loss) Gain Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202520242023
Total interest expense$(391.5)$(341.0)$(263.4)
(Loss) gain on fair value hedging relationships
Interest rate contracts:
Hedged items
(2.5)(4.0)(3.6)
Derivatives designated as hedging instruments
2.5 4.0 3.6 
(Loss) gain on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.1)(1.6)(1.6)
Amount of (Loss) Gain Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202520242023
Total other expense$(0.4)$(9.5)$(9.4)
(Loss) gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)(0.3)3.7 (3.7)
(Loss) gain on non-designated foreign exchange derivative contracts (2)(3.6)1.7 (11.3)
_______
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.
Cash flow hedging instruments
The following tables show the impact 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 for the years ended December 31 (in millions):

Amount of (Loss) Gain Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202520242023
Total interest expense$(391.5)$(341.0)$(263.4)
(Loss) gain on fair value hedging relationships
Interest rate contracts:
Hedged items
(2.5)(4.0)(3.6)
Derivatives designated as hedging instruments
2.5 4.0 3.6 
(Loss) gain on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.1)(1.6)(1.6)
Amount of (Loss) Gain Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202520242023
Total other expense$(0.4)$(9.5)$(9.4)
(Loss) gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)(0.3)3.7 (3.7)
(Loss) gain on non-designated foreign exchange derivative contracts (2)(3.6)1.7 (11.3)
_______
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.
Other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions):
20252024
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$8,622.5 $8,443.1 $7,609.5 $7,243.9 
Recourse floating rate debt3,829.2 3,870.2 605.8 617.3 
Total$12,451.7 $12,313.3 $8,215.3 $7,861.2 
v3.25.4
Pension and Other Post-Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Pension obligations and plan assets and other post-retirement obligations
We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions):
 
 
 
 		2025 Pension
Benefits 		2024 Pension
Benefits 		2025 Retiree
Health
and Life		2024 Retiree
Health
and Life
Change in Benefit Obligation
Benefit obligation at beginning of year
$329.7 $346.9 $13.1 $14.9 
Service cost
6.1 6.1 0.1 0.1 
Interest cost
16.9 16.4 0.7 0.7 
Actuarial loss (gain)
9.8 (14.9)0.5 (1.0)
Benefits paid
(23.4)(24.3)(1.2)(1.6)
Effect of foreign exchange rate changes
1.4 (0.5)— — 
Benefit obligation at end of year
$340.5 $329.7 $13.2 $13.1 
Change in Fair Value of Plan Assets
Plan assets at beginning of year
$325.0 $328.8 $— $— 
Actual return on plan assets
32.8 19.6 — — 
Effect of exchange rate changes
1.8 (0.4)— — 
Company contributions
1.4 1.3 1.2 1.6 
Benefits paid
(23.4)(24.3)(1.2)(1.6)
Plan assets at end of year
$337.6 $325.0 $— $— 
Funded Status at end of year
$(2.9)$(4.7)$(13.2)$(13.1)
Amount Recognized
Other liabilities
$(2.9)$(4.7)$(13.2)$(13.1)
Accumulated other comprehensive loss (income):
Net actuarial loss (gain)
56.2 58.0 (6.1)(7.1)
Prior service cost
0.4 0.5 — — 
Accumulated other comprehensive loss (income)
56.6 58.5 (6.1)(7.1)
Total recognized
$53.7 $53.8 $(19.3)$(20.2)
After-tax amount recognized in accumulated other comprehensive loss (income)
$44.5 $46.2 $(4.8)$(5.6)
Pension plans with a projected benefit obligation in excess of plan assets
The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions):
20252024
Projected benefit obligations$28.3 $25.4 
Fair value of plan assets— — 
Pension plans with an accumulated benefit obligation in excess of plan assets
The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions):    
20252024
Accumulated benefit obligations$24.5 $22.0 
Fair value of plan assets— — 
Components of pension and other post retirement benefit costs
The following table shows the components of net periodic cost for the years ended December 31 (in millions):

 
 
 
 		2025
Pension
Benefits 		2024
Pension
Benefits 		2023
Pension
Benefits 		2025
Retiree Health and Life		2024
Retiree Health and Life		2023
Retiree Health and Life
Service cost
$6.1 $6.1 $5.3 $0.1 $0.1 $0.1 
Interest cost
16.9 16.4 16.6 0.7 0.7 0.8 
Expected return on plan assets
(21.9)(21.6)(21.4)— — — 
Settlement accounting adjustment
— — 1.4 — — — 
Amortization of (1):
Unrecognized prior service cost (credit)
— 0.1 — — (0.2)(0.3)
Unrecognized net actuarial loss (gain)
0.9 1.0 0.9 (0.5)(0.5)(0.5)
Net periodic cost
$2.0 $2.0 $2.8 $0.3 $0.1 $0.1 
_______
(1) Amounts reclassified from accumulated other comprehensive loss.
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees.
Expected long term return on assets and to measure the periodic cost
We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31:
20252024
Domestic defined benefit pension plans
Benefit Obligation at December 31:
Discount rate — salaried funded plans5.31 %5.59 %
Discount rate — salaried unfunded plans
4.36% - 5.21%
5.11% - 5.55%
Discount rate — hourly funded plan5.65 %5.74 %
Cash balance interest crediting rate — salaried funded plan
4.70% - 4.84%
4.54% - 4.78%
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plansn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — salaried funded and unfunded plans5.59 %4.95 %
Discount rate — hourly funded plan5.75 %5.06 %
Expected return on plan assets — salaried funded plan6.60 %6.40 %
Expected return on plan assets — hourly funded plan5.80 %5.60 %
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plann/an/a
Foreign defined benefit pension plan
Benefit Obligation at December 31:
Discount rate5.40 %5.40 %
Rate of pension-in-payment increases2.70 %3.00 %
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate5.40 %4.50 %
Expected return on plan assets5.55 %4.80 %
Rate of pension-in-payment increases3.00 %2.80 %
Other post-retirement benefit plans
Benefit Obligation at December 31:
Discount rate — combined health5.00 %5.41 %
Discount rate — combined life insurance5.34 %5.61 %
Rate of compensation increasesn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — combined health5.44 %4.84 %
Discount rate — combined life insurance5.61 %4.97 %
Rate of compensation increasesn/an/a
Review of historical returns
We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate.
20252024
Assumed Health Care Cost Trend Rates at December 31:
Health care cost trend assumed for next year
Medical claims — pre age 657.50 %7.50 %
Medical claims — post age 656.50 %6.00 %
Prescription drugs claims — pre age 6511.75 %13.00 %
Prescription drugs claims — post age 6510.75 %12.00 %
Post age 65 Medicare Advantage Part D6.30 %18.75 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)
Medical claims4.50 %4.50 %
Prescription drugs claims4.50 %4.50 %
Year that rate reaches the ultimate trend rate
Medical claims20352034
Prescription drugs claims20352034
Weighted-average asset allocations of domestic funded pension plans
Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2025 and 2024, and current target asset allocation for 2025, by asset category:
  
 		Plan Assets for Salaried Employees at
December 31
Target20252024
Asset Category
Equity securities43.7 %44.4 %44.4 %
Debt securities53.0 %50.7 %51.3 %
Real estate3.3 %2.3 %2.4 %
Cash— %2.6 %1.9 %
100.0 %100.0 %100.0 %

 
 		 
 		Plan Assets for Hourly Employees at
December 31
Target20252024
Asset Category
Equity securities9.3 %9.2 %9.2 %
Debt securities90.0 %87.2 %87.5 %
Real estate0.7 %1.0 %1.3 %
Cash— %2.6 %2.0 %
100.0 %100.0 %100.0 %
The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2025 and 2024, and current target asset allocation for 2025, by asset category:
 
 		 
 		Plan Assets at
December 31
Target20252024
Asset Category
Debt securities100.0 %76.1 %47.4 %
Cash— %23.9 %52.6 %
100.0 %100.0 %100.0 %
Pension plan assets fair value
The following table sets forth the fair value of our pension plan assets as of December 31 (in millions):
20252024
Assets measured at net asset value (1):
Short-term investment collective trust fund
$13.6 $18.5 
Common stock collective trust funds
112.6 107.5 
Fixed-income collective trust funds
186.8 192.6 
Real estate collective trust funds
6.3 6.4 
Annuity policies (2):
UK Buy-in Policy
18.3 — 
Total
$337.6 $325.0 
Schedule of Expected Benefit Payments
The following table shows expected future benefit payments, which reflect expected future service (in millions):

 		Funded PlansUnfunded PlansRetiree Health and Life
2026$30.2 $3.1 $1.3 
202729.4 3.2 1.4 
202829.0 3.2 1.4 
202927.9 3.1 1.4 
203027.2 2.9 1.3 
Years 2031-2035125.7 12.0 5.2 
Total$269.4 $27.5 $12.0 
v3.25.4
Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Weighted Average Fair Value and Assumptions
The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:
202520242023
Weighted-average estimated fair value$49.30 $45.22 $41.06 
Quarterly dividend rate$0.61 $0.58 $0.55 
Expected term of stock options, in years4.14.24.2
Risk-free interest rate4.3 %4.0 %3.7 %
Dividend yield1.5 %1.8 %1.9 %
Expected stock price volatility25.9 %34.7 %35.4 %
Present value of dividends
$9.20 $8.87 $8.57 
Data With Respect to Stock Options SARs Activity
The following table shows information about outstanding stock options for the year ended December 31, 2025:

Number of Stock Options
(in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of the year948 $100.13 
Granted198 166.19 
Exercised(205)83.40 
Forfeited/Cancelled(9)139.96 
Outstanding at end of the year932 117.49 
Vested and exercisable at end of the year551 98.72 
Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term
The following table shows the aggregate intrinsic value of stock options exercised in 2025, 2024, and 2023, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options outstanding and vested as of December 31, 2025:
Stock OptionsWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in millions)
Exercised in 2023$9.0
Exercised in 202413.6 
Exercised in 202516.1 
Outstanding at December 31, 2025 (a)3.848.6
Vested and exercisable at December 31, 20252.739.1 
_______
(a) As of December 31, 2025, 932,172 stock options were outstanding.
Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity
The following table shows information about restricted stock units and performance shares for the year ended December 31, 2025:

Number of Share Units Outstanding (in thousands)Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Unvested at beginning of the year102 $113.79 
Granted26 166.19 
Vested(39)103.89 
Forfeited(4)132.13 
Unvested at end of the year85 133.17 
Performance Shares:
Unvested at beginning of the year89 $119.39 
Granted33 166.19 
Net increase due to estimated performance28 142.72 
Vested(51)113.28 
Unvested at end of the year99 144.65 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Deferred tax Assets and Liabilities
The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions):
20252024
Deferred Tax Liabilities
Book/tax basis difference due to depreciation$1,439.4 $1,327.9 
Right-of-use assets33.7 41.3 
Investments in affiliated companies3.8 4.5 
Lease accounting17.4 18.0 
Intangible amortization1.7 1.5 
Other5.3 4.9 
Total deferred tax liabilities$1,501.3 $1,398.1 
Deferred Tax Assets
Lease liability$37.9 $44.4 
Federal net operating loss140.8 82.6 
Foreign tax credit0.8 0.8 
Valuation allowance on foreign tax credit(0.8)(0.8)
Federal interest limitation carryforward50.5 72.5 
State net operating loss43.3 37.4 
Valuation allowance on state net operating loss(26.9)(20.4)
State interest limitation carryforward7.7 11.4 
Foreign net operating loss2.1 4.4 
Accruals not currently deductible for tax purposes37.8 32.3 
Allowance for losses1.2 1.3 
Pension and post-retirement benefits1.9 2.1 
Other9.3 2.8 
Total deferred tax assets$305.6 $270.8 
Net deferred tax liabilities$1,195.7 $1,127.3 
Income before income taxes
The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions):
202520242023
Income before Income Taxes
Domestic$58.9 $80.6 $82.9 
Foreign220.2 180.8 162.6 
Total$279.1 $261.4 $245.5 
Consolidated federal income taxes
The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions):
202520242023
Income Tax Expense
Current
Domestic:
Federal
$(1.9)$— $2.9 
State and local
0.1 0.7 0.2 
$(1.8)$0.7 $3.1 
Foreign
11.7 13.5 17.3 
Total current
$9.9 $14.2 $20.4 
Deferred
Domestic:
Federal
$16.2 $18.4 $13.5 
State and local
5.9 (6.4)(1.8)
$22.1 $12.0 $11.7 
Foreign
31.1 33.8 26.6 
Total deferred
$53.2 $45.8 $38.3 
Income taxes
$63.1 $60.0 $58.7 
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax
The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions):
202520242023
Income taxes at federal statutory rate
$58.6 21.0 %$54.9 21.0 %$51.6 21.0 %
Adjust for effect of:
Foreign tax effects:
Germany
Foreign tax rate change impact(13.3)(4.8)%— — %— — %
Other3.7 1.3 %4.2 1.6 %4.0 1.6 %
Other foreign jurisdictions6.6 2.4 %5.1 2.0 %5.6 2.3 %
Foreign tax effects(3.0)(1.1)%9.3 3.6 %9.6 3.9 %
Nontaxable or nondeductible items:
Nondeductible officers compensation4.3 1.5 %2.8 1.1 %2.3 0.9 %
Share-based compensation(3.2)(1.1)%(2.2)(0.8)%(1.7)(0.7)%
Other0.7 0.2 %— — %(1.7)(0.7)%
State and local income tax, net of federal (national) income tax effect (1)6.0 2.2 %(4.8)(1.9)%(1.6)(0.6)%
Changes in unrecognized tax benefits(0.3)(0.1)%— — %0.2 0.1 %
Income taxes at effective income tax rate
$63.1 22.6 %$60.0 23.0 %$58.7 23.9 %
_______
(1) During the year ended 2025, the following states represent the majority of income tax reconciling items: Illinois, California, Texas, Georgia, Kansas and Minnesota. In 2024, the states included Illinois, California, Georgia, Texas, Iowa and Kansas. In 2023, the states included Illinois, Texas, California, Georgia, Iowa and Louisiana.
