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Reportable Segments
−Removed: Effective January 1, 2024, the Company modified its organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses.
−Removed: The new structure resulted in a change to our reportable segments beginning in 2024.
−Removed: In connection with this organizational update, we aligned the maintenance services business, which was previously reported in the Rail Products Group, to now be presented within our leasing business.
−Removed: Consequently, beginning January 1, 2024, we report our operating results in two reportable segments:
−Removed: (1) the Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) the Rail Products Group.
Reportable Segments
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Our Railcar Leasing and Services Group ("Leasing Group") is a leading provider in North America of comprehensive railcar industry services.
−Removed: Through wholly-owned subsidiaries, including Trinity Industries Leasing Company ("TILC"), and partially-owned subsidiaries, including TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC ("RIV 2013"), we primarily offer full-service operating leases for freight and tank railcars.
+Added: Through wholly-owned subsidiaries, including Trinity Industries Leasing Company ("TILC"), and a partially-owned subsidiary, TRIP Rail Holdings LLC (“TRIP Holdings”), we primarily offer full-service operating leases for freight and tank railcars.
+Added: Previously, RIV 2013 Rail Holdings LLC ("RIV 2013") was a partially-owned subsidiary in the Leasing Group.
+Added: In December 2025, as a result of a railcar partnership restructuring, RIV 2013 is now a wholly-owned subsidiary in the Leasing Group.
+Added: See Note 6 of the Consolidated Financial Statements for additional information regarding this transaction.
In addition, TILC originates and manages railcar leases for third-party investors and provides fleet maintenance and management services to industrial shippers.
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We provide modification capabilities and assist in transitioning railcars to new industry standards.
−Removed: We believe that our investment in our maintenance services capabilities extends and enhances our ability to serve our lease fleet and our customers.
+Added: We believe that our maintenance services capabilities extend and enhance our ability to serve our lease fleet and our customers.
We compete in the North American market against numerous maintenance services providers.
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Lease Fleet Diversification
−Removed: The following charts provide additional information with respect to the number of railcars in the Company's lease fleet.
+Added: The following charts provide additional information with respect to the number of railcars in our lease fleet.
+Added: (1) Approximately 6,235 railcars were transferred from partially-owned to wholly-owned related to the acquisition of the noncontrolling interest in RIV 2013 as of December 31, 2025.
+Added: Approximately 10,850 railcars were transferred from partially-owned to investor-owned related to the divestiture of Triumph Rail Holdings LLC as of December 31, 2025.
+Added: See Note 6 of the Consolidated Financial Statements for more information on these transactions.
(2) Data presented in this chart includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements, which totaled 101,485 railcars as of December 31, 2025.
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Our parts and components business provides complementary rail-related offerings, including manufacturing and distributing new, refurbished, and replacement parts.
−Removed: We believe our Rail Products Group's diversified manufacturing capabilities enable us to capitalize on changing industry trends and developing opportunities in various markets.
+Added: We believe our Rail Products Group's diversified manufacturing capabilities enable us to capitalize on changing industry trends and developing opportunities .
Our customers include railroads, leasing companies, and industrial shippers of products in various markets, such as refined products and chemicals, energy, agriculture, construction and metals, and consumer products.
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and 3,460 were employed in Mexico.
−Removed: Additional information on our human capital programs and initiatives is included in our Interim Corporate Social Responsibility Report, which is available on our website.
+Added: Additional information on our human capital programs and initiatives is included in our Corporate Social Responsibility Report, which is available on our website.
Information contained on our website is not included in, or incorporated by reference into, this Annual Report on Form 10-K.
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Additionally, we are a certified partner through the American Chemistry Council’s Responsible Care® Management System, which guides the continual improvement of our environmental, health, and safety practices and performance.
−Removed: Workforce Talent and Diversity.
−Removed: We are committed to attracting and retaining highly skilled and diverse employees and are proud that our workforce is made up of talented people from a variety of backgrounds.
+Added: Workforce Talent.
+Added: We are committed to attracting and retaining highly skilled and diverse employees and are proud that our workforce is made up of talented people with a variety of backgrounds and experiences.
We strive to uphold this commitment throughout the Company, including through all stages of our human resources process, from recruitment and hiring to talent retention.
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We are committed to respecting human rights throughout all our operations, and seek to provide respect, dignity, and fair wages for our employees and contractors.
