TRINITY INDUSTRIES INC, 10-K filed on 2/19/2026
Annual Report
v3.25.4
Document and Entity Information Document - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 12, 2026
Jun. 30, 2025
Cover Page [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 1-6903    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 75-0225040    
Entity Address, Address Line One 14221 N. Dallas Parkway, Suite 1100    
Entity Address, City or Town Dallas,    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75254-2957    
City Area Code 214    
Local Phone Number 631-4420    
Title of 12(b) Security Common Stock    
Trading Symbol TRN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,167.6
Entity Registrant Name TRINITY INDUSTRIES INC    
Entity Central Index Key 0000099780    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Common Stock, Shares, Outstanding   79,839,720  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name ERNST & YOUNG LLP
Auditor Location Dallas, Texas
Auditor Firm ID 42
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues $ 2,156.9 $ 3,079.2 $ 2,983.3
Cost of revenues: 1,584.2 2,411.0 2,456.2
Selling, engineering, and administrative expenses 214.3 235.7 201.9
Lease portfolio sales 91.4 57.3 82.8
Gain on divestiture of partially-owned leasing subsidiary 194.2 [1] 0.0 0.0
Gain (Loss) on Disposition of Other Assets 5.2 6.0 6.8
Gains on dispositions of property and other divestitures: 290.8 63.3 89.6
Restructuring activities, net 0.0 4.3 (2.2)
Total operating profit 649.2 491.5 417.0
Interest expense, net 274.2 273.5 265.5
Other, net (0.4) (3.8) 2.5
Other (income) expense: 273.8 269.7 268.0
Income from continuing operations before income taxes 375.4 221.8 149.0
Current Income Tax Expense (Benefit) 13.4 72.5 50.5
Provision (benefit) for deferred income taxes 77.5 (22.1) (41.5)
Provision (benefit) for income taxes: 90.9 50.4 9.0
Income from continuing operations 284.5 171.4 140.0
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6 (7.2) (14.3) (13.4)
Net income 277.3 157.1 126.6
Net income attributable to noncontrolling interest 24.2 18.7 20.6
Net income attributable to Trinity Industries, Inc. $ 253.1 $ 138.4 $ 106.0
Income (Loss) from Continuing Operations, Per Basic Share $ 3.22 $ 1.86 $ 1.47
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share (0.09) (0.17) (0.16)
Earnings Per Share, Basic, Total [2] 3.13 1.69 1.31
Income (Loss) from Continuing Operations, Per Diluted Share 3.14 1.81 1.43
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.09) (0.17) (0.16)
Earnings Per Share, Diluted, Total [2] $ 3.05 $ 1.64 $ 1.27
Basic weighted average shares outstanding 80.8 81.9 81.2
Diluted weighted average shares outstanding 82.9 84.2 83.4
Manufacturing [Member]      
Revenues $ 952.1 $ 1,938.4 $ 1,943.9
Cost of revenues: 864.1 1,748.2 1,827.5
Railcar Leasing and Services Group [Member]      
Revenues 1,204.8 1,140.8 1,039.4
Cost of revenues: $ 720.1 $ 662.8 $ 628.7
[1] Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
[2]
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.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 277.3 $ 157.1 $ 126.6
Unrealized gains (losses) arising during the period, net of tax benefit (expense) of $(1.4), $1.1, and $(3.3) 4.8 (3.5) 10.6
Reclassification adjustments for (gains) losses included in net income, net of tax (expense) benefit of $(1.4), $(3.7), and $7.4 (4.4) (11.5) (26.1)
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(0.1), $—, and $(0.1) (0.3) 0.1 (0.3)
Amortization of net actuarial losses, net of tax benefit of $—, $—, and $— 0.1 0.1 0.1
Other comprehensive income (loss): 0.2 (14.8) (15.7)
Comprehensive income 277.5 142.3 110.9
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 24.4 19.1 13.6
Comprehensive income attributable to Trinity Industries, Inc. $ 253.1 $ 123.2 $ 97.3
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Cash and cash equivalents $ 201.3 $ 228.2
Receivables, net of allowance of $27.1 and $17.1 389.1 379.1
Income tax receivable 27.5 2.4
Raw materials and supplies 243.7 320.0
Work in process 100.8 101.5
Finished goods 124.6 54.7
Inventories: 469.1 476.2
Restricted cash, including partially-owned subsidiaries of $9.9 and $39.1 122.3 146.2
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 9,258.3 9,751.1
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 2,637.0 2,763.0
Property, Plant and Equipment, Net 6,621.3 6,988.1
Goodwill 221.5 221.5
Other assets 372.3 390.5
Total assets 8,424.4 8,832.2
Accounts payable 269.6 251.7
Accrued liabilities 301.2 353.0
Debt, Long-Term and Short-Term, Combined Amount 5,442.5 5,690.9
Deferred income taxes 1,129.0 1,075.6
Other liabilities 136.8 153.8
Total liabilities 7,279.1 7,525.0
Preferred stock – 1.5 shares authorized and unissued 0.0 0.0
Common stock – shares authorized at December 31, 2025 and 2024 – 400.0; shares issued and outstanding at December 31, 2025 – 79.8; at December 31, 2024 – 81.8 0.8 0.8
Capital in excess of par value 0.0 8.8
Retained earnings 1,081.5 1,054.1
Accumulated other comprehensive loss (4.2) (4.2)
Treasury stock – shares at December 31, 2025 – 0.0; at December 31, 2024 – 0.0 0.9 0.6
Stockholders' Equity Attributable to Parent 1,077.2 1,058.9
Noncontrolling interest 68.1 248.3
Total stockholders' equity 1,145.3 1,307.2
Total liabilities and stockholders' equity 8,424.4 8,832.2
Recourse    
Debt, Long-Term and Short-Term, Combined Amount 598.5 597.8
Nonrecourse    
Debt, Long-Term and Short-Term, Combined Amount 4,844.0 5,093.1
Wholly Owned Subsidiaries [Member] | Nonrecourse    
Debt, Long-Term and Short-Term, Combined Amount 4,573.4 4,021.3
Partially-Owned Subsidiaries [Member]    
Restricted cash, including partially-owned subsidiaries of $9.9 and $39.1 9.9 39.1
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 523.9 1,920.5
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 205.3 690.0
Partially-Owned Subsidiaries [Member] | Nonrecourse    
Debt, Long-Term and Short-Term, Combined Amount $ 270.6 $ 1,071.8
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 277.3 $ 157.1 $ 126.6  
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6 (7.2) (14.3) (13.4)  
Depreciation and amortization 305.1 293.8 293.2  
Stock-based compensation expense 22.9 23.6 22.7  
Provision (benefit) for deferred income taxes 77.5 (22.1) (41.5)  
Net gains on lease portfolio sales, excluding sales-type leases (91.4) (57.3) (82.8)  
Gain on divestiture of partially-owned leasing subsidiary (194.2) [1] 0.0 0.0  
Gains on dispositions of property and other assets 5.2 3.3 0.5  
Gains on insurance recoveries from property damage 0.0 2.7 6.3  
Non-cash impact of restructuring activities 0.0 4.3 (2.2)  
Non-cash interest expense 9.0 13.4 12.7  
Loss on extinguishment of debt 1.4 1.5 0.0  
Other 3.5 (2.6) (5.7)  
(Increase) decrease in receivables (15.5) (17.1) (24.6)  
(Increase) decrease in income tax receivable (25.1) 2.8 2.6  
(Increase) decrease in inventories 7.1 208.1 (54.9)  
(Increase) decrease in other assets (1.1) 0.9 (0.6)  
Increase (decrease) in accounts payable 25.6 (53.6) 2.2  
Increase (decrease) in accrued liabilities (32.4) 22.2 53.2  
Increase (decrease) in other liabilities (4.8) 4.8 1.5  
Net cash provided by operating activities – continuing operations 366.9 588.1 309.0  
Net cash used in operating activities – discontinued operations (7.2) (14.3) (13.4)  
Net cash provided by operating activities 359.7 573.8 295.6  
Capital expenditures – lease fleet (749.3) (541.9) (668.8)  
Proceeds from lease portfolio sales 399.3 360.7 381.8  
Capital expenditures – operating and administrative (45.6) (53.8) (41.3)  
Proceeds from dispositions of property and other assets 15.4 20.6 19.9  
Acquisitions, net of cash acquired 0.0 0.0 (62.2)  
Restricted cash related to the divestiture of partially-owned subsidiary (16.8) 0.0 0.0  
Proceeds from insurance recoveries 0.0 3.7 5.1  
Payment for (Proceeds from) Other Investing Activity 11.4 (3.9) 2.5  
Net cash used in investing activities (385.6) (214.6) (363.0)  
Payments to retire debt (1,763.7) (2,050.5) (1,518.9)  
Proceeds from issuance of debt 1,943.7 1,970.4 1,652.7  
Payments to settle contingent consideration liability (8.0) (8.0) 0.0  
Dividends paid to common shareholders (98.7) (93.2) (86.0)  
Shares repurchased (71.3) (20.7) 0.0  
Purchase of shares to satisfy employee tax on vested stock (8.7) (9.0) (7.2)  
Distributions to noncontrolling interest 18.2 8.9 32.4  
Net cash provided by (used in) financing activities (24.9) (219.9) 8.2  
Net increase (decrease) in cash, cash equivalents, and restricted cash (50.8) 139.3 (59.2)  
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation 323.6 374.4 235.1 $ 294.3
Interest paid $ 272.8 $ 271.4 $ 246.2  
[1] Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Retained Earnings [Member]
RIV 2013 Holdings
AOCI Attributable to Parent [Member]
Treasury Stock, Common
Parent [Member]
Noncontrolling Interest [Member]
Noncontrolling Interest [Member]
RIV 2013 Holdings
Common Stock, Shares, Issued   (81.1)                
Total stockholders' equity $ 1,269.6 $ 0.8 $ 0.0 $ 992.6   $ 19.7 $ (0.7) $ 1,012.4 $ 257.2  
Treasury Stock, Common, Shares             0.0      
Net income 126.6     106.0       106.0 20.6  
Other comprehensive income (loss): (15.7)         (8.7)   (8.7) (7.0)  
Dividends, Common Stock, Cash [1] (88.1)     (88.1)       (88.1)    
Distributions to noncontrolling interest (32.4)               (32.4)  
Acquisition of noncontrolling interest in RIV 2013, net of tax                 0.0  
Divestiture of noncontrolling interest in Triumph                 0.0  
Stock-based compensation expense 22.7   22.7         22.7    
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   (1.0)         (0.3)      
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 7.2   (0.7)       $ 7.9 7.2    
Treasury Stock, Shares, Retired   0.3         0.3      
Treasury Stock, Retired, Cost Method, Amount $ 0.0   (8.0)       $ (8.0) 0.0    
Common Stock, Dividends, Per Share, Declared $ 1.06                  
$0.01 Par Value $ 0.01                  
Common Stock, Shares, Issued   (81.8)                
Total stockholders' equity $ 1,275.5 $ 0.8 15.4 1,010.5   11.0 $ (0.6) 1,037.1 238.4  
Treasury Stock, Common, Shares             0.0      
Net income 157.1     138.4       138.4 18.7  
Other comprehensive income (loss): (14.8)         (15.2)   (15.2) 0.4  
Dividends, Common Stock, Cash [1] (94.8)     (94.8)       (94.8)    
Distributions to noncontrolling interest (9.2)               (9.2)  
Acquisition of noncontrolling interest in RIV 2013, net of tax                 0.0  
Divestiture of noncontrolling interest in Triumph                 0.0  
Stock-based compensation expense 23.6   23.6         23.6    
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   (0.9)         (0.3)      
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 9.2   (1.3)       $ 10.5 9.2    
Treasury Stock, Shares, Acquired             (0.6)      
Treasury Stock, Value, Acquired, Cost Method (21.0)           $ (21.0) (21.0)    
Treasury Stock, Shares, Retired   0.9         0.9      
Treasury Stock, Retired, Cost Method, Amount $ 0.0   (31.5)       $ (31.5) 0.0    
Common Stock, Dividends, Per Share, Declared $ 1.14                  
$0.01 Par Value $ 0.01                  
Common Stock, Shares, Issued   (81.8)                
Total stockholders' equity $ 1,307.2 $ 0.8 8.8 1,054.1   (4.2) $ (0.6) 1,058.9 248.3  
Treasury Stock, Common, Shares             0.0      
Net income 277.3     253.1       253.1 24.2  
Other comprehensive income (loss): 0.2         0.0   0.0 0.2  
Dividends, Common Stock, Cash [1] (98.8)     (98.8)       (98.8)    
Distributions to noncontrolling interest (20.5)               (20.5)  
Acquisition of noncontrolling interest in RIV 2013, net of tax (159.2)       $ (78.4)     (78.4) (159.2) $ (80.8)
Divestiture of noncontrolling interest in Triumph (103.3)               (103.3)  
Stock-based compensation expense 22.9   22.9         22.9    
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   (1.0)         (0.3)      
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 8.8   (0.2)       $ 9.0 8.8    
Treasury Stock, Shares, Acquired             (2.7)      
Treasury Stock, Value, Acquired, Cost Method (71.7)           $ (71.7) (71.7)    
Treasury Stock, Shares, Retired   3.0         3.0      
Treasury Stock, Retired, Cost Method, Amount $ 0.0   (31.9) (48.5)     $ (80.4) 0.0    
Common Stock, Dividends, Per Share, Declared $ 1.21                  
$0.01 Par Value $ 0.01                  
Common Stock, Shares, Issued   (79.8)                
Total stockholders' equity $ 1,145.3 $ 0.8 $ 0.0 $ 1,081.5   $ (4.2) $ (0.9) $ 1,077.2 $ 68.1  
Treasury Stock, Common, Shares             (0.0)      
[1] Dividends of $1.21, $1.14, and $1.06 per common share for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Consolidated Statements of Operations Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Discontinued Operation, Tax Effect of Discontinued Operation $ (2.7) $ (4.1) $ (3.6)
v3.25.4
Consolidated Statements of Comprehensive Income Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax $ 1.4 $ (1.1) $ 3.3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax 1.4 3.7 (7.4)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax (0.1) 0.0 (0.1)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax $ 0.0 $ 0.0 $ 0.0
v3.25.4
Consolidated Balance Sheets Parenthetical - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss $ 27.1 $ 17.1
Restricted cash, including partially-owned subsidiaries of $9.9 and $39.1 122.3 146.2
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 9,258.3 9,751.1
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 $ 2,637.0 $ 2,763.0
Preferred Stock, Shares Authorized 1.5 1.5
Preferred Stock, Shares Subscribed but Unissued 1.5 1.5
Common Stock [Member]    
Common Stock, Shares Authorized 400.0 400.0
Common Stock, Shares, Issued (79.8) (81.8)
Treasury Stock, Common    
Treasury Stock, Common, Shares (0.0) 0.0
Partially-Owned Subsidiaries [Member]    
Restricted cash, including partially-owned subsidiaries of $9.9 and $39.1 $ 9.9 $ 39.1
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 523.9 1,920.5
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 $ 205.3 $ 690.0
v3.25.4
Consolidated Statements of Cash Flows - Supplemental Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 69.2 $ 0.0 $ 0.0
Divestiture of noncontrolling interest in Triumph 103.3    
Acquisition of noncontrolling interest in RIV 2013, net of tax 159.2    
Noncontrolling Interest [Member]      
Divestiture of noncontrolling interest in Triumph 103.3 0.0 0.0
Acquisition of noncontrolling interest in RIV 2013, net of tax $ 159.2 $ 0.0 $ 0.0
v3.25.4
Note 2. Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer
Revenue associated with our railcar lease contracts is recognized in accordance with ASC 842, Leases. Revenue associated with our railcar manufacturing, maintenance services, and digital and logistics services businesses, as well as certain servicing, maintenance, and management agreements, is recognized in accordance with ASC 606, Revenue from Contracts with Customers. Below is a description of principal activities from which we generate our revenue, separated by reportable segments.
Railcar Leasing and Services Group
In our Railcar Leasing and Services Group ("Leasing Group"), revenue from rentals and operating leases, including contracts that contain non-level fixed lease payments, is recognized monthly on a straight-line basis. When certain criteria are met, leases not classified as operating leases are generally classified as sales-type leases.
We review our operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the lessee’s payment history, the financial condition of the lessee, and business and economic conditions in the industry in which the lessee operates. In the event that the collectibility of a receivable with respect to any lessee is no longer probable, we derecognize the revenue and related receivable and recognize future revenue only when the lessee makes a rental payment. Contingent rents are recognized when the contingency is resolved.
Selling profit or loss associated with sales-type leases is recognized upon lease commencement, and a net investment in the sales-type lease is recorded in the Consolidated Balance Sheets. Interest income related to sales-type leases is recognized over the lease term using the effective interest method. Selling profit or loss associated with sales-type leases is presented in the gains on dispositions of other property line in our Consolidated Statements of Operations. See "Lease Accounting" below for additional information regarding sales-type leases.
We report all sales of railcars from the lease fleet as a net gain or loss from the disposal of a long-term asset in accordance with ASC 610-20, Gains and losses from the derecognition of non-financial assets. Sales of railcars from the lease fleet are presented in the Lease portfolio sales line in our Consolidated Statements of Operations.
Our maintenance services business is primarily dedicated to servicing our lease fleet. Revenues related to maintenance services performed on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group. Services that are not included in the full-service lease agreement, such as repairs of railcar damage or other customer-specific requirements, as well as maintenance and repair activities on railcars owned by third parties, including our investor-owned fleet, are reflected in the Leasing Group's revenues and are not eliminated in consolidation.
Within maintenance services, revenue is recognized over time as repair and maintenance projects are completed, using an input approach based on the costs incurred relative to the total estimated costs of performing the project. We recorded contract assets of $10.9 million and $9.6 million as of December 31, 2025 and 2024, respectively, related to unbilled revenues recognized on repair and maintenance activities that have been performed, but for which the entire project has not yet been completed, and the railcar has not yet been shipped to the customer. These contract assets are included within the Receivables, net of allowance line in our Consolidated Balance Sheets.
In connection with an acquisition that occurred during the first quarter of 2023, we evaluated whether we are acting as a principal or an agent for certain logistics services provided to a small number of customers. During the fourth quarter of 2023, we concluded that we act as an agent in these transactions as we do not control the services before they are provided to the customer, and as a result, revenues that were previously recognized on a gross basis should be recognized on a net basis. We elected to effect this accounting change on a prospective basis as it was not quantitatively or qualitatively material to our consolidated financial statements, and beginning in the fourth quarter of 2023, revenues associated with these services are now recognized on a net basis. The accounting change had no effect on the Company's previously reported operating profit, net income, earnings per share, Consolidated Balance Sheets, or Consolidated Statements of Cash Flows.
Rail Products Group
Our railcar manufacturing business recognizes revenue related to new railcars at a point in time when the customer has submitted its certificate of acceptance and legal title of the railcar has passed to the customer. Certain contracts for the sales of railcars include price adjustments based on changes to input costs; this amount represents variable consideration for which we are generally unable to estimate the final consideration until the railcar is delivered.
Revenue related to sustainable railcar conversions is recognized over time as sustainable railcar conversions are completed, using an input approach based on the costs incurred relative to the total estimated costs of performing the project. Revenue related to certain support services is recognized over time based on our stand-ready obligation to provide such services. We recorded contract assets of $4.9 million and $3.4 million as of December 31, 2025 and 2024, respectively. These contract assets are included within the Receivables, net of allowance line in our Consolidated Balance Sheets.
We account for shipping and handling costs as activities to fulfill the promise to transfer the good; as such, these fees are recorded in revenue. The fees and costs of shipping and handling activities are accrued when the related performance obligation has been satisfied.
Disaggregation of Revenue
We disaggregate our revenue from contracts with customers by major product or service line, as this depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table presents our disaggregated revenues by major product or service line for each reportable segment:
Year Ended December 31,
202520242023
(in millions)
Railcar Leasing and Services Group:
Leasing and management$919.1 $867.8 $813.8 
Maintenance services247.4 234.0 170.1 
Digital and logistics services40.1 41.4 57.1 
1,206.6 1,143.2 1,041.0 
Rail Products Group:
Rail products1,302.5 2,321.7 2,363.7 
Parts & components117.0 109.4 115.7 
1,419.5 2,431.1 2,479.4 
Elimination of intersegment revenues(469.2)(495.1)(537.1)
Total consolidated revenues$2,156.9 $3,079.2 $2,983.3 
Unsatisfied Performance Obligations
The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of December 31, 2025 and the percentage of the outstanding performance obligations as of December 31, 2025 expected to be delivered during 2026:
Unsatisfied performance obligations at December 31, 2025
Total
Amount
Percent expected to be delivered in 2026
 (in millions)
Rail Products Group:
New railcars:
External customers $1,548.1 
Leasing Group
113.5 
$1,661.6 49 %
Sustainable railcar conversions$35.2 100 %
Railcar Leasing and Services Group:
Leasing and management$64.6 31 %
The remainder of the unsatisfied performance obligations for the Rail Products Group is expected to be delivered through 2028. The orders in the Rail Products Group's backlog from the Leasing Group are fully supported by lease commitments with external customers. The final amount of backlog attributable to the Leasing Group may vary by the time of delivery as customers may elect to modify their procurement decision.
Unsatisfied performance obligations for the Railcar Leasing and Services Group are related to servicing, maintenance, and management agreements and are expected to be performed through 2035.
v3.25.4
Note 3. Acquisitions and Discontinued Operations
 12 Months Ended
Dec. 31, 2025
Acquisitions and Discontinued Operations [Abstract]  
Business Combination
Acquisitions
Acquisition of Holden America
In December 2022, we acquired Holden America, a manufacturer of market-leading multi-level vehicle securement and protection systems, gravity-outlet gates, and gate accessories for freight rail in North America. The purchase agreement included minimum additional consideration of $10.0 million, which was payable in installments of $5.0 million per year in each of 2024 and 2025. The purchase agreement also contained a provision whereby additional consideration could become payable based on the achievement of certain revenue targets, up to a maximum payout of $10.0 million. The first installment of the additional consideration, totaling $10.0 million, was paid during the year ended December 31, 2024.
During the year ended December 31, 2025, the second and final installment of the additional consideration, totaling $10.0 million, was paid. This payment is reflected in our Consolidated Statements of Cash Flows, of which $8.0 million related to the initial estimated fair value is included in financing activities, and $2.0 million related to the remeasurement of the initial estimated fair value is included in operating activities.
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations
Sale of Highway Products Business
In the fourth quarter of 2021, we completed the sale of Trinity Highway Products, LLC ("THP"). Upon completion of the sale, the accounting requirements for reporting THP as a discontinued operation were met. In connection with the sale, the Company agreed to indemnify the buyer for certain liabilities related to the highway products business, including certain liabilities resulting from or arising out of the ET-Plus® System, a highway guardrail end-terminal system (the “ET Plus”). Consequently, results from discontinued operations include certain legal expenses that are directly attributable to the highway products business. Similar expenses related to these retained obligations that may be incurred in the future will likewise be reported in discontinued operations. For the years ended December 31, 2025, 2024, and 2023, we recorded expenses related to these obligations of $9.9 million ($7.2 million, net of income taxes), $18.4 million ($14.3 million, net of income taxes), and $17.0 million ($13.4 million, net of income taxes), respectively. These expenses are included in loss from discontinued operations, net of income taxes in our Consolidated Statements of Operations. See Note 15 for further information regarding obligations retained in connection with the THP sale.
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Derivative Instruments (Notes)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Fair Value Measurements [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
Derivative Instruments
We use derivative instruments to mitigate interest rate risk, including risks associated with the impact of changes in interest rates in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. We also use derivative instruments to mitigate the impact of changes in foreign currency exchange rates. Derivative instruments that are designated and qualify as cash flow hedges are accounted for by recording the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive income or loss ("AOCI") as a separate component of stockholders' equity. These accumulated gains or losses are reclassified into earnings in the periods during which the hedged transactions affect earnings. Derivative instruments that are not designated as hedges are accounted for by recording the realized and unrealized gains or losses on the derivative instrument in other, net (income) expense in our Consolidated Statements of Operations. We continuously monitor our derivative positions and the credit ratings of our counterparties and do not anticipate losses due to non-performance. See Note 9 for a description of our debt instruments.
Derivatives Designated as Hedging Instruments
Interest Rate Hedges
   
Included in accompanying balance 
sheet at December 31, 2025
 Notional
Amount
Interest
Rate (1)
Asset/(Liability)AOCI – loss/(income)
 ($ in millions)
Expired hedges:
2018 secured railcar equipment notes$249.3 4.41 %$— $— 
Tribute Rail secured railcar equipment notes $256.0 2.86 %$— $— 
2017 promissory notes – interest rate cap
$169.3 3.00 %$— $— 
2017 promissory notes – interest rate swap (2)
$372.5 2.31 %$— $— 
TRL-2023 term loan (2)
$255.8 3.79 %$— $3.0 
TILC – TRL-2023 term loan pre-issuance (2)
$525.4 3.58 %$— $6.0 
TILC – TRL-2025 pre-issuance (3)
$100.0 3.21 %$— $(0.3)
Open hedges:
TRL-2023 term loan (4)
$774.4 3.57 %$(6.7)$0.9 
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.
(2) These swaps were terminated in April 2025 in connection with the extinguishment of the Trinity Rail Leasing 2017, LLC (“TRL-2017”) promissory notes and the associated refinancing of the amended and restated Trinity Rail Leasing 2023 LLC (“TRL-2023”) term loan agreement. See Note 9 for further information. The swaps had a $6.7 million derivative liability fair value upon termination. In lieu of cash settlement, we incorporated the $6.7 million derivative liability into the terms of the new interest rate swaps, as described in footnote (4) below, resulting in off-market terms.
(3) In September 2025, we entered into a forward starting interest rate swap to hedge a portion of the risk of potential interest rate increases prior to the issuance of the Trinity Rail Leasing 2025 LLC ("TRL-2025") secured railcar equipment notes (the "TRL-2025 Notes"), which was completed in October 2025. See Note 9 for further information.
(4) In April 2025, we entered into interest rate swaps associated with the amended and restated TRL-2023 term loan agreement. The swaps had a $6.7 million derivative liability fair value at inception, representing the off-market component of the swaps. The off-market value is being ratably amortized into interest expense through the maturity date of the swaps related to the amended and restated TRL-2023 term loan.
 Effect on interest expense – increase/(decrease)
 Year Ended December 31,Expected effect during next twelve months
 202520242023
 (in millions)
Expired hedges:
2018 secured railcar equipment notes
$0.1 $0.2 $0.2 $— 
TRIP Holdings warehouse loan$— $— $0.1 $— 
Tribute Rail secured railcar equipment notes$0.3 $0.7 $0.7 $— 
2017 promissory notes – interest rate cap
$— $(0.1)$(0.1)$— 
2017 promissory notes – interest rate swap
$(5.9)$(11.5)$(11.7)$— 
TRL-2023 term loan$0.3 $(3.7)$(2.2)$1.2 
TILC – TRL-2023 term loan pre-issuance$0.7 $— $— $1.4 
TILC – TRL-2025 pre-issuance $— $— $— $(0.1)
Open hedges (1):
TRL-2023 term loan (2)
$(4.3)$— $— $(2.1)
(1) Based on the fair value of open hedges as of December 31, 2025.
(2) Includes changes in fair value related to the amortization of the initial off-market fair value.
Foreign Currency Hedges
Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twelve months. Information related to our foreign currency hedges is as follows:
 
Included in 
accompanying balance 
sheet at December 31, 2025
Effect on cost of revenues – increase/(decrease)
Notional
Amount		Asset/(Liability)AOCI –
loss/(income)		Year Ended December 31,
Expected effect during next twelve months (1)
Instrument202520242023
(in millions)
Forward contracts$71.2 $3.6 $(5.2)$3.1 $(1.0)$(7.1)$(4.8)
Options$— $— $(0.7)$(0.1)$0.2 $1.4 $(0.7)
(1) Based on the fair value of open hedges as of December 31, 2025.
Derivatives Not Designated as Hedging Instruments (1)
   
Asset/(Liability) at
December 31, 2025
Effect on other, net (income) expense – increase/(decrease)
Notional
Amount		Interest
Rate		Year Ended December 31,
 202520242023
 ($ in millions)
Interest rate derivatives – open:
TILC warehouse facility – interest rate cap$680.0 2.50 %$7.3 $4.0 $(0.1)$— 
TILC – interest rate cap (2)
$680.0 2.50 %$(7.3)$(4.0)$3.2 $— 
Interest rate derivatives – expired (3):
TILC warehouse facility – interest rate cap$800.0 2.50 %$— $— $1.9 $(5.4)
TILC – interest rate cap$800.0 2.50 %$— $— $(1.9)$5.4 
(1) Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
(2) The amount recorded to other, net (income) expense in our Consolidated Statements of Operations for the year ended December 31, 2024 includes a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the TILC warehouse loan facility.
(3) These interest rate caps matured and settled in 2024.
Fair Value Disclosures [Text Block]
Fair Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to establish a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are listed below.
Level 1 – This level is defined as quoted prices in active markets for identical assets or liabilities. Our cash equivalents and restricted cash are instruments of the U.S. Treasury or highly-rated money market mutual funds. The assets measured on a recurring basis as Level 1 in the fair value hierarchy are summarized below:
Level 1
 December 31, 2025December 31, 2024
(in millions)
Assets:
Cash equivalents$172.4 $209.6 
Restricted cash122.3 146.2 
Total assets$294.7 $355.8 
Level 2 – This level is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate hedges and interest rate derivatives are valued at exit prices obtained from each counterparty. Foreign currency hedges are valued at exit prices obtained from each counterparty, which are based on currency spot and forward rates and forward points. The assets and liabilities measured on a recurring basis as Level 2 in the fair value hierarchy are summarized below:
Level 2
 December 31, 2025December 31, 2024
(in millions)
Assets (1):
Derivatives designated as hedging instruments:
Interest rate hedges$— $10.4 
Foreign currency hedges3.6 0.4 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.3 23.3 
Total assets$10.9 $34.1 
Liabilities (2):
Derivatives designated as hedging instruments:
Interest rate hedges$6.7 $— 
Foreign currency hedges— 9.5 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.3 23.3 
Total liabilities$14.0 $32.8 
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in accrued liabilities in our Consolidated Balance Sheets.
Level 3 – This level is defined as unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2025 and 2024, we have no assets or liabilities measured on a recurring basis as Level 3 in the fair value hierarchy.
See Note 9 for the estimated fair values of our debt instruments. The fair values of all other financial instruments are estimated to approximate carrying value.
v3.25.4
Note 5. Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Segment Information
We report our operating results in two reportable segments: (1) the Railcar Leasing and Services Group, which owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; railcar maintenance and modification services; and other railcar logistics products and services; and (2) the Rail Products Group, which manufactures and sells railcars and related parts and components.
