Trinity's top-line performance has eroded significantly, with revenue falling to $492.0 million in 2026Q1, though the company maintains a resilient 26.2% gross margin despite the 16.0% year-over-year contraction.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 2.06B | 2.16B | 3.08B | 2.98B | 1.98B | 1.52B | 1.75B | 2.75B | 2.51B | 3.66B | 4.59B | 6.39B | 6.17B | 4.37B | 3.81B | 3.08B | 2.19B | 2.58B | 3.88B | 3.83B | 3.22B | 2.9B | 2.2B | 1.43B | 1.49B | 1.9B | 2.74B | 2.93B | 2.47B | 2.23B | 2.5B |
| Revenue Growth % | -27.72% | -29.95% | 3.21% | 50.88% | 30.43% | -13.36% | -36.43% | 9.7% | -31.5% | -20.17% | -28.23% | 3.61% | 41.34% | 14.52% | 23.96% | 40.47% | -14.99% | -33.68% | 1.3% | 19.07% | 10.92% | 32.02% | 53.41% | -3.66% | -21.9% | -30.52% | -6.37% | 18.35% | 10.68% | -10.48% | 7.82% |
| Cost of Goods Sold | 1.51B | 1.58B | 2.41B | 2.46B | 1.61B | 1.16B | 1.33B | 2.18B | 1.94B | 2.75B | 3.46B | 4.66B | 4.62B | 3.32B | 3.05B | 2.48B | 1.71B | 2.1B | 3.09B | 3.09B | 2.63B | 2.54B | 2.02B | 1.26B | 1.31B | 1.67B | 2.2B | 2.4B | 1.98B | 1.79B | 2.07B |
| COGS % of Revenue | - | 73.45% | 78.3% | 82.33% | 81.4% | 76.62% | 75.86% | 79.15% | 77.27% | 74.96% | 75.32% | 72.84% | 74.88% | 76.11% | 80.05% | 80.74% | 78.05% | 81.35% | 79.6% | 80.65% | 81.65% | 87.39% | 91.71% | 87.97% | 88.35% | 87.57% | 80.2% | 82.03% | 79.9% | 80.11% | 82.84% |
| Gross Profit | 557.3M | 572.7M | 668.2M | 527.1M | 367.7M | 354.5M | 422.3M | 574M | 570.3M | 917.3M | 1.13B | 1.74B | 1.55B | 1.04B | 760.4M | 592.2M | 480.4M | 480.2M | 792M | 741.7M | 590.7M | 366M | 182.3M | 172.4M | 173.3M | 236.7M | 542.7M | 526.1M | 497.1M | 444.5M | 428.3M |
| Gross Margin % | 27.01% | 26.55% | 21.7% | 17.67% | 18.6% | 23.38% | 24.14% | 20.85% | 22.73% | 25.04% | 24.68% | 27.16% | 25.12% | 23.89% | 19.95% | 19.26% | 21.95% | 18.65% | 20.4% | 19.35% | 18.35% | 12.61% | 8.29% | 12.03% | 11.65% | 12.43% | 19.8% | 17.97% | 20.1% | 19.89% | 17.16% |
| Gross Profit Growth % | - | -14.29% | 26.77% | 43.35% | 3.72% | -16.05% | -26.43% | 0.65% | -37.83% | -18.98% | -34.8% | 12.02% | 48.63% | 37.16% | 28.4% | 23.27% | 0.04% | -39.37% | 6.78% | 25.56% | 61.39% | 100.77% | 5.74% | -0.52% | -26.78% | -56.38% | 3.16% | 5.83% | 11.83% | 3.78% | 21.06% |
| Operating Expenses | 215M | 214.3M | 176.7M | 110.1M | 33.7M | 97.7M | 576.9M | 177.2M | 296.6M | 454.8M | 407.4M | 476.4M | 403.6M | 291.3M | 224.1M | 166.9M | 176.4M | 185.9M | 3.33B | 228.9M | 208.1M | 195.6M | 168.2M | 159M | 162.6M | 302.8M | 263.7M | 241.2M | 241.2M | 230.3M | 209.6M |
| OpEx % of Revenue | - | 9.94% | 5.74% | 3.69% | 1.7% | 6.44% | 32.97% | 6.44% | 11.82% | 12.42% | 8.88% | 7.45% | 6.54% | 6.67% | 5.88% | 5.43% | 8.06% | 7.22% | 85.86% | 5.97% | 6.46% | 6.74% | 7.65% | 11.1% | 10.93% | 15.9% | 9.62% | 8.24% | 9.75% | 10.31% | 8.4% |
| Selling, General & Admin | 215M | 214.3M | 235.7M | 201.9M | 185.4M | 179M | 341.1M | 217M | 296.6M | 454.8M | 407.4M | 476.4M | 403.6M | 291.3M | 224.1M | 209.1M | 186.1M | 185.9M | 243M | 228.9M | 208.1M | 195.6M | 168.2M | 159M | 162.6M | 213.7M | 183.4M | 169.2M | 163.1M | 142.5M | 133.7M |
