Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-29

Greenbrier Companies (GBX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,706,230
Lorie Tekorius total, FY2025
CEO pay percentile vs peers
384:1
CEO-to-median pay ratio
92.07%
Say-on-pay support, latest vote
Companies that benchmark against GBX
6 companies name GBX as a compensation peer

Each company listed discloses GBX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named GBX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lorie Tekorius$1,016,667$0$4,535,537$0$1,949,072$0$204,954$7,706,230
Chief Executive Officer and President
Brian Comstock711,66702,154,36901,136,9590124,9774,127,972
Executive Vice President and President, The Americas
William Krueger644,66701,757,5490978,4240111,5553,492,195
Senior Vice President and Chief Operations Officer, The Americas
Michael Donfris630,00001,247,2890956,164053,4142,886,867
Senior Vice President, Chief Financial Officer
William Glenn528,33301,133,9310332,4220268,5272,263,213
Senior Vice President & President, Europe

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Lorie Tekorius$7,706,230$6,500,650$5,639,481+1,205,580
Brian Comstock4,127,9723,768,7012,911,176+359,271
William Krueger3,492,1953,305,0012,458,651+187,194
Michael Donfris2,886,8671,397,687+1,489,180
William Glenn2,263,2132,240,981+22,232

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lorie TekoriusPSU110,533$5,154,154
Lorie TekoriusPSU98,8784,610,681
Lorie TekoriusPSU97,2264,533,648
Brian ComstockPSU52,4362,445,091
Brian ComstockPSU48,2332,249,105
Brian ComstockPSU46,1822,153,467
William KruegerPSU44,9442,095,739
William KruegerPSU37,6761,756,832
William KruegerPSU33,7631,574,369
Lorie TekoriusRSU32,4081,511,185
Michael DonfrisPSU26,7381,246,793
William GlennPSU25,1211,171,392
William GlennPSU24,3081,133,482
William GlennPSU22,4721,047,869
Lorie TekoriusRSU21,9721,024,554
Michael DonfrisPSU17,252804,461
Brian ComstockRSU15,394717,822
Lorie TekoriusRSU13,646636,313
William GlennRSU7,490349,259
William KruegerRSU12,558585,580
Brian ComstockRSU11,652543,333
William KruegerRSU9,988465,740
Michael DonfrisRSU8,912415,567
William GlennRSU8,102377,796
Michael DonfrisRSU6,550305,427
Brian ComstockRSU5,954277,635
William GlennRSU4,652216,923
William KruegerRSU4,168194,354
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to attract, motivate, and retain high-caliber executives, promote teamwork, and align executive interests with shareholder value by linking a significant portion of compensation to pre-established financial metrics and measurable business goals.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-01-0721,951,5941,891,286147,84092.07%Passed
20252025-01-0925,631,915409,33145,93698.43%Passed
20242024-01-0525,646,101592,47251,29197.74%Passed
20232023-01-0621,605,0205,447,46658,53579.86%Passed
20222022-01-0723,963,5933,114,702106,79688.5%Passed
20212021-01-0624,822,296916,259132,45996.44%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-01-0792.07%a
20252025-01-0998.43%b
20242024-01-0597.74%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)384 : 1
CEO total compensation
Median employee compensation$20,047
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas B. FargoIndependent · Board Chair · Compensation · Nominating/ Corp. Gov.$291,250$149,045$0$440,295
Graeme A. JackIndependent · Audit · Compensation · Nominating/ Corp. Gov.145,000149,0450294,045
Kelly M. WilliamsIndependent · Audit · Compensation (Chair) · Nominating/ Corp. Gov.140,000149,0450289,045
Antonio O. GarzaIndependent · Audit · Nominating/ Corp. Gov. (Chair)123,750149,0450272,795
Wendy L. TeramotoIndependent · Audit · Compensation117,500149,0450266,545
James R. HuffinesIndependent · Audit (Chair) · Compensation117,500149,0450266,545
Wanda F. FeltonIndependent · Audit · Nominating/ Corp. Gov.117,500149,0450266,545
Stevan B. BobbIndependent · Compensation · Newly elected16,66679,611096,277
Lorie L. TekoriusEmployee director0
