Railcar Deliveries

Increased from 5,500 (Q2 2025) to 5,600 (Q3 2025) " " "

Slight growth in deliveries reflects minor operational improvements and consistent production performance compared to the previous period. " " "

Syndication Activity

Increased from 800 (Q2 2025) to 1,700 (Q3 2025) " "

A significant jump indicates enhanced liquidity and margin generation as the company ramped up its syndication efforts in Q3 relative to the lower baseline in Q2. " "

New Railcar Orders

Increased from 3,100 units ($400M) (Q2 2025) to 3,900 units (> $500M) (Q3 2025) " "

Increased customer activity and market demand led to higher order volumes and value, showing a clear improvement from Q2 to Q3. " "

Recurring Revenue

Increased from $157M (39% growth from two years ago) (Q2 2025) to nearly $165M (close to 50% growth) (Q3 2025) " "

Enhanced recurring revenue growth suggests improved customer retention and operational performance, outperforming the previous period’s growth rate. " "

Global Backlog

Decreased from 20,400 units valued at $2.6B (Q2 2025) to 19,000 units (Q3 2025) " "

A slight decrease in backlog may be attributed to higher order fulfillment and shifting focus towards revenue visibility, despite a lower overall volume compared to Q2. " "

Market Dynamics

Shift from order delays in Q2 to improved order activity in Q3 " " "

Improved market conditions in Q3, marked by overcoming previous uncertainties (e.g., U.S. trade policy and production adjustments), resulted in a steadier sales pipeline and better overall customer confidence compared to Q2. " " "

Leasing Fleet

Stable Q2 performance evolving to 98% fleet utilization in Q3 " "

Stronger leasing outcomes are seen in Q3, with most lease renewals completed and high fleet utilization, reflecting better customer retention and operational efficiency compared to Q2’s more tentative renewal process. " "