Effective January 1, 2024, the Company modified its organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses. The new structure resulted in a change to our reportable segments beginning in 2024. In connection with this organizational update, we aligned the maintenance services business, which was previously reported in the Rail Products Group, to now be presented within our leasing business. This change aligns with the way in which our CODM assesses performance and allocates resources. Consequently, beginning January 1, 2024, we report our operating results in two reportable segments: (1) the Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) the Rail Products Group. These changes had no impact to our previously reported consolidated results of operations, financial position, or cash flows. All prior period segment results set forth herein have been recast to reflect these changes and present results on a comparable basis.
Our CODM is our Chief Executive Officer. Operating profit is the primary measure our CODM uses to assess performance and allocate resources to each of our reportable segments. Gains and losses from the sale of property, plant, and equipment and other divestitures are included in the operating profit of each respective segment. Our CODM does not consider restructuring activities when evaluating segment operating results; therefore, restructuring activities are not allocated to segment profit or loss.
Sales and related net profits ("deferred profit") from the Rail Products Group to the Leasing Group are recorded in the Rail Products Group and eliminated in consolidation. Sales between these groups are recorded at prices comparable to those charged to external customers, taking into consideration quantity, features, and production demand. Amortization of deferred profit on railcars sold to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Lease portfolio sales are included in the Leasing Group, with related gains and losses computed based on the net book value of the original manufacturing cost of the railcars.
The financial information for these segments is shown in the tables below (in millions).
Year Ended December 31, 2025
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,204.8 $952.1 $2,156.9 
Intersegment revenues1.8 467.4 469.2 
Total revenues1,206.6 1,419.5 2,626.1 
Elimination of intersegment revenues(469.2)
Total consolidated revenues$2,156.9 
Less (1):
Rail Products Group cost of revenues (2)
*1,309.7 
Depreciation and amortization for Company-owned railcars (3)
251.8 *
Maintenance and compliance for Company-owned railcars (3)(4)
161.3 *
Selling, engineering, and administrative expenses63.9 36.5 
Gains on lease portfolio sales(91.4)*
Gain on divestiture of partially-owned leasing subsidiary(194.2)*
Other segment items (5)
306.8 (1.0)
Segment operating profit$708.4 $74.3 $782.7 
Year Ended December 31, 2024
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,140.8 $1,938.4 $3,079.2 
Intersegment revenues2.4 492.7 495.1 
Total revenues1,143.2 2,431.1 3,574.3 
Elimination of intersegment revenues(495.1)
Total consolidated revenues$3,079.2 
Less (1):
Rail Products Group cost of revenues (2)
*2,209.0 
Depreciation and amortization for Company-owned railcars (3)
240.1 *
Maintenance and compliance for Company-owned railcars (3)(4)
131.8 *
Selling, engineering, and administrative expenses77.0 32.8 
Gains on lease portfolio sales(57.3)*
Other segment items (5)
287.6 (0.1)
Segment operating profit$464.0 $189.4 $653.4 
Year Ended December 31, 2023
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,039.4 $1,943.9 $2,983.3 
Intersegment revenues1.6 535.5 537.1 
Total revenues1,041.0 2,479.4 3,520.4 
Elimination of intersegment revenues(537.1)
Total consolidated revenues$2,983.3 
Less (1):
Rail Products Group cost of revenues (2)
*2,336.0 
Depreciation and amortization for Company-owned railcars (3)
238.5 *
Maintenance and compliance for Company-owned railcars (3)(4)
130.5 *
Selling, engineering, and administrative expenses62.0 30.5 
Gains on lease portfolio sales(82.8)*
Other segment items (5)
255.3 0.3 
Segment operating profit$437.5 $112.6 $550.1 
*Not identified as a significant expense for this segment.
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
(2) Cost of revenues in the Rail Products Group primarily includes materials, labor, and overhead, including depreciation and amortization.
(3) Company-owned railcars include wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
(4) Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.
(5) Other segment items for each reportable segment include:
–Railcar Leasing and Services Group: the remaining operating costs for our maintenance services and digital and logistics services businesses, including materials, labor, and overhead costs; other operating costs for the lease fleet, including equipment rental, property taxes, and freight and storage expenses; and gains or losses on dispositions of other property.
–Rail Products Group: (gains) or losses on dispositions of other property.
The reconciliation of segment operating profit to consolidated net income is as follows:
 Year Ended December 31,
 202520242023
 (in millions)
Operating profit:
Railcar Leasing and Services Group$708.4 $464.0 $437.5 
Rail Products Group74.3 189.4 112.6 
Segment Totals782.7 653.4 550.1 
Corporate and other(111.6)(125.7)(108.3)
Restructuring activities, net— (4.3)2.2 
Eliminations(21.9)(31.9)(27.0)
Consolidated operating profit649.2 491.5 417.0 
Other (income) expense273.8 269.7 268.0 
Provision (benefit) for income taxes90.9 50.4 9.0 
Loss from discontinued operations, net of income taxes(7.2)(14.3)(13.4)
Net income$277.3 $157.1 $126.6 
Additional financial information by segment is shown in the tables below.
Total Assets
December 31, 2025December 31, 2024
(in millions)
Railcar Leasing and Services Group$7,676.5 $8,151.7 
Rail Products Group938.0 967.7 
Segment Totals8,614.5 9,119.4 
Corporate and other385.0 383.3 
Eliminations(575.1)(670.5)
Total assets$8,424.4 $8,832.2 
Depreciation & AmortizationCapital Expenditures
 Year Ended December 31,Year Ended December 31,
 202520242023202520242023
 (in millions)
Railcar Leasing and Services Group$273.8 $262.2 $258.0 $769.4 $568.1 $688.0 
Rail Products Group28.0 27.6 30.3 22.5 27.2 20.6 
Corporate and other3.3 4.0 4.9 3.0 0.4 1.5 
Total$305.1 $293.8 $293.2 $794.9 $595.7 $710.1 
Corporate and other assets are primarily composed of cash and cash equivalents, other assets, including right-of-use assets and assets associated with employee retirement plans, income tax receivable, and certain property, plant, and equipment.
We operate principally in North America. Our foreign operations are primarily located in Mexico. Revenues and operating profit for our Mexico operations for the years ended December 31, 2025, 2024, and 2023 were not significant in relation to the Consolidated Financial Statements. Total assets for our Mexico operations as of December 31, 2025 and 2024 were $368.5 million and $375.0 million, respectively. Total long-lived assets for our Mexico operations as of December 31, 2025 and 2024 were $94.3 million and $98.9 million, respectively.
One customer in the Rail Products Group comprised approximately 19%, 22%, and 13% of our consolidated revenues during the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Note 6. Partially Owned Subsidiaries
 12 Months Ended
Dec. 31, 2025
Partially-Owned Subsidiaries [Abstract]  
Noncontrolling Interest Disclosure [Text Block] Partially-Owned Subsidiaries
Investment in Partially-owned Leasing Subsidiaries
Through our wholly-owned subsidiary, TILC, we formed two subsidiaries, TRIP Holdings and RIV 2013, for the purpose of providing railcar leasing services in North America for institutional investors. TRIP Holdings is a direct, partially-owned subsidiary of TILC in which we have a controlling interest and, prior to the Exchange Transaction as defined and described below under “Railcar Partnership Restructuring”, RIV 2013 was also a direct, partially-owned subsidiary of TILC. TRIP Holdings is governed by a seven-member board of representatives, two of whom are designated by TILC. TILC is the agent of TRIP Holdings and, as such, has been delegated the authority, power, and discretion to take certain actions on its behalf.
At December 31, 2025, the carrying value of our investment in TRIP Holdings totaled $36.3 million. Our ownership interest in TRIP Holdings is 42.6%, with the remaining interest owned by third-party, investor-owned funds. The investment in TRIP Holdings is eliminated in consolidation. Through the Exchange Transaction, our ownership in RIV 2013 increased from 30.5% to 100%, making it a wholly-owned subsidiary of TILC.
Each of TRIP Holdings and RIV 2013 has wholly-owned subsidiaries that are the owners of railcars acquired from our Rail Products and Leasing Groups. TRIP Holdings has a wholly-owned subsidiary known as Tribute Rail LLC ("Tribute Rail") and, prior to the Exchange Transaction, had another wholly-owned subsidiary known as Triumph Rail LLC ("Triumph"). RIV 2013 has a wholly owned-subsidiary known as TRP 2021 LLC ("TRP-2021"). TILC is the contractual servicer for Triumph, Tribute Rail, and TRP-2021, with the authority to manage and service each entity's owned railcars. Our controlling interest in TRIP Holdings results from our combined role as both equity member and agent/servicer. Prior to the Exchange Transaction, this same combined role resulted in our controlling interest in RIV 2013. The noncontrolling interest included in the accompanying Consolidated Balance Sheets represents the non-Trinity equity interest in these partially-owned subsidiaries.
Trinity has no obligation to guarantee performance under TRIP Holdings' (or Tribute Rail's) debt agreements, guarantee any railcar residual values, shield any parties from losses or guarantee minimum yields.
The assets of Tribute Rail may only be used to satisfy its liabilities, and the creditors of Tribute Rail have recourse only to its assets. Each of TILC and the third-party equity investor receive distributions from TRIP Holdings, when available, in proportion to its respective equity interests, and has an interest in the net assets of TRIP Holdings upon a liquidation event in the same proportion. TILC is paid fees for the services it provides to Tribute Rail and has the potential to earn certain incentive fees. There are no remaining equity commitments with respect to TRIP Holdings.
See Note 9 for additional information regarding the debt of TRIP Holdings and RIV 2013 and their respective subsidiaries.
Railcar Partnership Restructuring
In December 2025, TILC completed a Sale and Exchange Agreement (the “Exchange Agreement”) with Napier Park Railcar Lease Fund LLC (“Napier Park”), a fund owned by Napier Park Global Capital, one of our railcar investment partners since 2013 and a leading alternative credit platform. Pursuant to the Exchange Agreement, TILC exchanged a 42.36% membership interest in Triumph for Napier Park’s 69.45% membership interest in RIV 2013 (the “Exchange Transaction”). As a result of the Exchange Transaction, TILC now owns 100% of the membership interests of RIV 2013 and Napier Park now owns 99.8% of the membership interests of Triumph, with TILC retaining a 0.2% membership interest in Triumph.
The divestiture of TILC’s 42.36% membership interest in Triumph resulted in a deconsolidation of the Triumph entity in our Consolidated Financial Statements. As Triumph did not represent a business, the divestiture was accounted for in accordance with ASC 610-20 and resulted in the recognition of a non-cash pre-tax gain of $194.2 million during the year ended December 31, 2025. The gain was computed based on (i) the fair value of noncash consideration received in the form of Napier Park's 69.45% membership interest in RIV 2013, net of a liability incurred, of $175.1 million, (ii) the derecognition of the net assets of Triumph of $85.0 million, (iii) the derecognition of the related non-controlling interest of $103.3 million, and (iv) the remeasurement of the 0.2% retained interest in Triumph to fair value of $0.8 million. The net assets primarily consisted of equipment on lease and long-term debt. The gain is reflected in the gain on divestiture of partially-owned leasing subsidiary line of our Consolidated Statements of Operations and is included in the operating results of the Leasing Group.
Our retained 0.2% membership interest in Triumph of $0.8 million is recorded as an investment in an unconsolidated subsidiary. We concluded that TILC does not have significant influence over Triumph subsequent to the Exchange Transaction; therefore, our investment will be accounted for using the measurement alternative under ASC 321, Investments–Equity Securities.
Our acquisition of Napier Park’s 69.45% membership interest in RIV 2013 was accounted for as an equity transaction in accordance with ASC 810, Consolidation, as it represented an increase in our ownership of a consolidated subsidiary while retaining control. We recognized a net reduction to retained earnings of $78.4 million, which is the excess of the $181.6 million fair value of our 42.36% interest in Triumph transferred above the $80.8 million carrying value of Napier Park’s 69.45% noncontrolling interest, and is net of a $22.4 million deferred tax adjustment.
The impacts of the Exchange Transaction are reflected in our Consolidated Financial Statements as of and for the year ended December 31, 2025. Net income attributable to noncontrolling interest in our Consolidated Statements of Operations for the year ended December 31, 2025 includes noncontrolling interest allocations related to Triumph and RIV 2013 through the transaction date. In addition, we recorded a $6.5 million payable to Napier Park, representing a final working capital adjustment, which is included in other liabilities in our Consolidated Balance Sheets as of December 31, 2025 and is expected to settle in 2026. The financial results of RIV 2013 will continue to be consolidated in our Consolidated Financial Statements but will no longer be subject to a noncontrolling interest adjustment as a result of the Exchange Transaction.
Other Investment in Consolidated Affiliate
In 2023, the Company and a third party formed Trinity Global Ventures to deliver railcars and provide warranty support services in Saudi Arabia. Trinity Global Ventures is owned 51.0% by Trinity Rail Group, LLC ("Trinity Rail Group"), a wholly-owned subsidiary of the Company, and 49.0% by the third party. Upon consideration under the VIE model of ASC 810, Trinity has concluded that Trinity Global Ventures meets the definition of a VIE. Trinity Rail Group has a variable interest in Trinity Global Ventures arising from its 51.0% equity ownership position. We determined that Trinity is the primary beneficiary and therefore consolidates this entity as we have the power to direct the activities of the entity that most significantly impact its economic performance. At December 31, 2025, the carrying value of our investment in Trinity Global Ventures totaled $2.7 million, which is eliminated in consolidation.
Investment in Unconsolidated Affiliate
In 2021, the Company and Wafra, Inc. (“Wafra”), a global alternative investment manager, entered into a railcar investment vehicle program between Trinity and certain funds managed by Wafra (“Wafra Funds”). As part of this program, a joint venture was formed, Signal Rail Holdings LLC (“Signal Rail”), which is currently owned 88.2% by Wafra Funds and 11.8% by TILC. TILC services all railcars owned by Signal Rail.
In November 2025, TILC and certain of its subsidiaries sold a portfolio of 990 railcars and related leases to Signal Rail for approximately $117.4 million. Signal Rail combined these railcars with a portfolio previously acquired from TILC in August 2022 and refinanced the combined portfolio through an asset-backed securitization, which repaid the existing term loan. During the year ended December 31, 2025, TILC recognized a gain of approximately $14.8 million on the portfolio sale, and $1.2 million was recognized as revenue for services performed associated with the delivery of railcars with attached leases. As a result of the refinancing, TILC received a $6.3 million equity distribution, which was recorded as a reduction to the carrying value of our investment in Signal Rail.
Upon consideration under the VIE model of ASC 810, Trinity has concluded that Signal Rail meets the definition of a VIE. TILC has variable interests in Signal Rail arising from its 11.8% equity ownership position and its role as a service provider. We determined that Trinity is not the primary beneficiary and therefore does not consolidate this entity as we do not have the power to direct the activities of the entity that most significantly impact its economic performance. We will absorb portions of Signal Rail’s expected losses and/or receive portions of expected residual returns commensurate with our 11.8% equity interest in Signal Rail.
Our investment in Signal Rail is being accounted for under the equity method of accounting. At December 31, 2025, the carrying value of TILC’s equity investment in Signal Rail was $13.5 million, which is included in other assets in our Consolidated Balance Sheets. The carrying value of this investment represents our maximum exposure in Signal Rail.
v3.25.4
Note 7. Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block] Property, Plant, and Equipment
The following table summarizes the components of property, plant, and equipment:
December 31, 2025December 31, 2024
 (in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1)(2):
Equipment on lease$8,668.5 $7,715.0 
Less: accumulated depreciation(2,156.1)(1,766.9)
6,512.4 5,948.1 
Partially-owned subsidiaries (2)(3):
Equipment on lease620.5 2,233.1 
Less: accumulated depreciation(248.3)(817.1)
372.2 1,416.0 
Deferred profit on railcar products sold (4)
(926.6)(1,069.8)
Less: accumulated amortization298.0 337.3 
(628.6)(732.5)
Total railcars in our lease fleet6,256.0 6,631.6 
Operating and administrative assets:
Land16.1 16.3 
Buildings and improvements408.4 403.2 
Machinery and other452.9 441.8 
Construction in progress18.5 11.5 
895.9 872.8 
Less: accumulated depreciation(530.6)(516.3)
Total operating and administrative assets365.3 356.5 
Total property, plant, and equipment, net$6,621.3 $6,988.1 
(1) The Leasing Group’s debt at December 31, 2025 consisted primarily of non-recourse debt. As of December 31, 2025, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,681.7 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at December 31, 2025 was $830.7 million. See Note 9 for more information regarding the Leasing Group's debt.
(2) The net book values of our wholly-owned and partially-owned subsidiaries reflect the acquisition of the noncontrolling interest in RIV 2013 and the divestiture of Triumph as of December 31, 2025. See Note 6 for further information.
(3) Debt owed by TRIP Holdings and its subsidiary is non-recourse to Trinity and TILC. Creditors of each of TRIP Holdings and its subsidiary have recourse only to the particular subsidiary's assets. As of December 31, 2025, Tribute Rail held equipment with a net book value of $372.2 million, which is pledged solely as collateral for the Tribute Rail debt. See Note 6 for a description of TRIP Holdings and its subsidiary.
(4) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
We lease certain equipment and facilities under operating leases. See Note 1 for information related to the lease agreements, future operating lease obligations, and future minimum rental revenues associated with our lease fleet, as well as future operating lease obligations on operating and administrative leases.
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Note 8. Intangible Assets, Goodwill and Other
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure Goodwill and Intangible Assets
Goodwill
Goodwill by segment is as follows. There were no changes to our goodwill during the year ended December 31, 2025.
December 31, 2025December 31, 2024
Railcar Leasing and Services Group$50.6 $50.6 
Rail Products Group170.9 170.9
$221.5 $221.5 
Intangible Assets
A summary of our intangible assets, which are included in other assets in our Consolidated Balance Sheets, is as follows:
December 31, 2025December 31, 2024
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in years)(in millions)
Indefinite-lived intangible assets:
Trade names*$11.2 $— $11.2 $11.2 $— $11.2 
Finite-lived intangible assets:
Customer relationships & backlog14.353.6 (12.6)41.0 53.6 (9.3)44.3 
Patents, developed technology, and other9.238.8 (18.1)20.7 36.8 (13.6)23.2 
Lease-related intangibles13.257.0 (19.5)37.5 38.5 (18.2)20.3 
Total finite-lived intangible assets149.4 (50.2)99.2 128.9 (41.1)87.8 
Total intangible assets$160.6 $(50.2)$110.4 $140.1 $(41.1)$99.0 
*Not subject to amortization
During the years ended December 31, 2025, 2024, and 2023, amortization expense related to our finite-lived intangible assets totaled $9.3 million, $10.1 million, and $13.0 million, respectively, which is included in cost of revenues in our Consolidated Statements of Operations. As of December 31, 2025, expected amortization expense related to our finite-lived intangible assets for the next five years is as follows:
Expected Amortization Expense
(in millions)
2026$10.7 
2027$9.8 
2028$7.6 
2029$7.2 
2030$6.9 
v3.25.4
Note 9. Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt
The carrying amounts and estimated fair values of our debt are as follows:
December 31, 2025December 31, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
 (in millions)
Corporate – Recourse:
Revolving credit facility$— $— $— $— 
Senior notes due 2028, inclusive of unamortized premium of $3.1 and $4.3
603.1 623.9 604.3 623.2 
603.1 623.9 604.3 623.2 
Less: unamortized debt issuance costs(4.6)(6.5)
Total recourse debt598.5 597.8 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
TILC warehouse facility478.5 478.5 584.6 584.6 
2010 secured railcar equipment notes— — 150.0 148.5 
2017 promissory notes, net of unamortized discount of $— and $1.5
— — 631.3 631.3 
2018 secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1
344.3 331.6 359.1 344.9 
2019 secured railcar equipment notes, net of unamortized discount of $— and $0.1
676.4 662.5 711.3 694.7 
2020 secured railcar equipments notes, net of unamortized discount of $— and $—
285.8 274.7 296.8 275.1 
2021 secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1
677.3 673.8 706.4 682.5 
2022 secured railcar equipment notes, net of unamortized discount of $— and $—
216.6 214.5 223.7 215.8 
TRL-2023 term loan, net of unamortized discount of $0.6 and $—
1,031.9 1,031.9 323.4 323.4 
2025 secured railcar equipment notes, net of unamortized discount of $0.1 and $—
532.1 535.2 — — 
TRP-2021 secured railcar equipment notes(1), net of unamortized discount of $— and $—
303.8 292.5 — — 
Other equipment financing47.6 47.9 50.0 50.0 
4,594.3 4,543.1 4,036.6 3,950.8 
Less: unamortized debt issuance costs(20.9)(15.3)
4,573.4 4,021.3 
Partially-owned subsidiaries:
Triumph secured railcar equipment notes, net of unamortized discount of $— and $0.1
— — 469.4 437.1 
Tribute Rail secured railcar equipment notes, net of unamortized discount of $— and $—
271.3 270.9 287.8 285.0 
TRP-2021 secured railcar equipment notes(1), net of unamortized discount of $— and $—
— — 319.6 296.9 
271.3 270.9 1,076.8 1,019.0 
Less: unamortized debt issuance costs(0.7)(5.0)
270.6 1,071.8 
Total non–recourse debt4,844.0 5,093.1 
Total debt$5,442.5 $5,437.9 $5,690.9 $5,593.0 
(1) TRP-2021 secured railcar equipment notes were transferred from partially-owned to wholly-owned related to the acquisition of the noncontrolling interest in RIV 2013 as of December 31, 2025. See Note 6 for further information.
The estimated fair value of our 7.75% senior notes due 2028 ("Senior Notes due 2028") is based on a quoted market price in a market with little activity (Level 2 input). The estimated fair values of our secured railcar equipment notes are based on our estimate of their fair value using unobservable input values provided by a third party (Level 3 inputs). The respective carrying values of our revolving credit facility, 2017 promissory notes, TRL-2023 term loan, and TILC warehouse facility approximate fair value because the interest rate adjusts to the market interest rate. As of December 31, 2025 and 2024, we evaluated the fair value of the other equipment financing liability using Level 3 inputs and determined that the fair value approximates the carrying value.
Corporate – Recourse
Revolving Credit Facility – We have a $600.0 million unsecured corporate revolving credit facility. During the year ended December 31, 2025, we had total borrowings of $300.0 million and total repayments of $300.0 million under the revolving credit facility. Additionally, we had outstanding letters of credit issued in an aggregate amount of $7.3 million, leaving $592.7 million available for borrowing as of December 31, 2025. Our outstanding letters of credit as of December 31, 2025 support performance bonds related to certain railcar orders. The revolving credit facility bears interest at a variable rate of SOFR plus (1) a benchmark adjustment of 10 basis points and (2) a facility margin of 1.75%, for an all-in interest rate of 5.61% as of December 31, 2025. A commitment fee accrues on the average daily unused portion of the revolving credit facility at the rate of 0.175% to 0.40% (0.25% as of December 31, 2025). The maturity date for the revolving credit facility is July 25, 2027.
The revolving credit facility places certain restrictions on the Company and its subsidiaries, including, but not limited to, the ability to incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions or repurchase or redeem capital stock; prepay, redeem, or repurchase certain debt; make loans and investments; sell assets; incur liens on assets; enter into transactions with affiliates; and consolidate, merge, or liquidate. Additionally, the revolving credit facility requires the maintenance of ratios related to minimum interest coverage for the leasing and manufacturing operations and maximum leverage. As of December 31, 2025, we were in compliance with all such financial covenants. Borrowings under the credit facility are guaranteed by certain of our 100%-owned subsidiaries.
Senior Notes Due 2028 – In June 2023, we issued $400.0 million aggregate principal amount of 7.75% senior notes due July 2028. These notes were issued through a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. Interest on the Senior Notes due 2028 is payable semiannually commencing January 15, 2024.
In June 2024, we issued an additional $200.0 million aggregate principal amount of 7.75% senior notes due July 2028 (the "Additional Senior Notes"), which increased the aggregate principal amount from $400.0 million to $600.0 million. The Additional Senior Notes were issued at a price of 102.5% of the principal amount. Proceeds received from the issuance totaled approximately $209.0 million and included the premium described above and interest deemed to have accrued from January 15, 2024 through June 4, 2024. The Additional Senior Notes have identical terms and conditions (other than the original issue date, issue price, the first interest payment date and the first date from which interest will accrue) as the original issuance. Interest on the Additional Senior Notes is payable semiannually commencing July 15, 2024.
The Senior Notes due 2028 rank senior to existing and future subordinated debt and rank equal to existing and future senior indebtedness, including our revolving credit facility. The Senior Notes due 2028 are subordinated to all our existing and future secured debt to the extent of the value of the collateral securing such indebtedness. The Senior Notes due 2028 contain covenants that limit our ability and/or certain subsidiaries' ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets. Our Senior Notes due 2028 are fully and unconditionally and jointly and severally guaranteed by each of our domestic subsidiaries that is a guarantor under our revolving credit facility.
Wholly-owned leasing subsidiaries – Non-recourse
A description of the debt of our wholly-owned leasing subsidiaries as of December 31, 2025 is as follows:
TILC Warehouse Loan Facility – TILC has a $800.0 million warehouse loan facility to finance railcars owned by TILC. During the year ended December 31, 2025, we had total borrowings of $389.5 million and total repayments of $495.6 million under the TILC warehouse loan facility. The entire unused facility amount of $321.5 million was available as of December 31, 2025 based on the amount of warehouse-eligible, unpledged equipment. The warehouse loan facility is a non-recourse obligation and is secured by a portfolio of railcars and operating leases, certain cash reserves, and other assets acquired and owned by the warehouse loan facility trust. The principal and interest of this indebtedness are paid from the cash flows of the underlying leases. Advances under the facility bear interest at one-month term SOFR plus a facility margin of 1.75%, for an all-in interest rate of 5.62% at December 31, 2025. Our warehouse loan facility has a revolving termination date of March 15, 2027 and a maturity date of March 15, 2028.
TRL-2010 – In October 2010, Trinity Rail Leasing 2010 LLC, a Delaware limited liability company ("TRL-2010") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $369.2 million in aggregate principal amount of Secured Railcar Equipment Notes, Series 2010-1 (the “TRL-2010 Notes"). In October 2025, with the net proceeds of the TRL-2025 Notes described below, we redeemed in full the TRL-2010 Notes, of which $133.8 million was outstanding at the redemption date. The all-in interest rate for the TRL-2010 Notes was 5.19% per annum. In connection with the redemption of the TRL-2010 Notes, during the year ended December 31, 2025, we recognized a loss on extinguishment of debt of $0.6 million, which related to the write-off of unamortized debt issuance costs. This charge is reflected in the interest expense, net line of our Consolidated Statements of Operations for the year ended December 31, 2025.
TRL-2017 – Trinity Rail Leasing 2017, LLC, a Delaware limited liability company ("TRL-2017") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, previously issued $302.4 million of promissory notes (the "Original 2017 Promissory Notes") due May 15, 2024. In November 2018, the Original 2017 Promissory Notes were extended through November 8, 2025 at an increased aggregate amount of $663.0 million. In July 2020, TRL-2017 issued an additional $225.0 million of promissory notes pursuant to a provision contained in its existing Amended and Restated Loan Agreement dated November 8, 2018 (together with previously-issued promissory notes, the "2017 Promissory Notes"). In April 2025, with the net proceeds of the TRL-2023 term loan agreement described below, we redeemed in full the 2017 Promissory Notes, of which $616.0 million was outstanding at the redemption date. The interest rate for the 2017 Promissory Notes was at one-month term SOFR plus (1) a benchmark adjustment of 11 basis points and (2) a facility margin of 1.50%. In connection with the redemption of the 2017 Promissory Notes, during the year ended December 31, 2025, we recognized a loss on extinguishment of debt of $0.8 million, which included the write-off of unamortized debt issuance costs and other direct costs associated with the extinguishment. This charge is reflected in the interest expense, net line of our Consolidated Statements of Operations.
TRL-2018 – In June 2018, Trinity Rail Leasing 2018, LLC, a Delaware limited liability company ("TRL-2018") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $482.5 million in Secured Railcar Equipment Notes (the "TRL-2018 Secured Railcar Equipment Notes"). The TRL-2018 Secured Railcar Equipment Notes consisted of two classes of notes with (i) an aggregate principal amount of $200.0 million of TRL-2018's Series 2018-1 Class A-1 Secured Railcar Equipment Notes (the "TRL-2018 Class A-1 Notes"), and (ii) an aggregate principal amount of $282.5 million of TRL-2018's Series 2018-1 Class A-2 Secured Railcar Equipment Notes (the “TRL-2018 Class A-2 Notes”). In October 2020, TRL-2018 issued $155.5 million of Series 2020-1 Class A Secured Railcar Equipment Notes (the “2020-1 Notes”) (the TRL-2018 Class A-1 Notes, the TRL-2018 Class A-2 Notes, and the 2020-1 Notes are, collectively, the “TRL-2018 Notes”). In a separate transaction during October 2020, TRL-2018 redeemed its TRL-2018 Class A-1 Notes, of which $153.1 million was outstanding at the redemption date. The fixed interest rate for these notes was 3.82% per annum.
The TRL-2018 Class A-2 Notes, of which $282.5 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 4.62%, are payable monthly, and have a stated final maturity date of June 17, 2048. The 2020-1 Notes, of which $61.9 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 1.96%, are payable monthly, and have a stated final maturity date of October 17, 2050. The TRL-2018 Notes are obligations of TRL-2018 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2018.
TRL-2019 – In April 2019, Trinity Rail Leasing 2019 LLC, a Delaware limited liability company ("TRL-2019") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $528.3 million in Secured Railcar Equipment Notes (the "TRL-2019 Notes"). The TRL-2019 Notes, of which $384.0 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 3.82%, are payable monthly, and have a stated final maturity date of April 17, 2049. The TRL-2019 Notes are obligations of TRL-2019 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2019.
In October 2019, TRL-2019 issued an additional $386.5 million in Secured Railcar Equipment Notes (the "TRL-2019-2 Notes"). The TRL-2019-2 Notes consisted of two classes of notes with (i) an aggregate principal amount of $106.9 million of TRL-2019's Series 2019-2 Class A-1 Secured Railcar Equipment Notes (the "TRL-2019 Class A-1 Notes"), and (ii) an aggregate principal amount of $279.6 million of TRL-2019's Series 2019-2 Class A-2 Secured Railcar Equipment Notes (the “TRL-2019 Class A-2 Notes”). The TRL-2019 Class A-1 Notes, of which $12.8 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 2.39%, are payable monthly, and have a stated final maturity date of October 17, 2049. The TRL-2019 Class A-2 Notes, of which $279.6 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 3.10%, are payable monthly, and have a stated final maturity date of October 17, 2049. The TRL-2019-2 Notes are obligations of TRL-2019 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2019.
