TriMas出售航空航天業務錄14.6億美元收益 次季持續經營溢利大增

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549 
FORM 10-Q 

(Mark One)
☒
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2026
Or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from                  to                  .

Commission file number 001-10716 
TRIMAS CORPORATION 
(Exact name of registrant as specified in its charter) 

Delaware38-2687639
(State or other jurisdiction of
incorporation or organization)(IRS Employer
Identification No.)

38505 Woodward Avenue, Suite 200 
Bloomfield Hills, Michigan 48304 
(Address of principal executive offices, including zip code) 
(248) 631-5450 
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading symbol(s)Name of exchange on which registered
Common stock, $0.01 par valueTRSThe NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐. 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐. 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒
Accelerated filer☐

Non-accelerated filer☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒ 
As of July 23, 2026, the number of outstanding shares of the Registrant's common stock, $0.01 par value, was 35,873,873 shares. 

Table of Contents

TriMas Corporation 
Index 

Part I.
Financial Information

Forward-Looking Statements
2

Item 1.
Consolidated Financial Statements
3

Consolidated Balance Sheet as of June 30, 2026 and December 31, 2025
3

Consolidated Statement of Income for the Three and Six Months Ended June 30, 2026 and 2025
4

Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
5

Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2026 and 2025
6

Consolidated Statement of Shareholders' Equity for the Six Months Ended June 30, 2026 and 2025
7

Notes to Consolidated Financial Statements
8

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
43

Item 4.
Controls and Procedures
43

Part II.
Other Information

Item 1.
Legal Proceedings
44

Item 1A.
Risk Factors
44

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
44

Item 3.
Defaults Upon Senior Securities
44

Item 4.
Mine Safety Disclosures
44

Item 5.
Other Information
44

Item 6.
Exhibits
45

Signatures
46

 1

Table of Contents

Forward-Looking Statements 
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; government and regulatory actions, including, without limitation, the impact of current and future tariffs and reciprocal tariffs, quotas and surcharges, as well as climate change legislation and other environmental regulations; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; our ability to recognize the benefits of and effectively deploy the net proceeds from the sale of our Aerospace segment; pressures on our supply chain, including the price and availability of raw materials, the impacts of geopolitical conflicts, and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance ("ESG") goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition and disposition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this report. The risks described in our Annual Report on Form 10-K and elsewhere in this report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. 
The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law. 
We disclose important factors that could cause our actual results to differ materially from our expectations implied by our forward-looking statements under Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributed to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other conditions, results of operations, prospects and ability to service our debt.
 2

Table of Contents

PART I. FINANCIAL INFORMATION 

Item 1.    Consolidated Financial Statements 

TriMas Corporation 
Consolidated Balance Sheet 
(Dollars in thousands) 

June 30,
2026December 31,
2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$1,242,480 $30,020 
Receivables, net of reserves of $1.3 million as of June 30, 2026 and December 31, 2025
153,640 111,270 
Inventories116,530 108,720 
Prepaid expenses and other current assets34,510 36,380 
Current assets, discontinued operations— 176,280 
Total current assets1,547,160 462,670 
Property and equipment, net240,790 247,510 
Operating lease right-of-use assets36,470 31,800 
Goodwill296,660 300,280 
Other intangibles, net72,970 76,550 
Deferred income taxes6,880 53,670 
Other assets44,720 45,430 
Non-current assets, discontinued operations— 267,170 
Total assets$2,245,650 $1,485,080 
Liabilities and Shareholders' Equity
Current liabilities:

Accounts payable$223,450 $72,280 
Accrued liabilities52,720 59,640 
Lease liabilities, current portion8,010 4,100 
Current liabilities, discontinued operations— 47,650 
Total current liabilities284,180 183,670 
Long-term debt, net396,890 469,170 

