Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $454 million, down both sequentially and year over year due to lower external deliveries in the Rail Products Group [15] - Earnings per share (EPS) for the quarter increased to $0.38 sequentially, attributed to favorable margin performance despite lower deliveries [15] - Full year EPS guidance has been raised to a range of $1.55 to $1.70, reflecting confidence in the business model and execution capabilities [6][19] Business Line Data and Key Metrics Changes - The railcar leasing and services segment saw revenue growth year over year, driven by higher fleet pricing and strong utilization of 96.8% [7] - Renewal rates were 25.1% above expiring rates with an 82% renewal success rate [8] - The Rail Products Group achieved a solid operating profit margin of 7.1% despite lower deliveries of 1,680 railcars [9][11] Market Data and Key Metrics Changes - The North American railcar fleet is contracting as scrapping outpaces new railcar deliveries, with an expected 40,000 railcars to be scrapped this year [17][31] - Industry railcar orders in Q3 were 3,071, significantly below expectations, indicating a challenging market environment [11] - The backlog stands at $1.8 billion, with approximately 21% expected to deliver by year-end [13] Company Strategy and Development Direction - The company is focused on leveraging its integrated platform of railcar leasing, manufacturing, and services to deliver value to shareholders and customers [13] - Continued investment in the fleet is prioritized to provide sustainable long-term returns [19] - The company expects secondary market activity to accelerate in Q4, optimizing and monetizing its fleet [8] Management's Comments on Operating Environment and Future Outlook - Management noted persistent market uncertainty has delayed customer decisions to invest in new railcars, but existing railcars are being retained [7] - The company anticipates a similar industry delivery environment in 2026 as in 2025, with ongoing discussions indicating potential for future growth [27][34] - Management expressed confidence in the leasing market and the performance of the leasing portfolio [39] Other Important Information - Year-to-date cash flow from continuing operations was $187 million, with a net fleet investment of $387 million, exceeding full year guidance [16] - The company returned $134 million of capital to shareholders through dividends and share buybacks [16] - The loan to value ratio remains within the target range at 68.5% [17] Q&A Session Summary Question: Current railcar delivery and order environment - Management indicated that the current environment shows strong inquiries but delayed orders due to uncertainty [27][30] Question: Delivery gap versus replacement level demand - The gap is primarily driven by delays in placing orders rather than a lack of need, with expectations for a pickup once certainty returns [31] Question: Potential for Class 1 rail consolidation - Management acknowledged that consolidation could enhance asset utilization but emphasized the need for proof of modal share growth [36] Question: FLRD drop and expectations - The drop was attributed to higher expiring rates and some moderation in market rates, but the leasing environment remains favorable [39] Question: Repricing of the fleet - Approximately 65% of the fleet has been repriced, with continued opportunities for revenue growth from leasing [41] Question: Market conditions and guidance for next year - Management refrained from providing specific guidance for 2026 but indicated a steady outlook for leasing and secondary market performance [68]

Q3 2025 Financial Performance - Quarterly EPS from continuing operations was $038, a sequential increase of $019[9] - Revenues reached $454 million, a decrease of 43% year-over-year[13] - Cash flow from continuing operations was $45 million, a decrease of $39 million year-over-year[17] Leasing & Services Segment - FLRD (Future Lease Rate Differential) increased by 87%, with fleet utilization at 968%[9] - Completed $80 million in lease portfolio sales, resulting in gains of $22 million[29] - Renewal success rate was 82% for Q3 2025[29] Rail Products Segment - 1,680 new railcars were delivered during the quarter[34] - 350 new railcar orders were received in the quarter[34] - The backlog at quarter-end was $18 billion[34] Guidance and Outlook - Full-year EPS guidance was raised and tightened to a range of $155 to $170[9] - Net fleet investment is projected to be between $250 million and $350 million for FY 2025[41]

