Trinity Industries (TRN) Financials

$35.33 -1.22 (-3.34%)

As of 10:22 AM Eastern

Annual Income Statements for Trinity Industries

This table shows Trinity Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	797	344	1,439	790	138	-147	182	60	106	138	253
Consolidated Net Income / (Loss)	826	365	714	163	136	-226	182	73	127	157	277
Net Income / (Loss) Continuing Operations	826	203	610	109	122	-251	39	99	140	171	285
Total Pre-Tax Income	1,252	310	195	152	181	-525	55	127	149	222	375
Total Operating Income	1,439	479	737	630	397	-155	257	334	417	492	649
Total Gross Profit	1,737	778	1,328	1,132	574	422	355	368	610	726	664
Total Revenue	6,393	3,090	4,878	5,009	2,752	1,750	1,516	1,977	3,066	3,137	2,248
Operating Revenue	6,393	3,090	4,878	5,009	2,752	1,750	1,516	1,977	3,066	3,137	2,248
Total Cost of Revenue	4,656	2,312	3,550	3,878	2,178	1,327	1,162	1,610	2,456	2,411	1,584
Operating Cost of Revenue	4,656	2,312	3,550	3,878	2,178	1,327	1,162	1,610	2,456	2,411	1,584
Total Operating Expenses	298	299	591	501	177	577	98	34	193	234	15
Selling, General & Admin Expense	476	314	679	593	217	190	180	185	202	236	214
Other Operating Expenses / (Income)	-	-	-	-50	-51	-17	-54	-128	0.00	0.00	-194
Restructuring Charge	-	-	0.00	0.00	15	11	-3.70	1.00	-2.20	4.30	0.00
Other Special Charges / (Income)	-179	-15	-87	-41	-3.90	-2.70	-24	-25	-6.80	-6.00	-5.20
Total Other Income / (Expense), net	-187	-169	195	152	-216	-370	-202	-208	-268	-270	-274
Interest & Investment Income	2.20	5.30	10	12	-	-	-	-	-266	-274	-274
Other Income / (Expense), net	5.60	7.70	-368	-311	-1.10	-154	1.50	1.60	-2.50	3.80	0.40
Income Tax Expense	426	107	-415	43	59	-274	16	28	9.00	50	91
Net Income / (Loss) Discontinued Operations	-	162	103	54	14	24	143	-26	-13	-14	-7.20
Net Income / (Loss) Attributable to Noncontrolling Interest	30	21	11	3.80	-1.50	-79	-0.20	13	21	19	24
Basic Earnings per Share	$5.14	$2.25	$4.62	$1.09	$1.09	($1.27)	$1.79	$0.73	$1.31	$1.69	$3.13
Weighted Average Basic Shares Outstanding	150.20M	148.40M	148.60M	144M	125.60M	115.90M	101.50M	81.90M	81.20M	81.90M	80.80M
Diluted Earnings per Share	$5.08	$2.25	$4.52	$1.07	$1.07	($1.27)	$1.75	$0.71	$1.27	$1.64	$3.05
Weighted Average Diluted Shares Outstanding	152.20M	148.60M	152M	146.40M	127.30M	115.90M	103.80M	84.20M	83.40M	84.20M	82.90M
Weighted Average Basic & Diluted Shares Outstanding	155M	152.70M	152.10M	146.10M	125.60M	110.97M	166.68M	162.25M	163.72M	81.79M	79.84M
Cash Dividends to Common per Share	$0.43	$0.44	$0.50	$0.52	$0.70	$0.78	$0.86	$0.95	$1.06	$1.14	$1.21

This table shows Trinity Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	22	63	24	54	31	29	22	14	30	187	24
Consolidated Net Income / (Loss)	24	68	27	56	36	38	27	20	36	194	25
Net Income / (Loss) Continuing Operations	26	73	32	58	41	41	29	22	37	197	27
Total Pre-Tax Income	32	81	43	75	56	48	36	26	48	265	35
Total Operating Income	100	149	115	142	122	112	100	95	119	335	101
Total Gross Profit	142	161	165	179	170	155	142	133	141	247	129
Total Revenue	821	798	810	841	799	629	585	506	454	703	492
Operating Revenue	821	798	810	841	799	629	585	506	454	703	492
Total Cost of Revenue	680	637	645	662	629	474	443	373	313	456	363
Operating Cost of Revenue	680	637	645	662	629	474	443	373	313	456	363
Total Operating Expenses	42	12	50	37	47	43	42	38	23	-88	28
Selling, General & Admin Expense	49	49	52	61	61	62	50	49	45	70	51
Other Operating Expenses / (Income)	-3.10	-36	-2.10	-23	-11	-21	-5.90	-7.80	-22	-159	-22
Other Special Charges / (Income)	-4.40	-	-0.70	-1.50	-2.00	-1.80	-1.70	-3.60	-0.70	0.80	-0.90
Total Other Income / (Expense), net	-68	-68	-73	-67	-66	-65	-63	-69	-70	-71	-66
Interest Expense	69	68	69	70	67	67	66	68	70	-	65
Other Income / (Expense), net	0.90	-0.50	-3.40	3.40	1.40	2.40	2.70	-1.70	-0.60	-	-0.60
Income Tax Expense	6.00	7.10	11	17	16	6.70	7.40	4.10	11	68	8.50
Net Income / (Loss) Discontinued Operations	-2.70	-5.30	-4.30	-1.70	-5.30	-3.00	-1.90	-1.90	-1.10	-2.30	-1.80
Net Income / (Loss) Attributable to Noncontrolling Interest	1.80	5.30	3.70	2.00	4.10	8.90	5.00	5.90	5.70	7.60	0.60
Basic Earnings per Share	$0.27	$0.78	$0.29	$0.66	$0.38	$0.36	$0.27	$0.17	$0.38	$2.31	$0.30
Weighted Average Basic Shares Outstanding	81.60M	81.20M	81.60M	82.40M	82.20M	81.90M	81.60M	81.30M	80.50M	80.80M	79.70M
Diluted Earnings per Share	$0.26	$0.76	$0.28	$0.65	$0.37	$0.34	$0.26	$0.17	$0.37	$2.25	$0.30
Weighted Average Diluted Shares Outstanding	83.50M	83.40M	83.50M	84.10M	84.10M	84.20M	83.80M	82.90M	81.90M	82.90M	81.90M
Weighted Average Basic & Diluted Shares Outstanding	81.87M	163.72M	81.84M	82.45M	82.16M	81.79M	81.61M	80.84M	80.18M	79.84M	79.51M
Cash Dividends to Common per Share	$0.26	-	$0.28	$0.28	$0.28	-	$0.30	$0.30	$0.30	-	$0.31

