1.Sales and profit
See section β- Trinity Capital Inc. had $4.9M of revenue in fiscal 2025, down 46.2% on the year before.
- Trinity Capital Inc. made $136M of net profit in fiscal 2025.
Trinity Capital Inc.
TRIN NYSE Financials FY2020βFY2025
Trinity Capital Inc. had $4.9M of revenue in fiscal 2025, down 46.2% on the year before.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$16.34
0.1%
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KIRAβs summary AI analyst
Hi! I read Trinity Capital Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 2 to watch
2.Cash and shareholders
See section β- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Trinity Capital Inc. owes $1.3B more than it holds in cash.
- Trinity Capital Inc. passes 1 of 7 financial health tests (Piotroski F-score).
Trinity Capital Inc. in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β46.2%
No. Sales fell 46.2% last year.
Good
Does it make a profit?
2,767.4%
Yes. It keeps 2,767.4% of every sale as profit.
Weak
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
For information
How is the share priced?
9.3x
One share costs 9.3 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
9.3x
On $1.75 EPS (TTM)
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Trinity Capital Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 10 days
- Time
- Before the market opens
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $0.51
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 6, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 3, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 5, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 6, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 7, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 4, 2025 | Q4 '24 | After the market closes | 8-K β |
| Oct 30, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Trinity Capital Inc. had $4.9M of revenue in fiscal 2025, down 46.2% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
FY20
Revenue β
FY21
Revenue $0.2M
FY22
Revenue $0.3M
FY23
Revenue $8.0M
FY24
Revenue $9.1M
FY25
Revenue $4.9M
Q3 '23
Revenue $2.1M
Q4 '23
Revenue $2.6M
Q1 '24
Revenue $4.1M
Q2 '24
Revenue $1.5M
Q3 '24
Revenue $1.6M
Q4 '24
Revenue $1.7M
Q1 '25
Revenue $1.5M
Q2 '25
Revenue $1.5M
Q3 '25
Revenue $0.7M
Q4 '25
Revenue $1.2M
Q1 '26
Revenue $0.9M
Q2 '26
Revenue $1.1M
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net 66,160.0%
FCF β
FY22
Gross β
Operating β
Net β10,125.0%
FCF β
FY23
Gross β
Operating β
Net 961.2%
FCF β
FY24
Gross β
Operating β
Net 1,270.3%
FCF β
FY25
Gross β
Operating β
Net 2,767.4%
FCF β
Gross
Operating
Net
FCF
Q3 '23
Gross β
Operating β
Net 801.0%
FCF β
Q4 '23
Gross β
Operating β
Net 680.9%
FCF β
Q1 '24
Gross β
Operating β
Net 353.9%
FCF β
Q2 '24
Gross β
Operating β
Net 2,055.2%
FCF β
Q3 '24
Gross β
Operating β
Net 1,525.0%
FCF β
Q4 '24
Gross β
Operating β
Net 2,697.5%
FCF β
Q1 '25
Gross β
Operating β
Net 1,805.8%
FCF β
Q2 '25
Gross β
Operating β
Net 2,760.9%
FCF β
Q3 '25
Gross β
Operating β
Net 3,949.3%
FCF β
Q4 '25
Gross β
Operating β
Net 3,288.3%
FCF β
Q1 '26
Gross β
Operating β
Net 3,314.7%
FCF β
Q2 '26
Gross β
Operating β
Net 4,036.8%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Trinity Capital Inc. made $136M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
FY20
Net income β$6.1M
FY21
Net income $132M
FY22
Net income β$30.4M
FY23
Net income $76.9M
FY24
Net income $116M
FY25
Net income $136M
Q3 '23
Net income $16.8M
Q4 '23
Net income $17.7M
Q1 '24
Net income $14.5M
Q2 '24
Net income $30.8M
Q3 '24
Net income $24.4M
Q4 '24
Net income $45.9M
Q1 '25
Net income $27.1M
Q2 '25
Net income $41.4M
Q3 '25
Net income $27.6M
Q4 '25
Net income $39.5M
Q1 '26
Net income $29.8M
Q2 '26
Net income $44.4M
FY20
Diluted EPS β$0.34
FY21
Diluted EPS $4.64
FY22
Diluted EPS β$0.96
FY23
Diluted EPS $1.89
FY24
Diluted EPS $2.10
FY25
Diluted EPS $1.96
Q3 '23
Diluted EPS $0.40
Q4 '23
Diluted EPS $0.37
Q1 '24
Diluted EPS $0.30
Q2 '24
Diluted EPS $0.59
Q3 '24
Diluted EPS $0.43
Q4 '24
Diluted EPS $0.78
Q1 '25
Diluted EPS $0.43
Q2 '25
Diluted EPS $0.63
Q3 '25
Diluted EPS $0.39
Q4 '25
Diluted EPS $0.51
Q1 '26
Diluted EPS $0.36
Q2 '26
Diluted EPS $0.49
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
FY20
Cash from operations β$58.2M
Capital spending β
FY21
Cash from operations β$242M
Capital spending β
FY22
Cash from operations β$236M
Capital spending β
FY23
Cash from operations β$96.3M
Capital spending β
FY24
Cash from operations β$317M
Capital spending β
FY25