Group 1: Dividend Increases - Terreno Realty has raised its dividends for 13 consecutive years, with the latest increase from $0.49 to $0.52 per share, resulting in an annual figure of $2.08 per share and a dividend yield of 3.61% [3][4] - Trinity Industries has increased its dividends for 15 consecutive years, with the most recent hike from $0.28 to $0.30 per share, equating to an annual figure of $1.20 per share and a dividend yield of 4.31% [6] - Stanley Black & Decker is recognized as a global provider of tools and outdoor products, although specific recent dividend information is not provided in the documents [8] Group 2: Financial Performance - Terreno Realty reported annual revenue of $426 million as of June 30, with Q2 2025 revenues of $112.23 million, which missed the consensus estimate of $113.66 million, while EPS of $0.64 exceeded the consensus of $0.49 [4] - Trinity Industries had annual revenue of $2.52 billion as of June 30, with Q2 2025 revenues of $506.20 million and EPS of $0.19, both below consensus estimates [7]

Core Viewpoint - Trinity Industries Inc. (NYSE: TRN) has seen a significant increase in share price, rising approximately 47% since early 2023, while the S&P 500 has gained about 55% during the same period [1]. Group 1: Company Performance - The company has experienced a notable rise in stock value, indicating positive market sentiment and potential growth opportunities [1]. - The investment strategy employed involves a combination of fundamental analysis and momentum research, suggesting a data-driven approach to identifying investment opportunities [1]. Group 2: Investment Strategy - The investment approach focuses on tracking levels of optimism and pessimism in stock prices, aiming to exploit market discrepancies between perceived and likely outcomes [1]. - The strategy targets companies with a higher probability of delivering unexpected positive results in the near future, reflecting a proactive investment philosophy [1].

Core Viewpoint - Trinity Industries reported disappointing Q2 2025 results, with significant declines in both revenue and profit compared to the previous year, reflecting ongoing challenges in the railcar manufacturing sector [1][2]. Financial Performance - GAAP earnings per share (EPS) for Q2 2025 were $0.19, below the analyst estimate of $0.27, and down 71.6% from $0.67 in Q2 2024 [2]. - GAAP revenue was $506 million, missing the estimate of $583.53 million, and representing a 39.8% decline from $841.4 million in Q2 2024 [2]. - EBITDA decreased to $171.7 million, down 23.3% from $223.9 million in the same quarter last year [2]. Segment Performance - The Railcar Leasing and Services Group saw revenue increase by 7.5% year-over-year to $302.4 million, driven by higher lease rates and strong fleet utilization at 96.8% [5]. - Operating profit for the Leasing segment fell 7.3% year-over-year due to increased maintenance costs and lower gains from lease portfolio sales, with operating margin compressing to 39.2% from 45.5% [5]. - The Rail Products Group experienced a 53.7% revenue decline, with new car deliveries dropping 62% to 1,815 units from 4,755 a year prior [6]. Market Dynamics - Orders for new railcars remained stable at 2,310 units, but backlog value decreased by 27.0% to $2.0 billion as of June 30, 2025 [6]. - Management attributed the downturn in manufacturing to customer order delays linked to broader economic uncertainty and cyclical demand factors [7]. Cash Flow and Investments - Cash flow from continuing operations for the first half of 2025 was $141.9 million, down from $299.7 million in the same period of 2024 [9]. - The company invested $232.7 million into fleet additions in the first six months, significantly higher than the previous year, and returned $89.6 million to shareholders [9]. Future Outlook - Management maintained full-year EPS guidance of $1.40 to $1.60, anticipating industry-wide railcar deliveries between 28,000 and 33,000 units [10]. - The company expects net fleet investment of $250 million to $350 million and capital expenditures of $45 million to $55 million for operational needs, indicating a potential recovery in new order conversions [10].

