Overview
- Full-year 2025 results came in at $501 million in revenue on 4,125 units with adjusted EBITDA of $44.8 million, while Q4 showed a $16.6 million GAAP net loss but $4.9 million in adjusted net income.
- The company generated $31.4 million in free cash flow, gained nearly 300 basis points of delivery market share, secured roughly 3,250 orders including about 2,500 new cars, and ended 2025 with a 1,926-car backlog valued at $137.5 million.
- 2026 guidance calls for $500 million to $550 million in revenue, 4,000 to 4,500 deliveries, and $41 million to $50 million in adjusted EBITDA, with tank retrofit shipments expected in the back half of the year.
- FreightCar moved into aftermarket components through an acquisition reported as Cardium or Carli Railcar Components, with 2026 revenue contribution estimates in coverage ranging from $13–15 million to roughly $40–41 million.
- Operational programs including TruTrack and production flow refinements at the Castaños facility improved throughput and cost absorption, while non-cash items—a $51.9 million tax allowance release, a $32.2 million warrant adjustment, and a lease reclassification shifting about $3.5 million to cost of goods sold—affected reported figures without changing cash generation.