The Greenbrier Companies reported Q2 FY2025 revenue of $762.1 million and a gross margin of 18.2%, delivering aggregate operating income of $83.6 million (operating margin ~11%) and net income of $51.9 million ($1.66 per share). Management highlighted ongoing margin resilience supported by operating efficiency and a sixth consecutive mid‑teens gross margin, even as the company lowers near‑term delivery and revenue guidance due to European footprint rationalization and North American production adjustments. The quarter featured a robust global backlog (>20,000 units, >$2.6 billion in value) and solid leasing trends, underscoring Greenbrier’s ability to generate recurring revenue through leasing and fleet management. The company raised full-year guidance, noting a modest near-term gross margin decline in H2 but a target of mid‑teens margins, with deliveries projected in the 21.5k–23.5k range and revenue of $3.15–$3.35 billion. A meaningful portion of value creation rests on strategic initiatives: insourcing in Mexico, Europe capacity rationalization (Romania facility consolidation), and a disciplined approach to capex and leasing investments. Management expects continued strength in leasing fundamentals amid limited equipment supply, while monitoring trade policy, tariffs, and macro demand tailwinds. The outlook remains positive but hinges on execution of European rationalization, favorable demand signals in the back half of 2025, and the pace of backlog conversions.