Trinity Industries Inc 8-K, filed Oct 30, 2025
Trinity Industries Inc (TRN)
8-K
2025-10-30
For: 2025-10-30
View Original
Added on
April 07, 2026
About this 8-K
Trinity Industries Inc filed this 8-K on October 30, 2025.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | ||||||||
_______________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices, and Zip Code)
(214 ) 631-4420
Registrant's Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| NYSE Texas | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Trinity Industries, Inc. ("Trinity") hereby furnishes the information set forth in its News Release, dated October 30, 2025, announcing operating results for the three month period ended September 30, 2025, a copy of which is furnished as Exhibit 99.1 and incorporated herein by reference. On October 30, 2025, Trinity held a conference call and webcast with respect to its financial results for the three month period ended September 30, 2025. The conference call scripts of Leigh Anne Mann, Vice President of Investor Relations; E. Jean Savage, Chief Executive Officer and President; and Eric R. Marchetto, Executive Vice President and Chief Financial Officer are furnished as Exhibit 99.2, and incorporated herein by reference.
The conference call, News Release, and Presentation Materials, described below, included references to Adjusted Operating Results and Adjusted Earnings Per Share, Adjusted Return on Equity, Cash Flow from Operations with Net Gains on Lease Portfolio Sales, EBITDA and Adjusted EBITDA, which are not calculations based on generally accepted accounting principles (“GAAP”). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the News Release and/or the Presentation Materials. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations.
This information and the materials described in Item 7.01 are not "filed" pursuant to the Securities Exchange Act of 1934 and are not incorporated by reference into any Securities Act of 1933 registration statements. Additionally, the submission of the report on Form 8-K is not an admission of the materiality of any information in this report that is required to be disclosed solely by Regulation FD.
Item 7.01 Regulation FD Disclosure.
See "Item 2.02 – Results of Operations and Financial Condition." Additionally, Trinity posted its presentation for investors and interested parties to its website to accompany the conference call; a copy of these materials is furnished as Exhibit 99.3 and incorporated herein by reference.
Forward-Looking Statements
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential impacts of the shutdown of the U.S. government. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits:
| NO. | DESCRIPTION | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Trinity Industries, Inc. | ||||||||
| October 30, 2025 | By: | /s/ Eric R. Marchetto | ||||||
| Name: Eric R. Marchetto | ||||||||
| Title: Executive Vice President and Chief Financial Officer | ||||||||
Exhibit 99.1
| NEWS RELEASE |  | ||||
FOR IMMEDIATE RELEASE
Trinity Industries, Inc. Announces Third Quarter 2025 Results
Reports quarterly earnings from continuing operations of $0.38 per diluted share
Generates year-to-date operating cash flow of $187 million and net gains on lease portfolio sales of $35 million
Lease fleet utilization of 96.8% and Future Lease Rate Differential ("FLRD") of positive 8.7% at quarter-end
Delivered 1,680 railcars in the quarter; backlog of $1.8 billion at quarter-end
DALLAS, Texas – October 30, 2025 – Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the third quarter ended September 30, 2025.
Financial and Operational Highlights
•Quarterly total company revenues of $454 million
•Quarterly income from continuing operations per common diluted share ("EPS") of $0.38
•Lease fleet utilization of 96.8% and FLRD of positive 8.7% at quarter-end
•Railcar deliveries of 1,680 and new railcar orders of 350
•Year-to-date cash flow from continuing operations of $187 million and net gains on lease portfolio sales of $35 million
2025 Guidance
•Industry deliveries of approximately 28,000 to 33,000 railcars
•Net fleet investment of $250 million to $350 million
•Operating and administrative capital expenditures of $45 million to $55 million
•EPS of $1.55 to $1.70
◦Excludes items outside of our core business operations
Management Commentary
“Trinity’s third quarter results highlight our Company’s agility and the strength of our business model to deliver favorable performance across all segments of the business,” said Trinity’s Chief Executive Officer and President, Jean Savage.
“In our Railcar Leasing and Services segment, we continue to benefit from strong market dynamics. Our fleet utilization stands at a favorable 96.8%, and segment revenue has grown by 4.0% year over year, driven by higher lease rates and favorable pricing on external repairs.” Ms. Savage continued, “I am especially proud of our ability to capitalize on a robust secondary market both as a buyer and seller of railcars, allowing us to maintain our targeted net fleet investment while also generating $21.7 million of gains on lease portfolio sales in the quarter.”
“In the Rail Products segment, we achieved a solid operating profit margin of 7.1%, even in a lower delivery environment, with a favorable mix of railcars and continued discipline and focus on operational excellence.”
Ms. Savage concluded, “Looking ahead, we are confident in our ability to finish the year strong, and we are raising and tightening our full year EPS guidance to a range of $1.55 to $1.70, reflecting sustained margin strength and continued success in the secondary market.”
1
Consolidated Financial Summary
| Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | Year over Year – Comparison | |||||||||||||||
| ($ in millions, except per share amounts) | |||||||||||||||||
| Revenues | $ | 454.1 | $ | 798.8 | Lower external deliveries in the Rail Products Group | ||||||||||||
Operating profit | $ | 118.6 | $ | 122.4 | Lower external deliveries in the Rail Products Group, partially offset by lower selling, engineering, and administrative expenses and higher gains on lease portfolio sales | ||||||||||||
| Interest expense, net | $ | 69.8 | $ | 67.4 | |||||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 31.4 | $ | 36.7 | |||||||||||||
EBITDA (1) | $ | 197.4 | $ | 200.9 | |||||||||||||
| Effective tax expense rate | 23.0 | % | 27.7 | % | |||||||||||||
| Diluted EPS – GAAP | $ | 0.38 | $ | 0.44 | |||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | Year over Year – Comparison | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net cash provided by operating activities – continuing operations | $ | 187.2 | $ | 383.5 | Primarily higher inventory balances, the purchase of tax credits in the current year period, and payments of incentive-based compensation during the current year period that were accrued as of December 31, 2024 | ||||||||||||
Cash flow from operations with net gains on lease portfolio sales (1) | $ | 222.6 | $ | 419.7 | |||||||||||||
| Net fleet investment | $ | 387.4 | $ | 86.5 | Timing of lease portfolio sales and fleet additions | ||||||||||||
| Returns of capital to stockholders | $ | 133.8 | $ | 77.2 | |||||||||||||
(1) Non-GAAP financial measure. See the Reconciliations of Non-GAAP Measures section within this Press Release for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors.
Additional Business Items
•Total committed liquidity of $571 million as of September 30, 2025.
•On October 28, 2025, Trinity Rail Leasing 2025 LLC ("TRL-2025"), a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company ("TILC"), issued an aggregate principal amount of $535.2 million of its Series 2025-1 Green Secured Railcar Equipment Notes (the "TRL-2025 Notes"). The TRL-2025 Notes bear interest at an all-in interest rate of 5.11%, are payable monthly, and have a stated final maturity date of October 19, 2055. TRL-2025 purchased a portfolio of railcars directly from TILC and from TILC's affiliates, Trinity Rail Leasing Warehouse Trust, and Trinity Rail Leasing 2010 LLC ("TRL-2010"). Net proceeds received from the railcars acquired in connection with the issuance of the TRL-2025 Notes were used to repay approximately $259.0 million of borrowings under TILC's warehouse loan facility; to redeem the outstanding debt of TRL-2010; and for general corporate purposes. The all-in interest rate for the TRL-2010 secured railcar equipment notes was 5.19% per annum.