This table details how cash moves in and out of Trinity Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-102	-240	232	-623	-73	-49	74	-8.10	-59	139	-51
Net Cash From Operating Activities	940	1,090	762	379	394	652	612	-13	296	574	360
Net Cash From Continuing Operating Activities	940	838	610	274	365	622	616	9.20	309	588	367
Net Income / (Loss) Continuing Operations	826	203	610	109	122	-251	171	93	140	171	285
Consolidated Net Income / (Loss)	826	365	714	163	136	-226	182	73	127	157	277
Net Income / (Loss) Discontinued Operations	-	162	103	54	14	24	11	-20	-13	-14	-7.20
Depreciation Expense	266	217	230	252	277	259	266	276	293	294	305
Amortization Expense	30	29	32	18	17	14	14	13	13	13	9.00
Non-Cash Adjustments To Reconcile Net Income	-134	11	-65	-20	-20	561	-184	-127	-75	-37	-263
Changes in Operating Assets and Liabilities, net	-49	377	-197	-85	-30	39	350	-246	-62	146	31
Net Cash From Discontinued Operating Activities	-	253	152	105	28	30	-3.80	-22	-13	-14	-7.20
Net Cash From Investing Activities	-511	-1,023	-473	-491	-993	-533	276	-261	-363	-215	-386
Net Cash From Continuing Investing Activities	-511	-943	-346	-412	-985	-527	-83	-258	-363	-215	-386
Purchase of Property, Plant & Equipment	-1,030	-849	-630	-986	-1,210	-698	-571	-967	-710	-596	-795
Acquisitions	-46	-	-	-	0.00	0.00	-17	-96	-62	0.00	0.00
Sale of Property, Plant & Equipment	523	49	369	248	20	171	495	795	20	21	415
Divestitures	51	-	-	-	-	-	-	-	-	-	-17
Other Investing Activities, net	0.50	6.80	0.30	6.20	206	0.00	374	10	389	361	11
Net Cash From Financing Activities	-530	-308	-57	-512	527	-168	-814	265	8.20	-220	-25
Net Cash From Continuing Financing Activities	-530	-308	-57	-291	527	-168	-814	265	8.20	-220	-25
Repayment of Debt	-588	-165	-375	-891	-1,724	-1,443	-2,316	-1,579	-1,519	-2,051	-1,764
Repurchase of Common Equity	-115	-35	-79	-506	-225	-191	-833	-52	0.00	-21	-71
Payment of Dividends	-104	-93	-121	-88	-84	-86	-100	-99	-118	-102	-117
Issuance of Debt	291	0.00	534	1,207	2,568	1,561	2,444	2,001	1,653	1,970	1,944
Other Financing Activities, net	-14	-15	-14	-12	-8.20	-9.50	-9.30	-5.70	-7.20	-17	-17
Cash Interest Paid	-	151	151	159	208	206	178	191	246	271	273

This table details how cash moves in and out of Trinity Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-30	-32	0.00	129	-32	42	-139	80	-77	85	-71
Net Cash From Operating Activities	73	88	52	242	79	202	77	62	44	177	98
Net Cash From Continuing Operating Activities	76	93	57	243	84	205	78	64	45	180	100
Net Income / (Loss) Continuing Operations	26	73	32	58	41	41	29	22	37	197	27
Consolidated Net Income / (Loss)	24	68	27	56	36	38	27	20	36	194	25
Net Income / (Loss) Discontinued Operations	-2.70	-5.30	-4.30	-1.70	-5.30	-3.00	-1.90	-1.90	-1.10	-2.30	-1.80
Depreciation Expense	73	73	73	74	73	74	74	75	77	79	73
Amortization Expense	3.40	3.60	3.40	3.30	3.10	3.60	3.40	1.60	1.30	2.70	3.00
Non-Cash Adjustments To Reconcile Net Income	-2.10	-35	2.40	-17	-11	-11	-2.70	-3.90	-15	-241	-19
Changes in Operating Assets and Liabilities, net	-25	-23	-54	125	-22	98	-26	-31	-55	143	16
Net Cash From Discontinued Operating Activities	-2.70	-5.30	-4.30	-1.70	-5.30	-3.00	-1.90	-1.90	-1.10	-2.30	-1.80
Net Cash From Investing Activities	-24	-47	-124	68	-49	-109	-92	-151	-156	13	-70
Net Cash From Continuing Investing Activities	-24	-47	-124	68	-49	-109	-92	-151	-156	13	-70
Purchase of Property, Plant & Equipment	-92	-197	-152	-97	-124	-223	-129	-184	-244	-238	-157
Sale of Property, Plant & Equipment	4.60	389	3.90	4.10	7.50	366	4.10	4.40	2.60	404	3.80
Other Investing Activities, net	64	-242	24	163	69	-252	34	29	80	-132	83
Net Cash From Financing Activities	-79	-73	72	-181	-61	-50	-124	169	36	-105	-99
Net Cash From Continuing Financing Activities	-79	-73	72	-181	-61	-50	-124	169	36	-105	-99
Repayment of Debt	-244	-240	-804	-956	-71	-220	-77	-828	-134	-725	-62
Repurchase of Common Equity	-	-	0.00	-	-6.00	-14	-8.20	-31	-20	-12	-7.20
Payment of Dividends	-25	-41	-26	-27	-25	-25	-30	-30	-29	-28	-29
Other Financing Activities, net	-0.10	-0.30	-8.30	-8.80	0.40	-0.30	-8.30	-7.90	-0.20	-0.30	-0.20

This table presents Trinity Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,886	9,125	9,543	7,989	8,701	8,702	7,001	8,724	8,907	8,832	8,424
Total Current Assets	2,295	1,786	3,259	1,152	971	678	0.00	1,247	1,283	1,230	1,182
Cash & Equivalents	786	563	779	179	166	132	-	80	106	228	201
Restricted Cash	196	178	195	172	111	96	-	215	129	146	122
Accounts Receivable	370	379	204	277	260	164	-	324	364	379	389
Inventories, net	943	666	403	525	433	285	-	629	684	476	469
Plant, Property, & Equipment, net	5,348	5,967	5,558	6,334	7,111	6,969	6,847	6,887	7,005	6,988	6,621
Plant, Property & Equipment, gross	7,145	7,981	7,331	8,253	9,273	9,087	-	9,273	9,540	9,751	9,258
Accumulated Depreciation	1,797	2,014	1,773	1,919	2,162	2,118	-	2,386	2,535	2,763	2,637
Total Noncurrent Assets	1,243	1,372	726	503	620	1,055	154	590	619	614	621
Goodwill	754	754	209	209	209	147	154	196	222	222	222
Noncurrent Deferred & Refundable Income Taxes	95	102	-	40	15	446	-	7.80	5.20	2.40	28
Other Noncurrent Operating Assets	394	516	517	254	396	284	-	387	392	391	372
Total Liabilities & Shareholders' Equity	8,886	9,125	9,543	7,989	8,701	8,702	8,236	8,724	8,907	8,832	8,424
Total Liabilities	4,837	4,814	4,685	5,427	6,323	6,686	6,939	7,455	7,631	7,525	7,279
Total Current Liabilities	746	582	441	580	546	456	0.00	549	608	605	571
Accounts Payable	217	156	120	212	204	146	-	288	305	252	270
Accrued Expenses	530	426	322	368	342	310	-	261	302	353	301
Total Noncurrent Liabilities	4,091	4,232	4,244	4,847	5,777	6,230	0.00	6,906	7,023	6,920	6,708
Long-Term Debt	3,195	3,057	3,242	4,029	4,882	5,017	-	5,608	5,754	5,691	5,443
Noncurrent Deferred & Payable Income Tax Liabilities	752	1,073	728	743	798	1,048	-	1,135	1,104	1,076	1,129
Other Noncurrent Operating Liabilities	116	79	253	57	96	147	-	164	166	154	137
Total Equity & Noncontrolling Interests	4,049	4,311	4,858	2,562	2,379	2,016	1,297	1,270	1,276	1,307	1,145
Total Preferred & Common Equity	3,654	3,919	4,501	2,211	2,030	1,739	1,030	1,012	1,037	1,059	1,077
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	3,654	3,919	4,501	2,211	2,030	1,739	1,030	1,012	1,037	1,059	1,079
Common Stock	550	536	484	2.50	1.20	1.10	0.80	0.80	16	9.60	0.80
Retained Earnings	3,220	3,497	4,123	2,326	2,183	1,769	1,047	993	1,011	1,054	1,082
Treasury Stock	-1.00	-1.50	-1.60	-1.00	-0.90	-0.80	-	-0.70	-0.60	-0.60	-0.90
Accumulated Other Comprehensive Income / (Loss)	-115	-114	-105	-117	-153	-31	-17	20	11	-4.20	-4.20
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-	1.50
Noncontrolling Interest	395	393	357	351	349	277	267	257	238	248	68

