Trinity Capital Inc. Financials
Trinity Capital Inc. (TRIN) reported $279.5M in revenue for fiscal year 2025, up 23.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Trinity Capital’s reported profits are rising, but its balance-sheet expansion is being financed externally rather than by retained cash.
From FY2023 to FY2025, net income increased about76.0% while operating cash flow sank to-$535.5M . At the same time, financing inflows reached$545.8M and year-end cash was only$19.1M , showing that growth is consuming cash up front and being refilled from outside capital rather than from accumulated liquidity or retained earnings.
Between FY2023 and FY2025, shares outstanding rose about
From FY2023 to FY2025, selling and administrative expense grew about
Financial Health Signals
Trinity Capital Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Trinity Capital Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Trinity Capital Inc. used $3.95 of operating cash (-$535.5M OCF vs $135.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Trinity Capital Inc. generated $279.5M in revenue in fiscal year 2025. This represents an increase of 23.3% from the prior year.
Trinity Capital Inc. reported $135.6M in net income in fiscal year 2025. This represents an increase of 17.3% from the prior year.
Trinity Capital Inc. earned $1.96 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 6.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Trinity Capital Inc. held $19.1M in cash against $1.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Trinity Capital Inc.'s net profit margin was 48.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.5 percentage points from the prior year.
Trinity Capital Inc.'s ROE was 12.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
TRIN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $313.1M | $279.5M+23.3% | $226.7M+29.7% | $174.8M+25.9% | $138.8M+81.2% | $76.6M+49.5% | $51.3M |
| SG&A Expenses | $11.8M | $10.4M+17.2% | $8.9M+34.3% | $6.6M+8.6% | $6.1M+40.4% | $4.3M+105.6% | $2.1M |
| Interest Expense | $93.7M | $80.6M+30.1% | $61.9M+39.9% | $44.3M+29.7% | $34.1M+67.4% | $20.4M | N/A |
| Net Income | $141.3M | $135.6M+17.3% | $115.6M+50.3% | $76.9M+353.1% | -$30.4M-123.0% | $132.3M+2264.9% | -$6.1M |
| EPS (Diluted) | — | $1.96-6.7% | $2.10+11.1% | $1.89+296.9% | -$0.96-120.7% | $4.64 | -$0.34 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, Income Tax.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRIN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $2.5B+40.0% | $1.8B+35.3% | $1.3B+16.4% | $1.1B+20.2% | $937.1M | N/A |
| Cash & Equivalents | $19.1M+98.5% | $9.6M+102.2% | $4.8M-55.1% | $10.6M-66.5% | $31.7M-29.0% | $44.7M |
| Total Liabilities | $1.4B+46.2% | $951.3M+35.9% | $699.8M+5.0% | $666.8M+35.9% | $490.6M | N/A |
| Long-Term Debt | $1.3B+47.0% | $888.0M+37.6% | $645.5M+4.1% | $620.0M+33.0% | $466.0M+50.3% | $310.0M |
| Total Equity | $1.1B+32.9% | $823.0M+34.7% | $611.2M+33.0% | $459.6M+2.9% | $446.5M | N/A |
| Retained Earnings | -$6.4M+4.2% | -$6.7M+70.4% | -$22.6M-8.2% | -$20.9M-126.9% | $77.9M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
TRIN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$593.0M | -$535.5M-69.0% | -$316.9M-229.2% | -$96.3M+59.2% | -$235.7M+2.5% | -$241.7M-315.1% | -$58.2M |
| Investing Cash Flow | -$944K | -$785K-86.9% | -$420K+84.7% | -$2.7M-1314.4% | -$194K+83.9% | -$1.2M+98.7% | -$92.0M |
| Financing Cash Flow | $589.9M | $545.8M+69.4% | $322.2M+245.9% | $93.2M-53.4% | $199.8M-12.6% | $228.5M+8.1% | $211.3M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRIN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Net Margin | 48.5%-2.5pp | 51.0%+7.0pp | 44.0%+65.9pp | -21.9% | 172.7% | -11.9% |
| Return on Equity | 12.4%-1.7pp | 14.1%+1.5pp | 12.6%+19.2pp | -6.6%-36.2pp | 29.6% | N/A |
| Return on Assets | 5.5%-1.1pp | 6.5%+0.6pp | 5.9%+8.6pp | -2.7%-16.8pp | 14.1% | N/A |
| Debt-to-Equity | 1.19+0.1x | 1.080.0x | 1.06-0.3x | 1.35+0.3x | 1.04 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Frequently Asked Questions
What is Trinity Capital Inc.'s annual revenue?
Trinity Capital Inc. (TRIN) reported $279.5M in total revenue for fiscal year 2025. This represents a 23.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Trinity Capital Inc.'s revenue growing?
Trinity Capital Inc. (TRIN) revenue grew by 23.3% year-over-year, from $226.7M to $279.5M in fiscal year 2025.
Is Trinity Capital Inc. profitable?
Yes, Trinity Capital Inc. (TRIN) reported a net income of $135.6M in fiscal year 2025, with a net profit margin of 48.5%.
How much debt does Trinity Capital Inc. have?
As of fiscal year 2025, Trinity Capital Inc. (TRIN) had $19.1M in cash and equivalents against $1.3B in long-term debt.
What is Trinity Capital Inc.'s net profit margin?
Trinity Capital Inc. (TRIN) had a net profit margin of 48.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Trinity Capital Inc.'s return on equity (ROE)?
Trinity Capital Inc. (TRIN) has a return on equity of 12.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Trinity Capital Inc.'s operating cash flow?
Trinity Capital Inc. (TRIN) recorded an outflow of $535.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Trinity Capital Inc.'s total assets?
Trinity Capital Inc. (TRIN) had $2.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Trinity Capital Inc.'s debt-to-equity ratio?
Trinity Capital Inc. (TRIN) had a debt-to-equity ratio of 1.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Trinity Capital Inc.'s return on assets (ROA)?
Trinity Capital Inc. (TRIN) had a return on assets of 5.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Trinity Capital Inc.'s cash runway?
Based on fiscal year 2025 data, Trinity Capital Inc. (TRIN) had $19.1M in cash against an annual operating cash burn of $535.5M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Trinity Capital Inc.'s Piotroski F-Score?
Trinity Capital Inc. (TRIN) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Trinity Capital Inc.'s earnings high quality?
For every $1 of reported earnings, Trinity Capital Inc. (TRIN) used $3.95 of operating cash (-$535.5M OCF vs $135.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.