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q2 2025 and 2024, detailing operations, balance sheets, cash flows, equity, and notes [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Revenues and net income significantly decreased for Q2 and H1 2025, driven by lower manufacturing revenues Consolidated Statements of Operations (Three Months Ended June 30, in millions) | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Revenues | $506.2 | $841.4 | | Operating profit | $95.4 | $141.9 | | Net income attributable to Trinity Industries, Inc. | $14.1 | $54.4 | | Diluted earnings per common share | $0.17 | $0.65 | Consolidated Statements of Operations (Six Months Ended June 30, in millions) | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenues | $1,091.6 | $1,651.0 | | Operating profit | $195.2 | $257.1 | | Net income attributable to Trinity Industries, Inc. | $36.2 | $78.1 | | Diluted earnings per common share | $0.43 | $0.94 | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Net income and comprehensive income decreased for Q2 and H1 2025, with derivatives impacting other comprehensive income Consolidated Statements of Comprehensive Income (Loss) (Three Months Ended June 30, in millions) | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | | :------------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net income | $20.0 | $56.4 | | Other comprehensive income (loss) | $0.1 | $(10.9) | | Comprehensive income attributable to Trinity Industries, Inc. | $14.1 | $43.4 | Consolidated Statements of Comprehensive Income (Loss) (Six Months Ended June 30, in millions) | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :------------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net income | $47.1 | $83.8 | | Other comprehensive income (loss) | $0.2 | $(3.4) | | Comprehensive income attributable to Trinity Industries, Inc. | $36.2 | $74.5 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets and equity slightly decreased, while liabilities and debt increased from December 2024 to June 2025 Consolidated Balance Sheets (in millions) | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Total assets | $8,810.0 | $8,832.2 | | Total liabilities | $7,552.2 | $7,525.0 | | Total stockholders' equity | $1,257.8 | $1,307.2 | | Cash and cash equivalents | $147.7 | $228.2 | | Total debt | $5,856.8 | $5,690.9 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased, investing activities increased usage, resulting in a net decrease in cash for H1 2025 Consolidated Statements of Cash Flows (Six Months Ended June 30, in millions) | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :------------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by operating activities | $138.1 | $293.7 | | Net cash used in investing activities | $(242.1) | $(55.9) | | Net cash provided by (used in) financing activities | $44.9 | $(108.7) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $(59.1) | $129.1 | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased from December 2024 to June 2025, primarily due to dividends and share repurchases Consolidated Statements of Stockholders' Equity (in millions) | Metric | December 31, 2024 (in millions) | June 30, 2025 (in millions) | | :------------------------------------ | :----------------------------- | :-------------------------- | | Trinity stockholders' equity | $1,058.9 | $1,009.1 | | Net income attributable to Trinity Industries, Inc. (6 months) | N/A | $36.2 | | Cash dividends declared on common stock (6 months) | N/A | $(49.3) | | Shares repurchased (6 months) | N/A | $(39.0) | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, acquisitions, derivatives, segment performance, debt, income taxes, stock compensation, EPS, and contingencies [Note 1. Summary of Significant Accounting Policies](index=10&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the basis of presentation for interim financial statements, revenue recognition, lease accounting, and recent pronouncements - The interim financial statements are unaudited and prepared in conformity with GAAP, consolidating wholly-owned and partially-owned subsidiaries where control exists[16](index=16&type=chunk) - Revenue from railcar lease contracts is recognized under ASC 842, Leases, while manufacturing, maintenance, digital, and logistics services revenue is recognized under ASC 606, Revenue from Contracts with Customers[18](index=18&type=chunk) Unsatisfied Performance Obligations at June 30, 2025 (in millions) | Segment | Total Amount (in millions) | Percent expected to be delivered in 2025 | | :-------------------------------- | :------------------------- | :--------------------------------------- | | Rail Products Group (New