FreightCar America (RAIL) Company Report

FreightCar America delivered an exceptional third quarter 2025, highlighted by revenue of $160.5 million and adjusted EBITDA of $17 million, representing its most profitable quarter since relocating production to Mexico. The company achieved a gross margin of 15.1% and an adjusted EBITDA margin of 10.6%.
The company's backlog remains healthy and diversified at 2,750 units, valued at approximately $222 million.
For the full year 2025, FreightCar America reaffirmed its adjusted EBITDA and railcar delivery guidance ranges, while adjusting its revenue range down to $500-$530 million to reflect a product mix change. Capital expenditures for the full year 2025 are now expected to be in the range of $4-$5 million, with some planned spending shifting into the first quarter of 2026.
The broader railcar industry continues to operate below long-term replacement levels, with total deliveries expected to remain under 30,000 railcars in 2025 versus a normalized rate closer to 40,000 units. However, the company anticipates a market recovery towards normalized replacement levels in 2026, likely back-half loaded.
Strategic initiatives include enhancements to the plant layout, vertical integration, and advancing operational readiness for tank car conversions, which are well ahead of schedule and position the company for future new tank car production.

Nov 10, 2025, 4:00 PM

Transcript

FreightCar America Reports Third Quarter 2025 Results

RAIL

Earnings

Guidance Update

Revenue Acceleration/Inflection

FreightCar America reported revenues of $160.5 million for the third quarter ended September 30, 2025, representing 42% year-over-year growth compared to $113.3 million in the third quarter of 2024.
The company recorded a net loss of $(7.4) million, or $(0.23) per share, for Q3 2025, but an Adjusted net income of $7.8 million, or $0.24 per share.
Adjusted EBITDA was $17.0 million in Q3 2025, an increase from $10.9 million in the third quarter of 2024, with margins expanding to 10.6% from 9.6%.
FreightCar America ended the quarter with a backlog of 2,750 units valued at $222.0 million and $62.7 million in cash and equivalents.
The company updated its Fiscal Year 2025 outlook, projecting revenue between $500 million and $530 million and Adjusted EBITDA between $43 million and $49 million.

Nov 10, 2025, 12:30 PM

Press Release

FreightCar America Provides Business Overview and 2024 Guidance

RAIL

Guidance Update

New Projects/Investments

Debt Issuance

FreightCar America is a manufacturer of railcars for the North American industry, with its newest plant in Coahuila, Mexico, completed in 2024.
The company provided guidance for 2024, expecting 4,500 to 4,900 cars delivered, $530 million to $595 million in revenue, and $43 million to $49 million in adjusted EBITDA.
FreightCar America is expanding into tank car modifications and plans to enter new tank car manufacturing, which has a higher average selling price and gross margin profile than current freight cars.
The company has optimized its capital structure, replacing an expensive preferred share with a lower-cost term loan facility and obtaining a new working capital facility, with a target to exit the term loan in 2026.
FreightCar America maintains a shorter order-to-fulfillment time of three to five months compared to competitors' typical eight to nine months, allowing them to gain market share.

Aug 28, 2025, 9:42 PM

FreightCar America Reports Q1 2025 Results

RAIL

Earnings

Guidance Update

New Projects/Investments

Order Performance: The company secured 1,250 railcar orders valued at approximately $141 million, boosting its backlog to 3,337 railcars worth about $318 million, highlighting strong market share gains.
Margin and Profitability: Despite lower revenue due to capacity allocation for large custom fabrications, FreightCar America achieved a 14.9% gross margin and $7.3 million in adjusted EBITDA, underscoring improved operational efficiency.
Capacity and Growth Outlook: Management emphasized production flexibility with plans to commission a fifth manufacturing line in under 90 days for less than $1 million if sustained demand materializes, with future initiatives including a tank car retrofit program to further expand the product portfolio.

May 6, 2025, 3:01 PM

Transcript

FreightCar America Reports Q1 2025 Results

RAIL

Earnings

Guidance Update

FreightCar America reported Q1 2025 revenue of $96.3 million, marking a 40.2% decline from Q1 2024, with 710 railcar deliveries compared to 1,223 units in the prior period.
The company achieved a gross profit of $14.4 million with a 14.9% margin, an improvement from a 7.1% margin and $11.4 million gross profit in Q1 2024.
Q1 performance included a net income of $50.4 million, reflecting a significant non-cash warrant liability adjustment, while operating cash flow reached $12.8 million.
The firm reaffirmed its full-year guidance, projecting 4,500–4,900 railcar deliveries, $530–$595 million in revenue, and Adjusted EBITDA of $43–$49 million for FY 2025.

May 5, 2025, 12:00 AM

8-K

FreightCar America Reports Q4 2024 Earnings Growth

RAIL

Earnings

Guidance Update

Revenue Acceleration/Inflection

FY 2024 performance was strong with a 56% revenue growth to $559.4 million and adjusted EBITDA rising 114% to $43 million, reflecting robust operational execution.
Q4 2024 results showed revenues of $137.7 million, supported by improved gross profit margins despite minor delivery timing shifts.
The company strengthened its balance sheet by redeeming outstanding preferred shares and securing a $35 million ABL credit facility for enhanced financial flexibility.
For FY 2025, guidance targets deliveries between 4,500 and 4,900 railcars with adjusted EBITDA expected between $43 million and $49 million, amid ongoing tariff uncertainties.

Mar 13, 2025, 3:01 PM

Transcript

FreightCar America Reports Q4 2024 Results and 2025 Outlook

RAIL

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q4 2024 Highlights: The company posted $137.7 million in revenue, a gross profit of $21.0 million, and net income of $34.6 million (adjusted EPS of $0.21), reflecting improved operational performance.
Full Year Performance & 2025 Guidance: Full year 2024 results included $559.4 million in revenue and $43 million in adjusted EBITDA with positive free cash flow; the outlook for 2025 projects sequential growth with 4,500–4,900 railcar deliveries, $530–$595 million in revenue, and $43–$49 million in adjusted EBITDA.

Mar 12, 2025, 12:00 AM

8-K

FreightCar America Announces New $35M ABL Credit Facility

RAIL

Debt Issuance

Secured a new $35M revolving asset-based lending credit facility with Bank of America to optimize working capital and improve financial flexibility.
The facility is structured with a maturity of 4 years and 9 months and offers a lower interest rate (SOFR + 175), reducing borrowing costs by approximately 35% compared to its previous facility.

Feb 18, 2025, 12:00 AM

8-K