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
The following table shows income taxes paid, for the years ended December 31 (in millions):

202520242023
Income Taxes Paid
Domestic:
   Federal$(1.9)$— $2.9 
   State (1)0.1 0.7 0.2 
$(1.8)$0.7 $3.1 
Foreign:
   Germany$6.9 $8.8 $6.0 
   Canada0.3 (1.2)(0.6)
   Poland5.3 6.8 4.0 
   Mexico1.5 1.4 1.2 
   Austria(0.2)2.3 1.6 
   Netherlands1.2 1.5 1.1 
   India1.1 1.8 0.3 
   Other0.2 0.9 0.6 
$16.3 $22.3 $14.2 
Total$14.5 $23.0 $17.3 
_______
(1) During the years ended December 31, 2025, 2024 and 2023, we did not make tax payments to any states that exceeded more than 5% of total tax payments.
v3.25.4
Commercial Commitments (Tables)
 12 Months Ended
Dec. 31, 2025
Guarantees [Abstract]  
Commercial Commitments
v3.25.4
Allowance for Losses (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Changes in the allowance for possible losses
The following table shows changes in the allowance for losses at December 31 (in millions):
20252024
Beginning balance$5.7 $5.9 
Provision for losses0.5 2.0 
Charges to allowance(0.4)(1.9)
Recoveries and other, including foreign exchange adjustments0.2 (0.3)
Ending balance$6.0 $5.7 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Common stock reserved for conversion and incentive plans
The following shares of common stock were reserved as of December 31, 2025 (in millions):
GATX Corporation 2004 Equity Incentive Compensation Plan2.1 
GATX Corporation 2012 Amended and Restated Incentive Award Plan4.6 
Total6.7 
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [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, 2022
$(152.1)$(11.2)$(48.3)$(211.6)
Change in component45.8 (3.6)(4.1)38.1 
Reclassification adjustments into earnings (1)— 5.3 0.1 5.4 
Income tax effect— (0.4)0.9 0.5 
Accumulated other comprehensive loss at December 31, 2023$(106.3)$(9.9)$(51.4)$(167.6)
Change in component(53.8)3.4 13.9 (36.5)
Reclassification adjustments into earnings (1)— (2.1)0.4 (1.7)
Income tax effect— (0.3)(3.5)(3.8)
Accumulated other comprehensive loss at December 31, 2024$(160.1)$(8.9)$(40.6)$(209.6)
Change in component109.3 (27.2)— 82.1 
Reclassification adjustments into earnings (1)— 1.4 0.4 1.8 
Income tax effect— 6.2 0.5 6.7 
   Non-controlling interest— 14.4 — 14.4 
Accumulated other comprehensive loss at December 31, 2025$(50.8)$(14.1)$(39.7)$(104.6)
_______
(1) See "Note 9. Fair Value" and "Note 11. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.25.4
Foreign Operations (Tables)
 12 Months Ended
Dec. 31, 2019
Concentration Risks, Types, No Concentration Percentage [Abstract]  
Foreign operations data
The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions):
202520242023
Revenues
Foreign
$721.4 $637.3 $548.1 
United States
1,019.0 948.2 862.8 
Total
$1,740.4 $1,585.5 $1,410.9 
Identifiable Assets
Foreign
$6,801.3 $5,167.2 $4,718.5 
United States
11,198.2 7,129.3 6,607.5 
Total
$17,999.5 $12,296.5 $11,326.0 
v3.25.4
Financial Data of Business Segments (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment data
The following tables show certain segment data for the years ended December 31, 2025, 2024, and 2023 (in millions):


Rail North
America
Rail International
Engine Leasing		OtherGATX Consolidated
2025 Profitability
Revenues
Lease revenue$1,049.1 $366.1 $38.2 $32.8 $1,486.2 
Non-dedicated engine revenue— — 86.7 — 86.7 
Other revenue137.3 21.7 — 8.5 167.5 
Total Revenues1,186.4  387.8 124.9 41.3 1,740.4 
Expenses
Maintenance expense350.5 72.4 — 4.8 427.7 
Depreciation expense285.7 90.5 39.7 15.9 431.8 
Operating lease expense28.9 — — — 28.9 
Other operating expense31.1 19.3 11.2 3.7 65.3 
Total Expenses696.2 182.2 50.9 24.4 953.7 
Other Income (Expense)
Net gain on asset dispositions130.0 6.8 — 0.1 136.9 
Interest (expense) income, net(259.5)(82.6)(49.7)0.3 (391.5)
Other (expense) income(8.7)(3.9)— 12.2 (0.4)
Share of affiliates' pre-tax (loss) earnings(0.2)— 157.2 — 157.0 
Segment profit$351.8 $125.9 $181.5 $29.5 $688.7 
Less:
Selling, general and administrative expense
252.6 
Income taxes (includes $39.7 related to affiliates' earnings)
102.8 
Net Income$333.3 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$333.3 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$116.5 $2.3 $— $0.1 $118.9 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)16.6 4.5 — — 21.1 
Asset impairments(3.6)— — — (3.6)
$130.0 $6.8 $— $0.1 $136.9 
Capital Expenditures
Portfolio investments and capital additions$644.1 $502.4 $147.1 $23.1 $1,316.7 
Selected Balance Sheet Data 
Investments in affiliated companies$— $— $732.3 $— $732.3 
Identifiable assets (2)$12,235.5 $2,919.0 $1,831.6 $1,013.4 $17,999.5 
_______
(1) Includes net gains from scrapping of railcars.
(2) Identifiable assets at Rail North America include 100% of the assets at the GABX joint venture with Brookfield.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2024 Profitability
Revenues
Lease revenue$983.5 $333.6 $32.4 $31.6 $1,381.1 
Non-dedicated engine revenue— — 64.6 — 64.6 
Other revenue115.5 16.7 0.1 7.5 139.8 
Total Revenues1,099.0 350.3 97.1 39.1 1,585.5 
Expenses
Maintenance expense306.9 70.7 — 4.0 381.6 
Depreciation expense271.1 78.7 37.8 14.8 402.4 
Operating lease expense33.9 — — — 33.9 
Other operating expense26.4 17.4 9.6 4.3 57.7 
Total Expenses638.3 166.8 47.4 23.1 875.6 
Other Income (Expense)
Net gain on asset dispositions132.8 4.5 0.6 0.4 138.3 
Interest (expense) income, net(232.1)(71.4)(41.9)4.4 (341.0)
Other (expense) income(5.4)3.2 0.6 (7.9)(9.5)
Share of affiliates' pre-tax earnings— — 108.3 — 108.3 
Segment profit$356.0 $119.8 $117.3 $12.9 $606.0 
Less:
Selling, general and administrative expense
236.3 
Income taxes (includes $25.5 related to affiliates' earnings)
85.5 
Net Income$284.2 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$284.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$119.4 $1.7 $0.6 $0.3 $122.0 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)12.9 2.8 — 0.1 15.8 
$132.8 $4.5 $0.6 $0.4 $138.3 
Capital Expenditures
Portfolio investments and capital additions$1,162.4 $232.9 $260.8 $18.3 $1,674.4 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $663.1 $— $663.3 
Identifiable assets
$7,751.6 $2,233.3 $1,653.4 $658.2 $12,296.5 
_______
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2023 Profitability
Revenues
Lease revenue$888.8 $296.6 $32.6 $33.4 $1,251.4 
Non-dedicated engine revenue— — 37.6 — 37.6 
Marine operating revenue— — 6.9 — 6.9 
Other revenue93.9 12.9 0.1 8.1 115.0 
Total Revenues982.7 309.5 77.2 41.5 1,410.9 
Expenses
Maintenance expense276.6 64.1 — 4.1 344.8 
Depreciation expense265.9 68.2 28.3 13.9 376.3 
Operating lease expense36.0 — — — 36.0 
Marine operating expense— — 6.5 — 6.5 
Other operating expense25.9 10.4 7.3 3.0 46.6 
Total Expenses604.4 142.7 42.1 21.0 810.2 
Other Income (Expense)
Net gain on asset dispositions120.5 7.0 2.2 0.6 130.3 
Interest expense (income), net(182.9)(56.2)(29.8)5.5 (263.4)
Other (expense) income(8.0)(4.2)0.2 2.6 (9.4)
Share of affiliates' pre-tax (loss) earnings(0.6)— 98.7 — 98.1 
Segment profit$307.3 $113.4 $106.4 $29.2 $556.3 
Less:
Selling, general and administrative expense212.7 
Income taxes (includes $25.7 related to affiliates' earnings)
84.4 
Net Income$259.2 
Less: Net Income Attributable to Non-Controlling Interest— 
Net Income Attributable to GATX$259.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$111.7 $4.9 $2.9 $0.3 $119.8 
Residual sharing income0.4 — 0.5 — 0.9 
Non-remarketing net gains (1)8.4 2.4 — 0.3 11.1 
Asset impairments— (0.3)(1.2)— (1.5)
$120.5 $7.0 $2.2 $0.6 $130.3 
Capital Expenditures
Portfolio investments and capital additions$976.9 $382.4 $267.3 $38.4 $1,665.0 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $626.8 $— $627.0 
Identifiable assets
$6,993.8 $2,175.2 $1,355.1 $801.9 $11,326.0 
_______
(1) Includes net gains from scrapping of railcars.
v3.25.4
Description of Business (Details)
$ in Millions
May 29, 2025
USD ($)
locomotive
Dec. 31, 2025
USD ($)
Joint Venture With Brookfield | Interest Rate Swap | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]    
Asset Acquisition [Line Items]    
Derivative, Notional Amount   $ 2,960.0
Wells Fargo Bank, N.A. | Railcar Acquisition    
Asset Acquisition [Line Items]    
Asset Acquisition, Consideration Transferred $ 30.4  
Wells Fargo Bank, N.A. | Locomotive Acquisition    
Asset Acquisition [Line Items]    
Number Of Assets Acquired | locomotive 200  
GABX    
Asset Acquisition [Line Items]    
Joint Venture, Equity Contributed In Transaction   385.3
GABX | Brookfield Infrastructure Partners L.P.    