This table presents Trinity Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,599	8,839	9,022	8,973	9,080	8,958	8,843	8,665	8,810	8,931	8,331
Total Current Assets	1,205	1,229	1,334	1,339	1,362	1,379	1,295	1,054	1,099	1,105	1,062
Cash & Equivalents	59	82	92	114	119	257	222	95	148	66	133
Restricted Cash	180	181	205	153	116	107	110	140	168	172	120
Accounts Receivable	280	333	416	393	484	398	414	369	324	312	326
Inventories, net	687	633	622	679	643	617	549	450	460	555	483
Plant, Property, & Equipment, net	6,894	6,977	7,029	6,991	7,060	6,942	6,929	7,015	7,087	7,190	6,643
Plant, Property & Equipment, gross	9,245	9,416	9,462	9,482	9,658	9,593	9,643	9,848	9,963	10,124	9,330
Accumulated Depreciation	2,351	2,439	2,432	2,491	2,599	2,651	2,714	2,832	2,876	2,935	2,687
Total Noncurrent Assets	500	634	658	643	658	637	619	596	624	637	626
Goodwill	160	222	222	223	222	222	222	222	222	222	222
Noncurrent Deferred & Refundable Income Taxes	11	10	15	7.90	4.90	4.60	5.00	2.50	20	29	28
Other Noncurrent Operating Assets	329	401	421	413	432	411	393	372	382	386	376
Total Liabilities & Shareholders' Equity	8,599	8,839	9,022	8,973	9,080	8,958	8,843	8,665	8,810	8,931	8,331
Total Liabilities	7,338	7,589	7,773	7,720	7,791	7,654	7,544	7,365	7,552	7,681	7,185
Total Current Liabilities	576	588	641	654	664	669	596	537	487	512	520
Accounts Payable	287	315	331	326	336	315	270	255	220	253	273
Accrued Expenses	289	274	311	328	328	354	326	282	267	258	247
Total Noncurrent Liabilities	6,763	7,001	7,132	7,066	7,127	6,985	6,948	6,828	7,066	7,169	6,665
Long-Term Debt	5,494	5,708	5,833	5,782	5,867	5,727	5,700	5,616	5,857	5,944	5,382
Noncurrent Deferred & Payable Income Tax Liabilities	1,129	1,133	1,139	1,122	1,104	1,104	1,097	1,070	1,071	1,088	1,148
Other Noncurrent Operating Liabilities	140	160	160	162	156	153	152	142	138	138	135
Total Equity & Noncontrolling Interests	1,261	1,250	1,249	1,253	1,289	1,304	1,299	1,300	1,258	1,250	1,146
Total Preferred & Common Equity	1,006	994	995	1,001	1,049	1,066	1,057	1,053	1,009	1,001	1,079
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,007	996	996	1,002	1,051	1,067	1,059	1,055	1,011	1,003	1,080
Common Stock	6.90	7.40	6.70	13	21	17	24	15	0.80	6.80	5.70
Retained Earnings	998	976	971	971	1,011	1,042	1,050	1,052	1,013	1,019	1,081
Treasury Stock	-15	-1.50	-0.70	-1.00	-1.00	-0.60	-7.40	-9.10	-0.50	-21	-8.50
Accumulated Other Comprehensive Income / (Loss)	16	13	18	18	18	7.40	-9.60	-4.20	-4.20	-3.90	1.00
Other Equity Adjustments	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50
Noncontrolling Interest	255	256	254	253	239	239	241	247	249	249	67

