TRINITY INDUSTRIES INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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  
Entity Trading Symbol TRN  
Security Exchange Name NYSE  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   79,505,503
Entity Registrant Name TRINITY INDUSTRIES INC  
Entity Central Index Key 0000099780  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Q1  
Current Fiscal Year End Date --12-31  
v3.26.1
Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues [Abstract]    
Revenues $ 492.0 $ 585.4
Cost of revenues:    
Cost of revenues: 363.1 443.2
Selling, engineering, and administrative expenses    
Selling, engineering, and administrative expenses 50.7 50.0
Gains on dispositions of property:    
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment 22.0 5.9
Gain (Loss) on Disposition of Other Assets 0.9 1.7
Gains on dispositions of property: 22.9 7.6
Total operating profit 101.1 99.8
Other (income) expense:    
Interest expense, net 65.4 66.1
Other Nonoperating Income 0.6 (2.7)
Other (income) expense: 66.0 63.4
Income from continuing operations before income taxes 35.1 36.4
Provision for income taxes 8.5 7.4
Income from continuing operations 26.6 29.0
Loss from discontinued operations, net of benefit for income taxes of $0.6 and $0.6 (1.8) (1.9)
Net income 24.8 27.1
Net income attributable to noncontrolling interest 0.6 5.0
Net income attributable to Trinity Industries, Inc. $ 24.2 $ 22.1
Earnings Per Share [Abstract]    
Income (Loss) from Continuing Operations, Per Basic Share $ 0.33 $ 0.29
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share (0.02) (0.02)
Earnings Per Share, Basic, Total [1] 0.30 0.27
Income (Loss) from Continuing Operations, Per Diluted Share 0.32 0.29
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.02) (0.02)
Earnings Per Share, Diluted, Total [1] $ 0.30 $ 0.26
Weighted average number of shares outstanding:    
Weighted Average Number of Shares Outstanding, Basic 79.7 81.6
Weighted Average Number of Shares Outstanding, Diluted 81.9 83.8
Manufacturing    
Revenues [Abstract]    
Revenues $ 206.7 $ 298.2
Cost of revenues:    
Cost of revenues: 180.7 271.6
Leasing & Services    
Revenues [Abstract]    
Revenues 285.3 287.2
Cost of revenues:    
Cost of revenues: $ 182.4 $ 171.6
[1]
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.
v3.26.1
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 24.8 $ 27.1
Other comprehensive income (loss):    
Unrealized gains (losses) arising during the period, net of tax benefit (expense) of $(2.3) and $0.6 7.4 (2.0)
Reclassification adjustments for (gains) losses included in net income, net of tax benefit (expense) of $(0.7) and $0.5 (2.2) 2.1
Other Comprehensive Income (Loss), Net of Tax, Total 5.2 0.1
Comprehensive income 30.0 27.2
Less: comprehensive income attributable to noncontrolling interest 0.6 5.1
Comprehensive income attributable to Trinity Industries, Inc. $ 29.4 $ 22.1
v3.26.1
Consolidated Balance Sheets - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 132.6 $ 201.3
Receivables, net of allowance 326.1 389.1
Income tax receivable 28.2 27.5
Inventories:    
Raw materials and supplies 254.4 243.7
Work in process 130.9 100.8
Finished goods 97.9 124.6
Inventory, Net 483.2 469.1
Restricted cash, including partially-owned subsidiary of $7.6 and $9.9 120.0 122.3
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 9,330.1 9,258.3
Less accumulated depreciation, including partially-owned subsidiary of $208.5 and $205.3 2,687.1 2,637.0
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 6,643.0 6,621.3
Goodwill 221.5 221.5
Other assets 376.1 372.3
Total assets 8,330.7 8,424.4
Liabilities and Equity [Abstract]    
Accounts payable 272.9 269.6
Accrued liabilities 247.2 301.2
Debt: 5,382.3 5,442.5
Deferred income taxes 1,148.0 1,129.0
Other liabilities 134.6 136.8
Total liabilities $ 7,185.0 $ 7,279.1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]    
Preferred Stock, Shares Authorized 1.5 1.5
Preferred Stock, Shares Subscribed but Unissued 1.5 1.5
Preferred stock – 1.5 shares authorized and unissued $ 0.0 $ 0.0
Common Stock, Shares Authorized 400.0 400.0
Common stock – 400.0 shares authorized $ 0.8 $ 0.8
Capital in excess of par value 4.9 0.0
Retained earnings 1,080.6 1,081.5
Accumulated other comprehensive income (loss) 1.0 (4.2)
Treasury stock (8.5) (0.9)
Equity, Attributable to Parent, Total 1,078.8 1,077.2
Noncontrolling interest 66.9 68.1
Total stockholders' equity 1,145.7 1,145.3
Total liabilities and stockholders' equity 8,330.7 8,424.4
Recourse    
Liabilities and Equity [Abstract]    
Debt: 598.6 598.5
Nonrecourse    
Liabilities and Equity [Abstract]    
Debt: 4,783.7 4,844.0
Wholly-owned subsidiaries | Nonrecourse    
Liabilities and Equity [Abstract]    
Debt: 4,516.7 4,573.4
Wholly-owned subsidiaries | Nonrecourse | Leasing & Services    
Liabilities and Equity [Abstract]    
Debt: 4,516.7 4,573.4
Partially-owned subsidiaries | Leasing & Services    
Inventories:    
Restricted cash, including partially-owned subsidiary of $7.6 and $9.9 7.6 9.9
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 524.7 523.9
Less accumulated depreciation, including partially-owned subsidiary of $208.5 and $205.3 208.5 205.3
Partially-owned subsidiaries | Nonrecourse    
Liabilities and Equity [Abstract]    
Debt: 267.0 270.6
Partially-owned subsidiaries | Nonrecourse | Leasing & Services    
Liabilities and Equity [Abstract]    
Debt: $ 267.0 $ 270.6
v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 24.8 $ 27.1
Loss from discontinued operations, net of benefit for income taxes of $0.6 and $0.6 (1.8) (1.9)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]    
Depreciation and amortization 72.6 74.3
Stock-based compensation expense 4.9 5.3
Provision (benefit) for deferred income taxes 6.4 (6.1)
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment 22.0 5.9
Gains on dispositions of property and other assets (0.9) (1.7)
Non-cash interest expense 3.0 3.4
Other (0.8) (0.4)
Changes in operating assets and liabilities:    
(Increase) decrease in receivables 63.0 10.2
(Increase) decrease in income tax receivable (0.7) (0.1)
(Increase) decrease in inventories (14.1) 26.5
(Increase) decrease in other assets 7.5 8.2
Increase (decrease) in accounts payable 3.3 3.5
Increase (decrease) in accrued liabilities (47.9) (61.1)
Increase (decrease) in other liabilities (1.3) (6.7)
Net cash provided by operating activities – continuing operations 99.6 78.4
Net cash used in operating activities – discontinued operations (1.8) (1.9)
Net cash provided by operating activities 97.8 76.5
Investing activities:    
Capital expenditures – lease fleet 151.0 120.2
Proceeds From Sale Of Property Subject To Or Available For Operating Lease 83.3 33.7
Capital expenditures – operating and administrative (6.3) (9.2)
Proceeds from dispositions of property and other assets 3.8 4.1
Net cash used in investing activities (70.2) (91.6)
Financing activities:    
Payments to retire debt (62.2) (77.3)
Payments to settle contingent consideration liability 0.0 (8.0)
Payments for Repurchase of Common Stock (7.2) (8.2)
Dividends paid to common shareholders (24.8) (24.6)
Purchase of shares to satisfy employee tax on vested stock (0.2) (0.3)
Distributions to noncontrolling interest (4.2) (5.8)
Net cash used in financing activities (98.6) (124.2)
Net decrease in cash, cash equivalents, and restricted cash (71.0) (139.3)
Cash, cash equivalents, and restricted cash at beginning of period 323.6 374.4
Cash, cash equivalents, and restricted cash at end of period $ 252.6 $ 235.1
v3.26.1
Consolidated Statement of Stockholders' Equity (unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Trinity Stockholders’ Equity
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated other comprehensive income (loss)
Treasury Stock
Noncontrolling Interest
$0.01 Par Value $ 0.01              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock, Shares, Issued     (81.8)          
Treasury Stock, Common, Shares             0.0  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2024 $ 1,307.2 $ 1,058.9 $ 0.8 $ 8.8 $ 1,054.1 $ (4.2) $ (0.6) $ 248.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 27.1 22.1     22.1     5.0
Other comprehensive income 0.1 0.0       0.0   0.1
Cash dividends declared on common stock (1) [1] (24.6) (24.6)     (24.6)      
Distributions to noncontrolling interest (6.9)             (6.9)
Stock-based compensation expense 5.3 5.3   5.3        