TRL-2020 – In November 2020, Trinity Rail Leasing 2020 LLC, a Delaware limited liability company (“TRL-2020”) and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued an aggregate principal amount of (i) $110.0 million of TRL-2020’s Series 2020-2 Class A-1 Secured Railcar Equipment Notes (the “TRL-2020 Class A-1 Notes”), (ii) $240.3 million of TRL-2020’s Series 2020-2 Class A-2 Secured Railcar Equipment Notes (the “TRL-2020 Class A-2 Notes”), and (iii) $20.5 million of TRL-2020’s Series 2020-2 Class B Secured Railcar Equipment Notes (the “TRL-2020 Class B Notes”) (the TRL-2020 Class A-1 Notes, the TRL-2020 Class A-2 Notes, and the TRL-2020 Class B Notes are, collectively, the “TRL-2020 Notes”). The TRL-2020 Class A-1 Notes, of which $25.0 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 1.83%. The TRL-2020 Class A-2 Notes, of which $240.3 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 2.56%. The TRL-2020 Class B Notes, of which $20.5 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 3.69%. The TRL-2020 Notes are payable monthly, and have a stated final maturity date of November 19, 2050. The TRL-2020 Notes are obligations of TRL-2020 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2020.
TRL-2021 – In June 2021, Trinity Rail Leasing 2021 LLC, a Delaware limited liability company ("TRL-2021") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued an aggregate principal amount of (i) $305.2 million of its Series 2021-1 Class A Green Secured Railcar Equipment Notes (the "TRL-2021 Class A Notes") and (ii) $19.8 million of its Series 2021-1 Class B Green Secured Railcar Equipment Notes (the "TRL-2021 Class B Notes") (the TRL-2021 Class A Notes and the TRL-2021 Class B Notes are, collectively, the “TRL-2021 Notes”). The TRL-2021 Class A Notes, of which $249.7 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 2.26%. The TRL-2021 Class B Notes, of which $19.8 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 3.08%. The TRL-2021 Notes are payable monthly, and have a stated final maturity date of July 19, 2051. The TRL-2021 Notes are obligations of TRL-2021 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2021.
In May 2024, TRL-2021 issued an aggregate principal amount of $432.4 million of its Series 2024-1 Class A Green Secured Railcar Equipment Notes (the "TRL-2024 Notes"). The TRL-2024 Notes, of which $407.9 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 5.78%. The TRL-2024 Notes are payable monthly and have a stated final maturity date of May 19, 2054. The TRL-2024 Notes are obligations of TRL-2021 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2021.
TRL-2022 – In April 2022, Trinity Rail Leasing 2022 LLC, a Delaware limited liability company ("TRL-2022") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued an aggregate principal amount of $244.8 million of its Series 2022-1 Class A Green Secured Railcar Equipment Notes (the "TRL-2022 Notes"). The TRL-2022 Notes, of which $216.6 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 4.55%, are payable monthly, and have a stated final maturity date of May 20, 2052. The TRL-2022 Notes are obligations of TRL-2022 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2022.
TRL-2023 Term Loan – In June 2023, TRL-2023 entered into a $340.0 million term loan agreement. The TRL-2023 term loan was established to finance railcars and related operating leases thereon purchased by TRL-2023 from TILC and TILC's warehouse loan facility. In April 2025, TRL-2023 entered into an amended and restated term loan agreement (the “TRL-2023 term loan agreement”) to (i) increase the aggregate amount of the term loan from $320.7 million as of March 31, 2025 to $1.05 billion; (ii) extend the maturity date to April 30, 2030; and (iii) reduce the applicable interest rate to daily simple SOFR plus a facility margin of 1.50%. The TRL-2023 term loan agreement, of which $1,032.5 million was outstanding as of December 31, 2025, bears an all-in interest rate of 5.22% at December 31, 2025. We incurred $5.6 million in debt issuance costs, which will be amortized to interest expense over the term of the TRL-2023 term loan. The TRL-2023 term loan is an obligation of TRL-2023 and is non-recourse to Trinity. The obligation is secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets to be acquired and owned by TRL-2023. Net proceeds received from the transaction were used to redeem in full the outstanding borrowings of approximately $616.0 million of 2017 Promissory Notes, as described above; to repay approximately $75.8 million of borrowings under TILC's warehouse loan facility; and for general corporate purposes.
TRL-2025 – In October 2025, TRL-2025 issued an aggregate principal amount of (i) $498.6 million of its Series 2025-1 Class A Green Secured Railcar Equipment Notes (the "TRL-2025 Class A Notes"), and (ii) $36.6 million of its Series 2025-1 Class B Green Secured Railcar Equipment Notes (the "TRL-2025 Class B Notes") (the TRL-2025 Class A Notes and the TRL-2025 Class B Notes are, collectively, the “TRL-2025 Notes”). The TRL-2025 Class A Notes, of which $495.6 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 5.09%. The TRL-2025 Class B Notes, of which $36.6 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 5.30%. The TRL-2025 Notes are payable monthly, and have a stated final maturity date of October 19, 2055. We incurred $5.5 million in debt issuance costs, which will be amortized to interest expense through the anticipated repayment date of the TRL-2025 Notes. The TRL-2025 Notes are obligations of TRL-2025 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2025. Net proceeds received from the railcars acquired in connection with the issuance of the TRL-2025 Notes were used to repay approximately $259.0 million of borrowings under TILC's warehouse loan facility; to redeem the outstanding debt of TRL-2010, as described above; and for general corporate purposes.
TRP-2021 – In June 2021, TRP-2021 issued an aggregate principal amount of (i) $334.0 million of its Series 2021-1 Class A Green Secured Railcar Equipment Notes (the “TRP-2021 Class A Notes”) and (ii) $21.0 million of its Series 2021-1 Class B Green Secured Railcar Equipment Notes (the “TRP-2021 Class B Notes”) (the TRP-2021 Class A Notes and the TRP-2021 Class B Notes are, collectively, the “TRP-2021 Notes”). The TRP-2021 Class A Notes, of which $282.8 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 2.07%. The TRP-2021 Class B Notes, of which $21.0 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 3.06%. The TRP-2021 Notes are payable monthly, and have a stated final maturity date of June 15, 2051. The TRP-2021 Notes are non-recourse to Trinity, TILC, and RIV 2013 and are secured by TRP-2021's portfolio of railcars and operating leases thereon, its cash reserves, and other assets owned by TRP-2021. Previously, TRP-2021 was a partially-owned leasing subsidiary. As of December 31, 2025, as a result of a railcar partnership restructuring, TRP-2021 is a wholly-owned leasing subsidiary. See Note 6 of the Consolidated Financial Statements for additional information regarding this transaction.
Other equipment financing – In December 2023, TILC sold to a third party, and subsequently leased back, certain railcars for total proceeds of $52.3 million. The transaction did not qualify as a sale-leaseback and is being accounted for as a financing transaction. Accordingly, no gain or loss was recorded in connection with this transaction, and the sold assets remain within property, plant, and equipment, net in our Consolidated Balance Sheets and will continue to be depreciated over their remaining useful lives for the duration of the lease. A financing liability equal to the amount of consideration received from the buyer-lessor was recorded within debt in our Consolidated Balance Sheets. A portion of the future lease payments that we make to the buyer-lessor will reduce the financing liability and the remainder will be recorded as interest expense. As of December 31, 2025, the carrying value of the financing liability was $47.6 million.
Loss on extinguishment of debt – During the year ended December 31, 2024, we recognized a loss on extinguishment of debt of $1.5 million, which primarily related to a early redemption premium and the write-off of unamortized debt issuance costs in connection with the redemption of the Trinity Rail Leasing VII LLC secured railcar equipment notes. This charge is reflected in the interest expense, net line of our Consolidated Statements of Operations for the year ended December 31, 2024.
Partially-owned leasing subsidiaries – Non-recourse
Triumph – In June 2021, Triumph issued an aggregate principal amount of $560.4 million of its Series 2021-2 Green Secured Railcar Equipment Notes. In December 2025, as a result of a railcar partnership restructuring, Triumph and its related debt are no longer included in our Consolidated Financial Statements. See Note 6 for further information.
A description of the debt of our partially-owned leasing subsidiary as of December 31, 2025 is as follows:
Tribute Rail – In May 2022, Tribute Rail issued an aggregate principal amount of (i) $290.0 million of its Series 2022-1 Class A Green Secured Railcar Equipment Notes (the “Class A Notes”) and (ii) $37.0 million of its Series 2022-1 Class B Green Secured Railcar Equipment Notes (the “Class B Notes”) (the Class A Notes and the Class B Notes are, collectively, the “Tribute Rail Notes”). The Class A Notes, of which $234.3 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 4.76%. The Class B Notes, of which $37.0 million was outstanding as of December 31, 2025, bear interest at a fixed rate of 5.75%. The Tribute Rail Notes are payable monthly and have a stated final maturity date of May 17, 2052. The Tribute Rail Notes are non-recourse to Trinity, TILC, TRIP Holdings, and the other equity investors in TRIP Holdings, and are secured by Tribute Rail's portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by Tribute Rail.
Tribute Rail is a wholly-owned subsidiary of TRIP Holdings. TRIP Holdings is a partially-owned subsidiary of the Company, through its wholly-owned subsidiary, TILC. Our ownership interest in TRIP Holdings is 42.6%. See Note 6 for further information.
Scheduled Repayments of Debt
Each of our secured railcar equipment notes generally has an anticipated repayment date and a stated final maturity date. While the stated final maturity dates of each of these notes can be up to 30 years after the respective issuance dates, the cash flows from the encumbered assets of each of these notes will be applied, pursuant to the payment priorities of their respective indentures, so as to amortize their respective notes to achieve monthly targeted principal balances. If the cash flow assumptions used in determining the targeted balances are met, it is anticipated that the notes will be repaid well in advance of their stated final maturity date; the repayments reflected in the table below are based on the earlier anticipated repayment dates rather than the stated final maturity dates. There can be no assurance, however, that such cash flow assumptions will be realized. If these notes are not repaid by the anticipated repayment date, the respective interest rates on these notes would increase from the fixed rates stated above.
The remaining principal payments under existing debt agreements as of December 31, 2025 based on the anticipated repayment dates are as follows:
20262027202820292030ThereafterTotal
(in millions)
Recourse – Corporate:
Senior notes due 2028$— $— $600.0 $— $— $— $600.0 
Non-recourse – lease fleet:
TILC warehouse facility15.0 15.0 5.0 — — — 35.0 
Facility termination payments – TILC warehouse facility— — 443.5 — — — 443.5 
2018 secured railcar equipment notes14.4 18.1 311.9 — — — 344.4 
2019 secured railcar equipment notes676.4 — — — — — 676.4 
2020 secured railcar equipment notes13.7 272.1 — — — — 285.8 
2021 secured railcar equipment notes30.5 30.1 259.8 18.4 18.4 320.2 677.4 
2022 secured railcar equipment notes8.1 8.2 8.2 192.1 — — 216.6 
TRL-2023 term loan31.6 34.3 34.3 34.3 898.0 — 1,032.5 
2025 secured railcar equipment notes15.4 13.3 14.3 11.2 18.4 459.6 532.2 
TRP-2021 secured railcar equipment notes 17.2 286.6 — — — — 303.8 
Other equipment financing2.5 2.7 2.8 3.0 3.2 33.4 47.6 
Tribute Rail secured railcar equipment notes271.3 — — — — — 271.3 
Total principal payments$1,096.1 $680.4 $1,679.8 $259.0 $938.0 $813.2 $5,466.5 
v3.25.4
Note 10. Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block] Income Taxes
The components of income from continuing operations before income taxes are as follows:
Year Ended December 31,
202520242023
(in millions)
Domestic$365.0 $212.9 $137.2 
Foreign10.4 8.9 11.8 
Income from continuing operations before income taxes$375.4 $221.8 $149.0 
The components of the provision (benefit) for income taxes from continuing operations are as follows:
Year Ended December 31,
202520242023
(in millions)
Current:
Federal$2.7 $60.1 $38.7 
State3.3 2.6 1.3 
Foreign7.4 9.8 10.5 
Total current13.4 72.5 50.5 
Deferred:
Federal66.7 (24.1)(20.7)
State11.3 1.5 (8.1)
Foreign(0.5)0.5 (12.7)
Total deferred77.5 (22.1)(41.5)
Provision (benefit)$90.9 $50.4 $9.0 
The provision for income taxes from continuing operations results in effective tax rates that differ from the statutory rates. The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes:
Year Ended December 31, 2025
AmountPercent
($ in millions)
U.S. federal statutory income tax rate$78.8 21.0 %
State and local income tax, net of federal income tax effect (1)
13.9 3.7 
Foreign tax effects:
Mexico:
Withholding taxes3.0 0.8 
Other(0.7)(0.2)
Canada:
Withholding taxes3.7 1.0 
Tax credits:
Foreign tax credits(8.3)(2.2)
Other(1.8)(0.5)
Changes in valuation allowances3.0 0.8 
Nontaxable or nondeductible items:
Noncontrolling interest in partially‑owned subsidiaries(5.1)(1.4)
Other2.8 0.8 
Other adjustments1.6 0.4 
Effective tax rate$90.9 24.2 %
(1) State taxes in Illinois and California made up the majority (greater than 50%) of the tax effect in this category.
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted. The Act includes multiple business tax provisions, including the reinstatement of 100% bonus depreciation and a change in the calculation of deductible interest expense. These changes were incorporated into our provision for income taxes for the year ended December 31, 2025, resulting in an increase to our deferred tax expense, offset by a corresponding decrease to our current tax expense. The Act did not have a material impact on our total income tax expense or our effective tax rates for the year ended December 31, 2025.
As previously disclosed and prior to the adoption of ASU 2023-09, the provision for income taxes from continuing operations results in effective tax rates that differ from the statutory rates. The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes:
Year Ended December 31,
20242023
U.S. federal statutory income tax rate21.0 %21.0 %
Foreign branch taxes1.1 1.8 
State taxes1.8 2.2 
Executive compensation limitations1.1 1.3 
Noncontrolling interest in partially-owned subsidiaries(1.8)(1.8)
Equity compensation(0.7)(0.5)
Changes in valuation allowance and reserves(0.8)(2.2)
Changes in tax laws and apportionment0.5 (7.1)
Release of residual taxes from AOCI— (8.1)
Other, net0.5 (0.6)
Effective tax rate22.7 %6.0 %
During the year ended December 31, 2023, one of our partially-owned subsidiaries released residual tax effects that had previously been recorded in AOCI. This deferred tax benefit was originally recorded before the partially-owned subsidiary was treated as a flow-through entity, remaining in AOCI until the underlying book-to-tax difference no longer existed, which occurred during the year ended December 31, 2023. As a result, we recorded an $11.9 million income tax benefit in our Consolidated Statements of Operations during the year ended December 31, 2023.
We remeasure our state deferred tax liability on a regular basis based upon our estimate of our state tax apportionment as applied to enacted state tax rates. We also adjust our deferred balances based upon changes in tax laws and rates during the period in which those laws and rates are enacted, as well as adjusting for acquisition and disposition activity of businesses. During 2025, the state of Illinois changed its tax laws, resulting in a one-time, non-cash deferred tax expense of $4.8 million. As a result of our changes in apportionment, tax law changes, and business additions, we recorded a non-cash, deferred tax expense of $5.1 million, an expense of $0.9 million, and a benefit of $10.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
The tax provision for the year ended December 31, 2025 reflects an expense for an adjustment in our valuation allowance of $3.3 million primarily for foreign tax credit, state tax carryforwards, and general business tax credits. The tax provisions for the years ended December 31, 2024 and 2023 reflect a benefit for a net adjustment to our valuation allowances of $1.8 million and $3.2 million, respectively, primarily for deferred tax assets in Mexico, state tax loss carryforwards, state reserves, and federal tax credits.
Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred tax liabilities and assets are as follows:
December 31,
20252024
(in millions)
Deferred tax liabilities:
Depreciation, depletion, and amortization$1,297.5 $1,110.0 
Partially-owned subsidiaries basis difference38.5 124.7 
Right-of-use assets20.5 21.5 
Accrued liabilities and other1.7 7.0 
Total deferred tax liabilities1,358.2 1,263.2 
Deferred tax assets:
Workers compensation, pensions, and other benefits31.3 33.6 
Interest expense81.9 108.8 
Warranties and reserves3.6 3.0 
Equity items1.2 1.2 
Tax loss carryforwards and credits107.2 30.7 
Inventory5.7 6.7 
Lease liabilities24.2 25.3 
Total deferred tax assets255.1 209.3 
Net deferred tax liabilities before valuation allowances1,103.1 1,053.9 
Valuation allowances24.3 20.8 
Net deferred tax liabilities before reserve for uncertain tax positions1,127.4 1,074.7 
Deferred tax assets included in reserve for uncertain tax positions(0.6)(0.7)
Net deferred tax liability$1,126.8 $1,074.0 
At December 31, 2025, we had $326.1 million of federal tax loss carryforwards, $17.9 million of tax-effected state loss carryforwards that generally expire between the years 2026 and 2045, and $20.7 million of net federal and state credits remaining. We have established valuation allowances for federal, state, and foreign tax operating losses and credits that we have estimated may not be realizable.
Taxing authority examinations
Our federal tax return years through 2021 are closed under statute and the years 2022-2024 remain open. We have state tax returns that are under audit in the normal course of business, and the statutes of limitations for our Mexican subsidiaries' tax returns remain open for audit for 2020 and forward. We believe we are appropriately reserved for any potential matters.
Income taxes paid, net of refunds
The components of income taxes paid, net of refunds, are as follows:
Year Ended December 31, 2025
(in millions)
Federal (1)
$42.4 
State0.7 
Foreign:
Mexico5.1 
Canada2.7 
Other0.5 
Income taxes paid, net of refunds$51.4 
(1) Includes the purchase of $40.0 million in federal transferable tax credits for $38.4 million during the year ended December 31, 2025. These credits were used to offset the Company’s federal income tax liability for 2024, generating an income tax receivable and resulting in the recognition of a tax benefit of $1.6 million for the year ended December 31, 2025.
Income tax payments, net of refunds, during the years ended December 31, 2024 and 2023 totaled $54.6 million and $42.4 million, respectively.
Unrecognized tax benefits
Our unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 were $0.6 million, $0.9 million, and $1.0 million, respectively. There were no material changes to our unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023.
The Company accounts for interest expense and penalties related to income tax issues as income tax expense. Accordingly, interest expense and penalties associated with an uncertain tax position are included in the income tax provision. The total amount of accrued interest and penalties as of December 31, 2025 and 2024 was $2.5 million and $2.4 million, respectively. We had no material changes to interest or penalties relating to uncertain tax positions for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Note 11. Employee Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block] Employee Retirement Plans
We sponsor a defined contribution plan (the "401(k) plan") that provides retirement income for eligible employees. Additionally, we sponsor a Supplemental Executive Retirement Plan ("SERP"), which is our only remaining defined benefit plan and is frozen to new participants. The annual measurement date of the benefit obligations and funded status is December 31.
Components of Net Periodic Benefit Cost and Other Retirement Expenses
Year Ended December 31,
202520242023
(in millions)
Defined contribution expense$12.3 $11.7 $10.1 
Net periodic benefit cost – Supplemental Executive Retirement Plan (1)
$0.7 $0.7 $0.7 
(1) The non-service cost components of net periodic benefit cost are included in other, net (income) expense in our Consolidated Statements of Operations.
Obligations and funded status
At December 31, 2025 and 2024, the projected benefit obligations and net funded status of our SERP were $10.4 million and $10.5 million, respectively, which are included in accrued liabilities in our Consolidated Balance Sheets.
Amounts recognized in other comprehensive income
Amounts recognized in other comprehensive income related to actuarial gains and the amortization of actuarial gains or losses during the years ended December 31, 2025, 2024, and 2023 were not significant in relation to the Consolidated Financial Statements. At December 31, 2025, AOCI included unrecognized actuarial losses related to our SERP of $2.6 million ($1.4 million net of related income taxes). Actuarial losses included in AOCI and expected to be recognized in net periodic pension cost for the year ended December 31, 2026 are $0.1 million ($0.2 million, net of related income taxes).
Funding of Defined Contribution Plans
The Company's 401(k) plan utilizes a qualified automatic contribution arrangement safe harbor plan structure. The matching structure provides for a dollar-for-dollar Company match on up to 6% of participants' eligible compensation, subject to a two-year cliff vesting period. Employer contributions to the 401(k) plan and the Trinity Industries, Inc. Deferred Compensation Plan for the year ending December 31, 2026 are expected to be $13.0 million, compared to $12.6 million contributed during 2025.
v3.25.4
Note 12. Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss) Note [Text Block] Accumulated Other Comprehensive Income (Loss)
Changes in AOCI for the years ended December 31, 2025 and 2024 are as follows:
Unrealized gains (losses) on derivative financial instrumentsNet actuarial gains (losses) of defined benefit plansAccumulated other comprehensive income (loss)
 (in millions)
Balances at December 31, 2023
$12.4 $(1.4)$11.0 
Other comprehensive income (loss), net of tax, before reclassifications(3.5)0.1 (3.4)
Amounts reclassified from AOCI, net of tax expense of $3.7, $—, and $3.7
(11.5)0.1 (11.4)
Less: noncontrolling interest
(0.4)— (0.4)
Other comprehensive income (loss)(15.4)0.2 (15.2)
Balances at December 31, 2024
(3.0)(1.2)(4.2)
Other comprehensive income, net of tax, before reclassifications4.8 (0.3)4.5 
Amounts reclassified from AOCI, net of tax expense of $1.4, $—, and $1.4
(4.4)0.1 (4.3)
Less: noncontrolling interest(0.2)— (0.2)
Other comprehensive income0.2 (0.2)— 
Balances at December 31, 2025
$(2.8)$(1.4)$(4.2)
See Note 4 for information on the reclassification of amounts in AOCI into earnings. Reclassifications of unrealized before-tax gains and losses on derivative financial instruments are included in interest expense, net for our interest rate hedges and in cost of revenues for our foreign currency hedges in our Consolidated Statements of Operations. Reclassifications of before-tax net actuarial gains/(losses) of defined benefit plans are included in other, net (income) expense in our Consolidated Statements of Operations.
v3.25.4
Note 13. Common Stock and Stock-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block]
Stockholders' Equity
Share Repurchase Authorization
In December 2022, our Board of Directors authorized a share repurchase program effective December 9, 2022 with no expiration. The share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. During the year ended December 31, 2025, share repurchases totaled 2.7 million shares, at a cost of approximately $71.3 million, resulting in a remaining authorization to repurchase up to $157.7 million of our common stock under the share repurchase program as of December 31, 2025. Share repurchase activity during the year ended December 31, 2025 resulted in $0.4 million in excise taxes. During the year ended December 31, 2024, share repurchases totaled 0.6 million shares, at a cost of approximately $21.0 million. There were no shares repurchased under this share repurchase program during the year ended December 31, 2023.
Shareholders' Equity and Share-based Payments [Text Block]
Stock-Based Compensation
Stock Award Plans
Our Fifth Amended and Restated Stock Option and Incentive Plan (the "Plan”) provides for awarding 22,050,000 (adjusted for stock splits) shares of common stock plus (i) shares covered by forfeited, expired, and canceled options granted under prior plans; and (ii) shares tendered as full or partial payment for the purchase price of an award or to satisfy tax withholding obligations. At December 31, 2025, a total of 2,441,248 shares were available for issuance. The Plan provides for the granting of nonqualified and incentive stock options having maximum ten-year terms to purchase common stock at its market value on the award date; stock appreciation rights based on common stock fair market values with settlement in common stock or cash; restricted stock awards; restricted stock units; and performance awards with settlement in common stock or cash on achievement of specific business objectives. Our stock options have contractual terms of ten years and become exercisable after a three-year vesting period.
Stock-Based Compensation Expense
The cost of employee services received in exchange for awards of equity instruments is referred to as stock-based compensation and is recognized over the applicable vesting periods based on the grant date fair-value of those awards. Stock-based compensation expense totaled $22.9 million, $23.6 million, and $22.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The income tax benefit related to stock-based compensation expense was $3.3 million, $6.8 million, and $2.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Stock Options
Expense related to stock options is recognized on a straight-line basis over the vesting period.
Number of SharesWeighted Average Grant-Date Fair Value per AwardWeighted Average Remaining Contractual Terms (Years)Aggregate Intrinsic Value
(in millions)
Options outstanding at December 31, 2024
300,000 $5.26 
Granted— $— 
Exercised— $— 
Cancelled— $— 
Options outstanding and exercisable at December 31, 2025
300,000 $5.26 4.1$1.4 
At December 31, 2025, there was no unrecognized compensation expense related to stock options. The weighted average exercise price of stock options outstanding as of December 31, 2025 was $21.61. There were no options exercised during the years ended December 31, 2025, 2024, and 2023.
Restricted Stock Units
Expense related to restricted stock units ("RSUs") issued to eligible employees under the Plan is recognized over the vesting period, generally between three years and four years. Beginning in 2020, certain RSU grants provide for full vesting when the award recipients retire having reached 60 years of age and having provided at least ten years of service to the Company, provided that the awards remain outstanding for a period of six months from the date of grant. The expense for these awards is recognized over the applicable service period for each of the eligible award recipients. Expense related to RSUs granted to non-employee directors under the Plan is recognized on a straight-line basis over the vesting period, generally one year. The fair value of RSUs granted is based on the Company's closing stock price on the date of grant. Forfeitures are recognized as a reduction to expense in the period in which they occur.
Number of Restricted Stock Units
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Restricted stock units outstanding at December 31, 2024
1,296,862 $24.71 $45.5 
Granted494,614 $27.03 
Vested(540,652)$25.65 
Forfeited(51,970)$27.40 
Restricted stock units outstanding at December 31, 2025
1,198,854 $25.12 $31.7 
Additional information related to RSUs is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of RSUs granted$27.03 $30.70 $21.63 
Total grant-date fair value of RSUs vested and released
$13.9 $15.8 $14.9 
Total intrinsic value of RSUs vested and released $14.8 $20.6 $13.9 
At December 31, 2025, unrecognized compensation expense related to RSUs totaled $14.6 million, which will be recognized over a weighted average period of 1.7 years.
Performance Units
Performance units are granted to employees based upon a target level; however, depending upon the achievement of certain specified goals during the performance period, performance units may be adjusted to a level ranging between 0% and 200% of the target level. The performance units vest upon certification by the Human Resources Committee of the Board of Directors of the achievement of the specified performance goals. Expense related to performance units is recognized on a straight-line basis from their award date to the end of the performance period, generally three years. For the performance units granted for which the payout is based on relative total shareholder return, the fair value was estimated at the date of grant using a Monte Carlo simulation with assumptions that reflect market conditions at the date of grant, including stock price, risk-free interest rate, expected term, expected volatility, and dividend yield. For the performance units granted for which the payout is based on return on equity, the fair value is based on the Company's closing stock price on the date of grant, adjusted to exclude the cumulative value of dividends over the three-year vesting period as these units do not earn dividend equivalents. Forfeitures are recognized as a reduction to expense in the period in which they occur.
Number of Performance Units
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Performance units outstanding at December 31, 2024
723,622 $29.15 $25.4 
Granted225,192 $32.73 
Performance adjustment (1)
172,254 $29.17 
Vested (1)
(399,940)$29.48 
Forfeited(11,886)$30.28 
Performance units outstanding at December 31, 2025
709,242 $30.09 $18.8 
(1) For the 2022-2024 performance period, performance adjustment includes 102,289 additional performance units for return on equity, for which actual performance resulted in a payout of 197% of target, as well as 69,965 performance units for relative total shareholder return, for which actual performance resulted in a payout of 182% of target.
Additional information related to performance units is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of performance units granted$32.73 $29.54 $27.72 
Total grant-date fair value of performance units vested and released
$11.9 $8.0 $10.2 
Total intrinsic value of performance units vested and released $10.8 $8.4 $8.6 
At December 31, 2025, unrecognized compensation expense related to performance units totaled $11.0 million, which will be recognized over a weighted average period of 1.3 years.
Restricted Stock Awards
Expense related to restricted stock awards ("RSAs") granted to non-employee directors under the Plan is recognized on a straight-line basis over the vesting period, generally one year. Certain RSAs vest in their entirety upon an employee's retirement from the Company, taking into consideration the employee's age and years of service to the Company, as defined more specifically in our benefit plans. The fair value of RSAs granted is based on the Company's closing stock price on the date of grant. Forfeitures are recognized as a reduction to expense in the period in which they occur.
Number of Restricted Stock Awards
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Restricted stock awards outstanding at December 31, 2024
418,946 $21.34 $14.7 
Granted28,388 $26.95 
Vested(98,479)$21.92 
Forfeited(9,175)$25.88 
Restricted stock awards outstanding at December 31, 2025 (1)
339,680 $21.52 $9.0 
(1) The balance of RSAs outstanding at December 31, 2025 includes approximately 0.1 million RSAs for Arcosa Inc. ("Arcosa") employees that were converted under the shareholder method at the time of the Arcosa spin-off. These RSAs will be released to Arcosa employees upon vesting, but as of the spin-off date, Trinity no longer records the compensation expense associated with these shares.
Additional information related to RSAs is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of RSAs granted$26.95 $30.75 $21.32 
Total grant-date fair value of RSAs vested and released
$2.2 $2.0 $2.0 
Total intrinsic value of RSAs vested and released $2.6 $3.1 $2.1 
At December 31, 2025, unrecognized compensation expense related to RSAs totaled $1.1 million, which will be recognized over a weighted average period of 3.1 years.
v3.25.4
Note 14. Earnings Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Common Share [Abstract]  
Earnings Per Share Earnings Per Common Share
Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income attributable to Trinity by the weighted average number of basic common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted EPS includes the net impact of potentially dilutive common shares. The Company has certain unvested RSAs 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.
The following table sets forth the computation of basic and diluted net income attributable to Trinity Industries, Inc.:
 Year Ended December 31,
 202520242023
(in millions, except per share amounts)
Income from continuing operations$284.5 $171.4 $140.0 
Less: Net income attributable to noncontrolling interest(24.2)(18.7)(20.6)
Net income from continuing operations attributable to Trinity Industries, Inc.260.3 152.7 119.4 
Net loss from discontinued operations attributable to Trinity Industries, Inc.(7.2)(14.3)(13.4)
Net income attributable to Trinity Industries, Inc.$253.1 $138.4 $106.0 
Basic weighted average shares outstanding80.8 81.9 81.2 
Effect of dilutive securities2.1 2.3 2.2 
Diluted weighted average shares outstanding
82.9 84.2 83.4 
Basic earnings per common share:
Income from continuing operations$3.22 $1.86 $1.47 
Loss from discontinued operations(0.09)(0.17)(0.16)
Basic net income attributable to Trinity Industries, Inc.$3.13 $1.69 $1.31 
Diluted earnings per common share:
Income from continuing operations$3.14 $1.81 $1.43 
Loss from discontinued operations(0.09)(0.17)(0.16)
Diluted net income attributable to Trinity Industries, Inc.$3.05 $1.64 $1.27 
Potentially dilutive securities excluded from EPS calculation:
Antidilutive restricted shares0.1 — 0.1 
Antidilutive stock options— — — 
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.
v3.25.4
Note 15. Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies [Abstract]  
Commitments and Contingencies Disclosure Contingencies
East Palestine, OH Train Derailment
On February 3, 2023, a Norfolk Southern Railway freight train derailed 38 railcars in East Palestine, Ohio. In March 2023, the State of Ohio and the United States Environmental Protection Agency filed lawsuits against Norfolk Southern Railway Company and Norfolk Southern Corporation (“Norfolk Southern”), which were consolidated in the United States District Court for the Northern District of Ohio, Eastern Division in a civil action styled The State of Ohio, ex rel., Dave Yost, Ohio Attorney General, and the United States of America, Plaintiffs v. Norfolk Southern Railway Company and Norfolk Southern Corporation, Defendants, Civil Action No. 4:23-cv-00517. On June 30, 2023, Norfolk Southern filed a third-party complaint against the Company’s wholly-owned subsidiary, TILC, and certain other third-party defendants. Norfolk Southern asserted third-party claims against TILC for recovery of response costs, contribution, and declaratory relief under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"); negligence; and equitable contribution. On March 6, 2024, the trial court granted TILC’s motion to dismiss Norfolk Southern’s Third-Party Complaint and entered an order dismissing Norfolk Southern’s complaint against TILC. On March 24, 2025, the trial court denied Norfolk Southern’s Motion for Entry of Partial Final Judgment.
