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Railcar Leasing and Services Group (Tables) | 9 Months Ended
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Sep. 30, 2025
Sale Leaseback Transaction [Line Items] |
Selected consolidating income statement information for the Leasing Group | Information related to the Leasing Group is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Percent |  | 2025 |  | 2024 |  | Percent
| ($ in millions) |  | Change |  | ($ in millions) |  | Change
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and management | $ | 231.8 |  |  | $ | 213.1 |  |  | 8.8 | % |  | $ | 684.3 |  |  | $ | 644.0 |  |  | 6.3 | %
Maintenance services (1) | 59.1 |  |  | 66.5 |  |  | (11.1) | % |  | 177.6 |  |  | 180.7 |  |  | (1.7) | %
Digital and logistics services | 10.1 |  |  | 9.9 |  |  | 2.0 | % |  | 28.9 |  |  | 31.4 |  |  | (8.0) | %
Total revenues | $ | 301.0 |  |  | $ | 289.5 |  |  | 4.0 | % |  | $ | 890.8 |  |  | $ | 856.1 |  |  | 4.1 | %
Cost of revenues (2) | $ | 180.5 |  |  | $ | 168.9 |  |  | 6.9 | % |  | 531.3 |  |  | 495.9 |  |  | 7.1 | %
Selling, engineering, and administrative expenses | 14.6 |  |  | 18.7 |  |  | (21.9) | % |  | 47.2 |  |  | 56.8 |  |  | (16.9) | %
Gains on dispositions of property: |  |  |  |  |  |  |  |  |  |  |
Lease portfolio sales | 21.7 |  |  | 11.4 |  |  | * |  | 35.4 |  |  | 36.2 |  |  | *
Other | 0.5 |  |  | 1.9 |  |  | * |  | 3.5 |  |  | 3.9 |  |  | *
Total operating profit | $ | 128.1 |  |  | $ | 115.2 |  |  | 11.2 | % |  | $ | 351.2 |  |  | $ | 343.5 |  |  | 2.2 | %
Total operating profit margin | 42.6 | % |  | 39.8 | % |  |  |  | 39.4 | % |  | 40.1 | % |  |
Total operating profit margin, excluding lease portfolio sales | 35.3 | % |  | 35.9 | % |  |  |  | 35.5 | % |  | 35.9 | % |  |
Selected expense information for Company-owned railcars (3): |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense (4) | $ | 63.6 |  |  | $ | 59.7 |  |  | 6.5 | % |  | $ | 186.5 |  |  | $ | 179.7 |  |  | 3.8 | %
Maintenance and compliance expense (5) | $ | 43.3 |  |  | $ | 29.7 |  |  | 45.8 | % |  | $ | 124.4 |  |  | $ | 95.1 |  |  | 30.8 | %
Other fleet operating costs (6) | $ | 10.8 |  |  | $ | 8.5 |  |  | 27.1 | % |  | $ | 28.6 |  |  | $ | 24.3 |  |  | 17.7 | %
Interest expense (7) | $ | 58.7 |  |  | $ | 59.1 |  |  | (0.7) | % |  | $ | 173.1 |  |  | $ | 176.9 |  |  | (2.1) | %
* Not meaningful (1) Revenues related to services performed by the maintenance services business on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group and are excluded from the totals reported on this line. (2) Includes depreciation and amortization expense, maintenance and compliance expense, and other fleet operating costs related to our lease fleet, as well as operating costs for our maintenance services and digital and logistics services businesses. (3) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements. (4) Depreciation and amortization expense includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, resulting in the recognition of depreciation expense based on the original cost of the railcars and services. (5) Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet. (6) Other fleet operating costs include freight, storage, rent, and ad valorem taxes. (7) Interest expense is not a component of operating profit and includes the effect of hedges.
Schedule of proceeds from leased railcars | Information related to lease portfolio sales is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| ($ in millions)
Lease portfolio sales | $ | 79.9 |  |  | $ | 67.0 |  |  | $ | 142.9 |  |  | $ | 253.7 |
Operating profit on lease portfolio sales | $ | 21.7 |  |  | $ | 11.4 |  |  | $ | 35.4 |  |  | $ | 36.2 |
Operating profit margin on lease portfolio sales | 27.2 | % |  | 17.0 | % |  | 24.8 | % |  | 14.3 | %

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