Settlement of share-based awards, net (0.3) (0.3)         $ (0.3)  
Treasury Stock, Shares, Acquired             (0.3)  
Treasury Stock, Value, Acquired, Cost Method (8.2) (8.2)         $ (8.2)  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2025 $ 1,299.7 1,053.2 $ 0.8 14.1 1,051.6 (4.2) $ (9.1) 246.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock, Dividends, Per Share, Declared $ 0.30              
$0.01 Par Value 0.01              
Common Stock, Shares, Issued     (81.8)          
Treasury Stock, Common, Shares             0.3  
$0.01 Par Value $ 0.01              
Common Stock, Shares, Issued     (79.8)          
Treasury Stock, Common, Shares             0.0  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2025 $ 1,145.3 1,077.2 $ 0.8 0.0 1,081.5 (4.2) $ (0.9) 68.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 24.8 24.2     24.2     0.6
Other comprehensive income 5.2 5.2       5.2   0.0
Cash dividends declared on common stock (1) [1] (25.1) (25.1)     (25.1)      
Distributions to noncontrolling interest (1.8)             (1.8)
Stock-based compensation expense 4.9 4.9   4.9        
Settlement of share-based awards, net (0.2) (0.2)         $ (0.2)  
Treasury Stock, Shares, Acquired             (0.2)  
Treasury Stock, Value, Acquired, Cost Method (7.4) (7.4)         $ (7.4)  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2026 $ 1,145.7 $ 1,078.8 $ 0.8 $ 4.9 $ 1,080.6 $ 1.0 $ (8.5) $ 66.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock, Dividends, Per Share, Declared $ 0.31              
$0.01 Par Value $ 0.01              
Common Stock, Shares, Issued     (79.8)          
Treasury Stock, Common, Shares             0.2  
[1] Dividends of $0.31 and $0.30 per common share for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Consolidated Statements of Operations Parenthetical - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Discontinued Operation, Tax Effect of Discontinued Operation $ (0.6) $ (0.6)
v3.26.1
Consolidated Statements of Comprehensive Income Parenthetical - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax $ 2.3 $ (0.6)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax $ 0.7 $ (0.5)
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenue
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:
Three Months Ended March 31,
 20262025
($ in millions)
Railcar Leasing and Services Group ("Leasing Group"):
Leasing and management$210.3 $219.0 
Maintenance services63.2 59.2 
Digital and logistics services12.3 9.2 
285.8 287.4 
Rail Products Group:
Rail products275.2 387.8 
Parts & components24.8 32.7 
300.0 420.5 
Elimination of intersegment revenues(93.8)(122.5)
Total consolidated revenues$492.0 $585.4 
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 March 31, 2026 and the percentage of the outstanding performance obligations as of March 31, 2026 expected to be delivered during the remainder of 2026:
Unsatisfied performance obligations at March 31, 2026
Total
Amount
Percent expected to be delivered in 2026
 (in millions)
Rail Products Group:
New railcars:
External customers$1,510.2 
Leasing Group
99.9 
$1,610.1 42 %
Sustainable railcar conversions$37.7 100 %
Railcar Leasing and Services Group:
Leasing and management$60.4 25 %
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.
Contract Assets
The following table presents our contract assets, which are included within the Receivables, net of allowance line in our Consolidated Balance Sheets.
March 31, 2026December 31, 2025
(in millions)
Railcar Leasing and Services Group$12.1 $10.9 
Rail Products Group$5.3 $4.9 
v3.26.1
Derivative Instruments and Fair Value Accounting
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [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 7 for a description of our debt instruments.
Derivatives Designated as Hedging Instruments
Interest Rate Hedges
 
Included in accompanying balance sheet at March 31, 2026
Effect on interest expense –
increase/(decrease)
 AssetLiabilityAOCI –
loss/(income)		Three Months Ended
March 31,
Expected effect during next twelve months (1)
20262025
 (in millions)
Interest rate hedges (2)
$2.8 $1.4 $1.1 $0.1 $(2.1)$0.6 
(1) Based on the fair value of open hedges as of March 31, 2026.
(2) Includes instruments with an aggregate notional amount of $769.5 million as of March 31, 2026 to hedge a portion of our outstanding debt, as well as instruments with aggregate notional amount of $200.0 million to hedge a portion of the risk of potential interest rate increases in anticipation of a debt issuance, which was completed in April 2026.
Foreign Currency Hedges
Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twenty-one months. Information related to our foreign currency hedges is as follows:
Included in accompanying balance sheet at March 31, 2026
Effect on cost of revenues –
increase/(decrease)
AssetLiabilityAOCI –
loss/(income)		Three Months Ended
March 31,
Expected effect during next twelve months (1)
Instrument20262025
(in millions)
Foreign currency hedges$2.7 $— $(4.2)$(3.0)$4.7 $(4.2)
(1) Based on the fair value of open hedges as of March 31, 2026.
Derivatives Not Designated as Hedging Instruments
 
Included in accompanying balance sheet
at March 31, 2026
Effect on other, net (income) expense – increase/(decrease)
Three Months Ended
March 31,
 AssetLiability20262025
 (in millions)
Interest rate derivatives (1):
TILC warehouse facility – interest rate cap$7.8 $— $(2.5)$2.9 
TILC – interest rate cap$— $7.8 $2.5 $(2.9)
(1) Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
Fair Value Disclosures [Abstract]  
Fair Value Accounting
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
 March 31, 2026December 31, 2025
(in millions)
Assets:
Cash equivalents$100.6 $172.4 
Restricted cash120.0 122.3 
Total assets$220.6 $294.7 
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 swaps and interest rate caps 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
 March 31, 2026December 31, 2025
(in millions)
Assets (1):
Derivatives designated as hedging instruments:
Interest rate hedges$2.8 $— 
Foreign currency hedges2.7 3.6 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.8 7.3 
Total assets$13.3 $10.9 
Liabilities (2):
Derivatives designated as hedging instruments:
Interest rate hedges$1.4 $6.7 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.8 7.3 
Total liabilities$9.2 $14.0 
(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 March 31, 2026 and December 31, 2025, we have no assets or liabilities measured on a recurring basis as Level 3 in the fair value hierarchy.
See Note 7 for the estimated fair values of our debt instruments. The fair values of all other financial instruments are estimated to approximate carrying value.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 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.
Our Chief Operating Decision Maker ("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 are included in the operating profit of each respective segment.
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). We operate principally in North America.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Railcar Leasing and Services GroupRail Products GroupTotalRailcar Leasing and Services GroupRail Products GroupTotal
External revenues$285.3 $206.7 $492.0 $287.2 $298.2 $585.4 
Intersegment revenues0.5 93.3 93.8 0.2 122.3 122.5 
Total revenues285.8 300.0 585.8 287.4 420.5 707.9 
Elimination of intersegment revenues(93.8)(122.5)
Total consolidated revenues$492.0 $585.4 
Less (1):
Rail Products Group cost of revenues (2)
*270.4 *387.7 
Depreciation and amortization for Company-owned railcars (3)
59.2 *61.1 *
Maintenance and compliance for Company-owned railcars (3)(4)
41.1 *38.0 *
Selling, engineering, and administrative expenses17.5 7.5 18.7 6.9 
Gains on lease portfolio sales(22.0)*(5.9)*
Other segment items (5)
81.8 — 71.0 — 
Segment operating profit$108.2 $22.1 $130.3 $104.5 $25.9 $130.4 
*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:
 Three Months Ended
March 31,
 20262025
 (in millions)
Operating profit:
Railcar Leasing and Services Group$108.2 $104.5 
Rail Products Group22.1 25.9 
Segment Totals130.3 130.4 
Corporate and other(25.7)(24.4)
Eliminations(3.5)(6.2)
Consolidated operating profit101.1 99.8 
Other (income) expense66.0 63.4 
Provision for income taxes8.5 7.4 
Loss from discontinued operations, net of income taxes(1.8)(1.9)
Net income$24.8 $27.1 
Additional financial information by segment is shown in the tables below.