Jeffrey M. SongerIndependent · Audit · Newly elected0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,069,166
Equity awards (grant-date value)$1,122,926
All other compensation$0
Total cost of the board$2,192,092

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Greenbrier Companies names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Greenbrier Companies.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Westinghouse Air Brake Technologies Corporation2025Rafael Santana$1,400,000$20,027,022$4,724,580$26,181,461
2The Timken Company2025Lucian Boldea366,66712,004,07101,124,14515,045,651
3Oshkosh Corporation2025John C. Pfeifer1,243,84710,000,03101,314,86412,935,995
4Flowserve Corporation2025R. Scott Rowe1,236,5387,245,11401,901,25010,914,232
5Crane Company2025Max Mitchell1,244,2315,480,7381,562,5061,840,20010,518,852
6Federal Signal Corporation2025Jennifer Sherman1,016,6173,635,6461,211,8522,255,0008,421,321
7GATX Corporation2025Robert Lyons991,6672,281,8302,302,1051,012,0938,178,380
8Allison Transmission Holdings, Inc.2025David Graziosi1,116,0003,947,5711,925,719918,5548,028,346
9Greenbrier Companies2025Lorie Tekorius1,016,6674,535,53701,949,0727,706,230
10Trinity Industries, Inc.2025E. Jean Savage1,000,0004,280,63502,136,0007,480,164
11Terex Corporation2025Simon Meester961,5385,203,3180840,6097,294,990
12H&E Equipment Services, Inc.2023Bradley W. Barber907,6923,599,92406,295,836
13Wabash National Corporation2025Brent Yeagy1,116,9234,315,5890205,8275,717,526
14The Manitowoc Company, Inc.2025Aaron Ravenscroft1,005,3853,184,4070785,2555,052,437
15Kennametal Inc.2025Sanjay Chowbey925,0003,052,9410643,0604,694,633
16Hub Group, Inc.2024Phillip Yeager850,0002,400,342552,5003,964,450
Hyster-Yale, Inc.not in coverage universe
REV Group, Inc.not in coverage universe
Astec Industries, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Greenbrier Companiesnot disclosedPSU 60 · RSU 40not disclosedMercer
Allison Transmission Holdings, Inc.65.38%PSU 34 · Options 33 · RSU 33Yes — relative TSR (rTSR)Semler Brossy
Astec Industries, Inc.not disclosednot disclosednot disclosednot disclosed
Crane Company122.7%PSU 55 · Options 25 · RSU 20NoFW Cook
Federal Signal Corporationnot disclosedPSU 50 · Option 25 · Restricted Stock 25not disclosedMeridian
Flowserve Corporation117%not disclosedNoF.W. Cook
GATX Corporationnot disclosedNQSO 50 · PSU 50not disclosedPay Governance
H&E Equipment Services, Inc.not disclosednot disclosednot disclosednot disclosed
Hub Group, Inc.not disclosedPRSU 50 · RSU 50not disclosedAon
Hyster-Yale, Inc.not disclosednot disclosednot disclosednot disclosed
Kennametal Inc.63.2%PSU 60 · RSU 40NoPay Governance
Oshkosh Corporation70.4%PSU 50 · RSU 50NoMercer
REV Group, Inc.not disclosednot disclosednot disclosednot disclosed
Terex Corporationnot disclosedPSU 65 · RSU 35Yes — total shareholder return (TSR)Pay Governance LLC
The Manitowoc Company, Inc.not disclosedPSU 50 · RSU 50not disclosedWillis Towers Watson (WTW)
The Timken Company81.8%PSU 60 · RSU 40Yes — Relative TSRWillis Towers Watson
Trinity Industries, Inc.not disclosedPSU 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
Wabash National Corporationnot disclosedRSU 50 · PSU 50not disclosedFW Cook
Westinghouse Air Brake Technologies Corporation192.8%PSU 60 · RSU 40NoExequity

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lorie TekoriusDEF 14A2025-11-170001193125-25-284604Section “Summary Compensation Table for Fiscal 2025”. As printed: 7,706,230. Filing ↗machine: r4 · c34 · span 887577–887586
2Section 01, Brian ComstockDEF 14A2025-11-170001193125-25-284604Section “Summary Compensation Table for Fiscal 2025”. As printed: 4,127,972. Filing ↗machine: r11 · c34 · span 919275–919284
3Section 01, William KruegerDEF 14A2025-11-170001193125-25-284604Section “Summary Compensation Table for Fiscal 2025”. As printed: 3,492,195. Filing ↗machine: r15 · c34 · span 940199–940208
4Section 01, Michael DonfrisDEF 14A2025-11-170001193125-25-284604Section “Summary Compensation Table for Fiscal 2025”. As printed: 2,886,867. Filing ↗machine: r8 · c34 · span 908783–908792