2
Business Group Summary
| Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | Year over Year – Comparison | |||||||||||||||
| ($ in millions) | |||||||||||||||||
| Railcar Leasing and Services Group | |||||||||||||||||
| Revenues | $ | 301.0 | $ | 289.5 | Higher lease rates and favorable pricing on external repairs, partially offset by a lower volume of external repairs in the maintenance services business | ||||||||||||
| Operating profit | $ | 128.1 | $ | 115.2 | Higher lease rates and higher gains on lease portfolio sales, partially offset by higher maintenance and compliance costs for the lease fleet | ||||||||||||
| Operating profit margin | 42.6 | % | 39.8 | % | |||||||||||||
| Gains on lease portfolio sales | $ | 21.7 | $ | 11.4 | |||||||||||||
Fleet utilization (1) | 96.8 | % | 96.6 | % | |||||||||||||
FLRD (2) | +8.7 | % | +28.4 | % | Strength in repricing lease rates | ||||||||||||
Owned lease fleet (in units) (1) | 112,850 | 109,555 | |||||||||||||||
| Investor-owned lease fleet (in units) | 33,645 | 34,285 | |||||||||||||||
| Rail Products Group | |||||||||||||||||
| Revenues | $ | 278.8 | $ | 603.2 | Lower deliveries | ||||||||||||
| Operating profit | $ | 19.9 | $ | 48.9 | Lower deliveries, reduced overhead absorption due to lower production volumes, and costs associated with workforce reductions, partially offset by a higher mix of, and production efficiencies associated with, high-margin specialty railcars | ||||||||||||
| Operating profit margin | 7.1 | % | 8.1 | % | |||||||||||||
| New railcars: | |||||||||||||||||
| Deliveries (in units) | 1,680 | 4,360 | |||||||||||||||
| Orders (in units) | 350 | 1,810 | |||||||||||||||
| Order value | $ | 50.7 | $ | 201.4 | |||||||||||||
| Backlog value | $ | 1,762.4 | $ | 2,364.5 | |||||||||||||
| Sustainable railcar conversions: | |||||||||||||||||
| Deliveries (in units) | — | 170 | |||||||||||||||
| Eliminations | |||||||||||||||||
| Eliminations – revenues | $ | (125.7) | $ | (93.9) | |||||||||||||
| Eliminations – operating profit | $ | (5.9) | $ | (8.6) | |||||||||||||
| Corporate and other | |||||||||||||||||
| Selling, engineering, and administrative expenses | $ | 23.5 | $ | 33.1 | Lower employee-related costs, including incentive-based compensation, and lower consulting costs | ||||||||||||
| September 30, 2025 | December 31, 2024 | ||||||||||||||||
| Loan-to-value ratio | |||||||||||||||||
| Wholly-owned subsidiaries | 68.5 | % | 67.6 | % | |||||||||||||
(1) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
(2) FLRD calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates.
3
Conference Call
Trinity will hold a conference call at 8:00 a.m. Eastern on October 30, 2025 to discuss its third quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "1835195". Please call at least 10 minutes in advance to ensure a proper connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "4971748" until 11:59 p.m. Eastern on November 6, 2025.
Additionally, the Company will provide a quarterly investor presentation that will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Third Quarter Earnings Call event weblink.
Non-GAAP Financial Measures
We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. 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. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to stockholders; and the amount and timing of certain other items outside the normal course of our core business operations.
4
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our businesses market their railcar products and services under the trade name TrinityRail®. Our platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Our platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. Trinity reports its financial results in two reportable business segments: (1) Railcar Leasing and Services Group and (2) Rail Products Group. For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential impacts of the shutdown of the U.S. government. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.
| Investor Contact: | ||
| Leigh Anne Mann | ||
| Vice President, Investor Relations | ||
| Trinity Industries, Inc. | ||
| (Investors) 214/631-4420 | ||
| Media Contact: | ||
| Jack L. Todd | ||
| Vice President, Public Affairs | ||
| Trinity Industries, Inc. | ||
| (Media Line) 214/589-8909 | ||
- TABLES TO FOLLOW -
5
Trinity Industries, Inc.
Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenues | $ | 454.1 | $ | 798.8 | $ | 1,545.7 | $ | 2,449.8 | |||||||||||||||
| Operating costs: | |||||||||||||||||||||||
| Cost of revenues | 312.7 | 629.3 | 1,128.7 | 1,936.6 | |||||||||||||||||||
| Selling, engineering, and administrative expenses | 45.2 | 60.5 | 144.6 | 174.1 | |||||||||||||||||||
| Gains on dispositions of property: | |||||||||||||||||||||||
| Lease portfolio sales | 21.7 | 11.4 | 35.4 | 36.2 | |||||||||||||||||||
| Other | 0.7 | 2.0 | 6.0 | 4.2 | |||||||||||||||||||
| 335.5 | 676.4 | 1,231.9 | 2,070.3 | ||||||||||||||||||||
| Operating profit | 118.6 | 122.4 | 313.8 | 379.5 | |||||||||||||||||||
| Interest expense, net | 69.8 | 67.4 | 203.6 | 206.6 | |||||||||||||||||||
| Other, net | 0.6 | (1.4) | (0.4) | (1.4) | |||||||||||||||||||
| Income from continuing operations before income taxes | 48.2 | 56.4 | 110.6 | 174.3 | |||||||||||||||||||
| Provision (benefit) for income taxes: | |||||||||||||||||||||||
| Current | (7.9) | 18.3 | 8.6 | 45.2 | |||||||||||||||||||
| Deferred | 19.0 | (2.7) | 14.0 | (1.5) | |||||||||||||||||||
| 11.1 | 15.6 | 22.6 | 43.7 | ||||||||||||||||||||
| Income from continuing operations | 37.1 | 40.8 | 88.0 | 130.6 | |||||||||||||||||||
| Loss from discontinued operations, net of income taxes | (1.1) | (5.3) | (4.9) | (11.3) | |||||||||||||||||||
| Net income | 36.0 | 35.5 | 83.1 | 119.3 | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 5.7 | 4.1 | 16.6 | 9.8 | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 30.3 | $ | 31.4 | $ | 66.5 | $ | 109.5 | |||||||||||||||
| Basic earnings per common share: | |||||||||||||||||||||||
| Income from continuing operations | $ | 0.39 | $ | 0.45 | $ | 0.88 | $ | 1.48 | |||||||||||||||
| Loss from discontinued operations | (0.01) | (0.07) | (0.06) | (0.14) | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 0.38 | $ | 0.38 | $ | 0.82 | $ | 1.34 | |||||||||||||||
| Diluted earnings per common share: | |||||||||||||||||||||||
| Income from continuing operations | $ | 0.38 | $ | 0.44 | $ | 0.86 | $ | 1.44 | |||||||||||||||
| Loss from discontinued operations | (0.01) | (0.07) | (0.06) | (0.13) | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 0.37 | $ | 0.37 | $ | 0.80 | $ | 1.31 | |||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
| Basic | 80.5 | 82.2 | 81.1 | 81.9 | |||||||||||||||||||
| Diluted | 81.9 | 84.1 | 83.1 | 83.9 | |||||||||||||||||||
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.
Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.
6
Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
| September 30, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 66.3 | $ | 228.2 | |||||||
| Receivables, net of allowance | 311.7 | 379.1 | |||||||||
| Income tax receivable | 29.3 | 2.4 | |||||||||
| Inventories | 554.6 | 476.2 | |||||||||
| Restricted cash | 172.4 | 146.2 | |||||||||
| Property, plant, and equipment, net: | |||||||||||
| Railcars in our lease fleet: | |||||||||||
| Wholly-owned subsidiaries | 6,177.0 | 5,948.1 | |||||||||
| Partially-owned subsidiaries | 1,380.1 | 1,416.0 | |||||||||
| Deferred profit on railcar products sold | (724.7) | (732.5) | |||||||||
| Operating and administrative assets | 357.1 | 356.5 | |||||||||
| 7,189.5 | 6,988.1 | ||||||||||
| Goodwill | 221.5 | 221.5 | |||||||||
| Other assets | 386.0 | 390.5 | |||||||||
| Total assets | $ | 8,931.3 | $ | 8,832.2 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Accounts payable | $ | 253.1 | $ | 251.7 | |||||||
| Accrued liabilities | 258.4 | 353.0 | |||||||||
| Debt: | |||||||||||
| Recourse | 688.3 | 597.8 | |||||||||
| Non-recourse: | |||||||||||
| Wholly-owned subsidiaries | 4,228.3 | 4,021.3 | |||||||||
| Partially-owned subsidiaries | 1,027.1 | 1,071.8 | |||||||||
| 5,943.7 | 5,690.9 | ||||||||||
| Deferred income taxes | 1,088.2 | 1,075.6 | |||||||||
| Other liabilities | 137.5 | 153.8 | |||||||||
| Stockholders' equity: | |||||||||||
| Trinity Industries, Inc. | 1,001.0 | 1,058.9 | |||||||||
| Noncontrolling interest | 249.4 | 248.3 | |||||||||
| 1,250.4 | 1,307.2 | ||||||||||
| Total liabilities and stockholders' equity | $ | 8,931.3 | $ | 8,832.2 | |||||||
7
Trinity Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net cash provided by operating activities – continuing operations | $ | 187.2 | $ | 383.5 | |||||||
| Net cash used in operating activities – discontinued operations | (4.9) | (11.3) | |||||||||
| Net cash provided by operating activities | 182.3 | 372.2 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures – lease fleet | (530.3) | (340.2) | |||||||||
| Proceeds from lease portfolio sales | 142.9 | 253.7 | |||||||||
| Capital expenditures – operating and administrative | (26.8) | (32.3) | |||||||||
| Other investing activities | 15.8 | 13.6 | |||||||||
| Net cash used in investing activities | (398.4) | (105.2) | |||||||||
| Financing activities: | |||||||||||
| Net proceeds from (repayments of) debt | 244.9 | (68.6) | |||||||||
| Shares repurchased | (58.9) | (6.9) | |||||||||
| Dividends paid to common shareholders | (74.6) | (70.1) | |||||||||
| Other financing activities | (31.0) | (24.1) | |||||||||
| Net cash provided by (used in) financing activities | 80.4 | (169.7) | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (135.7) | 97.3 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 374.4 | 235.1 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 238.7 | $ | 332.4 | |||||||
8
Trinity Industries, Inc.
Reconciliations of Non-GAAP Measures
($ in millions, except per share amounts and percentages)
(unaudited)
Adjusted Operating Results
We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain interest expense, net; and certain other transactions or events (as applicable), described in the footnote to the tables below. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the tables below. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. 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.
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||
| GAAP | Interest expense, net (1) | Adjusted | |||||||||||||||||||||||||||||||||
| Operating profit | $ | 122.4 | $ | — | $ | 122.4 | |||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 56.4 | $ | (0.4) | $ | 56.0 | |||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | $ | 15.6 | $ | (0.1) | $ | 15.5 | |||||||||||||||||||||||||||||
| Income from continuing operations | $ | 40.8 | $ | (0.3) | $ | 40.5 | |||||||||||||||||||||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 36.7 | $ | (0.3) | $ | 36.4 | |||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 84.1 | 84.1 | |||||||||||||||||||||||||||||||||
| Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.44 | $ | 0.43 | |||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| GAAP | Interest expense, net (1) | Adjusted | |||||||||||||||||||||||||||||||||||||||||||||
| Operating profit | $ | 379.5 | $ | — | $ | 379.5 | |||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 174.3 | $ | (1.2) | $ | 173.1 | |||||||||||||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | $ | 43.7 | $ | (0.3) | $ | 43.4 | |||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations | $ | 130.6 | $ | (0.9) | $ | 129.7 | |||||||||||||||||||||||||||||||||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 120.8 | $ | (0.9) | $ | 119.9 | |||||||||||||||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 83.9 | 83.9 | |||||||||||||||||||||||||||||||||||||||||||||
| Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 1.44 | $ | 1.43 | |||||||||||||||||||||||||||||||||||||||||||
(1) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets.
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Adjusted Return on Equity
Adjusted Return on Equity (“Adjusted ROE”) is defined 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 certain other adjustments (net of income taxes), described in the footnotes to the table below, which include certain gains on dispositions of other property; and restructuring activities, net; and (ii) the denominator is calculated as average Trinity stockholders’ equity (which excludes noncontrolling interest). In the following table, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing operations and total stockholders’ equity, respectively, which are the most directly comparable GAAP financial measures. 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.
LTM September 30, 2025 | September 30, 2024 | ||||||||||||||||
| ($ in millions) | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Income from continuing operations | $ | 128.8 | |||||||||||||||
| Net income attributable to noncontrolling interest | (25.5) | ||||||||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | 103.3 | ||||||||||||||||
| Adjustments (net of income taxes): | |||||||||||||||||
Gains on dispositions of property – other (1) | (2.1) | ||||||||||||||||
| Restructuring activities, net | 3.4 | ||||||||||||||||
| Adjusted Net Income | $ | 104.6 | |||||||||||||||
| Denominator: | |||||||||||||||||
| Total stockholders' equity | $ | 1,250.4 | $ | 1,298.5 | |||||||||||||
| Noncontrolling interest | (249.4) | (241.1) | |||||||||||||||
| Trinity stockholders' equity | $ | 1,001.0 | $ | 1,057.4 | |||||||||||||
| Average total stockholders' equity | $ | 1,274.5 | |||||||||||||||
Return on Equity (2) | 10.1 | % | |||||||||||||||
| Average Trinity stockholders' equity | $ | 1,029.2 | |||||||||||||||
Adjusted Return on Equity (3) | 10.2 | % | |||||||||||||||
(1) Represents insurance recoveries in excess of net book value for assets damaged by a fire at the Company’s facility in Cartersville, Georgia in the first quarter of 2024.
(2) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity.
