GATX Corporation (GATX) Cash Flow Statement
Where GATX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $648.1M +7.6% vs 2024
- Capital expenditures
- $1.33B 76.5% of revenue
- Free cash flow
- −$683.6M −39.3% margin
- Returned to shareholders
- $154.8M
- Change in cash
- $4.58B cash at year-end $4.98B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GATX operating cash flow, capex and free cash flow
GATX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $626.1M2016 | $648.1M2025 | +0.4%/yr | |
| Capital expenditures | $712.8M2016 | $1.33B2025 | +7.2%/yr | |
| Free cash flow | −$86.7M2016 | −$683.6M2025 | — | |
| Free cash flow margin | −6.1%2016 | −39.3%2025 | −33.2 pts | |
| Operating cash flow / net income | 2.442016 | 1.982025 | −0.46 | |
| Stock-based compensation | $15.8M2016 | $25.0M2025 | +5.2%/yr | |
| Dividends paid | $67.4M2016 | $89.8M2025 | +3.2%/yr | |
| Share buybacks (net) | $120.1M2016 | $65.0M2025 | −6.6%/yr | |
| Capex / revenue | 50.3%2016 | 76.5%2025 | +26.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GATX cash flow by activity
GATX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GATX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $327.8M | $284.2M | $259.2M | $155.9M | $143.1M | $150.2M | $180.8M | $211.3M | $502.0M | $257.1M |
| Depreciation & amortization | $452.3M | $421.4M | $392.1M | $371.3M | $378.4M | $342.8M | $332.7M | $338.2M | $322.7M | $310.2M |
| Stock-based compensation | $25.0M | $23.0M | $18.3M | $12.7M | $17.4M | $15.6M | $12.3M | $16.4M | $9.9M | $15.8M |
| Change in working capital | −$11.8M | −$900,000 | −$6.4M | $15.1M | $23.5M | −$6.4M | −$39.1M | −$4.0M | −$18.5M | −$2.7M |
| Other non-cash items | −$145.2M | −$125.6M | −$142.8M | −$21.5M | −$55.2M | −$73.9M | −$24.1M | −$53.4M | −$319.3M | $45.7M |
| Cash from operating activities | $648.1M | $602.1M | $520.4M | $533.5M | $507.2M | $428.3M | $462.6M | $508.5M | $496.8M | $626.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.33B | −$1.67B | −$1.67B | −$1.26B | −$1.13B | −$860.8M | −$723.8M | −$995.9M | −$678.6M | −$712.8M |
| Investments (net) | −$1.04B | −$1.42B | −$1.33B | $121.1M | $186.7M | $131.1M | −$439.7M | $212.8M | $107.8M | $164.1M |
| Acquisitions & other investing | $2.26B | $1.67B | $1.77B | $61.2M | $25.7M | −$175.2M | $723.8M | $107.0M | $142.5M | $153.8M |
| Cash from investing activities | −$117.8M | −$1.42B | −$1.22B | −$1.07B | −$917.7M | −$904.9M | −$439.7M | −$676.1M | −$428.3M | −$394.9M |
| Financing activities | ||||||||||
| Dividends paid | −$89.8M | −$84.8M | −$80.6M | −$76.6M | −$74.3M | −$71.0M | −$69.3M | −$69.3M | −$68.2M | −$67.4M |
| Share repurchases & issuance (net) | −$65.0M | −$21.9M | −$2.6M | −$47.2M | −$13.1M | −$21.0M | −$150.0M | −$115.5M | −$100.0M | −$120.1M |
| Net borrowing (repayment) | $4.18B | $882.1M | $912.9M | $598.3M | $603.8M | $452.9M | $238.4M | $166.2M | $86.9M | $52.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $22.1M | −$4.9M | $14.4M | $29.9M | −$53.3M | $16.5M | $2.8M | −$2.8M | −$2.6M | $10.4M |
| Cash from financing activities | $4.05B | $770.5M | $844.1M | $504.4M | $463.1M | $377.4M | $21.9M | −$21.4M | −$83.9M | −$124.9M |
| Summary | ||||||||||
| Net change in cash | $4.58B | −$49.0M | $146.8M | −$40.5M | $51.9M | $141.6M | $44.3M | −$193.0M | −$11.4M | $105.1M |
| Cash at end of period | $4.98B | $401.8M | $450.8M | $304.0M | $344.5M | $292.6M | $151.0M | $106.7M | $299.7M | $307.5M |
| Free cash flow | −$683.6M | −$1.07B | −$1.14B | −$722.3M | −$622.9M | −$432.5M | −$261.2M | −$487.4M | −$181.8M | −$86.7M |
| Free cash flow margin | −39.3% | −67.6% | −81.1% | −56.7% | −49.5% | −35.8% | −21.7% | −35.8% | −13.2% | −6.1% |
| Capex / revenue | 76.5% | 105.6% | 118.0% | 98.6% | 89.9% | 71.2% | 60.2% | 73.2% | 49.3% | 50.3% |
| Operating cash flow / net income | 1.98 | 2.12 | 2.01 | 3.42 | 3.54 | 2.85 | 2.56 | 2.41 | 0.99 | 2.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $103.4M | $84.0M | $95.5M | $82.2M | $75.5M | $78.6M | $76.5M | $89.0M | $44.4M | $74.3M | $66.0M | $52.5M |
| Depreciation & amortization | $166.5M | $174.7M | $117.3M | $114.4M | $112.0M | $108.6M | $109.6M | $108.0M | $103.2M | $100.6M | $102.3M | $100.1M |