5Section 01, William GlennDEF 14A2025-11-170001193125-25-284604Section “Summary Compensation Table for Fiscal 2025”. As printed: 2,263,213. Filing ↗machine: r19 · c34 · span 958854–958863
6Section 07, pay ratioDEF 14A2025-11-170001193125-25-284604Section “CEO Pay Ratio”. As printed: 384 : 1. Filing ↗
7Section 08, Thomas B. FargoDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 440,295. Filing ↗machine: span 456740–456782
8Section 08, Graeme A. JackDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 294,045. Filing ↗machine: span 470328–470370
9Section 08, Kelly M. WilliamsDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 289,045. Filing ↗machine: span 480975–481017
10Section 08, Antonio O. GarzaDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 272,795. Filing ↗machine: span 463853–463895
11Section 08, Wendy L. TeramotoDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 266,545. Filing ↗machine: span 477761–477803
12Section 08, James R. HuffinesDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 266,545. Filing ↗machine: span 467067–467109
13Section 08, Wanda F. FeltonDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 266,545. Filing ↗machine: span 460590–460632
14Section 08, Stevan B. BobbDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 96,277. Filing ↗machine: span 453479–453520
15Section 08, Lorie L. TekoriusDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Jeffrey M. SongerDEF 14A2025-11-170001193125-25-284604Section “Director Compensation”. As printed: —. Filing ↗
17Section 06, 2026 voteForm 8-K2026-01-090001193125-26-008997Item 5.07 · say-on-pay result. As reported: 92.07% (votes for as printed: 21,951,594). Filing ↗
18Section 06, 2025 voteForm 8-K2025-01-130001193125-25-005306Item 5.07 · say-on-pay result. As reported: 98.43% (votes for as printed: 25,631,915). Filing ↗
19Section 06, 2024 voteForm 8-K2024-01-090001193125-24-004806Item 5.07 · say-on-pay result. As reported: 97.74% (votes for as printed: 25,646,101). Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 09b board cost (computed)ComputedcomputedCash 1,069,166 + equity 1,122,926 + all other 0 = 2,192,092, summed across the director compensation table rows.machine: formula: Σ = 2,192,092
22Westinghouse Air Brake Technologies Corporation, Section 10b CEO totalDEF 14A2026-03-310001628280-26-022197CEO total compensation as printed in Westinghouse Air Brake Technologies Corporation's own proxy. As printed: 26,181,461. Filing ↗machine: r4 · c21 · span 967772–967782
23The Timken Company, Section 10b CEO totalDEF 14A2026-03-170001206774-26-000141CEO total compensation as printed in The Timken Company's own proxy. As printed: 15,045,651. Filing ↗machine: r1 · c8 · span 747487–747498
24Oshkosh Corporation, Section 10b CEO totalDEF 14A2026-03-260001104659-26-035209CEO total compensation as printed in Oshkosh Corporation's own proxy. As printed: 12,935,995. Filing ↗machine: r1 · c50 · span 1054711–1054721
25Flowserve Corporation, Section 10b CEO totalDEF 14A2026-04-020001628280-26-022933CEO total compensation as printed in Flowserve Corporation's own proxy. As printed: 10,914,232. Filing ↗machine: r2 · c8 · span 2203312–2203322
26Crane Company, Section 10b CEO totalDEF 14A2026-03-130001193125-26-105005CEO total compensation as printed in Crane Company's own proxy. As printed: 10,518,852. Filing ↗machine: r3 · c35 · span 842112–842122
27Federal Signal Corporation, Section 10b CEO totalDEF 14A2026-03-060001628280-26-015646CEO total compensation as printed in Federal Signal Corporation's own proxy. As printed: 8,421,321. Filing ↗machine: span 649769–649778
28GATX Corporation, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027377CEO total compensation as printed in GATX Corporation's own proxy. As printed: 8,178,380. Filing ↗
