TFIN

Triumph Financial's third quarter saw revenue outpace Wall Street expectations, driven by continued expansion in transportation-related services and further scaling of its payments platform. However, the market responded negatively, as non-GAAP earnings fell short of analyst forecasts. Management cited strong performance in factoring and payments, with LoadPay gaining traction, but acknowledged that expense discipline and the slower ramp in intelligence offerings weighed on profitability. CEO Aaron Graft was candid about operational challenges, noting, "We have not come out of the gates in intelligence nearly as quickly as we anticipated," reflecting a degree of self-critique uncommon in earnings calls. Is now the time to buy TFIN? Find out in our full research report (it's free). - Revenue: $125.4 million vs analyst estimates of $123.5 million (15.1% year-on-year growth, 1.6% beat) - Adjusted EPS: $0.52 vs analyst expectations of $0.60 (13% miss) - Market Capitalization: $1.49 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. - Joe Yanchunis (Raymond James) asked about details behind the $20 million efficiency target. CEO Aaron Graft replied that most savings are already identified and should be realized sooner rather than later, without providing a breakdown. - Gary Tenner (D.A. Davidson) inquired about balance sheet funding strategy as brokered deposits decline. CFO Brad Voss noted that while mortgage warehouse deposits have replaced brokered funds, Triumph can tap wholesale funding if needed and will not limit factoring growth. - Timothy Switzer (KBW) sought an update on T-Pay monetization and the sustainability of revenue per invoice growth. Payments President Todd Ritterbusch said repricing is now complete and future growth will rely more on volume and cross-selling. - Matthew Olney (Stephens) questioned whether mid-to-high single-digit invoice volume growth remains realistic. Ritterbusch confirmed this outlook, citing a large untapped broker universe and a renewed sales focus. - Eric Bedell (Bloomberg Intelligence) asked about LoadPay's adoption rate and revenue per account trends. David Vielehr, EVP of Payments, said growth is strongest among small fleets, with larger fleets now increasing adoption thanks to new product features. In upcoming quarters, the StockStory team will be monitoring (1) the pace of operating leverage and expense reduction as the company targets improved margins, (2) further adoption and monetization of LoadPay, especially among larger fleets, and (3) signs that the intelligence platform's pivot to embedded data services translates into improved customer retention and revenue contribution. Progress on credit quality and factoring customer additions will also be key indicators of execution. Triumph Financial currently trades at $62.14, in line with $62.02 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it's free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Triumph Financial just reported Q3 2026 results with solid profit and loan growth, and the stock is only up about 2% to roughly US$63. That is a muted cheer for a bank posting US$12.6 million in net income and earning just over US$0.52 per share in the quarter. Short term traders seem more focused on the bounce after a roughly 19% slide over the past three months than on what actually moved under the hood. Non performing loans climbed to about US$150.4 million, and that credit strain is quietly tugging against an otherwise cleaner earnings story. Like the earnings strength at Triumph Financial but uneasy about rising non performing loans and credit risk building in the background? Filter for banks with cleaner books and steadier asset quality using our list of solid balance sheet and fundamentals stocks (26 results) - Total Revenue (Q3 2026 vs Q3 2025): US$120.5 million vs. US$101.2 million (up about 19%) - Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): US$12.6 million vs. US$0.9 million (very large year on year increase) - Basic EPS (Q3 2026 vs Q3 2025): US$0.53 vs. US$0.04 (very large year on year increase) - Net Interest Margin (Q3 2026 vs Q3 2025): 5.93% vs. 6.29% (down 0.36 percentage points) Prefer clean charts over reading another dense earnings release? Explore Triumph Financial's full visual breakdown, including a clear view of its balance sheet strength and credit profile, in the interactive company report for Triumph Financial. Triumph Financial's pitch is that the fintech and data platform becomes the main earnings engine rather than the bank balance sheet. "The continued mix shift from traditional banking toward higher margin fintech and intelligence offerings, which are expected to represent a greater share of Triumph Financial's revenue base, supports a higher contribution from fee income and potentially stronger returns on assets." Q3 transportation revenue grew solidly, broker revenue per invoice climbed about 3%, and factoring margins stayed strong, which fits that shift. LoadPay still carries only 1.1% of network volumes and Intelligence is underperforming, so the transition is progressing, but the second leg of fee and subscription income remains behind the ambition. Bears argue that freight cyclicality and a misfiring Intelligence product could keep Triumph Financial closer to a traditional bank profile. "The Intelligence business has had roughly flat revenue over its first four quarters inside Triumph Financial and has needed product rework to improve retention, so if this effort does not translate into stronger recurring revenue the expected second