Operating cash flow consistently outpaces net income with ratios frequently exceeding 2.0x, though free cash flow remains highly volatile due to capital expenditures that have fluctuated between 2.6% and 152.4% of revenue.
| Cash from Operations | 890.24M | 972.06M | 1.11B | 1.15B | 1.88B | 1.41B | 943.75M | 1.06B | 929.85M | 806.79M | 484.19M | 449.3M |
| Operating CF Margin % | - | 67.76% | 70.31% | 70.14% | 103.14% | 83.8% | 67.72% | 74.19% | 64.87% | 67.18% | 57.29% | 63.48% |
| Operating CF Growth % | -82.63% | -12.69% | -3.2% | -38.98% | 34.14% | 48.89% | -11.13% | 14.2% | 15.25% | 66.63% | 7.76% | - |
| Net Income | 470.06M | 508.38M | 518.2M | 474.09M | 746.92M | 530.24M | 329.78M | 353.28M | 356.67M | 353.53M | -5.79M | 127.67M |
| Depreciation & Amortization | 345.79M | 386.56M | 543.5M | 580.53M | 646.12M | 643.89M | 566.01M | 578.06M | 615.41M | 592.77M | 448.08M | 300.47M |
| Stock-Based Compensation | 0 | 6.16M | 3.84M | 7.3M | 12.51M | 9.37M | 9.9M | 8.96M | 9.03M | 5.64M | 5.4M | 12.05M |
| Deferred Taxes | 10.78M | 9.4M | -2.36M | 8.02M | 26.02M | 43.08M | 35.66M | 27.18M | 66.47M | -94.68M | -809K | 3.35M |
| Other Non-Cash Items | 10.07M | -7.59M | 125.58M | 157.11M | 96.05M | 125.62M | 89.86M | 38.68M | -36.96M | -5.9M | 26.01M | 5.85M |
| Working Capital Changes | 53.54M | 69.16M | -77.74M | -68.83M | 357.25M | 52.97M | -87.45M | 55.75M | -80.77M | -44.57M | 11.3M | -88K |
| Change in Receivables | -4.45M | 11.29M | 16.48M | -19.46M | 44.12M | -50.34M | -11.74M | 54.17M | -65.39M | -5.97M | 10.11M | 5.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 6.86M | 28.36M | -3.96M | 0 | 0 | 0 | 0 |
| Change in Payables | -6.22M | 9.67M | -29.65M | 6.29M | 4.62M | -6.86M | -28.36M | 3.96M | -14.45M | -42.4M | 10.69M | 0 |
| Cash from Investing | -815.08M | -773.86M | -555.11M | 144.29M | -646.96M | -3.22B | -489.02M | -23.72M | -1.35B | -1.31B | -395.45M | -215.72M |
| Capital Expenditures | -1.06B | -1.03B | -929.45M | -208.24M | -943.06M | -3.43B | -744.13M | -240.17M | -1.6B | -1.56B | -629.33M | -398.8M |
| CapEx % of Revenue | 78.71% | 71.82% | 58.7% | 12.7% | 51.6% | 204.81% | 53.39% | 16.78% | 111.87% | 130.14% | 74.47% | 56.34% |
| Acquisitions | 248.41M | 258M | 374.63M | 352.55M | 296.74M | 217.08M | 255.1M | -760K | 190.89M | 190.74M | 195.92M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.92M | -1.6M | 374.34M | 352.53M | -638K | -70K | 8K | 217.97M | 255.1M | 251.47M | 233.89M | 183.08M |
| Cash from Financing | -44.48M | -220.61M | -537.77M | -1.33B | -1.28B | 1.89B | -471.71M | -1.03B | 351.93M | 523.43M | -32.23M | -242.5M |
| Debt Issued (Net) | 157.31M | -22.41M | 139.12M | -620.15M | -506.93M | 2.05B | -241.71M | -920.51M | 608.6M | 563.11M | 59.82M | -204.45M |
| Equity Issued (Net) | 168.76M | 144.26M | 0 | -129.78M | -554.1M | 86.96M | -13.04M | 170.01M | -56.27M | 192.86M | -7.41M | 0 |
| Dividends Paid | -365.92M | -311.93M | -52.11M | -167.67M | -214.29M | -202.63M | -187.41M | -166.18M | -160.29M | -135.56M | -84.75M | 0 |
| Share Repurchases | 0 | 0 | 0 | -129.78M | -554.1M | -82.53M | -158.31M | -227.9M | -57.66M | -70K | -7.41M | 0 |
| Other Financing | -4.63M | -30.53M | -624.78M | -413.99M | -6.82M | -47.58M | -29.56M | -112.06M | -40.11M | -96.99M | 110K | -38.05M |
| Net Change in Cash | 30.68M | -22.41M | 20.49M | -37.08M | -44.23M | 78.54M | -16.98M | 9.43M | -66.63M | 18.83M | 56.51M | -8.92M |
| Free Cash Flow | -171.33M | -58.2M | 183.92M | 941.97M | 941.81M | -2.03B | 199.62M | 821.74M | -673.66M | -756.07M | -145.14M | 50.51M |
| FCF Margin % | -12.7% | -4.06% | 11.61% | 57.44% | 51.53% | -121.01% | 14.32% | 57.41% | -47% | -62.96% | -17.17% | 7.14% |
