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Trinity Industri Financials

TRN
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Trinity Industri (TRN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TRN FY2025

FY2025 shows profit expansion from richer economics on a heavily leveraged asset base, even as revenue contracted.

In the latest year, operating margin jumped from 16.0% to 30.1% even though sales contracted, which suggests a richer mix or gain-driven year rather than more units moving through the business. The second clue is the spread between ROA at 3.3% and ROE at 25.7%: equity returns are being amplified by leverage, not by unusually high asset productivity alone.

With capital spending of just $45.6M against $359.7M of operating cash flow, the business currently converts earnings into discretionary cash without needing heavy annual reinvestment. That makes cash generation less dependent on top-line expansion than on keeping working capital and asset turns disciplined.

Even after the profit rebound, liabilities still sit near $7.3B against about $1.1B of equity, so the capital structure remains obligation-heavy. The repeated pattern of ROE far above ROA is the clue that shareholder returns are being magnified by leverage rather than by exceptional asset productivity alone.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 33 / 100
Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Trinity Industri's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
73

Trinity Industri has an operating margin of 30.1%, meaning the company retains $30 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 16.0% the prior year.

Growth
8

Trinity Industri's revenue declined 30% year-over-year, from $3.1B to $2.2B. This contraction results in a growth score of 8/100.

Leverage
0

Trinity Industri has elevated debt relative to equity (D/E of 6.76), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow
60

Trinity Industri has a free cash flow margin of 14.6%, earning a moderate score of 60/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
55

Trinity Industri's ROE of 25.7% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 14.8% the prior year.

Piotroski F-Score Neutral
6/9

Trinity Industri passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.30x

For every $1 of reported earnings, Trinity Industri generates $1.30 in operating cash flow ($359.7M OCF vs $277.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.2B
YoY-30.0%
5Y CAGR+4.3%
10Y CAGR-10.3%

Trinity Industri generated $2.2B in revenue in fiscal year 2025. This represents a decrease of 30.0% from the prior year.

EBITDA
$954.3M
YoY+21.5%
5Y CAGR+55.8%
10Y CAGR-5.6%

Trinity Industri's EBITDA was $954.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.5% from the prior year.

Net Income
$277.3M
YoY+76.5%
10Y CAGR-10.0%

Trinity Industri reported $277.3M in net income in fiscal year 2025. This represents an increase of 76.5% from the prior year.

EPS (Diluted)
$3.05
YoY+86.0%
10Y CAGR-5.0%

Trinity Industri earned $3.05 per diluted share (EPS) in fiscal year 2025. This represents an increase of 86.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$314.1M
YoY-39.6%
5Y CAGR-10.8%
10Y CAGR-8.3%

Trinity Industri generated $314.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 39.6% from the prior year.

Cash & Debt
$201.3M
YoY-11.8%
5Y CAGR+8.8%
10Y CAGR-14.7%

Trinity Industri held $201.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.21
YoY+6.1%
5Y CAGR+9.2%
10Y CAGR+10.9%

Trinity Industri paid $1.21 per share in dividends in fiscal year 2025. This represents an increase of 6.1% from the prior year.

Shares Outstanding
80M
YoY-2.4%
5Y CAGR-6.4%
10Y CAGR-6.3%

Trinity Industri had 80M shares outstanding in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

Margins & Returns

Gross Margin
26.6%
YoY+4.9pp
5Y CAGR+2.4pp
10Y CAGR-0.6pp

Trinity Industri's gross margin was 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.9 percentage points from the prior year.

Operating Margin
30.1%
YoY+14.1pp
5Y CAGR+38.9pp
10Y CAGR+7.6pp

Trinity Industri's operating margin was 30.1% in fiscal year 2025, reflecting core business profitability. This is up 14.1 percentage points from the prior year.

Net Margin
12.9%
YoY+7.8pp
5Y CAGR+21.3pp
10Y CAGR+0.4pp

Trinity Industri's net profit margin was 12.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.8 percentage points from the prior year.