growth leg in data and decision tools may fall short and weigh on total revenue and earnings mix." Flat Intelligence revenue and management's admission of execution shortfalls directly support this concern. Core banking strain shows up too, with earlier 2026 commentary citing about a 12% decline in banking revenue and Q3 non performing loans rising to roughly US$150.4 million, which keeps credit and balance sheet worries alive even as transportation businesses perform well. One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all. Triumph Financial just showed how a solid quarter and a modest share move can leave questions about balance sheet risk. The real opportunity could be spotting companies where fundamentals and valuations have not yet fully aligned. - Company 1 - 35% below our estimate - turns an expanded advisory platform and strong deal pipeline into higher fee revenue from complex capital transactions. - Company 2 - 33% below our estimate - leans on strength in GPU design and AI software to supply data centres increasing compute capacity. - Company 3 - 34% below our estimate - converts recent program wins in complex regulated hardware into contracts for long lead time manufacturing and support. That is three of the list. See all 29 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TFIN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Interested in Triumph Financial, Inc.? Here are five stocks we like better. - Triumph Financial is shifting toward earnings and operating leverage after a multiyear investment period. Management aims to reduce 2027 expenses below $400 million, requiring at least $20 million in efficiencies, and outlined a potential 2027 return on assets of 1%–1.2% under normalized credit costs and 10% transportation revenue growth. - Factoring remains a major growth driver, with 706 customers added year to date and factoring generating more than a 5% pretax return on assets. Mortgage warehouse deposits have also enabled the company to reduce wholesale funding to nearly zero while retaining capacity to fund additional factoring growth. - LoadPay and payments provide longer-term expansion opportunities, though the intelligence business has had a slower-than-expected start. LoadPay accounted for 1.1% of network payment volume, is expected to reach about 14,000 accounts by year-end, and management sees potential to increase penetration to 5%–10% over the next several years. - Triumph Financial Stock Breakout: Why It's Just the Beginning Triumph Financial (NYSE:TFIN) said it is shifting from a multiyear investment phase toward a greater focus on operating leverage and earnings performance, while continuing to build its transportation-focused factoring, payments, intelligence and LoadPay businesses. Founder, Vice Chairman and CEO Aaron Graft said the company followed through on its commitment to invest through the freight cycle, despite investor disagreement with that strategy. He said investors should now expect the company to demonstrate returns from those investments through improved earnings performance. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over "We told investors we would invest through the freight cycle, and we did exactly that," Graft said. "Our priorities have evolved, but our commitment to delivering on what we say we will do has not." Management discussed its target of keeping 2027 expenses below $400 million, a goal that requires at least $20 million of efficiencies from the current run rate. Graft did not provide specific sources of the planned savings, but said the company has a clear plan and that investors should expect the efficiencies to arrive earlier than the second half of next year. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? Graft said Triumph is not generally providing forward guidance, aside from expense-related objectives. However, he described a framework under which normal credit costs, expense discipline and 10% transportation revenue growth could support improved profitability in 2027. He said that if transportation invoices remained flat, the company's 2027 earnings bridge could result in a return on assets between 1% and 1.2%, roughly in line with the median for publicly traded banks. Graft emphasized that this framework would still include earnings drag from LoadPay and intelligence, which he believes could become meaningful contributors over time. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price Factoring, meanwhile, is currently running at more than a 5% pretax return on assets, according to Graft. He said October quarter-to-date invoice volumes and new customer additions had continued to rise, though the company is not making a prediction on future invoice growth. On incentive compensation, Graft said Triumph had previously discussed the possibility of roughly $6 million of bonus expense being spread across the second half of the year. But he said management did not believe it was appropriate to recognize the additional expense during the third quarter, citing a 70-basis-point return on assets and credit-related "noise." The company provided $100 million of fourth-quarter expense guidance but did not offer more detail on compensation accruals. Chief Financial Officer Brad Voss said a $100 change in average invoice price would now generate about $12 million in revenue and $8.5 million in pretax income, compared with the company's earlier estimate of about $7 million in annual pretax income sensitivity. Voss attributed the higher sensitivity primarily to a larger amount of factoring activity on