railcars) | $1,959.8 | 36.7% | | Railcar Leasing and Services Group (Leasing and management) | $47.5 | 18.8% | | Railcar Leasing and Services Group (Maintenance services) | $4.6 | 100.0% | Future Contractual Minimum Revenues for Operating Leases (in millions) | Period | Amount (in millions) | | :-------------------------- | :------- | | Remaining six months of 2025 | $388.2 | | 2026 | $673.8 | | 2027 | $532.9 | | 2028 | $366.6 | | 2029 | $240.5 | | Thereafter | $466.5 | | **Total** | **$2,668.5** | - ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Disaggregation of Income Statement Expenses) are recent accounting pronouncements not yet adopted, requiring enhanced disclosures[41](index=41&type=chunk)[42](index=42&type=chunk) [Note 2. Acquisitions and Discontinued Operations](index=14&type=section&id=Note%202.%20Acquisitions%20and%20Discontinued%20Operations) This note details the final installment payment for Holden America and ongoing expenses from discontinued operations - The second and final **$10.0 million** installment for the Holden America acquisition was paid during the six months ended June 30, 2025, with **$8.0 million** in financing activities and **$2.0 million** in operating activities[44](index=44&type=chunk) Loss from Discontinued Operations (net of income taxes, in millions) | Period | 2025 (in millions) | 2024 (in millions) | | :-------------------------- | :----- | :----- | | Three Months Ended June 30, | $(1.9) | $(1.7) | | Six Months Ended June 30, | $(3.8) | $(6.0) | [Note 3. Derivative Instruments and Fair Value Measurements](index=15&type=section&id=Note%203.%20Derivative%20Instruments%20and%20Fair%20Value%20Measurements) This note explains the company's use of derivative instruments to mitigate market risks and their fair value measurements - The company uses derivative instruments to mitigate interest rate risk (for future debt issuances and floating rate debt) and foreign currency exchange rate risk[46](index=46&type=chunk) Effect of Interest Rate Hedges on Interest Expense (increase/(decrease) in millions) | Hedge Type | Three Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2025 (in millions) | Expected Effect During Next Twelve Months (in millions) | | :------------------------------------ | :------------------------------- | :------------------------------ | :-------------------------------------- | | 2017 promissory notes – interest rate swap | $(1.7) | $(3.6) | $(2.3) | | TRL-2023 term loan (open hedge) | $(1.2) | $(1.2) | $(3.0) | Fair Value Hierarchy - Level

Financial Performance - Quarterly earnings from continuing operations were $0.19 per diluted share, with total company revenues of $506 million[4] - Revenues for Q2 2025 were $506.2 million, a decrease of 40% compared to $841.4 million in Q2 2024[15] - Operating profit for Q2 2025 was $95.4 million, down 32.8% from $141.9 million in Q2 2024[15] - Net income attributable to Trinity Industries, Inc. for Q2 2025 was $14.1 million, a decline of 74.1% from $54.4 million in Q2 2024[15] - Basic earnings per share from continuing operations for Q2 2025 were $0.20, down 70.6% from $0.68 in Q2 2024[15] - Income from continuing operations for the six months ended June 30, 2025, was $141.9 million, a decrease from $299.7 million in the same period of 2024[25] - Adjusted net income for the last twelve months (LTM) was $109.6 million, reflecting a return on equity of 10.3%[23] - The company reported a net income of $20.0 million for the three months ended June 30, 2025, compared to $56.4 million in the same period of 2024[27] Cash Flow and Liquidity - Year-to-date operating cash flow reached $142 million, with net gains on lease portfolio sales amounting to $14 million[4] - Cash flow from operations with net gains on lease portfolio sales was $155.6 million for the six months ended June 30, 2025, compared to $324.5 million in 2024[25] - Cash and cash equivalents decreased to $147.7 million as of June 30, 2025, from $228.2 million at the end of June 2024[17] - Total committed liquidity was reported at $792 million as of June 30, 2025[6] Operational Metrics - Lease fleet utilization stood at 96.8%, with a Future Lease Rate Differential (FLRD) of positive 18.3% at quarter-end[4] - New railcar orders totaled 2,310, while 1,815 railcars were delivered during the quarter, resulting in a book-to-bill ratio of 1.3x[4] - Year-over-year segment revenue in Railcar Leasing and Services increased by 7.5%[3] - Operating profit for the Railcar Leasing and Services Group was $118.6 million, with an operating profit margin of 39.2%[7] - The Rail Products Group reported revenues of $293.5 million, with an operating profit of $8.9 million[7] Investment and Expenditures - Net fleet