Filing Flows › Industrials › Trinity Industries (TRN)
Trinity Industries (TRN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Trinity Industries (TRN) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $535M · 3¢ of every $1 of revenue kept as net profit · operating margin 17.9%
Trinity Industries made $535M in Q3 2026 (+18% Y/Y): Leasing & Services $286M, Manufacturing $249M. Operating margin 17.9%, net earnings $17.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $535.1M in Q3 2026, up 18% year over year and up 10% from the previous quarter. Leasing & Services was the largest line at 53% of revenue. Manufacturing added $95.8M year over year (up 62%), 118% of the total change. Leasing & Services declined 5%.
Operating profit was $95.6M, a 17.9% margin (down 8.3 points year over year). Operating profit fell $23.0M even though revenue rose $81.0M versus Q3 2025, so costs grew faster than sales. Total costs grew 31% against revenue growth of 18%. Net earnings were $17.6M, down 42% year over year. The effective tax rate was 33.5%.
Operating cash flow was $66.3M (up 50% year over year), 379% of net earnings. Non-cash charges added back $70.5M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $28.0M. Capital expenditures of $16.7M left free cash flow of $49.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $535M | +18% | 17.9% | $17.6M | $66.3M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $485M | -4% | 41.2% | $98.3M | $68.9M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $492M | -16% | 20.5% | $24.2M | $97.8M |
| Q4 2025 | 10-K | Feb 19, 2026 | $611M | -3% | 54.9% | $187M | $177M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $454M | -43% | 26.1% | $30.3M | $44.2M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $506M | -40% | 18.8% | $14.1M | $61.6M |
| Q1 2025 | 10-Q | May 1, 2025 | $585M | -28% | 17.0% | $22.1M | $76.5M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Trinity Industries
Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or “us”) own businesses that are leading providers of railcar products and services in North America. We market our railcar products and services under the trade name TrinityRail ® . Our platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Our platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services.
In its own words, from its 10-K, filed Feb 19, 2026.
Trinity Industries against its Railroad Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +8%. Operating margin: 17.9% against the peers' median 17.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRN Trinity Industries | Q3 2026 | $535M | +18% | 17.9% |
| WAB Westinghouse Air Brake Technologies | Q3 2026 | $3.1B | +8% | 20.0% |
| GBX Greenbrier Companies | Q4 FY26 | $591M | -22% | 4.3% |
| RAIL FreightCar America | Q2 2026 | $113M | -5% | -3.8% |
Source: Trinity Industries 10-Q on SEC EDGAR · CIK 99780 · Railroad Equipment
13F: who owns TRN and who is buying
More on TRN
- How Trinity Industries makes money: revenue by segment
- Trinity Industries next earnings date and what analysts expect
- Trinity Industries stock forecast, price target and fair value
- Who owns Trinity Industries stock: holders, funds and Congress trades
- Trinity Industries guidance and outlook
- Is Trinity Industries a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Trinity Industries guidance history: guided vs reported
- Trinity Industries operating margin by quarter
- Trinity Industries net income by quarter
- Trinity Industries free cash flow by quarter
- Trinity Industries capital expenditures by quarter
- Trinity Industries Leasing & Services revenue by quarter
- Trinity Industries Manufacturing revenue by quarter