Trinity Industries Q3 operating profit falls 19%
Trinity kept 2026 EPS guidance at $2.20–$2.40 and raised its secondary-market railcar gains expectation to $180–$200 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Trinity Industries, Inc. (TRN) reported third-quarter 2026 revenue of $535.1 million, up 18% year over year. Operating profit was $95.6 million versus $118.6 million, and diluted EPS from continuing operations was $0.27 versus $0.38. Higher external deliveries and external-repair mix supported revenue; lower lease-portfolio gains and higher selling, engineering, and administrative expenses contributed to lower operating profit.
For the nine months ended September 30, 2026, cash from continuing operations was $242.7 million and net fleet investment was $240.8 million. Quarter-end fleet utilization was 97.0%; Trinity ordered 2,190 and delivered 2,030 railcars, with backlog of $1,646.7 million. 2026 EPS guidance remains $2.20–$2.40; the company expects $300–$350 million of net fleet investment and $55–$65 million of operating and administrative capital expenditures, and raised its secondary-market railcar gains expectation to $180–$200 million.
Trinity acquired Rubber Lining Specialists, LLC’s assets on October 12, 2026. On October 19, an indirect wholly-owned subsidiary entered a $350 million term loan at a variable rate of daily simple SOFR plus a 1.30% facility margin, maturing in October 2031. Proceeds were used to redeem Series 2019-2 notes and repay warehouse borrowings.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue rose 18% year over year to $535.1 million.
- Moderate pointContinuing-operations operating cash flow rose to $242.7 million from $187.2 million year over year.
Negative
- Moderate pointOperating profit declined 19% year over year to $95.6 million.
- Moderate pointDiluted EPS from continuing operations was $0.27, versus $0.38.
Insights
Analyzing...
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $535.1 million
Operating profit: $95.6 million
Diluted EPS from continuing operations: $0.27 per diluted share
+4 more
7 metrics
Revenue
$535.1 million
Three months ended September 30, 2026; $454.1 million in 2025
Operating profit
$95.6 million
Three months ended September 30, 2026; $118.6 million in 2025
Diluted EPS from continuing operations
$0.27 per diluted share
Three months ended September 30, 2026; $0.38 in 2025
Operating cash flow from continuing operations
$242.7 million
Nine months ended September 30, 2026; $187.2 million in 2025
Lease fleet utilization
97.0%
At quarter-end
Railcar orders and deliveries
2,190 orders; 2,030 deliveries
Three months ended September 30, 2026
Railcar backlog value
$1,646.7 million
At quarter-end
Key Terms
Future Lease Rate Differential (FLRD), Adjusted Return on Equity, Net fleet investment, Cash flow from operations with net gains on lease portfolio sales
4 terms
Future Lease Rate Differential (FLRD) financial
"Future Lease Rate Differential (FLRD) of 0.1% at quarter-end"
Adjusted Return on Equity financial
"Adjusted Return on Equity was 31.8%"
Adjusted return on equity is a profitability measure that shows how much profit a company generates for common shareholders after removing one-time items, accounting quirks, or other non-recurring effects from the usual return-on-equity calculation. It matters to investors because it gives a cleaner, more comparable view of how efficiently management turns shareholders’ capital into sustainable earnings—like judging a car’s normal fuel economy after excluding an unusual long trip.
Net fleet investment financial
"Net fleet investment in the quarter was $115 million"
Cash flow from operations with net gains on lease portfolio sales financial
"Cash flow from operations with net gains on lease portfolio sales"
Earnings Snapshot
Revenue: $535.1 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$535.1 million
Up 18% year over year from $454.1 million
Operating profit
$95.6 million
Down 19% year over year from $118.6 million
Diluted EPS from continuing operations
$0.27 per diluted share
Down from $0.38 per diluted share
Guidance
2026 EPS: $2.20–$2.40; industry deliveries below 25,000 railcars; net fleet investment: $300–$350 million; operating and administrative capital expenditures: $55–$65 million; secondary-market railcar gains: $180–$200 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TRN’s third-quarter 2026 revenue and EPS?
TRN reported revenue of $535.1 million, up 18% year over year, and diluted EPS from continuing operations of $0.27, compared with $0.38 in third-quarter 2025.
What does TRN expect for 2026 industry railcar deliveries?
Trinity expects industry deliveries below 25,000 railcars in 2026; this guidance excludes sustainable railcar conversions.
What are the terms of TRN’s October 2026 term loan?
Trinity Rail Leasing 2026 LLC, a limited purpose, indirect wholly-owned subsidiary owned through Trinity Industries Leasing Company, entered a $350 million term loan on October 19, 2026. It bears interest at daily simple SOFR plus a 1.30% facility margin and has a stated maturity date of October 2031.
How much committed liquidity did TRN report at September 30, 2026?
Trinity reported total committed liquidity of $897 million as of September 30, 2026, including $158 million in cash and equivalents, $592 million of revolver availability, and $147 million of warehouse availability.
What lease renewal metrics did TRN report for the third quarter?
Trinity reported an 89% renewal success rate, renewal rates 4.1% above expiring rates, and a Future Lease Rate Differential of +0.1% for the quarter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | ||||||||
_______________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices, and Zip Code)
(214 ) 631-4420
Registrant's Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| NYSE Texas | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Trinity Industries, Inc. ("Trinity") hereby furnishes the information set forth in its News Release, dated October 29, 2026, announcing operating results for the three month period ended September 30, 2026, a copy of which is furnished as Exhibit 99.1 and incorporated herein by reference. On October 29, 2026, Trinity held a conference call and webcast with respect to its financial results for the three month period ended September 30, 2026. The conference call scripts of Leigh Anne Mann, Vice President of Investor Relations; E. Jean Savage, Chief Executive Officer and President; and Eric R. Marchetto, Executive Vice President and Chief Financial Officer are furnished as Exhibit 99.2, and incorporated herein by reference.
The conference call, News Release, and Presentation Materials, described below, included references to Adjusted Return on Equity, Cash Flow from Operations with Net Gains on Lease Portfolio Sales, and EBITDA, which are not calculations based on generally accepted accounting principles (“GAAP”). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the News Release and/or the Presentation Materials. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations.
This information and the materials described in Item 7.01 are not "filed" pursuant to the Securities Exchange Act of 1934 and are not incorporated by reference into any Securities Act of 1933 registration statements. Additionally, the submission of the report on Form 8-K is not an admission of the materiality of any information in this report that is required to be disclosed solely by Regulation FD.
Item 7.01 Regulation FD Disclosure.
See "Item 2.02 – Results of Operations and Financial Condition." Additionally, Trinity posted its presentation for investors and interested parties to its website to accompany the conference call; a copy of these materials is furnished as Exhibit 99.3 and incorporated herein by reference.
Forward-Looking Statements
Some statements in this release, 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, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to risks and uncertainties regarding geopolitical events and conflicts, as well as economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits:
| NO. | DESCRIPTION | |||||||
| 99.1 | News Release dated October 29, 2026 with respect to the operating results for the three month period ended September 30, 2026. | |||||||
| 99.2 | Conference call script of October 29, 2026. | |||||||
| 99.3 | Q3 2026 Presentation Materials | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Trinity Industries, Inc. | ||||||||
| October 29, 2026 | By: | /s/ Eric R. Marchetto | ||||||
| Name: Eric R. Marchetto | ||||||||
| Title: Executive Vice President and Chief Financial Officer | ||||||||
Exhibit 99.1
| NEWS RELEASE |  | ||||
FOR IMMEDIATE RELEASE
Trinity Industries, Inc. Announces Third Quarter 2026 Results
Reports quarterly earnings from continuing operations of $0.27 per diluted share
Generates year-to-date operating cash flow of $243 million and net gains on lease portfolio sales of $39 million
Lease fleet utilization of 97.0% at quarter-end
Received orders for 2,190 railcars and delivered 2,030 railcars in the quarter; backlog of $1.6 billion at quarter-end
DALLAS, Texas – October 29, 2026 – Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the third quarter ended September 30, 2026.
