GATX CORPGATX
GATX CORP Debt Disclosure
Debt
Debt Obligations
The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
| 2025 | 2024 | ||||||||||
| Unsecured Recourse Fixed Rate Debt: | |||||||||||
| U.S. | |||||||||||
3.25% Notes due September 2026 | $ | 350.0 | $ | 350.0 | |||||||
5.40% Notes due March 2027 | 350.0 | 350.0 | |||||||||
3.85% Notes due March 2027 | 300.0 | 300.0 | |||||||||
3.50% Notes due March 2028 | 300.0 | 300.0 | |||||||||
4.55% Notes due November 2028 | 300.0 | 300.0 | |||||||||
4.70% Notes due April 2029 | 500.0 | 500.0 | |||||||||
4.00% Notes due June 2030 | 500.0 | 500.0 | |||||||||
1.90% Notes due June 2031 | 400.0 | 400.0 | |||||||||
3.50% Notes due June 2032 | 400.0 | 400.0 | |||||||||
4.90% Notes due March 2033 | 400.0 | 400.0 | |||||||||
5.45% Notes due September 2033 | 400.0 | 400.0 | |||||||||
6.05% Notes due March 2034 | 500.0 | 500.0 | |||||||||
6.90% Notes due May 2034 | 400.0 | 400.0 | |||||||||
5.50% Notes due June 2035 | 700.0 | — | |||||||||
5.20% Notes due March 2044 | 300.0 | 300.0 | |||||||||
4.50% Notes due March 2045 | 250.0 | 250.0 | |||||||||
3.10% Notes due June 2051 | 550.0 | 550.0 | |||||||||
6.05% Notes due May 2054 | 400.0 | 400.0 | |||||||||
6.05% Notes due June 2054 | 500.0 | — | |||||||||
3.25% Notes due March 2025 | — | 300.0 | |||||||||
| $ | 7,800.0 | $ | 6,900.0 | ||||||||
| Europe (1) | 2025 | 2024 | |||||||||
0.90% Schuldschein loan due October 2026 | $ | 27.0 | $ | 23.8 | |||||||
5.23% Schuldschein loan due November 2026 | 44.0 | 38.8 | |||||||||
1.07% Notes due November 2026 | 88.1 | 77.7 | |||||||||
4.37% Schuldschein loan due May 2027 | 41.1 | 36.2 | |||||||||
1.17% Schuldschein loan due October 2028 | 61.1 | 53.8 | |||||||||
3.21% Notes due December 2028 | 88.1 | — | |||||||||
3.24% Notes due October 2030 | 135.1 | — | |||||||||
1.56% Schuldschein loan due October 2031 | 88.1 | 77.7 | |||||||||
3.62% Loan due December 2031 | 117.5 | 103.5 | |||||||||
3.88% Notes due August 2032 | 47.0 | — | |||||||||
1.00% Notes due March 2025 | — | 103.5 | |||||||||
1.13% Notes due August 2025 | — | 103.5 | |||||||||
| $ | 737.1 | $ | 618.5 | ||||||||
| India (2) | |||||||||||
8.39% - 8.83% Term loan due June 2027 (3)(4) | $ | 45.6 | $ | 47.9 | |||||||
8.13% - 8.53% Term loan due February 2028 (3) | 25.6 | 26.9 | |||||||||
8.43% - 8.94% Term loan due February 2029 (3) | 44.5 | 46.7 | |||||||||
8.51% - 8.80% Term loan due January 2030 (3) | 22.3 | 23.4 | |||||||||
| $ | 138.0 | $ | 144.9 | ||||||||
Total unsecured fixed rate debt | $ | 8,675.1 | $ | 7,663.4 | |||||||
| Unsecured Recourse Floating Rate Debt (5): | |||||||||||
| U.S. | |||||||||||
5.06% Notes due January 2028 | $ | 50.0 | $ | 50.0 | |||||||
5.26% Notes due January 2029 | 125.0 | 100.0 | |||||||||
5.90% Notes due September 2029 | 50.0 | 50.0 | |||||||||
5.02% Term Loan due December 2030 (6) | 2,959.0 | — | |||||||||
| $ | 3,184.0 | $ | 200.0 | ||||||||
| Europe (1) | |||||||||||
3.56% Loan due December 2026 | $ | 132.7 | $ | 125.3 | |||||||
3.51% Notes due December 2027 | 129.2 | 113.9 | |||||||||
3.16% Notes due May 2029 | 99.8 | — | |||||||||
3.71% Loan due May 2029 | 88.1 | 77.7 | |||||||||
4.40% Loan due November 2030 | 44.0 | 38.8 | |||||||||
3.85% Loan due March 2031 | 58.7 | 51.8 | |||||||||
3.49% Loan due August 2032 | 94.0 | — | |||||||||
| $ | 646.5 | $ | 407.5 | ||||||||
Total recourse floating rate debt | $ | 3,830.5 | $ | 607.5 | |||||||
| Total debt principal | $ | 12,505.6 | $ | 8,270.9 | |||||||
| Unamortized debt discount/premium and debt issuance costs | (52.5) | (51.6) | |||||||||
| Debt adjustment for fair value hedges | (1.4) | (4.0) | |||||||||
| Total Debt | $ | 12,451.7 | $ | 8,215.3 | |||||||
_______
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche.