In April 2023, multiple putative class action lawsuits filed against Norfolk Southern were consolidated in the United States District Court for the Northern District of Ohio, Eastern Division in a civil action styled In re: East Palestine Train Derailment, Civil Action No. 4:23-CV-00242 ("Consolidated Class Action"). On July 25, 2023, Norfolk Southern filed a third-party complaint against the Company’s wholly-owned subsidiary, TILC, and certain other third-party defendants. Norfolk Southern asserted third-party claims against TILC for negligence, joint and several liability, and contribution. On August 14, 2023, plaintiffs filed a First Amended Master Consolidated Class Action Complaint and Jury Demand (“First Amended Complaint”) asserting direct claims for negligence, gross negligence, and medical monitoring against Oxy Vinyls LP, GATX Corporation, General American Marks Company, and TILC ("Railcar Defendants"). On April 9, 2024, plaintiffs and Norfolk Southern announced a settlement in principle of plaintiffs’ claims against Norfolk Southern and the Railcar Defendants. On May 22, 2024, the parties filed a joint motion to dismiss, with prejudice, Norfolk Southern’s third-party claims against TILC (the “Dismissal Motion”). On June 3, 2024, the court entered an order granting the Dismissal Motion (the “Dismissal Order”). The Dismissal Order dismisses, with prejudice, all of Norfolk Southern’s claims against TILC, including claims for negligence and contribution. On September 27, 2024, the district court entered an order approving the settlement of plaintiffs’ claims against Norfolk Southern and the Railcar Defendants. Certain individual class members appealed the order approving the settlement, and on November 5, 2025, the Sixth Circuit dismissed the appeal. On February 2, 2026, these individual class members filed a petition for writ of certiorari with the United States Supreme Court seeking review of the Sixth Circuit's decision.
On January 31, 2025, a lawsuit was filed by Josh Hickman and more than 700 current and former residents and businesses in areas near East Palestine, Ohio against more than 50 defendants, including Norfolk Southern, Oxy Vinyls LP, GATX Corporation, General American Marks Company, TILC, certain governmental entities, and various corporate defendants, asserting various claims arising from the February 3, 2023 derailment. On February 3, 2025, a similar lawsuit was filed by Gregory Taylor and 20 current and former residents of areas near East Palestine, Ohio against the same defendants. These lawsuits have been consolidated in the case styled Josh Hickman, et al. v. Norfolk Southern Railway Company, et al., Case No. 2025 CV 00434, in the Court of Common Pleas, Columbiana County, Ohio. Plaintiffs’ lawsuit asserts claims for negligence, nuisance and nuisance per se, strict liability, trespass, punitive damages, loss of consortium, wrongful death, survivorship, civil conspiracy, and Medicaid subrogation. Not all plaintiffs in this action are asserting claims against TILC in light of the settlement and associated releases in the Consolidated Class Action. On June 20, 2025, TILC filed its motion to dismiss, which remains pending.
On February 3, 2025, a lawsuit was filed by 28 current and former residents or businesses of areas near East Palestine, Ohio against more than 15 corporate defendants, including Norfolk Southern, Oxy Vinyls LP, GATX Corporation, General American Marks Company, and TILC asserting various claims arising from the February 3, 2023 derailment. The case was styled Richard Tsai, et al. v. Norfolk Southern Corporation, et al., Case No. CV25111454, in the Court of Common Pleas, Cuyahoga County, Ohio. On April 29, 2025, Plaintiffs dismissed this lawsuit and refiled the lawsuit in Philadelphia County, Pennsylvania, styled, Richard Tsai, et al. v. Norfolk Southern Corporation, et al., Case No. 250200415, in the Court of Common Pleas, Philadelphia County, Pennsylvania. On November 13, 2025, Plaintiffs dismissed this lawsuit, and, by agreement of the parties, on December 12, 2025, Plaintiffs refiled this lawsuit in the Court of Common Pleas, Columbiana County, Ohio, styled Richard Tsai, et al. v. Norfolk Southern Corporation, et al., Case No. 2025 CV 614. Plaintiffs assert claims for negligence, nuisance and nuisance per se, strict liability, trespass, punitive damages, loss of consortium, wrongful death, survivorship, and business interruption.
In each of the above matters, TILC was the owner of one tank car cited in the action, which was leased to a third party, who is also a defendant in the above matters.The Company believes it has substantial defenses and intends to vigorously defend itself against all allegations in the third-party and direct claims asserted against TILC. The Company or its subsidiaries could be named in similar litigation involving other plaintiffs, but the ultimate number of claims and the jurisdiction(s) in which such claims, if any, may be filed may vary. We do not believe at this time that a loss is probable in these matters, nor can a range of possible losses be determined. Accordingly, no accrual or range of loss has been included in the accompanying Consolidated Financial Statements. The Company maintains liability insurance coverage and commercial contractual indemnity rights to protect the Company’s assets from losses arising from these types of litigation claims.
Highway Products Litigation
Pursuant to the purchase and sale agreement related to the sale of the Company’s former highway products business, the Company agreed to indemnify the purchaser for certain liabilities related to the highway products business, including liabilities resulting from or arising out of ET Plus systems or specified ET Plus component parts that were both (i) manufactured prior to December 31, 2021, and (ii) sold in the United States on or prior to April 30, 2022, or related warranty obligations with respect thereto.
Mr. Joshua Harman filed a state qui tam action currently pending pursuant to the Virginia Fraud Against Taxpayers Act ("VFATA") (Commonwealth of Virginia ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC, Case No. CL13-698, in the Circuit Court, Richmond, Virginia). Mr. Harman alleged the Company violated the VFATA pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs, and interest. The Commonwealth of Virginia Attorney General intervened in the Virginia matter. On February 7, 2024, the trial court granted the Company's motion for summary judgment. On July 26, 2024, Mr. Harman filed a Notice of Appeal of the trial court’s final judgment and all adverse rulings, including the denial of Mr. Harman’s and the Commonwealth of Virginia’s motion for reconsideration. Mr. Harman’s appeal remains pending.
The Company believes that it has substantial defenses in this matter and intends to vigorously defend against all allegations. Based on information currently available to the Company, we currently do not believe that a loss is probable in this action, therefore no accrual has been included in the accompanying Consolidated Financial Statements. Because of the complexity of this action, as well as its current status, we are not able to estimate a range of possible losses with respect to this action. While the financial impact of this state action is currently unknown, it could be material.
Product liability cases
The Company is currently defending product liability lawsuits that are alleged to involve the ET Plus as well as other products manufactured by THP. These cases are diverse in light of the randomness of collisions in general and the fact that each accident involving a roadside device, such as an end terminal, or any other fixed object along the highway, has its own unique facts and circumstances. The Company carries general liability insurance to mitigate the impact of adverse judgment exposures in these product liability cases. To the extent that the Company believes that a loss is probable with respect to these product liability cases, the accrual for such losses is included in the amounts described below under "Other matters".
Other Matters
The Company is involved in claims and lawsuits incidental to our business arising from various matters, including product warranty, personal injury, environmental issues, workplace laws, and various governmental regulations. The Company evaluates its exposure to such claims and suits periodically and establishes accruals for these contingencies when a range of loss can be reasonably estimated. The range of reasonably possible losses for such matters is $8.0 million to $19.7 million. At December 31, 2025, total accruals of $8.8 million, including environmental and workplace matters described below, are included in accrued liabilities in the accompanying Consolidated Balance Sheets. The Company believes any additional liability would not be material to its financial position or results of operations.
Trinity is subject to remedial orders and federal, state, local, and foreign laws and regulations relating to the environment and the workplace. The Company has reserved $1.1 million to cover our probable and estimable liabilities with respect to the investigations, assessments, and remedial responses to such matters, taking into account currently available information and our contractual rights to indemnification and recourse to third parties. However, estimates of liability arising from future proceedings, assessments, or remediation are inherently imprecise. Accordingly, there can be no assurance that we will not become involved in future litigation or other proceedings involving the environment and the workplace or, if we are found to be responsible or liable in any such litigation or proceeding, that such costs would not be material to the Company. We believe that we are currently in substantial compliance with environmental and workplace laws and regulations.
Loss Events in Cartersville, Georgia
During 2021 and 2024, we experienced two separate loss events at the Company's facility in Cartersville, Georgia and incurred costs related to cleanup and damage remediation activities. Property damage insurance proceeds received in excess of the net book value of property lost and related cleanup costs were accounted for as a gain, in accordance with ASC 450-30, Gain Contingencies. During the years ended December 31, 2024 and 2023, we recorded gains of $2.7 million and $6.3 million, respectively, for property damage insurance recoveries in excess of the net book value of assets destroyed, which is included in the gains on dispositions of other property line in our Consolidated Statements of Operations.
v3.25.4
Note 16. Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2025
Income Statement [Abstract]  
Quarterly Financial Information [Text Block] Selected Quarterly Financial Data (Unaudited)
Three Months Ended
 March 31, 2025
June 30, 2025
September 30,
2025
December 31, 2025
(in millions, except per share data)
Revenues:
Manufacturing$298.2 $204.1 $153.3 $296.5 
Leasing & Services287.2 302.1 300.8 314.7 
585.4 506.2 454.1 611.2 
Operating costs:
Costs of revenues:
Manufacturing271.6 194.1 132.4 266.0 
Leasing & Services171.6 178.7 180.3 189.5 
443.2 372.8 312.7 455.5 
Selling, engineering, and administrative expenses50.0 49.4 45.2 69.7 
Gains on dispositions of property and other divestitures7.6 11.4 22.4 249.4 
Operating profit99.8 95.4 118.6 335.4 
Other expense63.4 69.4 70.4 70.6 
Income from continuing operations before income taxes36.4 26.0 48.2 264.8 
Provision (benefit) for income taxes7.4 4.1 11.1 68.3 
Income from continuing operations29.0 21.9 37.1 196.5 
Loss from discontinued operations, net of income taxes(1.9)(1.9)(1.1)(2.3)
Net income27.1 20.0 36.0 194.2 
Net income attributable to noncontrolling interest5.0 5.9 5.7 7.6 
Net income attributable to Trinity Industries, Inc.$22.1 $14.1 $30.3 $186.6 
Basic earnings per common share:
Income from continuing operations$0.29 $0.20 $0.39 $2.36 
Loss from discontinued operations(0.02)(0.02)(0.01)(0.03)
Basic net income attributable to Trinity Industries, Inc.$0.27 $0.17 $0.38 $2.34 
Diluted earnings per common share:
Income from continuing operations$0.29 $0.19 $0.38 $2.31 
Loss from discontinued operations(0.02)(0.02)(0.01)(0.03)
Diluted net income attributable to Trinity Industries, Inc.$0.26 $0.17 $0.37 $2.28 
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. Additionally, the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
Three Months Ended
 March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
(in millions, except per share data)
Revenues:
Manufacturing$525.3 $560.9 $509.6 $342.6 
Leasing & Services284.3 280.5 289.2 286.8 
809.6 841.4 798.8 629.4 
Operating costs:
Costs of revenues:
Manufacturing476.3 505.8 460.7 305.4 
Leasing & Services168.6 156.6 168.6 169.0 
644.9 662.4 629.3 474.4 
Selling, engineering, and administrative expenses52.3 61.3 60.5 61.6 
Gains on dispositions of property and other divestitures2.8 24.2 13.4 22.9 
Restructuring activities, net— — — 4.3 
Operating profit115.2 141.9 122.4 112.0 
Other expense72.5 66.7 66.0 64.5 
Income from continuing operations before income taxes42.7 75.2 56.4 47.5 
Provision (benefit) for income taxes11.0 17.1 15.6 6.7 
Income from continuing operations31.7 58.1 40.8 40.8 
Loss from discontinued operations, net of income taxes(4.3)(1.7)(5.3)(3.0)
Net income27.4 56.4 35.5 37.8 
Net income attributable to noncontrolling interest3.7 2.0 4.1 8.9 
Net income attributable to Trinity Industries, Inc.$23.7 $54.4 $31.4 $28.9 
Basic earnings per common share:
Income from continuing operations$0.34 $0.68 $0.45 $0.39 
Loss from discontinued operations(0.05)(0.02)(0.07)(0.04)
Basic net income attributable to Trinity Industries, Inc.$0.29 $0.66 $0.38 $0.35 
Diluted earnings per common share:
Income from continuing operations$0.33 $0.67 $0.44 $0.38 
Loss from discontinued operations(0.05)(0.02)(0.07)(0.04)
Diluted net income attributable to Trinity Industries, Inc.$0.28 $0.65 $0.37 $0.34 
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. Additionally, the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Assessing, Identifying, and Managing Material Risks
Trinity’s IRM program is aligned to the National Institute of Science and Technology (“NIST”) Cybersecurity Framework (“CSF”) and conducts maturity assessments against the NIST CSF on a quarterly basis. Our IRM program encompasses the full lifecycle of information risk, from creation through disposition, and is guided by policies, processes, standards, and procedures in vulnerability management, incident response, information governance, application security, risk management, and security awareness. Additionally, Trinity exercises a variety of testing approaches to assess the state of systems and personnel, including annual penetration testing by independent third parties, ad hoc penetration testing by internal personnel, and tabletop exercises for executive and senior leadership, information technology, IRM, and legal employees. Trinity also maintains an incident response relationship with an industry-leading provider to ensure resource availability if a significant event were to occur.
As cybersecurity touches all employees, we include formal training on cybersecurity in the annually required Code of Business Conduct training, as well as dedicated information security training content. The training focuses on awareness of cybersecurity risks and requirements. For targeted groups, we conduct phishing email response checks.
Cybersecurity Risk Management Processes Integrated [Text Block]
Integration Into Overall Risk Management
Cybersecurity risk management is integrated into our broader enterprise risk management framework to promote a culture of cybersecurity awareness. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes throughout Trinity. Our IRM team works closely with our information technology department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Cybersecurity risks are assessed by Trinity’s IRM team, and the risk assessment is aligned with business-level processes and is consistent with Trinity’s standard enterprise risk management methods and thresholds. Our IRM organization regularly consumes a variety of threat intelligence and information security news sources to inform and align risk management decisions to current threats and threat landscapes.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]
Risks From Cybersecurity Threats
To date, we have not experienced any risks from cybersecurity threats or incidents that have materially affected us or are reasonably likely to materially affect us, our business strategy, results of operations, or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Board of Directors Oversight and Reporting
The Audit Committee of our Board of Directors reviews the Company’s risks related to data privacy, cybersecurity, and information technology. The Audit Committee periodically reviews and assesses the adequacy of the security for the Company's information systems and the Company's contingency plans in the event of a systems breakdown or security breach. The CISO reports to the Audit Committee twice per year and to the Board of Directors once per year on cybersecurity risks, activities, policies and procedures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO reports to the Audit Committee twice per year and to the Board of Directors once per year on cybersecurity risks, activities, policies and procedures.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role
Our CISO and Chief Legal Officer oversee all cybersecurity efforts and lead our IRM organization. Our CISO has over two decades of experience in the cybersecurity and information security fields, including experience with both private businesses and the military. In addition, he has degrees in both information technology and business administration. Our IRM professionals include multiple personnel with more than ten years of experience and expertise in information security and are continually building their professional knowledge through local information systems communities and an available set of educational materials.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO and Chief Legal Officer oversee all cybersecurity efforts and lead our IRM organization.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has over two decades of experience in the cybersecurity and information security fields, including experience with both private businesses and the military. In addition, he has degrees in both information technology and business administration. Our IRM professionals include multiple personnel with more than ten years of experience and expertise in information security and are continually building their professional knowledge through local information systems communities and an available set of educational materials.
v3.25.4
Note 1. Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies
Principles of Consolidation
The financial statements of Trinity Industries, Inc. and Subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") include the accounts of our wholly-owned subsidiaries and our partially-owned subsidiaries, TRIP Rail Holdings LLC ("TRIP Holdings") and Trinity Global Ventures Limited ("Trinity Global Ventures"), in which we have a controlling interest. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2025 presentation.
Management's Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Our Reportable Segments
Effective January 1, 2024, the Company modified its organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses. The new structure resulted in a change to our reportable segments beginning in 2024. In connection with this organizational update, we aligned the maintenance services business, which was previously reported in the Rail Products Group, to now be presented within our leasing business. This change aligns with the way in which our Chief Operating Decision Maker ("CODM") assesses performance and allocates resources. Consequently, beginning January 1, 2024, we report our operating results in two reportable segments: (1) the Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) the Rail Products Group. These changes had no impact to our previously reported consolidated results of operations, financial position, or cash flows. All prior period segment results set forth herein have been recast to reflect these changes and present results on a comparable basis.
Revenue Recognition
Revenue associated with our railcar lease contracts is recognized in accordance with Accounting Standards Codification ("ASC") 842, Leases. Revenue associated with our railcar manufacturing, maintenance services, and digital and logistics services businesses, as well as certain servicing, maintenance, and management agreements, is recognized in accordance with ASC 606, Revenue from Contracts with Customers.
Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. For all contracts with customers, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). Generally, we are the principal in our contracts with customers and report revenues on a gross basis as we control the product or service before it is transferred to a customer. We act as an agent for a small number of service contracts and report those revenues on a net basis as we do not control the services before they are provided to the customer. Payments for our products and services are generally due within normal commercial terms.
See Note 2 for a description of principal activities from which we generate our revenue, separated by reportable segments. See Note 5 for a further discussion regarding our reportable segments.
Lease Accounting
Lessee
We are the lessee of operating leases predominantly for office buildings and railcars, as well as manufacturing equipment and office equipment. Our operating leases have remaining lease terms ranging from one year to eleven years, some of which include options to extend for up to five years, and some of which include options to terminate within one year. As of December 31, 2025, we had no material finance leases in which we were the lessee. Certain of our operating leases include lease incentives, which reduce the right-of-use asset and are recognized on a straight-line basis over the lease term.
The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):
Year Ended December 31,
202520242023
Consolidated Statements of Operations
Operating lease expense$22.7 $21.8 $19.5 
Consolidated Statements of Cash Flows
Cash flows from operating activities$22.7 $21.8 $19.5 
Right-of-use assets recognized in exchange for new lease liabilities $12.8 $14.7 $24.1 
December 31, 2025December 31, 2024
Consolidated Balance Sheets
Right-of-use assets (1)
$91.2 $97.0 
Lease liabilities (2)
$106.7 $113.4 
Weighted average remaining lease term7.6 years8.4 years
Weighted average discount rate (3)
4.0 %3.9 %
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in other liabilities in our Consolidated Balance Sheets.
(3) As the rate implicit in our leases is not readily determinable, we use the incremental borrowing rate at lease commencement of our Trinity Industries Leasing Company ("TILC") warehouse loan facility for railcar leases or our revolving credit facility for operating and administrative leases to determine the present value of lease payments.
Future contractual minimum operating lease liabilities will mature as follows (in millions):
Railcars in our Lease Fleet
Operating and Administrative
Total
2026$8.3 $14.4 $22.7 
20277.6 13.3 20.9 
20285.1 11.0 16.1 
20291.8 9.5 11.3 
20301.1 8.2 9.3 
Thereafter4.0 38.6 42.6 
Total operating lease payments$27.9 $95.0 $122.9 
Less: Present value adjustment(16.2)
Total operating lease liabilities$106.7 
Income Taxes
The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases and other attributes using currently enacted tax laws and tax rates. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized.
We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. To the extent that we were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted.
Financial Instruments
We consider all highly liquid debt instruments to be either cash and cash equivalents if purchased with a maturity of three months or less, or short-term marketable securities if purchased with a maturity of more than three months and less than one year.
Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments, including restricted cash and receivables. We place our cash investments in bank deposits, investment grade short-term debt instruments, highly-rated money market funds, and highly-rated commercial paper. We limit the amount of credit exposure to any one commercial issuer. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values.
Concentrations of credit risk with respect to receivables are limited due to control procedures that monitor the credit worthiness of customers, the large number of customers in our customer base, and their dispersion across different end markets and geographic areas. Receivables are generally evaluated at a portfolio level based on these characteristics. As receivables are generally unsecured, we maintain an allowance for credit losses using a forward-looking approach based on historical losses and consideration of current and expected future economic conditions. Historically, we have observed that the likelihood of loss increases when receivables have aged beyond 180 days or when we become aware that a customer has experienced a deterioration in their financial condition. When a receivable is deemed uncollectible, the write-off is recorded as a reduction to the allowance for credit losses. During the year ended December 31, 2025, we recognized approximately $10.6 million of credit loss expense and approximately $0.3 million of recoveries and other adjustments, and wrote off $1.0 million related to our trade receivables that are in scope of ASC 326, Financial Instruments – Credit Losses, bringing the allowance for credit losses balance from $14.3 million at December 31, 2024 to $23.6 million at December 31, 2025. This balance excludes the general reserve for operating lease receivables that is permitted under ASC 450, Contingencies.
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost is determined principally on the first in first out method. Work in process and finished goods include material, labor, and overhead.
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. The costs of ordinary maintenance and repair are charged to operating costs. The estimated useful lives are as follows:
Buildings and improvements
5 – 30 years
Leasehold improvementsGenerally over the term of the lease
Machinery and equipment
Generally 3 – 15 years
Information systems hardware and software
3 – 5 years
Railcars in our lease fleet
Generally 35 – 40 years
Impairment of Long-lived Assets
We periodically evaluate the carrying value of long-lived assets for potential impairment. The carrying value of long-lived assets is considered impaired when their carrying value is not recoverable through undiscounted future cash flows and the fair value of the assets is less than their carrying value. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risks involved or market quotes as available. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced by the estimated cost to dispose of the assets. We did not identify any indicators of impairment during the years ended December 31, 2025, 2024, or 2023.
Goodwill and Intangible Assets
Goodwill is required to be tested for impairment at least annually, or on an interim basis if events or circumstances change indicating that the carrying amount of the goodwill might be impaired. Indefinite-lived intangible assets are not subject to amortization but are required to be evaluated for impairment at least annually. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment assessment. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the fair value of a reporting unit or an individual indefinite-lived intangible asset is less than its carrying value, the Company will perform the quantitative impairment test. We can also elect to forgo the qualitative assessment and perform the quantitative test.
The quantitative goodwill impairment test compares the reporting unit's estimated fair value with the carrying amount of its net assets. An impairment is recognized if the reporting unit's recorded net assets exceed its fair value. Impairment is assessed at the reporting unit level by applying a fair value-based test for each unit with recorded goodwill. The estimates and judgments that most significantly affect the fair value calculations are assumptions, consisting of Level 3 inputs, related to revenue and operating profit results, discount rates, terminal growth rates, and exit multiples. As of both December 31, 2025 and 2024, goodwill totaled $221.5 million. As of October 1, 2025 and 2024, we completed our annual impairment tests of goodwill at the reporting unit level and determined that no impairment charges were necessary.
If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is impaired by the amount of the excess. As of both December 31, 2025 and 2024, indefinite-lived intangible assets, which are comprised of trade names of acquired businesses, totaled $11.2 million. As of October 1, 2025 and 2024, we completed our evaluations of each indefinite-lived intangible asset and determined that no impairment charges were necessary.
The net book value of our finite-lived intangible assets totaled $99.2 million and $87.8 million as of December 31, 2025 and 2024, respectively, which are amortized over their estimated useful lives, ranging from one year to fifteen years. We evaluate the carrying value of our finite-lived intangible assets for potential impairment when events and circumstances indicate that the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. We did not identify any impairment indicators during the years ended December 31, 2025, 2024, or 2023.
See Note 8 for further information regarding goodwill and intangible assets.
Restricted Cash
Restricted cash consists of cash and cash equivalents held as collateral for our non-recourse debt and lease obligations. As such, they are restricted in use.
Investments in Affiliates
We regularly assess our investments in, and other contractual arrangements with, third-party entities to determine whether they are considered a variable interest entity ("VIE") and, if so, whether we are considered the primary beneficiary. Consolidation is required for VIEs in which we are the primary beneficiary. We have determined that we are the primary beneficiary for TRIP Holdings and Trinity Global Ventures. At December 31, 2025, the carrying value of our investments in these entities totaled $39.0 million. Additionally, as a result of a December 2025 railcar partnership restructuring, RIV 2013 Rail Holdings LLC ("RIV 2013"), which was previously a consolidated variable interest entity in which we were the primary beneficiary, is now a wholly-owned subsidiary of the Company. See Note 6 for further information regarding investments in which we have a controlling interest.
Insurance
We are effectively self-insured for workers' compensation and employee health care claims. A third-party administrator is used to process claims. We accrue our workers' compensation and group medical liabilities based upon independent actuarial studies. These liabilities are calculated based upon loss development factors, which contemplate a number of variables, including claims history and expected trends. As of December 31, 2025 and 2024, our liabilities associated with workers' compensation were $28.1 million and $30.6 million, respectively, and our liabilities associated with group medical insurance were $4.2 million and $3.8 million, respectively. These amounts are included in the accrued liabilities line of our Consolidated Balance Sheets.
Supply Chain Finance Program
In cooperation with a participating financial institution, we facilitate a voluntary supply chain finance ("SCF") program for several of our suppliers. We negotiate payment terms with suppliers that are in line with average industry terms. We have not pledged any assets as security or provided other forms of guarantees to the financial institution. Under the SCF program, participating suppliers may choose to sell, at a discounted price, receivables due from us to the financial institution, at the sole discretion of both the suppliers and the financial institution, prior to the invoices’ scheduled due dates. The payment terms that we negotiate with all suppliers are consistent regardless of whether the supplier chooses to participate in the SCF program for a particular invoice. The SCF program is administered by a third-party financial institution, and our responsibility is limited to making payments based on the terms originally negotiated with participating suppliers, regardless of whether such suppliers sell receivables to the financial institution.
Amounts due to our participating suppliers in the SCF program are included in accounts payable in our Consolidated Balance Sheets. Payments made under the SCF program are reflected in net cash provided by operating activities from continuing operations in our Consolidated Statements of Cash Flows. The following is a summary of our outstanding obligations confirmed as valid under the supplier finance program for the year ended December 31, 2025:
Year Ended
December 31, 2025
(in millions)
Confirmed obligations outstanding at December 31, 2024
$8.2 
Invoices confirmed 115.6 
Confirmed invoices paid (74.7)
Confirmed obligations outstanding at December 31, 2025
$49.1 
Warranties
We provide various express, limited product warranties that generally range from one year to five years depending on the product. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. As of December 31, 2025 and 2024, our accruals for warranties totaled $2.7 million and $2.9 million, respectively, and are included in accrued liabilities in our Consolidated Balance Sheets.
Foreign Currency Transactions
The functional currency of our Mexico and Canada operations is the United States dollar. Certain transactions in these countries occur in currencies other than the United States dollar. The remeasurement impact of foreign currency fluctuations on these transactions is recorded in other, net (income) expense in our Consolidated Statements of Operations.
Other Comprehensive Income (Loss)
Other comprehensive net income (loss) consists of unrealized gains and losses on our derivative financial instruments and the net actuarial gains and losses of our defined benefit plans, the sum of which, together with net income (loss), constitutes comprehensive income (loss). See Note 12. All components are shown net of tax.
Recent Accounting Pronouncements
Adopted in 2025
ASU 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures," which enhances transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires, on an annual basis, a tabular disclosure using specific categories in the rate reconciliation and providing additional information for reconciling items that meet a quantitative threshold, as well as the disaggregation of income taxes paid by federal, state, and foreign jurisdictions. ASU 2023-09 is effective for public companies during annual reporting periods beginning after December 15, 2024 on a prospective basis, with an option for retrospective application. We adopted ASU 2023-09 on a prospective basis. See Note 10 for our income tax disclosures.
Not Yet Adopted
ASU 2024-03 – In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses," which improves financial reporting and responds to investor input by requiring public companies to disclose additional information about certain expenses in the notes to the consolidated financial statements. ASU 2024-03 requires disclosures, on an annual and interim basis, of the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense category; a qualitative description of amounts remaining that are not separately disaggregated quantitatively; and the amount of selling expenses and, in annual reporting periods, the definition of selling expenses. ASU 2024-03 is effective for public companies during annual reporting periods beginning after December 15, 2026 on a prospective basis, with an option for retrospective application. Early adoption is permitted. We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.
ASU 2025-06 – In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which modernizes the accounting for internal-use software costs by removing all references to prescriptive and sequential software development stages. Under this guidance, capitalization of eligible costs begins when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used for the function intended. ASU 2025-06 is effective for public companies during the annual reporting periods beginning after December 15, 2027 using a prospective approach, modified transition approach for in-process projects, or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact ASU 2025-06 will have on our Consolidated Financial Statements.
Consolidation, Policy [Policy Text Block]
Principles of Consolidation
The financial statements of Trinity Industries, Inc. and Subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") include the accounts of our wholly-owned subsidiaries and our partially-owned subsidiaries, TRIP Rail Holdings LLC ("TRIP Holdings") and Trinity Global Ventures Limited ("Trinity Global Ventures"), in which we have a controlling interest. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2025 presentation.
Use of Estimates, Policy [Policy Text Block]
Management's Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting, Policy
Our Reportable Segments
Effective January 1, 2024, the Company modified its organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses. The new structure resulted in a change to our reportable segments beginning in 2024. In connection with this organizational update, we aligned the maintenance services business, which was previously reported in the Rail Products Group, to now be presented within our leasing business. This change aligns with the way in which our Chief Operating Decision Maker ("CODM") assesses performance and allocates resources. Consequently, beginning January 1, 2024, we report our operating results in two reportable segments: (1) the Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) the Rail Products Group. These changes had no impact to our previously reported consolidated results of operations, financial position, or cash flows. All prior period segment results set forth herein have been recast to reflect these changes and present results on a comparable basis.
Revenue
Revenue Recognition
Revenue associated with our railcar lease contracts is recognized in accordance with Accounting Standards Codification ("ASC") 842, Leases. Revenue associated with our railcar manufacturing, maintenance services, and digital and logistics services businesses, as well as certain servicing, maintenance, and management agreements, is recognized in accordance with ASC 606, Revenue from Contracts with Customers.
Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. For all contracts with customers, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). Generally, we are the principal in our contracts with customers and report revenues on a gross basis as we control the product or service before it is transferred to a customer. We act as an agent for a small number of service contracts and report those revenues on a net basis as we do not control the services before they are provided to the customer. Payments for our products and services are generally due within normal commercial terms.
