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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and TRINITY INDUSTRIES INC (TRN). Click either name above to swap in a different company.
TRINITY INDUSTRIES INC is the larger business by last-quarter revenue ($611.2M vs $414.7M, roughly 1.5× BILL Holdings, Inc.). TRINITY INDUSTRIES INC runs the higher net margin — 31.8% vs -0.6%, a 32.4% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -2.9%). TRINITY INDUSTRIES INC produced more free cash flow last quarter ($158.6M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -13.1%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.
BILL vs TRN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $611.2M |
| Net Profit | $-2.6M | $194.2M |
| Gross Margin | 79.8% | 25.5% |
| Operating Margin | -4.4% | 54.9% |
| Net Margin | -0.6% | 31.8% |
| Revenue YoY | 14.4% | -2.9% |
| Net Profit YoY | -107.7% | 413.8% |
| EPS (diluted) | $-0.03 | $2.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $414.7M | $611.2M | ||
| Q3 25 | $395.7M | $454.1M | ||
| Q2 25 | $383.3M | $506.2M | ||
| Q1 25 | $358.2M | $585.4M | ||
| Q4 24 | $362.6M | $629.4M | ||
| Q3 24 | $358.4M | $798.8M | ||
| Q2 24 | $343.7M | $841.4M | ||
| Q1 24 | $323.0M | $809.6M |
| Q4 25 | $-2.6M | $194.2M | ||
| Q3 25 | $-3.0M | $30.3M | ||
| Q2 25 | $-7.1M | $14.1M | ||
| Q1 25 | $-11.6M | $22.1M | ||
| Q4 24 | $33.5M | $37.8M | ||
| Q3 24 | $8.9M | $31.4M | ||
| Q2 24 | $7.6M | $54.4M | ||
| Q1 24 | $31.8M | $23.7M |
| Q4 25 | 79.8% | 25.5% | ||
| Q3 25 | 80.5% | 31.1% | ||
| Q2 25 | 80.8% | 26.4% | ||
| Q1 25 | 81.2% | 24.3% | ||
| Q4 24 | 81.6% | 24.6% | ||
| Q3 24 | 82.0% | 21.2% | ||
| Q2 24 | 81.0% | 21.3% | ||
| Q1 24 | 83.0% | 20.3% |
| Q4 25 | -4.4% | 54.9% | ||
| Q3 25 | -5.2% | 26.1% | ||
| Q2 25 | -5.8% | 18.8% | ||
| Q1 25 | -8.1% | 17.0% | ||
| Q4 24 | -6.0% | 17.8% | ||
| Q3 24 | -2.1% | 15.3% | ||
| Q2 24 | -6.5% | 16.9% | ||
| Q1 24 | -8.6% | 14.2% |
| Q4 25 | -0.6% | 31.8% | ||
| Q3 25 | -0.7% | 6.7% | ||
| Q2 25 | -1.8% | 2.8% | ||
| Q1 25 | -3.2% | 3.8% | ||
| Q4 24 | 9.3% | 6.0% | ||
| Q3 24 | 2.5% | 3.9% | ||
| Q2 24 | 2.2% | 6.5% | ||
| Q1 24 | 9.8% | 2.9% |
| Q4 25 | $-0.03 | $2.25 | ||
| Q3 25 | $-0.03 | $0.37 | ||
| Q2 25 | $0.02 | $0.17 | ||
| Q1 25 | $-0.11 | $0.26 | ||
| Q4 24 | $-0.06 | $0.34 | ||
| Q3 24 | $0.08 | $0.37 | ||
| Q2 24 | $0.37 | $0.65 | ||
| Q1 24 | $0.00 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $201.3M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.1B |
| Total Assets | $10.1B | $8.4B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $201.3M | ||
| Q3 25 | $1.1B | $66.3M | ||
| Q2 25 | $1.0B | $147.7M | ||
| Q1 25 | $1.0B | $94.9M | ||
| Q4 24 | $1.6B | $228.2M | ||
| Q3 24 | $853.5M | $222.4M | ||
| Q2 24 | $985.9M | $257.1M | ||
| Q1 24 | $952.5M | $118.8M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.0B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.1B | ||
| Q2 24 | $4.1B | $1.1B | ||
| Q1 24 | $4.1B | $1.0B |
| Q4 25 | $10.1B | $8.4B | ||
| Q3 25 | $10.2B | $8.9B | ||
| Q2 25 | $10.1B | $8.8B | ||
| Q1 25 | $9.6B | $8.7B | ||
| Q4 24 | $9.7B | $8.8B | ||
| Q3 24 | $9.0B | $8.8B | ||
| Q2 24 | $9.2B | $9.0B | ||
| Q1 24 | $9.1B | $9.1B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $105.3M | $177.4M |
| Free Cash FlowOCF − Capex | $103.8M | $158.6M |
| FCF MarginFCF / Revenue | 25.0% | 25.9% |
| Capex IntensityCapex / Revenue | 0.4% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $314.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $177.4M | ||
| Q3 25 | $96.9M | $44.2M | ||
| Q2 25 | $83.8M | $61.6M | ||
| Q1 25 | $99.5M | $76.5M | ||
| Q4 24 | $78.7M | $201.6M | ||
| Q3 24 | $88.6M | $78.5M | ||
| Q2 24 | $78.6M | $241.5M | ||
| Q1 24 | $66.8M | $52.2M |
| Q4 25 | $103.8M | $158.6M | ||
| Q3 25 | $95.6M | $35.3M | ||
| Q2 25 | $81.0M | $52.9M | ||
| Q1 25 | $98.4M | $67.3M | ||
| Q4 24 | $78.3M | $180.1M | ||
| Q3 24 | $88.6M | $62.1M | ||
| Q2 24 | $78.4M | $230.2M | ||
| Q1 24 | $66.8M | $47.6M |
| Q4 25 | 25.0% | 25.9% | ||
| Q3 25 | 24.1% | 7.8% | ||
| Q2 25 | 21.1% | 10.5% | ||
| Q1 25 | 27.5% | 11.5% | ||
| Q4 24 | 21.6% | 28.6% | ||
| Q3 24 | 24.7% | 7.8% | ||
| Q2 24 | 22.8% | 27.4% | ||
| Q1 24 | 20.7% | 5.9% |
| Q4 25 | 0.4% | 3.1% | ||
| Q3 25 | 0.3% | 2.0% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.3% | 1.6% | ||
| Q4 24 | 0.1% | 3.4% | ||
| Q3 24 | 0.0% | 2.1% | ||
| Q2 24 | 0.1% | 1.3% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | — | 0.91× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 4.37× | ||
| Q1 25 | — | 3.46× | ||
| Q4 24 | 2.35× | 5.33× | ||
| Q3 24 | 9.94× | 2.50× | ||
| Q2 24 | 10.35× | 4.44× | ||
| Q1 24 | 2.10× | 2.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
TRN
| Manufacturing | $296.5M | 49% |
| Leasing And Management | $234.8M | 38% |
| Maintenance Services Domain | $69.8M | 11% |
| Digital Logistics Services | $11.2M | 2% |