Financial and Operational Highlights – Third Quarter
•Quarterly total company revenues of $535 million
•Quarterly income from continuing operations per common diluted share ("EPS") of $0.27
•Lease fleet utilization of 97.0% and Future Lease Rate Differential ("FLRD") of 0.1% at quarter-end
•New railcar orders of 2,190 and railcar deliveries of 2,030
•Year-to-date cash flow from continuing operations of $243 million and net gains on lease portfolio sales of $39 million
•Last twelve months ("LTM") Return on Equity ("ROE") of 29.1% and Adjusted ROE of 31.8%
2026 Guidance
•Industry deliveries of below 25,000 railcars
•Net fleet investment of $300 million to $350 million
•Operating and administrative capital expenditures of $55 million to $65 million
•EPS of $2.20 to $2.40 (1)
Management Commentary
“Our third quarter reflects a business positioned for growth, with momentum building,” said Jean Savage, Trinity’s Chief Executive Officer and President. “Revenues grew 18% year over year, and last twelve months Adjusted ROE was 31.8%, above our target range, reflecting both the value unlocked through our railcar partnership transactions and improving operational performance.”
“Our leasing platform continues to perform,” Ms. Savage added. “Fleet utilization was 97%, renewal success improved to 89%, and renewal rates were 4.1% above expiring rates. Lease rates have not risen as quickly as asset values, which we believe leaves considerable room for further improvement."
Ms. Savage continued, "In Rail Products, deliveries increased 29% sequentially and orders exceeded deliveries. Excluding the gain on the sale of a facility, segment margin improved from the second quarter. A shrinking fleet and fewer railcars in storage point to a tightening market, and we believe 2026 will mark the cyclical low point for industry deliveries.”
Ms. Savage concluded, “Strong cash generation has allowed us to grow our fleet while returning capital to shareholders, and we have achieved both our three-year net fleet investment and cash generation targets. We are raising our expectations for full-year secondary market gains on railcar sales and expect to finish the year within our EPS guidance range of $2.20 to $2.40.”
(1) Excludes items outside our core business operations
1
Consolidated Financial Summary
| Three Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | Year over Year – Comparison | |||||||||||||||
| ($ in millions, except per share amounts) | |||||||||||||||||
| Revenues | $ | 535.1 | $ | 454.1 | Higher external deliveries and the mix of external repairs, partially offset by reduced revenues resulting from the divestitures of two partially-owned leasing subsidiaries since the prior year period | ||||||||||||
Operating profit | $ | 95.6 | $ | 118.6 | Lower gains on lease portfolio sales and higher selling, engineering, and administrative expenses, partially offset by a gain on the sale of a manufacturing facility. Additionally, Q3-25 included the results of two partially-owned leasing subsidiaries that have since been divested. | ||||||||||||
| Interest expense, net | $ | 65.8 | $ | 69.8 | |||||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 21.6 | $ | 31.4 | |||||||||||||
EBITDA (1) | $ | 168.6 | $ | 197.4 | |||||||||||||
| Effective tax expense rate | 29.0 | % | 23.0 | % | |||||||||||||
| Diluted EPS – GAAP | $ | 0.27 | $ | 0.38 | |||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | Year over Year – Comparison | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net cash provided by operating activities – continuing operations | $ | 242.7 | $ | 187.2 | Income tax refunds received in the current year period, the purchase of tax credits in the prior year period, and the timing of payments for operating liabilities | ||||||||||||
Cash flow from operations with net gains on lease portfolio sales (1) | $ | 281.4 | $ | 222.6 | |||||||||||||
| Net fleet investment | $ | 240.8 | $ | 387.4 | Timing of fleet additions and lease portfolio sales | ||||||||||||
| Returns of capital to stockholders | $ | 118.7 | $ | 133.8 | |||||||||||||
(1) Non-GAAP financial measure. See the Reconciliations of Non-GAAP Measures section within this Press Release for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors.
Additional Business Items
•Total committed liquidity of $897 million as of September 30, 2026.
•On October 12, 2026, Trinity Industries acquired the assets of Rubber Lining Specialists, LLC, an Orange, Texas-based provider of specialized rubber lining, corrosion and abrasion protection, inspection, and repair services that complements its core rail business.
•On October 19, 2026, Trinity Rail Leasing 2026 LLC, a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company ("TILC"), entered into a $350 million term loan agreement (the “TRL-2026 term loan”). The TRL-2026 term loan bears interest at a variable rate of daily simple Secured Overnight Financing Rate ("SOFR") plus a facility margin of 1.30% and has a stated maturity date of October 2031. Net proceeds received from the transaction were used to redeem the outstanding debt of Trinity Rail Leasing 2019 LLC's Series 2019-2 Secured Railcar Equipment Notes (the "Series 2019-2 Notes") and to repay borrowings under TILC's warehouse loan facility. The all-in interest rate for the Series 2019-2 Notes was 3.10% per annum.
2
Business Group Summary
| Three Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | Year over Year – Comparison | |||||||||||||||
| ($ in millions) | |||||||||||||||||
| Railcar Leasing and Services Group | |||||||||||||||||
| Revenues | $ | 286.3 | $ | 301.0 | Reduced revenues resulting from the divestitures of two partially-owned leasing subsidiaries since the prior year period, partially offset by the mix of repairs, higher lease rates, and net additions to the lease fleet | ||||||||||||
| Operating profit | $ | 98.0 | $ | 128.1 | Lower gains on lease portfolio sales, as well as the mix of external repairs and operational inefficiencies in our maintenance services business. Additionally, Q3-25 included the results of two partially-owned leasing subsidiaries that have since been divested. | ||||||||||||
| Operating profit margin | 34.2 | % | 42.6 | % | |||||||||||||
| Gains on lease portfolio sales | $ | 8.5 | $ | 21.7 | |||||||||||||
Fleet utilization (1) | 97.0 | % | 96.8 | % | |||||||||||||
FLRD (2) | +0.1 | % | +8.7 | % | |||||||||||||
| Wholly-owned lease fleet (in units) | 97,160 | 89,595 | As a result of the railcar partnership transactions completed since the prior year period, approximately 6,235 railcars were transferred from partially-owned to wholly-owned and approximately 17,020 railcars were transferred from partially-owned to investor-owned. | ||||||||||||||
| Partially-owned lease fleet (in units) | — | 23,255 | |||||||||||||||
| Investor-owned lease fleet (in units) | 50,260 | 33,645 | |||||||||||||||
| Rail Products Group | |||||||||||||||||
| Revenues | $ | 339.5 | $ | 278.8 | Higher deliveries, including sustainable railcar conversions | ||||||||||||
| Operating profit | $ | 30.7 | $ | 19.9 | Gain on the sale of a manufacturing facility and higher deliveries, partially offset by operational inefficiencies. Additionally, Q3-25 included a higher mix of, and production efficiencies associated with, high-margin specialty railcars. | ||||||||||||
| Operating profit margin | 9.0 | % | 7.1 | % | |||||||||||||
| New railcars: | |||||||||||||||||
| Deliveries (in units) | 2,030 | 1,680 | |||||||||||||||
| Orders (in units) | 2,190 | 350 | |||||||||||||||
| Order value | $ | 325.0 | $ | 50.7 | |||||||||||||
| Backlog value | $ | 1,646.7 | $ | 1,762.4 | |||||||||||||
| Sustainable railcar conversions: | |||||||||||||||||
| Deliveries (in units) | 355 | — | |||||||||||||||
| Backlog (in units) | 60 | — | |||||||||||||||
| Backlog value | $ | 5.8 | $ | — | |||||||||||||
| Eliminations | |||||||||||||||||
| Eliminations – revenues | $ | (90.7) | $ | (125.7) | |||||||||||||
| Eliminations – operating profit | $ | (3.4) | $ | (5.9) | |||||||||||||
| Corporate and other | |||||||||||||||||
| Selling, engineering, and administrative expenses | $ | 29.7 | $ | 23.5 | Higher employee-related costs, including higher incentive-based compensation | ||||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||||||||
| Loan-to-value ratio | |||||||||||||||||
| Wholly-owned subsidiaries | 71.8 | % | 70.2 | % | |||||||||||||
(1) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
(2) FLRD calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates.