See Note 2 for a description of principal activities from which we generate our revenue, separated by reportable segments. See Note 5 for a further discussion regarding our reportable segments.
Lessee, Leases [Policy Text Block]
Lessee
We are the lessee of operating leases predominantly for office buildings and railcars, as well as manufacturing equipment and office equipment. Our operating leases have remaining lease terms ranging from one year to eleven years, some of which include options to extend for up to five years, and some of which include options to terminate within one year. As of December 31, 2025, we had no material finance leases in which we were the lessee. Certain of our operating leases include lease incentives, which reduce the right-of-use asset and are recognized on a straight-line basis over the lease term.
The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):
Year Ended December 31,
202520242023
Consolidated Statements of Operations
Operating lease expense$22.7 $21.8 $19.5 
Consolidated Statements of Cash Flows
Cash flows from operating activities$22.7 $21.8 $19.5 
Right-of-use assets recognized in exchange for new lease liabilities $12.8 $14.7 $24.1 
December 31, 2025December 31, 2024
Consolidated Balance Sheets
Right-of-use assets (1)
$91.2 $97.0 
Lease liabilities (2)
$106.7 $113.4 
Weighted average remaining lease term7.6 years8.4 years
Weighted average discount rate (3)
4.0 %3.9 %
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in other liabilities in our Consolidated Balance Sheets.
(3) As the rate implicit in our leases is not readily determinable, we use the incremental borrowing rate at lease commencement of our Trinity Industries Leasing Company ("TILC") warehouse loan facility for railcar leases or our revolving credit facility for operating and administrative leases to determine the present value of lease payments.
Future contractual minimum operating lease liabilities will mature as follows (in millions):
Railcars in our Lease Fleet
Operating and Administrative
Total
2026$8.3 $14.4 $22.7 
20277.6 13.3 20.9 
20285.1 11.0 16.1 
20291.8 9.5 11.3 
20301.1 8.2 9.3 
Thereafter4.0 38.6 42.6 
Total operating lease payments$27.9 $95.0 $122.9 
Less: Present value adjustment(16.2)
Total operating lease liabilities$106.7 
Income Tax, Policy [Policy Text Block]
Income Taxes
The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases and other attributes using currently enacted tax laws and tax rates. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized.
We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. To the extent that we were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted.
Cash and Cash Equivalents, Policy [Policy Text Block]
Financial Instruments
We consider all highly liquid debt instruments to be either cash and cash equivalents if purchased with a maturity of three months or less, or short-term marketable securities if purchased with a maturity of more than three months and less than one year.
Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments, including restricted cash and receivables. We place our cash investments in bank deposits, investment grade short-term debt instruments, highly-rated money market funds, and highly-rated commercial paper. We limit the amount of credit exposure to any one commercial issuer. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values.
Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentrations of credit risk with respect to receivables are limited due to control procedures that monitor the credit worthiness of customers, the large number of customers in our customer base, and their dispersion across different end markets and geographic areas. Receivables are generally evaluated at a portfolio level based on these characteristics. As receivables are generally unsecured, we maintain an allowance for credit losses using a forward-looking approach based on historical losses and consideration of current and expected future economic conditions. Historically, we have observed that the likelihood of loss increases when receivables have aged beyond 180 days or when we become aware that a customer has experienced a deterioration in their financial condition. When a receivable is deemed uncollectible, the write-off is recorded as a reduction to the allowance for credit losses. During the year ended December 31, 2025, we recognized approximately $10.6 million of credit loss expense and approximately $0.3 million of recoveries and other adjustments, and wrote off $1.0 million related to our trade receivables that are in scope of ASC 326, Financial Instruments – Credit Losses, bringing the allowance for credit losses balance from $14.3 million at December 31, 2024 to $23.6 million at December 31, 2025. This balance excludes the general reserve for operating lease receivables that is permitted under ASC 450, Contingencies.
Inventory, Policy [Policy Text Block]
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost is determined principally on the first in first out method. Work in process and finished goods include material, labor, and overhead.
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. The costs of ordinary maintenance and repair are charged to operating costs. The estimated useful lives are as follows:
Buildings and improvements
5 – 30 years
Leasehold improvementsGenerally over the term of the lease
Machinery and equipment
Generally 3 – 15 years
Information systems hardware and software
3 – 5 years
Railcars in our lease fleet
Generally 35 – 40 years
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-lived Assets
We periodically evaluate the carrying value of long-lived assets for potential impairment. The carrying value of long-lived assets is considered impaired when their carrying value is not recoverable through undiscounted future cash flows and the fair value of the assets is less than their carrying value. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risks involved or market quotes as available. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced by the estimated cost to dispose of the assets. We did not identify any indicators of impairment during the years ended December 31, 2025, 2024, or 2023.
Goodwill and Intangible Assets, Policy [Policy Text Block]
Goodwill and Intangible Assets
Goodwill is required to be tested for impairment at least annually, or on an interim basis if events or circumstances change indicating that the carrying amount of the goodwill might be impaired. Indefinite-lived intangible assets are not subject to amortization but are required to be evaluated for impairment at least annually. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment assessment. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the fair value of a reporting unit or an individual indefinite-lived intangible asset is less than its carrying value, the Company will perform the quantitative impairment test. We can also elect to forgo the qualitative assessment and perform the quantitative test.
The quantitative goodwill impairment test compares the reporting unit's estimated fair value with the carrying amount of its net assets. An impairment is recognized if the reporting unit's recorded net assets exceed its fair value. Impairment is assessed at the reporting unit level by applying a fair value-based test for each unit with recorded goodwill. The estimates and judgments that most significantly affect the fair value calculations are assumptions, consisting of Level 3 inputs, related to revenue and operating profit results, discount rates, terminal growth rates, and exit multiples. As of both December 31, 2025 and 2024, goodwill totaled $221.5 million. As of October 1, 2025 and 2024, we completed our annual impairment tests of goodwill at the reporting unit level and determined that no impairment charges were necessary.
If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is impaired by the amount of the excess. As of both December 31, 2025 and 2024, indefinite-lived intangible assets, which are comprised of trade names of acquired businesses, totaled $11.2 million. As of October 1, 2025 and 2024, we completed our evaluations of each indefinite-lived intangible asset and determined that no impairment charges were necessary.
The net book value of our finite-lived intangible assets totaled $99.2 million and $87.8 million as of December 31, 2025 and 2024, respectively, which are amortized over their estimated useful lives, ranging from one year to fifteen years. We evaluate the carrying value of our finite-lived intangible assets for potential impairment when events and circumstances indicate that the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. We did not identify any impairment indicators during the years ended December 31, 2025, 2024, or 2023.
See Note 8 for further information regarding goodwill and intangible assets.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
Restricted cash consists of cash and cash equivalents held as collateral for our non-recourse debt and lease obligations. As such, they are restricted in use.
Variable Interest Entity Disclosure [Text Block]
Investments in Affiliates
We regularly assess our investments in, and other contractual arrangements with, third-party entities to determine whether they are considered a variable interest entity ("VIE") and, if so, whether we are considered the primary beneficiary. Consolidation is required for VIEs in which we are the primary beneficiary. We have determined that we are the primary beneficiary for TRIP Holdings and Trinity Global Ventures. At December 31, 2025, the carrying value of our investments in these entities totaled $39.0 million. Additionally, as a result of a December 2025 railcar partnership restructuring, RIV 2013 Rail Holdings LLC ("RIV 2013"), which was previously a consolidated variable interest entity in which we were the primary beneficiary, is now a wholly-owned subsidiary of the Company. See Note 6 for further information regarding investments in which we have a controlling interest.
Self Insurance Reserve [Policy Text Block]
Insurance
We are effectively self-insured for workers' compensation and employee health care claims. A third-party administrator is used to process claims. We accrue our workers' compensation and group medical liabilities based upon independent actuarial studies. These liabilities are calculated based upon loss development factors, which contemplate a number of variables, including claims history and expected trends. As of December 31, 2025 and 2024, our liabilities associated with workers' compensation were $28.1 million and $30.6 million, respectively, and our liabilities associated with group medical insurance were $4.2 million and $3.8 million, respectively. These amounts are included in the accrued liabilities line of our Consolidated Balance Sheets.
Supplier Finance Program
Supply Chain Finance Program
In cooperation with a participating financial institution, we facilitate a voluntary supply chain finance ("SCF") program for several of our suppliers. We negotiate payment terms with suppliers that are in line with average industry terms. We have not pledged any assets as security or provided other forms of guarantees to the financial institution. Under the SCF program, participating suppliers may choose to sell, at a discounted price, receivables due from us to the financial institution, at the sole discretion of both the suppliers and the financial institution, prior to the invoices’ scheduled due dates. The payment terms that we negotiate with all suppliers are consistent regardless of whether the supplier chooses to participate in the SCF program for a particular invoice. The SCF program is administered by a third-party financial institution, and our responsibility is limited to making payments based on the terms originally negotiated with participating suppliers, regardless of whether such suppliers sell receivables to the financial institution.
Amounts due to our participating suppliers in the SCF program are included in accounts payable in our Consolidated Balance Sheets. Payments made under the SCF program are reflected in net cash provided by operating activities from continuing operations in our Consolidated Statements of Cash Flows. The following is a summary of our outstanding obligations confirmed as valid under the supplier finance program for the year ended December 31, 2025:
Year Ended
December 31, 2025
(in millions)
Confirmed obligations outstanding at December 31, 2024
$8.2 
Invoices confirmed 115.6 
Confirmed invoices paid (74.7)
Confirmed obligations outstanding at December 31, 2025
$49.1 
Standard Product Warranty, Policy [Policy Text Block]
Warranties
We provide various express, limited product warranties that generally range from one year to five years depending on the product. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. As of December 31, 2025 and 2024, our accruals for warranties totaled $2.7 million and $2.9 million, respectively, and are included in accrued liabilities in our Consolidated Balance Sheets.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Transactions
The functional currency of our Mexico and Canada operations is the United States dollar. Certain transactions in these countries occur in currencies other than the United States dollar. The remeasurement impact of foreign currency fluctuations on these transactions is recorded in other, net (income) expense in our Consolidated Statements of Operations.
Comprehensive Income, Policy [Policy Text Block]
Other Comprehensive Income (Loss)
Other comprehensive net income (loss) consists of unrealized gains and losses on our derivative financial instruments and the net actuarial gains and losses of our defined benefit plans, the sum of which, together with net income (loss), constitutes comprehensive income (loss). See Note 12. All components are shown net of tax.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
Adopted in 2025
ASU 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures," which enhances transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires, on an annual basis, a tabular disclosure using specific categories in the rate reconciliation and providing additional information for reconciling items that meet a quantitative threshold, as well as the disaggregation of income taxes paid by federal, state, and foreign jurisdictions. ASU 2023-09 is effective for public companies during annual reporting periods beginning after December 15, 2024 on a prospective basis, with an option for retrospective application. We adopted ASU 2023-09 on a prospective basis. See Note 10 for our income tax disclosures.
Not Yet Adopted
ASU 2024-03 – In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses," which improves financial reporting and responds to investor input by requiring public companies to disclose additional information about certain expenses in the notes to the consolidated financial statements. ASU 2024-03 requires disclosures, on an annual and interim basis, of the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense category; a qualitative description of amounts remaining that are not separately disaggregated quantitatively; and the amount of selling expenses and, in annual reporting periods, the definition of selling expenses. ASU 2024-03 is effective for public companies during annual reporting periods beginning after December 15, 2026 on a prospective basis, with an option for retrospective application. Early adoption is permitted. We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.
ASU 2025-06 – In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which modernizes the accounting for internal-use software costs by removing all references to prescriptive and sequential software development stages. Under this guidance, capitalization of eligible costs begins when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used for the function intended. ASU 2025-06 is effective for public companies during the annual reporting periods beginning after December 15, 2027 using a prospective approach, modified transition approach for in-process projects, or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact ASU 2025-06 will have on our Consolidated Financial Statements.
v3.25.4
Note 2. Revenue (Policies)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Lessor, Leases [Policy Text Block]
Lessor Accounting
Our Leasing Group enters into railcar operating leases with third parties with terms generally ranging between one year and ten years. The majority of our fleet operates on full-service leases that earn fixed monthly lease payments. Generally, lease payments are due at the beginning of the applicable month. A portion of our fleet operates on per diem leases that earn usage-based variable lease payments. Some of our leases include options to extend the leases for up to five years, and a small percentage of our leases include early termination options with certain notice requirements and early termination penalties. For full-service leases, we do not separate lease components for our leased railcars from non-lease components, which are comprised of stand-ready maintenance obligations. As of December 31, 2025, non-lease fleet operating leases in which we are the lessor were not significant, and we had no direct finance leases.
We manage risks associated with residual values of leased railcars by investing across a diverse portfolio of railcar types, staggering lease maturities within any given railcar type, avoiding concentration of railcar type and industry, and actively participating in secondary markets. Additionally, our lease agreements contain normal wear and tear return condition provisions and high mileage thresholds designed to protect the value of our residual assets. Our lease agreements do not contain any material residual value guarantees or restrictive covenants.
The following table summarizes the impact of our leases in our Consolidated Statements of Operations:
Year Ended December 31,
202520242023
(in millions)
Operating lease revenues$836.7 $786.3 $731.5 
Variable operating lease revenues$65.3 $65.0 $68.7 
Interest income on sales-type lease receivables$1.0 $0.7 $0.7 
Profit recognized at sales-type lease commencement (1)
$1.1 $— $— 
(1) Included in gains on dispositions of other property on our Consolidated Statements of Operations.
Future contractual minimum revenues for operating leases will mature as follows (in millions)(1):
2026$693.3 
2027551.9 
2028393.8 
2029276.9 
2030182.9 
Thereafter341.9 
Total$2,440.7 
(1) Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations.
Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions):
2026$2.1 
20272.1 
20282.1 
20292.1 
20302.1 
Thereafter15.2 
Total25.7 
Less: Unearned interest income(7.7)
Net investment in sales-type leases (1)
$18.0 
(1) Included in other assets in our Consolidated Balance Sheets.
v3.25.4
Note 1. Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Lease, Cost
The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):
Year Ended December 31,
202520242023
Consolidated Statements of Operations
Operating lease expense$22.7 $21.8 $19.5 
Consolidated Statements of Cash Flows
Cash flows from operating activities$22.7 $21.8 $19.5 
Right-of-use assets recognized in exchange for new lease liabilities $12.8 $14.7 $24.1 
December 31, 2025December 31, 2024
Consolidated Balance Sheets
Right-of-use assets (1)
$91.2 $97.0 
Lease liabilities (2)
$106.7 $113.4 
Weighted average remaining lease term7.6 years8.4 years
Weighted average discount rate (3)
4.0 %3.9 %
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in other liabilities in our Consolidated Balance Sheets.
(3) As the rate implicit in our leases is not readily determinable, we use the incremental borrowing rate at lease commencement of our Trinity Industries Leasing Company ("TILC") warehouse loan facility for railcar leases or our revolving credit facility for operating and administrative leases to determine the present value of lease payments.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
Future contractual minimum operating lease liabilities will mature as follows (in millions):
Railcars in our Lease Fleet
Operating and Administrative
Total
2026$8.3 $14.4 $22.7 
20277.6 13.3 20.9 
20285.1 11.0 16.1 
20291.8 9.5 11.3 
20301.1 8.2 9.3 
Thereafter4.0 38.6 42.6 
Total operating lease payments$27.9 $95.0 $122.9 
Less: Present value adjustment(16.2)
Total operating lease liabilities$106.7 
Property, Plant, and Equipment Estimated Useful Lives The estimated useful lives are as follows:
Buildings and improvements
5 – 30 years
Leasehold improvementsGenerally over the term of the lease
Machinery and equipment
Generally 3 – 15 years
Information systems hardware and software
3 – 5 years
Railcars in our lease fleet
Generally 35 – 40 years
Supplier Finance Program [Table Text Block] The following is a summary of our outstanding obligations confirmed as valid under the supplier finance program for the year ended December 31, 2025:
Year Ended
December 31, 2025
(in millions)
Confirmed obligations outstanding at December 31, 2024
$8.2 
Invoices confirmed 115.6 
Confirmed invoices paid (74.7)
Confirmed obligations outstanding at December 31, 2025
$49.1 
v3.25.4
Note 2. Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table presents our disaggregated revenues by major product or service line for each reportable segment:
Year Ended December 31,
202520242023
(in millions)
Railcar Leasing and Services Group:
Leasing and management$919.1 $867.8 $813.8 
Maintenance services247.4 234.0 170.1 
Digital and logistics services40.1 41.4 57.1 
1,206.6 1,143.2 1,041.0 
Rail Products Group:
Rail products1,302.5 2,321.7 2,363.7 
Parts & components117.0 109.4 115.7 
1,419.5 2,431.1 2,479.4 
Elimination of intersegment revenues(469.2)(495.1)(537.1)
Total consolidated revenues$2,156.9 $3,079.2 $2,983.3 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of December 31, 2025 and the percentage of the outstanding performance obligations as of December 31, 2025 expected to be delivered during 2026:
Unsatisfied performance obligations at December 31, 2025
Total
Amount
Percent expected to be delivered in 2026
 (in millions)
Rail Products Group:
New railcars:
External customers $1,548.1 
Leasing Group
113.5 
$1,661.6 49 %
Sustainable railcar conversions$35.2 100 %
Railcar Leasing and Services Group:
Leasing and management$64.6 31 %
Operating Lease, Lease Income
The following table summarizes the impact of our leases in our Consolidated Statements of Operations:
Year Ended December 31,
202520242023
(in millions)
Operating lease revenues$836.7 $786.3 $731.5 
Variable operating lease revenues$65.3 $65.0 $68.7 
Interest income on sales-type lease receivables$1.0 $0.7 $0.7 
Profit recognized at sales-type lease commencement (1)
$1.1 $— $— 
(1) Included in gains on dispositions of other property on our Consolidated Statements of Operations.
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]
Future contractual minimum revenues for operating leases will mature as follows (in millions)(1):
2026$693.3 
2027551.9 
2028393.8 
2029276.9 
2030182.9 
Thereafter341.9 
Total$2,440.7 
(1) Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block]
Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions):
2026$2.1 
20272.1 
20282.1 
20292.1 
20302.1 
Thereafter15.2 
Total25.7 
Less: Unearned interest income(7.7)
Net investment in sales-type leases (1)
$18.0 
(1) Included in other assets in our Consolidated Balance Sheets.
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Fair Value Measurements [Line Items]  
Schedule of Interest Rate Derivatives [Table Text Block]
Interest Rate Hedges
   
Included in accompanying balance 
sheet at December 31, 2025
 Notional
Amount
Interest
Rate (1)
Asset/(Liability)AOCI – loss/(income)
 ($ in millions)
Expired hedges:
2018 secured railcar equipment notes$249.3 4.41 %$— $— 
Tribute Rail secured railcar equipment notes $256.0 2.86 %$— $— 
2017 promissory notes – interest rate cap
$169.3 3.00 %$— $— 
2017 promissory notes – interest rate swap (2)
$372.5 2.31 %$— $— 
TRL-2023 term loan (2)
$255.8 3.79 %$— $3.0 
TILC – TRL-2023 term loan pre-issuance (2)
$525.4 3.58 %$— $6.0 
TILC – TRL-2025 pre-issuance (3)
$100.0 3.21 %$— $(0.3)
Open hedges:
TRL-2023 term loan (4)
$774.4 3.57 %$(6.7)$0.9 
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.
(2) These swaps were terminated in April 2025 in connection with the extinguishment of the Trinity Rail Leasing 2017, LLC (“TRL-2017”) promissory notes and the associated refinancing of the amended and restated Trinity Rail Leasing 2023 LLC (“TRL-2023”) term loan agreement. See Note 9 for further information. The swaps had a $6.7 million derivative liability fair value upon termination. In lieu of cash settlement, we incorporated the $6.7 million derivative liability into the terms of the new interest rate swaps, as described in footnote (4) below, resulting in off-market terms.
(3) In September 2025, we entered into a forward starting interest rate swap to hedge a portion of the risk of potential interest rate increases prior to the issuance of the Trinity Rail Leasing 2025 LLC ("TRL-2025") secured railcar equipment notes (the "TRL-2025 Notes"), which was completed in October 2025. See Note 9 for further information.
(4) In April 2025, we entered into interest rate swaps associated with the amended and restated TRL-2023 term loan agreement. The swaps had a $6.7 million derivative liability fair value at inception, representing the off-market component of the swaps. The off-market value is being ratably amortized into interest expense through the maturity date of the swaps related to the amended and restated TRL-2023 term loan.
Derivative Instruments, Gain (Loss) [Table Text Block]
 Effect on interest expense – increase/(decrease)
 Year Ended December 31,Expected effect during next twelve months
 202520242023
 (in millions)
Expired hedges:
2018 secured railcar equipment notes
$0.1 $0.2 $0.2 $— 
TRIP Holdings warehouse loan$— $— $0.1 $— 
Tribute Rail secured railcar equipment notes$0.3 $0.7 $0.7 $— 
2017 promissory notes – interest rate cap
$— $(0.1)$(0.1)$— 
2017 promissory notes – interest rate swap
$(5.9)$(11.5)$(11.7)$— 
TRL-2023 term loan$0.3 $(3.7)$(2.2)$1.2 
TILC – TRL-2023 term loan pre-issuance$0.7 $— $— $1.4 
TILC – TRL-2025 pre-issuance $— $— $— $(0.1)
Open hedges (1):
TRL-2023 term loan (2)
$(4.3)$— $— $(2.1)
(1) Based on the fair value of open hedges as of December 31, 2025.
(2) Includes changes in fair value related to the amortization of the initial off-market fair value.
Schedule of Foreign Exchange Contracts, Statement of Financial Position Information related to our foreign currency hedges is as follows:
 
Included in 
accompanying balance 
sheet at December 31, 2025
Effect on cost of revenues – increase/(decrease)
Notional
Amount		Asset/(Liability)AOCI –
loss/(income)		Year Ended December 31,
Expected effect during next twelve months (1)
Instrument202520242023
(in millions)
Forward contracts$71.2 $3.6 $(5.2)$3.1 $(1.0)$(7.1)$(4.8)
Options$— $— $(0.7)$(0.1)$0.2 $1.4 $(0.7)
(1) Based on the fair value of open hedges as of December 31, 2025.
Derivatives Not Designated as Hedging Instruments
Derivatives Not Designated as Hedging Instruments (1)
   
Asset/(Liability) at
December 31, 2025
Effect on other, net (income) expense – increase/(decrease)
Notional
Amount		Interest
Rate		Year Ended December 31,
 202520242023
 ($ in millions)
Interest rate derivatives – open:
TILC warehouse facility – interest rate cap$680.0 2.50 %$7.3 $4.0 $(0.1)$— 
TILC – interest rate cap (2)
$680.0 2.50 %$(7.3)$(4.0)$3.2 $— 
Interest rate derivatives – expired (3):
TILC warehouse facility – interest rate cap$800.0 2.50 %$— $— $1.9 $(5.4)
TILC – interest rate cap$800.0 2.50 %$— $— $(1.9)$5.4 
(1) Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
(2) The amount recorded to other, net (income) expense in our Consolidated Statements of Operations for the year ended December 31, 2024 includes a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the TILC warehouse loan facility.
(3) These interest rate caps matured and settled in 2024.
Fair Value, Inputs, Level 1 [Member]  
Derivative Instruments and Fair Value Measurements [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
Level 1
 December 31, 2025December 31, 2024
(in millions)
Assets:
Cash equivalents$172.4 $209.6 
Restricted cash122.3 146.2 
Total assets$294.7 $355.8 
Fair Value, Inputs, Level 2 [Member]  
Derivative Instruments and Fair Value Measurements [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
Level 2
 December 31, 2025December 31, 2024
(in millions)
Assets (1):
Derivatives designated as hedging instruments:
Interest rate hedges$— $10.4 
Foreign currency hedges3.6 0.4 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.3 23.3 
Total assets$10.9 $34.1 
Liabilities (2):
Derivatives designated as hedging instruments:
Interest rate hedges$6.7 $— 
Foreign currency hedges— 9.5 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.3 23.3 
Total liabilities$14.0 $32.8 
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in accrued liabilities in our Consolidated Balance Sheets.
v3.25.4
Note 5. Segment Information Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The financial information for these segments is shown in the tables below (in millions).
Year Ended December 31, 2025
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,204.8 $952.1 $2,156.9 
Intersegment revenues1.8 467.4 469.2 
Total revenues1,206.6 1,419.5 2,626.1 
Elimination of intersegment revenues(469.2)
Total consolidated revenues$2,156.9 
Less (1):
Rail Products Group cost of revenues (2)
*1,309.7 
Depreciation and amortization for Company-owned railcars (3)
251.8 *
Maintenance and compliance for Company-owned railcars (3)(4)
161.3 *
Selling, engineering, and administrative expenses63.9 36.5 
Gains on lease portfolio sales(91.4)*
Gain on divestiture of partially-owned leasing subsidiary(194.2)*
Other segment items (5)
306.8 (1.0)
Segment operating profit$708.4 $74.3 $782.7 
Year Ended December 31, 2024
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,140.8 $1,938.4 $3,079.2 
Intersegment revenues2.4 492.7 495.1 
Total revenues1,143.2 2,431.1 3,574.3 
Elimination of intersegment revenues(495.1)
Total consolidated revenues$3,079.2 
Less (1):
Rail Products Group cost of revenues (2)
*2,209.0 
Depreciation and amortization for Company-owned railcars (3)
240.1 *
Maintenance and compliance for Company-owned railcars (3)(4)
131.8 *
Selling, engineering, and administrative expenses77.0 32.8 
Gains on lease portfolio sales(57.3)*
Other segment items (5)
287.6 (0.1)
Segment operating profit$464.0 $189.4 $653.4 
Year Ended December 31, 2023
Railcar Leasing and Services GroupRail Products GroupTotal
External revenues$1,039.4 $1,943.9 $2,983.3 
Intersegment revenues1.6 535.5 537.1 
Total revenues1,041.0 2,479.4 3,520.4 
Elimination of intersegment revenues(537.1)
Total consolidated revenues$2,983.3 
Less (1):
Rail Products Group cost of revenues (2)
*2,336.0 
Depreciation and amortization for Company-owned railcars (3)
238.5 *
Maintenance and compliance for Company-owned railcars (3)(4)
130.5 *
Selling, engineering, and administrative expenses62.0 30.5 
Gains on lease portfolio sales(82.8)*
Other segment items (5)
255.3 0.3 
Segment operating profit$437.5 $112.6 $550.1 
*Not identified as a significant expense for this segment.
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
(2) Cost of revenues in the Rail Products Group primarily includes materials, labor, and overhead, including depreciation and amortization.
(3) Company-owned railcars include wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
(4) Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.
(5) Other segment items for each reportable segment include:
–Railcar Leasing and Services Group: the remaining operating costs for our maintenance services and digital and logistics services businesses, including materials, labor, and overhead costs; other operating costs for the lease fleet, including equipment rental, property taxes, and freight and storage expenses; and gains or losses on dispositions of other property.
–Rail Products Group: (gains) or losses on dispositions of other property.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The reconciliation of segment operating profit to consolidated net income is as follows:
 Year Ended December 31,
 202520242023
 (in millions)
Operating profit:
Railcar Leasing and Services Group$708.4 $464.0 $437.5 
Rail Products Group74.3 189.4 112.6 
Segment Totals782.7 653.4 550.1 
Corporate and other(111.6)(125.7)(108.3)
Restructuring activities, net— (4.3)2.2 
Eliminations(21.9)(31.9)(27.0)
Consolidated operating profit649.2 491.5 417.0 
Other (income) expense273.8 269.7 268.0 
Provision (benefit) for income taxes90.9 50.4 9.0 
Loss from discontinued operations, net of income taxes(7.2)(14.3)(13.4)
Net income$277.3 $157.1 $126.6 
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]
Additional financial information by segment is shown in the tables below.
Total Assets
December 31, 2025December 31, 2024
(in millions)
Railcar Leasing and Services Group$7,676.5 $8,151.7 
Rail Products Group938.0 967.7 
Segment Totals8,614.5 9,119.4 
Corporate and other385.0 383.3 
Eliminations(575.1)(670.5)
Total assets$8,424.4 $8,832.2 
Depreciation & AmortizationCapital Expenditures
 Year Ended December 31,Year Ended December 31,
 202520242023202520242023
 (in millions)
Railcar Leasing and Services Group$273.8 $262.2 $258.0 $769.4 $568.1 $688.0 
Rail Products Group28.0 27.6 30.3 22.5 27.2 20.6 
Corporate and other3.3 4.0 4.9 3.0 0.4 1.5 
Total$305.1 $293.8 $293.2 $794.9 $595.7 $710.1 
v3.25.4
Note 7. Property, Plant, and Equipment Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment [Table Text Block]
The following table summarizes the components of property, plant, and equipment:
December 31, 2025December 31, 2024
 (in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1)(2):
Equipment on lease$8,668.5 $7,715.0 
Less: accumulated depreciation(2,156.1)(1,766.9)
6,512.4 5,948.1 
Partially-owned subsidiaries (2)(3):
Equipment on lease620.5 2,233.1 
Less: accumulated depreciation(248.3)(817.1)
372.2 1,416.0 
Deferred profit on railcar products sold (4)
(926.6)(1,069.8)
Less: accumulated amortization298.0 337.3 
(628.6)(732.5)
Total railcars in our lease fleet6,256.0 6,631.6 
Operating and administrative assets:
Land16.1 16.3 
Buildings and improvements408.4 403.2 
Machinery and other452.9 441.8 
Construction in progress18.5 11.5 
895.9 872.8 
Less: accumulated depreciation(530.6)(516.3)
Total operating and administrative assets365.3 356.5 
Total property, plant, and equipment, net$6,621.3 $6,988.1 
(1) The Leasing Group’s debt at December 31, 2025 consisted primarily of non-recourse debt. As of December 31, 2025, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,681.7 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at December 31, 2025 was $830.7 million. See Note 9 for more information regarding the Leasing Group's debt.
(2) The net book values of our wholly-owned and partially-owned subsidiaries reflect the acquisition of the noncontrolling interest in RIV 2013 and the divestiture of Triumph as of December 31, 2025. See Note 6 for further information.
(3) Debt owed by TRIP Holdings and its subsidiary is non-recourse to Trinity and TILC. Creditors of each of TRIP Holdings and its subsidiary have recourse only to the particular subsidiary's assets. As of December 31, 2025, Tribute Rail held equipment with a net book value of $372.2 million, which is pledged solely as collateral for the Tribute Rail debt. See Note 6 for a description of TRIP Holdings and its subsidiary.
(4) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
v3.25.4
Note 8. Intangible Assets, Goodwill and Other (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block]
Goodwill by segment is as follows. There were no changes to our goodwill during the year ended December 31, 2025.
