Revenue: As of FY2026 Q2, the actual value is USD 485.1 M, beating the estimate of USD 474.84 M.

EPS: As of FY2026 Q2, the actual value is USD 1.25, missing the estimate of USD 1.37.

EBIT: As of FY2026 Q2, the actual value is USD 200.7 M.

Overall Performance (Q2 2026)

Trinity Industries, Inc. reported total company revenues of $485 million, which was a 4% decrease year over year, primarily due to the divestitures of two partially-owned leasing subsidiaries, partially offset by higher lease rates. The company reported an operating profit of $199.8 million and net income of $98.3 million for the quarter. Net income from continuing operations attributable to Trinity Industries, Inc. was $102.2 million. Interest expense, net, was $64.3 million, and the effective tax expense rate was 23.7%. A non-cash pre-tax gain of $132 million was recorded from a railcar partnership transaction. The last twelve months (LTM) Return on Equity (ROE) was 30.2%, with an Adjusted ROE of 32.4%.

Year-to-Date (Six Months Ended June 30, 2026) Metrics

Net cash provided by operating activities from continuing operations was $172.4 million. Cash flow from operations with net gains on lease portfolio sales was $202.6 million. Net gains on lease portfolio sales totaled $30.2 million. Net fleet investment amounted to $126.0 million. Returns of capital to stockholders were $71.3 million. Investment in operating and administrative capital expenditures year-to-date was $18 million.

Railcar Leasing and Services Group (Q2 2026)

Revenues were $281.1 million, though leasing revenues were down year over year due to structural changes from closing railcar partnership transactions. The segment’s operating profit was $224.3 million, resulting in an operating profit margin of 79.8%. Excluding the $132 million non-cash gain from the Napier Park transaction, the Leasing and Services margin was 33.0%. Gains on lease portfolio sales were $8.2 million, with $31 million in lease portfolio sales completed during the quarter. A gain of $131.6 million was recorded on the divestiture of a partially-owned leasing subsidiary. Fleet utilization stood at 97.3%, and the Future Lease Rate Differential (FLRD) was +3.5%. The wholly-owned lease fleet comprised 96,280 units, and the investor-owned lease fleet consisted of 50,650 units. Quarterly net fleet investment was $58 million.

Rail Products Group (Q2 2026)

Revenues were $258.5 million, which was slightly down year over year due to lower deliveries. Operating profit was $3.4 million, leading to an operating profit margin of 1.3%. Deliveries of new railcars totaled 1,570 units, and new railcar orders amounted to 1,560 units with an order value of $189.3 million. The backlog value for new railcars was $1,585.2 million, or $1.6 billion at quarter-end. Deliveries of sustainable railcar conversions were 115 units, with a backlog of 370 units and a backlog value of $28.2 million.

Eliminations (Q2 2026)

Eliminations for revenues were -$54.5 million, and for operating profit, they were -$0.8 million.

Corporate and Other (Q2 2026)

Selling, engineering, and administrative expenses were $27.1 million.

Cash Flow and Liquidity (Q2 2026)

Cash Flow from Continuing Operations for Q2 2026 was $73 million, an increase of $9 million year over year. Year-to-date cash flow from continuing operations was $172 million. Cash flow from operations with net gains on lease portfolio sales was $81.0 million in Q2 2026 and $203 million year to date. Total committed liquidity was $1.0 billion as of June 30, 2026. The loan-to-value on the wholly-owned lease fleet increased to 70.8%, and the unencumbered fleet was approximately $900 million. Recourse debt was $599 million at an approximate interest rate of 7.8%, while non-recourse debt was $4.6 billion at an approximate interest rate of 4.4%. Cash and equivalents totaled $156 million, with revolver availability of $592 million and warehouse availability of $287 million.

Outlook / Guidance

Trinity Industries, Inc. anticipates industry deliveries of approximately 25,000 railcars for 2026, excluding sustainable railcar conversions. The company projects a net fleet investment between $300 million and $400 million, alongside operating and administrative capital expenditures ranging from $55 million to $65 million for the full year. Full-year EPS is expected to be between $2.20 and $2.40, excluding items outside core business operations, and the Rail Products Group full-year segment margin is projected to be in the 5% to 6% range.