10-K · February 25, 2026
Trinity Capital (TRIN) reports continued top-line growth with full-year 2025 revenue of $293.0M (sum of quarterly revenues) versus $238.0M in 2024, while operating margins remained near 50%. The company expanded its…
Earnings analysis · 10-Q
TRIN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Trinity Capital (TRIN) reported Q1 2026 results with revenue of $90.1 million and EPS of $0.53, exceeding estimates and showing significant year-over-year growth of 37.8%. Operating expenses increased to $45.6 million,…
Read full summary
Trinity Capital (TRIN) reported Q1 2026 results with revenue of $90.1 million and EPS of $0.53, exceeding estimates and showing significant year-over-year growth of 37.8%. Operating expenses increased to $45.6 million, leading to net investment income of $44.5 million, highlighting solid operational performance despite high interest expenses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.53
What stood out
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Revenue Growth Outpaces Expectations
Total revenue for Q1 2026 was $90.1 million, surpassing estimates of $85.1 million.
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Strong EPS Performance
Reported EPS was $0.53, exceeding the expected EPS of $0.51.
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Year-over-Year Revenue Increase
Year-over-year revenue growth of 37.8%, up from $65.4 million in Q1 2025.
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Strong Operating Cash Flow
Operating cash flow showed a robust effective yield of 15.8% on average investments.
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Increased Net Assets
Marked a 6.6% increase in net assets compared to the prior year.
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Solid Investment Activity
Invested approximately $175.8 million in new portfolio companies during the quarter.
What to watch
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High Interest Expenses
Interest expenses totaled $24.1 million for Q1 2026, up from $17.7 million in Q1 2025.
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Negative Free Cash Flow
Free cash flow remained negative, with further reductions in liquid reserves.
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Operational Costs Rising
Operating expenses significantly increased to $45.6 million from $33.0 million a year ago.
Management's outlook
No specific numeric guidance was provided for future periods.
Earlier filings 4
10-Q · August 6, 2025
Trinity Capital reported total investment income of $69,483,000 for the quarter ended June 30, 2025, up from $54,641,000 a year ago, producing net investment income of $34,804,000 and diluted NII per share of $0.53.…
10-Q · August 7, 2024
Trinity reported total investment income of $54,641,000 for the quarter ended June 30, 2024, up from $46,045,000 a year ago, driving net investment income of $26,743,000 (vs. $22,097,000). Diluted net investment income…
10-Q · August 2, 2023
Trinity reported a stronger quarter: total investment income of $46,045 (in thousands) in Q2 2023 versus $33,458 in Q2 2022 and diluted EPS/NII per share of $0.58 (diluted) versus $0.48 a year ago. Net assets increased…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.