Total Assets
March 31, 2026December 31, 2025
(in millions)
Railcar Leasing and Services Group$7,702.8 $7,676.5 
Rail Products Group888.1 938.0 
Segment Totals8,590.9 8,614.5 
Corporate and other308.2 385.0 
Eliminations(568.4)(575.1)
Total assets$8,330.7 $8,424.4 
Depreciation & AmortizationCapital Expenditures
 Three Months Ended
March 31,		Three Months Ended
March 31,
 2026202520262025
 (in millions)
Railcar Leasing and Services Group$64.9 $66.5 $153.3 $122.5 
Rail Products Group6.9 7.0 2.7 6.6 
Corporate and other0.8 0.8 1.3 0.3 
Total$72.6 $74.3 $157.3 $129.4 
v3.26.1
Partially-Owned Subsidiaries
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Partially-Owned Leasing Subsidiaries Partially-Owned Subsidiaries
Investment in Leasing Subsidiary
Through our wholly-owned subsidiary, TILC, we formed a subsidiary, TRIP Holdings, for the purpose of providing railcar leasing services in North America for institutional investors. Prior to the Contribution Agreement as defined and described below under “Subsequent Events”, TRIP Holdings was a direct, partially-owned subsidiary of TILC in which we have a controlling interest. 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 behalf of TRIP Holdings.
At March 31, 2026, the carrying value of our investment in TRIP Holdings totaled $35.4 million. Our ownership interest in TRIP Holdings is 42.56%, with the remaining interest owned by third-party, investor-owned funds. Our investment in TRIP Holdings is eliminated in consolidation.
TRIP Holdings has a wholly-owned subsidiary, Tribute Rail LLC ("Tribute Rail"), that is the owner of railcars acquired from our Rail Products and Leasing Groups. TILC is the contractual servicer for Tribute Rail with the authority to manage and service Tribute Rail's owned railcars. Our controlling interest in TRIP Holdings results from our combined role as both equity member and agent/servicer. The noncontrolling interest included in the accompanying Consolidated Balance Sheets primarily represents the non-Trinity equity interest in TRIP Holdings.
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 7 for additional information regarding the debt of TRIP Holdings and its subsidiary, Tribute Rail.
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 variable interest entity (“VIE”) model of ASC 810, Consolidation, 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 March 31, 2026, 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 88.3% by Wafra Funds and 11.7% by TILC. TILC services all railcars owned by 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 11.7% 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 11.7% equity interest in Signal Rail.
Our investment in Signal Rail is being accounted for under the equity method of accounting. At March 31, 2026, the carrying value of TILC’s equity investment in Signal Rail was $12.7 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.
Subsequent Events
On April 9, 2026, TILC entered into a Contribution Agreement (the “Contribution Agreement”) with, among others, Napier Park Rail Evergreen Fund LLC, a subsidiary of Napier Park Global Capital, one of our railcar investment partners since 2013 and a leading alternative credit platform. Pursuant to the Contribution Agreement, TILC contributed (i) its 42.56% membership interest in TRIP Holdings and (ii) its 0.2% interest in Triumph Rail Holdings LLC ("Triumph") to NP SPE Holdings LP ("NP SPE") in exchange for a 11.2% limited partnership interest in NP SPE. TILC services all railcars owned by NP SPE.
As a result of these transactions, TILC no longer has any direct ownership interest in TRIP Holdings; its wholly-owned subsidiary, Tribute Rail; or Triumph. The Company expects to recognize a non-cash pre-tax gain of approximately $130 million during the second quarter of 2026 related to the divestiture of these interests, and TRIP Holdings and Tribute Rail will no longer be included in our Consolidated Financial Statements. We currently expect that our 11.2% limited partnership interest in NP SPE will be accounted for under the equity method of accounting.
v3.26.1
Property, Plant, and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment Property, Plant, and Equipment
The following table summarizes the components of property, plant, and equipment:
March 31, 2026December 31, 2025
 (in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1):
Equipment on lease$8,737.8 $8,668.5 
Less: accumulated depreciation(2,203.1)(2,156.1)
6,534.7 6,512.4 
Partially-owned subsidiary (2):
Equipment on lease622.3 620.5 
Less: accumulated depreciation(252.1)(248.3)
370.2 372.2 
Deferred profit on railcar products sold (3)
(927.5)(926.6)
Less: accumulated amortization304.3 298.0 
(623.2)(628.6)
Total railcars in our lease fleet6,281.7 6,256.0 
Operating and administrative assets:
Land16.1 16.1 
Buildings and improvements410.8 408.4 
Machinery and other452.2 452.9 
Construction in progress18.4 18.5 
897.5 895.9 
Less: accumulated depreciation(536.2)(530.6)
Total operating and administrative assets361.3 365.3 
Total property, plant, and equipment, net$6,643.0 $6,621.3 
(1) The Leasing Group’s debt at March 31, 2026 consisted primarily of non-recourse debt. As of March 31, 2026, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,611.9 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at March 31, 2026 was $922.8 million. See Note 7 for more information regarding the Leasing Group's debt.
(2) 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 March 31, 2026, Tribute Rail held equipment with a net book value of $370.2 million, which was pledged solely as collateral for the Tribute Rail debt. See Note 5 for a description of TRIP Holdings and its subsidiary, including the April 2026 transaction in which TRIP Holdings and its subsidiary will no longer be included in our Consolidated Financial Statements.
(3) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The carrying amounts of our debt are as follows:
March 31, 2026December 31, 2025
 (in millions)
Corporate – Recourse:
Revolving credit facility$— $— 
Senior notes due 2028, inclusive of unamortized premium of $2.8 and $3.1
602.8 603.1 
602.8 603.1 
Less: unamortized debt issuance costs(4.2)(4.6)
Total recourse debt598.6 598.5 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.3
3,003.2 3,036.3 
TRL-2023 term loan, net of unamortized discount of $0.6 and $0.6
1,025.3 1,031.9 
TILC warehouse facility460.4 478.5 
Other equipment financing47.0 47.6 
4,535.9 4,594.3 
Less: unamortized debt issuance costs(19.2)(20.9)
4,516.7 4,573.4 
Partially-owned subsidiary:
Secured railcar equipment notes, net of unamortized discount of $— and $—
267.5 271.3 
Less: unamortized debt issuance costs(0.5)(0.7)
267.0 270.6 
Total non-recourse debt4,783.7 4,844.0 
Total debt$5,382.3 $5,442.5 
Estimated Fair Value of Debt – 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). As of March 31, 2026 and December 31, 2025, we evaluated the fair value of the other equipment financing liability using Level 3 inputs and determined that the carrying value approximates fair value. The respective carrying values of our revolving credit facility, TRL-2023 term loan, and TILC warehouse facility approximate fair value because the interest rate adjusts to the market interest rate. The estimated fair values of our debt are as follows:
March 31, 2026December 31, 2025
(in millions)
Level 2$615.6 $623.9 
Level 3$3,258.6 $3,303.6 
Revolving Credit Facility – We have a $600.0 million unsecured corporate revolving credit facility. During the three months ended March 31, 2026, there were no borrowings and no repayments under the revolving credit facility. Additionally, we had outstanding letters of credit issued in an aggregate amount of $4.4 million, leaving $595.6 million available for borrowing as of March 31, 2026. Our outstanding letters of credit as of March 31, 2026 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 1.50%, for an all-in interest rate of 5.23% as of March 31, 2026. A commitment fee accrues on the average daily unused portion of the revolving credit facility at the rate of 0.175% to 0.40% (0.20% as of March 31, 2026).
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 March 31, 2026, we were in compliance with all such financial covenants.
TILC Warehouse Loan Facility – TILC has a $800.0 million warehouse loan facility to finance railcars owned by TILC. During the three months ended March 31, 2026, we had total repayments of $18.1 million under the TILC warehouse loan facility. The entire unused facility amount of $339.6 million was available as of March 31, 2026 based on the amount of warehouse-eligible, unpledged equipment. 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 5.42% at March 31, 2026.
Subsequent Events
TRL-2025 Series 2026-1 Secured Railcar Equipment Notes – On April 17, 2026, Trinity Rail Leasing 2025 LLC, a Delaware limited liability company ("TRL-2025") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued an aggregate principal amount of (i) $447.4 million of its Series 2026-1 Class A Green Secured Railcar Equipment Notes (the "Series 2026-1 Class A Notes"), and (ii) $33.4 million of its Series 2026-1 Class B Green Secured Railcar Equipment Notes (the "Series 2026-1 Class B Notes") (the Series 2026-1 Class A Notes and the Series 2026-1 Class B Notes are, collectively, the “Series 2026-1 Notes”). The Series 2026-1 Class A Notes bear interest at a fixed rate of 5.35%, and the Series 2026-1 Class B Notes bear interest at a fixed rate of 5.56%. The Series 2026-1 Notes are payable monthly and have a stated final maturity date of April 19, 2056. The Series 2026-1 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 in connection with the issuance of the Series 2026-1 Notes were used to redeem the outstanding debt of the Trinity Rail Leasing 2019 LLC Series 2019-1 Secured Railcar Equipment Notes (the "Series 2019-1 Notes"), as described below, and for general corporate purposes.