| FCF Growth % | -645.3% | -131.65% | -80.47% | 0.02% | 146.41% | -1116.53% | -75.71% | 221.98% | 10.9% | -420.91% | -387.39% | - |
| FCF per Share | -1.69 | -0.58 | 1.82 | 9.31 | 15.17 | -30.26 | 2.88 | 11.00 | -8.38 | -9.92 | -2.59 | 1.23 |
| FCF Conversion (FCF/Net Income) | -0.36x | 1.91x | 2.15x | 2.43x | 2.52x | 2.65x | 2.86x | 3.01x | 2.66x | 2.34x | -35.82x | 4.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 208.71M | 211.41M | 244.28M | 0 | 308.83M | 0 | 181.56M | 131.75M |
| Taxes Paid | 0 | 0 | 0 | 0 | 47.01M | 7.93M | 2.19M | 0 | 4.48M | 0 | 309K | 1.48M |
Global trade volume sensitivity
According to quarterly financial data, Triton consistently reports operating cash flow significantly higher than net income, with OCF/NI ratios frequently exceeding 2.0x, suggesting that non-cash depreciation charges play a dominant role in the company's reported cash generation profile relative to accounting profit.
The persistent gap between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash depreciation of its massive container fleet. Investors should interpret this as a sign that the business is fundamentally a capital-recovery model where accounting profit is secondary to the cash-generative capacity of the underlying assets.
As reported in recent financial statements, Triton's free cash flow trajectory has been highly erratic, swinging from a positive $232.1M in 2025Q4 to a negative $690.5M in 2025Q3, primarily due to the lumpy nature of capital expenditures required to maintain and expand the container fleet.
This extreme volatility in free cash flow suggests that the company's ability to generate surplus cash is highly sensitive to the timing of fleet investment cycles. Analysts should monitor whether these large CAPEX outflows represent necessary maintenance or aggressive growth, as the latter may be less sustainable in a contracting trade environment.
Based on the provided cash flow statements, Triton's capital intensity, measured by the CAPEX-to-revenue ratio, has fluctuated wildly from as low as 2.6% to as high as 152.4%, reflecting a business model that requires significant, albeit irregular, reinvestment to sustain its global intermodal container fleet.
The wide variance in capital intensity suggests that management retains significant discretion over fleet expansion, which may be used to manage cash flow during periods of revenue pressure. This flexibility appears to be a key lever for preserving liquidity, though it complicates the task of forecasting long-term free cash flow yields.
As indicated by historical cash flow filings, Triton has prioritized substantial dividend distributions, such as the $218.3M paid in 2026Q1, which often exceed the company's quarterly free cash flow, suggesting a reliance on existing cash reserves or debt financing to sustain shareholder payouts.
The commitment to high dividend payouts despite fluctuating free cash flow warrants further investigation into the sustainability of these distributions. Investors should consider whether this capital allocation strategy may limit the company's ability to reinvest in the fleet during potential future downturns in global trade volumes.
Quick answers to the most common questions about buying TRTN-PC stock.
Triton International Limited (TRTN-PC) generated $972.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Triton International Limited (TRTN-PC) reported negative free cash flow of $58.2M in 2025, indicating capital requirements exceeded cash from operations.
Triton International Limited (TRTN-PC) spent $1.03B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Triton International Limited (TRTN-PC) returned $311.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.