−Removed: We are committed to promoting human rights and strive to ensure that the products and services provided by the Company and our third-party business partners are ethically sourced and do not breach human rights laws in countries in which they originate nor the internationally recognized human rights framed under the Universal Declaration of Human Rights and the relevant sections of the UN Guiding Principles on Business and Human Rights.
+Added: We strive to ensure that the products and services provided by the Company and our third-party business partners are ethically sourced and do not breach human rights laws in countries in which they originate nor the internationally recognized human rights framed under the Universal Declaration of Human Rights and the relevant sections of the UN Guiding Principles on Business and Human Rights.
These commitments are formalized and enforced through our Labor and Human Rights Policy, as well as our Code of Business Conduct and Ethics.
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Maldonado 43 Vice President and Chief Accounting Officer 2024
−Removed: Mitchell 59 Executive Vice President, Leasing and Services 2007
Kevin Poet 59 Executive Vice President, Operations and Support Services 2020
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Maldonado began her career in the audit practice of Deloitte & Touche LLP and is a licensed certified public accountant in the State of Texas.
−Removed: Mitchell has served as Executive Vice President, Leasing and Services since January 2024.
−Removed: He served as Executive Vice President and Chief Commercial Officer from 2020 to 2023, having served as Chief Commercial Officer of TrinityRail since 2019.
−Removed: In 2018, he was named Chairman of Trinity Highway Products and Trinity Logistics.
−Removed: Prior to joining Trinity in 2007, he served as an executive or in senior leadership in supply chain for companies such as Glazers Corporation, Gap Inc., and Wal-Mart.
Poet has served as Executive Vice President, Operations and Support Services since 2022, having previously served as Executive Vice President, Support Services since 2020.
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Our goal is to promote the long-term interests of stakeholders, strengthen accountability, and inspire trust.
−Removed: We have focused our governance practices to promote best-in-class leadership, diversity, independence, and stockholder-aligned incentive practices at the most senior levels.
+Added: We have focused our governance practices to promote best-in-class leadership, diversity in backgrounds and expertise, independence, and stockholder-aligned incentive practices at the most senior levels.
Our Board of Directors includes an independent Chairman and diverse and independent Board members who help ensure that our business strategies and programs, including our compensation program, are aligned with stakeholder interests.
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The Corporate Governance and Directors Nominating Committee of our Board oversees (i) the process and preparation of the Company's Corporate Social Responsibility Report and (ii) the actions and steps taken towards the Company's environmental, social, and governance goals.
−Removed: The Finance and Risk Committee receives and oversees environmental, health, and safety reporting and has the responsibility to review and assess risk exposure related to the Company's operations, including safety, environmental, financial, contingent liabilities, and other risks material to the Company.
+Added: The Finance and Risk Committee has the responsibility to review and assess risk exposure related to the Company's operations, including safety, environmental, financial, contingent liabilities, and other risks material to the Company.
The Audit Committee oversees the Company’s policies and procedures relating to risk assessment, management, and mitigation.
Green Financing Framework .
−Removed: As part of our sustainability efforts, TILC issued its Green Financing Framework in January 2021 supported by a second-party opinion from Sustainalytics, a Morningstar Company and a globally-recognized provider of environmental, social, and governance research, ratings, and data.
+Added: As part of our sustainability efforts, the Company updated its Green Financing Framework in June 2025 supported by a second-party opinion from Sustainalytics, a Morningstar Company and a globally-recognized provider of environmental, social, and governance research, ratings, and data.
The Green Financing Framework enhances the Company’s sustainability strategy by contributing to a more resource-efficient economy through the financing of railcar assets that contribute to reducing the overall environmental footprint of the transportation industry.
−Removed: In accordance with the International Capital Market Association's Green Bond Principles, 2018 and the Loan Syndications and Trading Association's Green Loan Principles, 2020, TILC manages and reports on eligible projects and assets to existing debt holders.
+Added: In accordance with the International Capital Market Association's Green Bond Principles, 2021 and the Loan Syndications and Green Loan Principles 2025 administered by the Loan Market Association, the Asia Pacific Loan Market Association, and the Loan Syndications and Trading Association, TILC manages and reports on eligible projects and assets to existing debt holders.
The Green Financing Framework enables Trinity’s leasing company to issue green financing instruments, including green non-recourse bonds and green loans, supported by green eligible railcar assets.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.