Operator

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the GATX 2026 First Quarter Earnings Call. [Operator Instructions]

I would now like to turn the call over to Shari Hellerman, Head of Investor Relations. Shari, please go ahead.

Shari Hellerman
Senior Director of Investor Relations, ESG & External Communications

Thank you, Tiffany. Good morning, and thank you for joining GATX Corporation's 2026 First Quarter Earnings Conference Call. I'm joined today by Bob Lyons, President and Chief Executive Officer; Tom Ellman, Executive Vice President and Chief Financial Officer; and Paul Titterton, Executive Vice President and President of Rail North America.

As a reminder, some of the information you'll hear during our discussion today will consist of forward-looking statements. Actual results or trends could differ materially from those statements or forecasts. For more information, please refer to the risk factors included in our earnings release and those discussed in GATX' Form 10-K for 2025 and our other filings with the SEC. GATX assumes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Earlier today, GATX reported 2026 first quarter diluted earnings per share of $2.35. This compares to