3
Conference Call
Trinity will hold a conference call at 8:00 a.m. Eastern on October 29, 2026 to discuss its third quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "7066635". Please call at least 10 minutes in advance to ensure a proper connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "8880930" until 11:59 p.m. Eastern on November 5, 2026.
Additionally, the Company will provide a quarterly investor presentation that will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Third Quarter Earnings Call event weblink.
Non-GAAP Financial Measures
We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to stockholders; and the amount and timing of certain other items outside the normal course of our core business operations.
4
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our businesses market their railcar products and services under the trade name TrinityRail®. Our platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Our platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. Trinity reports its financial results in two reportable business segments: (1) Railcar Leasing and Services Group and (2) Rail Products Group. For more information, visit: www.trin.net.
Some statements in this release, 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, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding geopolitical events and conflicts, as well as economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.
| Investor Contact: | ||
| Leigh Anne Mann | ||
| Vice President, Investor Relations | ||
| Trinity Industries, Inc. | ||
| (Investors) 214/631-4420 | ||
| Media Contact: | ||
| Jack L. Todd | ||
| Vice President, Public Affairs | ||
| Trinity Industries, Inc. | ||
| (Media Line) 214/589-8909 | ||
- TABLES TO FOLLOW -
5
Trinity Industries, Inc.
Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 535.1 | $ | 454.1 | $ | 1,512.2 | $ | 1,545.7 | |||||||||||||||
| Operating costs: | |||||||||||||||||||||||
| Cost of revenues | 408.3 | 312.7 | 1,146.6 | 1,128.7 | |||||||||||||||||||
| Selling, engineering, and administrative expenses | 55.1 | 45.2 | 156.9 | 144.6 | |||||||||||||||||||
| Gains on dispositions of property and other divestitures: | |||||||||||||||||||||||
| Lease portfolio sales | 8.5 | 21.7 | 38.7 | 35.4 | |||||||||||||||||||
| Gain on divestiture of partially-owned leasing subsidiary | — | — | 131.6 | — | |||||||||||||||||||
| Other | 15.4 | 0.7 | 17.5 | 6.0 | |||||||||||||||||||
| 439.5 | 335.5 | 1,115.7 | 1,231.9 | ||||||||||||||||||||
| Operating profit | 95.6 | 118.6 | 396.5 | 313.8 | |||||||||||||||||||
| Interest expense, net | 65.8 | 69.8 | 195.5 | 203.6 | |||||||||||||||||||
| Other, net | (0.5) | 0.6 | 1.6 | (0.4) | |||||||||||||||||||
| Income from continuing operations before income taxes | 30.3 | 48.2 | 199.4 | 110.6 | |||||||||||||||||||
| Provision for income taxes | 8.8 | 11.1 | 49.1 | 22.6 | |||||||||||||||||||
| Income from continuing operations | 21.5 | 37.1 | 150.3 | 88.0 | |||||||||||||||||||
| Loss from discontinued operations, net of income taxes | (4.0) | (1.1) | (9.7) | (4.9) | |||||||||||||||||||
| Net income | 17.5 | 36.0 | 140.6 | 83.1 | |||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest | (0.1) | 5.7 | 0.5 | 16.6 | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 17.6 | $ | 30.3 | $ | 140.1 | $ | 66.5 | |||||||||||||||
| Basic earnings per common share: | |||||||||||||||||||||||
| Income from continuing operations | $ | 0.27 | $ | 0.39 | $ | 1.88 | $ | 0.88 | |||||||||||||||
| Loss from discontinued operations | (0.05) | (0.01) | (0.12) | (0.06) | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 0.22 | $ | 0.38 | $ | 1.76 | $ | 0.82 | |||||||||||||||
| Diluted earnings per common share: | |||||||||||||||||||||||
| Income from continuing operations | $ | 0.27 | $ | 0.38 | $ | 1.84 | $ | 0.86 | |||||||||||||||
| Loss from discontinued operations | (0.05) | (0.01) | (0.12) | (0.06) | |||||||||||||||||||
| Net income attributable to Trinity Industries, Inc. | $ | 0.22 | $ | 0.37 | $ | 1.72 | $ | 0.80 | |||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
| Basic | 79.6 | 80.5 | 79.6 | 81.1 | |||||||||||||||||||
| Diluted | 81.0 | 81.9 | 81.5 | 83.1 | |||||||||||||||||||
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.
Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.
6
Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 158.3 | $ | 201.3 | |||||||
| Receivables, net of allowance | 358.4 | 389.1 | |||||||||
| Income tax receivable | 13.7 | 27.5 | |||||||||
| Inventories | 531.8 | 469.1 | |||||||||
| Restricted cash | 119.7 | 122.3 | |||||||||
| Property, plant, and equipment, net: | |||||||||||
| Railcars in our lease fleet: | |||||||||||
| Wholly-owned subsidiaries | 6,582.9 | 6,512.4 | |||||||||
| Partially-owned subsidiary | — | 372.2 | |||||||||
| Deferred profit on railcar products sold | (556.4) | (628.6) | |||||||||
| Operating and administrative assets | 367.2 | 365.3 | |||||||||
| 6,393.7 | 6,621.3 | ||||||||||
| Goodwill | 221.5 | 221.5 | |||||||||
| Other assets | 546.9 | 372.3 | |||||||||
| Total assets | $ | 8,344.0 | $ | 8,424.4 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Accounts payable | $ | 294.5 | $ | 269.6 | |||||||
| Accrued liabilities | 271.7 | 301.2 | |||||||||
| Debt: | |||||||||||
| Recourse | 598.9 | 598.5 | |||||||||
| Non-recourse: | |||||||||||
| Wholly-owned subsidiaries | 4,726.1 | 4,573.4 | |||||||||
| Partially-owned subsidiary | — | 270.6 | |||||||||
| 5,325.0 | 5,442.5 | ||||||||||
| Deferred income taxes | 1,193.4 | 1,129.0 | |||||||||
| Other liabilities | 128.6 | 136.8 | |||||||||
| Stockholders' equity: | |||||||||||
| Trinity Industries, Inc. | 1,128.3 | 1,077.2 | |||||||||
| Noncontrolling interest | 2.5 | 68.1 | |||||||||
| 1,130.8 | 1,145.3 | ||||||||||
| Total liabilities and stockholders' equity | $ | 8,344.0 | $ | 8,424.4 | |||||||
7
Trinity Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net cash provided by operating activities – continuing operations | $ | 242.7 | $ | 187.2 | |||||||
| Net cash used in operating activities – discontinued operations | (9.7) | (4.9) | |||||||||
| Net cash provided by operating activities | 233.0 | 182.3 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures – lease fleet | (409.5) | (530.3) | |||||||||
| Proceeds from lease portfolio sales | 168.7 | 142.9 | |||||||||
| Capital expenditures – operating and administrative | (34.7) | (26.8) | |||||||||
| Other investing activities | (14.6) | 15.8 | |||||||||
| Net cash used in investing activities | (290.1) | (398.4) | |||||||||
| Financing activities: | |||||||||||
| Net proceeds from (repayments of) debt | 142.4 | 244.9 | |||||||||
| Shares repurchased | (42.0) | (58.9) | |||||||||
| Dividends paid to common shareholders | (75.4) | (74.6) | |||||||||
| Other financing activities | (13.5) | (31.0) | |||||||||
| Net cash provided by financing activities | 11.5 | 80.4 | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (45.6) | (135.7) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 323.6 | 374.4 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 278.0 | $ | 238.7 | |||||||
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Trinity Industries, Inc.