Return on Equity
25.7%
YoY+10.9pp
5Y CAGR+34.2pp
10Y CAGR+3.9pp

Trinity Industri's ROE was 25.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$71.3M
YoY+244.4%
5Y CAGR-17.9%
10Y CAGR-4.7%

Trinity Industri spent $71.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 244.4% from the prior year.

Capital Expenditures
$45.6M
YoY-15.2%
5Y CAGR-13.8%
10Y CAGR-13.6%

Trinity Industri invested $45.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 15.2% from the prior year.

TRN Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $492.0M-19.5% $611.2M+34.6% $454.1M-10.3% $506.2M-13.5% $585.4M-7.0% $629.4M-21.2% $798.8M-5.1% $841.4M
Cost of Revenue $363.1M-20.3% $455.5M+45.7% $312.7M-16.1% $372.8M-15.9% $443.2M-6.6% $474.4M-24.6% $629.3M-5.0% $662.4M
Gross Profit $128.9M-17.2% $155.7M+10.1% $141.4M+6.0% $133.4M-6.2% $142.2M-8.3% $155.0M-8.6% $169.5M-5.3% $179.0M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $50.7M-27.3% $69.7M+54.2% $45.2M-8.5% $49.4M-1.2% $50.0M-18.8% $61.6M+1.8% $60.5M-1.3% $61.3M
Operating Income $101.1M-69.9% $335.4M+182.8% $118.6M+24.3% $95.4M-4.4% $99.8M-10.9% $112.0M-8.5% $122.4M-13.7% $141.9M
Interest Expense -$65.4M N/A -$69.8M-3.1% -$67.7M-2.4% -$66.1M N/A -$67.4M+3.9% -$70.1M
Income Tax $8.5M-87.6% $68.3M+515.3% $11.1M+170.7% $4.1M-44.6% $7.4M+10.4% $6.7M-57.1% $15.6M-8.8% $17.1M
Net Income $24.2M-87.0% $186.6M+515.8% $30.3M+114.9% $14.1M-36.2% $22.1M-23.5% $28.9M-8.0% $31.4M-42.3% $54.4M
EPS (Diluted) $0.30-86.8% $2.28+516.2% $0.37+117.6% $0.17-34.6% $0.26-23.5% $0.34-8.1% $0.37-43.1% $0.65

TRN Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $8.3B-1.1% $8.4B-5.7% $8.9B+1.4% $8.8B+1.7% $8.7B-1.9% $8.8B-0.1% $8.8B-1.3% $9.0B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $132.6M-34.1% $201.3M+203.6% $66.3M-55.1% $147.7M+55.6% $94.9M-58.4% $228.2M+2.6% $222.4M-13.5% $257.1M
Inventory $483.2M+3.0% $469.1M-15.4% $554.6M+20.6% $459.7M+2.2% $449.7M-5.6% $476.2M-13.3% $549.1M-11.0% $616.9M
Accounts Receivable $326.1M-16.2% $389.1M+24.8% $311.7M-3.8% $323.9M-12.2% $368.9M-2.7% $379.1M-8.4% $413.8M+4.1% $397.5M
Goodwill $221.5M0.0% $221.5M0.0% $221.5M0.0% $221.5M0.0% $221.5M0.0% $221.5M0.0% $221.5M0.0% $221.5M
Total Liabilities $7.2B-1.3% $7.3B-5.2% $7.7B+1.7% $7.6B+2.5% $7.4B-2.1% $7.5B-0.3% $7.5B-1.4% $7.7B
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $1.1B+0.1% $1.1B+7.6% $1.0B-0.8% $1.0B-4.2% $1.1B-0.5% $1.1B+0.1% $1.1B-0.8% $1.1B
Retained Earnings $1.1B-0.1% $1.1B+6.1% $1.0B+0.6% $1.0B-3.7% $1.1B-0.2% $1.1B+0.4% $1.1B+0.8% $1.0B