Lease liabilities32,870 31,810 
Deferred income taxes28,440 17,710 
Other long-term liabilities60,660 65,840 
Non-current liabilities, discontinued operations— 11,290 
Total liabilities803,040 779,490 
Preferred stock, $0.01 par: Authorized 100,000,000 shares; 
Issued and outstanding: None
— — 
Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 35,871,612 shares at June 30, 2026 and 37,630,206 shares at December 31, 2025
360 380 
Paid-in capital526,970 577,810 
Retained earnings917,040 127,410 
Accumulated other comprehensive income (loss)(1,760)(10)
Total shareholders' equity1,442,610 705,590 
Total liabilities and shareholders' equity$2,245,650 $1,485,080 

The accompanying notes are an integral part of these consolidated financial statements. 
 3

Table of Contents

TriMas Corporation 
Consolidated Statement of Income
(Unaudited—dollars in thousands, except for per share amounts) 

Three months ended 
June 30, Six months ended 
June 30, 
2026202520262025
Net sales$174,580 $171,750 $342,860 $324,210 
Cost of sales(139,240)(133,800)(270,650)(253,430)
Gross profit35,340 37,950 72,210 70,780 
Selling, general and administrative expenses(24,500)(30,540)(54,490)(61,510)

Net gain (loss) on dispositions of assets20 (20)30 5,270 

Operating profit10,860 7,390 17,750 14,540 
Other expense, net:
Interest expense(4,120)(4,550)(9,360)(9,070)

Other income, net11,330 270 12,220 230 
Other income (expense), net7,210 (4,280)2,860 (8,840)
Income before income tax expense18,070 3,110 20,610 5,700 
Income tax (expense) benefit49,200 (700)(5,100)(1,350)
Income from continuing operations67,270 2,410 15,510 4,350 
Income (loss) from discontinued operations, net of tax(53,900)14,310 798,690 24,790 

Net income$13,370 $16,720 $814,200 $29,140 
Basic earnings (loss) per share:
Continuing operations$1.87 $0.06 $0.42 $0.11 
Discontinued operations(1.50)0.35 21.79 0.61 
Net income per share$0.37 $0.41 $22.21 $0.72 
Weighted average common shares—basic35,877,517 40,647,361 36,651,820 40,626,325 
Diluted earnings (loss) per share:
Continuing operations$1.86 $0.06 $0.42 $0.11 
Discontinued operations(1.49)0.35 21.54 0.60 
Net income per share$0.37 $0.41 $21.96 $0.71 
Weighted average common shares—diluted36,211,032 40,929,861 37,075,408 40,939,798 

The accompanying notes are an integral part of these consolidated financial statements. 
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TriMas Corporation 
Consolidated Statement of Comprehensive Income
(Unaudited—dollars in thousands)

Three months ended 
June 30, Six months ended 
June 30, 
2026202520262025
Net income$13,370 $16,720 $814,200 $29,140 
Other comprehensive income (loss):
Defined benefit plans (Note 18)20 10 1,630 20 
Foreign currency translation(1,510)23,080 (5,810)33,880 
Derivative instruments (Note 11)(60)(9,610)2,430 (12,730)
Total other comprehensive income (loss)(1,550)13,480 (1,750)21,170 
Total comprehensive income$11,820 $30,200 $812,450 $50,310 

The accompanying notes are an integral part of these consolidated financial statements. 

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TriMas Corporation 
Consolidated Statement of Cash Flows 
(Unaudited—dollars in thousands)

Six months ended June 30, 
20262025
Cash Flows from Operating Activities:
Income from continuing operations$15,510 $4,350 
Income from discontinued operations798,690 24,790 
Net income814,200 29,140 
Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact:

Net gain on dispositions of assets(1,040,040)(5,270)
Depreciation19,160 19,650 
Amortization of intangible assets5,300 8,540 
Amortization of debt issue costs480 480 
Deferred income taxes2,770 3,250 
Non-cash compensation expense5,410 5,000 
Provision for losses on accounts receivable(50)(1,140)

Increase in receivables(48,740)(29,700)
(Increase) decrease in inventories(15,520)1,300 
(Increase) decrease in prepaid expenses and other assets7,430 (1,430)
Increase in accounts payable and accrued liabilities191,190 14,520 
Other operating activities510 (4,900)