Reconciliations of Non-GAAP Measures
($ in millions, except percentages)
(unaudited)
Adjusted Return on Equity
Adjusted Return on Equity (“Adjusted ROE”) is defined as a ratio for which (i) the numerator is calculated as income or loss from continuing operations, adjusted to exclude the effects of net income or loss attributable to noncontrolling interest; and (ii) the denominator is calculated as average Trinity stockholders’ equity (which excludes noncontrolling interest). In the following table, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing operations and total stockholders’ equity, respectively, which are the most directly comparable GAAP financial measures. Management believes that Adjusted ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company’s investments over time. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
LTM September 30, 2026 | September 30, 2025 | ||||||||||
| ($ in millions) | |||||||||||
| Numerator: | |||||||||||
| Income from continuing operations | $ | 346.8 | |||||||||
| Net income attributable to noncontrolling interest | (8.1) | ||||||||||
| Net income from continuing operations attributable to Trinity Industries, Inc. | 338.7 | ||||||||||
| Denominator: | |||||||||||
| Total stockholders' equity | $ | 1,130.8 | $ | 1,250.4 | |||||||
| Noncontrolling interest | (2.5) | (249.4) | |||||||||
| Trinity stockholders' equity | $ | 1,128.3 | $ | 1,001.0 | |||||||
| Average total stockholders' equity | $ | 1,190.6 | |||||||||
Return on Equity (1) | 29.1 | % | |||||||||
| Average Trinity stockholders' equity | $ | 1,064.7 | |||||||||
Adjusted Return on Equity (2) | 31.8 | % | |||||||||
(1) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity.
(2) Adjusted Return on Equity is calculated as net income from continuing operations attributable to Trinity Industries, Inc. divided by average Trinity stockholders' equity, each as defined and reconciled above.
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Cash Flow from Operations with Net Gains on Lease Portfolio Sales
Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe this measure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our ability to fund our operations and repay our debt. This measure is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the following table. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities – continuing operations | $ | 242.7 | $ | 187.2 | |||||||
| Net gains on lease portfolio sales | 38.7 | 35.4 | |||||||||
Cash flow from operations with net gains on lease portfolio sales | $ | 281.4 | $ | 222.6 | |||||||
EBITDA
“EBITDA” is defined as income from continuing operations plus interest expense, provision for income taxes, and depreciation and amortization expense. EBITDA is a non-GAAP financial measure; however, the amounts included in the calculation are derived from amounts included in our GAAP financial statements. EBITDA is reconciled to net income, the most directly comparable GAAP financial measure, in the following table. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company’s operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, or as an alternative to operating cash flows as measures of liquidity. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 17.5 | $ | 36.0 | $ | 140.6 | $ | 83.1 | |||||||||||||||
| Less: Loss from discontinued operations, net of income taxes | (4.0) | (1.1) | (9.7) | (4.9) | |||||||||||||||||||
| Income from continuing operations | 21.5 | 37.1 | 150.3 | 88.0 | |||||||||||||||||||
| Interest expense | 67.8 | 72.3 | 202.7 | 211.6 | |||||||||||||||||||
| Provision for income taxes | 8.8 | 11.1 | 49.1 | 22.6 | |||||||||||||||||||
| Depreciation and amortization expense | 70.5 | 76.9 | 214.6 | 226.4 | |||||||||||||||||||
EBITDA | $ | 168.6 | $ | 197.4 | $ | 616.7 | $ | 548.6 | |||||||||||||||
10
Exhibit 99.2
Trinity Industries, Inc.
Earnings Release Conference Call – Q3 2026
October 29, 2026
Leigh Anne Mann
Vice President, Investor Relations
Thank you, operator. Good morning everyone. We appreciate you joining us for the Company’s third quarter 2026 financial results conference call.
Our prepared remarks will include comments from Jean Savage, Trinity’s Chief Executive Officer and President, and Eric Marchetto, the Company’s Chief Financial Officer. We will hold a Q&A session following the prepared remarks from our leaders.
During the call today, we will reference certain non-GAAP financial metrics. The reconciliations of the non-GAAP metrics to comparable GAAP measures are provided in the appendix of the quarterly investor slides, which are accessible on our investor relations website at www.trin.net. These slides are under the Events and Presentations portion of the website, along with the Third Quarter Earnings Conference Call event link.
A replay of today’s call will be available after 10:30 a.m. Eastern time through midnight on November 5th, 2026. Replay information is available under the Events and Presentations page on our Investor Relations website.
It is now my pleasure to turn the call over to Jean.
E. Jean Savage
Chief Executive Officer and President
Thank you, Leigh Anne, and good morning, everyone. We delivered a solid third quarter with momentum building across the business, and Trinity is well positioned as we move toward year end. Our leasing fundamentals remain strong. Our manufacturing volumes are improving. And our cash generation continues to support disciplined capital allocation. Our last twelve months Adjusted Return on Equity was 31.8%, helped by transaction gains and operational improvements.
I’ll start by walking you through what we’re seeing in the market. Macro dynamics are very supportive of future growth in railcar orders. We have seen year over year carload volume increase by 3%, and this is across a variety of categories. Scrap rates are also elevated, and the industry is on track to scrap approximately 40,000 railcars in 2026, well above expected new railcar production.
1
Railcars in storage continue to decline and currently stand at 18%, the lowest reading since May 2023. This metric measures the share of railcars that have not made a revenue move in 60 days or more. October also marked the seventeenth consecutive month of fleet contraction, a trend that continues across a wide variety of car types.
Against that backdrop, it is encouraging to see demand firming, with Trinity order rates up 40% quarter over quarter and inquiries remaining strong. We see the market from both sides: what customers order for new railcar deliveries, and about 20,000 lease renewals and 5,000 railcar assignments each year. That insight allows us to adjust rates as conditions evolve and continue to expand our spread over our cost of capital.
Segment Performance
I'll take you through both segments, starting with Leasing and Services.
Leasing and Services
Our Leasing and Services business performed well in the third quarter. Core leasing revenue was down year over year, reflecting a smaller consolidated fleet following the railcar partnership transactions we completed over the last year. That decrease was partially offset by higher rents, higher management fees, and the fleet investment we have made over the last year.
Our lease fleet utilization was 97%, and our renewal success rate was 89% with renewal rates 4.1% above expiring rates. The Future Lease Rate Differential, or FLRD, was essentially flat this quarter, driven by higher expiring rates and a less favorable renewal mix, largely the result of having repriced nearly our entire fleet into a higher-rate environment. Lease rates have not yet kept pace with asset values and inflation. We are focused on maximizing the yield on our assets, and the environment remains favorable for continued lease rate increases.
