Triton International Ltd

Listed Company

TRTN-PCCIK 0001660734NYSENon-AcceleratedServices-Equipment Rental & Leasing, NecD0BMFY ends Dec 31

Period

FY 2025

Revenue

$59.51M

Net Income

$508.38M

Total Assets

$9.81B

Equity

$2.59B

Shares Out

101.16M

Op. Cash Flow

$972.06M

Business

Triton International Ltd is a global lessor and manager of intermodal transportation equipment, primarily leasing containers and chassis to shipping lines and other users. It offers leasing and finance arrangements, equipment trading, depot and logistics management, re-leasing, used-equipment sales and third-party fleet management services. The company operates through two reportable segments: equipment leasing and equipment trading. Triton distributes and services its fleet through a worldwide network of local offices, independent agencies and over 450 third-party depot facilities across more than 40 countries, serving major international shipping lines and other customers.

Summary from filing dated 2026-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Operating leases	1,439	1,564	1,480	1,277	1,307
Finance leases	105	115	53	31	40
Total leasing revenues	1,544	1,680	1,534	1,308	1,347
Equipment trading revenues	96	148	143	86	84
Equipment trading expenses	−88	−132	−109	−71	−69
Trading margin	8	16	34	15	15
Net gain (loss) on sale of leasing equipment	59	116	107	38	27
Depreciation and amortization	576	635	626	542	536
Direct operating expenses	102	42	27	94	79
Administrative expenses	89	93	89	81	76
Transaction and other costs	79	0	0	0	0
Provision (reversal) for doubtful accounts	−3	−3	−2	3	590,000
Total operating expenses	842	767	740	719	692
Operating income	769	1,044	935	641	697
Interest and debt expense	241	226	222	253	316
Unrealized (gain) loss on derivative instruments	0	−300,000	0	—	—
Write-off of debt costs	0	2	134	25	3
Other (income) expense, net	−643,000	−1	−1	−5	−2
Total other expenses	240	226	354	273	316
Income (loss) before income taxes	529	818	581	368	381
Income tax (benefit) expense	54	71	50	38	28
Net income (loss)	474	747	530	330	353
Redeemable Preferred Stock Dividends	52	52	46	41	14
Net income (loss) attributable to shareholders	422	695	485	288	339

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Leasing equipment, net of accumulated depreciation of $4,482,185 and $4,289,259	8,769	9,530	10,201	8,631	—
Net investment in finance leases	1,507	1,640	1,558	282	—
Equipment held for sale	186	139	49	67	115
Revenue earning assets	10,462	11,309	11,808	8,980	8,920
Cash and cash equivalents	58	83	106	62	62
Restricted cash	91	103	124	90	107
Accounts receivable, net of allowances of $738 and $2,075	243	227	295	226	211
Goodwill	237	237	237	237	237
Lease intangibles, net of accumulated amortization of $296,494 and $291,837	2	7	17	34	56
Other assets	44	28	50	84	39
Fair value of derivative instruments	96	116	6	9,000	11
Total assets	11,233	12,109	12,644	9,713	9,643
Equipment purchases payable	32	12	430	192	25
Fair value of derivative instruments	2	2	48	129	36
Deferred revenue	259	333	92	27	—
Accounts payable and other accrued expenses	117	71	71	68	117
Net deferred income tax liability	416	412	376	327	301
Debt, net of unamortized costs of $43,924 and $55,863	7,471	8,075	8,563	6,403	6,632
Total liabilities	8,296	8,905	9,579	7,147	7,110
Undesignated shares, $0.01 par value, 800,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Treasury shares, at cost, 0 and 24,494,785 shares, respectively	0	−1,078	−522	−437	−279
Additional paid-in capital (deficit)	−308	910	904	905	903
Accumulated earnings	2,429	2,532	2,001	1,675	1,534
Accumulated other comprehensive income (loss)	86	109	−49	−133	−32
Total shareholders' equity	2,937	3,204	3,065	2,566	2,532
Total liabilities and shareholders' equity	11,233	12,109	12,644	9,713	9,643

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Debt related amortization	9	11	12	13	13
Lease related amortization	5	11	18	24	42
Share-based compensation expense	7	13	9	10	9
Unrealized (gain) loss on derivative instruments	−15,000	−343,000	0	300,000	3
Deferred income taxes	8	26	43	36	27
Accounts receivables	−19	44	−50	−10	51
Deferred revenue	−74	287	84	90,000	4
Change in Share-Based Awards Liability	19	0	0	—	—
Accounts payable and other accrued expenses	6	5	−7	−28	4
Equipment sold (purchased) for resale activity	26	−93,000	8	15	−4
Cash received (paid) for settlement of interest rate swaps	0	19	5	−5	−22
Cash collections on finance lease receivables, net of income earned	173	180	74	78	73
Other assets	−187,000	21	27	−47	−2
Net cash provided by operating activities	1,150	1,885	1,405	944	1,062
Purchases of leasing equipment and investments in finance leases	−208	−943	−3,434	−744	−240
Proceeds from sale of equipment, net of selling costs	353	297	217	255	217
Other	−16,000	−638,000	−70,000	8,000	−846,000
Net cash (used in) investing activities	144	−647	−3,217	−489	−24
Issuance of preferred shares, net of underwriting discount	0	0	169	145	392
Purchases of treasury shares	−130	−554	−83	−158	−222
Debt issuance costs	−3	−10	−43	−27	−9
Borrowings under debt facilities	1,610	1,953	8,690	3,495	1,697
Payments under debt facilities and capital lease obligations	−2,227	−2,449	−6,636	−3,737	−2,609
Dividends paid on preferred shares	−52	−52	−45	−41	−12
Common stock dividends paid	−116	−162	−157	−146	−154
Repayment Of Capital To Parent	−408	0	0	—	—
Other	−6	−7	−5	−3	−7
Net Cash Provided by (Used in) Financing Activities	−1,332	−1,282	1,891	−472	−1,029
Net increase (decrease) in cash, cash equivalents and restricted cash	−37	−44	79	−17	9
Interest paid	235	209	211	244	307
Income taxes (refunded) paid	46	47	8	2	−895,000
Right-of-use assets obtained in exchange for new operating lease liabilities	10	907,000	3	543,000	8

Filings

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