Greenbrier is one of North America's two largest freight railcar manufacturers, with additional manufacturing operations in Europe and a joint venture in Brazil. Greenbrier builds virtually every major railcar type except coal cars, including covered hoppers, tank cars, intermodal cars, gondolas, boxcars, and automotive railcars, and sells these to railroads, shippers, and leasing companies. Beyond new car production, Greenbrier performs programmatic railcar restoration — refurbishing, re-bodying, and requalifying existing railcars — and operates a wheel services and maintenance network across North America. Greenbrier operates through two segments: Manufacturing (the dominant revenue contributor) and Leasing & Fleet Management. The company owns a fleet of roughly 17,000 railcars, nearly all on lease, and also manages third-party fleets for a fee. Greenbrier's business model combines three revenue streams: new railcar manufacturing, syndication (originating leases on railcars it builds and selling them to financial institutions, typically with management agreements attached), and recurring leasing and fleet management fees. Manufacturing margins are sensitive to production volume and car mix, with specialty cars like tank cars carrying higher margins than commoditized types. Syndication is the primary swing factor in quarterly results, while the owned lease fleet provides a more stable earnings base. Management's stated goal is to grow recurring revenue — roughly $170M on a trailing twelve-month basis — toward a target of doubling it by FY28. Greenbrier also holds minority stakes in joint ventures covering axle manufacturing and railcar castings.