TRINITY INDUSTRIES INC
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
TRN$29.43-3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0000099780-25-000040
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000099780-25-000098
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 152 previous paragraphs and 159 current paragraphs.
104 unchanged; 44 reworded; 8 added; 4 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Capital Structure Updates
Current report
See Note 8 of the Consolidated Financial Statements for additional information regarding these debt transactions.
Current report
Revenues for the Rail Products Group decreased for the three and six months ended June 30, 2025 by 53.7% and 45.1%, respectively, when compared to the prior year periods. Cost of revenues for the Rail Products Group decreased for the three and six months ended June 30, 2025 by 51.8% and 44.2%, respectively, when compared to the prior year periods. These decreases were primarily due to lower deliveries.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted. The Act includes multiple business tax provisions, including the reinstatement of 100% bonus depreciation and a change in the calculation of deductible interest expense. We are currently evaluating the impact of these provisions on our overall financial position; however, we preliminarily expect a positive impact on our operating cash flows as a result of the expected refund of estimated tax payments previously made, as well as lower cash tax outlays in both the current and future years.
Current report
Liquidity Highlights
Current report
See Note 8 of the Consolidated Financial Statements for additional information regarding these debt transactions.
Current report
•In April 2025, we entered into an amended and restated term loan agreement to increase the aggregate amount of the TRL-2023 term loan from $323.4 million as of December 31, 2024 to $1.05 billion and to extend the maturity date to April 30, 2030.
Current report
•In April 2025, we redeemed in full the TRL-2017 promissory notes, of which $632.8 million was outstanding as of December 31, 2024.
Removed paragraphs (4)
Previous report
Subsequent Events
Previous report
Other, net– Other, net for the three months ended March 31, 2025 resulted in income of $2.7 million, compared to expense of $3.4 million for the three months ended March 31, 2024. Other, net for the three months ended March 31, 2024 includes a fee related to the execution of back-to-back interest rate caps associated with the TILC warehouse loan facility. The changes in other, net (income) expense also include the remeasurement impact of foreign currency fluctuations related to the Mexican peso.
Previous report
(3)Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
Previous report
Revenues and cost of revenues for the Rail Products Group decreased for the three months ended March 31, 2025 by 37.0% and 37.1%, respectively, when compared to the prior year period primarily as a result of lower deliveries, including sustainable railcar conversions.
Reworded paragraphs (44)
Previous wording
Demand for many of our railcar products and services is correlated to changes in North American industrial production. We are actively monitoring trade policy and tariff announcements and the potential impacts to our business. Uncertainty in the macroeconomic environment is negatively impacting our results of operations and demand for our products and services, and is likely to continue. We remain focused on minimizing impacts to our supply chain resulting from these announcements and any future developments.
Current wording
Demand for many of our railcar products and services is correlated to changes in North American industrial production. We continue to actively monitor trade policy and tariff announcements and the potential impacts to our business. Uncertainty in the macroeconomic environment is negatively impacting our results of operations and demand for new railcars. We remain focused on minimizing impacts to our supply chain resulting from these announcements and any future developments.
Previous wording
•Our revenues for the three months ended March 31, 2025 were $585.4 million, representing a decrease of 27.7%, compared to the three months ended March 31, 2024. Our operating profit for the three months ended March 31, 2025 was $99.8 million, representing a decrease of 13.4%, compared to $115.2 million for the three months ended March 31, 2024.
Current wording
•Our revenues for the six months ended June 30, 2025 were $1,091.6 million, representing a decrease of 33.9%, compared to the six months ended June 30, 2024. Our operating profit for the six months ended June 30, 2025 was $195.2 million, representing a decrease of 24.1%, compared to $257.1 million for the six months ended June 30, 2024.
Previous wording
•The Leasing Group's lease fleet of 110,150 company-owned railcars was 96.8% utilized as of March 31, 2025, compared to a lease fleet utilization of 97.5% on 110,205 company-owned railcars as of March 31, 2024. Our company-owned lease fleet includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
Current wording
•The Leasing Group's lease fleet of 111,545 company-owned railcars was 96.8% utilized as of June 30, 2025, compared to a lease fleet utilization of 96.9% on 109,365 company-owned railcars as of June 30, 2024. Our company-owned lease fleet includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
Previous wording
•For the three months ended March 31, 2025, we made a net fleet investment of approximately $86.5 million, which primarily includes new railcar additions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.