December 31, 2025December 31, 2024
Railcar Leasing and Services Group$50.6 $50.6 
Rail Products Group170.9 170.9
$221.5 $221.5 
Schedule of Intangible Assets and Goodwill
A summary of our intangible assets, which are included in other assets in our Consolidated Balance Sheets, is as follows:
December 31, 2025December 31, 2024
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in years)(in millions)
Indefinite-lived intangible assets:
Trade names*$11.2 $— $11.2 $11.2 $— $11.2 
Finite-lived intangible assets:
Customer relationships & backlog14.353.6 (12.6)41.0 53.6 (9.3)44.3 
Patents, developed technology, and other9.238.8 (18.1)20.7 36.8 (13.6)23.2 
Lease-related intangibles13.257.0 (19.5)37.5 38.5 (18.2)20.3 
Total finite-lived intangible assets149.4 (50.2)99.2 128.9 (41.1)87.8 
Total intangible assets$160.6 $(50.2)$110.4 $140.1 $(41.1)$99.0 
*Not subject to amortization
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense As of December 31, 2025, expected amortization expense related to our finite-lived intangible assets for the next five years is as follows:
Expected Amortization Expense
(in millions)
2026$10.7 
2027$9.8 
2028$7.6 
2029$7.2 
2030$6.9 
v3.25.4
Note 9. Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts and estimated fair values of our debt are as follows:
December 31, 2025December 31, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
 (in millions)
Corporate – Recourse:
Revolving credit facility$— $— $— $— 
Senior notes due 2028, inclusive of unamortized premium of $3.1 and $4.3
603.1 623.9 604.3 623.2 
603.1 623.9 604.3 623.2 
Less: unamortized debt issuance costs(4.6)(6.5)
Total recourse debt598.5 597.8 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
TILC warehouse facility478.5 478.5 584.6 584.6 
2010 secured railcar equipment notes— — 150.0 148.5 
2017 promissory notes, net of unamortized discount of $— and $1.5
— — 631.3 631.3 
2018 secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1
344.3 331.6 359.1 344.9 
2019 secured railcar equipment notes, net of unamortized discount of $— and $0.1
676.4 662.5 711.3 694.7 
2020 secured railcar equipments notes, net of unamortized discount of $— and $—
285.8 274.7 296.8 275.1 
2021 secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1
677.3 673.8 706.4 682.5 
2022 secured railcar equipment notes, net of unamortized discount of $— and $—
216.6 214.5 223.7 215.8 
TRL-2023 term loan, net of unamortized discount of $0.6 and $—
1,031.9 1,031.9 323.4 323.4 
2025 secured railcar equipment notes, net of unamortized discount of $0.1 and $—
532.1 535.2 — — 
TRP-2021 secured railcar equipment notes(1), net of unamortized discount of $— and $—
303.8 292.5 — — 
Other equipment financing47.6 47.9 50.0 50.0 
4,594.3 4,543.1 4,036.6 3,950.8 
Less: unamortized debt issuance costs(20.9)(15.3)
4,573.4 4,021.3 
Partially-owned subsidiaries:
Triumph secured railcar equipment notes, net of unamortized discount of $— and $0.1
— — 469.4 437.1 
Tribute Rail secured railcar equipment notes, net of unamortized discount of $— and $—
271.3 270.9 287.8 285.0 
TRP-2021 secured railcar equipment notes(1), net of unamortized discount of $— and $—
— — 319.6 296.9 
271.3 270.9 1,076.8 1,019.0 
Less: unamortized debt issuance costs(0.7)(5.0)
270.6 1,071.8 
Total non–recourse debt4,844.0 5,093.1 
Total debt$5,442.5 $5,437.9 $5,690.9 $5,593.0 
(1) TRP-2021 secured railcar equipment notes were transferred from partially-owned to wholly-owned related to the acquisition of the noncontrolling interest in RIV 2013 as of December 31, 2025. See Note 6 for further information.
Schedule of Maturities of Long-term Debt [Table Text Block]
The remaining principal payments under existing debt agreements as of December 31, 2025 based on the anticipated repayment dates are as follows:
20262027202820292030ThereafterTotal
(in millions)
Recourse – Corporate:
Senior notes due 2028$— $— $600.0 $— $— $— $600.0 
Non-recourse – lease fleet:
TILC warehouse facility15.0 15.0 5.0 — — — 35.0 
Facility termination payments – TILC warehouse facility— — 443.5 — — — 443.5 
2018 secured railcar equipment notes14.4 18.1 311.9 — — — 344.4 
2019 secured railcar equipment notes676.4 — — — — — 676.4 
2020 secured railcar equipment notes13.7 272.1 — — — — 285.8 
2021 secured railcar equipment notes30.5 30.1 259.8 18.4 18.4 320.2 677.4 
2022 secured railcar equipment notes8.1 8.2 8.2 192.1 — — 216.6 
TRL-2023 term loan31.6 34.3 34.3 34.3 898.0 — 1,032.5 
2025 secured railcar equipment notes15.4 13.3 14.3 11.2 18.4 459.6 532.2 
TRP-2021 secured railcar equipment notes 17.2 286.6 — — — — 303.8 
Other equipment financing2.5 2.7 2.8 3.0 3.2 33.4 47.6 
Tribute Rail secured railcar equipment notes271.3 — — — — — 271.3 
Total principal payments$1,096.1 $680.4 $1,679.8 $259.0 $938.0 $813.2 $5,466.5 
v3.25.4
Note 10. Income Taxes Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income from continuing operations before income taxes are as follows:
Year Ended December 31,
202520242023
(in millions)
Domestic$365.0 $212.9 $137.2 
Foreign10.4 8.9 11.8 
Income from continuing operations before income taxes$375.4 $221.8 $149.0 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The components of the provision (benefit) for income taxes from continuing operations are as follows:
Year Ended December 31,
202520242023
(in millions)
Current:
Federal$2.7 $60.1 $38.7 
State3.3 2.6 1.3 
Foreign7.4 9.8 10.5 
Total current13.4 72.5 50.5 
Deferred:
Federal66.7 (24.1)(20.7)
State11.3 1.5 (8.1)
Foreign(0.5)0.5 (12.7)
Total deferred77.5 (22.1)(41.5)
Provision (benefit)$90.9 $50.4 $9.0 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes:
Year Ended December 31, 2025
AmountPercent
($ in millions)
U.S. federal statutory income tax rate$78.8 21.0 %
State and local income tax, net of federal income tax effect (1)
13.9 3.7 
Foreign tax effects:
Mexico:
Withholding taxes3.0 0.8 
Other(0.7)(0.2)
Canada:
Withholding taxes3.7 1.0 
Tax credits:
Foreign tax credits(8.3)(2.2)
Other(1.8)(0.5)
Changes in valuation allowances3.0 0.8 
Nontaxable or nondeductible items:
Noncontrolling interest in partially‑owned subsidiaries(5.1)(1.4)
Other2.8 0.8 
Other adjustments1.6 0.4 
Effective tax rate$90.9 24.2 %
(1) State taxes in Illinois and California made up the majority (greater than 50%) of the tax effect in this category.
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted. The Act includes multiple business tax provisions, including the reinstatement of 100% bonus depreciation and a change in the calculation of deductible interest expense. These changes were incorporated into our provision for income taxes for the year ended December 31, 2025, resulting in an increase to our deferred tax expense, offset by a corresponding decrease to our current tax expense. The Act did not have a material impact on our total income tax expense or our effective tax rates for the year ended December 31, 2025.
As previously disclosed and prior to the adoption of ASU 2023-09, the provision for income taxes from continuing operations results in effective tax rates that differ from the statutory rates. The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes:
Year Ended December 31,
20242023
U.S. federal statutory income tax rate21.0 %21.0 %
Foreign branch taxes1.1 1.8 
State taxes1.8 2.2 
Executive compensation limitations1.1 1.3 
Noncontrolling interest in partially-owned subsidiaries(1.8)(1.8)
Equity compensation(0.7)(0.5)
Changes in valuation allowance and reserves(0.8)(2.2)
Changes in tax laws and apportionment0.5 (7.1)
Release of residual taxes from AOCI— (8.1)
Other, net0.5 (0.6)
Effective tax rate22.7 %6.0 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] The components of deferred tax liabilities and assets are as follows:
December 31,
20252024
(in millions)
Deferred tax liabilities:
Depreciation, depletion, and amortization$1,297.5 $1,110.0 
Partially-owned subsidiaries basis difference38.5 124.7 
Right-of-use assets20.5 21.5 
Accrued liabilities and other1.7 7.0 
Total deferred tax liabilities1,358.2 1,263.2 
Deferred tax assets:
Workers compensation, pensions, and other benefits31.3 33.6 
Interest expense81.9 108.8 
Warranties and reserves3.6 3.0 
Equity items1.2 1.2 
Tax loss carryforwards and credits107.2 30.7 
Inventory5.7 6.7 
Lease liabilities24.2 25.3 
Total deferred tax assets255.1 209.3 
Net deferred tax liabilities before valuation allowances1,103.1 1,053.9 
Valuation allowances24.3 20.8 
Net deferred tax liabilities before reserve for uncertain tax positions1,127.4 1,074.7 
Deferred tax assets included in reserve for uncertain tax positions(0.6)(0.7)
Net deferred tax liability$1,126.8 $1,074.0 
Income Taxes Paid, Net of Refunds
The components of income taxes paid, net of refunds, are as follows:
Year Ended December 31, 2025
(in millions)
Federal (1)
$42.4 
State0.7 
Foreign:
Mexico5.1 
Canada2.7 
Other0.5 
Income taxes paid, net of refunds$51.4 
(1) Includes the purchase of $40.0 million in federal transferable tax credits for $38.4 million during the year ended December 31, 2025. These credits were used to offset the Company’s federal income tax liability for 2024, generating an income tax receivable and resulting in the recognition of a tax benefit of $1.6 million for the year ended December 31, 2025.
v3.25.4
Note 11. Employee Retirement Plans Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Costs of Retirement Plans [Table Text Block]
Components of Net Periodic Benefit Cost and Other Retirement Expenses
Year Ended December 31,
202520242023
(in millions)
Defined contribution expense$12.3 $11.7 $10.1 
Net periodic benefit cost – Supplemental Executive Retirement Plan (1)
$0.7 $0.7 $0.7 
(1) The non-service cost components of net periodic benefit cost are included in other, net (income) expense in our Consolidated Statements of Operations.
v3.25.4
Note 12. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Changes in AOCI for the years ended December 31, 2025 and 2024 are as follows:
Unrealized gains (losses) on derivative financial instrumentsNet actuarial gains (losses) of defined benefit plansAccumulated other comprehensive income (loss)
 (in millions)
Balances at December 31, 2023
$12.4 $(1.4)$11.0 
Other comprehensive income (loss), net of tax, before reclassifications(3.5)0.1 (3.4)
Amounts reclassified from AOCI, net of tax expense of $3.7, $—, and $3.7
(11.5)0.1 (11.4)
Less: noncontrolling interest
(0.4)— (0.4)
Other comprehensive income (loss)(15.4)0.2 (15.2)
Balances at December 31, 2024
(3.0)(1.2)(4.2)
Other comprehensive income, net of tax, before reclassifications4.8 (0.3)4.5 
Amounts reclassified from AOCI, net of tax expense of $1.4, $—, and $1.4
(4.4)0.1 (4.3)
Less: noncontrolling interest(0.2)— (0.2)
Other comprehensive income0.2 (0.2)— 
Balances at December 31, 2025
$(2.8)$(1.4)$(4.2)
v3.25.4
Note 13. Common Stock and Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock Options Roll Forward
Number of SharesWeighted Average Grant-Date Fair Value per AwardWeighted Average Remaining Contractual Terms (Years)Aggregate Intrinsic Value
(in millions)
Options outstanding at December 31, 2024
300,000 $5.26 
Granted— $— 
Exercised— $— 
Cancelled— $— 
Options outstanding and exercisable at December 31, 2025
300,000 $5.26 4.1$1.4 
Share-Based Payment Arrangement, Restricted Stock Unit, Activity
Number of Restricted Stock Units
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Restricted stock units outstanding at December 31, 2024
1,296,862 $24.71 $45.5 
Granted494,614 $27.03 
Vested(540,652)$25.65 
Forfeited(51,970)$27.40 
Restricted stock units outstanding at December 31, 2025
1,198,854 $25.12 $31.7 
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block]
Number of Performance Units
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Performance units outstanding at December 31, 2024
723,622 $29.15 $25.4 
Granted225,192 $32.73 
Performance adjustment (1)
172,254 $29.17 
Vested (1)
(399,940)$29.48 
Forfeited(11,886)$30.28 
Performance units outstanding at December 31, 2025
709,242 $30.09 $18.8 
(1) For the 2022-2024 performance period, performance adjustment includes 102,289 additional performance units for return on equity, for which actual performance resulted in a payout of 197% of target, as well as 69,965 performance units for relative total shareholder return, for which actual performance resulted in a payout of 182% of target.
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
Number of Restricted Stock Awards
Weighted Average Grant-Date
Fair Value per Award
Aggregate Intrinsic Value
(in millions)
Restricted stock awards outstanding at December 31, 2024
418,946 $21.34 $14.7 
Granted28,388 $26.95 
Vested(98,479)$21.92 
Forfeited(9,175)$25.88 
Restricted stock awards outstanding at December 31, 2025 (1)
339,680 $21.52 $9.0 
(1) The balance of RSAs outstanding at December 31, 2025 includes approximately 0.1 million RSAs for Arcosa Inc. ("Arcosa") employees that were converted under the shareholder method at the time of the Arcosa spin-off. These RSAs will be released to Arcosa employees upon vesting, but as of the spin-off date, Trinity no longer records the compensation expense associated with these shares.
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
Additional information related to RSUs is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of RSUs granted$27.03 $30.70 $21.63 
Total grant-date fair value of RSUs vested and released
$13.9 $15.8 $14.9 
Total intrinsic value of RSUs vested and released $14.8 $20.6 $13.9 
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
Additional information related to performance units is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of performance units granted$32.73 $29.54 $27.72 
Total grant-date fair value of performance units vested and released
$11.9 $8.0 $10.2 
Total intrinsic value of performance units vested and released $10.8 $8.4 $8.6 
Restricted Share Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
Additional information related to RSAs is as follows:
Year Ended December 31,
202520242023
(in millions, except weighted average fair value)
Weighted average grant-date fair value of RSAs granted$26.95 $30.75 $21.32 
Total grant-date fair value of RSAs vested and released
$2.2 $2.0 $2.0 
Total intrinsic value of RSAs vested and released $2.6 $3.1 $2.1 
v3.25.4
Note 14. Earnings Per Common Share Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the computation of basic and diluted net income attributable to Trinity Industries, Inc.:
 Year Ended December 31,
 202520242023
(in millions, except per share amounts)
Income from continuing operations$284.5 $171.4 $140.0 
Less: Net income attributable to noncontrolling interest(24.2)(18.7)(20.6)
Net income from continuing operations attributable to Trinity Industries, Inc.260.3 152.7 119.4 
Net loss from discontinued operations attributable to Trinity Industries, Inc.(7.2)(14.3)(13.4)
Net income attributable to Trinity Industries, Inc.$253.1 $138.4 $106.0 
Basic weighted average shares outstanding80.8 81.9 81.2 
Effect of dilutive securities2.1 2.3 2.2 
Diluted weighted average shares outstanding
82.9 84.2 83.4 
Basic earnings per common share:
Income from continuing operations$3.22 $1.86 $1.47 
Loss from discontinued operations(0.09)(0.17)(0.16)
Basic net income attributable to Trinity Industries, Inc.$3.13 $1.69 $1.31 
Diluted earnings per common share:
Income from continuing operations$3.14 $1.81 $1.43 
Loss from discontinued operations(0.09)(0.17)(0.16)
Diluted net income attributable to Trinity Industries, Inc.$3.05 $1.64 $1.27 
Potentially dilutive securities excluded from EPS calculation:
Antidilutive restricted shares0.1 — 0.1 
Antidilutive stock options— — — 
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.
v3.25.4
Note 16. Selected Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2025
Income Statement [Abstract]  
Quarterly Financial Information [Table Text Block]
Three Months Ended
 March 31, 2025
June 30, 2025
September 30,
2025
December 31, 2025
(in millions, except per share data)
Revenues:
Manufacturing$298.2 $204.1 $153.3 $296.5 
Leasing & Services287.2 302.1 300.8 314.7 
585.4 506.2 454.1 611.2 
Operating costs:
Costs of revenues:
Manufacturing271.6 194.1 132.4 266.0 
Leasing & Services171.6 178.7 180.3 189.5 
443.2 372.8 312.7 455.5 
Selling, engineering, and administrative expenses50.0 49.4 45.2 69.7 
Gains on dispositions of property and other divestitures7.6 11.4 22.4 249.4 
Operating profit99.8 95.4 118.6 335.4 
Other expense63.4 69.4 70.4 70.6 
Income from continuing operations before income taxes36.4 26.0 48.2 264.8 
Provision (benefit) for income taxes7.4 4.1 11.1 68.3 
Income from continuing operations29.0 21.9 37.1 196.5 
Loss from discontinued operations, net of income taxes(1.9)(1.9)(1.1)(2.3)
Net income27.1 20.0 36.0 194.2 
Net income attributable to noncontrolling interest5.0 5.9 5.7 7.6 
Net income attributable to Trinity Industries, Inc.$22.1 $14.1 $30.3 $186.6 
Basic earnings per common share:
Income from continuing operations$0.29 $0.20 $0.39 $2.36 
Loss from discontinued operations(0.02)(0.02)(0.01)(0.03)
Basic net income attributable to Trinity Industries, Inc.$0.27 $0.17 $0.38 $2.34 
Diluted earnings per common share:
Income from continuing operations$0.29 $0.19 $0.38 $2.31 
Loss from discontinued operations(0.02)(0.02)(0.01)(0.03)
Diluted net income attributable to Trinity Industries, Inc.$0.26 $0.17 $0.37 $2.28 
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. Additionally, the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
Three Months Ended
 March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
(in millions, except per share data)
Revenues:
Manufacturing$525.3 $560.9 $509.6 $342.6 
Leasing & Services284.3 280.5 289.2 286.8 
809.6 841.4 798.8 629.4 
Operating costs:
Costs of revenues:
Manufacturing476.3 505.8 460.7 305.4 
Leasing & Services168.6 156.6 168.6 169.0 
644.9 662.4 629.3 474.4 
Selling, engineering, and administrative expenses52.3 61.3 60.5 61.6 
Gains on dispositions of property and other divestitures2.8 24.2 13.4 22.9 
Restructuring activities, net— — — 4.3 
Operating profit115.2 141.9 122.4 112.0 
Other expense72.5 66.7 66.0 64.5 
Income from continuing operations before income taxes42.7 75.2 56.4 47.5 
Provision (benefit) for income taxes11.0 17.1 15.6 6.7 
Income from continuing operations31.7 58.1 40.8 40.8 
Loss from discontinued operations, net of income taxes(4.3)(1.7)(5.3)(3.0)
Net income27.4 56.4 35.5 37.8 
Net income attributable to noncontrolling interest3.7 2.0 4.1 8.9 
Net income attributable to Trinity Industries, Inc.$23.7 $54.4 $31.4 $28.9 
Basic earnings per common share:
Income from continuing operations$0.34 $0.68 $0.45 $0.39 
Loss from discontinued operations(0.05)(0.02)(0.07)(0.04)
Basic net income attributable to Trinity Industries, Inc.$0.29 $0.66 $0.38 $0.35 
Diluted earnings per common share:
Income from continuing operations$0.33 $0.67 $0.44 $0.38 
Loss from discontinued operations(0.05)(0.02)(0.07)(0.04)
Diluted net income attributable to Trinity Industries, Inc.$0.28 $0.65 $0.37 $0.34 
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding. Additionally, the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
v3.25.4
Note 1. Summary of Significant Accounting Policies Lessee Accounting (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Lessee, Operating Lease, Renewal Term 5 years    
Lessee, Operating Lease, Option to Terminate one year    
Finance Lease, Principal Payments $ 0.0    
Operating lease expense 22.7 $ 21.8 $ 19.5
Operating Lease, Payments 22.7 21.8 19.5
Right-of-use assets recognized in exchange for new lease liabilities $ 12.8 $ 14.7 $ 24.1
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] [1] Other assets Other assets  
Operating Lease, Right-of-Use Asset [1] $ 91.2 $ 97.0  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] [2] Other liabilities Other liabilities  
Operating Lease, Liability [2] $ 106.7 $ 113.4  
Weighted average remaining lease term 7 years 7 months 6 days 8 years 4 months 24 days  
Weighted average discount rate (3) [3] 4.00% 3.90%  
2026 $ 22.7    
2027 20.9    
2028 16.1    
2029 11.3    
2030 9.3    
Thereafter 42.6    
Lessee, Operating Lease, Liability, to be Paid 122.9    
Less: Present value adjustment (16.2)    
Railroad Transportation Equipment [Member]      
Lessee, Lease, Description [Line Items]      
2026 8.3    
2027 7.6    
2028 5.1    
2029 1.8    
2030 1.1    
Thereafter 4.0    
Lessee, Operating Lease, Liability, to be Paid 27.9    
Operating & Administrative Assets      
Lessee, Lease, Description [Line Items]      
2026 14.4    
2027 13.3    
2028 11.0    
2029 9.5    
2030 8.2    
Thereafter 38.6    
Lessee, Operating Lease, Liability, to be Paid $ 95.0    
Minimum [Member]      
Lessee, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 1 year    
Maximum [Member]      
Lessee, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 11 years    
[1] Included in other assets in our Consolidated Balance Sheets.
[2] Included in other liabilities in our Consolidated Balance Sheets.
[3] As the rate implicit in our leases is not readily determinable, we use the incremental borrowing rate at lease commencement of our Trinity Industries Leasing Company ("TILC") warehouse loan facility for railcar leases or our revolving credit facility for operating and administrative leases to determine the present value of lease payments.
v3.25.4
Note 1. Summary of Significant Accounting Policies Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Concentration Risk [Line Items]    
Accounts Receivable, Credit Loss Expense (Reversal) $ 10.6  
Accounts Receivable, Allowance for Credit Loss, Recovery 0.3  
Accounts Receivable, Allowance for Credit Loss, Writeoff 1.0  
Allowance For Credit Loss under ASC 326 $ 23.6 $ 14.3
v3.25.4
Note 1. Summary of Significant Accounting Policies Property, Plant, and Equipment Useful Lives (Details)
Dec. 31, 2025
Building and Building Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Building and Building Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 30 years
Machinery and Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Machinery and Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Technology Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Technology Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Railroad Transportation Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 35 years
Railroad Transportation Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
v3.25.4
Note 1. Summary of Significant Accounting Policies Impairment of Long-lived Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Impaired Long-Lived Assets Held and Used [Line Items]      
Impairment of Long-Lived Assets Held-for-use $ 0.0 $ 0.0 $ 0.0
v3.25.4
Note 1. Summary of Significant Accounting Policies Goodwill and Intangibles (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 01, 2025
Oct. 01, 2024
Finite-Lived Intangible Assets [Line Items]          
Goodwill $ 221,500,000 $ 221,500,000      
Impairment of Goodwill       $ 0 $ 0
Impairment of Indefinite-Lived Intangible Assets       $ 0 $ 0
Finite-Lived Intangible Assets, Net 99,200,000 87,800,000      
Impairment of Intangible Assets, Finite-Lived 0 0 $ 0    
Trade Names          
Finite-Lived Intangible Assets [Line Items]          
Indefinite-Lived Intangible Assets (Excluding Goodwill) $ 11,200,000 $ 11,200,000      
Minimum [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Asset, Useful Life 1 year        
Maximum [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Asset, Useful Life 15 years        
v3.25.4
Note 1. Summary of Significant Accounting Policies Investments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Partially-Owned Subsidiaries [Member] | Partially-Owned Subsidiaries [Member]  
Variable Interest Entity [Line Items]  
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary $ 39.0
v3.25.4
Note 1. Summary of Significant Accounting Policies Insurance (Details) - Accrued Liabilities [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Malpractice Insurance [Line Items]    
Workers' Compensation Liability $ 28.1 $ 30.6
Accrued Insurance $ 4.2 $ 3.8
v3.25.4
Note 1. Summary of Significant Accounting Policies Supplier Finance Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Supplier Finance Program [Line Items]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Supplier Finance Program, Obligation $ 49.1 $ 8.2
Supplier Finance Program, Obligation, Addition 115.6  
Supplier Finance Program, Obligation, Period Increase (Decrease) $ (74.7)  
v3.25.4
Note 1. Summary of Significant Accounting Policies Warranties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities [Member]    
Product Warranty Liability [Line Items]    
Standard Product Warranty Accrual $ 2.7 $ 2.9
Minimum [Member]    
Product Warranty Liability [Line Items]    
Product Warranty Period 1 year  
Maximum [Member]    
Product Warranty Liability [Line Items]    
Product Warranty Period 5 years  
v3.25.4
Note 2. Revenue 606 (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues $ 611.2 $ 454.1 $ 506.2 $ 585.4 $ 629.4 $ 798.8 $ 841.4 $ 809.6 $ 2,156.9 $ 3,079.2 $ 2,983.3
Operating Segments [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 2,626.1 3,574.3 3,520.4
Intersegment Eliminations [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 469.2 495.1 537.1
Railcar Leasing and Services Group [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Billed Contracts Receivable 10.9       9.6       10.9 9.6  
Revenues                 1,204.8 1,140.8 1,039.4
Railcar Leasing and Services Group [Member] | Operating Segments [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 1,206.6 1,143.2 1,041.0
Railcar Leasing and Services Group [Member] | Intersegment Eliminations [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 1.8 2.4 1.6
Railcar Leasing and Services Group [Member] | Leasing and management [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 919.1 867.8 813.8
Revenue, Remaining Performance Obligation, Amount $ 64.6               $ 64.6    
Revenue, remaining performance obligation expected to be delivered in current year 31.00%               31.00%    
Railcar Leasing and Services Group [Member] | Maintenance services [Domain]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 $ 247.4 234.0 170.1
Railcar Leasing and Services Group [Member] | Digital & Logistics Services                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 40.1 41.4 57.1
Rail Products Group [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Billed Contracts Receivable $ 4.9       $ 3.4       4.9 3.4  
Revenues                 952.1 1,938.4 1,943.9
Rail Products Group [Member] | Operating Segments [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 1,419.5 2,431.1 2,479.4
Rail Products Group [Member] | Intersegment Eliminations [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 467.4 492.7 535.5
Rail Products Group [Member] | Rail Products                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 1,302.5 2,321.7 2,363.7
Rail Products Group [Member] | New railcars [Domain]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenue, Remaining Performance Obligation, Amount $ 1,661.6               $ 1,661.6    
Revenue, remaining performance obligation expected to be delivered in current year 49.00%               49.00%    
Rail Products Group [Member] | New railcars [Domain] | External Customers [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenue, Remaining Performance Obligation, Amount $ 1,548.1               $ 1,548.1    
Rail Products Group [Member] | New railcars [Domain] | Railcar Leasing and Services Group [Member]                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenue, Remaining Performance Obligation, Amount 113.5               113.5    
Rail Products Group [Member] | Sustainable Railcar Conversions                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenue, Remaining Performance Obligation, Amount $ 35.2               $ 35.2    
Revenue, remaining performance obligation expected to be delivered in current year 100.00%               100.00%    
Rail Products Group [Member] | Parts and Components                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]                      
Revenues                 $ 117.0 $ 109.4 $ 115.7
v3.25.4
Note 2. Revenue 842 (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessor, Lease, Description [Line Items]      
Lessor, Operating Lease, Renewal Term 5 years    
Direct Financing Lease, Revenue $ 0.0    
Operating Lease, Lease Income, Lease Payments 836.7 $ 786.3 $ 731.5
Operating Lease, Variable Lease Income 65.3 65.0 68.7
Sales-type Lease, Interest Income 1.0 0.7 0.7
Sales-type Lease, Selling Profit (Loss) [1] 1.1 $ 0.0 $ 0.0
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months 2.1    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years 2.1    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years 2.1    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years 2.1    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years 2.1    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter 15.2    
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received 25.7    
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount (7.7)    
Railcar Leasing and Services Group [Member]      
Lessor, Lease, Description [Line Items]      
2026 [2] 693.3    
2027 [2] 551.9    
2028 [2] 393.8    
2029 [2] 276.9    
2030 [2] 182.9    
Lessor, Operating Lease, Payment to be Received, after Year Five [2] 341.9    
Lessor, Operating Lease, Payment to be Received, Total [2] $ 2,440.7    
Railcar Leasing and Services Group [Member] | Minimum [Member]      
Lessor, Lease, Description [Line Items]      
Lessor, Operating Lease, Term of Contract 1 year    
Railcar Leasing and Services Group [Member] | Maximum [Member]      
Lessor, Lease, Description [Line Items]      
Lessor, Operating Lease, Term of Contract 10 years    
Other Assets [Member]      
Lessor, Lease, Description [Line Items]      
Sales-type Lease, Net Investment in Lease [3] $ 18.0    
[1] Included in gains on dispositions of other property on our Consolidated Statements of Operations.
[2] Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations.
[3] Included in other assets in our Consolidated Balance Sheets.
v3.25.4
Note 3. Acquisitions and Discontinued Operations - Acquisitions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Combination, Separately Recognized Transaction [Line Items]        
Business Combination, Consideration Transferred, Tangible and Intangible Assets, Excluding Cash $ 10.0 $ 10.0    
Payments to settle contingent consideration liability 8.0 $ 8.0 $ 0.0  
Payment for Contingent Consideration Liability, Operating Activities $ 2.0      
Holden America Acquisition | Holden America Acquisition        
Business Combination, Separately Recognized Transaction [Line Items]        
Business Combination, Contingent Consideration, Range of Outcomes, Minimum, Amount       $ 10.0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low, Per Year       5.0
Business Combination, Contingent Consideration Arrangement, Maximum Unlimited       $ 10.0
v3.25.4
Note 3. Acquisitions and Discontinued Operations - Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6 $ (2.3) $ (1.1) $ (1.9) $ (1.9) $ (3.0) $ (5.3) $ (1.7) $ (4.3) $ (7.2) $ (14.3) $ (13.4)
Sale of Highway Products                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax                 (9.9) (18.4) (17.0)
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6                 $ (7.2) $ (14.3) $ (13.4)
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Derivatives - Interest Rate Hedges (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Apr. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]          
Total stockholders' equity $ 1,145.3   $ 1,307.2 $ 1,275.5 $ 1,269.6
Designated as Hedging Instrument [Member]          
Derivative [Line Items]          
Derivative Liability   $ 6.7      
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain]          
Derivative [Line Items]          
Derivative, Notional Amount $ 249.3        
Derivative, Average Fixed Interest Rate [1] 4.41%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, Tribute Rail Secured Railcar Equipment Notes          
Derivative [Line Items]          
Derivative, Notional Amount $ 256.0        
Derivative, Average Fixed Interest Rate [1] 2.86%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]          
Derivative [Line Items]          
Derivative, Notional Amount $ 169.3        
Derivative, Cap Interest Rate 3.00%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Interest Rate Swap, 2017 Promissory Note - Expired [Member]          
Derivative [Line Items]          
Derivative, Notional Amount [2] $ 372.5        
Derivative, Average Fixed Interest Rate [1] 2.31%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Interest Rate Swap, TRL-2023 Term Loan - Expired [Member]          
Derivative [Line Items]          
Derivative, Notional Amount [2] $ 255.8        
Derivative, Average Fixed Interest Rate [1] 3.79%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Forward Interest Rate Swap, TILC - TRL 2023 - Expired [Member]          
Derivative [Line Items]          
Derivative, Notional Amount [2] $ 525.4        
Derivative, Average Fixed Interest Rate [1] 3.58%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Forward Interest Rate Swap, TILC - TRL 2025 - Expired          
Derivative [Line Items]          
Derivative, Notional Amount [3] $ 100.0        
Derivative, Average Fixed Interest Rate [1] 3.21%        
Derivative Asset $ 0.0        
Designated as Hedging Instrument [Member] | Interest Rate Swap, TRL-2023 Term Loan - Open          
Derivative [Line Items]          
Derivative, Notional Amount [4] $ 774.4        
Derivative, Average Fixed Interest Rate [1],[4] 3.57%        
Derivative Liability [4] $ (6.7)        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent          
Derivative [Line Items]          
Total stockholders' equity (2.8)   $ (3.0) $ 12.4  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain]          
Derivative [Line Items]          
Total stockholders' equity 0.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, Tribute Rail Secured Railcar Equipment Notes          
Derivative [Line Items]          
Total stockholders' equity 0.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]          
Derivative [Line Items]          
Total stockholders' equity 0.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Swap, 2017 Promissory Note - Expired [Member]          
Derivative [Line Items]          
Total stockholders' equity 0.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Swap, TRL-2023 Term Loan - Expired [Member]          
Derivative [Line Items]          
Total stockholders' equity 3.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Forward Interest Rate Swap, TILC - TRL 2023 - Expired [Member]          
Derivative [Line Items]          
Total stockholders' equity 6.0        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Forward Interest Rate Swap, TILC - TRL 2025 - Expired          
Derivative [Line Items]          
Total stockholders' equity (0.3)        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Designated as Hedging Instrument [Member] | Interest Rate Swap, TRL-2023 Term Loan - Open          
Derivative [Line Items]          
Total stockholders' equity [4] $ 0.9        
[1] Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.