Triumph's balance sheet. He also explained that the difference between revenue and pretax income reflects funding costs, noting that approximately one-quarter of factoring revenue is offset by incremental funding costs. The company added 706 factoring customers year to date despite a contraction in the broader carrier population. Kim Fisk, president of factoring, said the business has a substantial runway for further customer additions, pointing to Triumph's payments network and the ability to pair carrier liquidity with tools to manage business operations and money in one place. Graft said Triumph had previously pulled back on factoring growth while it developed its open-loop payments network, but has since adjusted that approach. He cited the company's distribution reach, payments to 134,000 carriers during the quarter, relationships with customers including C.H. Robinson and RXO, and its factoring brand as advantages in growing the business. On funding, Voss said mortgage warehouse deposits have grown materially over the past year, enabling Triumph to reduce wholesale funding to near zero from approximately $1 billion a year earlier. Cash balances have increased by about $1 billion over the same period. Voss said he does not expect significant additional growth in mortgage warehouse deposits or overall balance-sheet growth. Still, he said the company would not constrain factoring growth and retains wholesale funding capacity if needed. President of Payments and Banking Todd Ritterbusch said pricing actions have driven gains in broker revenue per invoice. That repricing effort is now largely complete, he said, meaning future revenue-per-invoice growth is likely to be slower and increasingly dependent on higher volume and cross-selling. Ritterbusch said high-single-digit payment invoice growth appears attainable, as the company returns its sales force's attention to new business and cross-selling following the pricing work. He also said invoice-price trends in payments should generally resemble those in factoring, although payment invoice pricing is at a different level. Graft said Triumph has no firm forecast for freight demand, noting that next year could bring either strong conditions or a recession. However, he expressed confidence that trucking supply constraints will persist because of difficulty finding qualified drivers, regulation and litigation. He said a supply-driven market could change through severe demand destruction or a major influx of new capacity, but management sees it as difficult for new capacity to enter a market where brokers are increasingly focused on making defensible truck-hiring decisions rather than selecting the lowest-cost option. Triumph also acknowledged a slower-than-expected start for its intelligence business. Graft said some customers in the newly acquired market are struggling, contributing to customer attrition, and said the company could have executed better in certain areas. Ben Volkwyn, executive vice president and head of enterprise data and intelligence, said Triumph is moving from a focus on standalone data products toward a data platform embedded in customer workflows. The company plans to continue developing data products while allowing other companies to build on its verified transaction data. LoadPay President David Vielehr said the service currently represents 1.1% of payment volumes moving through Triumph's network. While he said management does not have a defined ceiling for market share, he described an opportunity to move from 1% to 2% penetration toward 5% to 10% over the next several years. Graft said the company paid 2,500 different financial institutions during the quarter and processes roughly $70 billion in annual payments. He said LoadPay's opportunity is to offer truckers faster, lower-cost payments and trucking-specific products compared with traditional banking providers. Vielehr said LoadPay has been focused on small fleets with seven power units or fewer, where it has seen stronger adoption and use of its tools. During the third quarter, adoption began expanding among fleets with more than seven and up to 20 power units. He said capabilities such as expense cards for drivers have helped attract larger fleets. Management expects LoadPay to exit the year with about 14,000 accounts and said account growth should continue at a similar pace into 2027. Vielehr said accounts that have been open for more than 120 days are generating annualized revenue of more than $1,200 per account, supporting the company's confidence in its target revenue rate. Triumph Financial, Inc is a financial holding company headquartered in Dallas, Texas, that provides banking, payments and financial services designed primarily for businesses and professionals in the transportation industry. The company operates through a technology-focused model that combines traditional banking capabilities with specialized payments and working-capital solutions. Its offerings include commercial banking products, accounts and lending services, as well as transportation-focused invoice factoring through Triumph Business Capital. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Triumph Financial Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Management is transitioning from a multi-year investment cycle to a focus on translating built-up potential into earnings performance consistent with historical results. - Transportation revenue growth was driven by material increases in factoring receivables and payment network density, despite a contracting broader carrier population. - The freight market is characterized as supply-driven, with capacity constrained by driver availability, regulation, and litigation rather than just demand dynamics. - Performance in the intelligence segment lagged expectations due to customer attrition and challenges in embedding products into complex customer workflows. - The company is evolving its data strategy from selling point solutions to providing a data platform that licenses verified transaction data for third-party integration. - Factoring growth was bolstered by a strategic decision to resume aggressive customer acquisition after previously pulling back to focus on network building. - Management established a sub-$400 million expense target for 2027, requiring at least $20 million in identified efficiencies to be executed primarily in the first half of 2025. - Revenue sensitivity to invoice price changes has increased to $12 million per $100 swing due to a higher base of receivables on the balance sheet. - The 2027 earnings bridge assumes a 1.0% to 1.2% ROA target, predicated on expense discipline and 10% transportation revenue growth without assuming invoice price increases. - LoadPay adoption is expected to reach 5% to 10% of total network volume over the next couple of years by targeting small fleets with bespoke financial tools. - Future growth in the payments segment will shift from repricing efforts to volume expansion and cross-selling audit and intelligence products to brokers. - Wholesale funding was reduced to near zero over the last year, replaced by approximately $1 billion in mortgage warehouse deposits. - Credit costs in the current quarter included some 'episodic' noise that management views as a deviation from normal expected credit cost levels. - The company intentionally deferred some incentive compensation accruals in Q3 to align with current ROA performance and credit headwinds. - Management acknowledged a 'misguided' previous thesis that led to a temporary pullback in factoring growth, which has since been corrected. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management stated they have already identified the specific areas for these savings and expect them to materialize much sooner than the back half of next year. - The efficiencies are part of a broader pivot toward operating leverage after years of heavy technology and network investment. - Revenue per invoice growth will slow as the initial repricing effort is largely complete; future growth will rely on volume and cross-selling. - Management emphasized that their 'audit, payments, and intelligence' suite addresses the core broker needs of margin protection and liability avoidance. - Triumph aims to capture 5-10% of the $70 billion in annual payments they process by offering faster, cheaper settlements to carriers who open LoadPay accounts. - The strategy focuses on small fleets (under 7 units) where traditional banks do not offer industry-specific features like driver expense cards. - Management admitted to coming 'out of the blocks' slower than anticipated in the intelligence segment, citing customer attrition and a need to better align their strategy with the value of their data. - The strategic fix involves moving from 'data products' to a 'data platform' where the value is derived from licensing the underlying transaction data.

Image source: The Motley Fool. Thursday, Oct. 22, 2026 - Founder, Vice Chairman and Chief Executive Officer - Aaron P. Graft - Chief Financial Officer - Brad Voss - Senior Vice President, Finance and Investor Relations - Luke Wyse - President, Payments - Todd Ritterbusch - President, LoadPay - David Vielehr - President, Factoring - Kim Fisk - President, Intelligence - Ben Volkwyn Luke Wyse: Good morning. It's 9:30 A.M. in Dallas, and we're ready to get started. Thanks for joining us this morning, and for your interest in our third quarter results. We're glad you're here. Aaron's shareholder letter, published last evening, outlines a quarter of strong operating progress. Transportation revenue grew materially, margins expanded in factoring and payments, and LoadPay continued to gain scale. The letter also discusses the freight environment, our evolving North Star metrics, and the work underway to translate the investments we have made into greater operating leverage and earnings. That letter and our quarterly results will form the basis of today's discussion. Before we begin, I would like to remind you that this conversation may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. The company undertakes no obligation to publicly revise any forward-looking statement. For details, please refer to the safe harbor statement in our shareholder letter published last evening. All comments made during today's call are subject to that safe harbor statement. With that, I'd like to turn the call over to Aaron for a welcome and to kick off our Q&A. Aaron? Aaron Graft: Thank you, Luke. Good morning, everyone, and thank you for joining us. Last evening, we released our shareholder letter. By way of introduction, let me reiterate its opening message, because I've learned that if you have something important to say, you should probably say it multiple times. What we wrote is, we told investors we would invest through the freight cycle, and we did exactly that. Not everyone agreed with the strategy, but we were true to our word. Investors should now expect that same level of commitment as we take the steps necessary to translate that potential we built into earnings performance consistent with our historical results, and beyond. Doing so will demonstrate the returns on the investments we have made. Our priorities have evolved, but our commitment to delivering on what we say we will do has not. With that, I'll turn the call over for questions. Operator: Thank you. We will now move to our question-and-answer session. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. When you are called on, please unmute your line and ask your question. As a reminder, we ask those with questions to limit them to two initially, and then time permitting, please rejoin the queue and we will return to you for additional questions. We will now pause a moment to assemble the queue. Our first question is from Joe Yanchunis from Raymond James. Please unmute your line and ask your question. Joe Yanchunis: Good morning. Aaron Graft: Morning, Joe. Joe Yanchunis: Well, thank you for taking my questions. Coming to start off, you've now formally established a sub-$400 million expense target for 2027, that you called out requires at least $20 million of efficiencies from the current run rate. Are you able to give some more color on where those savings will come from? How much is already identified versus still to be executed, and whether we should expect those efficiencies to materialize evenly throughout the year, or do you think that will be more back half weighted? Aaron Graft: Sure. The first thing I would say is, you've known us a long time, Joe. If we tell you that there's $20 million of efficiencies to go get, you should assume that we have a pretty good idea of what we're going to do. I don't know that this is the appropriate venue to give you specifics on where those efficiencies are. What I would say is, you should expect those efficiencies much sooner than the back half of next year. Joe Yanchunis: Okay, that's helpful. Then, last quarter you discussed roughly $7 million of annual pre-tax income sensitivity for every $100 change in average invoice price, and you've actually been calling out this $7 million for a few years now. So in this quarter's shareholder letter, you noted that the $100 swing should generate $12 million in revenue and $8.5 million of pre-tax income. I'm going to try to sneak in a two-parter here. One, what caused the increase from $7 million-$8.5 million of pre-tax income? Two, why isn't that contribution margin higher for the change in invoice price? I just assumed any change would fall right to the bottom line. Brad Voss: Two things, Joe, to your question. The reason that it is more sensitive to changes in invoice prices than it was before is because we've got more of it on our balance sheet. We're starting from a higher base. So from a percentage basis, it hasn't moved a lot, but when we reran those numbers, we've got a higher base of revenue to work with. The reason that $12 million goes to $8.5 million comes down to funding costs. If you look at our factoring business, that revenue number, we haven't really talked about that in this perspective a whole lot, but about a quarter, roughly, of our factoring revenue is given back to incremental funding costs. So that's the difference between the $12 million and the $8.5 million. Joe Yanchunis: Okay, perfect. That's helpful. Thank you much, and I'll hop back in the queue. Operator: Thank you. Our next question is from Gary Tenner from D.A. Davidson. Please unmute your line and ask your question. Gary Tenner: Thanks. Good morning. Aaron Graft: Morning. Gary Tenner: On the funding comment question, another really good quarter on the mortgage warehouse deposits. You've really used those to materially reduce the brokered funds over the last several quarters. As those get down to zero, how do you think about funding the balance sheet on a go-forward basis? Obviously, the factoring receivables have had some great momentum as well, and real nice contribution to revenue. Just thinking of balancing the warehouse deposit business against the funding needs. Brad Voss: Sure. Well, number one, our warehouse business, if you just look over the last year, that deposit business has grown materially. Just looking at the changes in the balance sheet over the last year, as you noted, yes, we've driven our wholesale funding down to near zero. That was about $1 billion of funding a year ago. We've taken our cash balances up about $1 billion as well. I wouldn't expect a ton of incremental growth from here in that mortgage warehouse deposit business. What we are not going to do is constrain our growth in the factoring business. We will find other ways to make room for that if we need to. I wouldn't anticipate much incremental overall balance sheet growth. You've got to remember, we do have all of that capacity to add funding on the wholesale side should we need it. Gary Tenner: Thank you. Operator: Thank you. Our next question is from Timothy Switzer from KBW. Please unmute your line and ask your question. Timothy Switzer: Hey, good morning. Thanks for taking my questions. Aaron Graft: Morning. Timothy Switzer: First one I have is, could you update us, Aaron, on the progress of monetizing T-Pay? The broker revenue per invoice rose about, I think, 3%, so that's pretty good progress, but wondering how that metric should track over the next year or two and, with everything going on in the industry right now, have you seen any new challenges to pricing? Todd Ritterbusch: Yeah, I'll take that one. Yes, we've seen nice growth in revenue per invoice. A lot of that came as a result of the repricing effort. That repricing effort is largely complete at this point, so I think