TRN on NYSE

Trinity Industries

American company

Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1933Founded1

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  • TickerTRN on NYSE1
  • Industryconglomerate1
  • HeadquartersDallas1
  • Founded inDallas1
  • Websitewww.trin.net/Default.asp
  • Legal formDelaware corporation1
  • Incorporated inDE4
  • Business address14221 N Dallas Parkway, Suite 1100, Dallas, Tx 752544
  • Filer categoryLarge accelerated filer4

Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.1%Operating margin6
11.7%Net margin6
-30.0%Revenue growth, 20256
23.5%Return on equity6
$314.1MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Railcar Leasing and Services Group brought in 56% of the revenue Trinity Industries broke down this way in fiscal 2025.

  1. Railcar Leasing and Services Group$1.2B656%up 6% from 2024
  2. Manufacturing$952.1M644%down 51% from 2024
Products and services by year
Products and services202320242025
Railcar Leasing and Services Group$1.0B$1.1B$1.2B
Manufacturing$1.9B$1.9B$952.1M

Business segments

Rail Products Group brought in 54% of the revenue Trinity Industries broke down this way in fiscal 2025.

  1. Rail Products Group$1.4B654%down 42% from 2024
  2. Railcar Leasing and Services Group$1.2B646%up 6% from 2024
Business segments by year
Business segments202320242025
Rail Products Group$2.5B$2.4B$1.4B
Railcar Leasing and Services Group$1.0B$1.1B$1.2B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue73¢$1.6B
  • Selling, general and admin10¢$214.3M
  • Other costs1¢$14.4M
  • Income tax4¢$90.9M
  • Profit12¢$253.1M

Out of $2.2B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending13¢$45.6M
  • Dividends paid27¢$98.7M
  • Share buybacks20¢$71.3M
  • Kept or used elsewhere40¢$144.1M

Out of $359.7M of cash from operations.6

Financial statements

Revenue789106$2.2B in 2025−22% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.8B$2.8B20192020: $1.7B$1.7B2020−36%2021: $1.5B$1.5B2021−13%2022: $2.0B$2.0B2022+30%2023: $3.0B$3.0B2023+51%2024: $3.1B$3.1B2024+3%2025: $2.2B$2.2B2025−30%
Operating income789106$649.2M in 2025+64% since 2019
-$250.0M0$250.0M$500.0M$750.0M2019: $396.8M$396.8M20192020: -$154.6M-$154.6M20202021: $256.8M$256.8M20212022: $334.0M$334.0M2022+30%2023: $417.0M$417.0M2023+25%2024: $491.5M$491.5M2024+18%2025: $649.2M$649.2M2025+32%
Net income789106$253.1M in 2025+84% since 2019
-$200.0M0$200.0M$400.0M2019: $137.6M$137.6M20192020: -$147.3M-$147.3M20202021: $182.0M$182.0M20212022: $60.1M$60.1M2022−67%2023: $106.0M$106.0M2023+76%2024: $138.4M$138.4M2024+31%2025: $253.1M$253.1M2025+83%