Current wording
•For the six months ended June 30, 2025, we made a net fleet investment of approximately $232.7 million, which primarily includes new railcar additions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.
Previous wording
•The total value of the new railcar backlog at March 31, 2025 was $1.9 billion, compared to $2.9 billion at March 31, 2024. The Rail Products Group received orders for 695 railcars and delivered 3,060 railcars in the three months ended March 31, 2025, in comparison to orders for 1,880 railcars and deliveries of 4,695 railcars in the three months ended March 31, 2024.
Current wording
•The total value of the new railcar backlog at June 30, 2025 was $2.0 billion, compared to $2.7 billion at June 30, 2024. The Rail Products Group received orders for 3,005 railcars and deliveries of 4,875 railcars in the six months ended June 30, 2025, in comparison to orders for 4,375 railcars and deliveries of 9,450 railcars in the six months ended June 30, 2024.
Previous wording
◦Deliveries in 2024 included approximately 1,200 railcar shipments that were delayed at the end of 2023 due to the U.S.-Mexico border closure and delivered during the first quarter of 2024.
Current wording
◦Deliveries in the six months ended June 30, 2024 included approximately 1,300 railcar shipments that were delayed at the end of 2023 due to the U.S.-Mexico border closure and delivered during the first half of 2024.
Previous wording
(2) Non-GAAP financial measure. See the Non-GAAP Financial Measures section within this Form 10-Q for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors. Dollar amounts are presented for the three months ended March 31, 2025 and 2024.
Current wording
(2) Non-GAAP financial measure. See the Non-GAAP Financial Measures section within this Form 10-Q for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors. Dollar amounts are presented for the six months ended June 30, 2025 and 2024.
Previous wording
On April 30, 2025, Trinity Rail Leasing 2023 LLC (“TRL-2023”), a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company (“TILC”), entered into an amended and restated term loan agreement to (i) increase the aggregate amount of the term loan from $320.7 million as of March 31, 2025 to $1.05 billion; (ii) extend the maturity date to April 30, 2030; and (iii) reduce the applicable interest rate to daily simple SOFR plus a facility margin of 1.50%. Net proceeds received from the transaction were used to redeem in full the outstanding borrowings of approximately $616.0 million under Trinity Rail Leasing 2017, LLC (“TRL-2017”); to repay approximately $75.8 million of borrowings under TILC's warehouse loan facility; and for general corporate purposes. The interest rate for the TRL-2017 promissory notes was at one-month term SOFR plus (1) a benchmark adjustment of 11 basis points and (2) a facility margin of 1.50%.
Current wording
TRL-2023 Term Loan – In April 2025, Trinity Rail Leasing 2023 LLC (“TRL-2023”), a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company (“TILC”), entered into an amended and restated term loan agreement to (i) increase the aggregate amount of the term loan from $320.7 million as of March 31, 2025 to $1.05 billion; (ii) extend the maturity date to April 30, 2030; and (iii) reduce the applicable interest rate to daily simple SOFR plus a facility margin of 1.50%. Net proceeds received from the transaction were used to redeem in full the outstanding borrowings of approximately $616.0 million under Trinity Rail Leasing 2017, LLC (“TRL-2017”); to repay approximately $75.8 million of borrowings under TILC's warehouse loan facility; and for general corporate purposes. The interest rate for the TRL-2017 promissory notes was at one-month term SOFR plus (1) a benchmark adjustment of 11 basis points and (2) a facility margin of 1.50%.
Previous wording
The following table summarizes our consolidated results of operations for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our consolidated results of operations for the three and six months ended June 30, 2025 and 2024:
Previous wording
The tables below present revenues by segment for the three months ended March 31, 2025 and 2024:
Current wording
The tables below present revenues by segment for the three and six months ended June 30, 2025 and 2024:
Previous wording
Operating costs are comprised of cost of revenues; selling, engineering, and administrative costs; and gains or losses on property disposals. Operating costs by segment for the three months ended March 31, 2025 and 2024 were as follows:
Current wording
Operating costs are comprised of cost of revenues; selling, engineering, and administrative costs; and gains or losses on property disposals. Operating costs by segment for the three and six months ended June 30, 2025 and 2024 were as follows:
Previous wording
(1) Includes gains on lease portfolio sales of $5.9 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1) Includes gains on lease portfolio sales of $7.8 million and $22.7 million for the three months ended June 30, 2025 and 2024, respectively. Includes gains on lease portfolio sales of $13.7 million and $24.8 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Operating profit by segment for the three months ended March 31, 2025 and 2024 was as follows:
Current wording
Operating profit by segment for the three and six months ended June 30, 2025 and 2024 was as follows:
Previous wording
Revenues – Our revenues for the three months ended March 31, 2025 were $585.4 million, representing a decrease of $224.2 million, or 27.7%, over the prior year period primarily due to lower external deliveries, including sustainable railcar conversions, in the Rail Products Group.