Asset Acquisition [Line Items]    
Joint Venture, Equity Contributed In Transaction   $ 899.0
v3.25.4
Accounting Changes Pension and Post-Retirement Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Additions to Other Assets, Amount $ 137.4 $ 165.4
Operating leases $ 154.3 $ 180.0
v3.25.4
Significant Accounting Policies (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Estimated lives of useful depreciable assets      
Interest Expense, Deposits $ 29.4 $ 24.3 $ 15.2
Minimum [Member]      
Estimated lives of useful depreciable assets      
Finite-Lived Intangible Asset, Useful Life 10 years    
Minimum [Member] | Railcars [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Minimum [Member] | Locomotives [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 10 years    
Minimum [Member] | Leasehold Improvements [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 5 years    
Minimum [Member] | Industrial Equipment [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 3 years    
Minimum [Member] | 3724 Aircraft Engines and Engine Parts      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 25 years    
Minimum [Member] | Containers      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Maximum [Member]      
Estimated lives of useful depreciable assets      
Finite-Lived Intangible Asset, Useful Life 25 years    
Maximum [Member] | Railcars [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 45 years    
Maximum [Member] | Locomotives [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 20 years    
Maximum [Member] | Leasehold Improvements [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Maximum [Member] | Industrial Equipment [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 30 years    
Maximum [Member] | 3724 Aircraft Engines and Engine Parts      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 30 years    
Maximum [Member] | Containers      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 25 years    
v3.25.4
Significant Accounting Policies (Gain on Asset Dispositions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Residual sharing income $ (0.5) $ (0.5) $ (0.9)
Non-remarketing disposition gains (21.1) (15.8) (11.1)
Asset impairments (3.6) 0.0 (1.5)
Net gain on asset dispositions 136.9 138.3 130.3
Disposition Gains on Owned Assets $ 118.9 $ 122.0 $ 119.8
v3.25.4
Significant Accounting Policies (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent 22.60% 23.00% 23.90%
Interest Expense, Deposits $ 29.4 $ 24.3 $ 15.2
GABX      
Joint Venture, Ownership Interest 30.00%    
v3.25.4
Significant Accounting Policies - Operating Assets and Facilities (Details)
Dec. 31, 2025
Minimum [Member] | Railcars [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Minimum [Member] | 3724 Aircraft Engines and Engine Parts  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 25 years
Minimum [Member] | Locomotives [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 10 years
Minimum [Member] | Containers  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Minimum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 5 years
Minimum [Member] | Industrial Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 3 years
Minimum [Member] | Building  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 40 years
Maximum [Member] | Railcars [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 45 years
Maximum [Member] | 3724 Aircraft Engines and Engine Parts  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 30 years
Maximum [Member] | Locomotives [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 20 years
Maximum [Member] | Containers  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 25 years
Maximum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Maximum [Member] | Industrial Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 30 years
Maximum [Member] | Building  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 50 years
v3.25.4
Significant Accounting Policies Foreign Currency (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign Currency [Abstract]      
Foreign Currency Transaction Gain (Loss), before Tax $ 1.3 $ 0.6 $ 6.9
v3.25.4
Operating Assets and Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 15,662.6 $ 14,330.6  
Less: allowance for depreciation (4,251.7) (3,880.9)  
Operating assets and facilities, net 11,410.9 10,449.7  
Total depreciation expense 451.7 420.9 $ 391.5
Interest Expense, Deposits 29.4 24.3 15.2
Railcars and locomotives      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 13,802.1 12,702.9  
Aircraft spare engines      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 1,177.5 1,030.4  
Tank containers      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 278.0 241.4  
Buildings, leasehold improvements, and other equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 318.5 265.3  
Other      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 86.5 90.6  
Operating Assets and Facilities      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 445.2 $ 414.2 $ 385.6
v3.25.4
Operating Assets and Facilities (Details1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 451.7 $ 420.9 $ 391.5
Operating Assets and Facilities      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 445.2 414.2 385.6
Operating assets and facilities, included in depreciation expense      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 431.8 402.4 376.3
Maintenance operating assets and facilities, included in maintenance expense      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 13.4 11.8 9.3
Non-operating assets, included in SG&A      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 6.5 $ 6.7 $ 5.9
v3.25.4
Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
railcar
Dec. 31, 2024
USD ($)
railcar
Dec. 31, 2023
USD ($)
Operating Leased Assets [Line Items]      
Number of railcars received | railcar   728  
Lessee, Lease, Number of Railcars Leased | railcar 3,627    
Direct Financing Lease, Lease Income $ 12.7 $ 13.5 $ 12.6
Operating Lease, Lease Income, Lease Payments 1,369.1 1,263.5 1,145.1
Operating Lease, Variable Lease Income 104.4 104.1 93.7
Operating Lease, Lease Income 1,473.5 1,367.6 1,238.8
Lease Income 1,486.2 1,381.1 $ 1,251.4
Total contractual lease payments receivable 156.1 160.0  
Estimated unguaranteed residual value of leased assets 9.4 17.2  
Unearned income (61.3) (58.9)  
Finance leases 104.2 118.3  
NEW YORK STOCK EXCHANGE, INC. [Member]      
Operating Leased Assets [Line Items]      
Finance leases $ 104.2 $ 118.3  
v3.25.4
Leases (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Capital Leased Assets [Line Items]      
gatxOperatingLeaseOtherIncome $ 146.3 $ 115.8 $ 94.6
Sublease Income $ 35.0 $ 41.9 $ 41.3
v3.25.4
Leases (Details 3)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
railcar
Dec. 31, 2023
USD ($)
Operating Leased Assets [Line Items]      
2026 $ 1,348.6    
Operating Leases      
Operating leases 154.3 $ 180.0  
gatxOperatingLeaseOtherIncome 146.3 $ 115.8 $ 94.6
Number of railcars received | railcar   728  
RRPF Joint Ventures [Member]      
Operating Leases      
Property, Plant, and Equipment, Owned, Accumulated Depreciation 1,860.3 $ 1,618.4  
Recourse Operating Leases [Member]      
Operating Leases      
2026 36.8    
2017, Operating Lease 33.9    
2018, Operating Lease 26.7    
2019, Operating Lease 19.0    
2020, Operating Lease 18.7    
Years thereafter, Operating Leases 37.1    
Total, Operating Leases 172.2    
Lessee Operating Leases Future MinimumPayments Interest Included In Payments (18.0)    
Operating leases $ 154.2    
v3.25.4
Leases (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
railcar
Dec. 31, 2024
USD ($)
railcar
Dec. 31, 2023
USD ($)
Operating Leased Assets [Line Items]      
Lessee, Lease, Number of Railcars Leased | railcar 3,627    
Sublease Income $ 35.0 $ 41.9 $ 41.3
Number of railcars received | railcar   728  
Payments for Previously Leased Assets   $ 30.4  
RRPF Joint Ventures [Member]      
Operating Leased Assets [Line Items]      
Insurance proceeds [Domain] 23.4    
Insurance proceeds net of tax [Domain] $ 17.5    
v3.25.4
Leases Lease cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Fixed lease cost - operating leases $ 35.0 $ 40.0 $ 41.6
Finance Lease, Right-of-Use Asset, Amortization 0.0 0.2 0.0
Finance Lease, Interest Expense 0.0 0.3 0.0
Lease, Cost, Excluding Sublease Income 35.0 40.5 41.6
Gain (Loss) On Finance Lease, Liability $ 9.9 $ 8.5 $ 12.9
v3.25.4
Leases Lessee, Schedule of Finance Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
railcar
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]      
Number of railcars received | railcar   728  
gatxOperatingLeaseOtherIncome | $ $ 146.3 $ 115.8 $ 94.6
v3.25.4
Leases Lessee, Lease Terms and Discount Rates (Details)
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease Terms and Discount Rates [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 5 years 8 months 12 days 6 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent 3.72% 3.66%
v3.25.4
Leases Cash paid for amounts included in the measurement of lease liabilities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
railcar
Dec. 31, 2023
USD ($)
Lessee, Lease Terms and Discount Rates [Abstract]      
Operating Lease, Payments $ 36.0 $ 40.0 $ 41.2
Lease, Payments 0.0 30.4 0.0
Lease, Payments 36.0 70.4 41.2
Non-cash financing lease transactions $ 0.0 $ 30.1 $ 0.0
Number of railcars received | railcar   728  
v3.25.4
Leases Future Contractual Receipts (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
2026 $ 1,315.1
2027 1,071.1
2028 854.3
2029 641.3
2030 456.0
Thereafter 836.8
Total future receipts from leases 5,174.6
RRPF Joint Ventures [Member]  
Lessee, Lease, Description [Line Items]  
2026 588.5
2027 475.3
2028 395.0
2029 338.4
2030 286.2
Thereafter 934.7
Total future receipts from leases 3,018.1
RRPF Joint Ventures [Member] | Rolls-Royce [Member]  
Lessee, Lease, Description [Line Items]  
2026 180.4
2027 102.8
2028 68.9
2029 56.5
2030 47.5
Thereafter 73.4
Total future receipts from leases 529.5
RRPF Joint Ventures [Member] | Third Parties [Member]  
Lessee, Lease, Description [Line Items]  
2026 408.1
2027 372.5
2028 326.1
2029 281.9
2030 238.7
Thereafter 861.3
Total future receipts from leases $ 2,488.6
v3.25.4
Leases - Maturity Schedule (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Lessee, Operating Lease, Description [Abstract]  
2026 $ 1,315.1
2027 1,071.1
2028 854.3
2029 641.3
2030 456.0
Thereafter 836.8
Total future receipts from leases 5,174.6
Finance Leases  
2026 33.5
2027 24.5
2028 20.7
2029 13.9
2030 12.0
Thereafter 51.5
Lessor, Finance Lease, Payments to be Received 156.1
2026 1,348.6
2027 1,095.6
2028 875.0
2029 655.2
2030 468.0
Thereafter 888.3
Leases Future Minimum Payments Receivable $ 5,330.7
v3.25.4
Investments in Affiliated Companies (Significant Investments in Affiliates) (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges $ 3.6 $ 0.0 $ 1.5
Portfolio proceeds and other 275.0 230.6 272.8
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies $ 732.3 663.3 627.0
Rolls Royce Partners Finance [Member]      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
GATX's Percentage Ownership [1] 50.00%    
RailPulse      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
GATX's Percentage Ownership 10.00%    
Rail North America [Member]      
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges $ 3.6 0.0 0.0
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies     0.2
Rail North America [Member] | RailPulse      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies 0.0 0.2  
Portfolio Management [Member]      
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges 0.0 0.0 1.2
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies $ 732.3 663.1 $ 626.8
Portfolio Management [Member] | Rolls Royce Partners Finance [Member]      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies   $ 663.1  
[1] (1) Combined investment balances of a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce
v3.25.4
Investments in Affiliated Companies (Share of Affiliate Earnings) (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) $ 157.0 $ 108.3 $ 98.1
Provision for Income Taxes, Equity Method Investment (39.7) (25.5) (25.7)
Share of Affiliates' Earnings 117.3 82.8 72.4
Rail North America [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) (0.2) 0.0 (0.6)
Rail International [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Portfolio Management [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) $ 157.2 $ 108.3 $ 98.7
v3.25.4
Investments in Affiliated Companies (Investments and Distributions) (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 3.6 $ 0.0 $ 1.5
Proceeds from Equity Method Investment, Distribution 50.0 50.0 25.0
Rail North America [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges 3.6 0.0 0.0