Redemption of TRL-2019 Series 2019-1 Secured Railcar Equipment Notes – On April 17, 2026, with the net proceeds of the Series 2026-1 Notes described above, we redeemed in full the Series 2019-1 Notes, of which $377.1 million was outstanding at the redemption date. The all-in interest rate for the Series 2019-1 Notes was 3.82% per annum. The Trinity Rail Leasing 2019 LLC Series 2019-2 Secured Railcar Equipment Notes remain outstanding.
Tribute Rail Secured Railcar Equipment Notes – On April 9, 2026, as a result of a railcar partnership transaction, Tribute Rail and its related debt will no longer be included in our Consolidated Financial Statements. See Note 5 for further information.
Terms and conditions of our other debt, including recourse and non-recourse provisions and scheduled maturities, are described in Note 9 of our 2025 Annual Report on Form 10-K.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate from continuing operations for the three months ended March 31, 2026 was an expense of 24.2%, which differs from the U.S. statutory rate of 21.0% primarily due to state income taxes, foreign income taxes, and non-deductible executive compensation, partially offset by foreign tax return to provision adjustments.
The effective tax rate from continuing operations for the three months ended March 31, 2025 was an expense of 20.3%, which differs from the U.S. statutory rate of 21.0% primarily due the benefit of noncontrolling interest for which we do not provide income taxes and foreign tax return to provision adjustments, partially offset by state income taxes and other permanent differences.
Deferred income tax liabilities related to railcars in our lease fleet were $1.3 billion as of both March 31, 2026 and December 31, 2025.
v3.26.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss)
Changes in AOCI for the three months ended March 31, 2026 are as follows:
Unrealized gains/(losses) on derivative financial instrumentsNet actuarial gains/(losses) of defined benefit plansAccumulated other comprehensive income (loss)
 
Balances at December 31, 2025
$(2.8)$(1.4)$(4.2)
Other comprehensive income, net of tax, before reclassifications7.4 — 7.4 
Amounts reclassified from AOCI, net of tax expense of $0.7, $—, and $0.7
(2.2)— (2.2)
Other comprehensive income5.2 — 5.2 
Balances at March 31, 2026
$2.4 $(1.4)$1.0 
See Note 3 for additional 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.
v3.26.1
Common Stock and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block]
Stock-based compensation expense totaled approximately $4.9 million and $5.3 million for the three months ended March 31, 2026 and 2025, respectively. The Company's annual grants of share-based awards generally occur in the first and second quarters under our Fifth Amended and Restated Stock Option and Incentive Plan.
The following table summarizes stock-based compensation awards granted during the three months ended March 31, 2026:
Number of Shares GrantedWeighted Average Grant-Date Fair Value per Award
Restricted stock units2,860 $34.97 
Performance units132,656 $32.31 
The fair value of restricted stock units granted is based on the Company's closing stock price on the date of grant. For the performance units granted during the three months ended March 31, 2026 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.
v3.26.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Common 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 restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.
The following table sets forth the computation of basic and diluted net income attributable to Trinity Industries, Inc.:
 Three Months Ended
March 31,
 20262025
(in millions, except per share amounts)
Income from continuing operations$26.6 $29.0 
Less: Net income attributable to noncontrolling interest(0.6)(5.0)
Net income from continuing operations attributable to Trinity Industries, Inc.26.0 24.0 
Net loss from discontinued operations attributable to Trinity Industries, Inc.(1.8)(1.9)
Net income attributable to Trinity Industries, Inc.$24.2 $22.1 
Basic weighted average shares outstanding79.7 81.6 
Effect of dilutive securities2.2 2.2 
Diluted weighted average shares outstanding
81.9 83.8 
Basic earnings per common share:
Income from continuing operations$0.33 $0.29 
Loss from discontinued operations(0.02)(0.02)
Net income attributable to Trinity Industries, Inc.$0.30 $0.27 
Diluted earnings per common share:
Income from continuing operations$0.32 $0.29 
Loss from discontinued operations(0.02)(0.02)
Net income attributable to Trinity Industries, Inc.$0.30 $0.26 
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.
v3.26.1
Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
East Palestine, OH Train Derailment
As previously disclosed, on February 3, 2023, a Norfolk Southern Railway freight train derailed 38 railcars in East Palestine, Ohio. TILC has been named in various actions associated with this incident, including Josh Hickman, et al. v. Norfolk Southern Railway Co., et al., Case No. 2025 CV 00434, in the Court of Common Pleas, Columbiana County, Ohio ("Hickman Matter"); and Richard Tsai, et al. v. Norfolk Southern Corporation, et al., Case No. 2025 CV 614, in the Court of Common Pleas, Columbiana County, Ohio ("Tsai Matter"). TILC was the owner of one tank car cited in these actions, which was leased to a third party, who is also a defendant in these matters. On March 11, 2026, the court denied all defendants’ motions to dismiss in the Hickman Matter, including TILC’s motion to dismiss, and ordered the parties to prepare a discovery schedule.
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 THP, the Company agreed to indemnify the buyer for certain liabilities related to the highway products business, including those liabilities resulting from or arising out of ET Plus systems or specified ET Plus component parts that are 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.
As previously disclosed, Mr. Joshua Harman filed a state qui tam action 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. On February 7, 2024, the trial court granted the Company's motion for summary judgment. On March 31, 2026, the Court of Appeals of Virginia issued its memorandum opinion affirming the order of the trial court granting summary judgment in favor of the Company and affirmed the trial court’s denial of Mr. Harman’s and the Commonwealth of Virginia’s motion for reconsideration.
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 $8.1 million to $19.8 million. At March 31, 2026, 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 $1.0 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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]
Basis of Presentation
The foregoing Consolidated Financial Statements are unaudited and have been prepared from the books and records of Trinity Industries, Inc. and Subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us"), which include the accounts of our wholly-owned subsidiaries and partially-owned subsidiaries, TRIP Rail Holdings LLC (“TRIP Holdings”) and Trinity Global Ventures Limited ("Trinity Global Ventures"), in which we have a controlling interest as of and for the three months ended March 31, 2026. In our opinion, all normal and recurring adjustments necessary for a fair presentation of our financial position as of March 31, 2026 and the results of operations and cash flows for the three months ended March 31, 2026 and 2025 have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2026 presentation.
Due to seasonal and other factors, the results of operations for the three months ended March 31, 2026 may not be indicative of expected results of operations for the year ending December 31, 2026. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2025. There have been no changes to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 that had a material impact on our Consolidated Financial Statements or related notes as of and for the three months ended March 31, 2026.
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.
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 three months ended March 31, 2026, we recognized approximately $1.4 million of credit loss expense and wrote off $3.5 million related to our trade receivables that are in the scope of Accounting Standards Codification ("ASC") 326, Financial Instruments – Credit Losses, bringing the allowance for credit losses balance from $23.6 million at December 31, 2025 to $21.5 million at March 31, 2026. This balance excludes the general reserve for operating lease receivables that is permitted under ASC 450, Contingencies.
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 totaled $39.9 million and $49.1 million as of March 31, 2026 and December 31, 2025, respectively, and 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.
Discontinued Operations, Policy
Discontinued Operations
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 three months ended March 31, 2026 and 2025, we recorded expenses related to these obligations of $2.4 million ($1.8 million, net of income taxes) and $2.5 million ($1.9 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 of our Annual Report on Form 10-K for further information regarding obligations retained in connection with the THP sale.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
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.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
 20262025
($ in millions)
Railcar Leasing and Services Group ("Leasing Group"):
Leasing and management$210.3 $219.0 
Maintenance services63.2 59.2 
Digital and logistics services12.3 9.2 
285.8 287.4 
Rail Products Group:
Rail products275.2 387.8 
Parts & components24.8 32.7 
300.0 420.5 
Elimination of intersegment revenues(93.8)(122.5)
Total consolidated revenues$492.0 $585.4 
Remaining Performance Obligation
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 March 31, 2026 and the percentage of the outstanding performance obligations as of March 31, 2026 expected to be delivered during the remainder of 2026:
Unsatisfied performance obligations at March 31, 2026
Total
Amount
Percent expected to be delivered in 2026
 (in millions)
Rail Products Group:
New railcars:
External customers$1,510.2 
Leasing Group
99.9 
$1,610.1 42 %
Sustainable railcar conversions$37.7 100 %
Railcar Leasing and Services Group:
Leasing and management$60.4 25 %
Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table presents our contract assets, which are included within the Receivables, net of allowance line in our Consolidated Balance Sheets.