[2] These swaps were terminated in April 2025 in connection with the extinguishment of the Trinity Rail Leasing 2017, LLC (“TRL-2017”) promissory notes and the associated refinancing of the amended and restated Trinity Rail Leasing 2023 LLC (“TRL-2023”) term loan agreement. See Note 9 for further information. The swaps had a $6.7 million derivative liability fair value upon termination. In lieu of cash settlement, we incorporated the $6.7 million derivative liability into the terms of the new interest rate swaps, as described in footnote (4) below, resulting in off-market terms.
[3] In September 2025, we entered into a forward starting interest rate swap to hedge a portion of the risk of potential interest rate increases prior to the issuance of the Trinity Rail Leasing 2025 LLC ("TRL-2025") secured railcar equipment notes (the "TRL-2025 Notes"), which was completed in October 2025. See Note 9 for further information.
[4] In April 2025, we entered into interest rate swaps associated with the amended and restated TRL-2023 term loan agreement. The swaps had a $6.7 million derivative liability fair value at inception, representing the off-market component of the swaps. The off-market value is being ratably amortized into interest expense through the maturity date of the swaps related to the amended and restated TRL-2023 term loan.
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Derivatives - Effect on Interest Expense (Details) - Designated as Hedging Instrument [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net $ 0.0    
Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.1 $ 0.2 $ 0.2
Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 0.0    
Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.0 0.0 0.1
Interest Rate Swap, Expired, Tribute Rail Secured Railcar Equipment Notes      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 0.0    
Interest Rate Swap, Expired, Tribute Rail Secured Railcar Equipment Notes | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.3 0.7 0.7
Interest Rate Cap [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 0.0    
Interest Rate Cap [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.0 (0.1) (0.1)
Interest Rate Swap, 2017 Promissory Note - Expired [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 0.0    
Interest Rate Swap, 2017 Promissory Note - Expired [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (5.9) (11.5) (11.7)
Interest Rate Swap, TRL-2023 Term Loan - Expired [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net (1.2)    
Interest Rate Swap, TRL-2023 Term Loan - Expired [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.3 (3.7) (2.2)
Forward Interest Rate Swap, TILC - TRL 2023 - Expired [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net (1.4)    
Forward Interest Rate Swap, TILC - TRL 2023 - Expired [Member] | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.7 0.0 0.0
Forward Interest Rate Swap, TILC - TRL 2025 - Expired      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 0.1    
Forward Interest Rate Swap, TILC - TRL 2025 - Expired | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.0 0.0 0.0
Interest Rate Swap, TRL-2023 Term Loan - Open      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net [1],[2] 2.1    
Interest Rate Swap, TRL-2023 Term Loan - Open | Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ (4.3) [1] $ 0.0 $ 0.0
[1] Includes changes in fair value related to the amortization of the initial off-market fair value.
[2] Based on the fair value of open hedges as of December 31, 2025
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Derivatives - FX Hedge (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]        
Total stockholders' equity $ 1,145.3 $ 1,307.2 $ 1,275.5 $ 1,269.6
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Derivative [Line Items]        
Total stockholders' equity (2.8) (3.0) 12.4  
Designated as Hedging Instrument [Member] | Foreign Exchange Forward        
Derivative [Line Items]        
Derivative, Notional Amount 71.2      
Derivative Asset 3.6      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net [1] (4.8)      
Designated as Hedging Instrument [Member] | Foreign Exchange Option        
Derivative [Line Items]        
Derivative, Notional Amount 0.0      
Derivative Asset 0.0      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net [1] (0.7)      
Designated as Hedging Instrument [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Foreign Exchange Forward        
Derivative [Line Items]        
Total stockholders' equity (5.2)      
Designated as Hedging Instrument [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Foreign Exchange Option        
Derivative [Line Items]        
Total stockholders' equity (0.7)      
Designated as Hedging Instrument [Member] | Cost of Sales | Foreign Exchange Forward        
Derivative [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 3.1 (1.0) (7.1)  
Designated as Hedging Instrument [Member] | Cost of Sales | Foreign Exchange Option        
Derivative [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ (0.1) $ 0.2 $ 1.4  
[1] Based on the fair value of open hedges as of December 31, 2025
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements - Derivatives Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
TILC Warehouse Back to Back Swap Agreements - Open      
Derivative [Line Items]      
Derivative, Notional Amount [1] $ 680.0    
Derivative, Cap Interest Rate [1] 2.50%    
Derivative Asset [1] $ 7.3    
TILC Warehouse Back to Back Swap Agreements - Open | Other Operating Income (Expense)      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] 4.0 $ (0.1) $ 0.0
TILC Back to Back Swap Agreements - Open      
Derivative [Line Items]      
Derivative, Notional Amount [1] $ 680.0    
Derivative, Cap Interest Rate [1] 2.50%    
Derivative Liability [1] $ (7.3)    
Interest Rate Derivative Execution Fee   3.1  
TILC Back to Back Swap Agreements - Open | Other Operating Income (Expense)      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] (4.0) 3.2 [2] 0.0
TILC Warehouse Back to Back Swap Agreements - Expired [Member]      
Derivative [Line Items]      
Derivative, Notional Amount [1],[3] $ 800.0    
Derivative, Cap Interest Rate [1],[3] 2.50%    
Derivative Asset [1],[3] $ 0.0    
TILC Warehouse Back to Back Swap Agreements - Expired [Member] | Other Operating Income (Expense)      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] 0.0 1.9 (5.4)
TILC Back to Back Swap Agreements - Expired [Member]      
Derivative [Line Items]      
Derivative, Notional Amount [1],[3] $ 800.0    
Derivative, Cap Interest Rate [1],[3] 2.50%    
Derivative Liability [1],[3] $ 0.0    
TILC Back to Back Swap Agreements - Expired [Member] | Other Operating Income (Expense)      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] $ 0.0 $ (1.9) $ 5.4
[1] Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
[2] The amount recorded to other, net (income) expense in our Consolidated Statements of Operations for the year ended December 31, 2024 includes a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the TILC warehouse loan facility.
[3] These interest rate caps matured and settled in 2024.
v3.25.4
Note 4. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure $ 172.4 $ 209.6
Restricted Cash Fair Value Disclosure 122.3 146.2
Assets, Fair Value Disclosure 294.7 355.8
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Fair Value Disclosure 0.0 0.0
Financial and Nonfinancial Liabilities, Fair Value Disclosure 0.0 0.0
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Assets, Fair Value Disclosure [1] 10.9 34.1
Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial and Nonfinancial Liabilities, Fair Value Disclosure [2] 14.0 32.8
Interest Rate Swap [Member] | Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Cash Flow Hedge Asset at Fair Value [1] 0.0 10.4
Interest Rate Swap [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Cash Flow Hedge Liability at Fair Value [2] 6.7 0.0
Foreign Exchange Contract [Member] | Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Cash Flow Hedge Asset at Fair Value [1] 3.6 0.4
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign Currency Cash Flow Hedge Liability at Fair Value [2] 0.0 9.5
Interest Rate Cap [Member] | Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value [1] 7.3 23.3
Interest Rate Cap [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value [2] $ 7.3 $ 23.3
[1] Included in other assets in our Consolidated Balance Sheets.
[2] Included in accrued liabilities in our Consolidated Balance Sheets.
v3.25.4
Note 5. Segment Information Segment Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]                      
Number of Reportable Segments | segment                 2    
Revenues $ (611.2) $ (454.1) $ (506.2) $ (585.4) $ (629.4) $ (798.8) $ (841.4) $ (809.6) $ (2,156.9) $ (3,079.2) $ (2,983.3)
Depreciation and amortization                 305.1 293.8 293.2
Selling, engineering, and administrative expenses 69.7 45.2 49.4 50.0 61.6 60.5 61.3 52.3 214.3 235.7 201.9
Lease portfolio sales                 (91.4) (57.3) (82.8)
Gain on divestiture of partially-owned leasing subsidiary                 (194.2) [1] 0.0 0.0
Total operating profit 335.4 118.6 95.4 99.8 112.0 122.4 141.9 115.2 649.2 491.5 417.0
Restructuring activities, net         (4.3) 0.0 0.0 0.0 0.0 (4.3) 2.2
Other (income) expense 70.6 70.4 69.4 63.4 64.5 66.0 66.7 72.5 273.8 269.7 268.0
Provision (benefit) for income taxes: 68.3 11.1 4.1 7.4 6.7 15.6 17.1 11.0 90.9 50.4 9.0
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6 (2.3) (1.1) (1.9) (1.9) (3.0) (5.3) (1.7) (4.3) (7.2) (14.3) (13.4)
Net income 194.2 36.0 20.0 27.1 37.8 35.5 56.4 27.4 277.3 157.1 126.6
Total assets 8,424.4       8,832.2       8,424.4 8,832.2  
Operating Segment Assets 8,614.5       9,119.4       8,614.5 9,119.4  
Segment, Expenditure, Addition to Long-Lived Assets                 794.9 595.7 710.1
Railcar Leasing and Services Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues (314.7) $ (300.8) $ (302.1) $ (287.2) (286.8) $ (289.2) $ (280.5) $ (284.3) $ (1,204.8) $ (1,140.8) $ (1,039.4)
Major Customer | Revenue Benchmark | Customer Concentration Risk                      
Segment Reporting Information [Line Items]                      
Concentration Risk, Percentage                 19.00% 22.00% 13.00%
MEXICO                      
Segment Reporting Information [Line Items]                      
Total assets 368.5       375.0       $ 368.5 $ 375.0  
Long-Lived Assets 94.3       98.9       94.3 98.9  
Railcar Leasing and Services Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (1,204.8) (1,140.8) $ (1,039.4)
Depreciation and amortization                 273.8 262.2 258.0
Segment, Expenditure, Addition to Long-Lived Assets                 769.4 568.1 688.0
Rail Products Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (952.1) (1,938.4) (1,943.9)
Depreciation and amortization                 28.0 27.6 30.3
Segment, Expenditure, Addition to Long-Lived Assets                 22.5 27.2 20.6
Corporate Segment and Other Operating Segment [Member]                      
Segment Reporting Information [Line Items]                      
Depreciation and amortization                 3.3 4.0 4.9
Total operating profit                 (111.6) (125.7) (108.3)
Segment, Expenditure, Addition to Long-Lived Assets                 3.0 0.4 1.5
Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (2,626.1) (3,574.3) (3,520.4)
Total operating profit                 782.7 653.4 550.1
Operating Segments [Member] | Railcar Leasing and Services Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (1,206.6) (1,143.2) (1,041.0)
Selling, engineering, and administrative expenses [1]                 63.9 77.0 62.0
Lease portfolio sales [1]                 (91.4) (57.3) (82.8)
Segment Reporting, Other Segment Item, Amount [2]                 306.8 287.6 255.3
Total operating profit                 708.4 464.0 437.5
Total assets 7,676.5       8,151.7       7,676.5 8,151.7  
Operating Segments [Member] | Railcar Leasing and Services Group [Member] | Railroad Transportation Equipment [Member]                      
Segment Reporting Information [Line Items]                      
Depreciation and amortization [1],[3]                 251.8 240.1 238.5
Cost, Maintenance [1],[3],[4]                 161.3 131.8 130.5
Operating Segments [Member] | Rail Products Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (1,419.5) (2,431.1) (2,479.4)
Cost of Revenue [1],[5]                 1,309.7 2,209.0 2,336.0
Selling, engineering, and administrative expenses [1]                 36.5 32.8 30.5
Segment Reporting, Other Segment Item, Amount [2]                 (1.0) (0.1) 0.3
Total operating profit                 74.3 189.4 112.6
Total assets 938.0       967.7       938.0 967.7  
Operating Segments [Member] | Corporate Segment and Other Operating Segment [Member]                      
Segment Reporting Information [Line Items]                      
Total assets 385.0       383.3       385.0 383.3  
Intersegment Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (469.2) (495.1) (537.1)
Total operating profit                 (21.9) (31.9) (27.0)
Total assets $ (575.1)       $ (670.5)       (575.1) (670.5)  
Intersegment Eliminations [Member] | Railcar Leasing and Services Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 (1.8) (2.4) (1.6)
Intersegment Eliminations [Member] | Rail Products Group [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 $ (467.4) $ (492.7) $ (535.5)
[1] Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
[2] Other segment items for each reportable segment include:
–Railcar Leasing and Services Group: the remaining operating costs for our maintenance services and digital and logistics services businesses, including materials, labor, and overhead costs; other operating costs for the lease fleet, including equipment rental, property taxes, and freight and storage expenses; and gains or losses on dispositions of other property.
–Rail Products Group: (gains) or losses on dispositions of other property.
[3] Company-owned railcars include wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
[4] Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.
[5] Cost of revenues in the Rail Products Group primarily includes materials, labor, and overhead, including depreciation and amortization.
v3.25.4
Segment Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
MEXICO    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets $ 94.3 $ 98.9
v3.25.4
Note 6. Partially Owned Subsidiaries (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
board_member
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
board_member
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 30, 2025
USD ($)
Noncontrolling Interest [Line Items]                        
Gain on divestiture of partially-owned leasing subsidiary                 $ 194,200,000 [1] $ 0 $ 0  
Derecognition of Membership Interest, Fair Value                 175,100,000      
Divestiture of noncontrolling interest in Triumph                 (103,300,000)      
Acquisition of noncontrolling interest in RIV 2013, net of tax                 (159,200,000)      
Accounts Payable, Other $ 6,500,000               6,500,000      
Revenues $ 611,200,000 $ 454,100,000 $ 506,200,000 $ 585,400,000 $ 629,400,000 $ 798,800,000 $ 841,400,000 $ 809,600,000 2,156,900,000 3,079,200,000 2,983,300,000  
Noncontrolling Interest [Member]                        
Noncontrolling Interest [Line Items]                        
Divestiture of noncontrolling interest in Triumph                 (103,300,000) 0 0  
Acquisition of noncontrolling interest in RIV 2013, net of tax                 (159,200,000) 0 0  
Signal Rail Holdings LLC                        
Noncontrolling Interest [Line Items]                        
Revenues                 $ 1,200,000      
Signal Rail Holdings LLC                        
Noncontrolling Interest [Line Items]                        
Equity Method Investment, JV Majority Ownership Percentage 88.20%               88.20%      
Equity Method Investment, Ownership Percentage 11.80%               11.80%      
Proceeds from Sales of Business, Affiliate and Productive Assets                 $ 117,400,000      
Gain (Loss) on Disposition of Property Plant Equipment                 14,800,000      
Proceeds from Equity Method Investment, Distribution, Return of Capital                 6,300,000      
Equity Method Investments $ 13,500,000               13,500,000      
RIV 2013 Holdings                        
Noncontrolling Interest [Line Items]                        
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value                       $ 181,600,000
Deferred Tax Asset, Parent's Basis in Discontinued Operation 22,400,000               22,400,000      
RIV 2013 Holdings | Noncontrolling Interest [Member]                        
Noncontrolling Interest [Line Items]                        
Acquisition of noncontrolling interest in RIV 2013, net of tax                 (80,800,000)      
RIV 2013 Holdings | Retained Earnings [Member]                        
Noncontrolling Interest [Line Items]                        
Acquisition of noncontrolling interest in RIV 2013, net of tax                 (78,400,000)      
Triumph Rail Holdings LLC                        
Noncontrolling Interest [Line Items]                        
Derecognition of Membership Interest, Net Assets                 85,000,000.0      
Partially-Owned Subsidiaries [Member]                        
Noncontrolling Interest [Line Items]                        
Parent Company Guarantees 0               0      
Partially-Owned Subsidiaries [Member] | Partially-Owned Subsidiaries [Member]                        
Noncontrolling Interest [Line Items]                        
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary 39,000,000.0               39,000,000.0      
Railcar Leasing and Services Group [Member]                        
Noncontrolling Interest [Line Items]                        
Revenues                 1,204,800,000 1,140,800,000 1,039,400,000  
Railcar Leasing and Services Group [Member] | TRIP Holdings                        
Noncontrolling Interest [Line Items]                        
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary $ 36,300,000               $ 36,300,000      
Noncontrolling Interest, Ownership Percentage by Parent 42.60%               42.60%      
Railcar Leasing and Services Group [Member] | RIV 2013 Holdings                        
Noncontrolling Interest [Line Items]                        
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners                       69.45%
Railcar Leasing and Services Group [Member] | Triumph Rail Holdings LLC                        
Noncontrolling Interest [Line Items]                        
Noncontrolling Interest, Ownership Percentage by Parent                       42.36%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 99.80%               99.80%      
Equity Ownership, Excluding Consolidated Entity and Equity Method Investee, Percentage 0.20%               0.20%      
Alternative Investment $ 800,000               $ 800,000      
Railcar Leasing and Services Group [Member] | Partially-Owned Subsidiaries [Member]                        
Noncontrolling Interest [Line Items]                        
Number of Board Members | board_member 7               7      
Number of Board Members of Subsidiary, Designated by Parent | board_member 2               2      
Rail Products Group [Member]                        
Noncontrolling Interest [Line Items]                        
Revenues                 $ 952,100,000 $ 1,938,400,000 $ 1,943,900,000  
Rail Products Group [Member] | Partially-Owned Subsidiaries [Member]                        
Noncontrolling Interest [Line Items]                        
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary $ 2,700,000               $ 2,700,000      
Noncontrolling Interest, Ownership Percentage by Parent 51.00%               51.00%      
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 49.00%               49.00%      
[1] Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
v3.25.4
Note 7. Property, Plant, and Equipment Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 $ 9,258.3 $ 9,751.1
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 2,637.0 2,763.0
Property, Plant and Equipment, Net 6,621.3 6,988.1
Railcar Leasing and Services Group [Member] | Railcars on Lease [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Net 6,256.0 6,631.6
Railcar Leasing and Services Group [Member] | Intersegment Eliminations [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 [1] (926.6) (1,069.8)
NegativeAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment 298.0 337.3
Property, Plant and Equipment, Net (628.6) (732.5)
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]    
Property, Plant and Equipment [Line Items]    
Net Book Value of Unpledged Equipment 830.7  
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member]    
Property, Plant and Equipment [Line Items]    
Debt Instrument, Collateral Amount 5,681.7  
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Operating Segments [Member] | Railcars on Lease [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 8,668.5 7,715.0
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 2,156.1 1,766.9
Property, Plant and Equipment, Net 6,512.4 [2],[3] 5,948.1
Partially-Owned Subsidiaries [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 523.9 1,920.5
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 205.3 690.0
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member]    
Property, Plant and Equipment [Line Items]    
Debt Instrument, Collateral Amount 372.2  
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Operating Segments [Member] | Railcars on Lease [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 620.5 2,233.1
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 248.3 817.1
Property, Plant and Equipment, Net 372.2 [3],[4] 1,416.0
Operating and Administrative [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 895.9 872.8
Less accumulated depreciation, including partially-owned subsidiaries of $205.3 and $690.0 530.6 516.3
Property, Plant and Equipment, Net 365.3 356.5
Operating and Administrative [Member] | Land [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 16.1 16.3
Operating and Administrative [Member] | Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 408.4 403.2
Operating and Administrative [Member] | Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 452.9 441.8
Operating and Administrative [Member] | Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $523.9 and $1,920.5 $ 18.5 $ 11.5
[1] Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
[2] The Leasing Group’s debt at December 31, 2025 consisted primarily of non-recourse debt. As of December 31, 2025, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,681.7 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at December 31, 2025 was $830.7 million. See Note 9 for more information regarding the Leasing Group's debt.
[3] The net book values of our wholly-owned and partially-owned subsidiaries reflect the acquisition of the noncontrolling interest in RIV 2013 and the divestiture of Triumph as of December 31, 2025. See Note 6 for further information.
[4] Debt owed by TRIP Holdings and its subsidiary is non-recourse to Trinity and TILC. Creditors of each of TRIP Holdings and its subsidiary have recourse only to the particular subsidiary's assets. As of December 31, 2025, Tribute Rail held equipment with a net book value of $372.2 million, which is pledged solely as collateral for the Tribute Rail debt. See Note 6 for a description of TRIP Holdings and its subsidiary.
v3.25.4
Note 8. Intangible Assets, Goodwill and Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill $ 221.5 $ 221.5  
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Gross 149.4 128.9  
Finite-Lived Intangible Assets, Accumulated Amortization (50.2) (41.1)  
Finite-Lived Intangible Assets, Net 99.2 87.8  
Intangible Assets, Gross (Excluding Goodwill) 160.6 140.1  
Intangible Assets, Net (Excluding Goodwill) 110.4 99.0  
Amortization of Intangible Assets 9.3 10.1 $ 13.0
Finite-Lived Intangible Asset, Expected Amortization, Year One 10.7    
Finite-Lived Intangible Asset, Expected Amortization, Year Two 9.8    
Finite-Lived Intangible Asset, Expected Amortization, Year Three 7.6    
Finite-Lived Intangible Asset, Expected Amortization, Year Four 7.2    
Finite-Lived Intangible Asset, Expected Amortization, Year Five $ 6.9    
Customer-Related Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Asset, Useful Life 14 years 3 months 18 days    
Finite-Lived Intangible Assets, Gross $ 53.6 53.6  
Finite-Lived Intangible Assets, Accumulated Amortization (12.6) (9.3)  
Finite-Lived Intangible Assets, Net $ 41.0 44.3  
Technology-Based Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Asset, Useful Life 9 years 2 months 12 days    
Finite-Lived Intangible Assets, Gross $ 38.8 36.8  
Finite-Lived Intangible Assets, Accumulated Amortization (18.1) (13.6)  
Finite-Lived Intangible Assets, Net $ 20.7 23.2  
Off-Market Favorable Lease      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Asset, Useful Life 13 years 2 months 12 days    
Finite-Lived Intangible Assets, Gross $ 57.0 38.5  
Finite-Lived Intangible Assets, Accumulated Amortization (19.5) (18.2)  
Finite-Lived Intangible Assets, Net 37.5 20.3  
Railcar Leasing and Services Group [Member]      
Goodwill [Line Items]      
Goodwill 50.6 50.6  
Rail Products Group [Member]      
Goodwill [Line Items]      
Goodwill 170.9 170.9  
Trade Names      
Finite-Lived Intangible Assets [Line Items]      
Indefinite-Lived Intangible Assets (Excluding Goodwill) 11.2 11.2  
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) $ 0.0 $ 0.0  
v3.25.4
Note 9. Debt Components and Fair Value of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount $ 5,442.5 $ 5,690.9  
Long-term Debt, Fair Value 5,437.9 5,593.0  
Recourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 598.5 597.8  
Nonrecourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 4,844.0 5,093.1  
Corporate Segment [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 603.1 604.3  
Unamortized Debt Issuance Expense 4.6 6.5  
Long-term Debt, Fair Value 623.9 623.2  
Corporate Segment [Member] | Recourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 598.5 597.8  
Wholly Owned Subsidiaries [Member] | Nonrecourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 4,573.4 4,021.3  
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 4,594.3 4,036.6  
Unamortized Debt Issuance Expense 20.9 15.3  
Long-term Debt, Fair Value 4,543.1 3,950.8  
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Nonrecourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 4,573.4 4,021.3  
Partially-Owned Subsidiaries [Member] | Nonrecourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 270.6 1,071.8  
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 271.3 1,076.8  
Unamortized Debt Issuance Expense 0.7 5.0  
Long-term Debt, Fair Value 270.9 1,019.0  
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Nonrecourse      
Debt Instrument [Line Items]      
Debt, Long-Term and Short-Term, Combined Amount 270.6 1,071.8  
2010 Secured Railcar Equipment Notes [Member] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Non-Recourse Debt, Gross 0.0 150.0  
Long-term Debt, Fair Value 0.0 148.5  
2018 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 344.3 359.1  
Debt Instrument, Unamortized Discount (0.1) (0.1)  
Long-term Debt, Fair Value 331.6 344.9  
2019 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 676.4 711.3  
Debt Instrument, Unamortized Discount 0.0 (0.1)  
Long-term Debt, Fair Value 662.5 694.7  
2020 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 285.8 296.8  
Debt Instrument, Unamortized Discount 0.0 0.0  
Long-term Debt, Fair Value 274.7 275.1  
2021 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 677.3 706.4  
Debt Instrument, Unamortized Discount (0.1) (0.1)  
Long-term Debt, Fair Value 673.8 682.5  
2022 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 216.6 223.7  
Debt Instrument, Unamortized Discount 0.0 0.0  
Long-term Debt, Fair Value 214.5 215.8  
2025 Secured Railcar Equipment Notes | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 532.1 0.0  
Debt Instrument, Unamortized Discount (0.1) 0.0  
Long-term Debt, Fair Value 535.2 0.0  
TRP 2021 Secured Railcar Equipment Notes - RIV 2013 [Member] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs [1] 303.8 0.0  
Debt Instrument, Unamortized Discount 0.0 0.0  
Long-term Debt, Fair Value [1] 292.5 0.0  
TRP 2021 Secured Railcar Equipment Notes - RIV 2013 [Member] | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs [1] 0.0 319.6  
Debt Instrument, Unamortized Discount 0.0 0.0  
Long-term Debt, Fair Value [1] 0.0 296.9  
Other Equipment Financing | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Secured Debt, Other 47.6 50.0 $ 52.3
Long-term Debt, Fair Value 47.9 50.0  
Triumph Secured Railcar Equipment Notes [Member] | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 0.0 469.4  
Debt Instrument, Unamortized Discount 0.0 (0.1)  
Long-term Debt, Fair Value 0.0 437.1  
Tribute Secured Railcar Equipment Notes | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 271.3 287.8  
Debt Instrument, Unamortized Discount 0.0 0.0  
Long-term Debt, Fair Value 270.9 285.0  
Line of Credit [Member] | TRL-2023 Term Loan | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Long-term Line of Credit 1,031.9 323.4  
Debt Instrument, Unamortized Discount (0.6) 0.0  
Non-Recourse Debt, Gross 1,032.5    
Long-term Debt, Fair Value 1,031.9 323.4  
Senior Notes due 2028 | 7.75% Senior Notes Due 2028 | Corporate Segment [Member]      
Debt Instrument [Line Items]      
Senior Notes 603.1 604.3  
Debt Instrument, Unamortized Premium 3.1 4.3  
Long-term Debt, Fair Value 623.9 623.2  
Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Debt, Net of Unamortized Discount and Premium, Gross of Unamortized Debt Issuance Costs 0.0 631.3  
Debt Instrument, Unamortized Discount 0.0 (1.5)  
Long-term Debt, Fair Value 0.0 631.3  
Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member]      
Debt Instrument [Line Items]      
Long-term Line of Credit 0.0 0.0  
Long-term Debt, Fair Value 0.0 0.0  
Revolving Credit Facility [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member] | TILC [Member] | Railcar Leasing and Services Group [Member]      
Debt Instrument [Line Items]      
Long-term Line of Credit 478.5 584.6  
Long-term Debt, Fair Value $ 478.5 $ 584.6  
[1] TRP-2021 secured railcar equipment notes were transferred from partially-owned to wholly-owned related to the acquisition of the noncontrolling interest in RIV 2013 as of December 31, 2025. See Note 6 for further information.