(3) Adjusted Return on Equity is calculated as adjusted net income divided by average Trinity stockholders' equity, each as defined and reconciled above.
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Cash Flow from Operations with Net Gains on Lease Portfolio Sales
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 following table. 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.
| Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Net cash provided by operating activities – continuing operations | $ | 187.2 | $ | 383.5 | |||||||
| Net gains on lease portfolio sales | 35.4 | 36.2 | |||||||||
Cash flow from operations with net gains on lease portfolio sales | $ | 222.6 | $ | 419.7 | |||||||
EBITDA and Adjusted EBITDA
“EBITDA” is defined as income from continuing operations plus interest expense, provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA plus certain interest income. EBITDA and Adjusted EBITDA are non-GAAP financial measures; however, the amounts included in these calculations are derived from amounts included in our GAAP financial statements. EBITDA and Adjusted EBITDA are reconciled to net income, the most directly comparable GAAP financial measure, in the following table. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company’s operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, as indicators of our operating performance, or as alternatives to operating cash flows as measures of liquidity. 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.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income | $ | 36.0 | $ | 35.5 | $ | 83.1 | $ | 119.3 | |||||||||||||||
| Less: Loss from discontinued operations, net of income taxes | (1.1) | (5.3) | (4.9) | (11.3) | |||||||||||||||||||
| Income from continuing operations | 37.1 | 40.8 | 88.0 | 130.6 | |||||||||||||||||||
| Interest expense | 72.3 | 71.5 | 211.6 | 218.5 | |||||||||||||||||||
| Provision (benefit) for income taxes | 11.1 | 15.6 | 22.6 | 43.7 | |||||||||||||||||||
| Depreciation and amortization expense | 76.9 | 73.0 | 226.4 | 220.2 | |||||||||||||||||||
EBITDA | 197.4 | 200.9 | 548.6 | 613.0 | |||||||||||||||||||
| Interest income | — | (0.4) | — | (1.2) | |||||||||||||||||||
| Adjusted EBITDA | $ | 197.4 | $ | 200.5 | $ | 548.6 | $ | 611.8 | |||||||||||||||
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Exhibit 99.2
Trinity Industries, Inc.
Earnings Release Conference Call – Q3 2025
October 30, 2025
Leigh Anne Mann
Vice President, Investor Relations
Thank you, operator. Good morning everyone. We appreciate you joining us for the Company’s third quarter 2025 financial results conference call.
Our prepared remarks will include comments from Jean Savage, Trinity’s Chief Executive Officer and President, and Eric Marchetto, the Company’s Chief Financial Officer. We will hold a Q&A session following the prepared remarks from our leaders.
During the call today, we will reference certain non-GAAP financial metrics. The reconciliations of the non-GAAP metrics to comparable GAAP measures are provided in the appendix of the quarterly investor slides, which are accessible on our investor relations website at www.trin.net. These slides are under the Events and Presentations portion of the website, along with the Third Quarter Earnings Conference Call event link.
A replay of today’s call will be available after 10:30 a.m. Eastern time through midnight on November 6th, 2025. Replay information is available under the Events and Presentations page on our Investor Relations website.
It is now my pleasure to turn the call over to Jean.
E. Jean Savage
Chief Executive Officer and President
Thank you, Leigh Anne, and good morning everyone. As we approach year-end, I want to recognize our team’s dedication. Our third quarter results demonstrate Trinity’s agility and strong business model. Trinity is raising and tightening full year EPS guidance to $1.55 to $1.70, reflecting our confidence in the business model and execution capabilities.
Our leasing business continues to benefit from strong market dynamics, higher lease rates, and favorable pricing on external repairs. We are also seeing continued opportunities in the secondary market, further reinforcing our position as an industry leader. On the manufacturing side, our team delivered impressive results, achieving a solid operating profit margin of 7.1% with a favorable mix of specialty railcars and improving operational efficiencies, despite a lower delivery environment.
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I am proud of what we have accomplished together and confident that our continued focus and teamwork will drive future success.
Before discussing our quarterly results in more detail, I would like to provide a brief market overview.
Market Update
Strong renewal success and steady lease fleet utilization across the industry indicate customers continue to size their fleets anticipating future demand. While persistent market uncertainty has delayed customers’ decisions to invest in new railcars, customers are still holding onto existing railcars. Overall, the North American railcar fleet remains in balance and is contracting as scrapping is outpacing new railcar deliveries.
Segment Performance
I will now highlight segment performance for the quarter, beginning with the Railcar Leasing and Services segment, which includes leasing, maintenance, and digital and logistics services.
Leasing and Services
Leasing and Services segment revenue grew year over year, driven by higher fleet pricing and strong utilization of 96.8%, which continues to represent a balanced and well-utilized fleet. Renewal rates were 25.1% above expiring rates in the quarter with an 82% renewal success rate. The Future Lease Rate Differential was 8.7% in the quarter driven by higher expiring rates and some lease rate moderation on certain railcar types. Despite this moderation, we remain optimistic about the leasing market.
Furthermore, the secondary market remains very active, and we have capitalized on good opportunities to optimize and monetize our fleet. We added over $100 million of railcars into our fleet from the secondary market and sold $80 million of railcars in the quarter. We find value in utilizing the secondary market as both a buyer and a seller and remain pleased with the performance and yield on our fleet. We expect secondary market activity to accelerate in the fourth quarter, and we plan to end the year within our guidance range for our overall net lease fleet investment.
Trinity’s maintenance business continues to benefit from industry-leading turn times, which allows us to lower the cost per maintenance event for our lease fleet.
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Rail Products
Turning to the Rail Products segment, which includes our manufacturing and parts businesses, market conditions remain challenged. Industry railcar orders remained depressed in the third quarter. By proactively adjusting production, together with a favorable mix of railcars, we improved efficiency and achieved 7.1% operating margin in Rail Products despite lower deliveries of 1,680 railcars. 46% of our deliveries in the quarter went into our lease fleet, and we expect the full year number to be between 30% and 35%.
In the quarter, we received orders for 350 railcars. This order number reflects the broader market conditions. Industry orders in the quarter were 3,071, well below expectations in a replacement cycle. While industry orders remain below expectations, our conversations with customers indicate potential for future growth. With these conversations and the replacement demand, we have not changed our longer-term outlook for the industry. Our backlog stands at $1.8 billion, with approximately 21% expected to deliver by year-end. We currently hold about 50% of the industry backlog.
Conclusion
In conclusion, I am pleased with our performance in the quarter. We are delivering results consistent with our expectations and reflective of market conditions. The Trinity integrated platform of railcar leasing enabled by manufacturing and services makes it easier for our customers to use rail. We have a multitude of levers to deliver steady profitability and cash flow through a cycle. Whether its repricing leased railcars, selling leased railcars in the secondary market, investing in the fleet, building new railcars, or supporting elevated railcar repair and compliance needs, Trinity is designed to deliver value to shareholders and customers alike. As we head into the last few months of 2025 and into 2026, our fleet is well-positioned to generate significant and consistent cash flows, and our manufacturing footprint is right-sized and ready to efficiently meet railcar demand when it fully returns.
I’ll now turn the call over to Eric to talk through financial results, as well as our updated guidance for 2025.