Rail International [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges 0.0 0.0 0.3
Portfolio Management [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges 0.0 0.0 1.2
Proceeds from Equity Method Investment, Distribution $ 50.0 $ 50.0 $ 25.0
v3.25.4
Investments in Affiliated Companies (Operating Results, Affiliates) (Details 4) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Revenues $ 1,740.4 $ 1,585.5 $ 1,410.9
Net income attributable to GATX 333.3 284.2 259.2
Asset Impairment Charges 3.6 0.0 1.5
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Schedule of Equity Method Investments [Line Items]      
Revenues 643.4 514.0 487.2
Gains on sales of assets 134.6 75.2 91.7
Net income attributable to GATX $ 238.4 $ 164.0 $ 150.6
v3.25.4
Investments in Affiliated Companies (Balance Sheet, Affiliates) (Details 5) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Total Assets $ 17,999.5 $ 12,296.5 $ 11,326.0
Shareholders’ equity 2,750.5 2,438.9  
Total Liabilities and Shareholders’ Equity 17,999.5 12,296.5  
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Schedule of Equity Method Investments [Line Items]      
Current assets 521.5 610.5  
Noncurrent assets 5,897.6 4,709.1  
Total Assets 6,419.1 5,319.6  
Current liabilities 883.4 618.4  
Liabilities, Noncurrent 4,102.4 3,405.1  
Shareholders’ equity 1,433.3 1,296.1  
Total Liabilities and Shareholders’ Equity $ 6,419.1 $ 5,319.6  
v3.25.4
Investments in Affiliated Companies (Summarized Financial Data-RRPF) (Details 6)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
AircraftEngines
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]      
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 4,251.7 $ 3,880.9  
Income Statement [Abstract]      
Total Revenues 1,740.4 1,585.5 $ 1,410.9
Depreciation expense (451.7) (420.9) (391.5)
Interest expense, net (391.5) (341.0) (263.4)
Income Taxes (63.1) (60.0) (58.7)
Net income attributable to GATX 333.3 284.2 259.2
Assets [Abstract]      
Total assets 17,999.5 12,296.5 11,326.0
Accounts payable and accrued expenses 318.4 217.1  
Liabilities and Equity [Abstract]      
Other liabilities 162.1 107.5  
Shareholders’ equity 884.6 0.0  
Total Liabilities and Shareholders’ Equity 17,999.5 12,296.5  
Payment for Management Fee 5.6 4.1 2.7
Payment for Management Fee 5.6 4.1 2.7
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Income Statement [Abstract]      
Total Revenues 643.4 514.0 487.2
Gains on sales of assets 134.6 75.2 91.7
Net income attributable to GATX 238.4 164.0 150.6
Assets [Abstract]      
Current assets 521.5 610.5  
Noncurrent assets 5,897.6 4,709.1  
Total assets 6,419.1 5,319.6  
Liabilities and Equity [Abstract]      
Current liabilities 883.4 618.4  
Liabilities, Noncurrent 4,102.4 3,405.1  
Total Liabilities and Shareholders’ Equity 6,419.1 5,319.6  
RRPF Joint Ventures [Member]      
Income Statement [Abstract]      
Depreciation expense (224.4) (206.2) (223.7)
Interest expense, net (172.0) (127.3) (135.9)
Other expenses (64.4) (37.7) (19.3)
Gains on sales of assets 134.5 75.5 92.6
Income (Loss) Attributable to Parent, before Tax 314.3 216.6 197.5
Income Taxes (74.4) (49.4) (42.5)
Net income attributable to GATX 239.9 167.2 155.0
Assets [Abstract]      
Current assets 519.3 607.9  
Noncurrent assets [1] 5,897.6 4,709.1  
Total assets 6,416.9 5,317.0  
Accounts payable and accrued expenses 235.3 239.6  
Liabilities and Equity [Abstract]      
Current liabilities 645.1 378.2  
Liabilities, Noncurrent 3,189.4 2,673.7  
Other liabilities 913.0 731.3  
Shareholders’ equity 1,434.1 1,294.2  
Total Liabilities and Shareholders’ Equity 6,416.9 5,317.0  
Collateral of long-term debt 4,620.4    
Third Parties [Member] | RRPF Joint Ventures [Member]      
Income Statement [Abstract]      
Total Revenues 401.4 268.1 224.8
Rolls Royce [Member] | RRPF Joint Ventures [Member]      
Income Statement [Abstract]      
Total Revenues 215.1 225.3 253.0
Other revenue $ 24.1 $ 18.9 $ 6.0
RRPF Joint Ventures [Member]      
Liabilities and Equity [Abstract]      
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines 456    
[1]
(1) $4,620.4 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2025.
v3.25.4
Investments in Affiliated Companies (Future Lease Receipts) (Details 7)
$ in Millions
Dec. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]  
2026 $ 1,315.1
2027 1,071.1
2028 854.3
2019 641.3
2030 456.0
Thereafter 836.8
Total future receipts from leases 5,174.6
RRPF Joint Ventures [Member]  
Schedule of Equity Method Investments [Line Items]  
2026 588.5
2027 475.3
2028 395.0
2019 338.4
2030 286.2
Thereafter 934.7
Total future receipts from leases 3,018.1
RRPF Joint Ventures [Member] | Rolls-Royce [Member]  
Schedule of Equity Method Investments [Line Items]  
2026 180.4
2027 102.8
2028 68.9
2019 56.5
2030 47.5
Thereafter 73.4
Total future receipts from leases 529.5
RRPF Joint Ventures [Member] | Third Parties [Member]  
Schedule of Equity Method Investments [Line Items]  
2026 408.1
2027 372.5
2028 326.1
2019 281.9
2030 238.7
Thereafter 861.3
Total future receipts from leases $ 2,488.6
v3.25.4
Investments in Affiliated Companies (Future Debt Maturities) (Details 8) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies $ 732.3 $ 663.3 $ 627.0
2026 653.3    
2027 854.5    
2028 824.8    
2029 907.4    
2030 3,660.4    
Thereafter 5,605.2    
Total debt principal 12,505.6 $ 8,270.9  
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
2026 608.2    
2027 477.1    
2028 576.8    
2029 159.8    
2030 453.1    
Thereafter 924.0    
Total debt principal $ 3,199.0    
Rail North America [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies     $ 0.2
v3.25.4
Investments in Affiliated Companies (Textual) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Business_Activity
AircraftEngines
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 3.6 $ 0.0 $ 1.5
Share of affiliates' earnings (net of tax) 117.3 82.8 72.4
Portfolio proceeds $ 275.0 230.6 272.8
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
Number of business activities | Business_Activity 2    
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines 456    
Share of affiliates' earnings (net of tax) $ 117.5 82.8 72.8
RRPF Joint Ventures [Member] | Rolls-Royce [Member]      
Schedule of Equity Method Investments [Line Items]      
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines 182    
RRPF Joint Ventures [Member] | Minimum [Member]      
Schedule of Equity Method Investments [Line Items]      
Lease term 5 years    
RRPF Joint Ventures [Member] | Maximum [Member]      
Schedule of Equity Method Investments [Line Items]      
Lease term 12 years    
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Minimum [Member]      
Schedule of Equity Method Investments [Line Items]      
Estimated useful lives of depreciable assets 18 years    
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Maximum [Member]      
Schedule of Equity Method Investments [Line Items]      
Estimated useful lives of depreciable assets 30 years    
Portfolio Management [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 0.0 $ 0.0 $ 1.2
v3.25.4
Investments in Affiliated Companies (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies $ 732.3 $ 663.3 $ 627.0
Rolls Royce Partners Finance [Member]      
Schedule of Equity Method Investments [Line Items]      
Noncontrolling Interest, Ownership Percentage by Parent [1] 50.00%    
RailPulse      
Schedule of Equity Method Investments [Line Items]      
Noncontrolling Interest, Ownership Percentage by Parent 10.00%    
Portfolio Management [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies $ 732.3 663.1 626.8
Portfolio Management [Member] | Rolls Royce Partners Finance [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies   663.1  
Rail North America [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies     $ 0.2
Rail North America [Member] | RailPulse      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies $ 0.0 $ 0.2  
[1] (1) Combined investment balances of a group of 50.0% owned domestic and foreign joint ventures with Rolls-Royce
v3.25.4
Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]      
Cash and cash equivalents $ 743.0 $ 401.6  
Other assets 400.5 303.1  
Total Assets 17,999.5 12,296.5 $ 11,326.0
Accounts payable and accrued expenses 318.4 217.1  
Recourse debt 12,451.7 8,215.3  
Deferred income taxes 1,195.7 1,127.3  
Other liabilities 162.1 107.5  
Total Liabilities 14,364.4 9,857.6  
GABX      
Noncontrolling Interest [Line Items]      
Cash and cash equivalents 32.2 0.0  
Restricted cash 4,211.1 0.0  
Other assets 30.6 0.0  
Total Assets 4,273.9 0.0  
Accounts payable and accrued expenses 46.8 0.0  
Recourse debt 2,942.9 0.0  
Other liabilities 20.4 0.0  
Total Liabilities $ 3,010.1 $ 0.0  
v3.25.4
Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commercial Paper and Borrowings Under Bank Credit Facilities    
Balance $ 82.2 $ 10.4
Weighted average interest rate 3.23% 4.24%
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal $ (12,505.6) $ (8,270.9)
Debt discount, net (52.5) (51.6)
Debt adjustment for fair value hedges (1.4) (4.0)
Recourse debt 12,451.7 8,215.3
Balance due in 2026 653.3  
Second Line of Credit US    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 368.0 350.0
Recourse Fixed Rate Debt Unsecured One [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 350.0 350.0
Interest rate, stated percentage 3.25%  
Recourse Fixed Rate Debt Unsecured Two [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 350.0 350.0
Interest rate, stated percentage 5.40%  
Recourse Fixed Rate Debt Unsecured Three [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 300.0 300.0
Interest rate, stated percentage 3.85%  
Recourse Fixed Rate Debt Unsecured Four [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 300.0 300.0
Interest rate, stated percentage 3.50%  
Recourse Fixed Rate Debt Unsecured Five [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 300.0 300.0
Interest rate, stated percentage 4.55%  
Recourse Fixed Rate Debt Unsecured Six [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 500.0 500.0
Interest rate, stated percentage 4.70%  
Recourse Fixed Rate Debt Unsecured Seven [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 500.0 500.0
Interest rate, stated percentage 4.00%  
Recourse Fixed Rate Debt Unsecured Eight [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 1.90%  
Recourse Fixed Rate Debt Unsecured Nine [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 3.50%  
Recourse Fixed Rate Debt Unsecured Ten [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 4.90%  
Recourse Fixed Rate Debt Unsecured Eleven [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 5.45%  
Recourse Fixed Rate Debt Unsecured Twelve [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 500.0 500.0
Interest rate, stated percentage 6.05%  
Recourse Fixed Rate Debt Unsecured Fourteen [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 700.0 0.0
Interest rate, stated percentage 5.50%  
Recourse Fixed Rate Debt Unsecured Fifteen [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 300.0 300.0
Interest rate, stated percentage 5.20%  
Recourse Fixed Rate Debt Unsecured Sixteen [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 250.0 250.0
Interest rate, stated percentage 4.50%  
Recourse Fixed Rate Debt Unsecured Seventeen [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 550.0 550.0
Interest rate, stated percentage 3.10%  
Recourse Fixed Rate Debt Unsecured Eighteen    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 6.05%  
Recourse Fixed Rate Debt Unsecured Nineteen [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 500.0 0.0
Interest rate, stated percentage 6.05%  
Recourse Fixed Rate Debt Unsecured Twenty [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 0.0 300.0
Interest rate, stated percentage 3.25%  
Recourse Fixed Rate Debt Unsecured Twenty One [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 27.0 23.8
Interest rate, stated percentage 0.90%  
Recourse Fixed Rate Debt Unsecured Twenty Two [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 44.0 38.8
Interest rate, stated percentage 5.23%  
Recourse Fixed Rate Debt Unsecured Twenty Three [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 88.1 77.7
Interest rate, stated percentage 1.07%  
Recourse Fixed Rate Debt Unsecured Twenty Four [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 41.1 36.2
Interest rate, stated percentage 4.37%  
Recourse Fixed Rate Debt Unsecured Twenty Five [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 61.1 53.8
Interest rate, stated percentage 1.17%  
Recourse Fixed Rate Debt Unsecured Twenty Seven [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 135.1 0.0
Interest rate, stated percentage 3.24%  
Recourse Fixed Rate Debt Unsecured Twenty Eight [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 88.1 77.7
