Trinity Industries (TRN) Q3 FY2026 earnings: revenue $535 million, up 17.8% on the year

Trinity Industries Inc. (TRN) reported revenue of $535 million for Q3 FY2026, the quarter ended 30 September 2026, up 17.8% on the same quarter a year earlier. Net income was $18 million, down 41.9% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2026.

Revenue$535 millionup 17.8%

Net income$18 milliondown 41.9%

Diluted EPS$0.22

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 1 raised, 2 lowered, 3 kept.

Revenue rose 18% on deliveries: Revenues were $535.1 million against $454.1 million a year earlier. Management attributed the increase to higher external deliveries and external repair mix, partly offset by two divested partially-owned leasing subsidiaries.
Operating profit fell on lower gains: Operating profit was $95.6 million against $118.6 million. Management cited lower lease portfolio gains and higher selling, engineering and administrative expenses, partly offset by a gain on a manufacturing facility sale.
EPS of $0.27 on higher deliveries: Diluted EPS from continuing operations was $0.27, against $0.38 a year earlier. Management attributed it to higher external railcar deliveries and higher segment margin performance.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	535	485	454	+17.8%
Cost of revenue	408	375	313	+30.6%
Gross profit	127	110	141	-10.3%
Gross margin	23.7%	22.7%	31.1%
Selling, general and administrative	55.1	51.1	45.2	+21.9%
Operating income	95.6	200	119	-19.4%
Operating margin	17.9%	41.2%	26.1%
Pre-tax income	30.3	134	48.2	-37.1%
Income tax	8.8	31.8	11.1	-20.7%
Effective tax rate	29.0%	23.7%	23.0%
Net income	17.6	98.3	30.3	-41.9%
Net margin	3.3%	20.3%	6.7%
Diluted EPS	$0.22	$1.20	$0.37	-40.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Operating cash flow	66.3	68.9	44.2	+50.0%
Capital expenditure	16.7	11.7	8.9	+87.6%
Free cash flow	49.6	57.2	35.3	+40.5%
Free cash flow margin	9.3%	11.8%	7.8%
Cash from investing	-108	-112	-156	n/a
Cash from financing	50.1	60.0	35.5	+41.1%
Depreciation and amortisation	70.5	71.5	76.9	-8.3%
Share-based compensation	6.3	5.5	5.9	+6.8%
Buybacks	21.7	13.1	19.9	+9.0%
Dividends paid	24.9	25.7	24.2	+2.9%
Dividend per share	$0.31	$0.31	$0.30	+3.3%
Diluted shares, weighted	81m	82m	82m	-1.1%
Shares outstanding at period end	78m	80m	80m	-2.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Shareholders' equity	1,128	1,143	1,001	+12.7%
Non-controlling interest	2.5	2.6	249	-99.0%
Debt	5,325	5,226	5,944	-10.4%
Other liabilities	1,888	1,860	1,737	+8.7%
Total liabilities and equity	8,344	8,232	8,931	-6.6%
Fixed assets	6,394	6,332	7,190	-11.1%
Goodwill	222	222	222	+0.0%
Cash and equivalents	158	156	66.3	+138.8%
Inventory	532	534	555	-4.1%
Other assets	1,039	989	899	+15.5%
Total assets	8,344	8,232	8,931	-6.6%

Questions

What was Trinity Industries' revenue in Q3 FY2026?

Trinity Industries (TRN) reported revenue of $535 million for Q3 FY2026, the quarter ended 30 September 2026, up 17.8% on the same quarter a year earlier.

How much did Trinity Industries earn in Q3 FY2026?

Net income for Q3 FY2026 was $18 million, down 41.9% on the year, and diluted earnings per share $0.22.

When did Trinity Industries report Q3 FY2026 results?

Trinity Industries filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 29 October 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	472	473	417	497	591	642	722	821	798	810	841	799	629	585	506	454	611	492	485	535
Cost of revenue	376	398	326	395	490	538	601	680	637	645	662	629	474	443	373	313	456	363	375	408
Gross profit	96.5	74.2	91.2	101	101	103	121	142	161	165	179	170	155	142	133	141	156	129	110	127
Gross margin	20%	16%	22%	20%	17%	16%	17%	17%	20%	20%	21%	21%	25%	24%	26%	31%	25%	26%	23%	24%
SG&A	42.9	44.7	45.0	48.0	47.7	49.9	54.3	49.1	48.6	52.3	61.3	60.5	61.6	50.0	49.4	45.2	69.7	50.7	51.1	55.1
Operating income	69.2	54.8	73.0	92.7	114	69.0	99.1	100	149	115	142	122	112	99.8	95.4	119	335	101	200	95.6
Operating margin	15%	12%	18%	19%	19%	11%	14%	12%	19%	14%	17%	15%	18%	17%	19%	26%	55%	21%	41%	18%
Pre-tax income	28.1	12.9	22.3	38.3	53.0	5.3	30.9	32.3	80.5	42.7	75.2	56.4	47.5	36.4	26.0	48.2	265	35.1	134	30.3
Tax rate	23%	23%	26%	22%	19%	-217%	24%	19%	9%	26%	23%	28%	14%	20%	16%	23%	26%	24%	24%	29%
Net income	134	-0.7	3.7	25.8	31.3	4.4	17.0	21.8	62.8	23.7	54.4	31.4	28.9	22.1	14.1	30.3	187	24.2	98.3	17.6
Net margin	28%	-0%	1%	5%	5%	1%	2%	3%	8%	3%	6%	4%	5%	4%	3%	7%	31%	5%	20%	3%
Diluted EPS	$1.37	-$0.01	$0.04	$0.31	$0.38	$0.05	$0.20	$0.26	$0.75	$0.28	$0.65	$0.37	$0.34	$0.26	$0.17	$0.37	$2.28	$0.30	$1.20	$0.22
Operating cash flow	185	20.5	-93.8	5.3	55.2	99.4	35.5	72.8	87.9	52.2	242	78.5	202	76.5	61.6	44.2	177	97.8	68.9	66.3
Capital expenditure	2.1	2.3	16.5	6.9	12.3	7.1	13.7	8.6	11.9	4.6	11.3	16.4	21.5	9.2	8.7	8.9	18.8	6.3	11.7	16.7
Free cash flow	182	18.2	-110	-1.6	42.9	92.3	21.8	64.2	76.0	47.6	230	62.1	180	67.3	52.9	35.3	159	91.5	57.2	49.6
Buybacks	427	0.0	22.4	14.4	15.0	n/a	n/a	0.0	n/a	0.0	0.9	6.0	13.8	8.2	30.8	19.9	12.4	7.2	13.1	21.7
Dividends paid	20.0	19.1	20.2	19.0	18.6	21.1	22.2	21.4	21.3	23.0	24.2	22.9	23.1	24.6	25.8	24.2	24.1	24.8	25.7	24.9
Shares outstanding	83m	83m	82m	81m	81m	81m	82m	82m	82m	82m	82m	82m	82m	82m	81m	80m	80m	80m	80m	78m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 29 October 2026: the filing.