Trinity Industries Inc 2025年度报告

DELIVERING GOODS FOR THE GOOD OF ALL™ $3.14Reported EPS73% increase yearover year $458M Cash Flow from Operationswith Net Gains from LeasePortfolio Sales 24.4%Adjusted Returnon Equity $170M $2BFull Year Total CompanyRevenues Returned to shareholdersthrough dividends paidand share repurchases DEAR FELLOWSHAREHOLDERS: E. Jean Savage 2025 was a year that tested Trinity’sstrategy—and validated it. In a lower-volume environment, we delivered strongearnings, significant cash flow, and attractive returns.More importantly, we demonstrated that Trinity isbuilt to perform across the cycle. ▷Resilient manufacturing performance despitelower volumes ▷Realization of embedded value in our railcar assets The takeaway is clear: Trinity has multipleways to create value, regardless of where weare in the cycle. Trinity today is a cycle-resilient platform with multiplelevers to drive earnings, cash flow, and long-term value. That durability is the result of deliberate choices. Overseveral years, we have built a more resilient, flexible,and disciplined company—anchored by our leasingplatform and supported by manufacturing and services. CLOSING Trinity today is a more resilient, more flexible, andmore capable company than it was just a few yearsago. Our leasing platform generates consistent cashflow. Our manufacturing footprint is right-sized andscalable. Our integrated model provides multiplepaths to create value. Our purpose, Delivering Goods for the Good of All,continues to guide our work. We want to thank ouremployees for the focus and execution that made thisyear’s performance possible. 2025 PERFORMANCE: STRATEGY IN ACTION That combination—durability with upside—is whatdefines Trinity. We delivered: Thank you for your continued investment andconfidence. ▷$3.14 earnings per share, up $1.33 year over year ▷24.4% adjusted return on equity And to our 6,100 employees—thank you for thecommitment and performance that drive thiscompany forward every day. ▷$458 million in cash flow from operations with netgains on lease portfolio sales Leldon E. Echols Chairman of the Board These results were not driven by a singlefactor. They reflect the strength of ourintegrated platform: E. Jean Savage Chief Executive Officer and President ▷Stable, growing returns from leasing ▷Disciplined execution in the secondary market Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales Net cash provided by operating activities — continuing operations Net gains on lease portfolio sales DilutedCash flow from operations with net gains on lease portfolio sales Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe thismeasure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basisfor assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our abilityto fund our operations and repay our debt. This measure is defined as net cash provided by operating activities fromcontinuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciledto net cash provided by operating activities from continuing operations, the most directly comparable GAAP financialmeasure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for ourreported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titledmeasures for other companies. Reconciliation: Adjusted Return on Equity December 31, 2025December 31, 2024($ in millions) Income from continuing operations$284.5Net income attributable to noncontrolling interest(24.2)Net income from continuing operations attributable to Trinity Industries, Inc.$260.3 Trinity stockholders’ equity Average total stockholders’ equityReturn on Equity(1) (1)Return on Equity (“ROE”) 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 byaverage 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 financialstatements. 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 asaverage 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 continuingoperations and total stockholders’ equity, respectively, which are the GAAP financial measures used in the computation of RO