| SG&A % of Revenue | - | 9.94% | 7.65% | 6.77% | 9.38% | 11.81% | 19.49% | 7.88% | 11.82% | 12.42% | 8.88% | 7.45% | 6.54% | 6.67% | 5.88% | 6.8% | 8.5% | 7.22% | 6.26% | 5.97% | 6.46% | 6.74% | 7.65% | 11.1% | 10.93% | 11.22% | 6.69% | 5.78% | 6.6% | 6.38% | 5.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -59M | -91.8M | -151.7M | -81.3M | 235.8M | -39.8M | 0 | -3.7M | 1.1M | 0 | 0 | 2.8M | 1.6M | -42.2M | -9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89.1M | 80.3M | 72M | 78.1M | 87.8M | 75.9M |
| Operating Income | 342.3M | 358.4M | 491.5M | 417M | 334M | 256.8M | -154.6M | 396.8M | 315.1M | 549.1M | 742.2M | 1.44B | 1.25B | 772.9M | 574.8M | 425.3M | 304M | -30.7M | 549M | 512.8M | 382.6M | 170.4M | 14.1M | 13.4M | 10.7M | -66.1M | 279M | 284.9M | 255.9M | 214.2M | 218.7M |
| Operating Margin % | 16.59% | 16.62% | 15.96% | 13.98% | 16.89% | 16.94% | -8.84% | 14.42% | 12.56% | 14.99% | 16.18% | 22.51% | 20.28% | 17.71% | 15.08% | 13.83% | 13.89% | -1.19% | 14.14% | 13.38% | 11.89% | 5.87% | 0.64% | 0.94% | 0.72% | -3.47% | 10.18% | 9.73% | 10.35% | 9.59% | 8.76% |
| Operating Income Growth % | - | -27.08% | 17.87% | 24.85% | 30.06% | 266.11% | -138.96% | 25.93% | -42.62% | -26.02% | -48.42% | 15.02% | 61.86% | 34.46% | 35.15% | 39.9% | 1090.23% | -105.59% | 7.06% | 34.03% | 124.53% | 1108.51% | 5.22% | 25.23% | 116.19% | -123.69% | -2.07% | 11.33% | 19.47% | -2.06% | 22.45% |
| EBITDA | 645.7M | 663.5M | 785.3M | 710.2M | 610.4M | 522.5M | 103.9M | 673.3M | 567M | 778.8M | 1.03B | 1.71B | 1.5B | 984.4M | 768.5M | 618.2M | 493.6M | 130.1M | 689.3M | 631.7M | 470.2M | 259.3M | 101.3M | 99M | 101.4M | 23M | 359.3M | 356.9M | 334M | 302M | 294.6M |
| EBITDA Margin % | 31.29% | 30.76% | 25.5% | 23.81% | 30.87% | 34.47% | 5.94% | 24.46% | 22.6% | 21.26% | 22.34% | 26.68% | 24.24% | 22.55% | 20.16% | 20.1% | 22.55% | 5.05% | 17.75% | 16.48% | 14.61% | 8.94% | 4.61% | 6.91% | 6.82% | 1.21% | 13.11% | 12.19% | 13.51% | 13.52% | 11.8% |
| EBITDA Growth % | -15.91% | -15.51% | 10.57% | 16.35% | 16.82% | 402.89% | -84.57% | 18.75% | -27.2% | -24.03% | -39.88% | 14.02% | 51.93% | 28.09% | 24.31% | 25.24% | 279.4% | -81.13% | 9.12% | 34.35% | 81.33% | 155.97% | 2.32% | -2.37% | 340.87% | -93.6% | 0.67% | 6.86% | 10.6% | 2.51% | 24.2% |
| D&A (Non-Cash Add-back) | 303.4M | 305.1M | 293.8M | 293.2M | 276.4M | 265.7M | 258.5M | 276.5M | 251.9M | 229.7M | 283M | 266.4M | 244.6M | 211.5M | 193.7M | 192.9M | 189.6M | 160.8M | 140.3M | 118.9M | 87.6M | 88.9M | 87.2M | 85.6M | 90.7M | 89.1M | 80.3M | 72M | 78.1M | 87.8M | 75.9M |
| EBIT | 342.3M | 649.6M | 495.3M | 414.5M | 335.6M | 246.6M | -313.6M | 395.7M | 330.9M | 379.4M | 743.4M | 1.45B | 1.26B | 777.8M | 580.6M | 381.6M | 298.6M | -23.7M | 563.2M | 539.4M | 382.6M | 204.1M | 26.5M | 13.4M | 10.7M | -15.9M | -66.1M | 279M | 284.9M | 255.9M | 214.2M |
