On this page of StockholderLetter.com we present the latest annual shareholder letter from TRINITY INDUSTRIES INC — ticker symbol TRN. Reading current and past TRN letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT 2025 ANNUAL REPORT DELIVERING GOODS FOR THE GOOD OF ALL
60+ YEARS of Consecutive Quarterly Dividend Payments $ 458M $ 3.14 Cash Flow from Operations with Net Gains from Lease Portfolio Sales Reported EPS 24.4% $ 170M $ 2B Adjusted Return on Equity Returned to shareholders through dividends paid and share repurchases Full Year Total Company Revenues 73% increase year over year DELIVERING GOODS FOR THE GOOD OF ALL
DEAR FELLOW SHAREHOLDERS: Leldon E. Echols E. Jean Savage 2025 was a year that tested Trinity s strategy and validated it. Resilient manufacturing performance despite In a lower-volume environment, we delivered strong lower volumes earnings, significant cash flow, and attractive returns. More importantly, we demonstrated that Trinity is built to perform across the cycle. Realization of embedded value in our railcar assets Trinity today is a cycle-resilient platform with multiple The takeaway is clear: Trinity has multiple levers to drive earnings, cash flow, and long-term value. That durability is the result of deliberate choices. Over several years, we have built a more resilient, flexible, and disciplined company anchored by our leasing platform and supported by manufacturing and services. Our purpose, Delivering Goods for the Good of All, ways to create value, regardless of where we are in the cycle. CLOSING Trinity today is a more resilient, more flexible, and more capable company than it was just a few years continues to guide our work. We want to thank our ago. Our leasing platform generates consistent cash employees for the focus and execution that made this flow. Our manufacturing footprint is right-sized and year s performance possible. scalable. Our integrated model provides multiple paths to create value. 2025 PERFORMANCE: STRATEGY IN ACTION That combination durability with upside is what defines Trinity. We delivered: Thank you for your continued investment and $3.14 earnings per share, up $1.33 year over year confidence. 24.4% adjusted return on equity And to our 6,100 employees thank you for the commitment and performance that drive this $458 million in cash flow from operations with net company forward every day. gains on lease portfolio sales Leldon E. Echols These results were not driven by a single Chairman of the Board factor. They reflect the strength of our integrated platform: E. Jean Savage Chief Executive Officer and President Stable, growing returns from leasing Disciplined execution in the secondary market Trinity Industries | 1 | 2025 Annual Report
Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales Year Ended Year Ended December 31, 2025 December 31, 2024 ($ in millions) Net cash provided by operating activities continuing operations Net gains on lease portfolio sales 366.9 588.1 91.4 DilutedCash flow from operations with net gains on lease portfolio sales 458.3 57.3 645.4 Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe this measure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our ability to fund our operations and repay our debt. This measure is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. Reconciliation: Adjusted Return on Equity December 31, 2025 December 31, 2024 ($ in millions) Numerator Income from continuing operations Net income attributable to noncontrolling interest Net income from continuing operations attributable to Trinity Industries, Inc. 284.5 (24.2) 260.3 Denominator Total stockholders equity Noncontrolling interest 1,145.3 (68.1) 1,307.2 (248.3) Trinity stockholders equity 1,077.2 1,058.9 Average total stockholders equity Return on Equity (1) 1,226.3 23.2% Average Trinity stockholders equity Adjusted Return on Equity (2) 1,068.1 24.4% (1) Return on Equity ( ROE ) is calculated as income from continuing operations divided by average total stockholders equity. (2) Adjusted Return on Equity is calculated as net income from continuing operations attributable to Trinity Industries, Inc. divided by average Trinity stockholders equity, each as defined below and reconciled above. Adjusted Return on Equity ( Adjusted ROE ) is a non-GAAP measure that is derived from amounts included in our GAAP financial statements. We define Adjusted ROE as a ratio for which (i) the numerator is calculated as income or loss from continuing operations, adjusted to exclude the effects of net income or loss attributable to noncontrolling interest; and (ii) the denominator is calculated as average Trinity stockholders equity (which excludes noncontrolling interest). In the table above, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing operations and total stockholders equity, respectively, which are the GAAP financial measures used in the computation of ROE. Management believes that Adjusted ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company s investments over time. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. Trinity Industries | 2 | 2025 Annual Report
 • shareholder letter icon 4/9/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/28/2023 TRN Stockholder Letter
 • stockholder letter icon 4/9/2024 TRN Stockholder Letter
 • stockholder letter icon 4/3/2025 TRN Stockholder Letter
 • stockholder letter icon More "Railroads" Category Stockholder Letters
 • Benford's Law Stocks icon TRN Benford's Law Stock Score = 61