This table displays calculated financial ratios and metrics derived from Trinity Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.61%	-51.67%	57.88%	2.68%	-45.05%	-36.43%	-13.36%	30.43%	50.88%	3.21%	-28.32%
EBITDA Growth	13.72%	-57.93%	-13.91%	-6.58%	16.96%	-105.28%	1,577.20%	16.27%	15.23%	11.40%	20.09%
EBIT Growth	15.04%	-66.31%	-24.17%	-13.55%	24.04%	-177.99%	183.70%	29.93%	23.51%	19.49%	31.15%
NOPAT Growth	13.84%	-66.93%	632.78%	-80.30%	-40.85%	-140.38%	268.94%	42.82%	50.05%	-3.06%	29.54%
Net Income Growth	16.45%	-55.85%	95.67%	-77.14%	-16.55%	-266.20%	180.37%	-59.90%	73.66%	24.09%	76.51%
EPS Growth	21.24%	-55.85%	95.67%	-76.33%	0.00%	-218.69%	237.80%	-59.43%	78.87%	29.13%	85.98%
Operating Cash Flow Growth	14.71%	16.02%	-30.14%	-50.22%	3.82%	65.57%	-6.12%	-102.09%	2,409.38%	94.11%	-37.31%
Free Cash Flow Firm Growth	1,051.84%	-109.53%	7,569.36%	-109.04%	-46.22%	150.40%	-175.38%	491.16%	-73.49%	205.76%	54.62%
Invested Capital Growth	7.96%	5.73%	-17.40%	13.94%	11.59%	-4.85%	5.37%	-5.97%	3.22%	-2.52%	-5.43%
Revenue Q/Q Growth	-1.76%	-38.59%	106.56%	0.00%	0.00%	0.00%	0.00%	29.44%	7.44%	-5.19%	3.37%
EBITDA Q/Q Growth	4.54%	-41.45%	11.91%	172.69%	136.25%	-112.94%	107.61%	-1.17%	5.77%	-4.01%	30.49%
EBIT Q/Q Growth	5.97%	-48.42%	21.10%	0.00%	0.00%	0.00%	1,833.56%	-3.48%	9.45%	-6.39%	51.56%
NOPAT Q/Q Growth	5.98%	-48.12%	1,044.59%	0.00%	0.00%	0.00%	34.36%	12.09%	13.97%	-10.19%	41.83%
Net Income Q/Q Growth	7.51%	-26.25%	187.97%	0.00%	0.00%	0.00%	314.89%	-58.70%	33.69%	-16.17%	129.36%
EPS Q/Q Growth	3.67%	-26.25%	187.97%	0.00%	0.00%	0.00%	0.00%	0.00%	44.32%	-20.39%	167.54%
Operating Cash Flow Q/Q Growth	-15.87%	-1.03%	-3.14%	-36.10%	76.34%	-5.03%	-1.69%	-110.98%	12.44%	24.71%	-6.30%
Free Cash Flow Firm Q/Q Growth	-24.99%	-119.00%	1,293.19%	59.45%	-204.30%	87.91%	-133.72%	369.61%	98.41%	4.66%	1,386.34%
Invested Capital Q/Q Growth	0.11%	0.08%	-16.74%	-15.06%	0.78%	-2.38%	8.92%	1.03%	0.38%	-0.63%	-9.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.16%	25.17%	27.22%	22.59%	20.85%	24.14%	23.38%	18.60%	17.67%	21.70%	29.54%
EBITDA Margin	27.23%	23.70%	12.92%	11.76%	25.03%	-2.08%	35.47%	31.62%	24.15%	26.06%	42.86%
Operating Margin	22.51%	15.50%	15.10%	12.58%	14.42%	-8.84%	16.94%	16.89%	13.98%	15.96%	28.88%
EBIT Margin	22.60%	15.75%	7.56%	6.37%	14.38%	-17.64%	17.04%	16.97%	13.89%	16.09%	28.89%
Profit (Net Income) Margin	12.92%	11.80%	14.63%	3.26%	4.94%	-12.93%	11.99%	3.69%	4.24%	5.10%	12.33%
Tax Burden Percent	65.97%	117.65%	365.20%	107.59%	75.11%	43.12%	329.35%	57.63%	84.97%	70.83%	73.87%
Interest Burden Percent	86.67%	63.71%	52.95%	47.52%	45.79%	169.99%	21.37%	37.69%	35.95%	44.78%	57.79%
Effective Tax Rate	34.03%	34.45%	-212.28%	28.10%	32.45%	0.00%	28.80%	21.82%	6.04%	22.72%	24.21%
Return on Invested Capital (ROIC)	15.67%	4.85%	37.89%	7.71%	4.05%	-1.59%	2.68%	3.84%	5.86%	5.66%	7.64%
ROIC Less NNEP Spread (ROIC-NNEP)	10.39%	7.07%	-68.85%	-5.68%	0.87%	-4.14%	2.66%	0.43%	0.96%	1.55%	3.52%
Return on Net Nonoperating Assets (RNNOA)	6.51%	3.87%	-22.32%	-3.32%	1.46%	-8.71%	8.30%	1.84%	4.09%	6.50%	14.98%
Return on Equity (ROE)	22.19%	8.73%	15.57%	4.40%	5.51%	-10.29%	10.98%	5.68%	9.95%	12.17%	22.61%
Cash Return on Invested Capital (CROIC)	8.02%	-0.72%	56.95%	-5.32%	-6.90%	3.38%	-2.55%	10.00%	2.69%	8.21%	13.21%
Operating Return on Assets (OROA)	16.43%	5.40%	3.95%	3.64%	4.74%	-3.55%	3.29%	4.27%	4.70%	5.58%	7.53%
Return on Assets (ROA)	9.40%	4.05%	7.65%	1.86%	1.63%	-2.60%	2.32%	0.93%	1.44%	1.77%	3.21%
Return on Common Equity (ROCE)	19.81%	7.90%	14.29%	3.98%	4.73%	-8.83%	9.17%	4.52%	8.01%	9.87%	19.70%
Return on Equity Simple (ROE_SIMPLE)	22.61%	9.31%	15.85%	7.38%	6.70%	-13.01%	17.65%	7.20%	12.21%	14.84%	0.00%
Net Operating Profit after Tax (NOPAT)	949	314	2,300	453	268	-108	183	261	392	380	492
NOPAT Margin	14.85%	10.16%	47.15%	9.05%	9.74%	-6.19%	12.06%	13.21%	13.13%	12.33%	21.88%
Net Nonoperating Expense Percent (NNEP)	5.28%	-2.22%	106.74%	13.39%	3.18%	2.56%	0.02%	3.42%	4.90%	4.11%	4.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.80%	5.57%	5.43%	7.47%
Cost of Revenue to Revenue	72.84%	74.83%	72.78%	77.41%	79.15%	75.86%	76.62%	81.40%	82.33%	78.30%	70.46%
SG&A Expenses to Revenue	7.45%	10.16%	13.91%	11.84%	7.88%	10.84%	11.85%	9.38%	6.77%	7.65%	9.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.66%	9.67%	12.12%	10.01%	6.44%	32.97%	6.44%	1.70%	3.69%	5.74%	0.66%
Earnings before Interest and Taxes (EBIT)	1,445	487	369	319	396	-309	258	336	415	495	650
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,741	732	631	589	689	-36	538	625	720	803	964
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	0.85	1.01	1.49	1.12	1.51	2.56	2.18	2.00	2.70	1.95
Price to Tangible Book Value (P/TBV)	0.97	1.05	1.06	1.65	1.25	1.65	3.01	2.70	2.55	3.42	2.45
Price to Revenue (P/Rev)	0.44	1.08	0.93	0.66	0.83	1.50	1.74	1.11	0.70	0.93	0.93
Price to Earnings (P/E)	3.55	9.67	3.16	4.18	16.55	0.00	14.50	36.67	19.60	20.67	8.28
Dividend Yield	2.27%	2.02%	1.60%	0.00%	3.45%	3.31%	3.10%	3.40%	4.10%	3.22%	4.59%
Earnings Yield	28.18%	10.34%	31.67%	23.93%	6.04%	0.00%	6.90%	2.73%	5.10%	4.84%	12.07%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.91	1.31	1.17	1.04	1.16	0.42	1.18	1.15	1.27	1.16
Enterprise Value to Revenue (EV/Rev)	0.85	1.95	1.47	1.46	2.63	4.39	1.92	3.93	2.63	2.74	3.24
Enterprise Value to EBITDA (EV/EBITDA)	3.12	8.23	11.37	12.44	10.49	0.00	5.40	12.43	10.88	10.50	7.56
Enterprise Value to EBIT (EV/EBIT)	3.76	12.39	19.43	22.97	18.27	0.00	11.25	23.16	18.90	17.01	11.21
Enterprise Value to NOPAT (EV/NOPAT)	5.73	19.21	3.12	16.17	26.97	0.00	15.89	29.77	20.00	22.18	14.80
Enterprise Value to Operating Cash Flow (EV/OCF)	5.78	5.53	9.41	19.33	18.37	11.80	4.75	0.00	26.51	14.68	20.25
Enterprise Value to Free Cash Flow (EV/FCFF)	11.19	0.00	2.07	0.00	0.00	33.38	0.00	11.44	43.50	15.30	8.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.71	0.67	1.57	2.05	2.49	0.00	4.42	4.51	4.35	4.75
Long-Term Debt to Equity	0.79	0.71	0.67	1.57	2.05	2.49	0.00	4.42	4.51	4.35	4.75
Financial Leverage	0.63	0.55	0.32	0.58	1.68	2.10	3.12	4.29	4.26	4.20	4.26
Leverage Ratio	2.36	2.15	2.04	2.36	3.38	3.96	4.74	6.13	6.93	6.87	7.04