| Net Interest Income | -265.3M | -274.2M | -273.5M | -265.5M | -209.1M | -191.4M | -212.8M | -214.5M | -167.4M | -173.6M | -176.6M | -192.5M | -191.5M | -185.2M | -193.2M | -183.8M | -180.7M | -116.2M | -104.3M | -64M | -19.1M | -18M | -35.8M | 0 | -35.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 3.2M | 7.3M | 11.9M | 10.6M | 5.4M | 2.2M | 1.9M | 2.1M | 1.5M | 1.5M | 1.4M | 1.7M | 5.1M | 12.2M | 14.8M | 3.1M | 7M | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 265.3M | 274.2M | 273.5M | 265.5M | 209.1M | 191.4M | 216M | 221.8M | 179.3M | 184M | 181.9M | 194.7M | 193.4M | 187.3M | 194.7M | 185.3M | 188.9M | 123.2M | 100.4M | 34.8M | 4.3M | 14.7M | 25.7M | 0 | 36.3M | 78.4M | 13.8M | 0 | 159.1M | 20.6M | 30.7M |
| Other Income/Expense | 31.8M | 17M | -269.7M | -268M | -207.5M | -201.6M | -370M | -215.6M | -163.5M | -172.9M | -175.4M | -186.9M | -186.9M | -182.4M | -188.9M | -187.8M | -187.5M | -116.2M | -86.2M | -49.6M | -34.1M | -26.8M | -29.2M | -27.7M | -35.1M | -50.2M | -50.2M | 11.5M | 40.5M | -90M | -32.9M |
| Pretax Income | 374.1M | 375.4M | 221.8M | 149M | 126.5M | 55.2M | -524.6M | 181.2M | 151.6M | 372M | 566.8M | 1.25B | 1.06B | 590.5M | 385.9M | 237.5M | 116.5M | -146.9M | 462.8M | 463.2M | 348.5M | 143.6M | -15.1M | -14.3M | -24.4M | -116.3M | 262.9M | 296.4M | 165.9M | 181.3M | 186.3M |
| Pretax Margin % | 18.13% | 17.4% | 7.2% | 4.99% | 6.4% | 3.64% | -29.98% | 6.58% | 6.04% | 10.16% | 12.35% | 19.58% | 17.25% | 13.53% | 10.12% | 7.72% | 5.32% | -5.7% | 11.92% | 12.09% | 10.83% | 4.95% | -0.69% | -1% | -1.64% | -6.11% | 9.59% | 10.13% | 6.71% | 8.11% | 7.46% |
| Income Tax | 92M | 90.9M | 50.4M | 9M | 27.6M | 15.9M | -274.1M | 58.8M | 42.6M | -341.6M | 202.1M | 426M | 354.8M | 204.4M | 134M | 91.8M | 40.9M | -9.4M | 175.5M | 169.4M | 133M | 57.3M | -5.8M | -4.3M | -4.8M | -41.9M | 97.4M | 111.1M | 62.2M | 67.6M | 72.5M |
| Effective Tax Rate % | 24.59% | 24.21% | 22.72% | 6.04% | 21.82% | 28.8% | 52.25% | 32.45% | 28.1% | -91.83% | 35.66% | 34.03% | 33.34% | 34.61% | 34.72% | 38.65% | 35.11% | 6.4% | 37.92% | 36.57% | 38.16% | 39.9% | 38.41% | 30.07% | 19.67% | 36.03% | 37.05% | 37.48% | 37.49% | 37.29% | 38.92% |
| Net Income | 255.2M | 253.1M | 138.4M | 106M | 60.1M | 182M | -147.3M | 137.6M | 159.3M | 702.5M | 343.6M | 796.5M | 678.2M | 375.5M | 255.2M | 142.2M | 67.4M | -137.7M | 285.8M | 293.1M | 230.1M | 86.3M | -9.3M | -10M | -19.6M | -74.4M | 165.5M | 185.3M | 103.7M | 137.5M | 113.8M |
| Net Margin % | 12.37% | 11.73% | 4.49% | 3.55% | 3.04% | 12.01% | -8.42% | 5% | 6.35% | 19.18% | 7.49% | 12.46% | 10.99% | 8.6% | 6.69% | 4.62% | 3.08% | -5.35% | 7.36% | 7.65% | 7.15% | 2.97% | -0.42% | -0.7% | -1.32% | -3.91% | 6.04% | 6.33% | 4.19% | 6.15% | 4.56% |
| Net Income Growth % | 86.55% | 82.88% | 30.57% | 76.37% | -66.98% | 223.56% | -207.05% | -13.62% | -77.32% | 104.45% | -56.86% | 17.44% | 80.61% | 47.14% | 79.47% | 110.98% | 148.95% | -148.18% | -2.49% | 27.38% | 166.63% | 1027.96% | 7% | 48.98% | 73.66% | -144.95% | -10.69% | 78.69% | -24.58% | 20.83% | 27.72% |
| Net Income (Continuing) | 282.1M | 284.5M | 171.4M | 140M | 98.9M | 39.3M | -250.5M | 122.4M | 109M | 610.2M | 203.2M | 826M | 709.3M | 386.1M | 251.9M | 146.8M | 69.4M | -137.5M | 287.3M | 293.8M | 215.5M | 110.5M | -9.3M | -10M | -19.6M | -74.4M | -74.4M | 165.5M | 185.3M | 103.7M | 113.7M |
