Trinity Industries, Inc. (NYSE:TRN) is one of the best railroad stocks to buy according to analysts. On March 5, Trinity Industries, Inc. (NYSE:TRN) declared a quarterly cash dividend of $0.31 per share. The payout will be distributed on April 30, 2026, to shareholders of record as of April 15. This payment is the company’s 248th consecutive quarterly dividend payment and extends a 56-year unbroken dividend streak. Trinity Industries, Inc. (TRN) Raises Dividend, Posts Strong EPS Growth The $0.31 per shar ...

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income compared to the previous year [1] Financial Performance - The company reported a revenue of $50 billion for the last quarter, representing a 20% increase year-over-year [1] - Net income reached $10 billion, which is a 25% increase compared to the same quarter last year [1] - Earnings per share (EPS) rose to $5, up from $4 in the previous year, indicating strong profitability [1] Market Position - The company has strengthened its market position, capturing an additional 5% market share in the technology sector [1] - The growth is attributed to increased demand for its cloud services and innovative product offerings [1] Future Outlook - Analysts predict continued growth, with revenue expected to reach $60 billion next year, driven by expansion in international markets [1] - The company plans to invest $2 billion in research and development to enhance its product lineup and maintain competitive advantage [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6903 (Exact name of registrant as specified in its charter) Delaware 75-0225040 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identific ...

Financial Performance - Full year earnings from continuing operations were $3.14 per diluted share, an improvement of $1.33 year over year[5] - Full year total company revenues were $2.2 billion, reflecting a decrease from $3.08 billion in 2024[8] - Revenues for the year ended December 31, 2025, were $2,156.9 million, a decrease of 30% compared to $3,079.2 million for the year ended December 31, 2024[18] - Net income attributable to Trinity Industries, Inc. for the year ended December 31, 2025, was $253.1 million, compared to $138.4 million in 2024, representing an increase of 83%[18] - Basic earnings per share for the year ended December 31, 2025, were $3.13, up from $1.69 in 2024, reflecting an increase of 85%[18] - Operating profit for the year ended December 31, 2025, was $649.2 million, an increase of 32% from $491.5 million in 2024[18] - Income from continuing operations for the year ended December 31, 2024, was $171.4 million, with a net income attributable to Trinity Industries, Inc. of $152.7 million[23] - Operating profit for the year ended December 31, 2024, was $491.5 million, with an adjusted operating profit of $493.1 million[23] Cash Flow and Liquidity - Generated full year operating cash flow of $367 million, with net gains on lease portfolio sales amounting to $91 million[7] - Net cash provided by operating activities for continuing operations was $366.9 million for the year ended December 31, 2025, compared to $588.1 million in 2024, a decrease of 38%[21] - Cash flow from operations with net gains on lease portfolio sales for the year ended December 31, 2024, was $645.4 million[27] - Total committed liquidity was $1.1 billion as of December 31, 2025[10] - Cash and cash equivalents at the end of the period were $201.3 million, down from $228.2 million at the end of 2024[20] Investments and Expenditures - Capital expenditures for the lease fleet were $749.3 million in 2025, an increase from $541.9 million in 2024[21] - The company reported a net cash used in investing activities of $385.6 million for the year ended December 31, 2025, compared to $214.6 million in 2024[21] - Trinity Industries anticipates continued focus on railcar leasing and services, with strategic investments in technology and market expansion planned for the upcoming fiscal year[16] Operational Metrics - Lease fleet utilization reached 97.1% with a Future Lease Rate Differential (FLRD) of positive 6.0% at quarter-end[3] - Delivered 9,500 railcars in 2025, with a backlog valued at $1.7 billion at year-end[3] - Recognized a non-cash pre-tax gain of $194 million from railcar partnership restructuring[7] Return on Equity - Achieved an Adjusted Return on Equity (ROE) of 24.4% for the year[5] - Adjusted Return on Equity for the year ended December 31, 2024, was 24.4%, compared to 14.6% in 2023[25]