| Stock-based compensation | — | — | — | — | — | — | — | −$10.8M | $5.4M | $5.4M | $6.9M | $2.8M |
| Change in working capital | $14.0M | −$2.9M | −$77.9M | $72.6M | $13.9M | −$20.4M | −$4.2M | $19.1M | $21.6M | −$37.4M | −$37.3M | $8.2M |
| Other non-cash items | −$7.7M | −$56.7M | $9.4M | −$50.9M | −$40.1M | −$42.6M | $24.1M | −$45.1M | −$36.3M | −$45.3M | −$17.6M | −$21.9M |
| Cash from operating activities | $276.2M | $199.1M | $144.3M | $218.3M | $161.3M | $124.2M | $206.0M | $160.2M | $138.3M | $97.6M | $120.3M | $141.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$200.5M | −$4.52B | −$439.7M | −$361.7M | −$219.0M | −$311.3M | −$349.3M | −$504.5M | −$442.0M | −$378.6M | −$427.5M | −$363.9M |
| Investments (net) | — | −$4.37B | −$376.1M | −$287.4M | −$130.3M | −$234.7M | −$285.3M | −$432.4M | −$387.4M | −$311.6M | −$358.7M | −$316.0M |
| Acquisitions & other investing | $246.0M | $4.53B | $1.35B | $361.7M | $219.0M | $311.3M | $349.3M | $504.5M | $442.0M | $378.6M | $427.5M | $363.9M |
| Cash from investing activities | $45.5M | −$4.36B | $534.6M | −$287.4M | −$130.3M | −$234.7M | −$285.3M | −$432.4M | −$387.4M | −$311.6M | −$358.7M | −$316.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$23.8M | −$25.2M | −$22.0M | −$22.1M | −$22.2M | −$23.5M | −$20.9M | −$20.9M | −$21.0M | −$22.0M | −$19.9M | −$19.9M |
| Share repurchases & issuance (net) | −$110.7M | −$3.8M | −$46.4M | −$1.5M | −$15.2M | −$1.9M | −$100,000 | −$12.9M | −$4.3M | −$4.6M | −$2.6M | $0 |
| Net borrowing (repayment) | — | −$49.8M | $3.68B | $28.6M | −$4.4M | $477.4M | −$1.4M | $12.0M | — | — | — | $75.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$179.1M | −$3.8M | $1.1M | $5.6M | $5.8M | $9.6M | $3.8M | −$28.4M | $619.6M | $271.6M | $506.7M | $5.3M |
| Cash from financing activities | −$313.6M | −$82.6M | $3.61B | $10.6M | −$36.0M | $461.6M | −$18.6M | −$50.2M | $594.3M | $245.0M | $484.2M | $61.0M |
| Summary | ||||||||||||
| Net change in cash | $6.2M | −$4.24B | $4.29B | −$58.8M | −$2.4M | $355.8M | −$102.0M | −$320.0M | $344.6M | $28.4M | $247.6M | −$114.5M |
| Cash at end of period | $747.2M | $741.0M | $4.98B | $696.4M | $755.2M | $757.6M | $401.8M | $503.8M | $823.8M | $479.2M | $450.8M | $203.2M |
| Free cash flow | $75.7M | −$4.32B | −$295.4M | −$143.4M | −$57.7M | −$187.1M | −$143.3M | −$344.3M | −$303.7M | −$281.0M | −$307.2M | $141.7M |
| Free cash flow margin | 13.0% | −740.9% | −65.8% | −32.6% | −13.4% | −44.4% | −34.7% | −84.9% | −78.5% | −74.0% | −83.3% | 39.4% |
| Capex / revenue | 34.6% | 775.0% | 97.9% | 82.3% | 50.9% | 73.8% | 84.5% | 124.4% | 114.3% | 99.7% | 115.9% | 101.1% |
| Operating cash flow / net income | 2.67 | 2.37 | 1.51 | 2.66 | 2.14 | 1.58 | 2.69 | 1.80 | 3.11 | 1.31 | 1.82 | 2.70 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GATX cash generation
In fiscal 2025 (ended December 31, 2025), GATX generated $648.1 million of cash from operations (up 7.6%) and spent $1.3 billion on capital expenditures, leaving free cash flow of -$683.6 million, −39.3% of revenue. It returned $154.8 million to shareholders through dividends ($89.8 million) and net share buybacks ($65.0 million). Cash and equivalents rose by $4.6 billion over the year.
Related: GATX income statement, GATX balance sheet, GATX dividend history. See the GATX stock overview for the latest quote and news.
GATX cash flow FAQ
What is GATX's free cash flow?
GATX's free cash flow was -$683.6 million in fiscal 2025: $648.1 million of operating cash flow minus $1.3 billion of capital expenditures It was -$1.1 billion a year earlier..
How much cash does GATX generate from operations?
GATX generated $648.1 million of cash from operating activities in fiscal 2025, 1.98 times its net income of $327.8 million.
How much does GATX spend on capital expenditures?
GATX spent $1.3 billion on capital expenditures in fiscal 2025, 76.5% of revenue, compared with $1.7 billion the year before.
How much stock does GATX buy back?
GATX spent $65.0 million on net share repurchases in fiscal 2025.
How much does GATX pay in dividends?
GATX paid $89.8 million in dividends in fiscal 2025.