Compound Leverage Factor	2.05	1.37	1.08	1.12	1.55	6.73	1.01	2.31	2.49	3.08	4.07
Debt to Total Capital	44.11%	41.49%	40.02%	61.13%	67.24%	71.34%	0.00%	81.54%	81.86%	81.32%	82.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	44.11%	41.49%	40.02%	61.13%	67.24%	71.34%	0.00%	81.54%	81.86%	81.32%	82.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.45%	5.33%	4.41%	5.33%	4.80%	3.94%	20.59%	3.74%	3.39%	3.55%	1.03%
Common Equity to Total Capital	50.44%	53.18%	55.57%	33.54%	27.96%	24.72%	79.46%	14.72%	14.75%	15.13%	16.35%
Debt to EBITDA	1.84	4.17	5.14	6.84	7.09	-137.83	0.00	8.97	7.99	7.09	5.65
Net Debt to EBITDA	1.27	3.16	3.60	6.25	6.68	-131.55	0.00	8.50	7.66	6.62	5.31
Long-Term Debt to EBITDA	1.84	4.17	5.14	6.84	7.09	-137.83	0.00	8.97	7.99	7.09	5.65
Debt to NOPAT	3.37	9.74	1.41	8.89	18.21	-46.36	0.00	21.47	14.69	14.98	11.06
Net Debt to NOPAT	2.33	7.37	0.99	8.12	17.18	-44.25	0.00	20.35	14.09	14.00	10.40
Long-Term Debt to NOPAT	3.37	9.74	1.41	8.89	18.21	-46.36	0.00	21.47	14.69	14.98	11.06
Altman Z-Score	2.32	1.62	2.18	1.62	1.09	0.63	0.78	0.79	0.90	1.01	0.96
Noncontrolling Interest Sharing Ratio	10.69%	9.42%	8.17%	9.54%	14.17%	14.24%	16.41%	20.40%	19.47%	18.84%	12.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.07	3.07	7.38	1.99	1.78	1.49	0.00	2.27	2.11	2.03	2.07
Quick Ratio	1.55	1.62	2.23	0.79	0.78	0.65	0.00	0.73	0.77	1.00	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	486	-46	3,457	-313	-457	230	-174	679	180	551	852
Operating Cash Flow to CapEx	185.35%	136.29%	290.91%	51.37%	33.07%	123.73%	805.00%	-7.44%	95.85%	267.63%	94.61%
Free Cash Flow to Firm to Interest Expense	2.49	-0.25	18.79	-1.74	-2.13	1.07	-0.86	3.25	0.68	2.01	0.00
Operating Cash Flow to Interest Expense	4.83	5.99	4.14	2.11	1.84	3.02	3.01	-0.06	1.11	2.10	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.22	1.60	2.72	-2.00	-3.71	0.58	2.64	-0.88	-0.05	1.31	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.34	0.52	0.57	0.33	0.20	0.19	0.25	0.34	0.35	0.26
Accounts Receivable Turnover	16.49	8.25	16.73	20.83	10.26	8.24	0.00	0.00	8.69	8.29	5.85
Inventory Turnover	4.63	2.87	6.65	8.36	4.55	3.69	0.00	0.00	3.74	4.16	3.35
Fixed Asset Turnover	1.25	0.55	0.85	0.84	0.41	0.25	0.22	0.29	0.43	0.44	0.33
Accounts Payable Turnover	18.18	12.40	25.76	23.39	10.47	7.59	0.00	0.00	8.29	8.66	6.08
Days Sales Outstanding (DSO)	22.13	44.22	21.81	17.52	35.59	44.28	0.00	0.00	42.03	44.01	62.36
Days Inventory Outstanding (DIO)	78.84	127.00	54.93	43.65	80.27	98.80	0.00	0.00	97.61	87.84	108.90
Days Payable Outstanding (DPO)	20.08	29.44	14.17	15.61	34.85	48.12	0.00	0.00	44.05	42.16	60.05
Cash Conversion Cycle (CCC)	80.90	141.78	62.58	45.57	81.00	94.95	0.00	0.00	95.59	89.69	111.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,289	6,650	5,492	6,258	6,983	6,645	7,001	6,583	6,795	6,624	6,264
Invested Capital Turnover	1.06	0.48	0.80	0.85	0.42	0.26	0.22	0.29	0.45	0.46	0.35
Increase / (Decrease) in Invested Capital	464	360	-1,157	766	725	-339	357	-418	212	-171	-360
Enterprise Value (EV)	5,435	6,031	7,169	7,329	7,230	7,689	2,906	7,774	7,836	8,426	7,283
Market Capitalization	2,827	3,323	4,544	3,299	2,277	2,623	2,639	2,204	2,078	2,861	2,096
Book Value per Share	$23.90	$25.74	$29.65	$15.11	$16.55	$15.23	$10.58	$12.44	$12.67	$12.89	$13.43
Tangible Book Value per Share	$18.97	$20.78	$28.28	$13.68	$14.85	$13.94	$9.00	$10.03	$9.96	$10.19	$10.67
Total Capital	7,244	7,368	8,100	6,591	7,261	7,033	1,297	6,877	7,030	6,998	6,588
Total Debt	3,195	3,057	3,242	4,029	4,882	5,017	0.00	5,608	5,754	5,691	5,443
Total Long-Term Debt	3,195	3,057	3,242	4,029	4,882	5,017	0.00	5,608	5,754	5,691	5,443
Net Debt	2,214	2,315	2,268	3,678	4,604	4,789	0.00	5,313	5,519	5,317	5,119
Capital Expenditures (CapEx)	507	800	262	738	1,190	527	76	172	308	214	380
Debt-free, Cash-free Net Working Capital (DFCFNWC)	567	462	1,844	221	148	-6.50	0.00	404	440	251	287
Debt-free Net Working Capital (DFNWC)	1,548	1,204	2,818	572	425	222	0.00	699	675	625	611
Net Working Capital (NWC)	1,548	1,204	2,818	572	425	222	0.00	699	675	625	611
Net Nonoperating Expense (NNE)	123	-51	1,587	290	132	118	1.03	188	265	223	215
Net Nonoperating Obligations (NNO)	2,241	2,339	634	3,696	4,604	4,629	5,704	5,313	5,519	5,317	5,119
Total Depreciation and Amortization (D&A)	297	246	262	270	293	272	279	290	306	307	314
Debt-free, Cash-free Net Working Capital to Revenue	8.86%	14.96%	37.80%	4.41%	5.36%	-0.37%	0.00%	20.45%	14.76%	8.14%	12.78%
Debt-free Net Working Capital to Revenue	24.22%	38.96%	57.76%	11.41%	15.44%	12.68%	0.00%	35.34%	22.64%	20.30%	27.18%
Net Working Capital to Revenue	24.22%	38.96%	57.76%	11.41%	15.44%	12.68%	0.00%	35.34%	22.64%	20.30%	27.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.81	$1.67	$3.42	$1.09	$0.00	($1.27)	$1.79	$0.00	$1.31	$1.69	$3.13
Adjusted Weighted Average Basic Shares Outstanding	202.75M	200.32M	200.59M	144M	125.60M	115.90M	101.50M	0.00	81.20M	81.90M	80.80M
Adjusted Diluted Earnings per Share	$3.76	$1.67	$3.35	$1.07	$0.00	($1.27)	$1.75	$0.00	$1.27	$1.64	$3.05
Adjusted Weighted Average Diluted Shares Outstanding	205.45M	200.59M	205.18M	146.40M	125.60M	115.90M	103.80M	0.00	83.40M	84.20M	82.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	206.34M	205.44M	203.59M	133.34M	125.60M	110.97M	166.68M	0.00	163.72M	81.79M	79.84M
Normalized Net Operating Profit after Tax (NOPAT)	831	304	455	423	275	175	163	242	383	379	488
Normalized NOPAT Margin	13.00%	9.84%	9.32%	8.45%	10.00%	10.00%	10.75%	12.25%	12.85%	12.29%	21.71%
Pre Tax Income Margin	19.58%	10.03%	4.01%	3.03%	6.58%	-29.98%	3.64%	6.40%	4.99%	7.20%	16.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.42	2.68	2.01	1.78	1.84	-1.43	1.27	1.61	1.56	1.81	0.00
NOPAT to Interest Expense	4.88	1.73	12.50	2.53	1.25	-0.50	0.90	1.25	1.48	1.39	0.00
EBIT Less CapEx to Interest Expense	4.82	-1.72	0.58	-2.34	-3.70	-3.87	0.90	0.78	0.40	1.03	0.00
NOPAT Less CapEx to Interest Expense	2.27	-2.67	11.08	-1.59	-4.30	-2.94	0.53	0.43	0.31	0.60	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.60%	25.53%	17.00%	54.14%	61.94%	-37.84%	54.84%	136.08%	93.52%	64.99%	42.16%
Augmented Payout Ratio	26.53%	35.04%	28.13%	364.44%	227.04%	-122.41%	513.26%	207.13%	93.52%	78.17%	67.87%