March 31, 2026December 31, 2025
(in millions)
Railcar Leasing and Services Group$12.1 $10.9 
Rail Products Group$5.3 $4.9 
Operating Lease, Lease Income
The following table summarizes the impact of our leases on our Consolidated Statements of Operations:
Three Months Ended
March 31,
20262025
(in millions)
Operating lease revenues$193.3 $201.8 
Variable operating lease revenues$12.2 $13.2 
Interest income on sales-type lease receivables$0.3 $0.2 
v3.26.1
Derivative Instruments and Fair Value Accounting (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives [Table Text Block]
Interest Rate Hedges
 
Included in accompanying balance sheet at March 31, 2026
Effect on interest expense –
increase/(decrease)
 AssetLiabilityAOCI –
loss/(income)		Three Months Ended
March 31,
Expected effect during next twelve months (1)
20262025
 (in millions)
Interest rate hedges (2)
$2.8 $1.4 $1.1 $0.1 $(2.1)$0.6 
(1) Based on the fair value of open hedges as of March 31, 2026.
(2) Includes instruments with an aggregate notional amount of $769.5 million as of March 31, 2026 to hedge a portion of our outstanding debt, as well as instruments with aggregate notional amount of $200.0 million to hedge a portion of the risk of potential interest rate increases in anticipation of a debt issuance, which was completed in April 2026.
Schedule of Foreign Exchange Contracts, Statement of Financial Position
Foreign Currency Hedges
Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twenty-one months. Information related to our foreign currency hedges is as follows:
Included in accompanying balance sheet at March 31, 2026
Effect on cost of revenues –
increase/(decrease)
AssetLiabilityAOCI –
loss/(income)		Three Months Ended
March 31,
Expected effect during next twelve months (1)
Instrument20262025
(in millions)
Foreign currency hedges$2.7 $— $(4.2)$(3.0)$4.7 $(4.2)
(1) Based on the fair value of open hedges as of March 31, 2026.
Derivatives Not Designated as Hedging Instruments
Derivatives Not Designated as Hedging Instruments
 
Included in accompanying balance sheet
at March 31, 2026
Effect on other, net (income) expense – increase/(decrease)
Three Months Ended
March 31,
 AssetLiability20262025
 (in millions)
Interest rate derivatives (1):
TILC warehouse facility – interest rate cap$7.8 $— $(2.5)$2.9 
TILC – interest rate cap$— $7.8 $2.5 $(2.9)
(1) Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
Fair Value, Inputs, Level 1 [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] The assets measured on a recurring basis as Level 1 in the fair value hierarchy are summarized below:
Level 1
 March 31, 2026December 31, 2025
(in millions)
Assets:
Cash equivalents$100.6 $172.4 
Restricted cash120.0 122.3 
Total assets$220.6 $294.7 
Level 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] The assets and liabilities measured on a recurring basis as Level 2 in the fair value hierarchy are summarized below:
Level 2
 March 31, 2026December 31, 2025
(in millions)
Assets (1):
Derivatives designated as hedging instruments:
Interest rate hedges$2.8 $— 
Foreign currency hedges2.7 3.6 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.8 7.3 
Total assets$13.3 $10.9 
Liabilities (2):
Derivatives designated as hedging instruments:
Interest rate hedges$1.4 $6.7 
Derivatives not designated as hedging instruments:
Interest rate derivatives7.8 7.3 
Total liabilities$9.2 $14.0 
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in accrued liabilities in our Consolidated Balance Sheets.
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting [Table Text Block]
The financial information for these segments is shown in the tables below (in millions). We operate principally in North America.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Railcar Leasing and Services GroupRail Products GroupTotalRailcar Leasing and Services GroupRail Products GroupTotal
External revenues$285.3 $206.7 $492.0 $287.2 $298.2 $585.4 
Intersegment revenues0.5 93.3 93.8 0.2 122.3 122.5 
Total revenues285.8 300.0 585.8 287.4 420.5 707.9 
Elimination of intersegment revenues(93.8)(122.5)
Total consolidated revenues$492.0 $585.4 
Less (1):
Rail Products Group cost of revenues (2)
*270.4 *387.7 
Depreciation and amortization for Company-owned railcars (3)
59.2 *61.1 *
Maintenance and compliance for Company-owned railcars (3)(4)
41.1 *38.0 *
Selling, engineering, and administrative expenses17.5 7.5 18.7 6.9 
Gains on lease portfolio sales(22.0)*(5.9)*
Other segment items (5)
81.8 — 71.0 — 
Segment operating profit$108.2 $22.1 $130.3 $104.5 $25.9 $130.4 
*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.
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated
The reconciliation of segment operating profit to consolidated net income is as follows:
 Three Months Ended
March 31,
 20262025
 (in millions)
Operating profit:
Railcar Leasing and Services Group$108.2 $104.5 
Rail Products Group22.1 25.9 
Segment Totals130.3 130.4 
Corporate and other(25.7)(24.4)
Eliminations(3.5)(6.2)
Consolidated operating profit101.1 99.8 
Other (income) expense66.0 63.4 
Provision for income taxes8.5 7.4 
Loss from discontinued operations, net of income taxes(1.8)(1.9)
Net income$24.8 $27.1 
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Additional financial information by segment is shown in the tables below.
Total Assets
March 31, 2026December 31, 2025
(in millions)
Railcar Leasing and Services Group$7,702.8 $7,676.5 
Rail Products Group888.1 938.0 
Segment Totals8,590.9 8,614.5 
Corporate and other308.2 385.0 
Eliminations(568.4)(575.1)
Total assets$8,330.7 $8,424.4 
Depreciation & AmortizationCapital Expenditures
 Three Months Ended
March 31,		Three Months Ended
March 31,
 2026202520262025
 (in millions)
Railcar Leasing and Services Group$64.9 $66.5 $153.3 $122.5 
Rail Products Group6.9 7.0 2.7 6.6 
Corporate and other0.8 0.8 1.3 0.3 
Total$72.6 $74.3 $157.3 $129.4 
v3.26.1
Property, Plant, and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment [Table Text Block]
The following table summarizes the components of property, plant, and equipment:
March 31, 2026December 31, 2025
 (in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1):
Equipment on lease$8,737.8 $8,668.5 
Less: accumulated depreciation(2,203.1)(2,156.1)
6,534.7 6,512.4 
Partially-owned subsidiary (2):
Equipment on lease622.3 620.5 
Less: accumulated depreciation(252.1)(248.3)
370.2 372.2 
Deferred profit on railcar products sold (3)
(927.5)(926.6)
Less: accumulated amortization304.3 298.0 
(623.2)(628.6)
Total railcars in our lease fleet6,281.7 6,256.0 
Operating and administrative assets:
Land16.1 16.1 
Buildings and improvements410.8 408.4 
Machinery and other452.2 452.9 
Construction in progress18.4 18.5 
897.5 895.9 
Less: accumulated depreciation(536.2)(530.6)
Total operating and administrative assets361.3 365.3 
Total property, plant, and equipment, net$6,643.0 $6,621.3 
(1) The Leasing Group’s debt at March 31, 2026 consisted primarily of non-recourse debt. As of March 31, 2026, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,611.9 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at March 31, 2026 was $922.8 million. See Note 7 for more information regarding the Leasing Group's debt.
(2) 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 March 31, 2026, Tribute Rail held equipment with a net book value of $370.2 million, which was pledged solely as collateral for the Tribute Rail debt. See Note 5 for a description of TRIP Holdings and its subsidiary, including the April 2026 transaction in which TRIP Holdings and its subsidiary will no longer be included in our Consolidated Financial Statements.