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Eric R. Marchetto
Executive Vice President and Chief Financial Officer
Thank you, Jean, and good morning everyone. I will begin by discussing our third quarter financial statements, starting with the income statement.
Income Statement
Total revenues in the third quarter were $454 million, down both sequentially and year over year due to lower external deliveries in the Rail Products Group. However, despite lower deliveries, earnings per share in the quarter of $0.38 are up sequentially due to the favorable margin performance in the Rail Products Group.
As previously noted, we are seeing the benefits of the decisions we made earlier this year to right-size our organization. We are expecting full year SE&A savings of approximately 20% as compared to 2024 and will end the year at a lower run rate as we move into 2026.
Cash Flow Statement
Moving to the cash flow statement, year-to-date cash flow from continuing operations was $187 million. Our net fleet investment year-to-date is $387 million, above our full year guidance of $250 million to $350 million, implying a negative fleet investment in the fourth quarter as timing of railcar sales are heavily weighted in the fourth quarter. Year-to-date gains on lease portfolio sales are $35 million, and we anticipate full year gains of $70 to $80 million.
Year-to-date, we have returned $134 million of capital to our shareholders through a combination of dividends and share buybacks. We continue to be opportunistic in our return of capital and continuously evaluate our capital allocation options to generate favorable shareholder returns.
Balance Sheet
Moving to the balance sheet, our cash balance is $66 million, and total liquidity is $571 million. Our asset balance includes $162 million of finished goods inventory, the majority of which we expect to deliver in the fourth quarter and convert to cash.
Our loan-to-value ratio of 68.5% remains within our target range of 60% to 70%.
Earlier this week we completed the financing of our TRL-2025 Notes and used the proceeds to repay borrowings under our warehouse, redeem the outstanding debt of the TRL-2010 notes, and for
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general corporate purposes. We were pleased to have strong investor demand for these notes and benefitted from lower benchmarks and tightening spreads.
Guidance
And now moving on to our expectations for the fourth quarter and the full year of 2025. We maintain our outlook of full year industry deliveries of 28,000 to 33,000 railcars, reflecting the muted current railcar environment. We expect the industry to scrap about 40,000 railcars this year, which means we expect contraction in the North American fleet this year.
As previously mentioned, we are maintaining our net fleet investment guidance of $250 million to $350 million for the full year, implying a negative net fleet investment in the fourth quarter. We expect substantial railcar sales in the fourth quarter, more than offsetting additions to the fleet from origination and secondary market purchases. However, we still expect overall fleet growth for the year, meeting our one year target and keeping us on track for our three year target of $750 million to $1 billion of net fleet investment between 2024 and 2026. We continue to prioritize investment in our fleet as this provides sustainable, long term returns.
And finally, we are raising and tightening our full year EPS guidance from a range of $1.40 to $1.60 to a range of $1.55 to $1.70. We are on track to our forecast for deliveries and expect Rail Products segment margin performance of 5% to 6% for the full year. Additionally, our leasing margin before gains is also on track with prior expectations. Therefore, with conviction in our margin performance, as well as expected higher gains on railcar sales in the fourth quarter, we are raising our full year EPS guidance.
In closing, I want to emphasize that we are growing our lease fleet while capitalizing on strong secondary market conditions. Additionally, we have reduced costs, which allows us to operate more efficiently and profitably and improve our returns. In short, our platform provides flexibility and resilience, which are demonstrated in today’s results and commentary.
We look forward to sharing our full year results with you in February and will provide our expectations for 2026 at that time.
Operator, we are now ready to take our first question.
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(after Q&A)
E. Jean Savage
Chief Executive Officer and President
Thank you. As you can tell, we remain confident in our strategy and our ability to deliver value as market conditions evolve. Also, I want to thank you for your continued support.
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Q3 2025 Investor Presentation Exhibit 99.3 October 30, 2025 – based on financial results as of September 30, 2025
2Investor Presentation 2 Forward Looking Statements Some statements in this presentation, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential impacts of the shutdown of the U.S. government. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this material, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K. This presentation also includes references to calculations that are not based on generally accepted accounting principles (“GAAP”). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the Appendix. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations. Except where noted, financial data is presented as of the Company’s most recent fiscal quarter ending September 30, 2025. “LTM” represents Last Twelve Months(1) financial information from October 1, 2024 to September 30, 2025. See appendix for footnotes
3Investor Presentation I. Quarter Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 III. Financial Positioning and Strategic Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 IV. Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Investor Presentation – Q3 2025
4Investor Presentation Quarter Results
5Investor Presentation Key Takeaways from Q3 2025 Quarterly EPS from continuing operations of $0.38, up $0.19 sequentially Strength in repricing lease rates; FLRD +8.7%, utilization 96.8% New railcar orders of 350 and railcar deliveries of 1,680; backlog of $1.8B Raising and tightening full year EPS guidance to a range of $1.55 to $1.70 attributed to higher secondary market gains and margin performance
6Investor Presentation Financial Results Highlights Cash Flow from Cont. Operations $45M $(39)M Revenues $454M (43)% EPS $0.38 $(0.06) Q3 2025 – Year over Year Adjusted ROE* 10.2% LTM Q3-25 * See appendix for reconciliation of non-GAAP measures
7Investor Presentation North American Railcar Market In Balance C ha ng e in N or th A m er ic an R ai lc ar F le et (r ai lc ar s Y /Y ) S hare of R ailcars in S torage (M onthly % ) Change in Fleet Size (Y/Y) Percent in storage 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 -30,000 -20,000 -10,000 0 10,000 20,000 —% 5% 10% 15% 20% 25% North American Railcar Fleet and Railcars in Storage Source: Association of American Railroads (“AAR”) RAILCAR FLEET The North American railcar fleet continues to contract as slower new railcar production is outpaced by railcars leaving the fleet. RAILCARS IN STORAGE The North American fleet remains in balance and railcar storage levels reflect normal seasonal activity.
