RAIL (RAIL) financial statements
RAIL reported revenue of $501M in fiscal 2025, down 0.5% a year over 9 years.
Net income was $37M and the operating margin 6.8%, against 3.0% in 2016.
Free cash flow was $31M.
The diluted share count rose 176% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RAIL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $524M | $409M | $317M | $230M | $108M | $203M | $365M | $358M | $559M | $501M |
| Cost of revenue | $484M | $406M | $320M | $244M | $122M | $192M | $339M | $316M | $492M | $428M |
| Gross profit | $40M | $3M | -$4M | -$14M | -$14M | $11M | $26M | $42M | $67M | $73M |
| Research and development | $386,000 | $298,000 | $42,000 | $955,000 | — | — | — | — | — | — |
| Selling, general and admin | $36M | $33M | $29M | $38M | $30M | $28M | $28M | $27M | $33M | $39M |
| Operating income | $16M | -$32M | -$32M | -$76M | -$81M | -$23M | -$15M | $10M | $37M | $34M |
| Interest expense | $171,000 | $163,000 | $155,000 | $609,000 | — | — | — | — | — | — |
| Pre-tax income | $16M | -$31M | -$30M | -$75M | -$86M | -$40M | -$37M | -$22M | -$70M | -$11M |
| Income tax | $3M | -$9M | $10M | -$115,000 | $199,000 | $1M | $2M | $2M | $6M | -$49M |
| Net income | $12M | -$23M | -$41M | -$75M | -$84M | -$41M | -$39M | -$34M | -$96M | $37M |
| EPS (diluted) | $1.00 | -$1.82 | -$3.26 | -$5.95 | -$6.29 | -$2.00 | -$1.56 | -$1.18 | -$3.12 | $1.09 |
| Diluted shares | 12M | 12M | 12M | 12M | 13M | 21M | 25M | 28M | 31M | 34M |
| Gross margin | 7.7% | 0.7% | -1.1% | -6.2% | -12.5% | 5.6% | 7.1% | 11.7% | 12.0% | 14.6% |
| Operating margin | 3.0% | -7.8% | -10.1% | -32.9% | -74.3% | -11.2% | -4.1% | 2.9% | 6.7% | 6.8% |
| Net margin | 2.4% | -5.5% | -12.8% | -32.7% | -77.9% | -20.4% | -10.7% | -9.4% | -17.2% | 7.4% |
Balance sheet
Fiscal years, from RAIL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $93M | $88M | $45M | $66M | $54M | $26M | $38M | $41M | $44M | $64M |
| Receivables | $25M | $8M | $18M | $7M | $9M | $10M | $10M | $6M | $13M | $12M |
| Inventory | $98M | $45M | $65M | $25M | $39M | $56M | $64M | $125M | $75M | $68M |
| Total current assets | $241M | $200M | $156M | $110M | $121M | $137M | $129M | $180M | $145M | $160M |
| Property, plant and equipment | $46M | $38M | $45M | $39M | $20M | $18M | $23M | $31M | $30M | $31M |
| Goodwill | $22M | $22M | $22M | — | — | — | — | — | — | — |
| Total assets | $339M | $296M | $290M | $245M | $183M | $201M | $200M | $259M | $224M | $290M |
| Total current liabilities | $54M | $40M | $62M | $49M | $71M | $69M | $106M | $137M | $81M | $86M |
| Long-term debt | — | — | — | $10M | $38M | $79M | $51M | $0 | $106M | $98M |
| Total liabilities | $82M | $64M | $96M | $128M | $152M | $202M | $228M | $222M | $374M | $397M |
| Shareholders' equity | $257M | $232M | $194M | $117M | $30M | -$2M | -$29M | -$46M | -$150M | -$107M |
| Net debt | -$93M | -$88M | -$45M | -$56M | $1M | $53M | $54M | -$11M | $64M | $43M |
Cash flow
Fiscal years, from RAIL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $215,000 | $40M | -$32M | -$19M | -$59M | -$55M | $12M | $5M | $45M | $35M |
| Capital spending | $14M | $967,000 | $2M | $6M | $10M | $2M | $8M | $13M | $5M | $3M |
| Free cash flow | -$14M | $39M | -$34M | -$25M | -$69M | -$58M | $4M | -$8M | $40M | $31M |
| Stock-based compensation | $1M | $1M | $3M | $1M | $1M | $3M | $2M | $1M | $3M | $4M |
| Dividends paid | $4M | $3M | — | — | — | — | — | $0 | $28M | $0 |
| Net borrowing | — | — | — | $10M | $50M | $16M | $0 | $0 | $115M | -$3M |
| Free cash flow margin | -2.6% | 9.6% | -10.7% | -10.7% | -63.4% | -28.4% | 1.0% | -2.2% | 7.1% | 6.3% |
| Dividends per share | $0.36 | $0.27 | — | — | — | — | — | — | $0.91 | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RAIL.
Open RAIL in InvestinglyQuestions
What was RAIL's revenue in 2025?
$501M in fiscal 2025, from its 10-K filing.
How much free cash flow does RAIL generate?
$31M in fiscal 2025 (operating cash flow minus capital spending).
From RAIL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.