TRN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
2025
ANNUAL
REPORT
DELIVERING GOODS FOR THE GOOD OF ALL   

60+ YEARS
of Consecutive
Quarterly Dividend
Payments
$ 458M
$ 3.14
Cash Flow from Operations
with Net Gains from Lease
Portfolio Sales
Reported EPS
24.4%
$ 170M
$ 2B
Adjusted Return
on Equity
Returned to shareholders
through dividends paid
and share repurchases
Full Year Total Company
Revenues
73% increase year
over year
DELIVERING GOODS FOR THE GOOD OF ALL   

DEAR FELLOW
SHAREHOLDERS:
Leldon E. Echols
E. Jean Savage
2025 was a year that tested Trinity   s
strategy   and validated it.
    Resilient manufacturing performance despite
In a lower-volume environment, we delivered strong
lower volumes
earnings, significant cash flow, and attractive returns.
More importantly, we demonstrated that Trinity is
built to perform across the cycle.
    Realization of embedded value in our railcar assets
Trinity today is a cycle-resilient platform with multiple
The takeaway is clear: Trinity has multiple
levers to drive earnings, cash flow, and long-term value.
That durability is the result of deliberate choices. Over
several years, we have built a more resilient, flexible,
and disciplined company   anchored by our leasing
platform and supported by manufacturing and services.
Our purpose, Delivering Goods for the Good of All,
ways to create value, regardless of where we
are in the cycle.
CLOSING
Trinity today is a more resilient, more flexible, and
more capable company than it was just a few years
continues to guide our work. We want to thank our
ago. Our leasing platform generates consistent cash
employees for the focus and execution that made this
flow. Our manufacturing footprint is right-sized and
year   s performance possible.
scalable. Our integrated model provides multiple
paths to create value.
2025 PERFORMANCE: STRATEGY IN ACTION
That combination   durability with upside   is what
defines Trinity.
We delivered:
Thank you for your continued investment and
    $3.14 earnings per share, up $1.33 year over year
confidence.
    24.4% adjusted return on equity
And to our 6,100 employees   thank you for the
commitment and performance that drive this
    $458 million in cash flow from operations with net
company forward every day.
gains on lease portfolio sales
Leldon E. Echols
These results were not driven by a single
Chairman of the Board
factor. They reflect the strength of our
integrated platform:
E. Jean Savage
Chief Executive Officer and President
    Stable, growing returns from leasing
    Disciplined execution in the secondary market
Trinity Industries
| 1 |
2025 Annual Report

Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales
Year Ended
Year Ended
December 31, 2025 December 31, 2024
($ in millions)
Net cash provided by operating activities     continuing operations

Net gains on lease portfolio sales
366.9

588.1
91.4
DilutedCash flow from operations with net gains on lease portfolio sales

458.3
57.3

645.4
Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe this
measure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis
for assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our ability
to fund our operations and repay our debt. This measure is defined as net cash provided by operating activities from
continuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciled
to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial
measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our
reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled
measures for other companies.
Reconciliation: Adjusted Return on Equity
December 31, 2025 December 31, 2024
($ in millions)
Numerator
Income from continuing operations
Net income attributable to noncontrolling interest
Net income from continuing operations attributable to Trinity Industries, Inc.


284.5
(24.2)
260.3
Denominator
Total stockholders    equity
Noncontrolling interest

1,145.3
(68.1)

1,307.2
(248.3)
Trinity stockholders    equity

1,077.2

1,058.9
Average total stockholders    equity
Return on Equity (1)

1,226.3
23.2%
Average Trinity stockholders    equity
Adjusted Return on Equity (2)

1,068.1
24.4%
(1)
Return on Equity (   ROE   ) is calculated as income from continuing operations divided by average total stockholders    equity.
(2)
Adjusted Return on Equity is calculated as net income from continuing operations attributable to Trinity Industries, Inc. divided by
average Trinity stockholders    equity, each as defined below and reconciled above.
Adjusted Return on Equity (   Adjusted ROE   ) is a non-GAAP measure that is derived from amounts included in our GAAP financial
statements. We define Adjusted ROE as a ratio for which (i) the numerator is calculated as income or loss from continuing operations,
adjusted to exclude the effects of net income or loss attributable to noncontrolling interest; and (ii) the denominator is calculated as
average Trinity stockholders    equity (which excludes noncontrolling interest).
In the table above, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing
operations and total stockholders    equity, respectively, which are the GAAP financial measures used in the computation of ROE.
Management believes that Adjusted ROE is a useful measure to both management and investors as it provides an indication of the
economic return on the Company   s investments over time. Non-GAAP measures should not be considered in isolation or as a substitute
for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures
for other companies.
Trinity Industries
| 2 |
2025 Annual Report


shareholder letter icon 4/9/2026 Letter Continued (Full PDF)
 

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