Revenue growth is driven by fee income, which constituted 100% of total revenue in 2026Q1, but NII swung from $59.4M in 2025Q4 to -$24.1M in 2026Q1, indicating extreme rate sensitivity and earnings instability.
Trinity Capital Inc. (TRIN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Net Interest Income | 86.84M | 213.09M | 164.78M | 130.54M | 104.69M | 56.23M | 34.48M | 0 |
| NII Growth % | -206.05% | 29.32% | 26.23% | 24.7% | 86.17% | 63.08% | - | - |
| Net Interest Margin % | 3.1% | 8.58% | 9.29% | 9.96% | 9.29% | 6% | 6.16% | 0% |
| Interest Income | 155.81M | 293.65M | 226.73M | 174.84M | 138.84M | 76.63M | 51.26M | 0 |
| Interest Expense | 68.97M | 80.56M | 61.95M | 44.3M | 34.15M | 20.39M | 16.77M | 0 |
| Loan Loss Provision | -18.29M | -80.56M | 0 | -11.2M | 0 | 0 | 0 | 0 |
| Non-Interest Income | 123.75M | -61.4M | 10.71M | 0 | -95.3M | 98.85M | -10.66M | 0 |
| Non-Interest Income % | 58.76% | -40.48% | 6.1% | 0% | -1014.77% | 63.74% | -44.75% | - |
| Total Net Revenue | 210.59M | 151.69M | 175.49M | 130.54M | 9.39M | 155.09M | 23.82M | 0 |
| Revenue Growth % | 3.5% | -13.56% | 34.43% | 1290.1% | -93.94% | 551.02% | - | - |
| Non-Interest Expense | 43.58M | 16.09M | 57.22M | 12.01M | 37.38M | 22.51M | 29.93M | 1.26M |
| Efficiency Ratio | 20.7% | 10.6% | 32.61% | 9.2% | 398.01% | 14.52% | 125.66% | - |
| Operating Income | 197.72M | 216.17M | 118.27M | 129.74M | -27.99M | 132.57M | -6.11M | -1.26M |
| Operating Margin % | 93.89% | 142.51% | 67.39% | 99.39% | -298.01% | 85.48% | -25.66% | - |
| Operating Income Growth % | - | 82.77% | -8.84% | 563.6% | -121.11% | 2269.09% | -386.01% | - |
| Pretax Income | 157.68M | 135.6M | 118.27M | 79.45M | -27.99M | 132.57M | -6.11M | -524K |
| Pretax Margin % | 74.87% | 89.4% | 67.39% | 60.86% | -298.01% | 85.48% | -25.66% | - |
| Income Tax | 644K | 0 | 2.68M | 2.56M | 2.39M | 255K | 0 | 0 |
| Effective Tax Rate % | 0.41% | 0% | 2.26% | 3.22% | -8.54% | 0.19% | 0% | 0% |
| Net Income | 157.03M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Net Margin % | 74.57% | 89.4% | 65.87% | 58.9% | -323.45% | 85.32% | -25.66% | - |
| Net Income Growth % | 13.17% | 17.31% | 50.33% | 353.15% | -122.96% | 2264.92% | -1066.41% | - |
| Net Income (Continuing) | 157.03M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| EPS (Diluted) | 1.74 | 1.96 | 2.10 | 1.89 | -0.96 | 4.86 | -0.23 | -0.02 |
| EPS Growth % | -13.9% | -6.67% | 11.11% | 296.88% | -119.75% | 2213.04% | -1011.11% | - |
| EPS (Basic) | - | 1.96 | 2.19 | 2.07 | -0.96 | 4.86 | -0.23 | -0.02 |
| Diluted Shares Outstanding | 90.46M | 69.29M | 56.73M | 42.71M | 31.67M | 27.23M | 26.42M | 25.31M |
Quick answers to the most common questions about buying TRIN stock.
For fiscal year 2025, Trinity Capital Inc. (TRIN) reported total revenue of $151.7M.
Trinity Capital Inc. (TRIN) is profitable, generating $135.6M in net income for the fiscal year ending 2025 with a net profit margin of 58.4%.
Trinity Capital Inc. (TRIN) reported an operating income of $216.2M, resulting in an operating profit margin of 93.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinity Capital Inc. (TRIN) generated $232.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
NII volatility and fee dependence
Metrics are mathematically derived from official filings.
NII Swings Reflect Rate Sensitivity
Trinity's net interest income swung from $59.4M in 2025Q4 to -$24.1M in 2026Q1, a 140% drop, per company filings, highlighting extreme rate sensitivity.
The negative NII in 2026Q1 suggests that funding costs outpaced asset yields, possibly due to rising short-term rates or a shift in portfolio composition. This volatility is atypical for a BDC and warrants close monitoring of the asset-liability mismatch.
NIM Compression Signals Pressure
Net interest margin contracted from 2.7% in 2024Q4 to 2.3% in 2025Q3, as reported in financial statements, indicating persistent spread compression.
The steady decline in NIM over the past year suggests that asset yields are not keeping pace with funding costs. This trend may continue if the rate environment remains challenging, potentially pressuring future earnings.
Efficiency Ratio Volatile but Improving
Efficiency ratio improved from 31.4% in 2024Q1 to 5.2% in 2026Q1, per company data, though this is distorted by negative NII.
The dramatic improvement in efficiency ratio is misleading due to the negative NII in 2026Q1, which inflates the ratio's denominator. Excluding that quarter, the ratio has been relatively stable around 20-25%, indicating consistent operating leverage.
Provision Reversals Boost Earnings
Provision for loan losses was zero or negative in most quarters, with a $23.9M reversal in 2025Q4, according to SEC filings, boosting net income.
The absence of provisions and occasional reversals suggest that credit quality has been stable or improving, allowing the company to release reserves. However, this may not be sustainable if the economic outlook deteriorates, and investors should monitor for potential future provisions.
Fee Income Dominates Revenue Mix
Non-interest income constituted 100% of total revenue in 2026Q1, per financial statements, indicating heavy reliance on fee-based income.
The high fee income percentage, especially in quarters with negative NII, suggests that Trinity's earnings are increasingly dependent on non-interest income sources such as capital gains or other fees. This diversification may reduce NII volatility but introduces concentration risk if fee streams are not recurring.
Earnings Quality Under Scrutiny
Negative NII in 2026Q1 and reliance on fee income raise questions about earnings sustainability, as reported in company filings.
The negative NII in 2026Q1 is a red flag, as it indicates that the core lending business is not generating positive interest income. The offsetting fee income may be non-recurring, and the provision reversals may not continue. Investors should assess the durability of these income sources and the potential for future credit losses.