TRINITY INDUSTRIES (TRN) Company Report

Trinity Industries, Inc. reported full year 2025 earnings per diluted share (EPS) of $3.14 on $2.2 billion in total company revenues, and Q4 2025 EPS of $2.31 on $611 million in total company revenues.
The company achieved a 24.4% Adjusted Return on Equity for the full year 2025, significantly influenced by a $194 million non-cash pre-tax gain from a railcar partnership restructuring.
For 2026, Trinity Industries, Inc. is providing EPS guidance of $1.85 to $2.10, anticipating continued lease rate growth and higher gains from increased secondary market activity.
The lease fleet demonstrated strong performance with 97.1% utilization and a positive 6.0% Future Lease Rate Differential (FLRD) at the end of 2025.
Trinity Industries, Inc. generated $367 million in full year operating cash flow and returned $170 million to stockholders in 2025, including an increased quarterly dividend to $0.31 per share.

Feb 12, 2026, 2:28 PM

8-K

Trinity Industries Reports Strong 2025 Results and Issues 2026 Guidance

TRN

Earnings

Guidance Update

Dividends

Trinity Industries reported strong full-year 2025 results, with earnings per share of $3.14, a 73% year-over-year increase, and an adjusted return on equity of 24.4%. The company also provided 2026 EPS guidance in the range of $1.85-$2.10.
A significant railcar partnership restructuring in Q4 2025 resulted in a $194 million non-cash gain, simplifying the fleet structure and increasing the managed railcar fleet to 45,000 units.
Management anticipates industry deliveries of approximately 25,000 railcars in 2026, expecting this year to mark a bottom for customer ordering activity before potential improvement in 2027.
Trinity returned $170 million to shareholders in 2025 through dividends and share repurchases, and raised its quarterly dividend to $0.31 per share.

Feb 12, 2026, 1:00 PM

Transcript

Trinity Industries Reports Strong 2025 Results and Issues 2026 Guidance

TRN

Earnings

Guidance Update

Demand Weakening

Trinity Industries reported strong full-year 2025 financial results, with earnings per share of $3.14, a 73% year-over-year increase, and an adjusted return on equity of 24.4%.
For 2026, the company introduced EPS guidance in the range of $1.85-$2.10.
A railcar partnership restructuring in Q4 2025 generated a $194 million non-cash gain and simplified the ownership structure, with a similar transaction anticipated in Q2 2026.
Trinity expects industry railcar deliveries of approximately 25,000 units in 2026, with Rail Products segment operating margins of 5%-6% and Leasing and Services segment margins of 40%-45%.
Management believes 2026 could be the bottom for customer ordering activity and industry deliveries, with signs of stabilization and potential improvement in 2027.

Feb 12, 2026, 1:00 PM

Transcript

Trinity Industries Reports Strong Full-Year 2025 Results and Provides 2026 Guidance

TRN

Earnings

Guidance Update

Dividends

Trinity Industries reported full-year 2025 earnings per share of $3.14, a 73% year-over-year increase, and an adjusted return on equity of 24.4%.
The company provided 2026 EPS guidance in the range of $1.85-$2.10.
A railcar partnership restructuring in Q4 2025 led to a $194 million non-cash gain and contributed approximately $1.50 to Q4 EPS.
Trinity expects $120 million-$140 million in gains from secondary market activities in 2026, including a planned restructuring of remaining partially owned railcars in Q2 2026.
The company returned $170 million to shareholders in 2025 through dividends and share repurchases, and increased its quarterly dividend to $0.31 per share.

Feb 12, 2026, 1:00 PM

Transcript

Trinity Industries, Inc. Announces Strong Full Year 2025 Results and 2026 Guidance

TRN

Earnings

Guidance Update

Dividends

Trinity Industries, Inc. reported full year 2025 earnings from continuing operations of $3.14 per diluted share on $2.2 billion in total company revenues.
The company generated $367 million in full year operating cash flow and achieved a full year Adjusted Return on Equity of 24.4%.
Results were significantly impacted by a $194 million non-cash pre-tax gain from a railcar partnership restructuring.
For 2026, the company introduced EPS guidance of $1.85 to $2.10, and in December 2025, increased its quarterly dividend from $0.30 per share to $0.31 per share.