| Discontinued Operations | -4M | -7.2M | -14.3M | -13.4M | -26M | 142.5M | 24.3M | 13.7M | 54.1M | 103.4M | 161.5M | 0 | 0 | 6.3M | 0 | 0 | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 66.9M | 68.1M | 248.3M | 238.4M | 257.2M | 267M | 277.2M | 348.8M | 351.2M | 356.9M | 392.6M | 394.8M | 401.5M | 347M | 84.6M | 84.5M | 80.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.12 | 3.05 | 1.64 | 1.27 | 0.78 | 0.38 | -1.95 | 1.07 | 1.09 | 4.52 | 2.25 | 5.08 | 4.19 | 2.38 | 1.59 | 0.89 | 0.43 | -0.90 | 1.80 | 1.83 | 1.45 | 0.56 | -0.07 | -0.07 | -0.14 | -0.66 | 1.38 | 1.42 | 0.79 | 1.07 | 0.91 |
| EPS Growth % | 92.59% | 85.98% | 29.13% | 62.82% | 105.26% | 119.49% | -282.24% | -1.83% | -75.89% | 100.89% | -55.71% | 21.24% | 76.05% | 49.69% | 78.65% | 106.98% | 147.78% | -150% | -1.64% | 26.21% | 158.93% | 940.84% | 8.89% | 47.79% | 78.79% | -147.83% | -2.82% | 79.75% | -26.17% | 17.58% | 24.66% |
| EPS (Basic) | - | 3.13 | 1.69 | 1.31 | 1.05 | 0.39 | -1.95 | 1.08 | 1.11 | 4.62 | 2.25 | 5.14 | 4.35 | 2.38 | 1.60 | 0.89 | 0.43 | -0.90 | 1.83 | 1.86 | 1.50 | 0.59 | -0.07 | -0.07 | -0.14 | -0.66 | 1.39 | 1.44 | 0.80 | 1.07 | 0.91 |
| Diluted Shares Outstanding | 81.9M | 82.9M | 84.2M | 83.4M | 84.2M | 103.8M | 115.9M | 127.3M | 146.4M | 152M | 148.6M | 152.2M | 156.7M | 152.9M | 155.1M | 155.6M | 154M | 152.8M | 159.4M | 160.8M | 158.6M | 153.4M | 139.6M | 136.8M | 136M | 112.44M | 119.7M | 130.8M | 131.7M | 128.4M | 125.45M |
| Basic Shares Outstanding | 79.7M | 80.8M | 81.9M | 81.2M | 81.9M | 101.5M | 115.9M | 125.6M | 144M | 148.6M | 148.4M | 150.2M | 151M | 152.8M | 154.7M | 155M | 153.6M | 152.8M | 156.8M | 157.4M | 153.8M | 142M | 139.6M | 136.8M | 136M | 112.44M | 119.1M | 129M | 129.3M | 128.4M | 125.45M |
| Dividend Payout Ratio | - | 39% | 67.34% | 81.13% | 127.95% | 48.63% | - | 59.67% | 48.59% | 10.33% | 19.41% | 8.15% | 8.02% | 10.47% | 12.42% | 19.13% | 37.69% | - | 8.47% | 6.89% | 7.08% | 13.67% | - | - | - | - | 16.31% | 15.49% | 28.35% | 21.31% | - |
Cyclical manufacturing demand volatility
As indicated by the most recent quarterly data, Trinity Industries experienced a significant 16.0% year-over-year revenue decline in 2026Q1, continuing a multi-quarter trend of top-line erosion that saw revenue fall from $841.4 million in 2024Q2 to current levels of $492.0 million.
The consistent deceleration in revenue suggests that the company is struggling to maintain delivery volumes in its manufacturing segment, likely exacerbated by a cooling industrial cycle. Investors should monitor whether this contraction reflects a strategic pivot away from lower-margin manufacturing or a broader, more concerning loss of market share in the North American railcar space.
Despite the sharp decline in top-line performance, Trinity has maintained a gross margin of 26.2% as of 2026Q1, which, according to reported financial statements, remains significantly higher than the 18.6% and 14.6% margins observed at industry peers Greenbrier and FreightCar America, respectively.
