Triton has successfully expanded gross margins from 53.8% in 2023Q4 to 62.5% in 2026Q1, effectively insulating core leasing profitability despite a persistent 16.1% year-over-year revenue contraction.
Triton International Limited (TRTN-PC) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.35B | 1.43B | 1.58B | 1.64B | 1.83B | 1.68B | 1.39B | 1.43B | 1.43B | 1.2B | 845.11M | 707.84M |
| Revenue Growth % | -15.55% | -9.4% | -3.43% | -10.27% | 8.99% | 20.32% | -2.63% | -0.15% | 19.35% | 42.1% | 19.39% | - |
| Cost of Goods Sold | 476M | 769.73M | 652.2M | 765.2M | 809.09M | 761.97M | 706.8M | 684.69M | 657.58M | 596.85M | 492.65M | 354.91M |
| COGS % of Revenue | - | 53.66% | 41.19% | 46.66% | 44.27% | 45.44% | 50.71% | 47.84% | 45.88% | 49.7% | 58.29% | 50.14% |
| Gross Profit | 872.64M | 664.83M | 931.27M | 874.59M | 1.02B | 914.88M | 686.89M | 746.57M | 775.76M | 604.09M | 352.46M | 352.93M |
| Gross Margin % | 64.71% | 46.34% | 58.81% | 53.34% | 55.73% | 54.56% | 49.29% | 52.16% | 54.12% | 50.3% | 41.71% | 49.86% |
| Gross Profit Growth % | - | -28.61% | 6.48% | -14.13% | 11.32% | 33.19% | -7.99% | -3.76% | 28.42% | 71.39% | -0.13% | - |
| Operating Expenses | 113.35M | 110.92M | 90.01M | 85.47M | 89.91M | 86.84M | 83.3M | 76.46M | 78.8M | 90.96M | 88.52M | 50.88M |
| OpEx % of Revenue | - | 7.73% | 5.68% | 5.21% | 4.92% | 5.18% | 5.98% | 5.34% | 5.5% | 7.57% | 10.47% | 7.19% |
| Selling, General & Admin | 113.35M | 107.31M | 90.01M | 85.47M | 89.91M | 86.84M | 83.3M | 76.46M | 78.8M | 90.96M | 88.52M | 50.88M |
| SG&A % of Revenue | - | 7.48% | 5.68% | 5.21% | 4.92% | 5.18% | 5.98% | 5.34% | 5.5% | 7.57% | 10.47% | 7.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 3.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 759.29M | 553.91M | 841.27M | 789.12M | 928.56M | 828.03M | 603.59M | 670.12M | 696.96M | 513.13M | 263.94M | 302.05M |
| Operating Margin % | 56.3% | 38.61% | 53.13% | 48.12% | 50.81% | 49.38% | 43.31% | 46.82% | 48.62% | 42.73% | 31.23% | 42.67% |
| Operating Income Growth % | - | -34.16% | 6.61% | -15.02% | 12.14% | 37.19% | -9.93% | -3.85% | 35.82% | 94.41% | -12.62% | - |
| EBITDA | 1.11B | 940.47M | 1.38B | 1.37B | 1.57B | 1.47B | 1.17B | 1.25B | 1.31B | 1.11B | 712.02M | 602.52M |
| EBITDA Margin % | 81.94% | 65.56% | 87.45% | 83.53% | 86.16% | 87.78% | 83.92% | 87.21% | 91.56% | 92.09% | 84.25% | 85.12% |
| EBITDA Growth % | -21.17% | -32.08% | 1.1% | -13.02% | 6.98% | 25.85% | -6.3% | -4.89% | 18.67% | 55.32% | 18.17% | - |
| D&A (Non-Cash Add-back) | 345.79M | 386.56M | 543.5M | 580.53M | 646.12M | 643.89M | 566.01M | 578.06M | 615.41M | 592.77M | 448.08M | 300.47M |
| EBIT | 798.62M | 553.86M | 877.73M | 817.04M | 1.04B | 802.62M | 603.59M | 670.12M | 696.96M | 513.13M | 263.94M | 302.05M |
| Net Interest Income | -288.1M | 0 | -310.74M | -288.49M | -225.83M | -222.02M | -252.98M | -316.17M | -322.73M | -282.35M | -184.01M | -140.64M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 288.1M | 0 | 310.74M | 288.49M | 226.09M | 222.02M | 252.98M | 316.17M | 322.73M | 282.35M | 184.01M | 140.64M |
| Other Income/Expense | -248.77M | -50K | -274.27M | -260.56M | -110.83M | -247.44M | -235.57M | -289.29M | -269.64M | -252.88M | -269.77M | -170.33M |
| Pretax Income | 510.51M | 553.86M | 567M | 528.55M | 817.73M | 580.6M | 368.02M | 380.83M | 427.31M | 260.25M | -5.83M | 131.72M |
| Pretax Margin % | 37.85% | 38.61% | 35.81% | 32.23% | 44.74% | 34.62% | 26.41% | 26.61% | 29.81% | 21.67% | -0.69% | 18.61% |
| Income Tax | 40.46M | 45.48M | 48.8M | 54.46M | 70.81M | 50.36M | 38.24M | 27.55M | 70.64M | -93.27M | -48K | 4.05M |
| Effective Tax Rate % | 7.93% | 8.21% | 8.61% | 10.3% | 8.66% | 8.67% | 10.39% | 7.23% | 16.53% | -35.84% | 0.82% | 3.07% |
| Net Income | 470.06M | 508.38M | 518.2M | 474.09M | 746.92M | 530.24M | 329.78M | 352.69M | 349.56M | 344.6M | -13.52M | 111.09M |
| Net Margin % | 34.85% | 35.44% | 32.73% | 28.91% | 40.87% | 31.62% | 23.66% | 24.64% | 24.39% | 28.69% | -1.6% | 15.69% |
| Net Income Growth % | -12.54% | -1.89% | 9.3% | -36.53% | 40.86% | 60.79% | -6.5% | 0.9% | 1.44% | 2649.37% | -112.17% | - |
