FreightCar America Inc

freightcaramerica.com

What Do They Do?

Builds freight railcars for shippers, railroads, and financial institutions.

How Do They Make Money?

Customers pay for new and rebuilt railcars when a finished car reaches a specified railroad connection point or, for some contracts, when the customer accepts it. Parts and supplies are paid for when shipped, and services when performed.

revenue

Segment	Share	Revenue	How money arrives
Railcar Sales Sold outright	95% FY2022: 97%		Sold outright
Aftermarket Sales Sold outright	5.4%		Sold outright

Who Are Their Customers?

Financial institutions and shippers are primary buyers, with railroads also among the customer base; the company markets and sells its products and services through a direct sales team organized by customer and territory.

Customers above 10% of revenue, FY2025

of revenue from three customers (26%, 20%, 13%)

FY2024: 31% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025

7% of revenue

▼ −9% vs FY2024 ($37.3M, 7%)

Net income, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$75.8M, −14%)

Free cash flow, FY2025

6% of revenue

▼ −21% vs FY2024 ($39.9M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $118.6M in Q2 FY2025
Net income: ▼ Now a loss; vs $11.7M in Q2 FY2025

Aug 3, 2026 Issued fiscal 2026 revenue guidance of $410 - $460 million The outlook also includes deliveries of 3,500 – 3,900 railcars and adjusted EBITDA of $36 - $44 million.

Growing. Revenue grew 2.5x in 4 years, from $203.1M in FY2021 to $501M in FY2025, about 25% a year.

Revenue over time

Railcar Sales Aftermarket Sales Parts Sales

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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