8Investor Presentation8 Leasing & Services Revenue and Operating Profit Margin (1) (in m ill io ns ) Leasing & Management Revenue Maintenance Services Revenue Digital & Logistics Services Revenue OP Margin (1) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $— $120 $240 $360 20% 40% 60%Leasing & Services Segment Revenue Drivers • Revenues were up year over year due to higher lease rates, as well as favorable pricing on external repairs, partially offset by a lower volume of external repairs in our maintenance services business Leasing & Services Margin Performance Drivers • Operating margin of 42.6% in the quarter is up year over year due to higher lease rates and higher gains on lease portfolio sales, partially offset by higher maintenance and compliance costs for the lease fleet • Completed $80M of lease portfolio sales in the quarter, resulting in gains of $22M • Segment margin includes gains from insurance recoveries in Q4 2024 Leasing & Services Business Highlights • Quarterly net fleet investment of $155 million • Owned fleet of 112,850 railcars • Total owned and investor-owned fleet of 146,495 railcars • Fleet utilization of 96.8% • Renewal success rate of 82% for Q3 2025 • FLRD remains strong at +8.7% See appendix for footnotes Segment Performance: Railcar Leasing & Services Group Fl ee t U til iz at io n FLR D Fleet Utilization FLRD (2) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 80% 90% 100% —% 25% 50% FLRD and Utilization Remain Favorable
9Investor Presentation9 Rail Products Segment Revenue Drivers • Quarterly revenues down year over year due to lower deliveries Rail Products Margin Performance Drivers • Operating margin of 7.1% in the quarter is down year over year driven by lower deliveries, reduced overhead absorption due to lower production volumes, and costs associated with workforce reductions, partially offset by a higher mix of, and production efficiencies associated with, high-margin specialty railcars Rail Products Business Highlights • 1,680 new railcar deliveries in the quarter • 350 new railcar orders in the quarter • Backlog of $1.8 billion at quarter-end Rail Products Revenue and Operating Profit Margin (in m ill io ns ) Rail Products Revenue Parts & Components Revenue OP Margin Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $— $250 $500 $750 —% 3% 5% 8% 10% Segment Performance: Rail Products Group Orders Deliveries Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 0 2,500 5,000 Order Volumes Reflect Market Conditions
10Investor Presentation Revenues Reflect Lower External Deliveries Q3 2025 Financial Summary: Income Statement: • Total revenues of $454M reflect lower external deliveries in the Rail Products Group • GAAP EPS from continuing operations of $0.38 • Lease portfolio sales proceeds of $80M in the quarter 10 Cash Flow Generation Remains Favorable * See appendix for reconciliation of non-GAAP measures (in m ill io ns ) Leasing & Services Rail Products Adj EPS, Cont Ops (Diluted) * Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $— $450 $900 $— $0.50 $1.00 (in m ill io ns ) Cash Flow from Cont Ops Net Gains on Lease Portfolio Sales Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $— $100.0 $200.0 $300.0 Total Company Results Year-to-Date Cash Flow: • Cash flow from continuing operations of $187M • Net gains on lease portfolio sales of $35M • Net fleet investment of $387M • Investment of $27M in operating and administrative capex • Shareholder returns of $134M through dividends paid and share repurchases
11Investor Presentation Unencumbered Railcars $697M LTV of 68.5% for the wholly-owned lease portfolio as of Q3-25 Pledge to warehouse and additional assets can be sold or financed CAPITAL LEVERS Recourse Debt $688M @ ~7.5%(1) Non-recourse Debt $5.3B @ ~4.2%(1) Favorable average cost of debt with flexible term structures DEBT STRUCTURE Cash & Equivalents $66M Revolver Availability $503M Warehouse Availability $2M LIQUIDITY Solid Liquidity of $571M(1) Attractive Debt Structures Conservative Capitalization See appendix for footnotes Balance Sheet Positioning Strategically Positioned for Value Creation
12Investor Presentation C ap ita l A llo ca tio n FY 2025 Summary Detail Industry Deliveries Approximately 28K – 33K Does not include sustainable railcar conversions Net Fleet Investment $250M – $350M Includes deliveries to our lease fleet, railcar modifications and betterments, and secondary market purchases; offset by proceeds from lease portfolio sales Operating and Administrative Capital Expenditures $45M – $55M Investments in automation, technology, and modernization of facilities and processes EPS from Continuing Operations $1.55 – $1.70 Excludes items outside of our normal business operations Any forward-looking statements made by the Company speak only as of the date on which they are made. Except as required by federal securities law, the Company is under no obligation to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise. Management Outlook for Business Performance
13Investor Presentation Company Overview
14Investor Presentation Trinity Industries, Inc. is a market leading railcar leasing business that provides rail transportation products and services in North America – Top 5 Leasing company ~ 112,850 railcars under ownership ~ 33,645 additional investor-owned railcars – Leading railcar manufacturer with 41% of industry deliveries in FY 2024 – Railcar maintenance network and growing railcar logistics products and services Unique rail platform provides single source for comprehensive rail transportation solutions • LTM Q3-25 total revenues of $2.2 billion • LTM Q3-25 Adjusted EBITDA* of $741 million • Current dividend yield of 4.3%(1) – 246 consecutive quarterly dividend payments External Revenue by Business Segment(2) *All specified data as of September 30, 2025; See appendix for footnotes and reconciliation of non-GAAP measures $8.1 billion* Enterprise Value $171 million* LTM Q3-25 Stockholder Returns $392 million* LTM Q3-25 Cash Flow from Cont. Ops $2.2 billion* Market Cap Leasing & Services Rail Products Adj EPS, Cont Ops (Diluted) * 2023 2024 LTM Q3-25 $— $1,750 $3,500 $1.20 $1.40 $1.60 $1.80 $2.00 (in $mms) Trinity Industries, Inc. Overview
15Investor Presentation Optimize customers’ ownership and usage of railcar equipment Cross-sell to deliver innovative solutions and differentiated experience Create an unmatched rail platform that provides a full suite of customer solutions to make a Trinity leased railcar the “railcar of choice” for our shipper customers for higher fleet utilization, more value streams per railcar, and higher shareholder returns Trinity’s Platform Built for Superior Performance
16Investor Presentation Platform Capabilities Support Optimized Lease Fleet Returns Lease Originations Captive Maintenance Parts and Services Manufacturing excellence and new product development Market data and leading market view Asset Management / RIV Partnerships Dual role as owner and builder creates a feedback loop reinforcing asset differentiation Complementary lines of business give us a broad industry view and early visibility to industry trends Lease origination capabilities give customer flexibility and unlock multiple monetization options for each asset Fee income from Rail Investment Vehicle partnerships worth an average of 100bp to Adjusted ROE over last 5 years Captive maintenance and Mobile Repair Units allow for more time on rent Parts and services reduce cyclicality of earnings stream and enhance customer experience
17Investor Presentation Establishing New Value Streams Across Railcar Life Cycle
18Investor Presentation Diversified Portfolio of Railcar Equipment ~ 900 Different Commodities ~ 270 Different Railcar Designs Refined Products & Chemicals Energy Agriculture Construction & Metals Consumer Products Fr ei gh t C ar s 52 % Open Hoppers & Gondolas Coal Aggregates, Steel and Metals 11% Small Covered Hopper (< 5k cu/ft) Frac Sand Fertilizer Cement, Construction Materials, Steel and Metals 11% Large Covered Hopper (< 5k cu/ft) Other Chemical (Soda Ash) DDG and Feeds, Grain Mill Products, Grains, Food and Other Ag, Fertilizer Lumber (Wood Chips) 12% Specialty Covered Hopper Plastics Coal (Fly Ash) Grain Mill Products Aggregates, Cement 7% Other Freight Other Chemicals Food Lumber, Steel and Metals, Cement Autos, Paper, Intermodal 11% Ta nk C ar s 48 % Pressure Tank Cars NGL, Chlor Alkali, Petro- chemical, Other Chemicals Fertilizer 10% Gen. Service Tank Cars (< 20k. Gal) Sulfur Products, Chlor Alkali, Other Chemicals Grain Mill Products Aggregates (Clay Slurry) 3% Gen. Service Tank Cars (20k. - 25k Gal.) Refined Products, Petro- chemicals, Other Chemicals Fertilizer, Food, Animal Feed 5% Gen. Service Tank Cars (25k. - 30k Gal.) Refined Products, Petro- chemicals, Other Chemicals Crude Oil, Biofuels Grain Mill Products, Food 12% Gen. Service Tank Cars (> 30k. Gal) Refined Products, Petrochemicals, Other Chemicals, NGL's Biofuels, Crude Oil 13% Specialty Tank Chlor Alkali, Other Chemicals, Sulfur Products Fertilizer 5% 34% 27% 20% 10% 9% Commercial End Markets / Commodities M aj or R ai lc ar C at eg or y r l ll r r (< 5k cu/ft) Large overed opper (> 5k cu/ft) i lt r r t r r i t r r r . r i r (< 20k. Gal) . r i r (20k. - 25k Gal.) . r i r (25k. - 30k Gal.) . r i r (> 30k. Gal) i lt *All percentage information reflects Company-owned fleet assets as of December 31, 2024
