FreightCar America, Inc. on Nov. 10 reported third-quarter 2025 results that include 42% year-over-year revenue growth and “strong” gross margins of 15.1%—expansion of 80 basis points—while reaffirming adjusted EBITDA guidance for full-year 2025.
3Q25 Highlights
- Revenues of $160.5 million, compared to $113.3 million in the third quarter of 2024, with railcar deliveries of 1,304 units compared to 961 units in the prior year period.
- Gross margin of 15.1% with gross profit of $24.2 million, compared to gross margin of 14.3% with gross profit of $16.2 million in the third quarter of 2024.
- Recorded a $17.6 million non-cash adjustment due to share price appreciation resulting in a Net loss of $(7.4) million, or $(0.23) per share, and adjusted net income of $7.8 million, or $0.24 per share.
- Adjusted EBITDA was $17.0 million, representing a margin of 10.6%, compared to $10.9 million and a margin of 9.6% in the third quarter of 2024.
- Ended the quarter with a backlog of 2,750 units valued at $222.0 million,” reflecting a diversified mix of railcar conversion programs and new railcar builds.”
- “Well-positioned to deploy capital for growth, with $62.7 million in cash and equivalents and no borrowings under the company’s revolving credit facility.”
“Our third quarter results highlight the strength of our operating platform and the continued execution of our commercial strategy,” said Nick Randall, President and CEO of FreightCar America. “We delivered record third quarter adjusted EBITDA at our new facility, reflecting the benefits of improved production efficiency and favorable product mix. Our team continues to demonstrate manufacturing flexibility which, coupled with our customer-centric approach, differentiates FreightCar America in the market. While overall industry demand remains subdued, we continue to support customers by leveraging our expertise in conversions and customized solutions to create value for our customers.
“This quarter’s strong bottom line performance reflects our manufacturing discipline and commercial excellence. By building for value and meeting complex customer requirements instead of commoditized throughput, we delivered exceptional adjusted EBITDA performance and strengthened the Company’s financial position. With this momentum, we enter the final quarter well-positioned to deliver profitable growth, generate positive free cash flow and advance our long-term growth initiatives.”
Mike Riordan, Chief Financial Officer of FreightCar America, added, “We delivered another quarter of solid financial results, including strong deliveries, margin performance and operating cash flow. Looking ahead, while our change in revenue guidance reflects product mix as we saw a larger number of conversion railcars compared to new railcars in the second half of 2025, our profitability and positive cash performance remain on track, underscoring the resilience of our business model, which fuels our capital strength and positions us to drive long-term sustainable growth.”
The company updated its outlook for fiscal year 2025 as follows:
