NYSE : TRN
Trinity Industries, Inc. — Financial statements
Industrials · Railroads · United States
Last price 30.5 USD (Nov 2, 2026, 4:00 PM EST) · Market cap 2.38B
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Financial statements
Trinity Industries, Inc. (TRN) reported revenue of 2.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.12B | 2.16B | 3.08B | 2.98B | 1.98B | 1.52B |
| Cost of Revenue | 1.60B | 1.58B | 2.41B | 2.46B | 1.61B | 1.16B |
| Gross Profit | 521.30M | 572.70M | 668.20M | 527.10M | 367.70M | 354.50M |
| Selling, General & Admin | 227.30M | 215.00M | 236.40M | 202.60M | 186.10M | 180.30M |
| Operating Expenses | 227.30M | 215.00M | 236.40M | 202.60M | 186.10M | 180.30M |
| Operating Income | 294.00M | 357.70M | 431.80M | 324.50M | 181.60M | 174.20M |
| Interest Expense | -266.10M | -274.20M | -273.50M | -265.50M | -209.10M | -191.40M |
| Other Non Operating Income (Expenses) | -900.00K | 1.10M | 4.50M | -1.80M | 2.30M | 1.60M |
| EBT Excluding Unusual Items | 27.00M | 84.60M | 162.80M | 57.20M | -25.20M | -15.60M |
| Merger & Restructuring Charges | -4.30M | 2.20M | -1.00M | 3.70M | ||
| Gain (Loss) on Sale of Assets | 437.20M | 290.80M | 63.30M | 89.60M | 152.70M | 78.20M |
| Other Unusual Items | -11.10M | |||||
| Pretax Income | 464.20M | 375.40M | 221.80M | 149.00M | 126.50M | 55.20M |
| Income Tax Expense | 117.40M | 90.90M | 50.40M | 9.00M | 27.60M | 15.90M |
| Earnings From Continuing Operations | 346.80M | 284.50M | 171.40M | 140.00M | 98.90M | 39.30M |
| Earnings From Discontinued Operations | -12.00M | -7.20M | -14.30M | -13.40M | -26.00M | 142.50M |
| Net Income to Company | 334.80M | 277.30M | 157.10M | 126.60M | 72.90M | 181.80M |
| Minority Interest in Earnings | -8.10M | -24.20M | -18.70M | -20.60M | -12.80M | 200.00K |
| Net Income | 326.70M | 253.10M | 138.40M | 106.00M | 60.10M | 182.00M |
| Net Income to Common | 326.70M | 253.10M | 138.40M | 106.00M | 60.10M | 182.00M |
| Shares Outstanding (Basic) | 79.67M | 80.80M | 81.90M | 81.20M | 81.90M | 101.50M |
| Shares Outstanding (Diluted) | 81.70M | 82.90M | 84.20M | 83.40M | 84.20M | 103.80M |
| EPS (Basic) | 4.10 | 3.13 | 1.69 | 1.31 | 0.73 | 1.79 |
| EPS (Diluted) | 4.00 | 3.05 | 1.64 | 1.27 | 0.71 | 1.75 |
| Free Cash Flow | -271.60M | -435.20M | -21.90M | -414.50M | -979.60M | 41.00M |
| Free Cash Flow Per Share | -3.32 | -5.25 | -0.26 | -4.97 | -11.63 | 0.40 |
| Dividend Per Share | 1.24 | 1.21 | 1.14 | 1.06 | 0.95 | 0.86 |
| Gross Margin | 24.55% | 26.55% | 21.70% | 17.67% | 18.60% | 23.38% |
| Operating Margin | 13.85% | 16.58% | 14.02% | 10.88% | 9.18% | 11.49% |
| Profit Margin | 15.39% | 11.73% | 4.50% | 3.55% | 3.04% | 12.01% |
| Free Cash Flow Margin | -12.79% | -20.18% | -0.71% | -13.89% | -49.54% | 2.70% |
| EBITDA | 587.30M | 662.80M | 725.60M | 617.70M | 458.00M | 439.90M |
| EBITDA Margin | 27.66% | 30.73% | 23.57% | 20.71% | 23.16% | 29.02% |
| D&A For EBITDA | 293.30M | 305.10M | 293.80M | 293.20M | 276.40M | 265.70M |
| EBIT | 294.00M | 357.70M | 431.80M | 324.50M | 181.60M | 174.20M |
| EBIT Margin | 13.85% | 16.58% | 14.02% | 10.88% | 9.18% | 11.49% |
| Effective Tax Rate | 25.29% | 24.21% | 22.72% | 6.04% | 21.82% | 28.80% |
| Revenue as Reported | 2.12B | 2.16B | 3.08B | 2.98B | 1.98B | 1.52B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 158.30M | 201.30M | 228.20M | 105.70M | 77.00M | 163.90M |
| Trading Asset Securities | 31.50M | 7.30M | 33.70M | 19.70M | 41.30M | |
| Cash & Short-Term Investments | 189.80M | 208.60M | 261.90M | 125.40M | 118.30M | 163.90M |
| Accounts Receivable | 338.40M | 378.20M | 369.50M | 363.50M | 222.80M | 126.80M |
| Other Receivables | 13.70M | 27.50M | 2.40M | 5.20M | 7.80M | 5.40M |
| Receivables | 352.10M | 405.70M | 371.90M | 368.70M | 230.60M | 132.20M |
| Inventory | 531.80M | 469.10M | 476.20M | 684.30M | 629.40M | 432.90M |
| Finance Div. Loans and Leases | 20.00M | 10.90M | 9.60M | 100.70M | 100.80M | |
| Finance Div. Other Current Assets | 9.90M | 39.10M | 30.60M | 217.30M | 138.50M | |
| Restricted Cash | 119.70M | 112.40M | 107.10M | 98.80M | ||
| Other Current Assets | 3.60M | 400.00K | 6.80M | 2.00M | ||
| Total Current Assets | 1.21B | 1.22B | 1.27B | 1.31B | 1.30B | 968.30M |
| Property, Plant & Equipment | 367.20M | 456.50M | 453.50M | 450.60M | 433.80M | 432.10M |
| Long-Term Investments | 158.10M | 13.50M | ||||
| Goodwill | 221.50M | 170.90M | 170.90M | 170.90M | 188.80M | 152.40M |
| Other Intangible Assets | 110.40M | 99.00M | 106.70M | |||
| Long-Term Accounts Receivable | 18.00M | |||||
| Other Long-Term Assets | 357.30M | 128.30M | 160.40M | 158.30M | 97.70M | 114.30M |
| Total Assets | 8.34B | 8.42B | 8.83B | 8.91B | 8.72B | 8.24B |
| Accounts Payable | 294.50M | 269.60M | 251.70M | 305.30M | 287.50M | 206.40M |
| Accrued Expenses | 248.10M | 275.70M | 317.30M | 289.90M | 239.40M | 286.30M |
| Current Portion of Long-Term Debt | 5.10M | 14.00M | 23.30M | 9.10M | 21.00M | |
| Current Portion of Leases | 22.70M | |||||
| Other Current Liabilities | 3.20M | 2.70M | 12.40M | 3.30M | 21.60M | 100.00K |
| Total Current Liabilities | 550.90M | 584.70M | 604.70M | 607.60M | 548.50M | 513.80M |
| Long-Term Debt | 598.90M | 598.50M | 597.80M | 794.60M | 624.10M | 398.70M |
| Finance Div. Debt Long-Term | 4.73B | 4.84B | 5.09B | 4.96B | 4.98B | 4.77B |
| Long-Term Leases | 128.60M | 84.00M | 113.40M | 118.20M | 114.80M | 106.30M |
| Long-Term Deferred Tax Liabilities | 1.19B | 1.13B | 1.08B | 1.10B | 1.13B | 1.11B |
| Other Long-Term Liabilities | 15.30M | 38.90M | 40.40M | 47.50M | 49.10M | 41.60M |
| Total Liabilities | 7.21B | 7.28B | 7.53B | 7.63B | 7.45B | 6.94B |
| Common Stock | 800.00K | 800.00K | 800.00K | 800.00K | 800.00K | 800.00K |
| Additional Paid-In Capital | 6.30M | 8.80M | 15.40M | |||
| Retained Earnings | 1.13B | 1.08B | 1.05B | 1.01B | 992.60M | 1.05B |
| Treasury Stock | -23.50M | -900.00K | -600.00K | -600.00K | -700.00K | -600.00K |
| Comprehensive Income & Other | 17.50M | -4.20M | -4.20M | 11.00M | 19.70M | -17.00M |
| Total Common Equity | 1.13B | 1.08B | 1.06B | 1.04B | 1.01B | 1.03B |
| Minority Interest | 2.50M | 68.10M | 248.30M | 238.40M | 257.20M | 267.00M |
| Shareholders' Equity | 1.13B | 1.15B | 1.31B | 1.28B | 1.27B | 1.30B |
| Total Liabilities & Equity | 8.34B | 8.42B | 8.83B | 8.91B | 8.72B | 8.24B |
| Total Debt | 5.46B | 5.56B | 5.83B | 5.88B | 5.72B | 5.30B |
| Net Cash (Debt) | -5.27B | -5.35B | -5.57B | -5.76B | -5.60B | -5.13B |
| Net Cash Per Share | -64.49 | -64.59 | -66.10 | -69.02 | -66.56 | -49.46 |
| Filing Date Shares Outstanding | 78.19M | 79.84M | 81.79M | 81.86M | 81.13M | 83.34M |
| Total Common Shares Outstanding | 79.70M | 79.80M | 81.80M | 81.80M | 81.10M | 83.30M |
| Working Capital | 662.50M | 635.50M | 661.50M | 707.00M | 749.80M | 454.50M |
| Book Value Per Share | 14.16 | 13.50 | 12.94 | 12.68 | 12.48 | 12.36 |
| Tangible Book Value | 906.80M | 745.30M | 738.40M | 708.90M | 816.50M | 875.60M |
| Tangible Book Value Per Share | 11.38 | 9.34 | 9.03 | 8.67 | 10.07 | 10.51 |
| Land | 15.90M | 16.10M | 16.30M | 16.10M | 15.70M | 17.40M |
| Buildings | 401.50M | 408.40M | 403.20M | 380.40M | 384.60M | 377.40M |
| Machinery | 437.30M | 452.90M | 441.80M | 419.80M | 405.50M | 415.10M |
| Construction In Progress | 39.50M | 18.50M | 11.50M | 11.30M | 18.10M | 18.10M |
| Order Backlog | 1.66B | 2.15B | 3.90B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 326.70M | 253.10M | 138.40M | 106.00M | 60.10M | 182.00M |
| Depreciation & Amortization | 293.30M | 305.10M | 293.80M | 293.20M | 276.40M | 265.70M |
| Loss (Gain) From Sale of Assets | -437.20M | -290.80M | -60.60M | -83.30M | -144.20M | -74.10M |
| Asset Writedown & Restructuring Costs | 4.30M | -2.20M | ||||
| Stock-Based Compensation | 23.00M | 22.90M | 23.60M | 22.70M | 22.50M | 20.70M |
| Other Operating Activities | 146.00M | 122.80M | 20.50M | -6.80M | 55.40M | -115.10M |
| Change in Accounts Receivable | -56.30M | -15.50M | -17.10M | -24.60M | -94.40M | -64.30M |
| Change in Inventory | 22.80M | 7.10M | 208.10M | -54.90M | -193.40M | -147.70M |
| Change in Accounts Payable | 54.70M | 25.60M | -53.60M | 2.20M | 78.40M | 59.20M |
| Change in Income Taxes | 15.60M | -25.10M | 2.80M | 2.60M | 440.40M | |
| Change in Other Net Operating Assets | 33.80M | -38.30M | 27.90M | 54.10M | -51.60M | 48.80M |
| Operating Cash Flow | 410.40M | 359.70M | 573.80M | 295.60M | -12.80M | 611.80M |
| Capital Expenditures | -682.00M | -794.90M | -595.70M | -710.10M | -966.80M | -570.80M |
| Sale of Property, Plant & Equipment | 459.30M | 414.70M | 381.30M | 401.70M | 794.70M | 494.80M |
| Cash Acquisitions | -62.20M | -80.40M | -16.60M | |||
| Investment in Securities | -30.90M | 11.40M | -3.90M | 2.50M | -15.50M | 100.00K |
| Other Investing Activities | -23.70M | -16.80M | 3.70M | 5.10M | 7.30M | 368.80M |
| Investing Cash Flow | -277.30M | -385.60M | -214.60M | -363.00M | -260.70M | 276.30M |
| Long-Term Debt Issued | 1.94B | 1.97B | 1.65B | 2.00B | 2.44B | |
| Long-Term Debt Repaid | -1.76B | -2.05B | -1.52B | -1.58B | -2.32B | |
| Net Debt Issued (Repaid) | 77.50M | 180.00M | -80.10M | 133.80M | 422.10M | 128.30M |
| Repurchase of Common Stock | -64.00M | -80.00M | -29.70M | -7.20M | -57.50M | -842.70M |
| Common Dividends Paid | -99.50M | -98.70M | -93.20M | -86.00M | -76.90M | -88.50M |
| Other Financing Activities | -7.80M | -26.20M | -16.90M | -32.40M | -22.30M | -11.20M |
| Financing Cash Flow | -93.80M | -24.90M | -219.90M | 8.20M | 265.40M | -814.10M |
| Net Cash Flow | 39.30M | -50.80M | 139.30M | -59.20M | -8.10M | 74.00M |
| Free Cash Flow | -271.60M | -435.20M | -21.90M | -414.50M | -979.60M | 41.00M |
| Free Cash Flow Margin | -12.79% | -20.18% | -0.71% | -13.89% | -49.54% | 2.70% |
| Free Cash Flow Per Share | -3.32 | -5.25 | -0.26 | -4.97 | -11.63 | 0.40 |
| Levered Free Cash Flow | -237.76M | -455.41M | -11.56M | -316.52M | -1.00B | 137.65M |
| Unlevered Free Cash Flow | -71.45M | -284.04M | 159.38M | -150.59M | -874.30M | 257.27M |
| Cash Interest Paid | 272.80M | 272.80M | 271.40M | 246.20M | 190.50M | 178.40M |
| Cash Income Tax Paid | 51.40M | 51.40M | 54.60M | 42.40M | 19.30M | -435.70M |
| Change in Working Capital | 70.60M | -46.20M | 168.10M | -20.60M | -261.00M | 336.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.38B | 2.12B | 2.88B | 2.18B | 2.41B | 2.94B |
| Enterprise Value | 7.65B | 8.25B | 8.71B | 8.19B | 8.19B | 8.31B |
| Last Close Price | 30.50 | 25.38 | 32.33 | 23.57 | 25.13 | 24.77 |
| PE Ratio | 7.62 | 8.38 | 20.84 | 20.54 | 40.05 | 16.16 |
| Forward PE | 16.67 | 14.69 | 22.01 | 12.76 | 14.49 | 29.84 |
| PS Ratio | 1.12 | 0.98 | 0.94 | 0.73 | 1.22 | 1.94 |
| PB Ratio | 2.15 | 1.85 | 2.21 | 1.71 | 1.90 | 2.27 |
| P/TBV Ratio | 2.63 | 2.84 | 3.91 | 3.07 | 2.95 | 3.36 |
| P/FCF Ratio | 71.72 | |||||
| P/OCF Ratio | 5.81 | 5.89 | 5.03 | 7.37 | 4.81 | |
| PEG Ratio | 1.37 | 1.37 | 0.58 | 0.18 | 0.51 | |
| EV/Sales Ratio | 3.60 | 3.83 | 2.83 | 2.75 | 4.14 | 5.48 |
| EV/EBITDA Ratio | 13.03 | 12.45 | 12.01 | 13.26 | 17.89 | 18.89 |
| EV/EBIT Ratio | 26.03 | 23.07 | 20.18 | 25.24 | 45.12 | 47.70 |
| EV/FCF Ratio | 202.65 | |||||
| Debt / Equity Ratio | 4.83 | 4.86 | 4.46 | 4.61 | 4.51 | 4.08 |
| Debt / EBITDA Ratio | 8.95 | 8.12 | 7.80 | 9.23 | 12.01 | 11.64 |
| Debt / FCF Ratio | 129.22 | |||||
| Net Debt / Equity Ratio | 4.66 | 4.67 | 4.26 | 4.51 | 4.41 | 3.96 |
| Net Debt / EBITDA Ratio | 8.97 | 8.08 | 7.67 | 9.32 | 12.24 | 11.67 |
| Net Debt / FCF Ratio | -19.40 | -12.30 | -254.14 | -13.89 | -5.72 | 125.22 |
| Asset Turnover | 0.25 | 0.25 | 0.35 | 0.34 | 0.23 | 0.18 |
| Inventory Turnover | 2.95 | 3.35 | 4.16 | 3.74 | 3.03 | 3.23 |
| Quick Ratio | 1.02 | 1.07 | 1.06 | 0.81 | 0.82 | 0.78 |
| Current Ratio | 2.20 | 2.09 | 2.09 | 2.16 | 2.37 | 1.89 |
| Return on Equity (ROE) | 29.13% | 23.20% | 13.27% | 11.00% | 7.71% | 2.37% |
| Return on Assets (ROA) | 2.13% | 2.59% | 3.04% | 2.30% | 1.34% | 1.29% |
| Return on Invested Capital (ROIC) | 3.45% | 4.05% | 4.80% | 4.38% | 2.13% | 1.84% |
| Return on Capital Employed (ROCE) | 3.80% | 4.60% | 5.20% | 3.90% | 2.20% | 2.30% |
| Earnings Yield | 13.11% | 11.94% | 4.80% | 4.87% | 2.50% | 6.19% |
| FCF Yield | -11.39% | -20.53% | -0.76% | -19.04% | -40.70% | 1.39% |
| Dividend Yield | 4.07% | 4.55% | 3.23% | 3.98% | 3.20% | 2.44% |
| Payout Ratio | 31.00% | 39.00% | 67.34% | 81.13% | 127.95% | 48.63% |
| Buyback Yield / Dilution | 2.27% | 1.54% | -0.96% | 0.95% | 18.88% | 10.44% |
| Total Shareholder Return | 6.34% | 6.10% | 2.27% | 4.93% | 22.08% | 12.88% |