Triton International Ltd TRTN-PA
Triton is the world's largest lessor of intermodal containers. Intermodal containers are large, standardized steel boxes used to transport freight by ship, rail or truck. Because of the handling efficiencies they provide, intermodal containers are the primary means by which many goods and materials are shipped internationally. We also lease chassis, which are used for the transportation of containers.
Our consolidated operations include the acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. As of December 31, 2023, our total fleet consisted of 4.0 million containers and chassis, representing 6.9 million twenty-foot equivalent units ("TEU") or 7.6 million cost equivalent units ("CEU"). We have an extensive global presence offering leasing services through a worldwide network of local offices and utilize third-party container depots spread across 46 countries to provide customers global access to our container fleet. Our primary customers include the world's largest container shipping lines. Our global field operations include sales, operations, equipment resale, and logistics services. Our registered office is located in Bermuda.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.5M | $48.6M | $96.0M | $147.9M | $143.0M | $85.8M | $84.0M | $83.0M | $37.4M | $16.4M |
| Cost of revenue | $57.4M | $44.3M | $88.1M | $131.9M | $108.9M | $71.0M | $69.5M | $64.1M | $33.2M | $15.8M |
| Gross profit | $2.2M | $4.3M | $7.9M | $16.0M | $34.1M | $14.8M | $14.5M | $18.9M | $4.2M | $618.0K |
| SG&A | $107.3M | $91.2M | $88.8M | $93.0M | $89.3M | $80.5M | $75.9M | $80.0M | $87.6M | $65.6M |
| Total operating expenses | $559.8M | $724.9M | $841.6M | $767.1M | $739.9M | $719.1M | $691.7M | $673.4M | $657.1M | $632.7M |
| Operating income | $817.4M | $826.6M | $768.7M | $1.04B | $935.1M | $641.4M | $697.2M | $752.2M | $546.4M | $176.3M |
| Interest expense | $263.5M | $259.9M | $240.8M | $226.1M | $222.0M | $253.0M | $316.2M | $322.7M | $282.3M | $184.0M |
| Pre-tax income | $553.9M | $567.0M | $528.6M | $817.7M | $580.6M | $368.0M | $380.8M | $427.3M | $260.3M | -$5.8M |
| Income tax | $45.5M | $48.8M | $54.5M | $70.8M | $50.4M | $38.2M | $27.6M | $70.6M | $93.3M | $48.0K |
| Net income | $508.4M | $518.2M | $474.1M | $746.9M | $530.2M | $329.8M | $353.3M | $356.7M | $353.5M | -$5.8M |
| EPS, basic | — | — | — | 11.25 | 7.26 | 4.18 | 4.57 | 4.38 | 4.55 | -0.24 |
| EPS, diluted | — | — | — | 11.19 | 7.22 | 4.16 | 4.54 | 4.35 | 4.52 | -0.24 |
| Shares, diluted (wtd. avg.) | — | — | — | $62.1M | $67.1M | $69.3M | $74.7M | $80.4M | $76.2M | $56.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.3M | $58.2M | $149.2M | $186.3M | $230.5M | $61.5M | $169.0M | $159.5M | $226.2M | $163.5M |
| Goodwill | $236.7M | $236.7M | $236.7M | — | $236.7M | $236.7M | $236.7M | $236.7M | $236.7M | $236.7M |
| Total assets | $9.81B | $11.10B | $11.23B | $12.11B | $12.64B | $9.71B | $9.64B | $10.27B | $9.58B | $8.71B |
| Accounts payable | — | — | — | — | — | — | — | — | — | $797.0K |
| Long-term debt | $6.61B | $7.66B | — | — | $8.63B | $6.43B | $6.66B | $7.52B | $6.88B | $6.32B |
| Total liabilities | $7.23B | $8.29B | $8.30B | — | $9.58B | $7.15B | $7.11B | $7.94B | $7.37B | $6.91B |
| Retained earnings | $767.0M | $2.29B | $2.43B | — | $2.00B | $1.67B | $1.53B | $1.35B | $1.16B | $945.3M |
| Total equity | $2.59B | $2.81B | $2.94B | $3.20B | $3.06B | $2.57B | $2.53B | $2.33B | $2.21B | $1.81B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $972.1M | $1.11B | $1.15B | $1.88B | $1.41B | $943.8M | $1.06B | $994.2M | $867.5M | $484.2M |
| Depreciation and amortisation | $386.6M | $541.5M | $575.6M | $634.8M | $626.2M | $542.1M | $536.1M | $545.1M | $500.7M | $392.6M |
| Stock-based compensation | $12.4M | $4.6M | $7.3M | $12.5M | — | — | — | $9.0M | $5.6M | $5.4M |
| Capital expenditure | — | — | $208.2M | $943.1M | $3.43B | $744.1M | $240.2M | $1.60B | $1.56B | $629.3M |
| Investing cash flow | -$773.9M | -$555.1M | $144.3M | -$647.0M | -$3.22B | -$489.0M | -$23.7M | -$1.41B | -$1.37B | -$395.4M |
| Financing cash flow | -$220.6M | -$537.8M | -$1.33B | -$1.28B | $1.89B | -$471.7M | -$1.03B | $351.9M | $567.3M | -$63.6M |
| Dividends paid | $0 | $0 | $115.6M | $162.2M | $157.3M | $146.5M | $153.9M | $160.3M | $135.6M | $84.8M |
| Buybacks | — | — | $125.7M | $555.2M | $82.5M | $158.3M | $220.4M | $56.3M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001660734-26-000005.
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