TRINITY INDUSTRIES INC

Listed Company

TRNCIK 0000099780NYSELarge AcceleratedRailroad EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.16B

Net Income

$253.10M

Total Assets

$8.42B

Equity

$1.08B

Shares Out

79.51M

Op. Cash Flow

$359.70M

Business

Trinity Industries Inc provides railcar products and services under the TrinityRail platform as a single-source provider of rail transportation solutions in North America. It offers railcar leasing and management, manufacturing, maintenance and modifications, parts, and logistics software through RSI and parts supply via Holden America. Operations are reported in two segments: Railcar Leasing and Services (leasing, maintenance and digital services) and Rail Products (manufacturing, conversions, and parts). It sells and leases products across North America through direct sales offices in the U.S., Canada and Mexico, maintenance facilities and representatives.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	2,157	3,079	2,983	1,977	1,516
Cost of revenues:	1,584	2,411	2,456	1,610	1,162
Selling, engineering, and administrative expenses	214	236	202	185	180
Lease portfolio sales	91	57	83	128	54
Gain on divestiture of partially-owned leasing subsidiary	194	0	0	—	—
Gain (Loss) on Disposition of Other Assets	5	6	7	25	24
Gains on dispositions of property and other divestitures:	291	63	90	—	—
Restructuring activities, net	0	4	−2	1	−4
Total operating profit	649	492	417	334	257
Interest expense, net	274	274	266	—	—
Other, net	−400,000	−4	3	—	—
Other (income) expense:	274	270	268	208	202
Income from continuing operations before income taxes	375	222	149	127	55
Current Income Tax Expense (Benefit)	13	73	51	13	3
Provision (benefit) for deferred income taxes	78	−22	−42	15	13
Provision (benefit) for income taxes:	91	50	9	28	16
Income from continuing operations	285	171	140	99	39
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6	−7	−14	−13	−20	11
Net income	277	157	127	73	182
Net income attributable to noncontrolling interest	24	19	21	13	−200,000
Net income attributable to Trinity Industries, Inc.	253	138	106	60	182
Income (Loss) from Continuing Operations, Per Basic Share	3.22	1.86	1.47	1.05	0.39
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	−0.09	−0.17	−0.16	−0.32	1.4
Earnings Per Share, Basic, Total	3.13	1.69	1.31	0.73	1.79
Income (Loss) from Continuing Operations, Per Diluted Share	3.14	1.81	1.43	1.02	0.38
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	−0.09	−0.17	−0.16	−0.31	1.37
Earnings Per Share, Diluted, Total	3.05	1.64	1.27	0.71	1.75
Basic weighted average shares outstanding	81	82	81	82	102
Diluted weighted average shares outstanding	83	84	83	84	104

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	201	228	106	80	167
Receivables, net of allowance of $27.1 and $17.1	389	379	364	324	228
Income tax receivable	28	2	5	8	5
Raw materials and supplies	244	320	419	424	278
Work in process	101	102	142	164	92
Finished goods	125	55	123	42	63
Inventories:	469	476	684	629	433
Restricted cash, including partially-owned subsidiaries of $9.9 and $39.1	122	146	129	215	135
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5	9,258	9,751	9,540	9,273	9,106
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0	2,637	2,763	2,535	2,386	2,259
Property, Plant and Equipment, Net	6,621	6,988	7,005	6,887	6,847
Goodwill	222	222	222	196	154
Other assets	372	391	392	387	267
Total assets	8,424	8,832	8,907	8,724	8,236
Accounts payable	270	252	305	288	206
Accrued liabilities	301	353	302	261	307
Debt, Long-Term and Short-Term, Combined Amount	5,443	5,691	5,754	5,608	—
Deferred income taxes	1,129	1,076	1,104	1,135	1,107
Other liabilities	137	154	166	164	148
Total liabilities	7,279	7,525	7,631	7,455	6,939
Preferred stock 1.5 shares authorized and unissued	0	0	0	0	0
Common stock shares authorized at December 31, 2025 and 2024 400.0; shares issued and outstanding at December 31, 2025 79.8; at December 31, 2024 81.8	800,000	800,000	800,000	800,000	800,000
Capital in excess of par value	0	9	15	0	0
Retained earnings	1,082	1,054	1,011	993	1,047
Accumulated other comprehensive loss	−4	−4	11	20	−17
Treasury stock shares at December 31, 2025 0.0; at December 31, 2024 0.0	900,000	600,000	600,000	700,000	600,000
Stockholders' Equity Attributable to Parent	1,077	1,059	1,037	1,012	1,030
Noncontrolling interest	68	248	238	257	267
Total stockholders' equity	1,145	1,307	1,276	1,270	1,297
Total liabilities and stockholders' equity	8,424	8,832	8,907	8,724	8,236

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	305	294	293	276	266
Stock-based compensation expense	23	24	23	23	21
Net gains on lease portfolio sales, excluding sales-type leases	−91	−57	−83	−126	−54
Gains on dispositions of property and other assets	5	3	500,000	18	20
Gains on insurance recoveries from property damage	0	3	6	8	8
Non-cash impact of restructuring activities	0	4	−2	0	0
Non-cash interest expense	9	13	13	13	14
Loss on extinguishment of debt	1	2	0	2	—
Other	4	−3	−6	−5	−3
(Increase) decrease in receivables	−16	−17	−25	−94	−64
(Increase) decrease in income tax receivable	−25	3	3	−2	440
(Increase) decrease in inventories	7	208	−55	−193	−148
(Increase) decrease in other assets	−1	900,000	−600,000	−12	11
Increase (decrease) in accounts payable	26	−54	2	78	59
Increase (decrease) in accrued liabilities	−32	22	53	−37	37
Increase (decrease) in other liabilities	−5	5	2	−3	900,000
Net cash provided by operating activities continuing operations	367	588	309	9	616
Net cash used in operating activities discontinued operations	−7	−14	−13	−22	−4
Net cash provided by operating activities	360	574	296	−13	612
Capital expenditures lease fleet	−749	−542	−669	−929	−547
Proceeds from lease portfolio sales	399	361	382	751	454
Capital expenditures operating and administrative	−46	−54	−41	−38	−24
Proceeds from dispositions of property and other assets	15	21	20	44	41
Acquisitions, net of cash acquired	0	0	−62	−80	−17
Restricted cash related to the divestiture of partially-owned subsidiary	−17	0	0	—	—
Proceeds from insurance recoveries	0	4	5	10	10
Payment for (Proceeds from) Other Investing Activity	11	−4	3	0	0
Net cash used in investing activities	−386	−215	−363	−261	276
Payments to retire debt	−1,764	−2,051	−1,519	−1,579	−2,316
Proceeds from issuance of debt	1,944	1,970	1,653	2,001	2,444
Payments to settle contingent consideration liability	−8	−8	0	0	—
Dividends paid to common shareholders	−99	−93	−86	−77	−89
Shares repurchased	−71	−21	0	−52	−833
Purchase of shares to satisfy employee tax on vested stock	−9	−9	−7	−6	−9
Distributions to noncontrolling interest	18	9	32	22	11
Net cash provided by (used in) financing activities	−25	−220	8	265	−814
Net increase (decrease) in cash, cash equivalents, and restricted cash	−51	139	−59	−8	74
Interest paid	273	271	246	191	178

Filings

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