| Net Income (Continuing) | 470.06M | 508.38M | 518.2M | 474.09M | 746.92M | 530.24M | 329.78M | 353.28M | 356.67M | 353.53M | -5.79M | 127.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121.51M | 133.54M | 143.5M | 160.5M |
| EPS (Diluted) | 4.65 | 4.41 | 4.61 | 4.17 | 11.19 | 7.22 | 4.16 | 4.54 | 4.35 | 4.52 | -0.24 | 2.71 |
| EPS Growth % | -16.7% | -4.34% | 10.55% | -62.73% | 54.99% | 73.56% | -8.37% | 4.38% | -3.77% | 1983.33% | -108.86% | - |
| EPS (Basic) | - | 4.41 | 4.61 | 4.17 | 11.25 | 7.26 | 4.18 | 4.57 | 4.38 | 4.55 | -0.24 | 2.75 |
| Diluted Shares Outstanding | 101.16M | 101.16M | 101.16M | 101.16M | 62.1M | 67.07M | 69.34M | 74.7M | 80.36M | 76.19M | 56.03M | 40.93M |
| Basic Shares Outstanding | 101.16M | 101.16M | 101.16M | 101.16M | 61.78M | 66.73M | 69.05M | 74.19M | 79.78M | 75.68M | 56.03M | 40.43M |
| Dividend Payout Ratio | - | 49.18% | - | 24.37% | 21.71% | 29.67% | 44.42% | 43.63% | 45.86% | 39.34% | - | - |
Quick answers to the most common questions about buying TRTN-PC stock.
For fiscal year 2025, Triton International Limited (TRTN-PC) reported total revenue of $1.43B. This represents a 102.7% increase compared to $707.8M in 2015.
Triton International Limited (TRTN-PC) is profitable, generating $508.4M in net income for the fiscal year ending 2025 with a net profit margin of 35.4%.
Triton International Limited (TRTN-PC) reported an operating income of $553.9M, resulting in an operating profit margin of 38.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Triton International Limited (TRTN-PC) generated $664.8M in gross profit for the year, representing a gross profit margin of 46.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Global trade volume sensitivity
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial statements, Triton's revenue has experienced a sustained downturn, culminating in a 16.1% year-over-year decline as of 2026Q1, which highlights the company's vulnerability to cooling demand within the global intermodal container leasing market and broader trade cycle fluctuations.
The consistent negative growth trajectory suggests that the company is struggling to maintain lease rates amidst a softening macro environment. Investors should monitor whether this contraction reflects a structural shift in trade lanes or merely a cyclical adjustment in container throughput.
Resilient Gross Margin Performance
Based on the provided income statement data, Triton has demonstrated remarkable pricing power, with gross margins expanding from 53.8% in 2023Q4 to 62.5% in 2026Q1, suggesting that the company's scale advantages effectively insulate its core leasing profitability from recent top-line pressures.
This margin expansion appears counterintuitive given the revenue decline, implying that management may be prioritizing high-margin contract renewals over volume growth. Such discipline suggests a defensive posture that protects the underlying cash flows available for preferred dividend coverage.
Operating Leverage Amidst Contraction
According to the quarterly income data, Triton has maintained operating margins above 50% throughout the last ten quarters, indicating that the company's fixed-cost structure is highly optimized and capable of preserving profitability even when revenue growth turns negative.
The ability to keep operating income scaling efficiently relative to gross profit suggests that SG&A expenses remain well-contained. However, the reliance on this high-fixed-cost model warrants further investigation into how the company would manage a more severe or prolonged downturn in global shipping demand.
Earnings Volatility and Quality
As indicated by the historical income statements, net income has exhibited significant quarterly volatility, with EPS dropping from $1.50 in 2024Q4 to $0.87 in 2026Q1, reflecting the impact of non-operating items and the transactional nature of equipment trading gains.
The fluctuation in net income suggests that headline earnings may not always reflect the core recurring leasing business. Investors should be cautious of relying on bottom-line figures without adjusting for the secondary market gains that frequently distort the company's true operational performance.