This margin profile appears to be supported by the high-margin leasing and management services segment, which provides a buffer against the volatility inherent in railcar manufacturing. The ability to sustain these levels during a period of falling revenue suggests that the company's vertical integration strategy is effectively insulating its profitability from pure-play manufacturing cyclicality.
Based on the provided income statement data, Trinity's operating margin of 15.9% in 2026Q1 demonstrates a degree of overhead discipline, as the company has successfully managed SG&A expenses to prevent a total collapse in operating income despite the substantial contraction in quarterly revenue.
The company's ability to maintain double-digit operating margins while revenue has trended downward suggests that management is actively rightsizing its cost structure. However, the sustainability of this operating leverage warrants further investigation, as fixed costs associated with the massive railcar fleet may become a burden if utilization rates continue to decline.
As reported in the 2025Q4 financial results, Trinity recorded a net income of $186.6 million, representing a 30.5% net margin, which appears to be a significant outlier compared to the more normalized 4.9% net margin reported in the most recent 2026Q1 period.
This volatility suggests that headline net income is heavily influenced by non-operating items, such as gains on the disposition of railcars from the lease fleet. Investors should be cautious in relying on these figures as a proxy for core operational health, as asset sales can mask underlying weakness in recurring lease yields.
While Trinity's reported figures show a stable gross margin, the reliance on periodic asset sales to bolster net income, as seen in the 2025Q4 spike, suggests that the company may be masking a lack of organic growth in its core leasing and manufacturing segments.
Short-term earnings targets appear to be supported by capital recycling, which may not be sustainable if the secondary market for railcars softens. If the company is forced to sell its most productive assets to meet earnings expectations, it may inadvertently degrade the long-term earnings power of the remaining fleet.
Quick answers to the most common questions about buying TRN stock.
For fiscal year 2025, Trinity Industries, Inc. (TRN) reported total revenue of $2.16B. This represents a 13.6% decline compared to $2.50B in 1996.
Trinity Industries, Inc. (TRN) is profitable, generating $253.1M in net income for the fiscal year ending 2025 with a net profit margin of 11.7%.
Trinity Industries, Inc. (TRN) reported an operating income of $358.4M, resulting in an operating profit margin of 16.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinity Industries, Inc. (TRN) generated $572.7M in gross profit for the year, representing a gross profit margin of 26.6%. This demonstrates the company's core pricing power and production efficiency.