Interest rate, stated percentage 1.56%  
Recourse Fixed Rate Debt Unsecured Thirty Three [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 45.6 47.9
Balance due in 2026 $ 11.4  
Recourse Fixed Rate Debt Unsecured Thirty Three [Member] | Minimum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.39%  
Recourse Fixed Rate Debt Unsecured Thirty Three [Member] | Maximum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.83%  
Recourse Fixed Rate Debt [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 8,675.1 7,663.4
Recourse Floating Rate Debt Unsecured One [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 50.0 50.0
Interest rate, stated percentage 5.06%  
Recourse Floating Rate Debt Unsecured Two [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 125.0 100.0
Interest rate, stated percentage 5.26%  
Recourse Floating Rate Debt Unsecured Three [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 50.0 50.0
Interest rate, stated percentage 5.90%  
Recourse Floating Rate Debt Unsecured Four [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 2,959.0 0.0
Interest rate, stated percentage 5.02%  
Total Recourse Floating Rate Debt [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 3,830.5 607.5
Total Recourse Floating Rate Debt [Member] | Rail North America [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 3,184.0 200.0
Recourse Floating Rate Debt Unsecured Five [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 132.7 125.3
Interest rate, stated percentage 3.56%  
Recourse Floating Rate Debt Unsecured Six [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 129.2 113.9
Interest rate, stated percentage 3.51%  
UNITED STATES    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 7,800.0 6,900.0
INDIA    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 138.0 144.9
Recourse Fixed Rate Debt Unsecured Twenty Six    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 88.1 0.0
Interest rate, stated percentage 3.21%  
Recourse Fixed Rate Debt Unsecured Twenty Nine    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 117.5 103.5
Interest rate, stated percentage 3.62%  
Recourse Fixed Rate Debt Unsecured Thirty    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 47.0 0.0
Interest rate, stated percentage 3.88%  
Recourse Fixed Rate Debt Unsecured Thirty One    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 0.0 103.5
Interest rate, stated percentage 1.00%  
Recourse Fixed Rate Debt Unsecured Thirty Two    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 0.0 103.5
Interest rate, stated percentage 1.13%  
Recourse Fixed Rate Debt Unsecured Thirty Four    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 25.6 26.9
Recourse Fixed Rate Debt Unsecured Thirty Four | Minimum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.13%  
Recourse Fixed Rate Debt Unsecured Thirty Four | Maximum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.53%  
Recourse Fixed Rate Debt Unsecured Thirty Six    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 22.3 23.4
Recourse Fixed Rate Debt Unsecured Thirty Six | Minimum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.51%  
Recourse Fixed Rate Debt Unsecured Thirty Six | Maximum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.80%  
Recourse Floating Rate Debt Unsecured Seven    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 99.8 0.0
Interest rate, stated percentage 3.16%  
Recourse Fixed Rate Debt Unsecured Thirteen    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 400.0 400.0
Interest rate, stated percentage 6.90%  
Recourse Fixed Rate Debt Unsecured Thirty Five    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 44.5 46.7
Recourse Fixed Rate Debt Unsecured Thirty Five | Minimum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.43%  
Recourse Fixed Rate Debt Unsecured Thirty Five | Maximum [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Interest rate, stated percentage 8.94%  
Recourse Floating Rate Debt Unsecured eight    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 88.1 77.7
Interest rate, stated percentage 3.71%  
Recourse Floating Rate Debt Unsecured Nine    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 44.0 38.8
Interest rate, stated percentage 4.40%  
Recourse Floating Rate Debt Unsecured Ten    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 58.7 51.8
Interest rate, stated percentage 3.85%  
Recourse Floating Rate Debt Unsecured Eleven    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 94.0 0.0
Interest rate, stated percentage 3.49%  
Recourse Fixed Rate Debt Unsecured, Europe    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 737.1 618.5
Recourse Floating Rate Debt Unsecured, Europe    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 646.5 407.5
Line of Credit US    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity $ 632.0 $ 600.0
v3.25.4
Debt (Details 1) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Weighted-average interest rate 4.78% 4.59%
Weighted-average term, in years $ 8.2 $ 8.6
Maturities of GATX's debt obligations    
2026 653,300,000  
2027 854,500,000  
2028 824,800,000  
2029 907,400,000  
2030 3,660,400,000  
Thereafter 5,605,200,000  
Total debt principal 12,505,600,000 8,270,900,000
Balance $ 82,200,000 $ 10,400,000
v3.25.4
Debt (Details Textual)
€ in Millions, ₨ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
INR (₨)
Dec. 31, 2024
EUR (€)
Line of Credit Facility [Line Items]            
Annual commitment fees $ 1.9 $ 1.3 $ 1.1      
Fixed charge coverage ratio 2.0          
Minimum debt covenant fixed charge coverage ratio 1.2          
Amount of secured debt available to be borrowed in accordance with public debt covenants $ 3,500.0          
Total debt principal $ 12,505.6 8,270.9        
GABX            
Line of Credit Facility [Line Items]            
Minimum debt covenant fixed charge coverage ratio 1.2          
GABX | Minimum [Member]            
Line of Credit Facility [Line Items]            
Fixed charge coverage ratio 0.85          
GABX | Maximum [Member]            
Line of Credit Facility [Line Items]            
Fixed charge coverage ratio 1.0          
Foreign Line of Credit [Member]            
Line of Credit Facility [Line Items]            
Unsecured revolving credit facility | €       € 250   € 210
Line of Credit Facility, Remaining Borrowing Capacity $ 205.0          
Total debt principal 1,178.0          
Line of Credit Facility, Current Borrowing Capacity | €       € 275    
Line of Credit US [Member]            
Line of Credit Facility [Line Items]            
Unsecured revolving credit facility 632.0 600.0        
Line of Credit US [Member] | GABX            
Line of Credit Facility [Line Items]            
Unsecured revolving credit facility 250.0          
Second Line of Credit US            
Line of Credit Facility [Line Items]            
Line of Credit Facility, Remaining Borrowing Capacity 368.0          
Second Line of Credit US | GABX            
Line of Credit Facility [Line Items]            
Line of Credit Facility, Remaining Borrowing Capacity 250.0          
Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Unsecured revolving credit facility 368.0          
Rail India Facility            
Line of Credit Facility [Line Items]            
Line of Credit Facility, Remaining Borrowing Capacity 22.3       ₨ 2,000.0  
Cash Flow Hedging [Member] | Interest Rate Swap | Designated as Hedging Instrument [Member] | Joint Venture With Brookfield            
Line of Credit Facility [Line Items]            
Derivative, Notional Amount 2,960.0          
Second Line of Credit US            
Line of Credit Facility [Line Items]            
Unsecured revolving credit facility $ 368.0 $ 350.0        
v3.25.4
Fair Value Disclosure (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Instrument
Dec. 31, 2024
USD ($)
Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net operating assets and facilities $ 11,410.9 $ 10,449.7
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 0.7  
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Credit Risk Derivatives, at Fair Value, Net 28.5 4.0
Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net operating assets and facilities $ 4.0 $ 0.4
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, Number of Instruments Held | Instrument (1) (4)
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, Number of Instruments Held | Instrument (3)  
v3.25.4
Fair Value Disclosure (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Operating assets and facilities, net $ 11,410.9 $ 10,449.7
Fair Value Disclosure (Textual) [Abstract]    
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months $ (0.7)  
v3.25.4
Fair Value Disclosure - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Instrument
Dec. 31, 2024
USD ($)
Instrument
Dec. 31, 2023
USD ($)
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ (1.4) $ 2.1 $ (5.3)
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months 1.0    
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax 0.7    
Derivative liability 41.0 12.1  
Cash Flow Hedging [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax 27.2 (3.4) 3.6
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax $ 27.2 $ (3.4) 3.6
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument 1 4  
Derivative, Notional Amount $ 50.0 $ 200.0  
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument 3    
Derivative, Notional Amount $ 2,370.6    
Other Nonoperating Income (Expense) [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ (0.3) $ 3.7 $ (3.7)
v3.25.4
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 41.0 $ 12.1
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative liabilities 41.0 12.1
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 28.5 4.0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 12.5 $ 8.1
v3.25.4
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Expense, Operating and Nonoperating $ (391.5) $ (341.0) $ (263.4)
Other Nonoperating Income (Expense) (0.4) (9.5) (9.4)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Expense, Operating and Nonoperating 1.1 1.6 1.6
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Other Nonoperating Income (Expense) (0.3) 3.7 $ (3.7)
Recourse Debt [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) 1.4 4.0  
Carrying Amount of the Hedged Assets/(Liabilities) $ 49.7 $ 198.9  
v3.25.4
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest Expense, Operating and Nonoperating $ (391.5) $ (341.0) $ (263.4)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income 1.4 (2.1) 5.3
Other Nonoperating Income (Expense) (0.4) (9.5) (9.4)
Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Recognized in Other Comprehensive Income 27.2 (3.4) 3.6
Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest Expense, Operating and Nonoperating 1.1 1.6 1.6
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Recognized in Other Comprehensive Income 27.2 (3.4) 3.6
Other Nonoperating Income (Expense) (0.3) 3.7 (3.7)
Other Nonoperating Income (Expense) [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income 0.3 (3.7) 3.7
Interest Expense [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income $ 1.1 $ 1.6 $ 1.6
v3.25.4
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net $ (391.5) $ (341.0) $ (263.4)
Other (expense) income (0.4) (9.5) (9.4)
Not Designated as Hedging Instrument [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Other (expense) income (3.6) 1.7 (11.3)
Interest Rate Contract [Member] | Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net 1.1 1.6 1.6
Interest Rate Contract [Member] | Fair Value Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net 2.5 4.0 3.6
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net (2.5) (4.0) (3.6)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Other (expense) income $ (0.3) $ 3.7 $ (3.7)
v3.25.4
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse debt $ 12,451.7 $ 8,215.3
Debt Instrument, Fair Value Disclosure 12,313.3 7,861.2
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 8,622.5 7,609.5
Recourse Floating Rate Debt Fair Value Disclosure 3,829.2 605.8
Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 8,443.1 7,243.9
Recourse Floating Rate Debt Fair Value Disclosure $ 3,870.2 $ 617.3
v3.25.4
Asset Impairments and Assets Held for Sale Asset Held For Sale (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Long Lived Assets Held-for-sale [Line Items]    
Assets Held-for-sale, Long Lived, Fair Value Disclosure $ 4.0 $ 0.4
v3.25.4
Pension and Other Post-Retirement Benefits - Narrative (Details)
£ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
GBP (£)
Dec. 31, 2025
USD ($)
Postretirement_Plan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Service Cost   $ 6.2 $ 6.2 $ 5.4
Non-service cost components   $ (3.9) $ (4.1) $ (2.5)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other (expense) income Other (expense) income Other (expense) income Other (expense) income