investment is projected to be between $250 million and $350 million for the year[4] - Capital expenditures for the lease fleet in the first half of 2025 were $295.7 million, an increase from $232.7 million in the first half of 2024[18] - The company reported a net cash used in investing activities of $242.1 million for the first half of 2025, compared to $55.9 million in the same period of 2024[18] Balance Sheet and Equity - Total assets as of June 30, 2025, were $8,810.0 million, slightly down from $8,832.2 million at the end of June 2024[17] - Total stockholders' equity as of June 30, 2025, was $1,257.8 million, down from $1,304.0 million a year earlier[23] - Average total stockholders' equity for the last twelve months was $1,280.9 million[23] Earnings and Profitability - Operating profit for Q2 2025 was $95.4 million, down 32.8% from $141.9 million in Q2 2024[15] - Adjusted EBITDA for the six months ended June 30, 2025, was $351.2 million, compared to $411.3 million in 2024[27] - EBITDA for the six months ended June 30, 2025, was $351.2 million, down from $412.1 million in the same period of 2024[27] - Interest expense for the six months ended June 30, 2025, totaled $139.3 million, slightly lower than $147.0 million in the same period of 2024[27]

Financial Data and Key Metrics Changes - Revenues for the second quarter were $506 million, with GAAP EPS of $0.19, consistent with expectations due to a slower delivery pace [13] - The effective tax rate for the quarter was 15.8%, benefiting from the purchase of $40 million in transferable tax credits [14] - Year-to-date cash flow from continuing operations reached $142 million, demonstrating strong cash generation potential [15] Business Line Data and Key Metrics Changes - The Railcar Leasing and Services segment saw revenues increase year-over-year, primarily due to higher lease rates, with a 21% increase in quarterly maintenance services revenue [8] - The future lease rate differential (FLRD) was 18.3%, with a renewal success rate of 89% and fleet utilization at 96.8% [9] - The Rail Products segment delivered 1,815 railcars, achieving a book-to-bill ratio above one for the first time in ten quarters, with an operating margin of 3% [10] Market Data and Key Metrics Changes - The industry is on pace for full-year deliveries in the range of 28,000 to 33,000 railcars, with a modest contraction in the overall fleet due to higher scrapping rates [7] - Inquiry levels remain healthy, translating into increased order activity, although at a slower rate than anticipated [6] Company Strategy and Development Direction - The company aims to capitalize on favorable conditions in the secondary market and anticipates increased quarterly deliveries benefiting revenues and margins [12] - Strategic initiatives include optimizing manufacturing operations and investing in automation to lower the business breakeven point [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving order volumes and the overall operating environment for the second half of the year [59] - The company remains confident in its ability to deliver strong performance despite macroeconomic uncertainties [20] Other Important Information - The company expects full-year severance expenses of $15 million, with anticipated savings of $50 million across the enterprise in 2025 [14] - The company is maintaining its full-year EPS guidance at a range of $1.40 to $1.60, indicating stronger performance in the second half of the year [19] Q&A Session Summary Question: Production plans for the second half and alignment with orders - Management indicated that the second quarter was the bottom of the cycle, expecting volume to increase in the second half, aligning with positive customer sentiment [25][26] Question: Tax management and cash tax savings from full expensing - Management discussed the benefits of recent tax legislation, which significantly reduces the tax burden and improves cash flow from operations [32] Question: Margins for the full year and delivery expectations - Management maintained that full-year guidance for margins should be in the 5% to 6% range, with expectations for improved volumes through the year [42] Question: Competitive environment and lease rates - The leasing market remains tight, with positive indicators for lease fleet performance, including a high renewal success rate [48] Question: Impact of higher steel prices and potential rail merger - Higher steel prices may limit customer demand in the short term, but increased scrapping rates could lead to future orders [52] - A potential rail merger could improve efficiencies and lead to better market share opportunities for the company [53]