29Allison Transmission Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-250001140361-26-011093CEO total compensation as printed in Allison Transmission Holdings, Inc.'s own proxy. As printed: 8,028,346. Filing ↗machine: r2 · c27 · span 849978–849987
30Greenbrier Companies (subject), Section 10b CEO totalDEF 14A2025-11-170001193125-25-284604CEO total compensation as printed in Greenbrier Companies's own proxy. As printed: 7,706,230. Filing ↗machine: r4 · c34 · span 887577–887586
31Trinity Industries, Inc., Section 10b CEO totalDEF 14A2026-04-090000099780-26-000024CEO total compensation as printed in Trinity Industries, Inc.'s own proxy. As printed: 7,480,164. Filing ↗machine: r4 · c27 · span 661540–661549
32Terex Corporation, Section 10b CEO totalDEF 14A2026-04-290000097216-26-000071CEO total compensation as printed in Terex Corporation's own proxy. As printed: 7,294,990. Filing ↗machine: r2 · c27 · span 838129–838139
33H&E Equipment Services, Inc., Section 10b CEO totalDEF 14A2024-04-020000950170-24-039778CEO total compensation as printed in H&E Equipment Services, Inc.'s own proxy. As printed: 6,295,836. Filing ↗machine: r5 · c25 · span 671019–671028
34Wabash National Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134505CEO total compensation as printed in Wabash National Corporation's own proxy. As printed: 5,717,526. Filing ↗machine: span 761895–761904
35The Manitowoc Company, Inc., Section 10b CEO totalDEF 14A2026-03-200001193125-26-117619CEO total compensation as printed in The Manitowoc Company, Inc.'s own proxy. As printed: 5,052,437. Filing ↗machine: r2 · c6 · span 1205200–1205209
36Kennametal Inc., Section 10b CEO totalDEF 14A2025-09-150001104659-25-089785CEO total compensation as printed in Kennametal Inc.'s own proxy. As printed: 4,694,633. Filing ↗machine: t281 · r9 · c18 · span 1681584–1681593
37Hub Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001140361-25-012045CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. Filing ↗
38Section 10a, Allison Transmission Holdings, Inc. reciprocityDEF 14A0001140361-26-011093Allison Transmission Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
39Section 10a, Oshkosh Corporation reciprocityDEF 14A0001104659-26-035209Oshkosh Corporation's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
40Section 10a, Westinghouse Air Brake Technologies Corporation reciprocityDEF 14A0001628280-26-022197Westinghouse Air Brake Technologies Corporation's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
41Section 10a, Federal Signal Corporation reciprocityDEF 14A0001628280-26-015646Federal Signal Corporation's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
42Section 10a, Kennametal Inc. reciprocityDEF 14A0001104659-25-089785Kennametal Inc.'s most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
43Section 10a, The Manitowoc Company, Inc. reciprocityDEF 14A0001193125-26-117619The Manitowoc Company, Inc. names Greenbrier Companies in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, The Timken Company reciprocityDEF 14A0001206774-26-000141The Timken Company's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
45Section 10a, Wabash National Corporation reciprocityDEF 14A0001193125-26-134505Wabash National Corporation names Greenbrier Companies in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Flowserve Corporation reciprocityDEF 14A0001628280-26-022933Flowserve Corporation's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
47Section 10a, Crane Company reciprocityDEF 14A0001193125-26-105005Crane Company's most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗
48Section 10a, Trinity Industries, Inc. reciprocityDEF 14A0000099780-26-000024Trinity Industries, Inc. names Greenbrier Companies in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Terex Corporation reciprocityDEF 14A0000097216-26-000071Terex Corporation names Greenbrier Companies in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Hub Group, Inc. reciprocityDEF 14A0001140361-25-012045Hub Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Greenbrier Companies. Filing ↗