(3) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Components of debt
The carrying amounts of our debt are as follows:
March 31, 2026December 31, 2025
 (in millions)
Corporate – Recourse:
Revolving credit facility$— $— 
Senior notes due 2028, inclusive of unamortized premium of $2.8 and $3.1
602.8 603.1 
602.8 603.1 
Less: unamortized debt issuance costs(4.2)(4.6)
Total recourse debt598.6 598.5 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.3
3,003.2 3,036.3 
TRL-2023 term loan, net of unamortized discount of $0.6 and $0.6
1,025.3 1,031.9 
TILC warehouse facility460.4 478.5 
Other equipment financing47.0 47.6 
4,535.9 4,594.3 
Less: unamortized debt issuance costs(19.2)(20.9)
4,516.7 4,573.4 
Partially-owned subsidiary:
Secured railcar equipment notes, net of unamortized discount of $— and $—
267.5 271.3 
Less: unamortized debt issuance costs(0.5)(0.7)
267.0 270.6 
Total non-recourse debt4,783.7 4,844.0 
Total debt$5,382.3 $5,442.5 
The estimated fair values of our debt are as follows:
March 31, 2026December 31, 2025
(in millions)
Level 2$615.6 $623.9 
Level 3$3,258.6 $3,303.6 
v3.26.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Changes in AOCI for the three months ended March 31, 2026 are as follows:
Unrealized gains/(losses) on derivative financial instrumentsNet actuarial gains/(losses) of defined benefit plansAccumulated other comprehensive income (loss)
 
Balances at December 31, 2025
$(2.8)$(1.4)$(4.2)
Other comprehensive income, net of tax, before reclassifications7.4 — 7.4 
Amounts reclassified from AOCI, net of tax expense of $0.7, $—, and $0.7
(2.2)— (2.2)
Other comprehensive income5.2 — 5.2 
Balances at March 31, 2026
$2.4 $(1.4)$1.0 
v3.26.1
Common Stock and Stock-Based Compensation Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Payment Arrangement, Activity [Table Text Block]
The following table summarizes stock-based compensation awards granted during the three months ended March 31, 2026:
Number of Shares GrantedWeighted Average Grant-Date Fair Value per Award
Restricted stock units2,860 $34.97 
Performance units132,656 $32.31 
v3.26.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
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.:
 Three Months Ended
March 31,
 20262025
(in millions, except per share amounts)
Income from continuing operations$26.6 $29.0 
Less: Net income attributable to noncontrolling interest(0.6)(5.0)
Net income from continuing operations attributable to Trinity Industries, Inc.26.0 24.0 
Net loss from discontinued operations attributable to Trinity Industries, Inc.(1.8)(1.9)
Net income attributable to Trinity Industries, Inc.$24.2 $22.1 
Basic weighted average shares outstanding79.7 81.6 
Effect of dilutive securities2.2 2.2 
Diluted weighted average shares outstanding
81.9 83.8 
Basic earnings per common share:
Income from continuing operations$0.33 $0.29 
Loss from discontinued operations(0.02)(0.02)
Net income attributable to Trinity Industries, Inc.$0.30 $0.27 
Diluted earnings per common share:
Income from continuing operations$0.32 $0.29 
Loss from discontinued operations(0.02)(0.02)
Net income attributable to Trinity Industries, Inc.$0.30 $0.26 
Potentially dilutive securities excluded from EPS calculation:
Antidilutive restricted shares0.1 0.1 
Antidilutive stock options— — 
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.
v3.26.1
Summary of Significant Accounting Policies Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Credit Loss [Abstract]    
Accounts Receivable, Credit Loss Expense (Reversal) $ 1.4  
Accounts Receivable, Allowance for Credit Loss, Writeoff 3.5  
Accounts Receivable, Allowance for Credit Loss $ 21.5 $ 23.6
v3.26.1
Summary of Significant Accounting Policies SCF Program (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplier Finance Program [Line Items]    
Supplier Finance Program, Obligation $ 39.9 $ 49.1
v3.26.1
Summary of Significant Accounting Policies Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]    
Loss from discontinued operations, net of benefit for income taxes of $0.6 and $0.6 $ (1.8) $ (1.9)
Sale of Highway Products    
Disposal Group, Including Discontinued Operations [Line Items]    
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax (2.4) (2.5)
Loss from discontinued operations, net of benefit for income taxes of $0.6 and $0.6 $ (1.8) $ (1.9)
v3.26.1
Revenue 606 (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 492.0 $ 585.4  
Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 585.8 707.9  
Intersegment Eliminations [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues (93.8) (122.5)  
Rail Products Group [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Billed Contracts Receivable 5.3   $ 4.9
Rail Products Group [Member] | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 300.0 420.5  
Rail Products Group [Member] | Rail Products [Domain]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 1,610.1    
Revenue, remaining performance obligation expected to be delivered in current year 42.00%    
Rail Products Group [Member] | Rail Products [Domain] | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 275.2 387.8  
Rail Products Group [Member] | Rail Products [Domain] | External Customers      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 1,510.2    
Rail Products Group [Member] | Rail Products [Domain] | Leasing & Services      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount 99.9    
Rail Products Group [Member] | Parts & Components | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 24.8 32.7  
Rail Products Group [Member] | Sustainable Railcar Conversions      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 37.7    
Revenue, remaining performance obligation expected to be delivered in current year 100.00%    
Leasing & Services      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Billed Contracts Receivable $ 12.1   $ 10.9
Leasing & Services | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 285.8 287.4  
Leasing & Services | Leasing and Management [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 60.4    
Revenue, remaining performance obligation expected to be delivered in current year 25.00%    
Leasing & Services | Leasing and Management [Member] | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 210.3 219.0  
Leasing & Services | Maintenance services | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues 63.2 59.2  
Leasing & Services | Digital & Logistics Services | Operating Segments [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 12.3 $ 9.2  
v3.26.1
Revenue Lessor Accounting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessor, Lease, Description [Line Items]    
Operating Lease, Lease Income, Lease Payments $ 193.3 $ 201.8
Operating Lease, Variable Lease Income 12.2 13.2
Sales-type Lease, Interest Income $ 0.3 $ 0.2
v3.26.1
Derivative Instruments and Fair Value Accounting Interest Rate Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 1,145.7 $ 1,299.7 $ 1,145.3 $ 1,307.2
Unrealized gains/(losses) on derivative financial instruments        
Derivative [Line Items]        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2.4   $ (2.8)  
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]        
Derivative [Line Items]        
Derivative Asset 2.8      
Derivative Liability 1.4      
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net [1] 0.6      
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating        
Derivative [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.1 $ (2.1)    
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Unrealized gains/(losses) on derivative financial instruments        
Derivative [Line Items]        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 1.1      
Designated as Hedging Instrument [Member] | Open Interest Rate Swaps        
Derivative [Line Items]        
Derivative, Notional Amount 769.5      
Designated as Hedging Instrument [Member] | Pre-issuance Interest Rate Swaps        
Derivative [Line Items]        
Derivative, Notional Amount $ 200.0      
[1] Based on the fair value of open hedges as of March 31, 2026.
v3.26.1
Derivative Instruments and Fair Value Accounting FX Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest $ 1,145.7 $ 1,299.7 $ 1,145.3 $ 1,307.2
Unrealized gains/(losses) on derivative financial instruments        
Derivative [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest 2.4   $ (2.8)  
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]        
Derivative [Line Items]        
Derivative Asset 2.7      
Derivative Liability 0.0      
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months [1] 4.2      
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Derivative [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (3.0) $ 4.7    
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Unrealized gains/(losses) on derivative financial instruments        
Derivative [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest $ (4.2)      
[1] Based on the fair value of open hedges as of March 31, 2026.
v3.26.1
Derivative Instruments and Fair Value Accounting Not Designated (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
TILC Warehouse Back to Back Swap Agreements - Open    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset [1] $ 7.8  
Derivative Liability [1] 0.0  
TILC Warehouse Back to Back Swap Agreements - Open | Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] (2.5) $ 2.9
TILC Back to Back Swap Agreements - Open    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset [1] 0.0  
Derivative Liability [1] 7.8  
TILC Back to Back Swap Agreements - Open | Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1] $ 2.5 $ (2.9)
[1] Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives.
v3.26.1
Derivative Instruments and Fair Value Accounting Fair Value Measurement (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash and Cash Equivalents, Fair Value Disclosure $ 100.6 $ 172.4
Restricted cash 120.0 122.3
Assets, Fair Value Disclosure 220.6 294.7
Level 2 | Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrentAndNoncurrent    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Liabilities, Fair Value Disclosure [1] 9.2 14.0
Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, Fair Value Disclosure [2] 13.3 10.9
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, Fair Value Disclosure 0.0 0.0
Liabilities, Fair Value Disclosure 0.0 0.0
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Level 2 | Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrentAndNoncurrent    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest Rate Cash Flow Hedge Liability at Fair Value [1] 1.4 6.7
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest Rate Cash Flow Hedge Asset at Fair Value [2] 2.8 0.0
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Foreign Currency Cash Flow Hedge Asset at Fair Value [2] 2.7 3.6
Interest Rate Cap [Member] | Not Designated as Hedging Instrument | Level 2 | Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrentAndNoncurrent    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value [1] 7.8 7.3
Interest Rate Cap [Member] | Not Designated as Hedging Instrument | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value [2] $ 7.8 $ 7.3
[1] Included in accrued liabilities in our Consolidated Balance Sheets.