Number of Postretirement Plans | Postretirement_Plan   2    
UNITED KINGDOM        
Defined Benefit Plan Disclosure [Line Items]        
Payment to insurer for annuity policy £ 14.4 $ 19.3    
Defined Benefit Pension [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Settlement accounting adjustment   0.0 $ 0.0 $ 1.4
Defined Benefit Plan, Accumulated Benefit Obligation   326.6 316.1  
Defined Benefit Plan, Service Cost   6.1 6.1 5.3
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year   4.4    
Company contributions   1.4 1.3  
Other Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Company contributions   4.3 4.0 2.6
Foreign Contributory plans        
Defined Benefit Plan Disclosure [Line Items]        
Company contributions   $ 2.0 $ 1.9 $ 1.7
v3.25.4
Pension and Other Post-Retirement Benefits - Pension Obligations, Plan Assets, and Other Post-retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in Benefit Obligation      
Service cost $ 6.2 $ 6.2 $ 5.4
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 325.0    
Plan assets at end of year 337.6 325.0  
Amount Recognized      
Other liabilities (41.5) (38.5)  
Defined Benefit Pension [Member]      
Change in Benefit Obligation      
Benefit obligation at beginning of year 329.7 346.9  
Service cost 6.1 6.1 5.3
Interest cost 16.9 16.4 16.6
Actuarial loss (9.8) 14.9  
Benefits paid 23.4 24.3  
Effect of foreign exchange rate changes 1.4 (0.5)  
Benefit obligation at end of year 340.5 329.7 346.9
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 325.0 328.8  
Actual return on plan assets 32.8 19.6  
Effect of exchange rate changes 1.8 (0.4)  
Company contributions 1.4 1.3  
Benefits paid (23.4) (24.3)  
Plan assets at end of year 337.6 325.0 328.8
Funded Status at end of year (2.9) (4.7)  
Amount Recognized      
Other liabilities (2.9) (4.7)  
Accumulative other comprehensive loss:      
Net actuarial loss 56.2 58.0  
Prior service credit (cost) 0.4 0.5  
Accumulated other comprehensive loss 56.6 58.5  
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) 53.7 53.8  
After-tax amount recognized in accumulated other comprehensive loss 44.5 46.2  
Retiree Health and Life [Member]      
Change in Benefit Obligation      
Benefit obligation at beginning of year 13.1 14.9  
Service cost 0.1 0.1 0.1
Interest cost 0.7 0.7 0.8
Actuarial loss (0.5) 1.0  
Benefits paid 1.2 1.6  
Effect of foreign exchange rate changes 0.0 0.0  
Benefit obligation at end of year 13.2 13.1 14.9
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Effect of exchange rate changes 0.0 0.0  
Company contributions 1.2 1.6  
Benefits paid (1.2) (1.6)  
Plan assets at end of year 0.0 0.0 $ 0.0
Funded Status at end of year (13.2) (13.1)  
Amount Recognized      
Other liabilities (13.2) (13.1)  
Accumulative other comprehensive loss:      
Net actuarial loss (6.1) (7.1)  
Prior service credit (cost) 0.0 0.0  
Accumulated other comprehensive loss (6.1) (7.1)  
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) (19.3) (20.2)  
After-tax amount recognized in accumulated other comprehensive loss $ (4.8) $ (5.6)  
v3.25.4
Pension and Other Post-Retirement Benefits - Projected and Accumulated Benefit Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligations $ 28.3 $ 25.4
Fair value of plan assets 0.0 0.0
Pension plans with an accumulated benefit obligation in excess of plan assets    
Accumulated benefit obligations 24.5 22.0
Fair value of plan assets $ 0.0 $ 0.0
v3.25.4
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of pension and other post retirement benefit costs      
Service cost $ 6.2 $ 6.2 $ 5.4
Defined Benefit Pension [Member]      
Components of pension and other post retirement benefit costs      
Service cost 6.1 6.1 5.3
Interest cost 16.9 16.4 16.6
Expected return on plan assets (21.9) (21.6) (21.4)
Settlement accounting adjustment 0.0 0.0 1.4
Amortization of unrecognized prior service credit 0.0 0.1 0.0
Unrecognized net actuarial loss (gain) 0.9 1.0 0.9
Net periodic (benefit) cost 2.0 2.0 2.8
Retiree Health and Life [Member]      
Components of pension and other post retirement benefit costs      
Service cost 0.1 0.1 0.1
Interest cost 0.7 0.7 0.8
Expected return on plan assets 0.0 0.0 0.0
Settlement accounting adjustment 0.0 0.0 0.0
Amortization of unrecognized prior service credit 0.0 (0.2) (0.3)
Unrecognized net actuarial loss (gain) (0.5) (0.5) (0.5)
Net periodic (benefit) cost $ 0.3 $ 0.1 $ 0.1
v3.25.4
Pension and Other Post-Retirement Benefits - Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Expected long term return on assets and to measure the periodic cost    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.50% 6.00%
Medicare Advantage Part D    
Expected long term return on assets and to measure the periodic cost    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.30% 18.75%
Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.00% 5.41%
Discount rate, net periodic cost (benefit) 5.44% 4.84%
Retiree Health and Life [Member] | Salaried and Hourly Life Insurance [Member] [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.34% 5.61%
Discount rate, net periodic cost (benefit) 5.61% 4.97%
UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.31% 5.59%
UNITED STATES | Hourly Funded Plans [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.65% 5.74%
Discount rate, net periodic cost (benefit) 5.75% 5.06%
Expected return on plan assets, net periodic cost (benefit) 5.80% 5.60%
UNITED STATES | Salaried Funded and Unfunded Plans [Member]    
Expected long term return on assets and to measure the periodic cost    
Rate of compensation and pension-in-payment increases, benefit obligation 3.00% 3.00%
Discount rate, net periodic cost (benefit) 5.59% 4.95%
Expected return on plan assets, net periodic cost (benefit) 6.60% 6.40%
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) 3.00% 3.00%
Foreign Plan [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.40% 5.40%
Rate of compensation and pension-in-payment increases, benefit obligation 2.70% 3.00%
Discount rate, net periodic cost (benefit) 5.40% 4.50%
Expected return on plan assets, net periodic cost (benefit) 5.55% 4.80%
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) 3.00% 2.80%
Minimum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 4.36% 5.11%
Minimum [Member] | UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance 4.70% 4.54%
Maximum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.21% 5.55%
Maximum [Member] | UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance 4.84% 4.78%
v3.25.4
Pension and Other Post-Retirement Benefits - Assumed Health Care Cost Trend Rates (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.50% 6.00%
Medical Claims [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 7.50% 7.50%
Review of historical returns    
Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50%
Year that rate reaches the ultimate trend rate 2035 2034
Prescription Drugs Claims [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 11.75% 13.00%
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 10.75% 12.00%
Review of historical returns    
Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50%
Year that rate reaches the ultimate trend rate 2035 2034
Medicare Advantage Part D    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.30% 18.75%
v3.25.4
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Domestic Funded Plans (Details) - UNITED STATES
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 100.00%  
Actual plan asset allocations, salaried employees 100.00% 100.00%
Actual plan asset allocation, hourly employees 100.00% 100.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 100.00%  
Equity Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 43.70%  
Actual plan asset allocations, salaried employees 44.40% 44.40%
Actual plan asset allocation, hourly employees 9.20% 9.20%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 9.30%  
Debt Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 53.00%  
Actual plan asset allocations, salaried employees 50.70% 51.30%
Actual plan asset allocation, hourly employees 87.20% 87.50%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 90.00%  
Real Estate [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 3.30%  
Actual plan asset allocations, salaried employees 2.30% 2.40%
Actual plan asset allocation, hourly employees 1.00% 1.30%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 0.70%  
Cash [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 0.00%  
Actual plan asset allocations, salaried employees 2.60% 1.90%
Actual plan asset allocation, hourly employees 2.60% 2.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 0.00%  
v3.25.4
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Foreign Funded (Details)
Dec. 31, 2025
Dec. 31, 2024
Foreign Plan [Member] | Defined Benefit Pension [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Actual plan asset allocations 100.00% 100.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 100.00%  
Foreign Plan [Member] | Defined Benefit Pension [Member] | Debt Securities [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Actual plan asset allocations 76.10% 47.40%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 100.00%  
UNITED KINGDOM | Cash [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 0.00%  
Actual plan asset allocation, hourly employees 23.90% 52.60%
v3.25.4
Pension and Other Post-Retirement Benefits - Fair Value Pension Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair value of pension plan assets    
Assets $ 337.6 $ 325.0
Short-term investment funds [Member]    
Fair value of pension plan assets    
Assets 13.6 18.5
Common stock collective funds [Member]    
Fair value of pension plan assets    
Assets 112.6 107.5
Fixed income collective trust funds [Member]    
Fair value of pension plan assets    
Assets 186.8 192.6
Real estate investment funds [Member]    
Fair value of pension plan assets    
Assets 6.3 6.4
Buy-in Policy    
Fair value of pension plan assets    
Assets $ 18.3 $ 0.0
v3.25.4
Pension and Other Post-Retirement Benefits - Expected Benefit Plan Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Funded Plans  
Defined Benefit Plan Disclosure [Line Items]  
2018 $ 30.2
2019 29.4
2020 29.0
2021 27.9
2022 27.2
Years 2031-2035 125.7
Total 269.4
Unfunded Plans  
Defined Benefit Plan Disclosure [Line Items]  
2018 3.1
2019 3.2
2020 3.2
2021 3.1
2022 2.9
Years 2031-2035 12.0
Total 27.5
Other Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2018 1.3
2019 1.4
2020 1.4
2021 1.4
2022 1.3
Years 2031-2035 5.2
Total $ 12.0
v3.25.4
Share Based Compensation - Weighted Average and Assumptions (Details) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Weighted-average estimated fair value $ 49.30 $ 45.22 $ 41.06
Quarterly dividend rate $ 0.61 $ 0.58 $ 0.55
Expected term of stock options, in years 4 years 1 month 6 days 4 years 2 months 12 days 4 years 2 months 12 days
Risk-free interest rate 4.30% 4.00% 3.70%
Dividend yield 1.50% 1.80% 1.90%
Expected stock price volatility 25.90% 34.70% 35.40%
Present value of dividends $ 9.20 $ 8.87 $ 8.57
Number of shares available for future issuance 1.5    
v3.25.4
Share Based Compensation - Outstanding Options and Rights (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Beginning balance, Number of Stock Options and Stock Appreciation Rights | shares 948,000
Granted, Number of Stock Options and Stock Appreciation Rights | shares 198,000
Exercised, Number of Stock Options and Stock Appreciation Rights | shares 205,000
Forfeitured/Cancelled, Number of Stock Options and Stock Appreciation Rights | shares 9,000
Ending balance, Number of Stock Options and Stock Appreciation Rights | shares 932,172
Vested and exercisable at end of the year, Number of Stock Options and Stock Appreciation Rights | shares 551,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Beginning balance, Weighted Average Exercise Price | $ / shares $ 100.13
Granted, Weighted Average Exercise Price | $ / shares 166.19
Exercised, Weighted Average Exercise Price | $ / shares 83.40
Forfeited/Cancelled, Weighted Average Exercise Price | $ / shares 139.96
Ending balance, Weighted Average Exercise Price | $ / shares 117.49
Vested and exercisable at end of the year | $ / shares $ 98.72
v3.25.4
Share Based Compensation - Aggregate Intrinsic Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 3 years 9 months 18 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 2 years 8 months 12 days    
Stock Options and Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value $ 48.6    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value $ 39.1    
Units outstanding 932,172 948,000  
Stock Option SAR Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value $ 16.1 $ 13.6 $ 9.0
v3.25.4
