The term rolling stock in the rail transport industry refers to railway , including both powered and unpowered vehicles: for example, , freight and passenger cars (or coaches), and non-revenue cars. Passenger vehicles can be un-powered, or self-propelled, Railcar or Multiple unit units.
A connected series of railway vehicles is a train (this term applied to a locomotive is a common misnomer).
In North America, Australia and other countries, the term consist ( ) is used to refer to the rolling stock in a train.
In the United States, the term rolling stock has been expanded from the older broadly defined "trains" to include wheeled vehicles used by businesses on roadways.
The word stock in the term is used in a sense of inventory. Rolling stock is considered to be a liquid asset, or close to it, since the value of the vehicle can be readily estimated and then shipped to the buyer without much cost or delay.
The term contrasts with fixed stock (infrastructure), which is a collective term for the Rail tracks, Railway signal, Railway station, other buildings, electric wires, etc., necessary to operate a railway.
Frisco and the Zephyr.jpg|Steam locomotive and diesel locomotives
DR1A Vilnius.jpg|Diesel multiple unit (DMU)
SBB RABe 523 FLIRT der Zuger S-Bahn.jpg|Electric multiple unit (EMU)
840 010 Tanvald 1.jpg|Railcar
Carrozzaz1.jpg|Passenger car or coach
Hopper cars.jpg|Hopper car, one of many types of revenue freight cars
DTTX 724681 20050529 IL Rochelle.jpg|Articulated with intermodal containers
Hbills310und311-in-Crailsheim.jpg|European covered goods wagons