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Railroads · Industrials · Fiscal year ends Dec 31
Trinity Industries reported revenue of $2.2B in the fiscal year ended Dec 2025, down 30.0% from the year before. Operating income was $649M, an operating margin of 30.1%, and net income was $253M. Operating cash flow of $360M less capital expenditure of $46M left free cash flow of $314M. Net debt was $5.2B.
Ranks among the 6 railroads companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,516 | 1,977 | 2,983 | 3,079 | 2,157 |
| Cost of revenue | 1,162 | 1,610 | 2,456 | 2,411 | 1,584 |
| Gross profit | 355 | 368 | 527 | 668 | 573 |
| Selling, general & admin | 180 | 185 | 202 | 236 | 214 |
| Operating income | 257 | 334 | 417 | 492 | 649 |
| Net interest incomeBanks | −191 | −209 | −266 | −274 | – |
| Pre-tax income | 55.2 | 127 | 149 | 222 | 375 |
| Income tax | 15.9 | 27.6 | 9.0 | 50.4 | 90.9 |
| Net income | 182 | 60.1 | 106 | 138 | 253 |
| Diluted EPS | 1.75 | 0.71 | 1.27 | 1.64 | 3.05 |
| Diluted shares | 104 | 84.2 | 83.4 | 84.2 | 82.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 167 | 79.6 | 106 | 228 | 201 |
| Inventory | 433 | 629 | 684 | 476 | 469 |
| Net PP&E | 6,847 | 6,887 | 7,005 | 6,988 | 6,621 |
| Goodwill | 154 | 196 | 222 | 222 | 222 |
| Total assets | 8,236 | 8,724 | 8,907 | 8,832 | 8,424 |
| Long-term debt | 399 | 5,608 | 5,754 | 5,691 | 5,443 |
| Total liabilities | 6,939 | 7,455 | 7,631 | 7,525 | 7,279 |
| Shareholders' equity | 1,030 | 1,012 | 1,037 | 1,059 | 1,077 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 612 | −12.8 | 296 | 574 | 360 |
| Capital expenditure | 23.6 | 38.0 | 41.3 | 53.8 | 45.6 |
| Free cash flow | 588 | −50.8 | 254 | 520 | 314 |
| Depreciation & amortisation | 266 | 276 | 293 | 294 | 305 |
| Stock-based compensation | 20.7 | 22.5 | 22.7 | 23.6 | 22.9 |
| Acquisitions | 16.6 | 80.4 | 62.2 | 0.0 | 0.0 |
| Share buybacks | 833 | 51.8 | 0.0 | 20.7 | 71.3 |
| Dividends paid | 88.5 | 76.9 | 86.0 | 93.2 | 98.7 |
| Dividend per share | 0.86 | 0.95 | 1.06 | 1.14 | 1.21 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.4% | 50.9% | 3.2% | −30.0% |
| Operating income growth (YoY) | – | 30.1% | 24.9% | 17.9% | 32.1% |
| EPS growth (YoY) | – | −59.4% | 78.9% | 29.1% | 86.0% |
| Gross margin | 23.4% | 18.6% | 17.7% | 21.7% | 26.6% |
| Operating margin | 16.9% | 16.9% | 14.0% | 16.0% | 30.1% |
| Net margin | 12.0% | 3.0% | 3.6% | 4.5% | 11.7% |
| Return on equityBlank when equity is negative | 17.7% | 5.9% | 10.2% | 13.1% | 23.5% |
| Free cash flow margin | 38.8% | −2.6% | 8.5% | 16.9% | 14.6% |
| Cash conversion (CFO ÷ net income) | 3.36x | −0.21x | 2.79x | 4.15x | 1.42x |
| Inventory days | 136 | 143 | 102 | 72 | 108 |
| Debt ÷ equity | 0.39x | 5.54x | 5.55x | 5.37x | 5.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 231 | 5,528 | 5,649 | 5,463 | 5,241 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.