Our Leasing and Services segment operating margin of 34.2% reflects a higher percentage of segment activity coming from lower-margin businesses, such as maintenance and services, as those areas continue to grow.
Over the last few years, we have improved the performance of our maintenance network to navigate the increase in tank car compliance work. As this work moderates, we announced plans to repurpose our Jonesboro maintenance facility to a storage and mobile repair facility. Current and expected volumes can be efficiently supported across our remaining four facilities, which allows us to improve
2
utilization across the network. Working with local and state resources, we are supporting our affected employees to help identify alternative opportunities.
Net fleet investment in the quarter was $115 million, bringing our year-to-date total to $241 million. The secondary market remains very active and strong, and we continue to participate as both a buyer and a seller.
I also want to highlight a small acquisition we completed in October. We acquired the assets of Rubber Lining Specialists, LLC, an Orange, Texas-based provider of specialized rubber lining, corrosion and abrasion protection, inspection, and repair services. This acquisition expands our capabilities in supporting and servicing rubber lined railcars.
Rail Products
In Rail Products, we are encouraged by the momentum in the market. We increased deliveries by 29% sequentially and still recorded a book-to-bill above 1.0x, with orders of 2,190 and deliveries of 2,030 in the quarter. We also completed 355 railcar conversions. Higher steel prices should support more conversions in the future.
Segment revenue reflects the higher delivery volumes. Segment margin in the quarter was 9.0%, which benefited from a gain on the sale of a portion of our Longview facility. Without the $13.4 million gain, segment margin would have been 5.1%, a significant step up from the second quarter. We continue to expect a full year segment margin between 5% and 6%. This business benefits from significant operating leverage, and we would expect to see the margin improve as volumes rise.
As we discussed last quarter, we are undertaking a large project to modernize and consolidate our Longview tank car facility. This project is ongoing and progressing well. It reflects our strategic decision made a year ago to expand our U.S. manufacturing footprint, a decision we especially value given today’s uncertain trade policy environment.
Conclusion
Before turning the call to Eric, I want to address the antidumping and countervailing duty petition filed by Union Tank Car, a wholly-owned subsidiary of Berkshire Hathaway Inc., with the U.S. Department of Commerce and the U.S. International Trade Commission, targeting imports of railway tank cars from Mexico.
3
Our Monclova, Mexico facility has been an integral part of our North American manufacturing network since 1998, and Trinity has also produced more than 73,000 tank cars in the United States over the last 15 years. Our U.S. and Mexico facilities produce high-quality tank cars to meet our customers’ needs. Trinity is a significant purchaser of American-made steel, which we ship to our facilities in Mexico for incorporation into the tank cars that Union Tank Car alleges to be dumped and subsidized. Our facilities serve customer demand across North America as part of a fully integrated supply chain. We disagree with the petition’s allegations and are vigorously defending our position, and we will fully cooperate with Commerce and the ITC as they complete their review of the facts.
Let me leave you with three points. First, our cash generation has let us grow the fleet, invest in our U.S. manufacturing footprint, and return capital to shareholders. Second, the market is tightening: orders are up, scrapping is running well ahead of new deliveries, and we believe 2026 is the cyclical low for industry deliveries. Third, we are focused on delivering for our customers across North America.
I want to take a moment to thank our team members for their hard work this quarter and for keeping customers first. Now, I’ll turn it over to Eric.
Eric R. Marchetto
Executive Vice President and Chief Financial Officer
Thank you, Jean, and good morning everyone.
Income Statement
Starting with the income statement, revenues were up 18% year over year, driven by an increase in external deliveries and a higher mix of external repairs in our maintenance business, partially offset by the reduction in the size of our consolidated lease fleet following the Napier Park transactions.
Operating profit was $96 million, down 19% from prior year. This was driven by lower gains on lease portfolio sales, higher SE&A expense, and the reduction in operating profit contribution from the partially-owned lease fleets as a result of the railcar partnership transactions. These reductions were partially offset by a $13.4 million gain on the sale of a manufacturing facility in the Rail Products Group.
Our tax rate in the third quarter was 29%, which was higher as a result of income taxes from our foreign operations, and third quarter EPS was $0.27, benefitted by higher external railcar deliveries and higher segment margin performance.
4
Our last twelve months Adjusted Return on Equity is 31.8%, above our target range. This metric benefited from the gains on the railcar partnership transactions, but it also reflects improving operational performance.
Cash Flow Statement
Moving to the cash flow statement, cash generation remains strong, with $243 million year-to-date. We continue to prioritize return of capital to our shareholders, and we paid our 250th consecutive dividend in the quarter. We were also opportunistic in the quarter, repurchasing 787,000 shares for $23 million. Year-to-date, we have returned $119 million to shareholders through dividends and share repurchases.
Net fleet investment in the third quarter was $115 million, with $169 million of fleet additions partially offset by proceeds of $54 million of leased railcar sales. We remained very active in the robust secondary market, both as a buyer and a seller. Year-to-date, net fleet investment totals $241 million.
We expect to complete the year ahead of our three-year target of $1.2 billion to $1.4 billion for cash generation, which includes cash from operations and gains on leased railcar sales. With one quarter remaining in the planning period, we have generated $1.4 billion of cash from operations and gains on railcar sales. This significant cash generation demonstrates the capabilities of our platform in a low railcar demand environment and also gives us flexibility in our capital allocation decisions.
Balance Sheet
Turning to our balance sheet, our loan-to-value on our wholly-owned fleet is 71.8%. We are comfortable at this level because the denominator is based on the net book value of our fleet, which is much lower than market value of our fleet. This is supported by our current lease fleet financing activity.
In October, we closed a new $350 million TRL-2026 term loan. Net proceeds from the transaction were used to redeem the outstanding Series 2019-2 Secured Railcar Equipment Notes of Trinity Rail Leasing 2019 LLC and to repay borrowings under TILC’s warehouse loan facility. We were happy with the execution of this refinancing and continue to see support from capital markets in a rising rate environment.
Jean mentioned the North American fleet is modestly contracting while rail traffic is growing across most car types, and this sets up an interesting dynamic for the future outlook of our business.
5
Railcars are long-lived assets that maintain their economic utility throughout the railcar life. Further to that, our fleet of 100,000 railcars with an average age of 15 years has similar utility as a fleet of new railcars. In other words, railcars are long-lived assets with low obsolescence.
Let me turn to lease rates. Since coming out of the Covid pandemic, we have repriced most of our fleet. As we move forward, we see an environment where there continues to be upward pressure on rail asset prices mainly as a result of higher input costs, namely steel. These asset prices coupled with rising interest rates will continue to push up lease rates on new railcars. The combination of all of these factors make us very bullish that lease rates will continue to increase from current rates.
Guidance
Now I’d like to share our outlook and guidance for the remainder of the year.
We expect the industry to deliver below 25,000 railcars in 2026. With one quarter remaining, the industry has delivered 16,000 railcars this year. While we are not providing formal guidance for 2027, we expect 2026 to be the cyclical low point for industry deliveries.
We expect to complete the year with net fleet investment in the range of $300 million to $350 million. Notably, this quarter we achieved our three-year target for net lease fleet investment of $750 million to $1 billion, which we introduced at our 2024 Investor Day.
We expect manufacturing capital expenditures in the range of $55 million to $65 million, unchanged from last quarter.
And finally, we are holding our full year EPS guidance of $2.20 to $2.40. We have seen opportunities in the secondary market and are increasing our secondary market railcar gains expectations for the year to a range of $180 million to $200 million, reflecting higher expected cash gains in the fourth quarter than we have seen this year. In the fourth quarter, we expect to see higher external deliveries to meet customer commitments.
