Triumph Financial Inc 2025年度报告

2 0 2 5A N N U A L R E P O R T AccelerationAccelerationwith Intent.with Intent. Triumph (NYSE: TFIN) is a transportation-focused financial and technology companythat offers payments, factoring, banking, and intelligence solutions that modernize andsimplify freight transactions for brokers, carriers, shippers, and factors. Triumph delivers integrated solutions that improve efficiency, enhance transparencyand security, and expand access to working capital across the transportation industry. Through the Triumph Network, the company brings together technology, intelligence,AI/ML, and financial tools to streamline operations and provide secure, trustedtransaction experiences. Together, these capabilities help create a world where freight transactions areaccurate, transparent, and seamless—enabling customers toTransact Confidently. D I S C L A I M E R S Factoring, Payments and Intelligence products and services are offered by TBK Bank, SSB,Member FDIC, d/b/a Triumph. Banking services offered by TBK Bank, SSB, Member FDIC. TheLoadPay debit card is issued by TBK Bank, SSB pursuant to a license from Mastercard. LoadPayis a product offering of TBK Bank, SSB, Member FDIC. Insurance is offered through TriumphInsurance Group, Inc., d/b/a in California as Triumph Risk and Insurance Solutions. Texas License#1941647. Insurance products and services not a deposit, not FDIC insured, not guaranteed by theBank, not insured by any Federal Government Agency, and may go down in value. Acceleration with Intent.Acceleration with Intent. Over the last several years, Triumph has built a reputation for moving quicklyand embracing innovation. Those efforts have been both valuable andexpensive. We paid the tuition to earn our position as a market leader infinancial technology for the transportation industry. As we closed out 2025, we made a deliberate shift in our approach—one thatreflects the maturity of our company and our offerings. We do not want to bedefined solely by speed, but more importantly, by how deliberately we makeour choices. We call this “Acceleration with Intent.” If we are going to go fast,we must ensure our efforts strengthen our value chain. When you are building a network and platform for an industry as large astrucking, progress only matters if it is intentional and scalable. We took thetime and made the investment in infrastructure necessary to deliver on ourbrand promise: Transact Confidently. Looking ahead to 2026 and beyond, we are convinced that accelerating withintent is the best path forward. We will not try to do everything, but for theendeavors we do undertake, we will do them in a way that builds enduringtrust for customers and value for shareholders. Fellow Shareholders, This year’s theme—Acceleration with Intent—tells the reader what weintend to do in 2026 and how we intend to do it. We chose those wordsdeliberately, and I want to explain what they mean before I give you theevidence that supports them. “Acceleration” reflects the opportunity in front of us:growth in our network and expanding revenue streamsacross Payments, Intelligence, and Factoring, whileimproving margins through operating leverage. “With Intent”reflects the discipline required to make that growth real.It is important that we eliminate distractions, implementstructural expense control, and prioritize the most importantthings. In other words, 2026 is not about growth for growth’ssake. It is about accelerating the parts of the business withthe most potential and scaling them thoughtfully. intelligence. Our Audit, Payments, and Factoring solutionscreate a reservoir of verified freight data. That data canbe extracted and refined to improve our Intelligence andrisk models. The entire system becomes more valuable asadoption deepens across a single transaction. This is the value chain we have been building for severalyears. The Triumph Network generates this value chain,enhancing our operations and enabling customers to benefitfrom our expertise through platform capabilities such asFactoring as a Service (FaaS). The test of 2025 was whetherwe could improve the operating metrics of the model whilecontinuing to grow in a soft freight environment. The answerwas yes, and it is an answer long-term investors have beenwaiting a long time to see in black and white. It has beenfour years since we began the longest downcycle in freightsince deregulation in 1980. Part of the purpose of an annual report is to give an accountof the preceding year. Before I get into the details of 2025,I would remind you that much of what you might expect toread in a typical annual report is already available in ourquarterly letters. I will not waste your time repeating it here.          The market has stayed softer longer than anyone expectedfor a variety of reasons. A prolonged weakness in freightobviously influences the behavior of our customers, whileseasonality and macro uncertainty can mask—or magnify—the econ