Triton International Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Triton International Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	813	1,141	1,329	1,307	1,277	143	148	96	48.6	59.5
Cost of revenue	15.8	33.2	64.1	69.5	71	109	132	88.1	44.3	57.4
Gross profit	0.62	4.18	18.9	14.5	14.8	34.1	16	7.9	4.3	2.15
General and administrative	65.6	87.6	80	75.9	80.5	89.3	93	88.8	91.2	107
Operating expenses	11
Operating income	176	546	752	697	641	935	1,044	769	827	817
Interest expense	184	282	323	316	253	222	226	241	260	263
Other non-operating income	-182	-286	-325	-316	-273	-354	-226	-240	-260	-264
Pre-tax income	-13.5	260	427	381	368	581	818	529	567	554
Income tax	-0.05	-93.3	70.6	27.6	38.2	50.4	70.8	54.5	48.8	45.5
Net income to minority interests	7.73	8.93	7.12	0.59	0	0
Net income	-5.79	354	357	353	330	530	747	474	518	508
EBITDA	569	1,047	1,297	1,233	1,183	1,561	1,679	1,344	1,368	1,204
EPS, basic	-0.24	4.55	4.38	4.57	4.18	7.26	11.25
EPS, diluted	-0.24	4.52	4.35	4.54	4.16	7.22	11.19
Shares, basic (weighted)	56	75.7	79.8	74.2	69.1	66.7	61.8
Shares, diluted (weighted)	56	76.2	80.4	74.7	69.3	67.1	62.1
Dividend per share	1.35	1.80	2.01	2.08	2.13	2.36	2.65	2.10	2.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	113	132	49	62.3	61.5	106	83.2	57.8	58.2	40.3
Lease right-of-use assets			9	7.62	5.06	5.1	3.15	10.1	10.6	9.94
Goodwill	237	237	237	237	237	237	237	237	237	237
Total assets	8,714	9,578	10,270	9,643	9,713	12,644	12,109	11,233	11,103	9,814
Accounts payable	0.8
Total liabilities	6,907	7,368	7,945	7,110	7,147	9,579	8,905	8,296	8,294	7,229
Total debt	6,319	6,876	7,520	6,657	6,428	8,630	8,135	7,518	7,658	6,609
Paid-in capital	690	889	897	903	905	904	910	-308	-304	893
Retained earnings	945	1,159	1,350	1,534	1,675	2,001	2,532	2,429	2,289	767
Treasury stock		0	-58.1	-279	-437	-522	-1,078	0
Other comprehensive income	26.8	26.9	14.6	-31.6	-133	-48.8	109	85.6	93.3	45
Shareholders' equity	1,663	2,076	2,204	2,532	2,566	3,065	3,204	2,937	2,809	2,586
Total equity	1,807	2,210	2,325	2,532	2,566	3,065	3,204	2,937	2,809	2,586
Total liabilities and equity	8,714	9,578	10,270	9,643	9,713	12,644	12,109	11,233	11,103	9,814

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-5.79	354	357	353	330	530	747	474	518	508
Depreciation and amortization	393	501	545	536	542	626	635	576	541	387
Stock-based compensation	5.4	5.64	9.03	8.96	9.9	9.37	12.5	7.3	4.6	12.4
Deferred income tax	-0.81	-94.7	66.5	27.2	35.7	43.1	26	8.02	-2.36	9.4
Change in receivables	-1.6	-5.97	-65.4	51.2	-9.96	-50.3	44.1	-19.5	16.5	11.3
Change in payables	10.7	-42.4	-13.8	3.96	-28.4	-6.86	4.62	25.1	-29.7	9.67
Cash from operations	484	867	994	1,062	944	1,405	1,885	1,150	1,113	972
Capital expenditures	-629	-1,563	-1,604	-240	-744	-3,434	-943	-208
Cash from investing	-395	-1,372	-1,413	-23.7	-489	-3,217	-647	144	-555	-774
Stock issued	0	193	0	0						144
Share buybacks	0	0	-56.3	-222	-158	-82.5	-554	-130
Dividends paid	-84.8	-136	-160	-154	-146	-157	-162	-116	0	0
Cash from financing	-63.6	567	352	-1,029	-472	1,891	-1,282	-1,332	-538	-221
Net change in cash	0		-66.6	9.43	-17	78.5	-44.2	-37.1	20.5	-22.4
Free cash flow	-145	-695	-609	822	200	-2,029	942	942
Interest paid	182	270	309	307	244	211	209	235	250	248
Income taxes paid	0.31	-0.29	4.48	-0.9	2.19	7.93	47	46.4	51.1	30.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $25.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	3.6%	Gross profit / revenue.
Operating margin	1,374.0%	Operating income / revenue.
EBITDA margin	2,023.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	930.7%	Pre-tax income / revenue.
Net margin	854.3%	Net income / revenue.
Operating cash flow margin	1,633.0%	Cash from operations / revenue.
Effective tax rate	8.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	20.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	649.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-26.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-45.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-49.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-48.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-32.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-19.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	67.3%	Total debt / total assets.
Liabilities / assets	73.7%	Total liabilities / total assets.
Net debt	$6.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.10x	Operating income / interest expense.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.01x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.58B	Share price x shares outstanding.
Enterprise value	$9.15B	Market cap + total debt - cash - short-term investments.
P/E	5.08x	Market cap / net income. Only when net income is positive.
P/S	43.4x	Market cap / revenue.
P/B	1.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.10x	Market cap / tangible book value, when positive.
P/OCF	2.66x	Market cap / cash from operations, when positive.
EV/Sales	154x	Enterprise value / revenue.
EV/EBIT	11.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.60x	Enterprise value / EBITDA, when both are positive.
Earnings yield	19.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Triton International Ltd's revenue in fiscal 2025?

Triton International Ltd reported revenue of $59.5M for fiscal 2025, 22.4% higher than the year before.

Was Triton International Ltd profitable in fiscal 2025?

Yes. Net income was $508.4M, a net margin of 854.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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