To summarize, we generated strong cash flow, achieved our three-year net fleet investment and cash flow targets, and continued to strengthen our balance sheet. Our ability to execute in a slow new railcar market gives us conviction that this platform is built to deliver stronger performance as the market recovers. Our capital allocation priorities are unchanged: disciplined fleet investment, active portfolio management, and return of capital to shareholders. Operator, we are now ready for our first question.
6
E. Jean Savage
Chief Executive Officer and President
Thank you for joining us today. As you have heard from our comments today, our third quarter reflects a business positioned for growth with momentum building. Our leasing platform continues to perform, our manufacturing volumes are improving, and we believe 2026 will mark the cyclical low for industry deliveries. We appreciate your support and look forward to updating you next quarter where we will provide guidance for 2027.
7
Q3 2026 Investor Presentation Exhibit 99.3 October 29, 2026 – based on financial results as of September 30, 2026
2Investor Presentation 2 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, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this material, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding geopolitical events and conflicts, as well as economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K. This presentation also includes references to calculations that are not based on generally accepted accounting principles (“GAAP”). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the Appendix. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations. Except where noted, financial data is presented as of the Company’s most recent fiscal quarter ending September 30, 2026. “LTM” represents Last Twelve Months(1) financial information from October 1, 2025 to September 30, 2026. See appendix for footnotes
3Investor Presentation I. Quarter Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 III. Financial Positioning and Strategic Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 IV. Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Investor Presentation – Q3 2026
4Investor Presentation Quarter Results
5Investor Presentation Key Takeaways from Q3 2026 Quarterly EPS from continuing operations of $0.27 reflects improving operational conditions and continued leasing strength Strength in leasing metrics: Utilization 97.0%, renewal success rate 89%, renewing rates 4.1% above expiring rates LTM Adjusted Return on Equity (ROE) of 31.8%* driven by gains on divestitures of partially-owned leasing subsidiaries and operational improvements Maintaining 2026 EPS guidance at a range of $2.20 to $2.40, reflecting continued leasing strength, higher deliveries, and higher secondary market gains * See appendix for reconciliation of non-GAAP measures
6Investor Presentation Financial Results Highlights Cash Flow from Cont. Operations $70M $+25M Revenues $535M +18% EPS $0.27 $(0.11) Q3 2026 – Year over Year Adjusted ROE* 31.8% LTM Q3-26 * See appendix for reconciliation of non-GAAP measures
7Investor Presentation North American Railcar Market In Balance C ha ng e in N or th A m er ic an R ai lc ar F le et (r ai lc ar s Y /Y ) S hare of R ailcars in S torage (M onthly % ) Change in Fleet Size (Y/Y) Percent in storage 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 -30,000 -20,000 -10,000 0 10,000 20,000 —% 5% 10% 15% 20% 25% North American Railcar Fleet and Railcars in Storage Source: Association of American Railroads (“AAR”) RAILCAR FLEET October 2026 marked the 17th straight month of fleet contraction, a trend that continues across a variety of railcar types. Railcars in storage continue to decline and currently stand at 18%, the lowest reading since May 2023. This metric measures the share of railcars that have not made a revenue move in 60 days or more. RAILCARS IN STORAGE
8Investor Presentation8 Leasing & Services Revenue and Operating Profit Margin (1) (in m ill io ns ) Leasing & Management Revenue Maintenance Services Revenue Digital & Logistics Services Revenue OP Margin (1) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $— $120 $240 $360 25.0% 50.0% 75.0% 100.0% 125.0% Leasing & Services Segment Revenue Drivers • Revenues were down year over year as a result of the divestitures of two partially-owned leasing subsidiaries since the prior year period, partially offset by the mix of external repairs, higher lease rates, and net additions to the lease fleet Leasing & Services Margin Performance Drivers • Operating margin of 34.2% in the quarter is down year over year due to lower gains on lease portfolio sales, as well as the mix of external repairs and operational inefficiencies in our maintenance services business. 2025 results include results of two partially-owned leasing subsidiaries that have since been divested. • Completed $54M of lease portfolio sales in the quarter, resulting in gains of $9M • Segment margin includes non-cash gains on railcar partnership transactions in Q2-26 and Q4-25 Leasing & Services Business Highlights • Quarterly net fleet investment of $115 million • Owned fleet of 97,160 railcars • Total owned and investor-owned fleet of 147,420 railcars • Fleet utilization of 97.0% • Renewal success rate of 89% for Q3 2026 • FLRD of +0.1% See appendix for footnotes Segment Performance: Railcar Leasing & Services Group Fl ee t U til iz at io n FLR D Fleet Utilization FLRD (2) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 80.0% 90.0% 100.0% —% 5.0% 10.0% Environment Remains Favorable for Lease Rate Improvement
9Investor Presentation9 Rail Products Segment Revenue Drivers • Quarterly revenues up year over year due to higher new railcar deliveries, as well as a higher volume of sustainable railcar conversions Rail Products Margin Performance Drivers • Operating margin of 9.0% in the quarter is up year over year driven by a gain on the sale of a manufacturing facility and higher deliveries, partially offset by operational inefficiencies. Rail Products Business Highlights • 2,030 new railcar deliveries in the quarter • 2,190 new railcar orders in the quarter • Backlog of $1.6 billion at quarter-end Rail Products Revenue and Operating Profit Margin (1) (in m ill io ns ) Rail Products Revenue Parts & Components Revenue OP Margin (1) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $— $150 $300 $450 —% 2.5% 5.0% 7.5% 10.0% Segment Performance: Rail Products Group Orders Deliveries Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0 1,500 3,000 Order Volumes Reflect Improving Market Conditions
10Investor Presentation Total Company Revenues and EPS Q3 2026 Financial Summary: Income Statement: • Total revenues of $535M reflect higher external deliveries and the mix of external repairs, partially offset by reduced revenues resulting from the divestitures of two partially-owned leasing subsidiaries since the prior period • GAAP EPS from continuing operations of $0.27 • Lease portfolio sales proceeds of $54M in the quarter • Q2-26 and Q4-25 include non-cash gains of $132M and $194M, respectively, from railcar partnership transactions 10 Cash Flow Generation Remains Favorable (in m ill io ns ) Leasing & Services Rail Products EPS, Cont Ops (Diluted) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $— $350 $700 $— $0.50 $1.00 $1.50 $2.00 $2.50 (in m ill io ns ) Cash Flow from Cont Ops Net Gains on Lease Portfolio Sales Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $— $100.0 $200.0 $300.0 Total Company Results Year-to-Date Cash Flow: • Cash flow from continuing operations of $243M • Net gains on lease portfolio sales of $39M • Net fleet investment of $241M • Investment of $35M in operating and administrative capex • Shareholder returns of $119M through dividends paid and share repurchases
11Investor Presentation Unencumbered Railcars $799M LTV of 71.8% for the wholly-owned lease portfolio as of Q3-26 Pledge to warehouse and additional assets can be sold or financed CAPITAL LEVERS Recourse Debt $599M @ ~7.8%(1) Non-recourse Debt $4.7B @ ~4.5%(1) Favorable average cost of debt with flexible term structures DEBT STRUCTURE Cash & Equivalents $158M Revolver Availability $592M Warehouse Availability $147M LIQUIDITY Solid Liquidity of $897M(1) Attractive Debt Structures Conservative Capitalization See appendix for footnotes Balance Sheet Positioning Strategically Positioned for Value Creation