Cash from operations β$535M
Capital spending β
Cash from operations
Capital spending
Q3 '23
Cash from operations $55.5M
Capital spending β
Q4 '23
Cash from operations β$136M
Capital spending β
Q1 '24
Cash from operations β$81.4M
Capital spending β
Q2 '24
Cash from operations β$21.9M
Capital spending β
Q3 '24
Cash from operations β$232M
Capital spending β
Q4 '24
Cash from operations $18.4M
Capital spending β
Q1 '25
Cash from operations β$63.3M
Capital spending β
Q2 '25
Cash from operations β$124M
Capital spending β
Q3 '25
Cash from operations β$184M
Capital spending β
Q4 '25
Cash from operations β$165M
Capital spending β
Q1 '26
Cash from operations β$45.8M
Capital spending β
Q2 '26
Cash from operations β$199M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.07B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Trinity Capital Inc. owes $1.3B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Trinity Capital Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
FY20
Cash $44.7M
Debt $310M
FY21
Cash $31.7M
Debt $466M
FY22
Cash $10.6M
Debt $620M
FY23
Cash $4.8M
Debt $646M
FY24
Cash $9.6M
Debt $888M
FY25
Cash $19.1M
Debt $1.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.7M | $10.6M | $4.8M | $9.6M | $19.1M |
| Debt incl. finance leases | $466M | $620M | $646M | $888M | $1.3B |
| Debt / equity | 1.0x | 1.3x | 1.1x | 1.1x | 1.2x |
| Total assets | $937M | $1.1B | $1.3B | $1.8B | $2.5B |
| Total liabilities | $491M | $667M | $700M | $951M | $1.4B |
| Shareholders' equity | $447M | $460M | $611M | $823M | $1.1B |
| Net debt (β = net cash) | $434M | $609M | $641M | $878M | $1.3B |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
FY20
Return on capital β
Return on equity β
Return on assets β
FY21
Return on capital β
Return on equity 29.6%
Return on assets 14.1%
FY22
Return on capital β
Return on equity β6.7%
Return on assets β2.9%
FY23
Return on capital β
Return on equity 14.4%
Return on assets 6.3%
FY24
Return on capital β
Return on equity 16.1%
Return on assets 7.5%
FY25
Return on capital β
Return on equity 14.1%
Return on assets 6.4%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Trinity Capital Inc. passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 1 / 7 | 4 / 7 | 2 / 7 | 1 / 7 |
| Accruals ratio | β | 39.9% | 19.9% | 14.2% | 28.0% | 31.5% |
| Altman Z'' | β | β | β | β | β | β |
All figures
Every number, year by year.
6 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | β | $0.2M | $0.3M | $8.0M | $9.1M | $4.9M |
| Net interest income | β | $0.2M | $0.3M | $8.0M | $9.1M | $4.9M |
| Net income | β$6.1M | $132M | β$30.4M | $76.9M | $116M | $136M |
| Net income to common | β | $132M | β$30.4M | $76.9M | $116M | $136M |
| Diluted EPS | β$0.34 | $4.64 | β$0.96 | $1.89 | $2.10 | $1.96 |
| Diluted shares | 0.02B | 0.03B | 0.04B | 0.04B | 0.06B | 0.07B |
| Cash flow | ||||||
| Cash from operations | β$58.2M | β$242M | β$236M | β$96.3M | β$317M | β$535M |
| Stock-based compensation | β | $1.1M | $6.1M | $8.8M | $10.5M | $12.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $44.7M | $31.7M | $10.6M | $4.8M | $9.6M | $19.1M |
| Total debt | $310M | $466M | $620M | $646M | $888M | $1.3B |
| Deposits | β | $10.8M | $15.1M | $12.3M | $8.5M | $3.0M |
| Total assets | β | $937M | $1.1B | $1.3B | $1.8B | $2.5B |
| Total liabilities | β | $491M | $667M | $700M | $951M | $1.4B |
| Shareholders' equity | β | $447M | $460M | $611M | $823M | $1.1B |
| Margins | ||||||
| Net margin | β | 66,160.0% | β10,125.0% | 961.2% | 1,270.3% | 2,767.4% |
| Net interest share of revenue | β | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Returns | ||||||
| Return on equity | β | 29.6% | β6.7% | 14.4% | 16.1% | 14.1% |
| Return on assets | β | 14.1% | β2.9% | 6.3% | 7.5% | 6.4% |
| Return on tangible equity | β | 29.6% | β6.6% | 12.6% | 14.0% | 12.4% |
| Growth | ||||||
| Revenue growth | β | β | 50.0% | 2,566.7% | 13.8% | β46.2% |
| Net income growth | β | β | β123.0% | β | 50.3% | 17.3% |
| EPS growth | β | β | β120.7% | β | 11.1% | β6.7% |
| Share count change | β | 62.1% | 20.0% | 21.4% | 32.8% | 22.1% |
| Financial health | ||||||
| Debt / equity | β | 1.0x | 1.3x | 1.1x | 1.1x | 1.2x |
| Capital allocation | ||||||
| Stock comp / revenue | β | 533.0% | 2,020.7% | 110.0% | 115.9% | 245.9% |
| Quality scores | ||||||
| Piotroski F-score | β | β | 1.0 | 4.0 | 2.0 | 1.0 |
| Accruals ratio | β | 39.9% | 19.9% | 14.2% | 28.0% | 31.5% |
Source: SEC EDGAR XBRL filings (CIK 0001786108). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.