TRIN earnings analysis
What we found in TRIN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Outpaces Expectations
- Total revenue for Q1 2026 was $90.1 million, surpassing estimates of $85.1 million.
- Strong EPS Performance
- Reported EPS was $0.53, exceeding the expected EPS of $0.51.
- Year-over-Year Revenue Increase
- Year-over-year revenue growth of 37.8%, up from $65.4 million in Q1 2025.
- Strong Operating Cash Flow
- Operating cash flow showed a robust effective yield of 15.8% on average investments.
- Increased Net Assets
- Marked a 6.6% increase in net assets compared to the prior year.
- Solid Investment Activity
- Invested approximately $175.8 million in new portfolio companies during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Interest Expenses
- Interest expenses totaled $24.1 million for Q1 2026, up from $17.7 million in Q1 2025.
- Negative Free Cash Flow
- Free cash flow remained negative, with further reductions in liquid reserves.
- Operational Costs Rising
- Operating expenses significantly increased to $45.6 million from $33.0 million a year ago.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.53
What they said about what is next.
No specific numeric guidance was provided for future periods.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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