GATX is primarily a railcar leasing company, owning one of the largest railcar fleets in the world with approximately 156,000 wholly owned railcars across North America, Europe, and India — expanding to roughly 208,000 managed railcars following the Wells Fargo Rail acquisition that closed January 1, 2026. GATX leases tank cars, freight cars, and locomotives to customers in the transportation, chemical, petroleum, and food and agriculture industries for shipping over 580 different commodities. In North America and Europe, GATX provides full-service leases, meaning GATX handles maintenance, pays property taxes, and provides ancillary services over the lease life. Revenue is driven by fleet size, utilization, and lease rates; North American utilization runs near 99% and lease rates have been renewing well above expiring rates. GATX operates its own maintenance network across North America, which it views as a cost advantage. A secondary revenue stream comes from selling select railcars into the secondary market. GATX's second major business is aircraft spare engine leasing — through 50%-owned joint ventures with Rolls-Royce and its wholly owned GEL subsidiary, GATX owns one of the largest aircraft spare engine lease portfolios globally. Airlines lease these engines as backup units when primary engines go in for maintenance. GATX's model is capital-intensive: the company continuously reinvests in its fleet, finances this with investment-grade debt, and targets leverage around 3.3x. GATX also earns capital-light management fees for managing third-party-owned railcar fleets, a revenue stream expanded materially by the Wells Fargo Rail deal structure.