Trinity Industries, Inc. (TRN) Balance Sheet
TRN balance sheet, 2025
December 31, 2025 · U.S. dollars$8.42B assets = $7.28B liabilities + $1.15B equity
Both columns are drawn to the same scale: what TRN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRN financial health
Descriptive bands, not a rating. Fiscal 2025.
TRN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.13B2016 | $8.42B2025 | −0.9%/yr | |
| Total liabilities | $4.81B2016 | $7.28B2025 | +4.7%/yr | |
| Shareholders’ equity | $4.31B2016 | $1.08B2025 | −14.3%/yr | |
| Cash & short-term investments | $798.1M2016 | $201.3M2025 | −14.2%/yr | |
| Total debt | $3.08B2016 | $5.44B2025 | +6.5%/yr | |
| Net cash (debt) | −$2.28B2016 | −$5.24B2025 | −$3.0B | |
| Working capital | $1.54B2016 | $638.5M2025 | −$902.2M | |
| Book value per share | $29.012016 | $12.992025 | −8.5%/yr | |
| Current ratio | 3.652016 | 2.122025 | −1.53 | |
| Debt / equity | 0.712016 | 5.052025 | +4.34 | |
| Shares outstanding | 148.6M2016 | 82.9M2025 | −6.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRN assets
TRN liabilities and equity
TRN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $201.3M | $374.4M | $235.1M | $294.3M | $167.3M | $132.0M | $166.2M | $179.2M | $1.10B | $798.1M |
| Cash & equivalents | $201.3M | $374.4M | $235.1M | $294.3M | $167.3M | $132.0M | $166.2M | $179.2M | $778.6M | $563.4M |
| Short-term investments | — | — | $13.1M | $19.7M | — | — | — | $0 | $319.5M | $234.7M |
| Receivables | $416.6M | $381.5M | $368.7M | $331.3M | $233.0M | $644.8M | $274.8M | $317.0M | $398.7M | $480.8M |
| Inventory | $469.1M | $476.2M | $684.3M | $629.4M | $432.9M | $321.2M | $433.4M | $524.7M | $640.6M | $665.8M |
| Other current assets | $122.3M | $0 | $0 | $0 | $135.1M | $96.4M | $111.4M | $171.6M | $195.2M | $178.2M |
| Total current assets | $1.21B | $1.23B | $1.29B | $1.25B | $968.3M | $1.19B | $985.8M | $1.19B | $2.33B | $2.12B |
| Property, plant & equipment (net) | $6.62B | $7.09B | $7.11B | $6.98B | $6.85B | $7.00B | $7.11B | $6.33B | $6.13B | $5.97B |
| Goodwill & intangible assets | $331.9M | $320.5M | $328.2M | $195.9M | $154.2M | $208.8M | $227.5M | $208.8M | $1.64B | $1.59B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100,000 | $1.3M | $3.1M |
| Other non-current assets | $261.9M | $194.5M | $184.8M | $293.5M | $266.5M | $295.2M | $377.5M | $253.4M | $0 | $0 |
| Total assets | $8.42B | $8.83B | $8.91B | $8.72B | $8.24B | $8.70B | $8.70B | $7.99B | $9.54B | $9.13B |
| Liabilities | ||||||||||
| Accounts payable | $269.6M | $251.7M | $305.3M | $287.5M | $206.4M | $156.4M | $203.9M | $212.1M | $175.4M | $156.1M |
| Short-term debt | $0 | $840.1M | $673.2M | $242.1M | $231.4M | $45.2M | $28.0M | $17.7M | $20.5M | $23.5M |
| Deferred revenue | — | — | −$673.2M | $1.11B | −$231.4M | −$45.2M | −$28.0M | $17.7M | $20.5M | $23.5M |
| Total current liabilities | $570.8M | $1.44B | $1.28B | $790.6M | $513.8M | $471.1M | $546.0M | $580.4M | $615.4M | $582.2M |
| Long-term debt | $5.44B | $5.69B | $5.75B | $4.98B | $5.17B | $5.02B | $4.88B | $4.03B | $3.24B | $3.06B |
| Lease obligations | — | — | — | — | — | — | — | $0 | $28.3M | $32.0M |
| Other long-term liabilities | $1.27B | $389.3M | $596.0M | $1.68B | $1.25B | $1.20B | $894.6M | $817.6M | $827.4M | $1.18B |
| Total liabilities | $7.28B | $7.53B | $7.63B | $7.45B | $6.94B | $6.69B | $6.32B | $5.43B | $4.69B | $4.81B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $1.1M | $1.2M | $1.3M | $484.1M | $536.2M |
| Retained earnings (deficit) | $1.08B | $1.05B | $1.01B | $992.6M | $1.05B | $1.77B | $2.18B | $2.33B | $4.12B | $3.50B |
| Treasury stock | — | — | — | −$700,000 | −$600,000 | −$800,000 | −$900,000 | −$1.0M | −$1.6M | −$1.5M |