[2] Included in other assets in our Consolidated Balance Sheets.
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of Reportable Segments 2
v3.26.1
Segment Information - Financial information for segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting [Line Items]      
External Revenue $ 492.0 $ 585.4  
Revenues, Total 492.0 585.4  
Depreciation and amortization 72.6 74.3  
Selling, engineering, and administrative expenses 50.7 50.0  
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment (22.0) (5.9)  
Operating Profit (Loss) 101.1 99.8  
Other (income) expense 66.0 63.4  
Provision for income taxes 8.5 7.4  
Loss from discontinued operations, net of benefit for income taxes of $0.6 and $0.6 (1.8) (1.9)  
Net income 24.8 27.1  
Assets 8,330.7   $ 8,424.4
Operating Segment Assets 8,590.9   8,614.5
Segment Reporting, Long-Lived Asset, Expenditure for Addition 157.3 129.4  
Operating Segments [Member]      
Segment Reporting [Line Items]      
Revenues, Total 585.8 707.9  
Operating Profit (Loss) 130.3 130.4  
Intersegment Eliminations [Member]      
Segment Reporting [Line Items]      
Intersegment Revenues 93.8 122.5  
Revenues, Total (93.8) (122.5)  
Operating Profit (Loss) (3.5) (6.2)  
Assets (568.4)   (575.1)
Leasing & Services      
Segment Reporting [Line Items]      
External Revenue 285.3 287.2  
Depreciation and amortization 64.9 66.5  
Segment Reporting, Long-Lived Asset, Expenditure for Addition 153.3 122.5  
Leasing & Services | Operating Segments [Member]      
Segment Reporting [Line Items]      
Revenues, Total 285.8 287.4  
Selling, engineering, and administrative expenses [1] 17.5 18.7  
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment [1] (22.0) (5.9)  
Segment Reporting, Other Segment Item, Amount [2] 81.8 71.0  
Operating Profit (Loss) 108.2 104.5  
Assets 7,702.8   7,676.5
Leasing & Services | Operating Segments [Member] | Railroad Transportation Equipment [Member]      
Segment Reporting [Line Items]      
Depreciation and amortization [1],[3] 59.2 61.1  
Maintenance and compliance expense (5) [1],[3],[4] 41.1 38.0  
Leasing & Services | Intersegment Eliminations [Member]      
Segment Reporting [Line Items]      
Intersegment Revenues 0.5 0.2  
Rail Products Group [Member]      
Segment Reporting [Line Items]      
External Revenue 206.7 298.2  
Depreciation and amortization 6.9 7.0  
Segment Reporting, Long-Lived Asset, Expenditure for Addition 2.7 6.6  
Rail Products Group [Member] | Operating Segments [Member]      
Segment Reporting [Line Items]      
Revenues, Total 300.0 420.5  
Cost of Revenue [1],[5] 270.4 387.7  
Selling, engineering, and administrative expenses [1] 7.5 6.9  
Segment Reporting, Other Segment Item, Amount [2] 0.0 0.0  
Operating Profit (Loss) 22.1 25.9  
Assets 888.1   938.0
Rail Products Group [Member] | Intersegment Eliminations [Member]      
Segment Reporting [Line Items]      
Intersegment Revenues 93.3 122.3  
Corporate Segment [Member]      
Segment Reporting [Line Items]      
Depreciation and amortization 0.8 0.8  
Operating Profit (Loss) (25.7) (24.4)  
Segment Reporting, Long-Lived Asset, Expenditure for Addition 1.3 $ 0.3  
Corporate Segment and Other Operating Segment | Operating Segments [Member]      
Segment Reporting [Line Items]      
Assets $ 308.2   $ 385.0
[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.
v3.26.1
Partially-Owned Subsidiaries - Narrative (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2026
USD ($)
Apr. 09, 2026
Mar. 31, 2026
USD ($)
board_member
Subsequent Event      
Noncontrolling Interest [Line Items]      
Gain on Divestiture of Partially-owned Leasing Subsidiary $ 130.0    
Signal Rail Holdings LLC      
Noncontrolling Interest [Line Items]      
Equity Method Investment, JV Majority Ownership Percentage     88.30%
Equity Method Investment, Ownership Percentage     11.70%
Equity Method Investments     $ 12.7
NP SPE Holdings LP | Subsequent Event      
Noncontrolling Interest [Line Items]      
Equity Method Investment, Ownership Percentage   11.20%  
Partially-owned subsidiaries      
Noncontrolling Interest [Line Items]      
Parent Company Guarantees     $ 0.0
Leasing & Services | Partially-owned subsidiaries      
Noncontrolling Interest [Line Items]      
Number of Board Members | board_member     7
Number of Board Members of Subsidiary, Designated by Parent | board_member     2
Partially-owned subsidiaries | Rail Products Group [Member]      
Noncontrolling Interest [Line Items]      
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary     $ 2.7
Noncontrolling Interest, Ownership Percentage by Parent     51.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners     49.00%
TRIP Holdings [Member] | Leasing & Services      
Noncontrolling Interest [Line Items]      
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary     $ 35.4
Noncontrolling Interest, Ownership Percentage by Parent     42.56%
Triumph Rail Holdings LLC | Leasing & Services      
Noncontrolling Interest [Line Items]      
Equity Ownership, Excluding Consolidated Entity and Equity Method Investee, Percentage     0.20%
v3.26.1
Property, Plant, and Equipment - Components of property, plant, and equipment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 $ 9,330.1 $ 9,258.3
Less: accumulated depreciation (2,687.1) (2,637.0)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 6,643.0 6,621.3
Railcars on Lease [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 6,281.7 6,256.0
Railcars on Lease [Member] | Intersegment Eliminations [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 [1] (927.5) (926.6)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization (623.2) (628.6)
Negative Accumulated Depreciation PP&E- Deferred Profit 304.3 298.0
Wholly-owned subsidiaries    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Net Book Value of Unpledged Equipment 922.8  
Wholly-owned subsidiaries | Secured Debt [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Debt Instrument, Collateral Amount 5,611.9  
Wholly-owned subsidiaries | Railcars on Lease [Member] | Operating Segments [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 8,737.8 8,668.5
Less: accumulated depreciation (2,203.1) (2,156.1)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 6,534.7 [2] 6,512.4
Partially-owned subsidiaries | Secured Debt [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Debt Instrument, Collateral Amount 370.2  
Partially-owned subsidiaries | Railcars on Lease [Member] | Operating Segments [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 622.3 620.5
Less: accumulated depreciation (252.1) (248.3)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 370.2 [3] 372.2
Operating & Administrative Assets [Member]    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 897.5 895.9
Less: accumulated depreciation (536.2) (530.6)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization 361.3 365.3
Operating & Administrative Assets [Member] | Land    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 16.1 16.1
Operating & Administrative Assets [Member] | Buildings and improvements    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 410.8 408.4
Operating & Administrative Assets [Member] | Machinery and other    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 452.2 452.9
Operating & Administrative Assets [Member] | Construction in progress    
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]    
Property, plant, and equipment, at cost, including partially-owned subsidiary of $524.7 and $523.9 $ 18.4 $ 18.5
[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 March 31, 2026 consisted primarily of non-recourse debt. As of March 31, 2026, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,611.9 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at March 31, 2026 was $922.8 million. See Note 7 for more information regarding the Leasing Group's debt.