Every line of the income statement in the latest annual report, as filed.6

Period ending2025-12-312024-12-312023-12-31
Revenues$2.2B$3.1B$3.0B
Cost of revenues:$1.6B$2.4B$2.5B
Selling, engineering, and administrative expenses$214.3M$235.7M$201.9M
Lease portfolio sales$91.4M$57.3M$82.8M
Gain on divestiture of partially-owned leasing subsidiary$194.2M$0$0
Gain (Loss) on Disposition of Other Assets$5.2M$6.0M$6.8M
Gains on dispositions of property and other divestitures:$290.8M$63.3M$89.6M
Restructuring activities, net$0$4.3M-$2.2M
Total operating profit$649.2M$491.5M$417.0M
Interest expense, net$274.2M$273.5M$265.5M
Other, net-$400.0K-$3.8M$2.5M
Other (income) expense:$273.8M$269.7M$268.0M
Income from continuing operations before income taxes$375.4M$221.8M$149.0M
Current Income Tax Expense (Benefit)$13.4M$72.5M$50.5M
Provision (benefit) for deferred income taxes$77.5M-$22.1M-$41.5M
Provision (benefit) for income taxes:$90.9M$50.4M$9.0M
Income from continuing operations$284.5M$171.4M$140.0M
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6-$7.2M-$14.3M-$13.4M
Net income$277.3M$157.1M$126.6M
Net income attributable to noncontrolling interest$24.2M$18.7M$20.6M
Net income attributable to Trinity Industries, Inc.$253.1M$138.4M$106.0M
Income (Loss) from Continuing Operations, Per Basic Share$3$2$1
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share-$0-$0-$0
Earnings Per Share, Basic, Total$3.13$1.69$1.31
Income (Loss) from Continuing Operations, Per Diluted Share$3$2$1
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share-$0-$0-$0
Earnings Per Share, Diluted, Total$3.05$1.64$1.27
Basic weighted average shares outstanding80.8M shares81.9M shares81.2M shares
Diluted weighted average shares outstanding82.9M shares84.2M shares83.4M shares

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The story

Founding

The company, first known as Trinity Steel, was founded by C. J. Bender in Dallas in 1933. W. Ray Wallace, an engineering graduate of Louisiana Tech, worked for Dallas's Austin Bridge Company in 1944 before joining the company in 1946 as its seventeenth employee. At the time Trinity Steel manufactured butane tanks in a Dallas County mule barn. In 1958 Trinity Steel merged with Dallas Tank Company, which was also founded in 1933, and Ray Wallace became the new firm's president and first chief executive officer. At the time Trinity had revenues reaching $2.5 million and employed 200 workers. While some employees of the firm in other states eventually unionized, Texas workers never formed a union. For a time the company profited by producing larger tanks that enabled it to enter the petroleum business and do steel fabrication for refineries. In addition, to free up capital, it established an investment company to buy trucks and lease them back to the firm. Nonetheless, by 1957 Trinity faced competition and declines in the petroleum industry. Dallas Tank, Trinity Steel, and Bender-Wallace Development Company merged in 1958 to form Trinity Industries, Incorporated, and went public.

1970s

In 1970 Trinity diversified with the acquisition of 153 acres (0.62 km2) of land adjacent to the Dallas-Fort Worth International Airport and in 1971 established its first real estate subsidiary. Acquisition of Mosher Steel in 1973, after initially contracting work out to them, enhanced the company's structural business. Among projects completed by the firm's structural division were the Texas Stadium, New York's World Trade Center, the Balboa Bridge in Panama, the Pennzoil Building, and two buildings in Moscow. Although Trinity began fabricating railway tank car bodies as a subcontractor to Richmond Tank Car and Union Tank Car as early as 1966, in 1978 Trinity began producing complete tank and covered hopper rail cars in association with Quick Car of Fort Worth, Texas, which Trinity later absorbed.

1980s

By the 1980s two subsidiaries, Gamble's Incorporated of Alabama and Mosher Steel of Texas, manufactured structural products including materials for drilling platforms, highway bridge components, commercial-high-rise buildings, and other girders and beams. The firm's marine subsidiary, Equitable Shipyards, produced LASH or Lighter Aboard Ship barges, riverboats for use by Hilton Hotels, and other craft for industrial uses. Hackney, Incorporated, its metal components subsidiary, produced materials for piping systems. Trinity produced completed railcars, including tank cars, covered and open hoppers, and gondolas to transport chemicals, coal, structural steel and other commodities, at locations in Oklahoma City, Oklahoma, and Longview, Texas, and held two railcar leasing subsidiaries. The company also produced containers for fertilizer, liquified petroleum gas, and nuclear fuel and waste. In 1981 Trinity acquired a metal fabrication firm at Channelview, Texas, and Babcock & Wilcox plants in Elkhart, Indiana, and Koppel, Pennsylvania, and in 1983 it acquired Halter Marine. In 1984 Trinity absorbed Quick Car and acquired the railcar designs and production facilities of the Pullman-Standard Car Manufacturing Company, once the largest railcar manufacturer in North America. That same year Trinity also acquired the railcar designs of General American Transportation Corporation. In 1986 the rail car designs and production facilities of Greenville Steel Car Company were purchased, including the auto rack designs of Portec-Paragon. Also acquired in 1986 were the railcar designs of North American Car Corporation, and in 1987 Ortner Freight Car was acquired. These combined acquisitions made Trinity the largest rail car manufacturer in North America.