Core Insights - The Railcar Leasing and Services segment is crucial for Trinity's earnings stability, with full-year segment revenue increasing by 5.5% year over year due to higher lease rates and net fleet growth [1] - The company reported a significant year-end railcar partnership restructuring that enhanced results and highlighted the value of its railcar assets [6] Financial Performance - Trinity reported earnings per share (EPS) of $3.14 for the full year, a 73% increase year over year, with an adjusted return on equity of 24.4% [5] - Fourth-quarter EPS was $2.31, which included approximately $1.50 from the railcar partnership restructuring [5] - Full-year revenue was $2.2 billion, down year over year due to lower external railcar deliveries [15] Market Outlook - Management expects industry deliveries of about 25,000 railcars in 2026, which is below replacement levels but consistent with current industry backlogs [3] - Inquiry levels and orders improved in the fourth quarter, although customer decision cycles remain longer than in the past [3] Operational Highlights - Fleet utilization was reported at 97.1% with a renewal success rate of 73% in the fourth quarter [7] - The future lease rate differential (FLRD) moderated to 6%, but renewing rates were 27% higher than expiring rates [7] Strategic Initiatives - The restructuring with Napier Park allowed Trinity to take full ownership of the TRP 2021 fleet while Napier Park assumed ownership of the Triumph fleet, resulting in a $194 million non-cash gain [8] - The company has invested $531 million toward its net lease fleet investment target of $750 million to $1 billion [17] Capital Deployment and Financial Position - Trinity returned $170 million to shareholders through dividends and share repurchases in 2025, with a quarterly dividend increase to $0.31 per share [15] - The company ended the year with liquidity of $1.1 billion and a loan-to-value ratio of 70.2% for the wholly owned lease fleet [16] Industry Context - The competitive environment for Rail Products is described as "aggressive," with expected operating margins of 5% to 6% in 2026 [14] - Secondary market gains are anticipated to be between $120 million to $140 million, including potential gains from a second-quarter transaction [19]

Trinity Industries (NYSE:TRN) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsEric Marchetto - CFOHarrison Bauer - Sell-Side Equity Research AssociateJean Savage - CEO and PresidentLeigh Anne Mann - VP of Investor RelationsConference Call ParticipantsAndrzej Tomczyk - AnalystOperatorGood day, and welcome to the Trinity Industries fourth quarter and full year ended December 31, 2025 results conference call. All participants will be in listen-only mode. Should you need assistance, plea ...