v3.25.4
Note 9. Debt (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2020
Apr. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Dec. 31, 2018
Dec. 31, 2017
Debt Instrument [Line Items]                    
Repayments of Debt   $ 1,763.7 $ 2,050.5 $ 1,518.9            
Loss on extinguishment of debt   1.4 1.5 0.0            
Proceeds from issuance of debt   $ 1,943.7 1,970.4 1,652.7            
Corporate Segment [Member] | Senior Notes due 2028 | 7.75% Senior Notes Due 2028                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 7.75% 7.75%                
Debt Instrument, Face Amount $ 600.0 $ 600.0   400.0       $ 200.0    
Proceeds from Issuance of Senior Long-Term Debt     209.0              
Railcar Leasing and Services Group [Member]                    
Debt Instrument [Line Items]                    
Loss on extinguishment of debt     1.5              
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Proceeds from Lines of Credit   300.0                
Repayments of Lines of Credit   300.0                
Letters of Credit Outstanding, Amount 7.3 7.3                
Line of Credit Facility, Remaining Borrowing Capacity $ 592.7 $ 592.7                
Debt Instrument, Basis Spread on Variable Rate   1.75%                
Debt Instrument, Interest Rate, Effective Percentage 5.61% 5.61%                
Line of Credit Facility, Interest Rate at Period End 0.25% 0.25%                
Line of Credit Facility, Current Borrowing Capacity $ 600.0 $ 600.0                
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Interest Rate at Period End 0.175% 0.175%                
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Interest Rate at Period End 0.40% 0.40%                
TRIP Holdings | Railcar Leasing and Services Group [Member]                    
Debt Instrument [Line Items]                    
Noncontrolling Interest, Ownership Percentage by Parent 42.60% 42.60%                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | 2010 Secured Railcar Equipment Notes [Member]                    
Debt Instrument [Line Items]                    
Non-Recourse Debt, Gross $ 0.0 $ 0.0 150.0              
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Other Equipment Financing                    
Debt Instrument [Line Items]                    
Secured Debt, Other $ 47.6 47.6 $ 50.0 52.3            
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Line of Credit [Member] | TRL-2023 Term Loan                    
Debt Instrument [Line Items]                    
Payments of Debt Issuance Costs   $ 5.6                
Debt Instrument, Basis Spread on Variable Rate   1.50%                
Debt Instrument, Interest Rate, Effective Percentage 5.22% 5.22%                
Debt Instrument, Face Amount       $ 340.0   $ 1,050.0 $ 320.7      
Non-Recourse Debt, Gross $ 1,032.5 $ 1,032.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2010 Secured Railcar Equipment Notes [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 5.19% 5.19%                
Debt Instrument, Face Amount $ 369.2 $ 369.2                
Repayments of Debt   133.8                
Loss on extinguishment of debt   0.6                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2018 Secured Railcar Equipment Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount 482.5 482.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2018 Class A-1 Secured Railcar Equipment Notes [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage         3.82%          
Debt Instrument, Face Amount $ 200.0 $ 200.0                
Repayments of Debt         $ 153.1          
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2018 Class A-2 Secured Railcar Equipment Notes [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 4.62% 4.62%                
Debt Instrument, Face Amount $ 282.5 $ 282.5                
Non-Recourse Debt, Gross $ 282.5 $ 282.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2018 Class A 2020-1 Secured Railcar Equipment Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 1.96% 1.96%                
Debt Instrument, Face Amount $ 155.5 $ 155.5                
Non-Recourse Debt, Gross $ 61.9 $ 61.9                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 3.82% 3.82%                
Debt Instrument, Face Amount $ 528.3 $ 528.3                
Non-Recourse Debt, Gross 384.0 384.0                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | Trinity Rail Leasing 2019 [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 386.5 $ 386.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes Class A1 Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 2.39% 2.39%                
Debt Instrument, Face Amount $ 106.9 $ 106.9                
Non-Recourse Debt, Gross $ 12.8 $ 12.8                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes Class A2 Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 3.10% 3.10%                
Debt Instrument, Face Amount $ 279.6 $ 279.6                
Non-Recourse Debt, Gross $ 279.6 $ 279.6                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2020 Secured Railcar Equipment Notes Class A1 Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 1.83% 1.83%                
Debt Instrument, Face Amount $ 110.0 $ 110.0                
Non-Recourse Debt, Gross $ 25.0 $ 25.0                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2020 Secured Railcar Equipment Notes Class A2 Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 2.56% 2.56%                
Debt Instrument, Face Amount $ 240.3 $ 240.3                
Non-Recourse Debt, Gross $ 240.3 $ 240.3                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2020 Secured Railcar Equipment Notes Class B Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 3.69% 3.69%                
Debt Instrument, Face Amount $ 20.5 $ 20.5                
Non-Recourse Debt, Gross $ 20.5 $ 20.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2021 Series 2021-1 Class A Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 2.26% 2.26%                
Debt Instrument, Face Amount $ 305.2 $ 305.2                
Non-Recourse Debt, Gross $ 249.7 $ 249.7                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2021 Series 2021-1 Class B Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 3.08% 3.08%                
Debt Instrument, Face Amount $ 19.8 $ 19.8                
Non-Recourse Debt, Gross $ 19.8 $ 19.8                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2021 Series 2024-1 Class A Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 5.78% 5.78%                
Debt Instrument, Face Amount $ 432.4 $ 432.4                
Non-Recourse Debt, Gross $ 407.9 $ 407.9                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2022 Series 2022-1 Class A Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 4.55% 4.55%                
Debt Instrument, Face Amount $ 244.8 $ 244.8                
Non-Recourse Debt, Gross $ 216.6 $ 216.6                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2025 Class A Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 5.09% 5.09%                
Debt Instrument, Face Amount $ 498.6 $ 498.6                
Non-Recourse Debt, Gross $ 495.6 $ 495.6                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRL-2025 Class B Green Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 5.30% 5.30%                
Debt Instrument, Face Amount $ 36.6 $ 36.6                
Non-Recourse Debt, Gross $ 36.6 36.6                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | 2025 Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Payments of Debt Issuance Costs   $ 5.5                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRP-2021 Class A Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 2.07% 2.07%                
Debt Instrument, Face Amount $ 334.0 $ 334.0                
Non-Recourse Debt, Gross $ 282.8 $ 282.8                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | TRP 2021 Class B Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 3.06% 3.06%                
Debt Instrument, Face Amount $ 21.0 $ 21.0                
Non-Recourse Debt, Gross 21.0 $ 21.0                
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Domain]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate   1.50%                
Debt Instrument, Face Amount         $ 225.0       $ 663.0 $ 302.4
Repayments of Debt   $ 616.0                
Loss on extinguishment of debt   0.8                
TILC [Member] | Revolving Credit Facility [Member] | Railcar Leasing and Services Group [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member]                    
Debt Instrument [Line Items]                    
Proceeds from Lines of Credit   389.5                
Repayments of Lines of Credit   495.6                
Line of Credit Facility, Remaining Borrowing Capacity $ 321.5 $ 321.5                
Debt Instrument, Basis Spread on Variable Rate   1.75%                
Debt Instrument, Interest Rate, Effective Percentage 5.62% 5.62%                
Repayments of Debt $ 259.0 $ 75.8                
Line of Credit Facility, Current Borrowing Capacity 800.0 800.0                
TRIP Holdings | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | Triumph Secured Railcar Equipment Notes [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 560.4 $ 560.4                
TRIP Holdings | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | Tribute Rail Class A Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 4.76% 4.76%                
Debt Instrument, Face Amount $ 290.0 $ 290.0                
Non-Recourse Debt, Gross $ 234.3 $ 234.3                
TRIP Holdings | Railcar Leasing and Services Group [Member] | Secured Debt [Member] | Tribute Rail Class B Secured Railcar Equipment Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage 5.75% 5.75%                
Debt Instrument, Face Amount $ 37.0 $ 37.0                
Non-Recourse Debt, Gross $ 37.0 $ 37.0                
v3.25.4
Note 9. Debt Remaining Debt Principal Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One $ 1,096.1
Long-Term Debt, Maturity, Year Two 680.4
Long-Term Debt, Maturity, Year Three 1,679.8
Long-Term Debt, Maturity, Year Four 259.0
Long-Term Debt, Maturity, Year Five 938.0
Long-Term Debt, Maturity, after Year Five 813.2
Long-term Debt, Gross 5,466.5
Other Equipment Financing | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 2.5
Long-Term Debt, Maturity, Year Two 2.7
Long-Term Debt, Maturity, Year Three 2.8
Long-Term Debt, Maturity, Year Four 3.0
Long-Term Debt, Maturity, Year Five 3.2
Long-Term Debt, Maturity, after Year Five 33.4
Long-term Debt, Gross 47.6
Line of Credit [Member] | TILC Warehouse Facility [Member] | Railcar Leasing and Services Group [Member] | Revolving Credit Facility [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 15.0
Long-Term Debt, Maturity, Year Two 15.0
Long-Term Debt, Maturity, Year Three 5.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 35.0
Line of Credit [Member] | TILC Warehouse Facility Termination Payments [Member] | Railcar Leasing and Services Group [Member] | Revolving Credit Facility [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 0.0
Long-Term Debt, Maturity, Year Two 0.0
Long-Term Debt, Maturity, Year Three 443.5
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 443.5
Line of Credit [Member] | TRL-2023 Term Loan | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 31.6
Long-Term Debt, Maturity, Year Two 34.3
Long-Term Debt, Maturity, Year Three 34.3
Long-Term Debt, Maturity, Year Four 34.3
Long-Term Debt, Maturity, Year Five 898.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 1,032.5
Secured Debt [Member] | 2018 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 14.4
Long-Term Debt, Maturity, Year Two 18.1
Long-Term Debt, Maturity, Year Three 311.9
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 344.4
Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 676.4
Long-Term Debt, Maturity, Year Two 0.0
Long-Term Debt, Maturity, Year Three 0.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 676.4
Secured Debt [Member] | 2020 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 13.7
Long-Term Debt, Maturity, Year Two 272.1
Long-Term Debt, Maturity, Year Three 0.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 285.8
Secured Debt [Member] | 2021 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 30.5
Long-Term Debt, Maturity, Year Two 30.1
Long-Term Debt, Maturity, Year Three 259.8
Long-Term Debt, Maturity, Year Four 18.4
Long-Term Debt, Maturity, Year Five 18.4
Long-Term Debt, Maturity, after Year Five 320.2
Long-term Debt, Gross 677.4
Secured Debt [Member] | 2022 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 8.1
Long-Term Debt, Maturity, Year Two 8.2
Long-Term Debt, Maturity, Year Three 8.2
Long-Term Debt, Maturity, Year Four 192.1
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 216.6
Secured Debt [Member] | 2025 Secured Railcar Equipment Notes | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 15.4
Long-Term Debt, Maturity, Year Two 13.3
Long-Term Debt, Maturity, Year Three 14.3
Long-Term Debt, Maturity, Year Four 11.2
Long-Term Debt, Maturity, Year Five 18.4
Long-Term Debt, Maturity, after Year Five 459.6
Long-term Debt, Gross 532.2
Secured Debt [Member] | TRP 2021 Secured Railcar Equipment Notes - RIV 2013 [Member] | Railcar Leasing and Services Group [Member] | Wholly Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 17.2
Long-Term Debt, Maturity, Year Two 286.6
Long-Term Debt, Maturity, Year Three 0.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 303.8
Secured Debt [Member] | Tribute Secured Railcar Equipment Notes | Railcar Leasing and Services Group [Member] | Partially-Owned Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 271.3
Long-Term Debt, Maturity, Year Two 0.0
Long-Term Debt, Maturity, Year Three 0.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross 271.3
Senior Notes due 2028 | 7.75% Senior Notes Due 2028 | Corporate Segment [Member]  
Debt Instrument [Line Items]  
Long-Term Debt, Maturity, Year One 0.0
Long-Term Debt, Maturity, Year Two 0.0
Long-Term Debt, Maturity, Year Three 600.0
Long-Term Debt, Maturity, Year Four 0.0
Long-Term Debt, Maturity, Year Five 0.0
Long-Term Debt, Maturity, after Year Five 0.0
Long-term Debt, Gross $ 600.0
v3.25.4
Note 10. Income Taxes - Components of PBT (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]                      
Income (Loss) from Continuing Operations before Income Taxes, Domestic                 $ 365.0 $ 212.9 $ 137.2
Income (Loss) from Continuing Operations before Income Taxes, Foreign                 10.4 8.9 11.8
Income from continuing operations before income taxes $ 264.8 $ 48.2 $ 26.0 $ 36.4 $ 47.5 $ 56.4 $ 75.2 $ 42.7 $ 375.4 $ 221.8 $ 149.0
v3.25.4
Note 10. Income Taxes Components of Income Tax Expense / Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]                      
Current Federal Tax Expense (Benefit)                 $ 2.7 $ 60.1 $ 38.7
Current State and Local Tax Expense (Benefit)                 3.3 2.6 1.3
Current Foreign Tax Expense (Benefit)                 7.4 9.8 10.5
Current Income Tax Expense (Benefit)                 13.4 72.5 50.5
Deferred Federal Income Tax Expense (Benefit)                 66.7 (24.1) (20.7)
Deferred State and Local Income Tax Expense (Benefit)                 11.3 1.5 (8.1)
Deferred Foreign Income Tax Expense (Benefit)                 (0.5) 0.5 (12.7)
Provision (benefit) for deferred income taxes                 77.5 (22.1) (41.5)
Provision (benefit) for income taxes: $ 68.3 $ 11.1 $ 4.1 $ 7.4 $ 6.7 $ 15.6 $ 17.1 $ 11.0 $ 90.9 $ 50.4 $ 9.0
v3.25.4
Note 10. Income Taxes Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]                      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount                 $ 78.8    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent                 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount [1]                 $ 13.9    
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent                 3.70% [1] 1.80% 2.20%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent                   1.10% 1.80%
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount                 $ (8.3)    
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent                 (2.20%)    
Effective Income Tax Rate Reconciliation, Tax Credit, Amount                 $ (1.8)    
Effective Income Tax Rate Reconciliation, Tax Credit, Percent                 (0.50%)    
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount                 $ 3.0    
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent                 0.80% (0.80%) (2.20%)
Effective Tax Rate Reconciliation, Nondeductible Expense, Executive Compensation Limitations, Percent                   1.10% 1.30%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent                   (0.70%) (0.50%)
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount                 $ (5.1)    
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent                 (1.40%) (1.80%) (1.80%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount                 $ 2.8    
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent                 0.80%    
Effective Income Tax Rate Reconciliation, Release of Residual Taxes from OCI, Percent                   0.00% (8.10%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount                 $ 1.6    
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent                 0.40% 0.50% (0.60%)
Effective Tax Rate Reconciliation, Changes in Laws and Apportionment                   0.50% (7.10%)
Provision (benefit) for income taxes: $ 68.3 $ 11.1 $ 4.1 $ 7.4 $ 6.7 $ 15.6 $ 17.1 $ 11.0 $ 90.9 $ 50.4 $ 9.0
Effective Income Tax Rate Reconciliation, Percent 25.80%               24.20% 22.70% 6.00%
MEXICO | Withholding Taxes                      
Effective Income Tax Rate Reconciliation [Line Items]                      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount                 $ 3.0    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent                 0.80%    
MEXICO | Other Foreign Tax Effects                      
Effective Income Tax Rate Reconciliation [Line Items]                      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount                 $ (0.7)    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent                 (0.20%)    
CANADA | Withholding Taxes                      
Effective Income Tax Rate Reconciliation [Line Items]                      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount                 $ 3.7    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent                 1.00%    
[1] State taxes in Illinois and California made up the majority (greater than 50%) of the tax effect in this category.
v3.25.4
Note 10. Income Taxes Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Residual Tax Release from AOCI     $ 11.9
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability $ 5.1 $ 0.9 (10.6)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount 3.3 $ (1.8) $ (3.2)
ILLINOIS      
Effective Income Tax Rate Reconciliation [Line Items]      
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability $ 4.8    
v3.25.4
Note 10. Income Taxes Deferred Tax Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred Tax Liabilities, Property, Plant and Equipment $ 1,297.5 $ 1,110.0
Deferred Tax Liabilities, Partially Owned Subsidiaries 38.5 124.7
Deferred Tax Liabilities, Right-of-use Assets 20.5 21.5
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals 1.7 7.0
Deferred Tax Liabilities, Gross 1,358.2 1,263.2
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits 31.3 33.6
Deferred tax asset, Interest expense 81.9 108.8
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves 3.6 3.0
Deferred Tax Assets, Other 1.2 1.2
Deferred Tax Assets, Tax Credit Carryforwards 107.2 30.7
Deferred Tax Assets, Inventory 5.7 6.7
Deferred Tax Assets, Lease Liabilities 24.2 25.3
Deferred Tax Assets, Gross 255.1 209.3
Deferred Tax Liabilities, Net, Before Adjustments 1,103.1 1,053.9
Deferred Tax Assets, Valuation Allowance 24.3 20.8
Deferred Tax Liabilities, Net, Before Uncertain Tax Positions 1,127.4 1,074.7
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other (0.6) (0.7)
Deferred Tax Liabilities, Net 1,126.8 $ 1,074.0
Deferred Tax Assets, Operating Loss Carryforwards 326.1  
Deferred Tax Assets, Operating Loss Carryforwards, State and Local 17.9  
Tax Credit Carryforward, Amount $ 20.7  
v3.25.4
Note 10. Income Taxes Income Taxes Paid, Net of Refunds (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Income Tax Paid, Federal, after Refund Received [1] $ 42.4    
Income Tax Paid, State and Local, after Refund Received 0.7    
Income taxes paid, net of refunds 51.4 $ 54.6 $ 42.4
Inflation Reduction Act - Purchase of Federal Tax Credits 40.0    
Inflation Reduction Act - Payment to Acquire Federal Tax Credits 38.4    
Benefit from Purchased Tax Credits 1.6    
MEXICO      
Income Tax Examination [Line Items]      
Income Tax Paid, Foreign, after Refund Received 5.1    
CANADA      
Income Tax Examination [Line Items]      
Income Tax Paid, Foreign, after Refund Received 2.7    
Non-US      
Income Tax Examination [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 0.5    
[1] Includes the purchase of $40.0 million in federal transferable tax credits for $38.4 million during the year ended December 31, 2025. These credits were used to offset the Company’s federal income tax liability for 2024, generating an income tax receivable and resulting in the recognition of a tax benefit of $1.6 million for the year ended December 31, 2025.
v3.25.4
Note 10. Income Taxes Unrecognized Tax Benefit (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Unrecognized Tax Benefits $ 0.6 $ 0.9 $ 1.0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued $ 2.5 $ 2.4  
v3.25.4
Note 11. Employee Retirement Plans Net Retirement Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined Contribution Plan, Cost $ 12.3 $ 11.7 $ 10.1
Supplemental Executive Retirement Plan (SERP) [Member]      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [1] $ 0.7 $ 0.7 $ 0.7
[1] The non-service cost components of net periodic benefit cost are included in other, net (income) expense in our Consolidated Statements of Operations.
v3.25.4
Note 11. Employee Retirement Plans Accumulated Benefit Obligations and Funded Status (Details) - Supplemental Executive Retirement Plan (SERP) [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Plan Assets, Category [Line Items]    
Liability, Defined Benefit Plan $ (10.4) $ (10.5)
Defined Benefit Plan, Funded (Unfunded) Status of Plan $ (10.4) $ (10.5)
v3.25.4
Note 11. Employee Retirement Plans Amounts Recognized in OCI (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Total stockholders' equity $ 1,145.3 $ 1,307.2 $ 1,275.5 $ 1,269.6
Supplemental Executive Retirement Plan (SERP) [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax 2.6      
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year 0.1      
Defined Benefit Plan, Expected Amortization in Next Fiscal Year, Net of Tax 0.2      
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Total stockholders' equity   $ (1.2) $ (1.4)  
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Supplemental Executive Retirement Plan (SERP) [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Total stockholders' equity $ (1.4)      
v3.25.4
Note 11. Employee Retirement Plans Cash Flows (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Retirement Benefits [Abstract]  
Defined Contribution Plan, Expected Future Employer Discretionary Contributions, Next Fiscal Year $ 13.0
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 12.6
v3.25.4
Note 12. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity $ 1,145.3 $ 1,307.2 $ 1,275.5 $ 1,269.6
Other comprehensive income (loss), net of tax, before reclassifications 4.5 (3.4)    
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax (4.3) (11.4)    
Other Comprehensive Income (Loss), Net of Tax (0.2) 14.8 15.7  
Other comprehensive income (loss) 0.0 (15.2)    
Reclassification from AOCI, Current Period, Tax 1.4 (3.7)    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity (2.8) (3.0) 12.4  
Other comprehensive income (loss), net of tax, before reclassifications 4.8 (3.5)    
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax (4.4) (11.5)    
Other comprehensive income (loss) 0.2 (15.4)    
Reclassification from AOCI, Current Period, Tax 1.4 (3.7)    
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity   (1.2) (1.4)  
Other comprehensive income (loss), net of tax, before reclassifications (0.3) 0.1    
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.1 0.1    
Other comprehensive income (loss) (0.2) 0.2    
Reclassification from AOCI, Current Period, Tax 0.0 0.0    
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Supplemental Executive Retirement Plan (SERP) [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity (1.4)      
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Comprehensive Income (Loss), Net of Tax (0.2) (0.4)    
Noncontrolling Interest [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity 68.1 248.3 238.4 257.2
Other Comprehensive Income (Loss), Net of Tax (0.2) (0.4) 7.0  
AOCI Attributable to Parent [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total stockholders' equity (4.2) (4.2) 11.0 $ 19.7
Other Comprehensive Income (Loss), Net of Tax $ 0.0 $ 15.2 $ 8.7  
v3.25.4
Note 13. Common Stock and Stock-based Compensation Stockholders Equity (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 09, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Treasury Stock, Value, Acquired, Cost Method $ 71.7 $ 21.0    
Share Repurchase Program, Excise Tax $ 0.4      
December 2022 Share Repurchase Program        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock Repurchase Program, Authorized Amount       $ 250.0
Treasury Stock, Shares, Acquired 2.7 0.6 0.0  
Treasury Stock, Value, Acquired, Cost Method $ 71.3 $ 21.0    
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 157.7      
v3.25.4
Note 13. Common Stock and Stock-based Compensation Stock Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 22,050,000    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 2,441,248    
Stock-based compensation expense $ 22.9 $ 23.6 $ 22.7
Share-based Payment Arrangement, Expense, Tax Benefit 3.3 $ 6.8 2.8
Restricted Shares Outstanding, Converted $ 0.1    
Share-based Payment Arrangement, Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) 300,000 300,000  
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price $ 5.26 $ 5.26  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross 0    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price $ 0    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number 300,000    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 5.26    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 4 years 1 month 6 days    
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term 4 years 1 month 6 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 1.4    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value 1.4    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 0.0    
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price $ 21.61    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value $ 0.0 $ 0.0 $ 0.0
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 14.6    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 8 months 12 days    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number 1,198,854 1,296,862  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 25.12 $ 24.71  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding $ 31.7 $ 45.5  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 494,614    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 27.03 $ 30.70 $ 21.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 540,652    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value $ 25.65    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures (51,970)    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 27.40    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 13.9 $ 15.8 $ 14.9
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested 14.8 $ 20.6 $ 13.9
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 11.0    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 3 months 18 days    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number 709,242 723,622  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 30.09 $ 29.15  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding $ 18.8 $ 25.4  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 225,192    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 32.73 $ 29.54 $ 27.72
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease) [1] 172,254    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease), Weighted Average Grant Date Fair Value $ 29.17    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period [1] 399,940    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value $ 29.48    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures (11,886)    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 30.28    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 11.9 $ 8.0 $ 10.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested $ 10.8 $ 8.4 $ 8.6
Performance Shares [Member] | Return on Equity      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease) 102,289    
Performance Shares [Member] | Relative Total Shareholder Return (rTSR)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease) 69,965    
Restricted Share Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 1.1    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 3 years 1 month 6 days    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number 339,680 [2] 418,946  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 21.52 $ 21.34  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding $ 9.0 $ 14.7  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 28,388    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 26.95 $ 30.75 $ 21.32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 98,479    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value $ 21.92    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures (9,175)    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 25.88    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 2.2 $ 2.0 $ 2.0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested $ 2.6 $ 3.1 $ 2.1
[1] For the 2022-2024 performance period, performance adjustment includes 102,289 additional performance units for return on equity, for which actual performance resulted in a payout of 197% of target, as well as 69,965 performance units for relative total shareholder return, for which actual performance resulted in a payout of 182% of target.
[2] The balance of RSAs outstanding at December 31, 2025 includes approximately 0.1 million RSAs for Arcosa Inc. ("Arcosa") employees that were converted under the shareholder method at the time of the Arcosa spin-off. These RSAs will be released to Arcosa employees upon vesting, but as of the spin-off date, Trinity no longer records the compensation expense associated with these shares.
v3.25.4
Note 14. Earnings Per Common Share Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Income from continuing operations $ 196.5 $ 37.1 $ 21.9 $ 29.0 $ 40.8 $ 40.8 $ 58.1 $ 31.7 $ 284.5 $ 171.4 $ 140.0
Less: Net income attributable to noncontrolling interest $ (7.6) $ (5.7) $ (5.9) $ (5.0) $ (8.9) $ (4.1) $ (2.0) $ (3.7) (24.2) (18.7) (20.6)
Net income from continuing operations attributable to Trinity Industries, Inc.                 260.3 152.7 119.4
Net loss from discontinued operations attributable to Trinity Industries, Inc.                 (7.2) (14.3) (13.4)
Net income attributable to Trinity Industries, Inc.                 $ 253.1 $ 138.4 $ 106.0
Basic weighted average shares outstanding                 80.8 81.9 81.2
Effect of dilutive securities                 2.1 2.3 2.2
Diluted weighted average shares outstanding                 82.9 84.2 83.4
Income (Loss) from Continuing Operations, Per Basic Share $ 2.36 [1] $ 0.39 [1] $ 0.20 [1] $ 0.29 [1] $ 0.39 [1] $ 0.45 [1] $ 0.68 [1] $ 0.34 [1] $ 3.22 $ 1.86 $ 1.47
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share (0.03) [1] (0.01) [1] (0.02) [1] (0.02) [1] (0.04) [1] (0.07) [1] (0.02) [1] (0.05) [1] (0.09) (0.17) (0.16)
Earnings Per Share, Basic [2] 2.34 [1] 0.38 [1] 0.17 [1] 0.27 [1] 0.35 [1] 0.38 [1] 0.66 [1] 0.29 [1] 3.13 1.69 1.31
Income (Loss) from Continuing Operations, Per Diluted Share 2.31 [1] 0.38 [1] 0.19 [1] 0.29 [1] 0.38 [1] 0.44 [1] 0.67 [1] 0.33 [1] 3.14 1.81 1.43
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.03) [1] (0.01) [1] (0.02) [1] (0.02) [1] (0.04) [1] (0.07) [1] (0.02) [1] (0.05) [1] (0.09) (0.17) (0.16)
Earnings Per Share, Diluted [2] $ 2.28 [1] $ 0.37 [1] $ 0.17 [1] $ 0.26 [1] $ 0.34 [1] $ 0.37 [1] $ 0.65 [1] $ 0.28 [1] $ 3.05 $ 1.64 $ 1.27
Restricted Stock [Member]                      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                 0.1 0.0 0.1
Share-based Payment Arrangement, Option [Member]                      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                 0.0 0.0 0.0
[1] the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
[2]
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.
v3.25.4
Note 15. Commitments and Contingencies Commitments and Contingencies (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Minimum [Member]      
Loss Contingencies [Line Items]      
Loss Contingency, Estimate of Possible Loss $ 8.0    
Maximum [Member]      
Loss Contingencies [Line Items]      
Loss Contingency, Estimate of Possible Loss 19.7    
Environmental and Workplace Matters [Member]      
Loss Contingencies [Line Items]      
Loss Contingency Accrual 1.1    
Damage from Fire, Explosion or Other Hazard      
Loss Contingencies [Line Items]      
Former Gain Contingency, Recognized in Current Period   $ 2.7 $ 6.3
Ohio Train Derailment Litigation | Ohio Train Derailment Litigation      
Loss Contingencies [Line Items]      
Loss Contingency Accrual 0.0    
Accrued Liabilities [Member]      
Loss Contingencies [Line Items]      
Loss Contingency Accrual $ 8.8    
v3.25.4
Note 16. Selected Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues $ 611.2 $ 454.1 $ 506.2 $ 585.4 $ 629.4 $ 798.8 $ 841.4 $ 809.6 $ 2,156.9 $ 3,079.2 $ 2,983.3
Cost of revenues: 455.5 312.7 372.8 443.2 474.4 629.3 662.4 644.9 1,584.2 2,411.0 2,456.2
Selling, engineering, and administrative expenses 69.7 45.2 49.4 50.0 61.6 60.5 61.3 52.3 214.3 235.7 201.9
Gains on dispositions of property and other divestitures 249.4 22.4 11.4 7.6 22.9 13.4 24.2 2.8 290.8 63.3 89.6
Restructuring activities, net         4.3 0.0 0.0 0.0 0.0 4.3 (2.2)
Total operating profit 335.4 118.6 95.4 99.8 112.0 122.4 141.9 115.2 649.2 491.5 417.0
Other (income) expense 70.6 70.4 69.4 63.4 64.5 66.0 66.7 72.5 273.8 269.7 268.0
Income from continuing operations before income taxes 264.8 48.2 26.0 36.4 47.5 56.4 75.2 42.7 375.4 221.8 149.0
Provision (benefit) for income taxes: 68.3 11.1 4.1 7.4 6.7 15.6 17.1 11.0 90.9 50.4 9.0
Income from continuing operations 196.5 37.1 21.9 29.0 40.8 40.8 58.1 31.7 284.5 171.4 140.0
Loss from discontinued operations, net of benefit for income taxes of $2.7, $4.1, and $3.6 (2.3) (1.1) (1.9) (1.9) (3.0) (5.3) (1.7) (4.3) (7.2) (14.3) (13.4)
Net income 194.2 36.0 20.0 27.1 37.8 35.5 56.4 27.4 277.3 157.1 126.6
Net income attributable to noncontrolling interest 7.6 5.7 5.9 5.0 8.9 4.1 2.0 3.7 24.2 18.7 20.6
Net income attributable to Trinity Industries, Inc. $ 186.6 $ 30.3 $ 14.1 $ 22.1 $ 28.9 $ 31.4 $ 54.4 $ 23.7 $ 253.1 $ 138.4 $ 106.0
Income (Loss) from Continuing Operations, Per Basic Share $ 2.36 [1] $ 0.39 [1] $ 0.20 [1] $ 0.29 [1] $ 0.39 [1] $ 0.45 [1] $ 0.68 [1] $ 0.34 [1] $ 3.22 $ 1.86 $ 1.47
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share (0.03) [1] (0.01) [1] (0.02) [1] (0.02) [1] (0.04) [1] (0.07) [1] (0.02) [1] (0.05) [1] (0.09) (0.17) (0.16)
Earnings Per Share, Basic [2] 2.34 [1] 0.38 [1] 0.17 [1] 0.27 [1] 0.35 [1] 0.38 [1] 0.66 [1] 0.29 [1] 3.13 1.69 1.31
Income (Loss) from Continuing Operations, Per Diluted Share 2.31 [1] 0.38 [1] 0.19 [1] 0.29 [1] 0.38 [1] 0.44 [1] 0.67 [1] 0.33 [1] 3.14 1.81 1.43
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.03) [1] (0.01) [1] (0.02) [1] (0.02) [1] (0.04) [1] (0.07) [1] (0.02) [1] (0.05) [1] (0.09) (0.17) (0.16)
Earnings Per Share, Diluted [2] $ 2.28 [1] $ 0.37 [1] $ 0.17 [1] $ 0.26 [1] $ 0.34 [1] $ 0.37 [1] $ 0.65 [1] $ 0.28 [1] $ 3.05 $ 1.64 $ 1.27
Effective Income Tax Rate Reconciliation, Percent 25.80%               24.20% 22.70% 6.00%
Manufacturing [Member]                      
Revenues $ 296.5 $ 153.3 $ 204.1 $ 298.2 $ 342.6 $ 509.6 $ 560.9 $ 525.3 $ 952.1 $ 1,938.4 $ 1,943.9
Cost of revenues: 266.0 132.4 194.1 271.6 305.4 460.7 505.8 476.3 864.1 1,748.2 1,827.5
Railcar Leasing and Services Group [Member]                      
Revenues 314.7 300.8 302.1 287.2 286.8 289.2 280.5 284.3 1,204.8 1,140.8 1,039.4
Cost of revenues: $ 189.5 $ 180.3 $ 178.7 $ 171.6 $ 169.0 $ 168.6 $ 156.6 $ 168.6 $ 720.1 $ 662.8 $ 628.7
[1] the sum of the quarters may not necessarily be equal to the full year net income per common share amount.
[2]
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.