| Accumulated other comprehensive income | −$4.2M | −$4.2M | $11.0M | $19.7M | −$17.0M | −$30.9M | −$153.1M | −$116.8M | −$104.8M | −$113.5M |
| Minority interest | $68.1M | $248.3M | $238.4M | $257.2M | $267.0M | $277.2M | $348.8M | $351.2M | $356.9M | $392.6M |
| Total shareholders' equity | $1.08B | $1.06B | $1.04B | $1.01B | $1.30B | $2.02B | $2.38B | $2.56B | $4.86B | $4.31B |
| Key figures | ||||||||||
| Total debt | $5.44B | $5.80B | $5.87B | $5.72B | $5.40B | $5.06B | $4.91B | $4.05B | $3.26B | $3.08B |
| Net cash (debt) | −$5.24B | −$5.43B | −$5.64B | −$5.43B | −$5.23B | −$4.93B | −$4.74B | −$3.87B | −$2.16B | −$2.28B |
| Working capital | $638.5M | −$212.7M | $7.3M | $464.4M | $454.5M | $723.3M | $439.8M | $612.1M | $1.72B | $1.54B |
| Tangible book value | $745.3M | $738.4M | $708.9M | $816.5M | $1.14B | $1.81B | $2.15B | $2.35B | $3.22B | $2.72B |
| Book value per share | $12.99 | $12.58 | $12.44 | $12.02 | $12.49 | $17.39 | $18.69 | $17.50 | $31.96 | $29.01 |
| Shares outstanding | 82.9M | 84.2M | 83.4M | 84.2M | 103.8M | 115.9M | 127.3M | 146.4M | 152.0M | 148.6M |
| Current ratio | 2.12 | 0.85 | 1.01 | 1.59 | 1.88 | 2.54 | 1.81 | 2.05 | 3.79 | 3.65 |
| Quick ratio | 1.08 | 0.52 | 0.47 | 0.79 | 0.78 | 1.65 | 0.81 | 0.85 | 2.43 | 2.20 |
| Debt / equity | 5.05 | 5.48 | 5.66 | 5.65 | 4.17 | 2.51 | 2.06 | 1.58 | 0.67 | 0.71 |
| Equity / assets | 12.8% | 12.0% | 11.6% | 11.6% | 15.7% | 23.2% | 27.3% | 32.1% | 50.9% | 47.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $155.7M | $132.6M | $201.3M | $238.7M | $315.3M | $94.9M | $374.4M | $332.4M | $364.2M | $235.1M | $235.1M | $266.7M |
| Cash & equivalents | $155.7M | $132.6M | $201.3M | $238.7M | $315.3M | $94.9M | $374.4M | $332.4M | $364.2M | $235.1M | $235.1M | $266.7M |
| Short-term investments | — | — | — | — | — | — | — | — | $15.6M | $16.6M | $13.1M | $26.1M |
| Receivables | $345.9M | $354.3M | $416.6M | $341.0M | $344.3M | $371.4M | $381.5M | $418.8M | $402.1M | $488.9M | $368.7M | $400.7M |
| Inventory | $533.6M | $483.2M | $469.1M | $554.6M | $459.7M | $449.7M | $476.2M | $549.1M | $616.9M | $643.1M | $684.3M | $679.4M |
| Other current assets | $114.2M | $120.0M | $122.3M | $0 | $0 | $140.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.15B | $1.09B | $1.21B | $1.13B | $1.12B | $1.06B | $1.23B | $1.30B | $1.38B | $1.37B | $1.29B | $1.35B |
| Property, plant & equipment (net) | $6.33B | $6.64B | $6.62B | $7.19B | $7.09B | $7.02B | $7.09B | $7.03B | $7.04B | $7.16B | $7.11B | $7.08B |
| Goodwill & intangible assets | $221.5M | $221.5M | $221.5M | $221.5M | $221.5M | $221.5M | $320.5M | $221.5M | $221.5M | $221.5M | $221.5M | $222.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $528.6M | $376.1M | $372.3M | $386.0M | $382.4M | $371.6M | $194.5M | $295.5M | $312.1M | $330.7M | $291.5M | $321.6M |
| Total assets | $8.23B | $8.33B | $8.42B | $8.93B | $8.81B | $8.66B | $8.83B | $8.84B | $8.96B | $9.08B | $8.91B | $8.97B |
| Liabilities | ||||||||||||
| Accounts payable | $276.5M | $272.9M | $269.6M | $253.1M | $219.5M | $255.4M | $251.7M | $270.2M | $315.4M | $335.9M | $305.3M | $325.8M |
| Short-term debt | — | — | $0 | $17.8M | $19.7M | $20.7M | $840.1M | $0 | $10.5M | $36.9M | $673.2M | $5.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −$673.2M | — |
| Total current liabilities | $548.7M | $520.1M | $570.8M | $511.5M | $486.5M | $537.3M | $1.44B | $596.0M | $669.3M | $664.2M | $1.28B | $653.8M |
| Long-term debt | $5.23B | $5.38B | $5.44B | $5.94B | $5.86B | $5.62B | $5.69B | $5.70B | $5.73B | $5.87B | $5.75B | $5.78B |
| Other long-term liabilities | $1.31B | $1.28B | $1.27B | $1.23B | $1.21B | $1.21B | $389.3M | $1.25B | $1.26B | $1.26B | $596.0M | $1.28B |