Net cash provided by (used for) operating activities, net of acquisition impact(57,900)39,440 
Cash Flows from Investing Activities:
Capital expenditures(13,130)(29,980)
Acquisition of business, net of cash acquired— (37,160)

Net proceeds from disposition of business, property and equipment1,436,930 21,180 

Net cash provided by (used for) investing activities1,423,800 (45,960)
Cash Flows from Financing Activities:

Proceeds from borrowings on revolving credit facilities233,000 140,950 
Repayments of borrowings on revolving credit facilities(305,730)(118,780)

Debt financing fees— (1,260)

Payments to purchase common stock(73,460)(2,260)
Shares surrendered upon exercise and vesting of equity awards to cover taxes(4,430)(1,800)

Dividends paid(2,950)(3,280)
Other financing activities130 160 

Net cash provided by (used for) financing activities(153,440)13,730 
Cash and Cash Equivalents:
Increase for the period1,212,460 7,210 
At beginning of period30,020 23,070 
At end of period$1,242,480 $30,280 
Supplemental disclosure of cash flow information:
Cash paid for interest$9,960 $9,490 
Cash paid for taxes$33,940 $9,210 
Non-cash property additions$1,840 $— 
        

The accompanying notes are an integral part of these consolidated financial statements. 
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TriMas Corporation 
Consolidated Statement of Shareholders' Equity 
Six Months Ended June 30, 2026 and 2025 
(Unaudited—dollars in thousands) 

Common
Stock Paid-in
Capital Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)Total
Balances, December 31, 2025$380 $577,810 $127,410 $(10)$705,590 
Net income— — 800,830 — 800,830 
Other comprehensive loss— — — (200)(200)

Purchase of common stock(20)(44,880)(9,630)— (54,530)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (3,460)— — (3,460)

Non-cash compensation expense— 3,070 — — 3,070 
Dividends declared— — (1,490)— (1,490)

Balances, March 31, 2026$360 $532,540 $917,120 $(210)$1,449,810 
Net income— — 13,370 — 13,370 
Other comprehensive loss— — — (1,550)(1,550)
Purchase of common stock— (6,940)(11,990)— (18,930)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (970)— — (970)

Non-cash compensation expense— 2,340 — — 2,340 
Dividends declared— — (1,460)— (1,460)
Balances, June 30, 2026$360 $526,970 $917,040 $(1,760)$1,442,610 

Common
Stock Paid-in
Capital Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)Total
Balances, December 31, 2024$410 $663,770 $21,670 $(18,550)$667,300 
Net income— — 12,420 — 12,420 
Other comprehensive income— — — 7,690 7,690 

Purchase of common stock— (450)(10)— (460)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (1,760)— — (1,760)

Non-cash compensation expense— 2,990 — — 2,990 
Dividends declared— — (1,610)— (1,610)
Balances, March 31, 2025$410 $664,550 $32,470 $(10,860)$686,570 
Net income— — 16,720 — 16,720 
Other comprehensive income— — — 13,480 13,480 
Purchase of common stock— (1,720)(80)— (1,800)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (40)— — (40)
Non-cash compensation expense— 2,010 — — 2,010 
Dividends declared— — (1,670)— (1,670)
Balances, June 30, 2025$410 $664,800 $47,440 $2,620 $715,270 

The accompanying notes are an integral part of these consolidated financial statements.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited) 

1. Basis of Presentation 
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products and industrial markets. 
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty and volatility in the current economic environment due to input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected. Within the financial statements and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.
Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2025 Annual Report on Form 10-K.
On March 16, 2026, the Company completed the previously announced sale of its Aerospace segment ("Aerospace"), a transaction entered into with an affiliate of Tinicum L.P., and funds managed by Blackstone, Inc. on November 4, 2025. Aerospace was sold for approximately $1,456.9 million in cash, subject to customary post-closing adjustments. The financial results of Aerospace were previously reported within the Company's Aerospace reportable segment, and are presented as discontinued operations for all periods presented in the financial statements attached hereto.