Share-Based Compensation Share-Based Compensation - Restricted Stock and Performance Shares (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 45.22 $ 41.06
Ending balance, Weighted Average Grant Date Fair Value $ 49.30 $ 45.22
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning balance, Number of Share Units Outstanding 102,000  
Granted, Number of Share Units Outstanding 26,000  
Vested, Number of Share Units Outstanding 39,000  
Forfeited, Number of Share Units Outstanding (4,000)  
Ending balance, Number of Share Units Outstanding 85,000 102,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 113.79  
Granted, Weighted Average Grant Date Fair Value 166.19  
Vested, Weighted Average Grant Date Fair Value 103.89  
Forfeited, Weighted Average Grant Date Fair Value 132.13  
Ending balance, Weighted Average Grant Date Fair Value $ 133.17 $ 113.79
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning balance, Number of Share Units Outstanding 89,000  
Granted, Number of Share Units Outstanding 33,000  
Net increase due to estimated performance, Number of Share Units Outstanding 28,000  
Vested, Number of Share Units Outstanding 51,000  
Ending balance, Number of Share Units Outstanding 99,000 89,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 119.39  
Granted, Weighted Average Grant Date Fair Value 166.19  
Net increase due to estimated performance, Weighted Average Grant Date Fair Value 142.72  
Vested, Weighted Average Grant Date Fair Value 113.28  
Ending balance, Weighted Average Grant Date Fair Value $ 144.65 $ 119.39
v3.25.4
Share Based Compensation (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2019
Jan. 25, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock Repurchased During Period, Shares 416,699 167,452 24,520    
Number of shares authorized for awards 4,600,000        
Number of shares available for future issuance 1,500,000        
Share-based compensation expense $ 25,000,000.0 $ 23,000,000.0 $ 18,300,000    
Tax benefit from share-based compensation expense $ 6,100,000 $ 5,800,000 4,600,000    
Award vesting period 3 years        
Units outstanding 932,172 948,000      
Proceeds from Stock Options Exercised $ 31,100,000 $ 32,100,000 22,300,000    
Portion of an award vesting for the 2012 SAR grant       1/3 vesting after each year  
Award vesting percentage       33.33%  
Payments for Repurchase of Common Stock $ 65,000,000.0 $ 21,900,000 $ 2,600,000    
Share Repurchase Program, Authorized, Amount         $ 300,000,000
Stock Options SARs Granted Since 2004 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum granting period for stock option 7 years        
Stock Option SAR Awards [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation cost not yet recognized $ 9,800,000        
Compensation cost not yet recognized, period for recognition 1 year 8 months 12 days        
Restricted Stock and Performance Share Awards [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Compensation cost not yet recognized $ 12,600,000        
Compensation cost not yet recognized, period for recognition 1 year 8 months 12 days        
Fair value of restricted stock units and performance shares vested during period $ 14,800,000 $ 11,900,000 $ 9,700,000    
Phantom Stock Units [Member] | Non-employee directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted during period 12,204        
Number of shares outstanding 247,317        
Restricted Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of restricted stock units and performance shares vested during period $ 103.89        
Units granted during period 26,000        
Number of shares outstanding 85,000 102,000      
Performance Shares [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of restricted stock units and performance shares vested during period $ 113.28        
Units granted during period 33,000        
Number of shares outstanding 99,000 89,000      
Share-Based Payment Arrangement, Cash Used to Settle Award $ 8,100,000 $ 4,700,000 $ 4,100,000    
Share-Based Payment Arrangement, Cash Used to Settle Award $ 8,100,000 $ 4,700,000 $ 4,100,000    
Series A and Series B preferred Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Preferred Stock, Shares Authorized 5,000,000        
Preferred Stock, Par or Stated Value Per Share $ 1.00        
v3.25.4
Income Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards $ 670,200,000    
Foreign tax credit 800,000 $ 800,000  
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation $ 9,000,000.0    
Effective Income Tax Rate Reconciliation, Percent 22.60% 23.00% 23.90%
Deferred Tax Liabilities      
Book/tax basis difference due to depreciation $ 1,439,400,000 $ 1,327,900,000  
Right-of-use assets 33,700,000 41,300,000  
Investments in affiliated companies 3,800,000 4,500,000  
Lease accounting (other than leveraged) 17,400,000 18,000,000.0  
Intangible amortization 1,700,000 1,500,000  
Other 5,300,000 4,900,000  
Total deferred tax liabilities 1,501,300,000 1,398,100,000  
Deferred Tax Assets      
Lease liability 37,900,000 44,400,000  
Federal net operating loss 140,800,000 82,600,000  
Foreign tax credit 800,000 800,000  
Valuation allowance on foreign tax credit 800,000 800,000  
State net operating loss 43,300,000 37,400,000  
Federal interest limitation carryforward 50,500,000 72,500,000  
Valuation on state net operating loss (26,900,000) (20,400,000)  
State interest limitation carryforward 7,700,000 11,400,000  
Foreign net operating loss 2,100,000 4,400,000  
Accruals not currently deductible for tax purposes 37,800,000 32,300,000  
Allowance for losses 1,200,000 1,300,000  
Pension and post-retirement benefits 1,900,000 2,100,000  
Other 9,300,000 2,800,000  
Total deferred tax assets 305,600,000 270,800,000  
Net deferred tax liabilities 1,195,700,000 1,127,300,000  
Gross liability for unrecognized tax benefits      
Ending balance 9,100,000    
Provision for Income Taxes, Equity Method Investment $ 39,700,000 $ 25,500,000 $ 25,700,000
v3.25.4
Income Taxes (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Provision for Income Taxes, Equity Method Investment $ 39.7 $ 25.5 $ 25.7
Income before income taxes      
Domestic 58.9 80.6 82.9
Foreign 220.2 180.8 162.6
Income before Income Taxes and Share of Affiliates’ Earnings 279.1 261.4 $ 245.5
Valuation allowance on foreign tax credit 0.8 0.8  
Right-of-use assets $ 33.7 $ 41.3  
v3.25.4
Income Taxes (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards $ 670.2    
State and local income tax, net of federal (national) income tax effect (1) 6.0 $ (4.8) $ (1.6)
Other 3.7 4.2 4.0
Tax Credit Carryforward, Valuation Allowance (0.8) (0.8)  
Current      
Federal (1.9) 0.0 2.9
State and local 0.1 0.7 0.2
Current domestic taxes (1.8) 0.7 3.1
Foreign 11.7 13.5 17.3
Current Income Tax Expense (Benefit) 9.9 14.2 20.4
Deferred      
Federal 16.2 18.4 13.5
State and local 5.9 (6.4) (1.8)
Deferred domestic taxes 22.1 12.0 11.7
Foreign 31.1 33.8 26.6
Deferred Income Tax Expense (Benefit) 53.2 45.8 38.3
Income tax benefit $ 63.1 $ 60.0 $ 58.7
v3.25.4
Income Taxes - Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax      
Income taxes at federal statutory rate $ 58.6 $ 54.9 $ 51.6
Other 3.7 4.2 4.0
Foreign tax effects (3.0) 9.3 9.6
Nondeductible officers compensation 4.3 2.8 2.3
Share-based compensation (3.2) (2.2) (1.7)
Other 0.7 0.0 (1.7)
State and local income tax, net of federal (national) income tax effect (1) 6.0 (4.8) (1.6)
Changes in unrecognized tax benefits (0.3) 0.0 0.2
Income tax benefit $ 63.1 $ 60.0 $ 58.7
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Income taxes at federal statutory rate 21.00% 21.00% 21.00%
Other 1.30% 1.60% 1.60%
Foreign tax effects (1.10%) 3.60% 3.90%
Nondeductible officers compensation 1.50% 1.10% 0.90%
Share-based compensation (1.10%) (0.80%) (0.70%)
Other 0.20% 0.00% (0.70%)
State and local income tax, net of federal (national) income tax effect 2.20% (1.90%) (0.60%)
Changes in unrecognized tax benefits (0.10%) 0.00% 0.10%
Income taxes at effective income tax rate 22.60% 23.00% 23.90%
GERMANY      
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax      
Foreign tax rate change impact $ (13.3) $ 0.0 $ 0.0
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign tax rate change impact (4.80%) 0.00% 0.00%
Other foreign jurisdictions      
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax      
Foreign tax rate change impact $ 6.6 $ 5.1 $ 5.6
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign tax rate change impact 2.40% 2.00% 2.30%
v3.25.4
Income Taxes (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Effective Income Tax Rate Reconciliation, Percent 22.60% 23.00% 23.90%
Provision for Income Taxes, Equity Method Investment $ 39,700,000 $ 25,500,000 $ 25,700,000
Amount of U.S. federal tax net operating loss 670,200,000    
State net operating loss 43,300,000 37,400,000  
State net operating loss carryforwards valuation allowance 26,900,000 20,400,000  
Foreign net operating loss 2,100,000 4,400,000  
Unrecognized Tax Benefits 9,100,000    
Deferred Tax Asset, Interest Carryforward 248,300,000    
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation $ 9,000,000.0    
Operating Loss Carryforwards, Maximum Future Taxable Income 80.00%    
Deferred Tax Asset, Interest Carryforward $ 248,300,000    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Valuation allowance increase (decrease) $ 6,400,000 $ (1,800,000) $ (2,300,000)
v3.25.4
Income Taxes - Income taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ (1.9) $ 0.0 $ 2.9
State 0.1 0.7 0.2
Federal and state (1.8) 0.7 3.1
Foreign: 16.3 22.3 14.2
Total 14.5 23.0 17.3
GERMANY      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 6.9 8.8 6.0
Canadian      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 0.3 (1.2) (0.6)
POLAND      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 5.3 6.8 4.0
MEXICO      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 1.5 1.4 1.2
AUSTRIA      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: (0.2) 2.3 1.6
NETHERLANDS      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 1.2 1.5 1.1
INDIA      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 1.1 1.8 0.3
Other foreign jurisdictions      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: $ 0.2 $ 0.9 $ 0.6
v3.25.4
Concentrations (Details)
 12 Months Ended
Dec. 31, 2025
Service_Center
union
Concentration [Abstract]  
Collective Bargaining Agreements, Percent of Employees 39.00%
Petroleum Industry [Member] | Product Concentration Risk | Revenue Benchmark  
Concentration [Abstract]  
Approximate percentage of revenue 22.00%
Transportation Industry [Member] | Product Concentration Risk | Revenue Benchmark  
Concentration [Abstract]  
Approximate percentage of revenue 26.00%
Chemical Industry [Member] | Product Concentration Risk | Revenue Benchmark  
Concentration [Abstract]  
Approximate percentage of revenue 22.00%
Food and Agriculture [Member] | Product Concentration Risk | Revenue Benchmark  
Concentration [Abstract]  
Approximate percentage of revenue 12.00%
Mining [Member] [Member] | Product Concentration Risk | Revenue Benchmark  
Concentration [Abstract]  
Approximate percentage of revenue 5.00%
POLAND  
Concentration [Abstract]  
Number Of Unions | union 1
Canadian  
Concentration [Abstract]  
Number of service centers | Service_Center 3
v3.25.4
Commercial Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financial Standby Letter of Credit [Member]    
Guarantor Obligations [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted $ 9.9 $ 8.7
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net Income $ 333.3 $ 284.2 $ 259.2
Less: Net Income Attributable to Non-Controlling Interest 0.0 0.0 0.0
Net income attributable to GATX 333.3 284.2 259.2
Less: Net income allocated to participating securities (5.5) (4.9) (4.9)
Net income available to common shareholders $ 327.8 $ 279.3 $ 254.3
Denominator for basic earnings per share — weighted average shares 35.8 35.8 35.7
Basic earnings per share (in dollars per share) $ 9.14 $ 7.80 $ 7.13
Less: Net income allocated to participating securities $ (5.5) $ (4.9) $ (4.9)
Net income available to common shareholders $ 327.8 $ 279.3 $ 254.3
Equity compensation plans (in shares) 0.1 0.1 0.1
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion 35.9 35.9 35.7
Diluted earnings per share (in dollars per share) $ 9.12 $ 7.78 $ 7.12
Retained Earnings      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net Income $ 333.3 $ 284.2 $ 259.2
v3.25.4
Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 126.3 $ 114.1
Goodwill [Line Items]    
Goodwill 126.3 114.1
Rail North America [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 23.8 23.8
Goodwill [Line Items]    
Goodwill 23.8 23.8
Rail International [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 60.5 53.3
Goodwill [Line Items]    
Goodwill 60.5 53.3
Other Business Segments [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 42.0 37.0