12Investor Presentation C ap ita l A llo ca tio n FY 2026 Summary Detail Industry Deliveries Below 25K Does not include sustainable railcar conversions Net Fleet Investment $300M – $350M Includes deliveries to our lease fleet, sustainable railcar conversions, railcar modifications and betterments, and secondary market purchases; offset by proceeds from lease portfolio sales Operating and Administrative Capital Expenditures $55M – $65M Investments in automation, technology, and modernization of facilities and processes EPS from Continuing Operations $2.20 – $2.40 Excludes items outside of our normal business operations Any forward-looking statements made by the Company speak only as of the date on which they are made. Except as required by federal securities law, the Company is under no obligation to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise. Management Outlook for Business Performance
13Investor Presentation Company Overview
14Investor Presentation Trinity Industries, Inc. is a market leading railcar leasing business that provides rail transportation products and services in North America – Top 5 Leasing company ~ 97,160 railcars under ownership ~ 50,260 additional investor-owned railcars – Leading railcar manufacturer with 30% of industry deliveries in FY 2025 – Railcar maintenance network and growing railcar logistics products and services Unique rail platform provides single source for comprehensive rail transportation solutions • LTM Q3-26 total revenues of $2.1 billion • LTM Q3-26 Adjusted EBITDA* of $1.0 billion • Current dividend yield of 4.9%(1) – 250 consecutive quarterly dividend payments External Revenue by Business Segment (2) All specified data as of September 30, 2026; * See appendix for footnotes and reconciliation of non-GAAP measures $7.2 billion Enterprise Value $155 million LTM Q3-26 Stockholder Returns $422 million LTM Q3-26 Cash Flow from Cont. Ops $2.0 billion Market Cap Leasing & Services Rail Products Adj EPS, Cont Ops (Diluted) * 2024 2025 LTM Q3-26 $— $1,750 $3,500 $1.60 $2.40 $3.20 $4.00 $4.80 (in $mms) Trinity Industries, Inc. Overview
15Investor Presentation Optimize customers’ ownership and usage of railcar equipment Cross-sell to deliver innovative solutions and differentiated experience Create an unmatched rail platform that provides a full suite of customer solutions to make a Trinity leased railcar the “railcar of choice” for our shipper customers for higher fleet utilization, more value streams per railcar, and higher shareholder returns Trinity’s Platform Built for Superior Performance
16Investor Presentation Platform Capabilities Support Optimized Lease Fleet Returns Lease Originations Captive Maintenance Parts and Services Manufacturing excellence and new product development Market data and leading market view Asset Management / RIV Partnerships Dual role as owner and builder creates a feedback loop reinforcing asset differentiation Complementary lines of business give us a broad industry view and early visibility to industry trends Lease origination capabilities give customer flexibility and unlock multiple monetization options for each asset Fee income from Rail Investment Vehicle partnerships worth an average of 100bp to Adjusted ROE over last 5 years Captive maintenance and Mobile Repair Units allow for more time on rent Parts and services reduce cyclicality of earnings stream and enhance customer experience
17Investor Presentation Establishing New Value Streams Across Railcar Life Cycle
18Investor Presentation Diversified Portfolio of Railcar Equipment ~ 1,100 Different Commodities ~ 330 Different Railcar Designs Refined Products & Chemicals Energy Agriculture Construction & Metals Consumer Products Fr ei gh t C ar s 52 % Open Hoppers & Gondolas Coal Aggregates, Steel and Metals 12% Small Covered Hopper (< 5k cu/ft) Frac Sand Fertilizer Cement, Construction Materials, Steel and Metals 11% Large Covered Hopper (< 5k cu/ft) Other Chemical (Soda Ash) DDG and Feeds, Grain Mill Products, Grains, Food and Other Ag, Fertilizer Lumber (Wood Chips) 10% Specialty Covered Hopper Plastics Coal (Fly Ash) Grain Mill Products Aggregates, Cement 7% Other Freight Other Chemicals Food Lumber, Steel and Metals, Cement Autos, Paper, Intermodal 12% Ta nk C ar s 48 % Pressure Tank Cars NGL, Chlor Alkali, Petro- chemical, Other Chemicals Fertilizer 10% Gen. Service Tank Cars (< 20k. Gal) Sulfur Products, Chlor Alkali, Other Chemicals Grain Mill Products Aggregates (Clay Slurry) 3% Gen. Service Tank Cars (20k. - 25k Gal.) Refined Products, Petro- chemicals, Other Chemicals Fertilizer, Food, Animal Feed 4% Gen. Service Tank Cars (25k. - 30k Gal.) Refined Products, Petro- chemicals, Other Chemicals Crude Oil, Biofuels Grain Mill Products, Food 12% Gen. Service Tank Cars (> 30k. Gal) Refined Products, Petrochemicals, Other Chemicals, NGL's Biofuels, Crude Oil 13% Specialty Tank Chlor Alkali, Other Chemicals, Sulfur Products Fertilizer 6% 34% 26% 20% 10% 10% Commercial End Markets / Commodities M aj or R ai lc ar C at eg or y r l ll r r (< 5k cu/ft) Large overed opper (> 5k cu/ft) i lt r r t r r i t r r r . r i r (< 20k. Gal) . r i r (20k. - 25k Gal.) . r i r (25k. - 30k Gal.) . r i r (> 30k. Gal) i lt *All percentage information reflects Company-owned fleet assets as of December 31, 2025
19Investor Presentation 13% 9% 4% 24% 12% 23% TRN, 15% TRN GATX UnionTank All other * Infinity ITE CIT The TrinityRail platform has grown at a 10% CAGR since 2003 Lessors Make Up A Growing Share of the North American Fleet Railcar Lessor Ownership Profile Presents Consolidation Opportunity Operating Lessors *Over 85 lessors own 228K railcars in “All other” 19 Financial Lessors 55% 18% 17% 10% Lessor Railroad Shipper TTX See appendix for source information Capitalizing on Structural Change in the Rail Market
20Investor Presentation Promoting the long-term interests of stakeholders, strengthening accountability and inspiring trust • Independent Chairman and Board of Directors with diverse backgrounds and experienced oversight • Incentive compensation programs aligned with shareholder interests • Board of Directors and Executive Leadership Team oversight of sustainability initiatives Attracting and retaining a diverse and empowered workforce • Fostering an inclusive and collaborative workplace • Hiring and retaining the best talent and providing opportunities for continuing professional development • Improving the well being of our employees and stakeholders • Contributing to the communities in which we operate Operating our business in a way that minimizes impact on natural resources and the environment • Leveraged Green Financing Framework for financing of green-eligible railcars assets supported by S&P and Sustainalytics • Innovative products and services that enhance the rail modal supply chain advantage and reduce GHG emissions • Reporting alignment with the Task Force on Climate-related Financial Disclosures and the Sustainability Accounting Standards Board frameworks, along with submitting responses to the Carbon Disclosure Project Climate Change and Water questionnaires, provides a transparent look at how environmental impact is managed Strong track record of operational excellence • All Trinity Rail manufacturing facilities and Trinity HQ achieved ISO 14001 (Environmental) and ISO 45001 (Safety) certification, the only railcar manufacturer in North America certified to both rigorous standards • Actively engage stakeholders in environmental, health, and safety (EHS) initiatives and continually improve EHS processes, practices, and operational performance • Earned the EcoVadis Bronze Medal, a recognition of ongoing commitment to sustainability and responsible business practices Commitment to Premier Performance and Sustainability Governance Excellence Social Responsibility Environmental Commitment Risk Management
21Investor Presentation • 1.7 million railcars in North America(1) • 1.4 trillion ton miles moved by rail in 2025(2) • 3,500+ commodities moved by rail(3) • Annual railcar loadings of 17 million in 2025(4), highly correlated to U.S. GDP U.S. Freight Ton Miles by Mode of Transportation(2) See appendix for footnotes 21 Truck, 44% Rail, 25% Water, 9% Pipe, 22% 5.4 trillion total ton miles Integral Part of North American Supply Chain 25% of U.S. Freight Ton Miles move by rail