19Investor Presentation 13% 13% 9% 26% 12% 13% TRN, 14% TRN UnionTank GATX All other * ITE CIT Wells Fargo The TrinityRail platform has grown at a 10% CAGR since 2003 Lessors Make Up A Growing Share of the North American Fleet Railcar Lessor Ownership Profile Presents Consolidation Opportunity Operating Lessors *Over 90 lessors own 252K railcars in “All other” 19 Financial Lessors 55% 18% 17% 10% Lessor Railroad Shipper TTX See appendix for source information Capitalizing on Structural Change in the Rail Market
20Investor Presentation Promoting the long-term interests of stakeholders, strengthening accountability and inspiring trust • Independent Chairman and Board of Directors with diverse backgrounds and experienced oversight • Incentive compensation programs aligned with shareholder interests • Board of Directors and Executive Leadership Team oversight of sustainability initiatives Attracting and retaining a diverse and empowered workforce • Fostering an inclusive and collaborative workplace • Hiring and retaining the best talent and providing opportunities for continuing professional development • Improving the well being of our employees and stakeholders • Contributing to the communities in which we operate Operating our business in a way that minimizes impact on natural resources and the environment • Leveraged Green Financing Framework for financing of green-eligible railcars assets supported by Sustainalytics • Innovative products and services that enhance the rail modal supply chain advantage and reduce GHG emissions • Reporting alignment with the Task Force on Climate-related Financial Disclosures and the Sustainability Accounting Standards Board frameworks, along with submitting responses to the Carbon Disclosure Project Climate Change and Water questionnaires, provides a transparent look at how environmental impact is managed Strong track record of operational excellence • All Trinity Rail manufacturing facilities and Trinity HQ achieved ISO 14001 (Environmental) and ISO 45001 (Safety) certification, the only railcar manufacturer in North America certified to both rigorous standards • Actively engage stakeholders in environmental, health, and safety (EHS) initiatives and continually improve EHS processes, practices, and operational performance • Earned the EcoVadis Bronze Medal, a recognition of ongoing commitment to sustainability and responsible business practices Commitment to Premier Performance and Sustainability Governance Excellence Social Responsibility Environmental Commitment Risk Management
21Investor Presentation • 1.7 million railcars in North America(1) • 1.4 trillion ton miles moved by rail in 2024(2) • 3,500+ commodities moved by rail(3) • Annual railcar loadings of 17 million in 2024(4), highly correlated to U.S. GDP U.S. Freight Ton Miles by Mode of Transportation(2) See appendix for footnotes 21 Truck, 49% Rail, 26% Water, 9% Pipe, 16% 5.4 trillion total ton miles Integral Part of North American Supply Chain 26% of U.S. Freight Ton Miles move by rail
22Investor Presentation Financial Positioning and Strategic Initiatives
23Investor Presentation Fleet investment generates highest returns for Trinity Strong FLRD and growing end market demand supports our conviction in the return opportunities from fleet investment Requires diligence, but strategic M&A around Parts and Services can drive meaningful returns Committed to dividend growth and will be opportunistic around share repurchases Current debt profile supports ROE outlook Committed to maintaining appropriate liquidity Capital Allocation Strategy Focused on Returns HIGHER RETURNS LOWER RETURNS Fleet InvestmentCapital Investments and M&AReturn of CapitalDebt RepaymentHold Cash
24Investor Presentation • Long-term leases • High renewal success rates • Low credit defaults and bad debt expense • Active secondary market Stable and Predictable Cash Flows • 35-50 year useful life • Positive yield relationship to inflation • Low volatility for residuals • Low technological obsolescence Hard Asset Value with Inflation Benefits • Integral component of North American supply chain • Multiple market sectors with varying demand drivers Strong Correlation with GDP • Rent yields highly correlate to interest rates Natural Interest Rate Hedge • Accelerated depreciation for tax purposes • 100% bonus depreciation allowed under current tax law • Superior risk-adjusted returns Tax-advantaged Investment • Accounts for 1/3 of U.S. freight, but only 0.5% of greenhouse emissions • Up to 95% recyclable through scrap and salvage Environmental Profile* *See appendix for source information 24 Railcars are Sustainable Long-Term Investments
25Investor Presentation Trinity’s Operating Model and Company Purpose
26Investor Presentation Appendix
27Investor Presentation 27 Three Months Ended September 30, 2024 (in millions, except per share amounts) GAAP Interest expense, net (1) Adjusted Operating profit $ 122.4 $ — $ 122.4 Income from continuing operations before income taxes $ 56.4 $ (0.4) $ 56.0 Provision (benefit) for income taxes $ 15.6 $ (0.1) $ 15.5 Income from continuing operations $ 40.8 $ (0.3) $ 40.5 Net income from continuing operations attributable to Trinity Industries, Inc. $ 36.7 $ (0.3) $ 36.4 Diluted weighted average shares outstanding 84.1 84.1 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 0.44 $ 0.43 (1) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain interest expense, net; and certain other transactions or events (as applicable), described in the footnote to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. 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 Operating Results
28Investor Presentation 28 Reconciliation: Adjusted Operating Results (1) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain interest expense, net; and certain other transactions or events (as applicable), described in the footnote to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. 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. Nine Months Ended September 30, 2024 (in millions, except per share amounts) GAAP Interest expense, net (1) Adjusted Operating profit $ 379.5 $ — $ 379.5 Income from continuing operations before income taxes $ 174.3 $ (1.2) $ 173.1 Provision (benefit) for income taxes $ 43.7 $ (0.3) $ 43.4 Income from continuing operations $ 130.6 $ (0.9) $ 129.7 Net income from continuing operations attributable to Trinity Industries, Inc. $ 120.8 $ (0.9) $ 119.9 Diluted weighted average shares outstanding 83.9 83.9 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 1.44 $ 1.43
29Investor Presentation 29 Year Ended December 31, 2024 (in millions, except per share amounts) GAAP Gains on dispositions of property – other (1) Restructuring activities, net Interest expense, net (2) Adjusted Operating profit $ 491.5 $ (2.7) $ 4.3 $ — $ 493.1 Income from continuing operations before income taxes $ 221.8 $ (2.7) $ 4.3 $ (1.2) $ 222.2 Provision (benefit) for income taxes $ 50.4 $ (0.6) $ 0.9 $ (0.3) $ 50.4 Income from continuing operations $ 171.4 $ (2.1) $ 3.4 $ (0.9) $ 171.8 Net income from continuing operations attributable to Trinity Industries, Inc. $ 152.7 $ (2.1) $ 3.4 $ (0.9) $ 153.1 . Diluted weighted average shares outstanding 84.2 84.2 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 1.81 $ 1.82 Reconciliation: Adjusted Operating Results (1) Represents insurance recoveries in excess of net book value for assets damaged by a fire at the Company’s facility in Cartersville, Georgia in the first quarter of 2024. (2) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain gains on dispositions of other property; restructuring activities, net; interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. 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.
