v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reportable segments:
•Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its leasing fleet, as well as manages containers owned by other parties.
•Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off.

These operating segments were determined based on the chief operating decision makers' review and resource allocation of the products and services offered. The Company’s Chief Operating Decision Maker(s) ("CODM") is the senior executive team.

Most of Triton’s revenues are derived from leasing equipment to the Company's core shipping line customers. The most important driver of profitability is the extent to which leasing revenues, which are driven by the Company's owned equipment fleet size, utilization and average lease rates, exceed ownership (depreciation and interest expense) and operating costs. The Company's profitability is also driven by the gains or losses realized on the sale of used containers and the margins generated
from trading new and used containers. The CODM uses leasing margin and disposal gains in the Company's equipment leasing segment and net trading margin in the equipment trading segment as the primary measures of profitability and the basis for the allocation of resources. Within the components of leasing margin, the CODM will analyze the relationship between revenue trends and certain significant expenses including storage and handling and repair costs.

The following tables summarize the Company's segment information and the consolidated totals reported (in thousands):

Three Months Ended June 30,
20262025
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$310,401 $1,734 $312,135 $307,903 $1,975 $309,878 
Less:
Depreciation and amortization88,739 182 88,921 79,179 189 79,368 
Interest and debt expense65,382 721 66,103 58,500 391 58,891 
Storage and handling12,811 — 12,811 10,914 — 10,914 
Repair costs2,586 — 2,586 2,558 — 2,558 
Other operating expenses1,126 — 1,126 1,292 — 1,292 
Administrative expenses(1)
25,753 390 26,143 23,972 315 24,287 
Other (income) expenses(2)
28 — 28 2,006 — 2,006 
Leasing margin$113,976 $441 $114,417 $129,482 $1,080 $130,562 
Net trading margin— 622 622 — 754 754 
Net gain (loss) on sale of leasing equipment2,008 — 2,008 7,861 — 7,861 
Income (loss) before income taxes$117,047 $139,177 
Total assets$9,609,445 $116,305 $9,725,750 $9,805,199 $96,970 $9,902,169 
Purchases of leasing equipment and investments in finance leases(3)
$165,135 $— $165,135 $79,994 $— $79,994 
Six Months Ended June 30,
20262025
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$621,002 $3,288 $624,290 $689,072 $3,846 $692,918 
Less:
Depreciation and amortization176,150 362 176,512 207,345 383 207,728 
Interest and debt expense128,210 1,305 129,515 126,379 641 127,020 
Storage and handling26,723 — 26,723 20,982 — 20,982 
Repair costs5,102 — 5,102 5,150 — 5,150 
Other operating expenses2,703 — 2,703 3,451 — 3,451 
Administrative expenses(1)
51,722 739 52,461 47,837 576 48,413 
Other (income) expenses(2)
542 — 542 2,234 — 2,234 
Leasing margin$229,850 $882 $230,732 $275,694 $2,246 $277,940 
Net trading margin— 1,052 1,052 — 1,348 1,348 
Net gain (loss) on sale of leasing equipment579 — 579 18,555 — 18,555 
Income (loss) before income taxes$232,363 $297,843 
Total assets9,609,445 116,305 9,725,750 9,805,199 96,970 9,902,169 
Purchases of leasing equipment and investments in finance leases(3)
$216,636 $— $216,636 $100,194 $— $100,194 
(1)     Certain Administrative expenses have been allocated to the equipment trading segment based on a methodology that is consistent in all the periods presented.
(2) Other segment items primarily include the provision (reversal) for doubtful accounts, unrealized gains or losses on derivative instruments and debt termination expense.
(3)    Represents cash disbursements for purchases of leasing equipment and investments in finance leases as reflected in the Consolidated Statements of Cash Flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.
There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale in the equipment trading segment may be leased for a period of time and is reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's Consolidated Statements of Cash Flows.

Geographic Segment Information

The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. The majority of the Company's leasing related revenue is denominated in U.S. dollars.

The following table summarizes the geographic allocation of total leasing revenues based on customers' primary domicile (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenues:
Asia$116,091 $116,750 $231,746 $265,719 
Europe165,180 159,760 329,336 361,827 
Americas13,205 14,803 28,944 31,021 
Bermuda1,125 1,047 2,178 2,195 
Other International16,534 17,518 32,086 32,156 
Total$312,135 $309,878 $624,290 $692,918 

Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international.

The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total equipment trading revenues:
Asia$2,711 $2,181 $6,625 $4,165 
Europe6,529 2,886 11,327 4,422 
Americas8,459 8,524 15,924 15,275 
Bermuda— — — — 
Other International4,060 2,820 6,980 4,464 
Total$21,759 $16,411 $40,856 $28,326