you'll see much slower growth in revenue per invoice going forward from here. At this point, the shift is really in driving more volume and more cross-selling. The cross-selling will drive additional growth in the revenue per invoice, but it'll be slower than what we've seen in the last year. Aaron Graft: Timothy, if I can, first of all, Todd's leadership in payments has been exceptional. You can see it in the financial results. We called it out in the letter. I mean, what a journey it's been from logos to density to revenue to EBITDA margin, now to operating income. I think it's important investors understand. We can talk about cross-selling individual products and where we price certain products, but where we're really going, if you think about the customer in that business is a broker, and a broker's job is really hard, but it's also really simple. It's, how do I make margin between what my customer's paying me and where I hire the truck? That's number one. How do I make sure I hire a truck that's defensible, especially in a post-Montgomery world? How do I avoid liability? Number three, how do I reduce my back office administration once I've done the first two things right? The power of what we've built is audit, payments, and intelligence all speak to those three questions. As we're engaging with the market, 69 of the top 100, 560 brokers, there isn't anyone else out there who can go to a broker and say, "In all three dimensions of how you achieve your goals, we can help." So it's not just about where we price individual components or repricing, it's about total value contribution to the customer, and I'm very excited about where we're going in that regard. Timothy Switzer: Great. Yeah. Very helpful. Aaron, your letter made it very clear that a tight truck market is here to stay. But if I read between the lines, do you also expect demand and volume in truckload to pick up, or is it more a comment on the lack of driver availability if that occurred? Aaron Graft: Yeah. We have no firm view in demand. Next year could be extraordinary. Next year could be a full-blown recession. We don't know. I can point you to things that would suggest there's green shoots, and I can point you to other things that say it's completely uneven. Let's just talk about what we do know. What I do know is that it is difficult. You can own a truck, but it is difficult to find a qualified driver to operate that truck. We're not the only ones saying this. Knight-Swift reported yesterday, J.B. Hunt reported a week ago. Everybody is singing out of the same hymn book. This is a supply-driven market. The question is, what changes a supply-driven market? There's only two things that can happen. Number one, you have radical demand destruction, which would mean we go into a recession next year. I don't think that will happen, but like I said, we don't know. The second thing would be new entrants come into the market. That's what we saw in late 2021 and early 2022. It is very difficult for me to see how you're going to get a flood of capacity coming into this market where brokers can no longer just choose the cheapest truck, and a lot of them never did that. Just if we generalize here, it's not about choosing the cheapest and closest truck, it's choosing the truck that is a defensible hiring decision. It's kind of hard for new capacity to come into a market like that. We don't know about demand, but we are pretty confident that supply constraints will continue as a result of regulation and litigation for the foreseeable future. Timothy Switzer: Got it. Yeah, that makes sense. If I could have one more. I appreciate all the color on the challenges in the intelligence segment and the difficulty becoming integrated through customers. Could you provide some more details on if that has been more of, like, a technical issue or just, like, the solution was not properly aligned with customer workflows? What are you guys doing to fix that? Aaron Graft: Yeah. Let me start off, then I'll let Ben finish with how we fix it, because I need to own the problem. We have not come out of the gates in intelligence nearly as quickly as we anticipated. I could point you to a lot of things, not the least of which is many of the customers of the intelligence business we acquired in this new market are struggling to make it, so you've got customer attrition. It's on us about some of the things we could have done better. So I can sit here and own that. Don't shy away from it, but I can tell you, as I think about where intelligence goes, I am absolutely convinced, we as a team are absolutely convinced, that the industrial logic of us using the largest payments data set available in the world for U.S. trucking to deliver value back to our customers is unquestioned. We didn't choose to join the wrong race, we just came out of the blocks not as fast as we wanted, and I've got a lot of confidence in the things we're now doing. One of the things you should read through in the letter, before I turn this over to Ben is, one of the things we've learned is the value is in the data. There is obviously value in building customized models and point solutions, but the value is in the data, and we are a platform business, meaning we will allow other companies to use our platform to achieve their goals. Licensing that data to them gives us a tremendous opportunity. Ben, any specifics on where you would say what people can look for in the next few quarters? Ben Volkwyn: Yeah, absolutely. On our side, like we said, on the churn side, we've identified it. We're working