Trinity Industries
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Trinity Industries (TRN) investor relations material

Trinity Industries Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Full-year EPS from continuing operations reached $3.14, up 73% year-over-year, driven by strong lease rate repricing and a $194 million non-cash gain from a railcar partnership restructuring.

  • Adjusted ROE rose to 24.4%, up 67% over the prior year.

  • Revenues for FY 2025 were $2.2 billion, with Q4 revenues at $611 million, both down year-over-year due to lower external railcar deliveries.

  • Cash flow from continuing operations for FY 2025 was $367 million.

  • Introduced 2026 EPS guidance of $1.85–$2.10, reflecting confidence in durable earnings and stable leasing cash flows.

Financial highlights

  • Full-year net lease fleet investment totaled $350 million, at the high end of guidance.

  • Returned $170 million to shareholders via dividends and share repurchases; increased quarterly dividend to $0.31 per share.

  • EBITDA for 2025 was $966 million.

  • Lease portfolio sales generated $256 million in proceeds in Q4, with net gains of $91 million for the year.

  • Full-year net income from continuing operations was $274.2 million, up from $152.7 million in 2024.

Outlook and guidance

  • 2026 industry deliveries expected at 25,000 railcars, below replacement levels but in line with backlogs.

  • Expects secondary market gains of $120 million–$140 million and leasing/services segment margins of 40%–45%.

  • Full-year net lease fleet investment guidance of $450 million–$550 million; operating/admin CapEx of $55 million–$65 million.

  • Full-year tax rate expected at 25%–27%.

  • Anticipates rail product segment operating margin of 5%–6% for 2026.

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Frequently asked questions

Trinity Industries Inc is a diversified industrial company that provides railcar products and services. The company designs, manufactures, leases, and maintains freight and tank railcars through its integrated platform. It also offers logistics support and fleet management solutions. Trinity Industries Inc is headquartered in Dallas, Texas, and its shares are listed on the NYSE.

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