[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 March 31, 2026, Tribute Rail held equipment with a net book value of $370.2 million, which was pledged solely as collateral for the Tribute Rail debt. See Note 5 for a description of TRIP Holdings and its subsidiary, including the April 2026 transaction in which TRIP Holdings and its subsidiary will no longer be included in our Consolidated Financial Statements.
v3.26.1
Debt - Components of debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Debt: $ 5,382.3 $ 5,442.5
Recourse    
Debt Instrument [Line Items]    
Debt: 598.6 598.5
Nonrecourse    
Debt Instrument [Line Items]    
Debt: 4,783.7 4,844.0
Level 2    
Debt Instrument [Line Items]    
Long-term Debt, Fair Value 615.6 623.9
Level 3    
Debt Instrument [Line Items]    
Long-term Debt, Fair Value 3,258.6 3,303.6
Corporate Segment [Member]    
Debt Instrument [Line Items]    
Debt, Net of Unamortized Premium and Unamortized Discount, Gross of Unamortized Debt Issuance Costs 602.8 603.1
Less: unamortized debt issuance costs 4.2 4.6
7.75% Senior Notes Due 2028 | Senior Notes due 2028 | Corporate Segment [Member]    
Debt Instrument [Line Items]    
Senior Notes 602.8 603.1
Debt Instrument, Unamortized Premium 2.8 3.1
Wholly Owned Subsidiaries [Member] | Nonrecourse    
Debt Instrument [Line Items]    
Debt: 4,516.7 4,573.4
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Debt, Net of Unamortized Premium and Unamortized Discount, Gross of Unamortized Debt Issuance Costs 4,535.9 4,594.3
Less: unamortized debt issuance costs 19.2 20.9
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Nonrecourse    
Debt Instrument [Line Items]    
Debt: 4,516.7 4,573.4
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Unamortized Discount 0.2 0.3
Debt, Net of Unamortized Premium and Unamortized Discount, Gross of Unamortized Debt Issuance Costs 3,003.2 3,036.3
Wholly Owned Subsidiaries [Member] | TRL-2023 Term Loan | Line of Credit [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Long-term Line of Credit 1,025.3 1,031.9
Debt Instrument, Unamortized Discount 0.6 0.6
Wholly Owned Subsidiaries [Member] | Other Equipment Financing | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Secured Debt, Other 47.0 47.6
Partially-Owned Subsidiaries [Member] | Nonrecourse    
Debt Instrument [Line Items]    
Debt: 267.0 270.6
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Less: unamortized debt issuance costs 0.5 0.7
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Services Group [Member] | Nonrecourse    
Debt Instrument [Line Items]    
Debt: 267.0 270.6
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Unamortized Discount 0.0 0.0
Debt, Net of Unamortized Premium and Unamortized Discount, Gross of Unamortized Debt Issuance Costs 267.5 271.3
Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member]    
Debt Instrument [Line Items]    
Long-term Line of Credit 0.0 0.0
Revolving Credit Facility [Member] | TILC [Member] | TILC Warehouse Facility [Member] | Line of Credit [Member] | Railcar Leasing and Services Group [Member]    
Debt Instrument [Line Items]    
Long-term Line of Credit $ 460.4 $ 478.5
v3.26.1
Debt - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Apr. 17, 2026
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%  
Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Current Borrowing Capacity   $ 600.0  
Proceeds from Lines of Credit   0.0  
Repayments of Lines of Credit   0.0  
Line of Credit Facility, Remaining Borrowing Capacity   $ 595.6  
Debt Instrument, Basis Spread on Variable Rate   1.50%  
Debt Instrument, Interest Rate, Effective Percentage   5.23%  
Line of Credit Facility, Interest Rate at Period End   0.20%  
Corporate Segment [Member] | Letter of Credit [Member] | Line of Credit [Member]      
Debt Instrument [Line Items]      
Letters of Credit Outstanding, Amount   $ 4.4  
TILC [Member] | Leasing & Services | Revolving Credit Facility [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Current Borrowing Capacity   800.0  
Repayments of Lines of Credit   18.1  
Line of Credit Facility, Remaining Borrowing Capacity   $ 339.6  
Debt Instrument, Basis Spread on Variable Rate   1.75%  
Debt Instrument, Interest Rate, Effective Percentage   5.42%  
Wholly-owned subsidiaries | Leasing & Services | Secured Debt [Member] | TRL-2025 Series 2026-1 Class A Green Secured Railcar Equipment Notes [Member] | Subsequent Event      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage     5.35%
Debt Instrument, Face Amount     $ 447.4
Wholly-owned subsidiaries | Leasing & Services | Secured Debt [Member] | TRL-2025 Series 2026-1 Class B Green Secured Railcar Equipment Notes [Member] | Subsequent Event      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage     5.56%
Debt Instrument, Face Amount     $ 33.4
Wholly-owned subsidiaries | Leasing & Services | Secured Debt [Member] | TRL-2019 Series 2019-1 Secured Railcar Equipment Notes [Member] | Subsequent Event      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage     3.82%
Repayments of Debt $ 377.1    
Minimum | Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Interest Rate at Period End   0.175%  
Maximum | Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Interest Rate at Period End   0.40%  
v3.26.1
Income Taxes Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Line Items]      
Effective Income Tax Rate Reconciliation, Percent 24.20% 20.30%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%  
Deferred income taxes $ 1,148.0   $ 1,129.0
Railcars on Lease [Member]      
Income Tax Disclosure [Line Items]      
Deferred income taxes $ 1,300.0   $ 1,300.0
v3.26.1
Accumulated Other Comprehensive Loss - Changes in accumulated other comprehensive loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest $ 1,145.7 $ 1,145.3 $ 1,299.7 $ 1,307.2
Changes in accumulated other comprehensive loss        
Other comprehensive income, net of tax, before reclassifications 7.4      
Amounts reclassified from AOCI, net of tax expense of $0.7, $—, and $0.7 (2.2)      
Reclassification from AOCI, Current Period, Tax (0.7)      
Other comprehensive income 5.2      
Unrealized gains/(losses) on derivative financial instruments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest 2.4 (2.8)    
Changes in accumulated other comprehensive loss        
Other comprehensive income, net of tax, before reclassifications 7.4      
Amounts reclassified from AOCI, net of tax expense of $0.7, $—, and $0.7 (2.2)      
Reclassification from AOCI, Current Period, Tax (0.7)      
Other comprehensive income 5.2      
Net actuarial gains/(losses) of defined benefit plans        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest (1.4) (1.4)    
Changes in accumulated other comprehensive loss        
Other comprehensive income, net of tax, before reclassifications 0.0      
Amounts reclassified from AOCI, net of tax expense of $0.7, $—, and $0.7 0.0      
Reclassification from AOCI, Current Period, Tax 0.0      
Other comprehensive income 0.0      
Accumulated other comprehensive income (loss)        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Equity, Including Portion Attributable to Noncontrolling Interest $ 1.0 $ (4.2) $ (4.2) $ (4.2)
v3.26.1
Common Stock and Stock-Based Compensation Stock-based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-Based Payment Arrangement, Expense $ 4.9 $ 5.3
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Shares Granted 2,860  
Weighted Average Grant-Date Fair Value per Award $ 34.97  
Performance units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Shares Granted 132,656  
Weighted Average Grant-Date Fair Value per Award $ 32.31  
v3.26.1
Earnings Per Common Share - EPS calculation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Income from continuing operations $ 26.6 $ 29.0
Less: Net income attributable to noncontrolling interest (0.6) (5.0)
Net income from continuing operations attributable to Trinity Industries, Inc. 26.0 24.0
Net loss from discontinued operations attributable to Trinity Industries, Inc. (1.8) (1.9)
Net income attributable to Trinity Industries, Inc. $ 24.2 $ 22.1
Basic weighted average shares outstanding 79.7 81.6
Effect of dilutive securities 2.2 2.2
Diluted weighted average shares outstanding 81.9 83.8
Income (Loss) from Continuing Operations, Per Basic Share $ 0.33 $ 0.29
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share (0.02) (0.02)
Earnings Per Share, Basic [1] 0.30 0.27
Income (Loss) from Continuing Operations, Per Diluted Share 0.32 0.29
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.02) (0.02)
Earnings Per Share, Diluted [1] $ 0.30 $ 0.26
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 0.1
Stock options    
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
[1]
Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.
v3.26.1
Contingencies - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrentAndNoncurrent  
Loss Contingencies [Line Items]  
Loss Contingency Accrual $ 8.8
Ohio Train Derailment Litigation | Ohio Train Derailment Litigation  
Loss Contingencies [Line Items]  
Loss Contingency Accrual 0.0
Environmental and Workplace Matters [Member]  
Loss Contingencies [Line Items]  
Loss Contingency Accrual 1.0
Minimum  
Loss Contingencies [Line Items]  
Loss Contingency, Estimate of Possible Loss 8.1
Maximum  
Loss Contingencies [Line Items]  
Loss Contingency, Estimate of Possible Loss $ 19.8