Current wording
Revenues – Our revenues for the three months ended June 30, 2025 were $506.2 million, representing a decrease of $335.2 million, or 39.8%, over the prior year period. Our revenues for the six months ended June 30, 2025 were $1,091.6 million, representing a decrease of $559.4 million, or 33.9%, over the prior year period. These decreases were primarily due to lower external deliveries in the Rail Products Group.
Previous wording
Cost of revenues – Our cost of revenues for the three months ended March 31, 2025 was $443.2 million, representing a decrease of $201.7 million, or 31.3%, over the prior year period primarily due to lower external deliveries, including sustainable railcar conversions, in the Rail Products Group.
Current wording
Cost of revenues – Our cost of revenues for the three months ended June 30, 2025 was $372.8 million, representing a decrease of $289.6 million, or 43.7%, over the prior year period. Our cost of revenues for the six months ended June 30, 2025 was $816.0 million, representing a decrease of $491.3 million, or 37.6%, over the prior year period. These decreases were primarily due to lower external deliveries in the Rail Products Group.
Previous wording
Selling, engineering, and administrative expenses – Selling, engineering, and administrative expenses for the three months ended March 31, 2025 were $50.0 million, representing a decrease of $2.3 million, or 4.4%, when compared to the prior year period primarily due to lower employee-related costs, including incentive-based compensation, and lower consulting costs.
Current wording
Selling, engineering, and administrative expenses – Selling, engineering, and administrative expenses for the three months ended June 30, 2025 were $49.4 million, representing a decrease of $11.9 million, or 19.4%, when compared to the prior year period. Selling, engineering, and administrative expenses for the six months ended June 30, 2025 were $99.4 million, representing a decrease of $14.2 million, or 12.5%, when compared to the prior year period. These decreases were primarily due to lower employee-related costs, including incentive-based compensation, and lower consulting costs.
Previous wording
Gains on dispositions of property – Gains on dispositions of property increased by $4.8 million for the three months ended March 31, 2025, when compared to the prior year period primarily due to higher gains on lease portfolio sales.
Current wording
Gains on dispositions of property – Gains on dispositions of property decreased by $12.8 million and $8.0 million for the three and six months ended June 30, 2025, respectively, when compared to the prior year periods primarily due to lower gains on lease portfolio sales.
Previous wording
Operating profit – Operating profit for the three months ended March 31, 2025 totaled $99.8 million, representing a decrease of $15.4 million, or 13.4%, from the prior year period primarily due to lower external deliveries and costs associated with workforce reductions in the Rail Products Group, partially offset by higher lease rates and higher gains on lease portfolio sales.
Current wording
Operating profit – Operating profit for the three months ended June 30, 2025 totaled $95.4 million, representing a decrease of $46.5 million, or 32.8%, from the prior year period. Operating profit for the six months ended June 30, 2025 totaled $195.2 million, representing a decrease of $61.9 million, or 24.1%, from the prior year period. These decreases were primarily due to lower external deliveries in the Rail Products Group, lower gains on lease portfolio sales, and costs associated with workforce reductions, partially offset by lower selling, engineering, and administrative expenses.
Previous wording
Interest expense, net – Interest expense, net for the three months ended March 31, 2025 totaled $66.1 million, compared to $69.1 million for the three months ended March 31, 2024, primarily driven by lower average debt and lower interest rates in 2025.
Current wording
Interest expense, net – Interest expense, net for the three months ended June 30, 2025 totaled $67.7 million, compared to $70.1 million for the three months ended June 30, 2024 primarily driven by lower interest rates and lower average debt in 2025. Interest expense, net for the six months ended June 30, 2025 totaled $133.8 million, compared to $139.2 million for the six months ended June 30, 2024 primarily driven by lower interest rates, partially offset by higher average debt in 2025. Additionally, interest expense, net includes a loss on extinguishment of debt of $0.8 million for the three and six months ended June 30, 2025, compared to $1.5 million for the three and six months ended June 30, 2024.