This table displays calculated financial ratios and metrics derived from Trinity Industries' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	79,839,720.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	79,839,720.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	65.38%	34.96%	26.16%	16.47%	-2.74%	-21.12%	-27.69%	-39.84%	-43.15%	2.32%	-15.95%
EBITDA Growth	6.92%	21.15%	30.97%	28.04%	12.56%	-14.88%	-4.45%	-23.34%	-1.85%	117.54%	-2.28%
EBIT Growth	8.36%	31.85%	65.88%	48.57%	22.45%	-22.81%	-8.32%	-35.51%	-4.69%	193.18%	-1.95%
NOPAT Growth	13.50%	47.93%	-60.90%	45.46%	8.53%	-29.05%	-7.03%	-26.70%	3.10%	158.72%	-3.64%
Net Income Growth	-10.27%	88.12%	100.00%	166.04%	50.42%	-44.49%	-1.09%	-64.54%	1.41%	413.76%	-8.49%
EPS Growth	-16.13%	105.41%	460.00%	225.00%	42.31%	-55.26%	-7.14%	-73.85%	0.00%	561.76%	15.38%
Operating Cash Flow Growth	1,273.58%	59.24%	-47.48%	580.28%	7.83%	129.35%	46.55%	-74.49%	-43.69%	-12.00%	27.84%
Free Cash Flow Firm Growth	-944.24%	-114.93%	54.08%	202.99%	211.92%	450.92%	328.14%	-122.75%	-203.37%	127.77%	51.05%
Invested Capital Growth	3.88%	3.22%	3.37%	-1.74%	-1.53%	-2.52%	-3.46%	1.98%	4.34%	-5.43%	-6.07%
Revenue Q/Q Growth	13.69%	-2.85%	1.47%	3.93%	-5.06%	-21.21%	-6.99%	-13.53%	-10.29%	54.72%	-29.97%
EBITDA Q/Q Growth	2.25%	26.75%	-16.22%	17.92%	-10.12%	-4.15%	-5.95%	-5.38%	15.07%	112.44%	-57.75%
EBIT Q/Q Growth	3.37%	46.59%	-24.56%	29.96%	-14.80%	-7.59%	-10.40%	-8.59%	25.93%	184.24%	-70.04%
NOPAT Q/Q Growth	8.25%	66.18%	-36.92%	28.19%	-19.24%	8.65%	-17.35%	1.06%	13.60%	172.64%	-69.22%
Net Income Q/Q Growth	11.32%	188.56%	-59.77%	105.84%	-37.06%	6.48%	-28.31%	-26.20%	80.00%	439.44%	-87.23%
EPS Q/Q Growth	30.00%	192.31%	-63.16%	132.14%	-43.08%	-8.11%	-23.53%	-34.62%	117.65%	508.11%	-86.67%
Operating Cash Flow Q/Q Growth	105.07%	20.74%	-40.61%	362.64%	-67.49%	156.82%	-62.05%	-19.48%	-28.25%	301.36%	-44.87%
Free Cash Flow Firm Q/Q Growth	22.38%	55.60%	-83.77%	262.60%	-15.65%	39.23%	19.47%	-116.22%	-283.26%	406.78%	-20.77%
Invested Capital Q/Q Growth	-0.23%	0.38%	1.85%	-3.66%	-0.02%	-0.63%	0.86%	1.77%	2.30%	-9.94%	0.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.27%	20.17%	20.34%	21.27%	21.22%	24.63%	24.29%	26.35%	31.14%	35.17%	26.20%
EBITDA Margin	21.62%	28.21%	23.30%	26.43%	25.03%	30.44%	30.78%	33.68%	43.21%	59.32%	35.79%
Operating Margin	12.20%	18.64%	14.23%	16.86%	15.32%	17.79%	17.05%	18.85%	26.12%	47.74%	20.55%
EBIT Margin	12.31%	18.57%	13.81%	17.27%	15.50%	18.18%	17.51%	18.51%	25.99%	47.74%	20.43%
Profit (Net Income) Margin	2.87%	8.53%	3.38%	6.70%	4.44%	6.01%	4.63%	3.95%	7.93%	27.64%	5.04%
Tax Burden Percent	73.07%	84.60%	64.17%	75.00%	62.94%	79.58%	74.45%	76.92%	74.69%	73.34%	70.66%
Interest Burden Percent	31.95%	54.32%	38.19%	51.76%	45.56%	41.52%	35.51%	27.75%	40.85%	78.95%	34.93%
Effective Tax Rate	18.58%	8.82%	25.76%	22.74%	27.66%	14.11%	20.33%	15.77%	23.03%	25.79%	24.22%
Return on Invested Capital (ROIC)	4.15%	7.58%	4.89%	6.34%	5.36%	7.02%	5.70%	5.94%	6.42%	12.36%	5.18%
ROIC Less NNEP Spread (ROIC-NNEP)	3.08%	6.33%	3.84%	5.36%	4.38%	5.94%	4.75%	4.83%	5.42%	11.31%	4.19%
Return on Net Nonoperating Assets (RNNOA)	13.17%	26.95%	16.75%	22.88%	18.70%	24.91%	20.21%	20.58%	23.55%	48.13%	18.03%
Return on Equity (ROE)	17.33%	34.53%	21.64%	29.21%	24.06%	31.92%	25.91%	26.52%	29.97%	60.49%	23.21%
Cash Return on Invested Capital (CROIC)	1.37%	2.69%	2.34%	7.93%	7.83%	8.21%	9.00%	3.12%	0.84%	13.21%	13.83%
Operating Return on Assets (OROA)	3.89%	6.29%	4.86%	6.28%	5.65%	6.31%	5.63%	5.25%	6.36%	12.44%	5.18%
Return on Assets (ROA)	0.91%	2.89%	1.19%	2.44%	1.62%	2.09%	1.49%	1.12%	1.94%	7.20%	1.28%
Return on Common Equity (ROCE)	13.85%	27.81%	17.45%	23.61%	19.43%	25.91%	21.08%	21.50%	24.24%	52.69%	20.26%
Return on Equity Simple (ROE_SIMPLE)	9.46%	0.00%	13.37%	16.47%	17.72%	0.00%	14.89%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	82	136	86	110	89	96	80	80	91	249	77
NOPAT Margin	9.93%	16.99%	10.56%	13.03%	11.08%	15.28%	13.58%	15.87%	20.10%	35.42%	15.57%
Net Nonoperating Expense Percent (NNEP)	1.08%	1.25%	1.05%	0.98%	0.97%	1.08%	0.95%	1.11%	1.00%	1.05%	0.99%
Return On Investment Capital (ROIC_SIMPLE)	-	1.93%	-	-	-	1.37%	1.15%	1.13%	1.27%	3.78%	1.17%
Cost of Revenue to Revenue	82.73%	79.83%	79.66%	78.73%	78.78%	75.37%	75.71%	73.65%	68.86%	64.83%	73.80%
SG&A Expenses to Revenue	5.98%	6.09%	6.46%	7.29%	7.57%	9.79%	8.54%	9.76%	9.95%	9.92%	10.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.07%	1.53%	6.11%	4.41%	5.90%	6.83%	7.24%	7.51%	5.02%	-12.57%	5.65%
Earnings before Interest and Taxes (EBIT)	101	148	112	145	124	114	103	94	118	335	101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	178	225	189	222	200	192	180	171	196	417	176
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.89	2.00	2.13	2.27	2.69	2.70	2.15	2.16	2.24	1.95	2.36
Price to Tangible Book Value (P/TBV)	2.43	2.55	2.70	2.87	3.40	3.42	2.72	2.76	2.87	2.45	2.96
Price to Revenue (P/Rev)	0.68	0.70	0.71	0.74	0.88	0.93	0.79	0.87	1.03	0.93	1.18
Price to Earnings (P/E)	25.45	19.60	17.84	14.91	16.54	20.67	16.58	22.60	23.51	8.28	9.98
Dividend Yield	4.36%	4.10%	3.88%	3.64%	3.18%	3.22%	4.11%	4.34%	4.25%	4.59%	3.79%
Earnings Yield	3.93%	5.10%	5.60%	6.71%	6.04%	4.84%	6.03%	4.43%	4.25%	12.07%	10.02%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.15	1.17	1.20	1.27	1.27	1.18	1.17	1.18	1.16	1.23
Enterprise Value to Revenue (EV/Rev)	2.76	2.63	2.57	2.45	2.60	2.74	2.77	3.16	3.77	3.24	3.59
Enterprise Value to EBITDA (EV/EBITDA)	11.25	10.88	10.60	9.86	10.12	10.50	9.94	10.74	11.10	7.56	8.07
Enterprise Value to EBIT (EV/EBIT)	20.24	18.90	17.67	15.85	15.99	17.01	16.25	18.35	19.12	11.21	11.96
Enterprise Value to NOPAT (EV/NOPAT)	22.29	20.00	21.06	19.31	20.00	22.18	21.18	23.29	23.63	14.80	15.78
Enterprise Value to Operating Cash Flow (EV/OCF)	29.15	26.51	32.64	17.67	18.38	14.68	13.20	19.06	21.35	20.25	20.32
Enterprise Value to Free Cash Flow (EV/FCFF)	84.43	43.50	50.82	15.05	16.08	15.30	12.90	37.92	143.08	8.55	8.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.61	4.51	4.55	4.39	4.39	4.35	4.32	4.66	4.75	4.75	4.70
Long-Term Debt to Equity	4.61	4.51	4.55	4.39	4.39	4.35	4.32	4.66	4.75	4.75	4.70
Financial Leverage	4.28	4.26	4.36	4.27	4.26	4.20	4.26	4.26	4.34	4.26	4.30
