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]

The Railcar Leasing and Services segment remained the foundation of Trinity’s earnings stability, according to management. Savage said full-year segment revenue increased 5.5% year over year, driven by higher lease rates and net fleet growth. Net lease fleet investment totaled $350 million, at the high end of guidance, as the company used the secondary market to buy and sell railcars to “strategically grow and strengthen” the lease fleet.On end markets, Savage said agriculture, energy, and non-residential c ...

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 ...

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 ...

Trinity Industries (NYSE:TRN) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Speaker5Good 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, please signal a conference specialist by pressing Star, then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your ...

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]

Core Insights - The railroad equipment and railcar leasing industry is crucial for logistics, with companies like Wabtec and Caterpillar dominating the locomotive market and benefiting from recurring revenue streams [1] Group 1: Company Performance - **Trinity Industries**: Q3 revenue fell 43% to $454 million, with EPS of $0.38 missing estimates. Leasing grew 4% year-over-year with fleet utilization at 96.8%. Full-year EPS guidance raised to $1.55-$1.70, indicating confidence in leasing despite manufacturing challenges [1] - **Greenbrier Companies**: Q1 2026 revenue of $706.1 million exceeded estimates, with EPS of $1.14 beating expectations by 48%. Fleet utilization is at 98%, and the backlog stands at 16,300 units, providing revenue visibility for the next 12-18 months [1] - **Caterpillar**: Q4 revenue reached $19.13 billion, up 18% year-over-year, with EPS of $5.16 meeting expectations. Operating margin decreased to 13.9% from 18% the previous year due to cost pressures [1] - **Wabtec**: Q3 revenue of $2.89 billion increased by 8.4%, with EPS of $2.32 surpassing estimates. Freight equipment sales surged 32%, and digital sales grew 45.6% from acquisitions [1] Group 2: Market Position and Valuation - **Trinity Industries**: The stock trades at 23x earnings with a 4.2% dividend yield, reflecting income potential and exposure to railcar demand recovery [1] - **Greenbrier Companies**: The stock trades at 8.7x earnings, indicating a discount to industrials despite strong operational metrics. The company repurchased $13 million in shares and pays a $0.32 quarterly dividend [1] - **Caterpillar**: The stock trades at 35x earnings, reflecting its scale and diversification, with a significant buyback and dividend strategy in place [1] - **Wabtec**: The stock is valued at 34x earnings, with a forward P/E of 24x, indicating market expectations for continued growth [1] Group 3: Industry Trends - The railroad equipment sector benefits from regulatory replacement cycles and nearshoring trends, ensuring that freight movement remains a priority [1] - The combination of manufacturing strength, digital solutions, and backlog visibility positions Wabtec as a leading choice in the railroad equipment market [1]

Group 1 - Trinity Industries, Inc. will report its financial results for the three and twelve months ended December 31, 2025 on February 12, 2026 before the financial markets open [1] - A conference call will be held at 8:00 a.m. Eastern on February 12, 2026 to discuss the results, with options for live and replay listening available [1][2] - The company provides rail transportation products and services in North America, operating under the trade name TrinityRail® [4] Group 2 - Trinity Industries operates in two reportable business segments: Railcar Leasing and Services Group and Rail Products Group [4] - The company also includes brands such as RSI Logistics and Holden America, offering software, logistics solutions, and railcar parts [4] - Services provided by Trinity include railcar leasing, management, manufacturing, maintenance, modifications, and logistics [4]