Previous wording
Income taxes – 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 to the benefit of noncontrolling interest for which we do not provide income taxes and foreign tax true-ups, partially offset by state income taxes and other permanent differences.
Current wording
Income taxes – The effective tax rates from continuing operations for the three and six months ended June 30, 2025 were expenses of 15.8% and 18.4%, respectively, which differ from the U.S. statutory rate of 21.0% primarily due to the benefit of tax credits purchased at a discount and the benefit of noncontrolling interest for which we do not provide income taxes, partially offset by state income taxes and other permanent differences. See Note 9 for further information regarding the purchase of transferable tax credits.
Previous wording
The effective tax rate from continuing operations for the three months ended March 31, 2024 was an expense of 25.8%, which differs from the U.S. statutory rate of 21.0% primarily due to state income taxes and foreign income taxes, partially offset by the benefit of noncontrolling interest for which we do not provide income taxes.
Current wording
The effective tax rates from continuing operations for the three and six months ended June 30, 2024 were expenses of 22.7% and 23.8%, respectively, which differ 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 the benefit of noncontrolling interest for which we do not provide income taxes, excess tax benefits associated with equity-based compensation, and changes in state tax laws enacted in the second quarter.
Previous wording
Total revenues for the Railcar Leasing and Services Group were relatively flat for the three months ended March 31, 2025 compared to the prior year period. Leasing and management revenues for the three months ended March 31, 2025 were favorably impacted primarily by higher lease rates, when compared to the three months ended March 31, 2024.
Current wording
Total revenues for the Railcar Leasing and Services Group increased by 7.5% and 4.1% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods. Leasing and management revenues increased by 5.2% and 5.0% for the three and six months ended June 30, 2025, respectively, when compared to the prior year periods, primarily due to higher lease rates.
Previous wording
Our maintenance services business is primarily dedicated to servicing our lease fleet. Revenues related to maintenance services performed on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group. Services that are not included in the full-service lease agreement, such as repairs of railcar damage or other customer-specific requirements, as well as maintenance and repair activities on railcars owned by third parties, including our investor-owned fleet, are reflected in the maintenance services revenues line above and are not eliminated in consolidation. Revenues in our maintenance services business decreased for the three months ended March 31, 2025 when compared to the prior year period as a result of a lower volume of repairs completed for third parties.
Current wording
Our maintenance services business is primarily dedicated to servicing our lease fleet. Revenues related to maintenance services performed on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group. Services that are not included in the full-service lease agreement, such as repairs of railcar damage or other customer-specific requirements, as well as maintenance and repair activities on railcars owned by third parties, including our investor-owned fleet, are reflected in the maintenance services revenues line above and are not eliminated in consolidation. Revenues in our maintenance services business increased by 21.0% and 3.8% for the three and six months ended June 30, 2025, respectively, when compared to the prior year periods as a result of favorable pricing on, and the mix of, repairs completed for third parties. The increase in revenues for the six months ended June 30, 2025 was partially offset by a lower volume of external repairs.
Previous wording
Cost of revenues for the Railcar Leasing and Services Group increased by 1.3% for the three months ended March 31, 2025 compared to the prior year period primarily due to higher maintenance and compliance costs for the lease fleet, partially offset by a lower volume of external repairs, including the impact of weather disruptions, in our maintenance services business.
Current wording
Cost of revenues for the Railcar Leasing and Services Group increased by 13.7% and 7.3% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods primarily due to higher maintenance and compliance costs for the lease fleet, as well as the mix of external repairs in our maintenance services business. Cost of revenues for the six months ended June 30, 2025 was partially offset by a lower volume of external repairs, including the impact of weather disruptions, in our maintenance services business.
Previous wording
Leasing Group operating profit for the three months ended March 31, 2025 increased by 4.2% when compared to the prior year period primarily due to higher lease rates and higher gains on lease portfolio sales, partially offset by a lower volume of external repairs in the maintenance services business.
Current wording
Leasing Group operating profit decreased by 7.3% and 2.3% for the three and six months ended June 30, 2025, respectively, when compared to the prior year periods. These decreases were primarily due to lower gains on lease portfolio sales and higher maintenance and compliance costs for the lease fleet, partially offset by higher lease rates, as well as favorable pricing on external repairs in the maintenance services business.