1990s

"In the 1990s expansion continued with the acquisition of the Transit Mix Concrete and Materials Company of Beaumont, Texas, Beiard Industries, Syro Steel and Stearns Airport Equipment of Fort Worth, Texas. By 1993 revenues exceeded $1.5 billion, and the firm employed 13,000 people." In 1998 Trinity acquired the Differential Steel Car Company (DIFCO), which designed and built specialty rail cars. That same year Trinity also opened a rail car production plant in Monclova, Mexico.

2000s

In 2001 Trinity Industries acquired the designs and production facilities of Thrall Car Manufacturing Company.

In 2002-2003, Trinity consolidated its rail car building operations under the name Trinity Rail Group (TRG), and then shortened the name to TrinityRail.

In June 2006, the company completed the sale of its weld pipe fittings business. In August the same year, the company sold its European Rail business to International Railway Systems S.A. At the end of the year, on December 31, the company made two acquisitions in the Construction Products Group.

In April 2007, the company's subsidiary, Transit Mix Concrete & Materials Company, acquired a combined group of East Texas asphalt, ready mix concrete and aggregates businesses operating under the name Armor Materials.

Read the full text

In November 2018, the company’s Energy Equipment Group, Trinity Containers, spun off and formed Arcosa Inc. (NYSE - ACA).

In 2020, Jean Savage became the first woman and non family member to run the company as CEO and president.

Trinity sold off Trinity Highway Products, LLC in November 2021 to private equity firm Monomoy Capital in a $375 million cash deal.

The company purchased Montreal, Quebec-based Holden America in December 2022.

In March 2023, the company acquired RSI Logistics for a reported $70 million deal.

From Wikipedia’s article on Trinity Industries, shared under CC BY-SA 4.0.5

Leadership

Who has led Trinity Industries, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (55)

Products and brands

Rail Group - TrinityRail

TrinityRail manufactures and sells railroad cars (hopper cars, gondolas, flat cars, autoracks, intermodal cars, tank cars, and boxcars) and component parts. Its customers include railroads, leasing companies and shippers of products.

Construction Products Group

The group produces concrete, aggregates, highway products, beams and girders used in highway bridge construction. Its customers include contractors and subcontractors in the construction and foundation industry.

Inland Barge Group

The group manufactures dry-cargo barges and hopper barges.

Energy Equipment Group - Trinity Containers spin-off

In 2018, the group was spun off forming Arcosa, Inc., d/b/a ARCOSA Tank, that manufactures containers including pressure vessels, storage tanks, as well as gas cylinders for propane and anhydrous ammonia storage.

Read the full text

Railcar Leasing and Management Services Group

The group provides fleet management, maintenance and leasing services.

Trinity Industries Leasing operates DOT-111 tank cars for lease in North America.

From Wikipedia’s article on Trinity Industries, shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Subsidiaries

  • TrinityRail

From Wikidata.1

Timeline

  1. Feb 18, 2020New chief executive Jean Savage becomes CEO14
  2. Jul 1, 2003New chief executive Timothy R. Wallace becomes CEO15
  3. 1933Founded Founded in Dallas1

Recent filings

  1. Oct 1, 20264
  2. Oct 1, 20264
  3. Oct 1, 20264
  4. Aug 26, 20264
  5. Aug 25, 2026144
  6. Aug 14, 2026SCHEDULE 13G
  7. Aug 7, 2026SCHEDULE 13G
  8. Jul 30, 20268-K
  9. Jul 30, 202610-Q
  10. Jul 2, 20264
  11. Jul 2, 20264
  12. Jul 2, 20264
  13. Jun 16, 20268-K
  14. May 26, 20264
  15. May 26, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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