2. New Accounting Pronouncements 
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"), which modernizes the accounting for software costs by removing references to prescriptive and sequential software development stages. Under ASU 2025-06 an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2027, with early adoption permitted. The Company adopted ASU 2025-06 in the first quarter of 2026 with no material impact on its consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which provides a practical expedient that assumes current conditions as of the balance sheet date remain unchanged when developing forecasts for estimating expected credit losses. Under ASU 2025-05, an entity is required to disclose that it has elected to use the practical expedient and the election should be applied prospectively. ASU 2025-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2025, with early adoption permitted. The Company adopted ASU 2025-05 in the first quarter of 2026 with no material impact on its consolidated financial statements. 
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires disclosures, in the notes to the financial statements, about the types of expenses included in certain expense captions presented on the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

3. Discontinued Operations 
On March 16, 2026, the Company completed the previously announced sale of Aerospace to an affiliate of Tinicum L.P., and funds managed by Blackstone, Inc., pursuant to an Equity Purchase Agreement dated as of November 4, 2025 (the "Purchase Agreement"), for a purchase price of approximately $1,456.9 million, subject to certain adjustments as set forth in the Purchase Agreement which the Company expects to be finalized during 2026. 
The Company recognized net proceeds of $1,241.8 million, which represents the purchase price, less estimated tax payments of approximately $194.5 million, and transaction costs of $20.2 million. The Company recorded a pre-tax gain on the sale of $1,040.0 million. The Company's liability for unpaid estimated tax payments is included in accounts payable in the accompanying consolidated balance sheet.
As of June 30, 2026, the Company’s net cash proceeds were invested in liquid instruments, including U.S. Treasury‑backed money market funds and cash deposits with high‑credit‑quality financial institutions designated as Globally Systemically Important Banks. These investments earn interest at an average rate of 3.7%, and qualify as permitted investments under the Company’s credit agreement. The Company intends to maintain these investments until they are deployed for organic growth initiatives, strategically aligned acquisition opportunities, share repurchases, or a combination thereof.
The historical results for Aerospace are reported in the accompanying consolidated statement of income as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities of discontinued operations in the accompanying consolidated balance sheet. 
The carrying value of the assets and liabilities held in discontinued operations were as follows (dollars in thousands):

December 31, 2025
Assets
Current assets:

Receivables, net$60,460 
Inventories113,950 

Prepaid expenses and other current assets1,870 
Total current assets176,280 
Property and equipment, net90,780 
Operating lease right-of-use assets10,360 
Goodwill86,960 
Other intangibles, net77,530 
Other assets1,540 
Total assets$443,450 

Liabilities and Shareholders' Equity
Current liabilities:

Accounts payable$16,370
Accrued liabilities25,000
Lease liabilities, current portion6,280
Total current liabilities47,650 

Lease liabilities4,540
Deferred income taxes6,160
Other long-term liabilities590
Total liabilities$58,940 

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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Results of discontinued operations are summarized as follows (dollars in thousands):

Three months ended June 30, Six months ended June 30, 
2026202520262025
Net sales$— $103,010 $83,920 $192,220 
Cost of sales— (71,240)(59,850)(136,250)
Gross profit— 31,770 24,070 55,970 
Selling, general and administrative expenses— (12,030)(12,710)(21,600)
Net gain (loss) on dispositions of assets— — 1,040,000 — 

Operating profit— 19,740 1,051,360 34,370 

Other expense, net— (500)(2,180)(560)
Income from discontinued operations, before income taxes— 19,240 1,049,180 33,810 
Income tax expense(53,900)(4,930)(250,490)(9,020)
Income (loss) from discontinued operations, net of tax$(53,900)$14,310 $798,690 $24,790 

See Note 20, "Income Taxes," for additional information on income tax expense for the three and six months ended June 30, 2026.
The