Previous wording
(1)Includes 2,240 railcars and 2,490 railcars under leased-in arrangements as of March 31, 2025 and 2024, respectively.
Current wording
(1)Includes 2,230 railcars and 2,490 railcars under leased-in arrangements as of June 30, 2025 and 2024, respectively.
Previous wording
(1)Includes sustainable railcar conversion revenues of $50.2 million, representing 675 railcars, for the three months ended March 31, 2024. There were no sustainable railcar conversion revenues for the three months ended March 31, 2025.
Current wording
(1)Includes sustainable railcar conversion revenues of $2.1 million, representing 25 railcars, for the three and six months ended June 30, 2025. Includes sustainable railcar conversion revenues of $14.4 million, representing 195 railcars, for the three months ended June 30, 2024 and sustainable railcar conversion revenues of $64.6 million, representing 870 railcars, for the six months ended June 30, 2024.
Previous wording
Operating profit for the Rail Products Group decreased for the three months ended March 31, 2025 by 40.9% when compared to the prior year period primarily due to lower deliveries and costs associated with workforce reductions.
Current wording
Operating profit for the Rail Products Group decreased for the three and six months ended June 30, 2025 by 82.3% and 63.1%, respectively, when compared to the prior year periods primarily due to lower deliveries, reduced absorption due to lower production volumes, and costs associated with workforce reductions.
Previous wording
(1) Deliveries for the three months ended March 31, 2024 included approximately 1,200 railcar shipments that were delayed at the end of 2023 due to the U.S.-Mexico border closure and delivered during the first quarter of 2024.
Current wording
(1) Deliveries for the six months ended June 30, 2024 included approximately 1,300 railcar shipments that were delayed at the end of 2023 due to the U.S.-Mexico border closure and delivered during the first half of 2024.
Previous wording
Total backlog dollars decreased by 35.8% when compared to the prior year period. We expect to deliver approximately 40.3% of our railcar backlog value during the remaining nine months of 2025 and 19.7% during 2026, with the remainder to be delivered through 2028. The orders in our 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 change their procurement decision.
Current wording
Total backlog dollars decreased by 27.0% when compared to the prior year period. We expect to deliver approximately 36.7% of our railcar backlog value during the remaining six months of 2025 and 24.7% during 2026, with the remainder to be delivered through 2028. The orders in our 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 change their procurement decision.
Previous wording
Selling, engineering, and administrative expenses for the three months ended March 31, 2025 decreased by 7.9% when compared to the prior year period primarily from lower consulting costs and lower employee-related costs, including incentive-based compensation.
Current wording
Selling, engineering, and administrative expenses for the three and six months ended June 30, 2025 decreased by 14.0% and 11.3%, respectively, when compared to the prior year periods primarily from lower employee-related costs, including incentive-based compensation, and lower consulting costs, partially offset by costs associated with workforce reductions. Total operating costs for all periods presented were favorably impacted by gains associated with the disposition of non-operating facilities.
Previous wording
As of March 31, 2025, we have total committed liquidity of $920.2 million. Our total available liquidity includes: $94.9 million of unrestricted cash and cash equivalents; $591.3 million unused and available under our revolving credit facility; and $234.0 million unused and available under the TILC warehouse loan facility based on the amount of warehouse-eligible, unpledged equipment. We believe we have access to adequate capital resources to fund operating requirements and are an active participant in the capital markets.
Current wording
As of June 30, 2025, we have total committed liquidity of $791.8 million. Our total available liquidity includes: $147.7 million of unrestricted cash and cash equivalents; $595.6 million unused and available under our revolving credit facility; and $48.5 million unused and available under the TILC warehouse loan facility based on the amount of warehouse-eligible, unpledged equipment. We believe we have access to adequate capital resources to fund operating requirements and are an active participant in the capital markets.
Previous wording
The following table summarizes our cash flows from operating, investing, and financing activities for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024:
Previous wording
Operating Activities. Net cash provided by operating activities from continuing operations for the three months ended March 31, 2025 was $78.4 million compared to net cash provided by operating activities from continuing operations of $56.5 million for the three months ended March 31, 2024. The changes in our operating assets and liabilities are as follows:
Current wording
Operating Activities. Net cash provided by operating activities from continuing operations for the six months ended June 30, 2025 was $141.9 million compared to net cash provided by operating activities from continuing operations of $299.7 million for the six months ended June 30, 2024. The changes in our operating assets and liabilities are as follows:
Previous wording
The changes in our operating assets and liabilities resulted in a net use of $19.5 million for the three months ended March 31, 2025, as compared to a net use of $52.3 million for the three months ended March 31, 2024. The changes in operating assets and liabilities were impacted primarily by higher receivables balances associated with higher deliveries in the prior year period and by payments of incentive-based compensation during the three months ended March 31, 2025 that were accrued as of December 31, 2024.