| Total liabilities | $7.09B | $7.18B | $7.28B | $7.68B | $7.55B | $7.37B | $7.53B | $7.54B | $7.65B | $7.79B | $7.63B | $7.72B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 |
| Retained earnings (deficit) | $1.14B | $1.08B | $1.08B | $1.02B | $1.01B | $1.05B | $1.05B | $1.05B | $1.04B | $1.01B | $1.01B | $971.1M |
| Accumulated other comprehensive income | $8.0M | $1.0M | −$4.2M | −$3.9M | −$4.2M | −$4.2M | −$4.2M | −$9.6M | $7.4M | $18.4M | $11.0M | $17.7M |
| Minority interest | $2.6M | $66.9M | $68.1M | $249.4M | $248.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.14B | $1.08B | $1.08B | $1.00B | $1.01B | $1.05B | $1.06B | $1.06B | $1.07B | $1.05B | $1.04B | $1.00B |
| Key figures | ||||||||||||
| Total debt | $5.23B | $5.38B | $5.44B | $5.94B | $5.86B | $5.62B | $5.80B | $5.81B | $5.84B | $5.99B | $5.87B | $5.89B |
| Net cash (debt) | −$5.07B | −$5.25B | −$5.24B | −$5.71B | −$5.54B | −$5.52B | −$5.43B | −$5.48B | −$5.48B | −$5.75B | −$5.64B | −$5.63B |
| Working capital | $600.7M | $570.0M | $638.5M | $622.8M | $632.8M | $518.9M | −$212.7M | $704.3M | $713.9M | $702.9M | $7.3M | $693.0M |
| Tangible book value | $921.6M | $857.3M | $855.7M | $779.5M | $787.6M | $831.7M | $738.4M | $835.9M | $844.0M | $827.8M | $815.6M | $778.1M |
| Book value per share | $14.01 | $13.17 | $13.17 | $12.22 | $12.17 | $12.57 | $12.58 | $12.57 | $12.67 | $12.57 | $12.42 | $11.99 |
| Shares outstanding | 81.6M | 81.9M | 81.8M | 81.9M | 82.9M | 83.8M | 84.2M | 84.1M | 84.1M | 83.5M | 83.5M | 83.5M |
| Current ratio | 2.09 | 2.10 | 2.12 | 2.22 | 2.30 | 1.97 | 0.85 | 2.18 | 2.07 | 2.06 | 1.01 | 2.06 |
| Quick ratio | 0.91 | 0.94 | 1.08 | 1.13 | 1.36 | 0.87 | 0.52 | 1.26 | 1.14 | 1.09 | 0.47 | 1.02 |
| Debt / equity | 4.57 | 4.99 | 5.05 | 5.94 | 5.80 | 5.33 | 5.48 | 5.50 | 5.48 | 5.70 | 5.66 | 5.89 |
| Equity / assets | 13.9% | 12.9% | 12.8% | 11.2% | 11.5% | 12.2% | 12.0% | 12.0% | 11.9% | 11.6% | 11.6% | 11.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
TRN financial position
At the end of fiscal 2025 (December 31, 2025), Trinity Industries had total assets of $8.4 billion (down 4.6% from a year earlier), total liabilities of $7.3 billion and shareholders' equity of $1.1 billion. It held $201.3 million in cash and short-term investments against $5.4 billion of debt, net debt of $5.2 billion. Its current ratio was 2.12. In the latest quarter (ended June 30, 2026) total assets were $8.2 billion and equity $1.1 billion.
Related: TRN income statement, TRN cash flow statement, TRN key metrics. See the TRN stock overview for the latest quote and news.
TRN balance sheet FAQ
What are Trinity Industries's total assets?
Trinity Industries reported total assets of $8.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.8 billion a year earlier.
How much debt does Trinity Industries have?
Trinity Industries had $5.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 5.05.
How much cash does Trinity Industries have?
Trinity Industries held $201.3 million in cash and short-term investments at the end of fiscal 2025; with $5.4 billion of debt that is net debt of $5.2 billion.
What is Trinity Industries's book value?
Trinity Industries's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $12.99 per share.
What is Trinity Industries's current ratio?
Trinity Industries had current assets of $1.2 billion and current liabilities of $570.8 million, a current ratio of 2.12 (it can cover its short-term obligations).
How much goodwill does Trinity Industries have?
Trinity Industries carried $331.9 million of goodwill and intangible assets, 3.9% of total assets, at the end of fiscal 2025.