22Investor Presentation Financial Positioning and Strategic Initiatives
23Investor Presentation Fleet investment generates highest returns for Trinity FLRD and growing end market demand supports our conviction in the return opportunities from fleet investment Requires diligence, but strategic M&A around Parts and Services can drive meaningful returns Committed to dividend growth and will be opportunistic around share repurchases Current debt profile supports ROE outlook Committed to maintaining appropriate liquidity Capital Allocation Strategy Focused on Returns HIGHER RETURNS LOWER RETURNS Fleet InvestmentCapital Investments and M&AReturn of CapitalDebt RepaymentHold Cash
24Investor Presentation • Long-term leases • High renewal success rates • Low credit defaults and bad debt expense • Active secondary market Stable and Predictable Cash Flows • 35-50 year useful life • Positive yield relationship to inflation • Low volatility for residuals • Low technological obsolescence Hard Asset Value with Inflation Benefits • Integral component of North American supply chain • Multiple market sectors with varying demand drivers Strong Correlation with GDP • Rent yields highly correlate to interest rates Natural Interest Rate Hedge • Accelerated depreciation for tax purposes • 100% bonus depreciation allowed under current tax law • Superior risk-adjusted returns Tax-advantaged Investment • Accounts for 1/3 of U.S. freight, but only 0.5% of greenhouse emissions • Up to 95% recyclable through scrap and salvage Environmental Profile* *See appendix for source information 24 Railcars are Sustainable Long-Term Investments
25Investor Presentation Trinity’s Operating Model and Company Purpose
26Investor Presentation Appendix
27Investor Presentation 27 Year Ended December 31, 2024 (in millions, except per share amounts) GAAP Gains on dispositions of property – other (1) Restructuring activities, net Interest expense, net (2) Adjusted Operating profit $ 491.5 $ (2.7) $ 4.3 $ — $ 493.1 Income from continuing operations before income taxes $ 221.8 $ (2.7) $ 4.3 $ (1.2) $ 222.2 Provision (benefit) for income taxes $ 50.4 $ (0.6) $ 0.9 $ (0.3) $ 50.4 Income from continuing operations $ 171.4 $ (2.1) $ 3.4 $ (0.9) $ 171.8 Net income from continuing operations attributable to Trinity Industries, Inc. $ 152.7 $ (2.1) $ 3.4 $ (0.9) $ 153.1 . Diluted weighted average shares outstanding 84.2 84.2 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 1.81 $ 1.82 Reconciliation: Adjusted Operating Results (1) Represents insurance recoveries in excess of net book value for assets damaged by a fire at the Company’s facility in Cartersville, Georgia in the first quarter of 2024. (2) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain gains on dispositions of other property; restructuring activities, net; interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
28Investor Presentation Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (in millions) Net cash provided by operating activities – continuing operations $ 45.3 $ 179.7 $ 99.6 $ 72.8 $ 70.3 Net gains on lease portfolio sales 21.7 56.0 22.0 8.2 8.5 Cash flow from operations with net gains on lease portfolio sales $ 67.0 $ 235.7 $ 121.6 $ 81.0 $ 78.8 Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe this measure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our ability to fund our operations and repay our debt. This measure is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
29Investor Presentation (1) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity. (2) Adjusted Return on Equity is calculated as net income from continuing operations attributable to Trinity Industries, Inc. divided by average Trinity stockholders' equity, each as defined below and reconciled above. Adjusted Return on Equity (“Adjusted ROE”) is a non-GAAP measure that is derived from amounts included in our GAAP financial statements. We define Adjusted ROE as a ratio for which (i) the numerator is calculated as income or loss from continuing operations, adjusted to exclude the effects of net income or loss attributable to noncontrolling interest; and (ii) the denominator is calculated as average Trinity stockholders’ equity (which excludes noncontrolling interest). In the table above, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing operations and total stockholders’ equity, respectively, which are the GAAP financial measures used in the computation of ROE. Management believes that Adjusted ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company’s investments over time. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. LTM September 30, 2026 September 30, 2025 ($ in millions) Numerator: Income from continuing operations $ 346.8 Net income attributable to noncontrolling interest (8.1) Net income from continuing operations attributable to Trinity Industries, Inc. 338.7 Denominator: Total stockholders' equity $ 1,130.8 $ 1,250.4 Noncontrolling interest (2.5) (249.4) Trinity stockholders' equity $ 1,128.3 $ 1,001.0 Average total stockholders' equity $ 1,190.6 Return on Equity (1) 29.1 % Average Trinity stockholders' equity $ 1,064.7 Adjusted Return on Equity (2) 31.8 % Reconciliation: Adjusted Return on Equity
30Investor Presentation “EBITDA” is defined as income from continuing operations plus interest expense, provision for income taxes, and depreciation and amortization expense. EBITDA is a non-GAAP financial measure; however, the amounts included in the calculation are derived from amounts included in our GAAP financial statements. EBITDA is reconciled to net income, the most directly comparable GAAP financial measure, in the table above. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company’s operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, or as an alternative to operating cash flows as measures of liquidity. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. LTM September 30, 2026 (in millions) Net income $ 334.8 Less: Loss from discontinued operations, net of income taxes (12.0) Income from continuing operations 346.8 Interest expense 276.3 Provision for income taxes 117.4 Depreciation and amortization expense 293.3 EBITDA $ 1,033.8 Reconciliation: EBITDA
31Investor Presentation Slide 2 – Forward-Looking Statements (1) LTM is calculated as the year ended December 31, 2025, less the nine months ended September 30, 2025, plus the nine months ended September 30, 2026, representing the financial information from October 1, 2025 to September 30, 2026. Slide 8 – Segment Performance: Railcar Leasing & Services Group (1) OP margin for the Railcar Leasing and Services Group includes non-cash gains on the divestitures of partially-owned subsidiaries of $132M in Q2-26 and $194M in Q4-25. (2) Future Lease Rate Differential (FLRD) calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates. The FLRD is calculated as follows: (New Lease Rates – Expiring Lease Rates) x Expiring Railcar Leases (Expiring Lease Rates x Expiring Railcar Leases) Slide 9 – Segment Performance: Rail Products Group (1) OP margin for the Rail Products Group includes the gain on the sale of a manufacturing facility of $13M in Q3-26. Slide 11 – Balance Sheet Positioning (1) Balances and blended average interest rate (including the effect of interest rate hedges, as applicable) as of September 30, 2026 Slide 14 – Trinity Industries, Inc. Overview (1) Current dividend yield represents the Company’s most recent quarterly dividend, annualized, and the stock price (NYSE: TRN) as of September 30, 2026. (2) Intersegment revenues are eliminated. Slide 19 – Capitalizing on Structural Change in the Rail Market Umler® North American fleet ownership data as of January 1, 2026 Slide 21 – Integral Part of North American Supply Chain (1) Umler® source data, January 1, 2026 report (2) FTR Associates 11/10/2025 (3) Association of American Railroads (“AAR”), accessed on March 1, 2022 with data as of February 20, 2022 (4) Association of American Railroads (“AAR”) 1/1/2026 Slide 24 – Railcars are Sustainable Long-Term Investments Trinity Industries’ 2024 Corporate Social Responsibility Report, available at www.trin.net/sustainability Presentation Footnotes
32Investor Presentation Leigh Anne Mann, Vice President of Investor Relations 214-631-4420 TrinityInvestorRelations@trin.net Investor Website: www.trin.net/investor-relations Contact Information