30Investor Presentation 30 (1) Represents the change in estimated fair value of additional contingent consideration associated with an acquisition. (2) Represents insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. (3) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain selling, engineering, and administrative expenses; gains on dispositions of other property; restructuring activities, net; interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. 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. Year Ended December 31, 2023 (in millions, except per share amounts) GAAP Selling, engineering, and administrative expenses (1) Gains on dispositions of property – other (2) Restructuring activities, net Interest expense, net (3) Adjusted Operating profit $ 417.0 $ 4.0 $ (6.3) $ (2.2) $ — $ 412.5 Income from continuing operations before income taxes $ 149.0 $ 4.0 $ (6.3) $ (2.2) $ (1.5) $ 143.0 Provision (benefit) for income taxes $ 9.0 $ 1.0 $ (1.6) $ (0.6) $ (0.4) $ 7.4 Income from continuing operations $ 140.0 $ 3.0 $ (4.7) $ (1.6) $ (1.1) $ 135.6 Net income from continuing operations attributable to Trinity Industries, Inc. $ 119.4 $ 3.0 $ (4.7) $ (1.6) $ (1.1) $ 115.0 Diluted weighted average shares outstanding 83.4 83.4 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 1.43 $ 1.38 Reconciliation: Adjusted Operating Results
31Investor Presentation Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 (in millions) Net cash provided by operating activities – continuing operations $ 83.8 $ 204.6 $ 78.4 $ 63.5 $ 45.3 Net gains on lease portfolio sales 11.4 21.1 5.9 7.8 21.7 Cash flow from operations with net gains on lease portfolio sales $ 95.2 $ 225.7 $ 84.3 $ 71.3 $ 67.0 Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales 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.
32Investor Presentation (1) Represents insurance recoveries in excess of net book value for assets damaged by a fire at the Company’s facility in Cartersville, Georgia in the first quarter of 2024. (2) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity. (3) Adjusted Return on Equity is calculated as adjusted net income 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 certain other adjustments (net of income taxes), described in the footnotes to the table above, which include certain gains on dispositions of other property; and restructuring activities, net; 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. LTM September 30, 2025 September 30, 2024 ($ in millions) Numerator: Income from continuing operations $ 128.8 Net income attributable to noncontrolling interest (25.5) Net income from continuing operations attributable to Trinity Industries, Inc. 103.3 Adjustments (net of income taxes): Gains on dispositions of property – other (1) (2.1) Restructuring activities, net 3.4 Adjusted Net Income $ 104.6 Denominator: Total stockholders' equity $ 1,250.4 $ 1,298.5 Noncontrolling interest (249.4) (241.1) Trinity stockholders' equity $ 1,001.0 $ 1,057.4 Average total stockholders' equity $ 1,274.5 Return on Equity (2) 10.1 % Average Trinity stockholders' equity $ 1,029.2 Adjusted Return on Equity (3) 10.2 % Reconciliation: Adjusted Return on Equity
33Investor Presentation “EBITDA” is defined as income from continuing operations plus interest expense, provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA plus certain gains on dispositions of other property; and restructuring activities, net. EBITDA and Adjusted EBITDA are non-GAAP financial measures; however, the amounts included in these calculations are derived from amounts included in our GAAP financial statements. EBITDA and Adjusted EBITDA are reconciled to net income, the most directly comparable GAAP financial measure, in the table above. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company’s operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, as indicators of our operating performance, or as alternatives to operating cash flows as measures of liquidity. 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. LTM September 30, 2025 (in millions) Net income $ 120.9 Less: Loss from discontinued operations, net of income taxes (7.9) Income from continuing operations 128.8 Interest expense 281.6 Provision (benefit) for income taxes 29.3 Depreciation and amortization expense 300.0 EBITDA 739.7 Gains on dispositions of property – other (2.7) Restructuring activities, net 4.3 Adjusted EBITDA $ 741.3 Reconciliation: EBITDA and Adjusted EBITDA
34Investor Presentation Slide 2 – Forward Looking Statements (1) LTM is calculated as the year ended December 31, 2024, less the nine months ended September 30, 2024, plus the nine months ended September 30, 2025, representing the financial information from October 1, 2024 to September 30, 2025. Slide 8 – Segment Performance: Railcar Leasing & Services Group (1) OP margin for the Railcar Leasing and Services Group includes gains from insurance recoveries of $2.7M in Q4-24. (2) Future Lease Rate Differential (FLRD) calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates. The FLRD is calculated as follows: (New Lease Rates – Expiring Lease Rates) x Expiring Railcar Leases (Expiring Lease Rates x Expiring Railcar Leases) Slide 10 – Total Company Results Adjusted EPS includes the following adjustments reported by the Company (each per common diluted share): • Reported Q3-24 GAAP EPS was $0.44; Adjusted EPS excludes $0.01 related to interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. • Reported Q4-24 GAAP EPS was $0.38; Adjusted EPS excludes $0.04 related to restructuring activities and $0.03 related to the insurance recoveries in excess of net book value for assets damaged by a fire at the Company’s facility in Cartersville, Georgia in the first quarter of 2024. • Reported Q1-25 GAAP EPS was $0.29. There were no adjustments to GAAP EPS in Q1-25. • Reported Q2-25 GAAP EPS was $0.19. There were no adjustments to GAAP EPS in Q2-25. • Reported Q3-25 GAAP EPS was $0.38. There were no adjustments to GAAP EPS in Q3-25. Slide 11 – Balance Sheet Positioning (1) Balances and blended average interest rate (including the effect of interest rate hedges, as applicable) as of September 30, 2025 Slide 14 – Trinity Industries, Inc. Overview (1) Current dividend yield represents the Company’s most recent quarterly dividend, annualized, and the stock price (NYSE: TRN) as of September 30, 2025. (2) Intersegment revenues are eliminated. Slide 19 – Capitalizing on Structural Change in the Rail Market Umler® North American fleet ownership data as of January 1, 2025 Slide 21 – Integral Part of North American Supply Chain (1) Umler® source data, January 1, 2025 report (2) FTR Associates 11/15/2024 (3) Association of American Railroads (“AAR”), accessed on March 1, 2022 with data as of February 20, 2022 (4) Association of American Railroads (“AAR”) 1/1/2025 Slide 24 – Railcars are Sustainable Long-Term Investments Trinity Industries’ 2024 Corporate Social Responsibility Report, available at www.trin.net/sustainability Presentation Footnotes
35Investor Presentation Leigh Anne Mann, Vice President of Investor Relations 214-631-4420 TrinityInvestorRelations@trin.net Investor Website: www.trin.net/investor-relations Contact Information