At a glance
Trinity Industries Inc is worth $2.00B, about 8 times its fiscal 2025 earnings. Revenue fell 30.0% to $2.16B in fiscal 2025, with 11.7% kept as profit; over 5 years it has grown 4.3% a year. It pays a 4.85% dividend yield, raised every year for at least 9 years, and returned $1.42B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −5.7% over the past year with dividends reinvested and +1.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.4% in the 2020 crash (S&P 500: 33.7%) and 38.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 22 months after the lows.
The business in plain English
Trinity Industries is based in Dallas, Texas. It leases, builds and services railcars across North America under the TrinityRail name. Its customers are railroads, leasing companies and industrial shippers. They move refined products and chemicals, energy, farm goods, construction materials and metals, and consumer goods. The platform also includes RSI Logistics, which provides software and logistics services, and Holden America, a railcar parts supplier.
The larger business is the Railcar Leasing and Services Group. It brought in $1.20 billion, or 55.9% of the $2.16 billion in revenue for the fiscal year ended December 31, 2025. It mainly offers full-service leases. Trinity supplies the railcar, handles maintenance and collects a fixed monthly rent, generally for one to ten years. As of December 31, 2025, its lease fleet held 101,485 railcars and was 97.1% utilized, meaning that share was on lease. It also manages railcars for outside investors for a fee. Counting those cars, it oversaw 146,270 railcars.
The Rail Products Group builds freight and tank railcars at plants in the U.S. and Mexico. It also converts or upgrades some older cars to meet shifting demand and supplies parts. Manufacturing brought in the other 44.1% of revenue. Nearly all of Trinity's leased railcars were built by this group. Steel and purchased parts make up more than 70% of the cost of most railcars.
Price history
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TRN -5.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Railcar Leasing and Services Group | $1.20B | 55.9% |
| Manufacturing | $952.1M | 44.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $535.1M, up 17.8% from a year earlier, and net income was $17.6M (-41.9%).
- For fiscal 2025, revenue was $2.16B (-30.0% year over year; +4.3% a year from FY2020 to FY2025) with a 11.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.3% watch |
|---|---|
| Operating margin | 30.1% good |
| Free cash flow margin | 14.6% good |
| Return on equity (FY2025) | 23.5% good |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-5.17B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.75B | $-147.3M | $555.8M |
| FY2021 | $1.52B | $182.0M | $588.2M |
| FY2022 | $1.98B | $60.1M | $-50.8M |
| FY2023 | $2.98B | $106.0M | $254.3M |
| FY2024 | $3.08B | $138.4M | $520.0M |
| FY2025 | $2.16B | $253.1M | $314.1M |
Valuation snapshot
| Market value | $2.00B |
|---|---|
| P/E ratio | 8.4 |
| Dividend yield | 4.85% |
Rank among 1514 US companies
Market value at each year end
Trinity Industries’s market value went from $3.04B at the end of 2016 to $2.00B on Oct 28, 2026, down 34%; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.00B | -5.7% |
| 2025 | $2.12B | -26.5% |
| 2024 | $2.88B | +32.5% |
| 2023 | $2.18B | -9.6% |
| 2022 | $2.41B | -18.1% |
| 2021 | $2.94B | -2.4% |
| 2020 | $3.01B | +10.9% |
| 2019 | $2.72B | -9.8% |
| 2018 | $3.01B | -26.4% |
| 2017 | $4.09B | +34.5% |
| 2016 | $3.04B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TRN price data to Oct 28, 2026 | +0.7% | -5.7% | +12.5% | +1.9% | +9.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.7% |
| 2025 | -21.5% |
| 2024 | +37.2% |
| 2023 | -6.2% |
| 2022 | +1.4% |
| 2021 | +17.9% |
| 2020 | +23.8% |
| 2019 | +11.0% |
| 2018 | -22.0% |
| 2017 | +38.0% |
| 2016 | +19.0% |
| 2015 | -12.4% |
| 2014 | +4.5% |
| 2013 | +56.0% |
| 2012 | +22.6% |
| 2011 | +15.5% |
| 2010 | +57.4% |
| 2009 | +15.8% |
| 2008 | -42.4% |
| 2007 | -20.8% |
| 2006 | +20.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 81.8% over that stretch · deepest drop along the way 83.8%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.8% over that stretch · deepest drop along the way 34.4%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.2% over that stretch · deepest drop along the way 38.5%, back to its old high 21.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($502K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 25, 2026 | Kevin Poet EVP Operations & Support Svcs | sell (plan) | $502K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2025 |
| Capital International Investors | 6.9% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.7% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.1% | Mar 31, 2025 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
ETFs with the most weight in TRN
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.95% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.78% |
| CGDG Capital Group Dividend Growers ETF | 0.69% |
| WCEO Hypatia Women CEO ETF | 0.54% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.53% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.52% |
| OASC OneAscent Small Cap Core ETF | 0.5% |
| IFRA iShares U.S. Infrastructure ETF | 0.5% |
What could go wrong
- Leased railcars may sit idle or rent cheaply. Leasing brought in 55.9% of fiscal 2025 revenue. If demand for certain car types weakens, Trinity may struggle to re-lease railcars at good rates, and its fleet mix may not match what customers want.
