Trinity Industries (TRN) investor relations material

Executive summary

• Full-year EPS guidance was raised and tightened to $1.55–$1.70, reflecting strong lease rate repricing, robust secondary market gains, and confidence in business execution.

• Q3 2025 EPS from continuing operations was $0.38, up sequentially, driven by strong lease rate repricing and margin performance.

• Lease fleet utilization remained high at 96.8%, with a positive FLRD of 8.7% and 1,680 railcars delivered in the quarter.

• Backlog stood at $1.8 billion, with 350 new orders in Q3 and 21% expected to deliver by year end.

• Revenues for the nine months ended September 30, 2025, were $1,545.7 million, down 36.9% year-over-year, mainly due to lower external deliveries.

Financial highlights

• Q3 2025 revenues were $454 million, down year-over-year due to lower external deliveries; year-to-date cash flow from continuing operations was $187 million.

• EPS for Q3 2025 was $0.38, with year-to-date net income at $83.1 million and diluted EPS at $0.80.

• Lease portfolio sales generated $80 million in proceeds and $35 million in net gains year-to-date.

• $134 million returned to shareholders year-to-date via dividends and share buybacks.

• Cash balance at $66 million and total liquidity at $571 million as of September 30, 2025.

Outlook and guidance

• Full-year 2025 EPS guidance is $1.55–$1.70, with industry deliveries expected at 28,000–33,000 railcars and net fleet investment projected at $250–$350 million.

• Operating and administrative capital expenditures are forecasted at $45–$55 million.

• Three-year net fleet investment target of $750 million–$1 billion between 2024 and 2026 remains on track.

• Rail Products segment margin performance expected at 5%–6% for the full year.

• Industry scrapping projected at 40,000 railcars, leading to fleet contraction.