(4) The outstanding balance includes $11.4 million due in 2026.
(5) For floating rate debt, the interest rate disclosed is the applicable interest rate as of December 31, 2025.
(6) Loan at GABX for the acquisition of Wells Fargo's rail assets.
The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
| 2025 | 2024 | ||||||||||
| Weighted-average interest rate | 4.78 | % | 4.59 | % | |||||||
| Weighted-average term, in years | 8.2 | 8.6 | |||||||||
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2025 (in millions):
| 2026 | $ | 653.3 | |||
| 2027 | 854.5 | ||||
| 2028 | 824.8 | ||||
| 2029 | 907.4 | ||||
| 2030 | 3,660.4 | ||||
Thereafter | 5,605.2 | ||||
Total debt principal | $ | 12,505.6 | |||
Borrowings Under Bank Credit Facilities
The following table shows the balance and weighted-average interest rate of our borrowings under bank credit facilities as of December 31 (in millions):
| 2025 | 2024 | ||||||||||
| Balance | $ | 82.2 | $ | 10.4 | |||||||
| Weighted-average interest rate | 3.23 | % | 4.24 | % | |||||||
Credit Lines and Facilities
In 2025, we increased our existing $600 million, 5-year unsecured revolving credit facility in the United States to $632 million and extended the maturity from May 2029 to May 2030. This facility contains one additional one-year extension option. As of December 31, 2025, the full $632 million was available under this facility. Additionally, we increased our existing $350 million 3-year unsecured revolving credit facility in the United States to $368 million and extended the maturity from May 2027 to May 2028. This facility contains one additional one-year extension option. As of December 31, 2025, the full $368 million was available under this facility.
In 2025, in anticipation of the acquisition of Wells Fargo's rail assets, GABX entered into a $250 million, 5-year unsecured revolving credit facility in the United States that matures in 2030. As of December 31, 2025, the full $250 million was available under this facility.
In Europe, we increased our existing €210 million 3-year unsecured revolving credit facility, expiring in December 2027, to €250 million. In total, our European subsidiaries have unsecured credit facilities with an aggregate limit of €275.0 million. As of December 31, 2025, €205.0 million was available under these credit facilities.
Annual commitment fees for GATX's credit facilities were $1.9 million for 2025, $1.3 million for 2024, and $1.1 million for 2023.
Delayed Draw Term Loans
As of December 31, 2025, we had INR 2.0 billion ($22.3 million) available under an outstanding delayed draw term loan in India.
Restrictive Covenants
Our $632 million and $368 million revolving credit facilities in the United States, and our €250 million revolving credit facility in Europe, contain various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.0 for the period ended December 31, 2025, which is in excess of the minimum covenant ratio of 1.2. Some of our bank term loans have the same financial covenants as these facilities.
The indenture for our public debt also contains various restrictive covenants, including limitations on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2025, this limit was $3.5 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness.
The GABX $2.96 billion term loan and $250 million revolving credit facility contain various restrictive covenants, including a requirement to maintain an asset coverage ratio that does not exceed 0.85 to 1.0. Under the terms of the agreements, this specific covenant is applicable beginning four full quarters after the closing of the transaction and was therefore not applicable as of December 31, 2025. If GABX does not meet this requirement, it will still be deemed compliant with this financial covenant so long as the GATX Corporation fixed charge coverage ratio exceeds a minimum of 1.2.
At December 31, 2025, our European subsidiaries had outstanding term loans, public debt, and private placement debt balances totaling €1,178.0 million. The loans are guaranteed by GATX and are subject to similar restrictive covenants as the revolving credit facility noted above.
At December 31, 2025, we were in compliance with all covenants and conditions of all of our credit agreements, indentures and loans. We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.