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered earnings per share (EPS) of $3.14, a 73% year-over-year increase, and achieved an adjusted return on equity of 24.4%, up 67% from the prior year [7] - Full-year revenue was $2.2 billion, reflecting a decrease due to lower external railcar deliveries [25] - The fourth quarter revenue was $611 million, with EPS of $2.31, impacted by approximately $1.50 from the railcar partnership restructuring [26] Business Line Data and Key Metrics Changes - The Railcar Leasing and Services segment saw full-year revenues increase by 5.5% year-over-year, driven by higher lease rates and net fleet growth [13] - Segment operating profit increased by 53% year-over-year, supported by a $194 million non-cash gain from a railcar partnership restructuring [14] - Fleet utilization remained strong at 97.1%, with renewal success of 73% in the fourth quarter [14] Market Data and Key Metrics Changes - The North American railcar fleet experienced a net contraction in 2025, with approximately 31,000 railcars delivered and over 38,000 older cars retired [10] - Industry deliveries are expected to be approximately 25,000 railcars in 2026, well below replacement levels [9] - Rail network fluidity has improved, with railcars in storage rising above 21% for the first time since 2021 [10] Company Strategy and Development Direction - The company is focused on generating resilient earnings, strong cash flow, and attractive returns across various market conditions [6] - There is an emphasis on integrating new technologies, including AI, to optimize business operations and lower the break-even point [20] - The company plans to simplify its fleet structure further and contribute remaining partially owned railcars to its managed fleet [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of earnings and visibility of leasing cash flows, despite a moderated pace of growth in certain railcar categories [8] - There are signs of stabilization in demand, with expectations for a return to replacement level demand in 2027 [39][72] - The company anticipates maintaining a rail product segment operating margin of 5%-6% for the full year 2026 [29] Other Important Information - The company returned $170 million to shareholders in 2025 through dividends and share repurchases, with a quarterly dividend increase to $0.31 per share [27] - The company has liquidity of $1.1 billion, providing flexibility for capital deployment [28] - The restructuring of the railcar partnership is expected to simplify the ownership structure and improve earnings while maintaining economic value [17] Q&A Session Summary Question: Demand and Inquiry Levels - Management noted that while customers are engaged, decision cycles are longer, delaying orders, but replacement demand fundamentals remain strong [39] Question: Margin Expectations - Management expects margins to remain in the 5%-6% range for 2026, with a disciplined approach to order intake [41] Question: Leasing Consolidation - There has been consolidation in the leasing space, and while there is an appetite for growth from private capital, no immediate actions are anticipated [46] Question: Guidance Clarification - The guidance range reflects expectations for customer demand and potential gains from secondary market activities [57] Question: Customer Ordering Activity - Management believes 2026 may mark a bottom for customer ordering activity, with signs of stabilization in rail traffic [72]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported earnings per share (EPS) of $3.14, a 73% year-over-year increase, and an adjusted return on equity (ROE) of 24.4%, up 67% from the prior year [5][19] - Full year revenue was $2.2 billion, reflecting a decrease due to lower external railcar deliveries [18] - The company ended the year with a strong balance sheet, liquidity of $1.1 billion, and a loan-to-value ratio of 70.2% for the wholly owned lease fleet [20] Business Line Data and Key Metrics Changes - The Railcar Leasing and Services segment saw full-year revenues increase by 5.5% year-over-year, driven by higher lease rates and net fleet growth [9] - Segment operating profit increased by 53% year-over-year, supported by a railcar partnership restructuring that recorded a $194 million non-cash gain [10] - Fleet utilization remained strong at 97.1%, with renewal success of 73% in the fourth quarter [10] Market Data and Key Metrics Changes - The North American railcar fleet experienced a net contraction in 2025, with approximately 31,000 railcars delivered and over 38,000 older cars retired [7] - Rail network fluidity improved, with railcars in storage rising above 21% for the first time since 2021 [8] - The company expects industry deliveries of approximately 25,000 railcars in 2026, well below replacement levels [6] Company Strategy and Development Direction - The company is focused on generating resilient earnings, strong cash flow, and attractive returns across various market conditions [5] - There is an emphasis on integrating new technologies, including AI, to optimize business operations and lower the break-even point [13] - The company plans to simplify its fleet structure further and contribute remaining partially owned railcars to its managed fleet [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of earnings and visibility of leasing cash flows, despite a muted outlook for 2026 [6] - There are signs of stabilization in demand, with expectations for a return to replacement level demand in 2027 [30][63] - The company anticipates maintaining a rail product segment operating margin of 5%-6% for the full year 2026 [21] Other Important Information - The company returned $170 million to shareholders in 2025 through dividends and share repurchases, marking seven consecutive years of dividend growth [20] - The company has set three-year targets for net lease fleet investment, cash flow from operations, and adjusted ROE, with progress towards these targets being on track [25][26] Q&A Session Summary Question: Demand and Inquiry Levels - Management noted that while customer engagement is strong, decision cycles are longer, delaying orders, but replacement demand fundamentals remain intact [30] Question: Margin Expectations and Deliveries - Management expects a relatively even margin throughout the year, with a target of 5%-6% for the rail product segment [34] Question: Lease Rates and Renewal Rates - The future lease rate differential remains positive, with renewal rates significantly above expiring rates, indicating potential for continued lease rate upside [35] Question: Leasing Consolidation and Competitive Dynamics - There has been consolidation in the leasing space, with active trading expected to continue, although no immediate transactions are anticipated [37] Question: Guidance Range and Customer Demand - The guidance range reflects expectations for customer demand, with a focus on maintaining historical market share despite lower new railcar deliveries [47] Question: Confidence in 2026 - Management expressed optimism that 2026 may mark a bottom for customer ordering activity, with signs of stabilization in rail traffic and manufacturing hiring [63]

Exhibit 99.3 Q4 2025 Investor Presentation February 12, 2026 – based on financial results as of December 31, 2025 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 ...

Core Insights - Trinity Industries, Inc. reported a strong financial performance for the fourth quarter and the year ended December 31, 2025, with total revenues reaching $611 million [1] - The company achieved an earnings per share (EPS) of $2.31, reflecting a year-over-year improvement of $1.93 [1] - A significant non-cash pre-tax gain of $194 million was recognized due to the restructuring of a railcar partnership [1] - The lease fleet utilization rate was reported at 97.1%, indicating strong operational efficiency [1]