Leverage Ratio	6.99	6.93	7.06	7.04	6.98	6.87	6.86	6.94	6.97	7.04	6.95
Compound Leverage Factor	2.23	3.76	2.70	3.64	3.18	2.85	2.43	1.92	2.85	5.56	2.43
Debt to Total Capital	82.19%	81.86%	81.99%	81.45%	81.45%	81.32%	81.21%	82.32%	82.62%	82.61%	82.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	82.19%	81.86%	81.99%	81.45%	81.45%	81.32%	81.21%	82.32%	82.62%	82.61%	82.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.59%	3.39%	3.34%	3.39%	3.45%	3.55%	3.56%	3.50%	3.47%	1.03%	1.02%
Common Equity to Total Capital	14.25%	14.75%	14.69%	15.17%	15.13%	15.13%	15.25%	14.20%	13.94%	16.35%	16.55%
Debt to EBITDA	8.49	7.99	7.67	7.04	6.82	7.09	7.07	7.89	8.05	5.65	5.61
Net Debt to EBITDA	8.10	7.66	7.36	6.59	6.42	6.62	6.78	7.47	7.73	5.31	5.35
Long-Term Debt to EBITDA	8.49	7.99	7.67	7.04	6.82	7.09	7.07	7.89	8.05	5.65	5.61
Debt to NOPAT	16.82	14.69	15.24	13.78	13.48	14.98	15.07	17.11	17.13	11.06	10.97
Net Debt to NOPAT	16.04	14.09	14.63	12.90	12.69	14.00	14.44	16.19	16.45	10.40	10.46
Long-Term Debt to NOPAT	16.82	14.69	15.24	13.78	13.48	14.98	15.07	17.11	17.13	11.06	10.97
Altman Z-Score	0.74	0.80	0.81	0.87	0.90	0.87	0.79	0.74	0.70	0.84	0.77
Noncontrolling Interest Sharing Ratio	20.08%	19.47%	19.39%	19.19%	19.23%	18.84%	18.65%	18.90%	19.13%	12.90%	12.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.05	2.11	2.05	2.06	2.17	2.03	1.96	2.26	2.16	2.07	2.04
Quick Ratio	0.78	0.77	0.91	0.98	1.07	1.00	0.86	0.97	0.74	1.03	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-171	-76	-140	227	192	267	319	-52	-198	608	482
Operating Cash Flow to CapEx	83.11%	0.00%	35.22%	261.36%	67.44%	0.00%	61.05%	34.26%	18.35%	0.00%	63.71%
Free Cash Flow to Firm to Interest Expense	-2.49	-1.12	-2.02	3.24	2.85	3.99	4.83	-0.76	-2.84	0.00	7.37
Operating Cash Flow to Interest Expense	1.06	1.30	0.76	3.45	1.16	3.01	1.16	0.91	0.63	0.00	1.50
Operating Cash Flow Less CapEx to Interest Expense	-0.22	4.12	-1.39	2.13	-0.56	5.15	-0.74	-1.75	-2.82	0.00	-0.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.34	0.35	0.36	0.36	0.35	0.32	0.28	0.24	0.26	0.25
Accounts Receivable Turnover	8.25	8.69	7.71	8.04	8.05	8.29	6.69	6.99	6.00	5.85	6.20
Inventory Turnover	3.38	3.74	4.02	4.24	4.19	4.16	4.04	3.57	2.91	3.35	3.22
Fixed Asset Turnover	0.40	0.43	0.45	0.47	0.47	0.44	0.41	0.36	0.31	0.33	0.32
Accounts Payable Turnover	7.54	8.29	7.88	8.12	8.64	8.66	7.47	7.18	6.13	6.08	5.69
Days Sales Outstanding (DSO)	44.23	42.03	47.33	45.38	45.33	44.01	54.52	52.25	60.87	62.36	58.86
Days Inventory Outstanding (DIO)	107.94	97.61	90.86	86.19	87.12	87.84	90.27	102.35	125.65	108.90	113.19
Days Payable Outstanding (DPO)	48.39	44.05	46.32	44.95	42.26	42.16	48.84	50.85	59.57	60.05	64.10
Cash Conversion Cycle (CCC)	103.78	95.59	91.87	86.62	90.18	89.69	95.95	103.75	126.95	111.20	107.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,769	6,795	6,920	6,667	6,666	6,624	6,681	6,799	6,955	6,264	6,275
Invested Capital Turnover	0.42	0.45	0.46	0.49	0.48	0.46	0.42	0.37	0.32	0.35	0.33
Increase / (Decrease) in Invested Capital	253	212	225	-118	-103	-171	-240	132	290	-360	-405
Enterprise Value (EV)	7,664	7,836	8,107	8,027	8,459	8,426	7,896	7,971	8,197	7,283	7,743
Market Capitalization	1,896	2,078	2,236	2,425	2,850	2,861	2,268	2,180	2,242	2,096	2,546
Book Value per Share	$12.25	$12.67	$12.88	$13.04	$12.84	$12.89	$12.90	$12.38	$12.40	$13.43	$13.53
Tangible Book Value per Share	$9.52	$9.96	$10.16	$10.33	$10.16	$10.19	$10.19	$9.67	$9.66	$10.67	$10.76
Total Capital	7,036	7,030	7,156	7,031	6,998	6,998	6,916	7,115	7,194	6,588	6,528
Total Debt	5,782	5,754	5,867	5,727	5,700	5,691	5,616	5,857	5,944	5,443	5,382
Total Long-Term Debt	5,782	5,754	5,867	5,727	5,700	5,691	5,616	5,857	5,944	5,443	5,382
Net Debt	5,516	5,519	5,632	5,363	5,367	5,317	5,381	5,542	5,705	5,119	5,130
Capital Expenditures (CapEx)	88	-191	148	92	116	-143	125	180	241	-166	154
Debt-free, Cash-free Net Working Capital (DFCFNWC)	418	440	463	345	367	251	281	297	355	287	289
Debt-free Net Working Capital (DFNWC)	685	675	698	709	699	625	516	612	594	611	542
Net Working Capital (NWC)	685	675	698	709	699	625	516	612	594	611	542
Net Nonoperating Expense (NNE)	58	67	58	53	53	58	52	60	55	55	52
Net Nonoperating Obligations (NNO)	5,516	5,519	5,632	5,363	5,367	5,317	5,381	5,542	5,705	5,119	5,130
Total Depreciation and Amortization (D&A)	77	77	77	77	76	77	78	77	78	81	76
Debt-free, Cash-free Net Working Capital to Revenue	15.07%	14.76%	14.69%	10.55%	11.30%	8.14%	9.85%	11.79%	16.31%	12.78%	13.42%
Debt-free Net Working Capital to Revenue	24.67%	22.64%	22.15%	21.69%	21.53%	20.30%	18.09%	24.30%	27.29%	27.18%	25.14%
Net Working Capital to Revenue	24.67%	22.64%	22.15%	21.69%	21.53%	20.30%	18.09%	24.30%	27.29%	27.18%	25.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.27	$0.78	$0.29	$0.66	$0.38	$0.36	$0.27	$0.17	$0.38	$2.31	$0.30
Adjusted Weighted Average Basic Shares Outstanding	81.60M	81.20M	81.60M	82.40M	82.20M	81.90M	81.60M	81.30M	80.50M	80.80M	79.70M
Adjusted Diluted Earnings per Share	$0.26	$0.76	$0.28	$0.65	$0.37	$0.34	$0.26	$0.17	$0.37	$2.25	$0.30
Adjusted Weighted Average Diluted Shares Outstanding	83.50M	83.40M	83.50M	84.10M	84.10M	84.20M	83.80M	82.90M	81.90M	82.90M	81.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.87M	163.72M	81.84M	82.45M	82.16M	81.79M	81.61M	80.84M	80.18M	79.84M	79.51M
Normalized Net Operating Profit after Tax (NOPAT)	78	136	85	108	87	98	78	77	91	249	76
Normalized NOPAT Margin	9.50%	16.99%	10.50%	12.89%	10.90%	15.63%	13.35%	15.28%	19.98%	35.51%	15.43%
Pre Tax Income Margin	3.93%	10.09%	5.27%	8.94%	7.06%	7.55%	6.22%	5.14%	10.61%	37.69%	7.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.47	2.19	1.62	2.07	1.84	1.71	1.55	1.38	1.69	0.00	1.54
NOPAT to Interest Expense	1.19	2.00	1.24	1.56	1.31	1.44	1.20	1.19	1.31	0.00	1.17
EBIT Less CapEx to Interest Expense	0.20	5.01	-0.53	0.75	0.11	3.84	-0.34	-1.27	-1.76	0.00	-0.81
NOPAT Less CapEx to Interest Expense	-0.09	4.83	-0.91	0.25	-0.41	3.57	-0.69	-1.47	-2.14	0.00	-1.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	104.65%	93.52%	85.82%	67.86%	63.23%	64.99%	67.92%	90.61%	94.13%	42.16%	42.00%
Augmented Payout Ratio	120.49%	93.52%	85.82%	68.38%	66.92%	78.17%	86.35%	139.45%	154.26%	67.87%	67.56%