Current wording
The changes in our operating assets and liabilities resulted in a net use of $51.9 million for the six months ended June 30, 2025, as compared to a net source of $69.5 million for the six months ended June 30, 2024. The changes in operating assets and liabilities were impacted primarily by the purchase of tax credits for $38.4 million in the current year period, payments of incentive-based compensation during the six months ended June 30, 2025 that were accrued as of December 31, 2024, and the timing of customer deposits for new railcar orders.
Previous wording
Investing Activities. Net cash used in investing activities from continuing operations for the three months ended March 31, 2025 was $91.6 million compared to $124.0 million of net cash used in investing activities from continuing operations for the three months ended March 31, 2024. Significant investing activities are as follows:
Current wording
Investing Activities. Net cash used in investing activities for the six months ended June 30, 2025 was $242.1 million compared to $55.9 million of net cash used in investing activities for the six months ended June 30, 2024. Significant investing activities are as follows:
Previous wording
•We made a net fleet investment of $86.5 million during the three months ended March 31, 2025, compared to $123.3 million in the prior year period primarily due to the timing of fleet additions. Our investment in the lease fleet primarily includes new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.
Current wording
•We made a net fleet investment of $232.7 million during the six months ended June 30, 2025, compared to $46.0 million in the prior year period primarily due to higher proceeds from lease portfolio sales in the prior year period and the timing of fleet additions. Our investment in the lease fleet primarily includes new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.
Previous wording
Financing Activities. Net cash used in financing activities during the three months ended March 31, 2025 was $124.2 million compared to $71.8 million of net cash provided by financing activities for the three months ended March 31, 2024. Significant financing activities are as follows:
Current wording
Financing Activities. Net cash provided by financing activities during the six months ended June 30, 2025 was $44.9 million compared to $108.7 million of net cash used in financing activities for the six months ended June 30, 2024. Significant financing activities are as follows:
Previous wording
•During the three months ended March 31, 2025, we had total debt repayments of $77.3 million related to normal amortization activity. During the three months ended March 31, 2024, we had total borrowings of $909.9 million and total repayments of $803.8 million, for net proceeds of $106.1 million, primarily from debt proceeds to support our investment in the lease fleet and for general corporate purposes.
Current wording
•During the six months ended June 30, 2025, we had total debt repayments of $904.9 million and total borrowings of $1,065.0 million, for net proceeds of $160.1 million, primarily from debt proceeds to support our investment in the lease fleet and for general corporate purposes. During the six months ended June 30, 2024, we had total repayments of $1,759.9 million and total borrowings of $1,722.2 million, for net repayments of $37.7 million, primarily from the redemption of corporate debt, partially offset by debt proceeds to support our investment in the lease fleet and for general corporate purposes.
Previous wording
•We paid $24.6 million and $23.0 million in dividends to our common stockholders during the three months ended March 31, 2025 and 2024, respectively.
Current wording
•We paid $50.4 million and $47.2 million in dividends to our common stockholders during the six months ended June 30, 2025 and 2024, respectively.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
(3) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
Current report — wording carried from elsewhere
TRL-2023 Term Loan – In April 2025, TRL-2023 entered into an amended and restated term loan agreement to (i) increase the aggregate amount of the term loan from $320.7 million as of March 31, 2025 to $1.05 billion; (ii) extend the maturity date to April 30, 2030; and (iii) reduce the applicable interest rate to daily simple SOFR plus a facility margin of 1.50%. Net proceeds received from the transaction were used to redeem the outstanding borrowings of TRL-2017, to repay borrowings under TILC's warehouse loan facility, and for general corporate purposes.
Current report — wording carried from elsewhere
Redemption of TRL-2017 Promissory Notes– In April 2025, we redeemed in full the TRL-2017 promissory notes, of which $616.0 million was outstanding at the redemption date. The interest rate for the TRL-2017 promissory notes was at one-month term SOFR plus (1) a benchmark adjustment of 11 basis points and (2) a facility margin of 1.50%.