Financial Data and Key Metrics Changes - Revenues for the second quarter were $506 million, with GAAP EPS of $0.19, consistent with expectations due to a slower delivery pace [14] - The effective tax rate for the quarter was 15.8%, benefiting from the purchase of $40 million in transferable tax credits [15] - Year-to-date cash flow from continuing operations reached $142 million, demonstrating strong cash generation potential [16] Business Segment Performance - The Railcar Leasing and Services segment saw increased revenues both sequentially and year-over-year, driven by higher lease rates and a 21% year-over-year increase in maintenance services revenue [8][9] - The Rail Products segment delivered 1,815 railcars, resulting in a segment operating margin of 3%, with a book-to-bill ratio above one for the first time in ten quarters [11][12] Market Data and Key Metrics Changes - The industry is on pace for full-year deliveries in the range of 28,000 to 33,000 railcars, with a modest contraction in the fleet due to lower year-to-date deliveries and scrapping [7][18] - Inquiry levels remain healthy, translating into increased order activity, although at a slower rate than initially anticipated [6] Company Strategy and Industry Competition - The company is focused on repricing its lease fleet and capitalizing on favorable conditions in the secondary market, with an expectation of increased quarterly deliveries benefiting revenues and margins [13][19] - The company maintains its full-year operating margin guidance for the Rail Products segment in the 5% to 6% range, supported by stronger deliveries in the latter part of the year [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving order volumes and the overall operating environment, despite challenges in the delivery landscape [59] - The company anticipates that clarity on recent tax legislation and trade developments will positively impact business decisions and demand [33] Other Important Information - The company expects to realize about $50 million in savings across the enterprise in 2025 due to workforce reductions and lower incentive-based compensation [15] - The company is maintaining its full-year EPS guidance at a range of $1.40 to $1.60, indicating stronger performance in the second half of the year [19] Q&A Session Summary Question: Production plans for the second half and alignment with orders - Management indicated that the second quarter was the bottom of the cycle, expecting volume to increase in the second half, aligning with positive customer sentiment [24] Question: Stability of margins and deliveries in the next two quarters - Management expects improvements in both margins and deliveries through the year [26][27] Question: Tax management and cash tax savings from full expensing deduction - Management explained that the new tax bill significantly reduces the tax burden and improves cash flow from operations, aiding investment decisions [32] Question: Delivery picture in the back half relative to total industry delivery guidance - Management confirmed expectations of maintaining normal market share and improving business through the year [47] Question: Current competitive environment and lease rates - Management noted that the leasing market remains tight, with positive metrics for the lease fleet and expectations for continued strength [50] Question: Impact of higher steel prices on customer demand - Management acknowledged that higher steel prices could limit demand but also lead to increased scrapping, which may eventually necessitate new orders [53] Question: Potential impact of a transcontinental rail merger - Management suggested that the merger could improve efficiencies and lead to better market share, benefiting the company in the long term [55]

Financial Performance - Q2 2025 revenues were $506 million, a decrease of 40% year-over-year[13] - Q2 2025 EPS was $0.19, a decrease of $(0.48) year-over-year[15] - Cash flow from continuing operations was $64 million, a decrease of $(180) million year-over-year[17] - Adjusted ROE was 10.6% for the last twelve months (LTM) ending Q2 2025[19] - The company maintains 2025 EPS guidance in the range of $1.40 to $1.60[9] Leasing & Services Segment - FLRD increased by 18.3%, and utilization was 96.8%[9] - Completed $29 million of lease portfolio sales in the quarter, resulting in gains of $8 million[29] - The company's owned fleet consists of 111,545 railcars, with a total owned and investor-owned fleet of 145,750 railcars[29] - Renewal success rate was 89% for Q2 2025[29] Rail Products Segment - Received new railcar orders of 2,310 and railcar deliveries of 1,815, resulting in a book-to-bill ratio of 1.3x[9] - The backlog at quarter-end was $2.0 billion[34]