Trinity Industries (TRN) financial statements
Trinity Industries reported revenue of $2.2B in fiscal 2025, down 3.9% a year over 9 years.
Net income was $253M and the operating margin 30.1%, against 15.5% in 2016.
Free cash flow was $314M, and the company returned $99M in dividends and $71M in net buybacks.
The diluted share count fell 44% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Trinity Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B | $2.4B | $2.5B | $2.8B | $1.7B | $1.5B | $2.0B | $3.0B | $3.1B | $2.2B |
| Cost of revenue | $2.3B | $1.8B | $1.9B | $2.2B | $1.3B | $1.2B | $1.6B | $2.5B | $2.4B | $1.6B |
| Gross profit | $778M | $622M | $570M | $574M | $422M | $354M | $368M | $527M | $668M | $573M |
| Selling, general and admin | $314M | $339M | $297M | $217M | $190M | $180M | $185M | $202M | $236M | $214M |
| Operating income | $479M | $368M | $315M | $397M | -$155M | $257M | $334M | $417M | $492M | $649M |
| Interest expense | $182M | $184M | $179M | $222M | $219M | — | — | — | — | — |
| Pre-tax income | $310M | $195M | $152M | $181M | -$525M | $55M | $126M | $149M | $222M | $375M |
| Income tax | $107M | -$415M | $43M | $59M | -$274M | $16M | $28M | $9M | $50M | $91M |
| Net income | $344M | $702M | $159M | $138M | -$147M | $182M | $60M | $106M | $138M | $253M |
| EPS (diluted) | $2.25 | $4.52 | $1.07 | $1.07 | -$1.27 | $1.75 | $0.71 | $1.27 | $1.64 | $3.05 |
| Diluted shares | 149M | 152M | 146M | 127M | 116M | 104M | 84M | 83M | 84M | 83M |
| Gross margin | 25.2% | 26.0% | 22.7% | 20.9% | 24.1% | 23.4% | 18.6% | 17.7% | 21.7% | 26.6% |
| Operating margin | 15.5% | 15.4% | 12.6% | 14.4% | -8.8% | 16.9% | 16.9% | 14.0% | 16.0% | 30.1% |
| Net margin | 11.1% | 29.3% | 6.3% | 5.0% | -8.4% | 12.0% | 3.0% | 3.6% | 4.5% | 11.7% |
Balance sheet
Fiscal years, from Trinity Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $798M | $1.1B | $179M | $166M | $132M | $167M | $80M | $106M | $228M | $201M |
| Inventory | $666M | $403M | $525M | $433M | $285M | $433M | $629M | $684M | $476M | $469M |
| Property, plant and equipment | $6.0B | $5.6B | $6.3B | $7.1B | $7.0B | $6.8B | $6.9B | $7.0B | $7.0B | $6.6B |
| Goodwill | $754M | $209M | $209M | $209M | $147M | $154M | $196M | $222M | $222M | $222M |
| Total assets | $9.1B | $9.5B | $8.0B | $8.7B | $8.7B | $8.2B | $8.7B | $8.9B | $8.8B | $8.4B |
| Total liabilities | $4.8B | $4.7B | $5.4B | $6.3B | $6.7B | $6.9B | $7.5B | $7.6B | $7.5B | $7.3B |
| Shareholders' equity | $3.9B | $4.5B | $2.2B | $2.0B | $1.7B | $1.0B | $1.0B | $1.0B | $1.1B | $1.1B |
| Net debt | -$742M | -$779M | -$179M | -$166M | -$132M | -$167M | -$80M | -$106M | -$228M | -$201M |
Cash flow
Fiscal years, from Trinity Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $762M | $379M | $394M | $652M | $612M | -$13M | $296M | $574M | $360M |
| Capital spending | $50M | $22M | $37M | $88M | $96M | $24M | $38M | $41M | $54M | $46M |
| Free cash flow | $1.0B | $740M | $342M | $306M | $556M | $588M | -$51M | $254M | $520M | $314M |
| Stock-based compensation | $31M | $22M | $29M | $28M | $25M | $21M | $22M | $23M | $24M | $23M |
| Dividends paid | $67M | $73M | $77M | $82M | $92M | $88M | $77M | $86M | $93M | $99M |
| Share buybacks (net) | -$35M | -$79M | -$506M | -$225M | -$191M | -$833M | -$52M | $0 | -$21M | -$71M |
| Net borrowing | — | — | — | — | — | -$2.3B | -$1.6B | -$1.5B | -$2.1B | -$1.8B |
| Free cash flow margin | 33.7% | 30.9% | 13.6% | 11.1% | 31.8% | 38.8% | -2.6% | 8.5% | 16.9% | 14.6% |
| Dividends per share | $0.45 | $0.48 | $0.53 | $0.64 | $0.79 | $0.85 | $0.91 | $1.03 | $1.11 | $1.19 |
Questions
What was Trinity Industries's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Trinity Industries generate?
$314M in fiscal 2025 (operating cash flow minus capital spending).
From Trinity Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.