FreightCar America, Inc. reported a consolidated revenue of $501.0 million for the fiscal year ended December 31, 2025, a decrease of 10.3% from $559.4 million in 2024. The decline in revenue was primarily attributed to a reduction in the number of railcars delivered, which fell from 4,362 in 2024 to 4,125 in 2025. The Manufacturing segment generated $473.9 million in revenue, down from $541.2 million the previous year, while the Aftermarket segment saw an increase in revenue to $27.1 million from $18.2 million, reflecting higher sales volumes of component parts.
The company's net income for 2025 was $38.1 million, a significant turnaround from a net loss of $75.8 million in 2024. This improvement was driven by a favorable product mix and a substantial income tax benefit of $49.0 million, primarily due to the release of a valuation allowance on deferred tax assets. The gross profit margin also improved to 14.6% from 12.0% in the prior year, with consolidated gross profit rising to $73.2 million from $67.0 million.
Operationally, FreightCar America delivered 4,125 railcars in 2025, which included 3,714 new railcars and 411 rebuilt railcars. The total backlog of firm orders decreased to 1,926 railcars, with an estimated sales value of $137 million, down from a backlog of 2,797 railcars valued at $266 million at the end of 2024. The company’s customer base remains concentrated, with the top three customers accounting for 59% of total revenue in 2025, compared to 31% in 2024.
In terms of strategic developments, FreightCar America completed the acquisition of Carly Railcar Components, LLC in December 2025, enhancing its aftermarket distribution capabilities. The acquisition included a total consideration of $6.5 million in cash and a contingent consideration of up to $3 million based on future performance. The company also reported a decrease in employee headcount, with 1,986 employees as of December 31, 2025, down from 2,030 in the previous year.
Looking ahead, FreightCar America anticipates continued challenges in the railcar market, influenced by fluctuating demand and economic conditions. The company remains focused on operational efficiencies and strategic initiatives to enhance its market position. The management expressed optimism about leveraging its recent acquisition and improving product offerings to drive future growth.
About FreightCar America, Inc.
FreightCar America, Inc. designs and manufactures a wide range of railcars for transporting bulk commodities and containerized freight primarily in North America. The company offers railcar rebody, repair, and conversion services, along with railcar parts supply. With a focus on innovation, quality, and long-term customer relationships, it serves railroads, shippers, and financial institutions through a diversified product portfolio and global manufacturing facilities.
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