TRN Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $97.8M-44.9% $177.4M+301.4% $44.2M-28.2% $61.6M-19.5% $76.5M-62.1% $201.6M+156.8% $78.5M-67.5% $241.5M
Capital Expenditures $6.3M-66.5% $18.8M+111.2% $8.9M+2.3% $8.7M-5.4% $9.2M-57.2% $21.5M+31.1% $16.4M+45.1% $11.3M
Free Cash Flow $91.5M-42.3% $158.6M+349.3% $35.3M-33.3% $52.9M-21.4% $67.3M-62.6% $180.1M+190.0% $62.1M-73.0% $230.2M
Investing Cash Flow -$70.2M-648.4% $12.8M+108.2% -$156.3M-3.9% -$150.5M-64.3% -$91.6M+16.3% -$109.4M-121.9% -$49.3M-172.4% $68.1M
Financing Cash Flow -$98.6M+6.4% -$105.3M-396.6% $35.5M-79.0% $169.1M+236.2% -$124.2M-147.4% -$50.2M+17.7% -$61.0M+66.2% -$180.5M
Dividends Paid $24.8M+2.9% $24.1M-0.4% $24.2M-6.2% $25.8M+4.9% $24.6M+6.5% $23.1M+0.9% $22.9M-5.4% $24.2M
Share Buybacks $7.2M-41.9% $12.4M-37.7% $19.9M-35.4% $30.8M+275.6% $8.2M-40.6% $13.8M+130.0% $6.0M+566.7% $900K

TRN Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 26.2%+0.7pp 25.5%-5.7pp 31.1%+4.8pp 26.4%+2.1pp 24.3%-0.3pp 24.6%+3.4pp 21.2%-0.1pp 21.3%
Operating Margin 20.5%-34.3pp 54.9%+28.8pp 26.1%+7.3pp 18.9%+1.8pp 17.1%-0.7pp 17.8%+2.5pp 15.3%-1.5pp 16.9%
Net Margin 4.9%-25.6pp 30.5%+23.9pp 6.7%+3.9pp 2.8%-1.0pp 3.8%-0.8pp 4.6%+0.7pp 3.9%-2.5pp 6.5%
Return on Equity 2.2%-15.1pp 17.3%+14.3pp 3.0%+1.6pp 1.4%-0.7pp 2.1%-0.6pp 2.7%-0.2pp 3.0%-2.1pp 5.1%
Return on Assets 0.3%-1.9pp 2.2%+1.9pp 0.3%+0.2pp 0.2%-0.1pp 0.3%-0.1pp 0.3%-0.0pp 0.4%-0.3pp 0.6%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 6.66-0.1 6.76-0.9 7.67+0.2 7.48+0.5 6.99-0.1 7.11-0.0 7.13-0.0 7.18
FCF Margin 18.6%-7.4pp 25.9%+18.2pp 7.8%-2.7pp 10.4%-1.1pp 11.5%-17.1pp 28.6%+20.8pp 7.8%-19.6pp 27.4%

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Frequently Asked Questions

Trinity Industri (TRN) reported $2.2B in total revenue for fiscal year 2025. This represents a -30.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Trinity Industri (TRN) revenue declined by 30% year-over-year, from $3.1B to $2.2B in fiscal year 2025.

Yes, Trinity Industri (TRN) reported a net income of $277.3M in fiscal year 2025, with a net profit margin of 12.9%.

Trinity Industri (TRN) reported diluted earnings per share of $3.05 for fiscal year 2025. This represents a 86.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Trinity Industri (TRN) had EBITDA of $954.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Trinity Industri (TRN) had a gross margin of 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Trinity Industri (TRN) had an operating margin of 30.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Trinity Industri (TRN) had a net profit margin of 12.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Trinity Industri (TRN) paid $1.21 per share in dividends during fiscal year 2025.

Trinity Industri (TRN) has a return on equity of 25.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Trinity Industri (TRN) generated $314.1M in free cash flow during fiscal year 2025. This represents a -39.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Trinity Industri (TRN) generated $359.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Trinity Industri (TRN) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Trinity Industri (TRN) invested $45.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Trinity Industri (TRN) spent $71.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Trinity Industri (TRN) had 80M shares outstanding as of fiscal year 2025.

Trinity Industri (TRN) had a debt-to-equity ratio of 6.76 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Trinity Industri (TRN) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Trinity Industri (TRN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Trinity Industri (TRN) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Trinity Industri (TRN) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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