Financials Breakdown Chart

Key Financial Trends

Trinity Industries (TRN) posted solid results in Q4 2025, showing growing revenue, margin expansion, and stronger quarterly earnings. While the company continues to carry a sizable debt load, improving operating cash flow and meaningful asset sales helped support cash generation in the quarter.

Revenue and margin: Q4 2025 operating revenue was $702.6M, up about 12% year over year from $629.4M in Q4 2024, with gross margin rising to 35.2% (vs. 24.6% in Q4 2024).
Earnings growth: Net income attributable to common shareholders rose to $186.6M in Q4 2025, with diluted earnings per share of $2.25, a strong improvement from Q4 2024 (≈$0.36).
Cash flow from operations: Net cash from continuing operating activities was $177.4M in Q4 2025, marking a meaningful positive cash-generation quarter (improvement versus earlier 2025 periods).
Investing activity tailwinds: The quarter benefited from a sizable PPE sale of $403.6M; purchases of PPE were $237.8M, producing a net investing cash flow of about $12.8M in Q4 2025, aided by asset recycling.
EPS momentum: Diluted EPS for Q4 2025 reached $2.25, continuing a trend of improving per-share profitability as the year progressed.

Debt load and leverage: Long-term debt hovered around the 5.6–5.9B range in 2025 quarters, with total liabilities well in excess of equity (high leverage) indicating ongoing balance-sheet risk.
Near-term liquidity: Cash and equivalents were relatively modest (e.g., approximately $66M at mid-2025 periods), suggesting limited near-term liquidity headroom despite positive quarterly cash flow.

Interest burden: Interest expense remained high at roughly $68–70M per quarter in 2025, pressuring net income and cash flow.
Ongoing capex intensity: Cash outlays for property, plant & equipment remained large (e.g., PPE purchases around $238M in Q4 2025), contributing to ongoing capital needs and potential cash-flow volatility.
Financing activities: Net cash from financing activities was negative in Q4 2025 (-$105.3M), driven by net debt repayments amid sizable issuance/repayment activity, which can weigh on liquidity during periods without strong operating cash flow.

05/14/26 09:18 AM ETAI Generated. May Contain Errors.

Trinity Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Trinity Industries' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Trinity Industries' net income appears to be on a downward trend, with a most recent value of $277.30 million in 2025, falling from $826 million in 2015. The previous period was $157.10 million in 2024. Check out Trinity Industries' forecast to explore projected trends and price targets.

Trinity Industries' total operating income in 2025 was $649.20 million, based on the following breakdown:

Total Gross Profit: $664.10 million
Total Operating Expenses: $14.90 million

Over the last 10 years, Trinity Industries' total revenue changed from $6.39 billion in 2015 to $2.25 billion in 2025, a change of -64.8%.

Trinity Industries' total liabilities were at $7.28 billion at the end of 2025, a 3.3% decrease from 2024, and a 50.5% increase since 2015.

In the past 10 years, Trinity Industries' cash and equivalents has ranged from $0.00 in 2021 to $786 million in 2015, and is currently $201.30 million as of their latest financial filing in 2025.

Over the last 10 years, Trinity Industries' book value per share changed from 23.90 in 2015 to 13.43 in 2025, a change of -43.8%.

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Financial statements for NYSE:TRN last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Trinity Industries (TRN) Financials

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