Goodwill [Line Items]    
Goodwill $ 42.0 $ 37.0
v3.25.4
Allowance for Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Changes in the allowance for possible losses    
Beginning balance $ 5.7 $ 5.9
(Reversal) provision for losses 0.5 2.0
Charges to allowance (0.4) (1.9)
Recoveries and other, including foreign exchange adjustments 0.2 (0.3)
Ending balance $ 6.0 $ 5.7
v3.25.4
Other Assets and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Components of Other Assets reported on the consolidated balance sheets    
Inventory $ 84.0 $ 71.8
Prepaid Supplies 24.9 18.4
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Gross 3.6 3.5
Assets Held-for-sale, Long Lived, Fair Value Disclosure 4.0 0.4
Prepaid items 25.4 20.7
Office furniture, fixtures and other equipment, net of accumulated depreciation 35.9 26.8
Utilization asset 17.2 26.5
Other 119.6 90.9
Total 400.5 303.1
Value Added Tax Receivable $ 85.9 $ 44.1
v3.25.4
Other Assets and Other Liabilities (Details 1) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Components of Other Liabilities reported on the consolidated balance sheets    
Pension and other post-retirement liabilities $ 41.5 $ 38.5
Liability for Asbestos and Environmental Claims, Net 10.3 12.0
Derivatives 41.0 12.1
Environmental reserves 10.3  
Other Liabilities, Noncurrent 69.3 44.9
Other liabilities $ 162.1 $ 107.5
v3.25.4
Shareholders' Equity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 18, 2026
Jan. 25, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share Repurchase Program, Authorized, Amount         $ 300,000,000
Stock repurchases, Shares 416,699 167,452 24,520    
Payments for Repurchase of Common Stock $ 65,000,000.0 $ 21,900,000 $ 2,600,000    
Authorized shares (in shares) 120,000,000        
Common stock, par value (in dollars per share) $ 0.625        
Issued shares (in shares) 69,316,358 69,075,329      
Outstanding shares (in shares) 35,400,021 35,575,691      
Common Stock, Capital Shares Reserved for Future Issuance 6,700,000        
Subsequent Event [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share Repurchase Program, Authorized, Amount       $ 300,000,000.0  
Series A and Series B preferred Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Preferred Stock, Shares Authorized 5,000,000        
Preferred Stock, Par or Stated Value Per Share $ 1.00        
Share-based compensation award plans [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common Stock, Capital Shares Reserved for Future Issuance 2,100,000        
Share-based Payment Arrangement [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common Stock, Capital Shares Reserved for Future Issuance 4,600,000        
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance $ 2,438.9 $ 2,273.0  
Less: Comprehensive Loss Attributable to Non-Controlling Interest (14.4) 0.0 $ 0.0
Ending Balance 3,635.1 2,438.9 2,273.0
Accumulated Foreign Currency Adjustment Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (160.1) (106.3) (152.1)
OCI, before Reclassifications, before Tax, Attributable to Parent 109.3 (53.8) 45.8
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 0.0 0.0 0.0
Income tax effect 0.0 0.0 0.0
Less: Comprehensive Loss Attributable to Non-Controlling Interest 0.0    
Ending Balance (50.8) (160.1) (106.3)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (8.9) (9.9) (11.2)
OCI, before Reclassifications, before Tax, Attributable to Parent (27.2) 3.4 (3.6)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 1.4 (2.1) 5.3
Income tax effect 6.2 (0.3) (0.4)
Less: Comprehensive Loss Attributable to Non-Controlling Interest 14.4    
Ending Balance (14.1) (8.9) (9.9)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (40.6) (51.4) 48.3
OCI, before Reclassifications, before Tax, Attributable to Parent 0.0 13.9 (4.1)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 0.4 0.4 0.1
Income tax effect 0.5 (3.5) 0.9
Less: Comprehensive Loss Attributable to Non-Controlling Interest 0.0    
Ending Balance 39.7 (40.6) (51.4)
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (209.6) (167.6) (211.6)
OCI, before Reclassifications, before Tax, Attributable to Parent 82.1 (36.5) 38.1
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 1.8 (1.7) 5.4
Income tax effect 6.7 (3.8) 0.5
Less: Comprehensive Loss Attributable to Non-Controlling Interest 14.4    
Ending Balance $ (104.6) $ (209.6) $ (167.6)
v3.25.4
Foreign Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign operations data      
Revenues $ 1,740.4 $ 1,585.5 $ 1,410.9
Foreign Operations (Textual) [Abstract]      
Maximum percentage of consolidated revenues derive from any individual foreign country 10.00%    
Percentage of company's identifiable assets 10.00% 10.00%  
Total assets $ 17,999.5 $ 12,296.5 11,326.0
Non-US      
Foreign operations data      
Revenues 721.4 637.3 548.1
Foreign Operations (Textual) [Abstract]      
Total assets 6,801.3 5,167.2 4,718.5
UNITED STATES      
Foreign operations data      
Revenues 1,019.0 948.2 862.8
Foreign Operations (Textual) [Abstract]      
Total assets $ 11,198.2 $ 7,129.3 $ 6,607.5
v3.25.4
Legal Proceedings and Other Contingencies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Site
Commitments and Contingencies Disclosure [Abstract]  
Estimated Litigation Liability $ 4.6
Administrative and Judicial Proceedings at Sites | Site 6
Accruals for remediation and restoration $ 10.3
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Other liabilities
v3.25.4
Financial Data of Business Segments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Number of business segments | Segment 3    
Asset Impairment Charges $ (3.6) $ 0.0 $ (1.5)
Portfolio Management [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Asset Impairment Charges $ 0.0 $ 0.0 $ (1.2)
v3.25.4
Financial Data of Busines Segments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income $ 1,486.2 $ 1,381.1 $ 1,251.4
MarineOperatingRevenue 0.0 0.0 6.9
Other Operating Income 167.5 139.8 115.0
Total Revenues 1,740.4 1,585.5 1,410.9
Maintenance Expense 427.7 381.6 344.8
Depreciation expense 431.8 402.4 376.3
Marine operating expense 0.0 0.0 6.5
Operating Lease, Expense 28.9 33.9 36.0
Other operating expense 65.3 57.7 46.6
Operating Costs and Expenses 953.7 875.6 810.2
Interest Income (Expense), Nonoperating (391.5) (341.0) (263.4)
Other (expense) income (0.4) (9.5) (9.4)
Share of affiliates' earnings (pre-tax) 157.0 108.3 98.1
Segment Profit Loss 688.7 606.0 556.3
Selling, general and administrative 252.6 236.3 212.7
Income taxes expense (benefit) including affiliate's earnings 102.8 85.5 84.4
Net income attributable to GATX 333.3 284.2 259.2
Disposition Gains on Owned Assets 118.9 122.0 119.8
Nonoperating Income, Residual Sharing Income 0.5 0.5 0.9
Asset Impairment Charges (3.6) 0.0 (1.5)
Total assets 17,999.5 12,296.5 11,326.0
Nonremarketing Disposition Gain (Loss) 21.1 15.8 11.1
Portfolio Investments and Capital Additions 1,316.7 1,674.4 1,665.0
Investments in Affiliated Companies 732.3 663.3 627.0
Non-dedicated engine revenue 86.7 64.6 37.6
Net gain on asset dispositions 136.9 138.3 130.3
Provision for Income Taxes, Equity Method Investment $ 39.7 25.5 25.7
Number of Reportable Segments | Segment 3    
Net Income $ 333.3 284.2 259.2
Less: Net Income Attributable to Non-Controlling Interest 0.0 0.0 0.0
Other Business Segments [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 32.8 31.6 33.4
MarineOperatingRevenue     0.0
Other Operating Income 8.5 7.5 8.1
Total Revenues 41.3 39.1 41.5
Maintenance Expense 4.8 4.0 4.1
Depreciation expense 15.9 14.8 13.9
Marine operating expense     0.0
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 3.7 4.3 3.0
Operating Costs and Expenses 24.4 23.1 21.0
Interest Income (Expense), Nonoperating 0.3 4.4 (5.5)
Other (expense) income 12.2 (7.9) 2.6
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Segment Profit Loss 29.5 12.9 29.2
Disposition Gains on Owned Assets 0.1 0.3 0.3
Nonoperating Income, Residual Sharing Income 0.0 0.0 0.0
Asset Impairment Charges 0.0   0.0
Total assets 1,013.4 658.2 801.9
Nonremarketing Disposition Gain (Loss) 0.0 0.1 0.3
Portfolio Investments and Capital Additions 23.1 18.3 38.4
Investments in Affiliated Companies 0.0 0.0 0.0
Net gain on asset dispositions 0.1 0.4 0.6
Rail North America [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 1,049.1 983.5 888.8
MarineOperatingRevenue     0.0
Other Operating Income 137.3 115.5 93.9
Total Revenues 1,186.4 1,099.0 982.7
Maintenance Expense 350.5 306.9 276.6
Depreciation expense 285.7 271.1 265.9
Marine operating expense     0.0
Operating Lease, Expense 28.9 33.9 36.0
Other operating expense 31.1 26.4 25.9
Operating Costs and Expenses 696.2 638.3 604.4
Interest Income (Expense), Nonoperating (259.5) (232.1) 182.9
Other (expense) income (8.7) (5.4) (8.0)
Share of affiliates' earnings (pre-tax) (0.2) 0.0 (0.6)
Segment Profit Loss 351.8 356.0 307.3
Disposition Gains on Owned Assets 116.5 119.4 111.7
Nonoperating Income, Residual Sharing Income 0.5 0.5 0.4
Asset Impairment Charges (3.6) 0.0 0.0
Total assets 12,235.5 7,751.6 6,993.8
Nonremarketing Disposition Gain (Loss) 16.6 12.9 8.4
Portfolio Investments and Capital Additions 644.1 1,162.4 976.9
Investments in Affiliated Companies     0.2
Net gain on asset dispositions 130.0 132.8 120.5
Rail North America [Member] | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in Affiliated Companies 0.0 0.2  
Rail International [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 366.1 333.6 296.6
MarineOperatingRevenue     0.0
Other Operating Income 21.7 16.7 12.9
Total Revenues 387.8 350.3 309.5
Maintenance Expense 72.4 70.7 64.1
Depreciation expense 90.5 78.7 68.2
Marine operating expense     0.0
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 19.3 17.4 10.4
Operating Costs and Expenses 182.2 166.8 142.7
Interest Income (Expense), Nonoperating (82.6) (71.4) 56.2
Other (expense) income (3.9) 3.2 (4.2)
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Segment Profit Loss 125.9 119.8 113.4
Disposition Gains on Owned Assets 2.3 1.7 4.9
Nonoperating Income, Residual Sharing Income 0.0 0.0 0.0
Asset Impairment Charges 0.0 0.0 (0.3)
Total assets 2,919.0 2,233.3 2,175.2
Nonremarketing Disposition Gain (Loss) 4.5 2.8 2.4
Portfolio Investments and Capital Additions 502.4 232.9 382.4
Investments in Affiliated Companies 0.0 0.0 0.0
Net gain on asset dispositions 6.8 4.5 7.0
Portfolio Management [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 38.2 32.4 32.6
MarineOperatingRevenue     6.9
Other Operating Income 0.0 0.1 0.1
Total Revenues 124.9 97.1 77.2
Maintenance Expense 0.0 0.0 0.0
Depreciation expense 39.7 37.8 28.3
Marine operating expense     6.5
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 11.2 9.6 7.3
Operating Costs and Expenses 50.9 47.4 42.1
Interest Income (Expense), Nonoperating (49.7) (41.9) 29.8
Other (expense) income 0.0 0.6 0.2
Share of affiliates' earnings (pre-tax) 157.2 108.3 98.7
Segment Profit Loss 181.5 117.3 106.4
Disposition Gains on Owned Assets 0.0 0.6 2.9
Nonoperating Income, Residual Sharing Income 0.0 0.0 0.5
Asset Impairment Charges 0.0 0.0 (1.2)
Total assets 1,831.6 1,653.4 1,355.1
Nonremarketing Disposition Gain (Loss) 0.0 0.0 0.0
Portfolio Investments and Capital Additions 147.1 260.8 267.3
Investments in Affiliated Companies 732.3 663.1 626.8
Non-dedicated engine revenue 86.7 64.6 37.6
Net gain on asset dispositions $ 0.0 0.6 $ 2.2
Portfolio Management [Member] | Rolls Royce Partners Finance [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in Affiliated Companies   $ 663.1  
v3.25.4
Subsequent Events (Details)
$ in Millions
Jan. 01, 2026
USD ($)
railcar
May 29, 2025
USD ($)
Wells Fargo Bank, N.A. | Railcar Acquisition    
Subsequent Event [Line Items]    
Asset Acquisition, Consideration Transferred   $ 30.4
Subsequent Event [Member]    
Subsequent Event [Line Items]    
Joint Venture, Potential Ownership Interest To Acquire 100.00%  
Joint Venture, Ownership Interest 30.00%  
Subsequent Event [Member] | Brookfield Infrastructure Partners L.P.    
Subsequent Event [Line Items]    
Joint Venture, Ownership Interest 70.00%  
Subsequent Event [Member] | Wells Fargo Bank, N.A. | Railcar Acquisition    
Subsequent Event [Line Items]    
Asset Acquisition, Consideration Transferred $ 4,200.0  
Number Of Assets Acquired | railcar 101,000  
Subsequent Event [Member] | Wells Fargo Bank, N.A. | 200 Locomotive Acquisition    
Subsequent Event [Line Items]    
Asset Acquisition, Consideration Transferred $ 30.4  
Number Of Assets Acquired | railcar 200  
v3.25.4
Noncontrolling Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]      
GABX equity contribution from non-controlling interest $ 899 $ 0 $ 0
GABX      
Noncontrolling Interest [Line Items]      
Joint Venture, Ownership Interest 30.00%    
Brookfield Infrastructure Partners L.P. | GABX      
Noncontrolling Interest [Line Items]      
Joint Venture, Ownership Interest 70.00%