- Railcar orders rise and fall with the economy. Customers in energy, farming and consumer goods order fewer new railcars in downturns. Trinity's 10-K, filed February 19, 2026, said North American railcar orders and backlog (unfilled orders) had fallen.
- A heavy debt load. As of June 30, 2026, Trinity had $5.23 billion of debt against $155.7 million of cash and $1.14 billion of shareholder equity. Higher interest rates or tighter credit markets could raise borrowing costs.
- Reliance on Mexico and cross-border rail. At the end of 2025, about 3,460 of Trinity's 6,110 employees worked in Mexico, and many railcars cross a border to reach customers. Tariffs, border closures or rail disruptions could delay deliveries and raise costs.
- Steel prices and few parts suppliers. Steel and purchased parts make up more than 70% of the cost of most railcars. Some parts come from only a few suppliers, giving Trinity limited control over price and delivery.
- Shortage of skilled welders and workers. Trinity says it has faced shortages of skilled labor, such as welders, and higher turnover at some plants. That has meant extra costs for temporary workers and can limit how fast it builds railcars.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- New debt or financial obligation
- Major agreement signed
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Trinity has raised its regular dividend at least 9 years in a row through fiscal 2025. Dividends per share grew from $0.78 in fiscal 2020 to $1.21 in fiscal 2025, about 9.2% a year. That dividend used 39% of earnings and 31.4% of free cash flow, which is the cash left after capital spending. The yield was 4.85% as of October 28, 2026. From fiscal 2021 to 2025, Trinity spent $977.2 million repurchasing its own shares, more than twice what it paid in dividends. Its share count fell about 18% from October 2021 to July 2026. The company warns that neither dividends nor repurchases are guaranteed.
The stock has fallen hard in downturns. It dropped 83.8% in the 2008 financial crisis and took until April 2011 to recover. It fell 34.4% in the 2020 COVID crash and recovered by June 2020. It fell 38.5% in the 2022 bear market and recovered in July 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Trinity Industries make money?
Trinity makes money by leasing railcars and by building them. In the fiscal year ended December 31, 2025, its leasing and services group brought in $1.20 billion, or 55.9% of revenue. That group collects fixed monthly rent on leases that generally run one to ten years. It also earns fees for maintenance and for managing railcars owned by outside investors. Manufacturing brought in $952.1 million, or 44.1%, from freight and tank railcars and parts made in the U.S. and Mexico.
Does Trinity Industries raise its dividend every year?
Yes. Trinity has raised it for at least 9 straight years through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.78 in fiscal 2020 to $1.21 in fiscal 2025, about 9.2% a year. Trinity kept paying and raising its dividend in fiscal 2020 even though it reported a net loss that year. Its 10-K warns that there is no assurance dividends will continue at current levels.
What is Trinity Industries' dividend yield?
The dividend yield was 4.85% as of October 28, 2026. Trinity paid $1.21 per share in regular dividends for fiscal 2025, equal to 39% of earnings and 31.4% of free cash flow. A falling share price also pushes a yield up, and the stock dropped 32% in the three months to October 28, 2026. A high yield can reflect investor worries, so it is worth weighing against Trinity's heavy debt and cyclical railcar orders.
How much debt does Trinity Industries have?
A lot for its size. As of June 30, 2026, Trinity had $5.23 billion of total debt and $155.7 million of cash and investments. That compares with $1.14 billion of shareholder equity and $8.23 billion of total assets. Its stock market value was about $2.04 billion as of October 28, 2026. Leasing companies typically borrow to pay for the equipment they rent out. But heavy debt raises interest costs and leaves less room for error in a downturn.
How has Trinity Industries stock performed over time?
Unevenly. Measured by price as of October 28, 2026, the stock returned 9.1% a year over 10 years and 1.9% a year over five years. It lost 5.7% over the prior 12 months. Calendar-year results swing widely, from a 37.2% gain in 2024 to a 21.5% loss in 2025. Its worst drop in about 21 years of price history was 86.1%. The shares traded at 8.4 times fiscal 2025 earnings as of that date.