Feb 12, 2026, 11:55 AM

Press Release

Trinity Industries Completes Railcar Partnership Restructuring

TRN

Guidance Update

M&A

Accounting Changes

Trinity Industries, Inc. completed a strategic restructuring of its railcar investment partnerships with Napier Park on December 30, 2025.
This restructuring is anticipated to result in a $1.50 EPS impact, leading Trinity to raise its full-year 2025 EPS guidance to a range of $3.05 to $3.20.
The company preliminarily expects to recognize a non-cash pre-tax gain of approximately $190 million in the fourth quarter of 2025 from the sale of its equity stake in Triumph Holdings.
As a result of the transaction, Trinity now wholly owns RIV 2013 and 0.2% of Triumph Holdings, and Triumph will no longer be consolidated in Trinity's financial statements.

Jan 6, 2026, 11:59 AM

8-K

Trinity Industries Completes Railcar Partnership Restructuring and Raises 2025 EPS Guidance

TRN

Guidance Update

M&A

Trinity Industries, Inc. completed a strategic restructuring of its railcar investment partnerships with Napier Park on December 30, 2025.
This restructuring is anticipated to have a $1.50 impact on 2025 EPS.
As a result, the company raised its full-year 2025 EPS guidance to a range of $3.05 to $3.20.
Trinity Industries preliminarily expects to recognize a non-cash pre-tax gain of approximately $190 million in the fourth quarter from the sale of its equity stake in Triumph Holdings.

Jan 6, 2026, 11:58 AM

Press Release

Trinity Discusses Market Dynamics and Capital Allocation at Conference

TRN

Guidance Update

Dividends

Share Buyback

Trinity's CFO noted that tariffs and uncertainty are impacting railcar demand, leading to slower order conversion despite steady inquiries.
The company raised its guidance for secondary market gains to $70-$80 million for the year, up from an initial $40-$50 million, anticipating this environment to persist.
Trinity increased its quarterly dividend to $0.31 per share for the seventh consecutive year and executed approximately $60 million in share repurchases through Q3 this year.
The Future Lease Rate Differential (FLRD) moderated to 9% but is expected to remain positive, with the company expressing optimism for future lease rates due to asset price inflation outpacing rental inflation.
The North American railcar fleet has shrunk this year, with 30,000 railcars scrapped versus 23,000 built, resulting in high fleet utilization.

Dec 4, 2025, 7:10 PM

Transcript

Trinity Industries Discusses Market Conditions and Capital Strategy

TRN

Guidance Update

Dividends

Share Buyback

Trinity Industries manages a substantial railcar fleet of approximately 145,000 railcars (including RIV partners) and is a leading railcar manufacturer in North America.
The company notes persistent uncertainty impacting railcar demand, leading to slower order conversions, although replacement demand is anticipated to be a key future driver. The North American fleet has shrunk this year, with 30,000+ railcars scrapped versus 23,000 built by the industry through Q3.
Trinity's Future Lease Rate Differential (FLRD) moderated to 9% from 18% in the prior quarter, but management remains bullish on future lease rates, citing historical asset price inflation (3-4% annually) outstripping rental inflation (1-2% annually).
The company raised its guidance for secondary market gains to $70-$80 million (from $40-$50 million) and is targeting $750 million-$1 billion in net fleet investment between 2024 and 2026.
Trinity increased its dividend for the seventh consecutive year to $0.31 per quarter and bought back approximately $60 million in shares through Q3 this year.

Dec 4, 2025, 7:10 PM

Transcript

Trinity Industries Discusses Market Outlook, Leasing Strategy, and Capital Allocation

TRN

Guidance Update

Dividends

Share Buyback

Trinity Industries, a major North American railcar lessor and manufacturer, manages a lease fleet of approximately 145,000 railcars. The company notes that uncertainty related to trade policy continues to delay railcar order conversions, despite steady inquiries.
The Future Lease Rate Differential (FLRD), which compares new lease rates to expiring ones, moderated to 9% from 18% in the prior quarter. However, management remains bullish on future lease rates, citing asset price inflation outpacing rental inflation over the last 20 years.
Trinity raised its guidance for secondary market gains to $70-$80 million for the year, up from an initial $40-$50 million, driven by strong demand and buyers underwriting higher future rental rates. This is supported by a shrinking North American fleet and high utilization.
The company aims for a net fleet investment of $750 million-$1 billion between 2024 and 2026. Trinity also increased its quarterly dividend for the seventh consecutive year to $0.31 per share and repurchased approximately $60 million in shares through Q3 this year.