really closely with our clients. We're truly understanding where the product needs to go now. On our side, we acknowledge the fact that when we initially went down this path, we looked at it through the lens of data products. Where we're going now is a data platform which is truly embedded into workflows, and we truly believe that this is the process where our valuable data becomes a form and function of where the market participants really want to use it. Yes, we will continue building on data products, but we also are going to offer a platform that allows others to build on top of our verified transaction data. We confidently believe that the thesis is correct and we're moving in the right direction. Timothy Switzer: Awesome. Yeah, thanks for taking all my questions. Operator: Thank you. Our next question is from Matthew Olney from Stephens. Please unmute your line and ask your question. Matthew Olney: Hey, guys. Good morning. Thanks for taking my question. Aaron, appreciate you providing that letter last night with the thoughts. Always a great read. Within payments, the letter highlighted just the focus remains on cross-selling the existing clients. I think you already kind of touched on this briefly. Can you also talk about the volume growth from here? I think that the number of invoices processed has been pacing at that 7% level year-over-year the last few quarters. Just curious if you think that mid to high single digit growth is reasonable. I guess what's kind of embedding that question is just the pace of new wins in that business. Todd Ritterbusch: Sure, Matt. Thanks for the question. I'll take it. If you look at the broker universe, there are still an awful lot of brokers out there that we don't serve. There's a lot of opportunity to add additional volume. The 7% growth figure that you referenced, high single digits, seems very attainable to me going forward. As you reflect on how we've had to focus on repricing over the course of last year, of course, that involved using our sales people to help with that effort. Now that's in the rearview, we can refocus on selling our core business and cross-selling from here. Yes, I think high single digit growth is very attainable. Matthew Olney: Okay. Thanks for clarifying that. I guess kind of similar topic on the payment side, that invoice pricing has always been lower than on the factoring side. As I understand, that's from just shorter routes on the payments, not just the long-haul routes. Correct me if I'm wrong on that. Outside of this, should we assume the general trend of invoice pricing within payments will be similar to factoring, or is there any other nuances we should consider within that? Todd Ritterbusch: No, I think that's exactly right. The trend will be very similar to what you see in factoring. It'll just be at a different level. Matthew Olney: Okay. Thank you. Operator: Thank you. Our next question is from Eric Bedell from Bloomberg Intelligence. Please unmute your line and ask your question. Eric Bedell: Hi, good morning, everyone. Thanks for taking my question. Aaron Graft: Morning. Eric Bedell: I was just wondering if you could tell us a bit more on the LoadPay update. You identified the 1.1% of payment volumes going through the Triumph network. I am curious if you have a target percent in mind that you would like to capture up from that 1.1%. David Vielehr: Thanks for the question, and thanks for noticing the new metric in there. I do not think we have a ceiling of where that could end up getting to. It is a natural progression where we are starting at that 1% and moving closer and closer to 70%. We do not think we are going to ever get to 100% share, but we do not think it is unreasonable to jump from 1%-2%, to 5%-10% over the course of the next couple of years. Aaron Graft: Eric, one of the things we put in this letter, it was an interesting thing for me to read, or as our team prepared it. I hope you captured that we paid 2,500 different financial institutions in the last quarter. The number of institutions where truckers bank has got to be way higher than that. The reason I can say that is because many of the payments we make go to factoring companies who then remit funds to who the trucker banks with. That would be masked from us. Here is how we think about it, with what David and the business we are building. If you have a marketplace that is that fragmented of where truckers bank, we know this. They did not choose their financial institution because that financial institution held itself out as passionate about trucking. I think we are a universe of one, of the only bank that feels as passionately about trucking as we do. They chose their bank for all the reasons people choose banks. Okay? As we now think about going and winning market share, we have to convince them that whatever made them like the bank they are currently using, LoadPay can match many of those features and give them many more features and savings and rewards and opportunities that help them run their business. That, we think is compelling. The second thing that is compelling, if we were just doing it that way, that would be a marketing exercise, and you could probably win. But understand, no one in the world pays as many truckers as Triumph. If we are pushing out $70 billion a year, and we can then go to the end user and go, "If you have a LoadPay account, you will get that money faster and cheaper, and we are offering you a product that is tailored for your business." We think that is a right to win because we are competing against incumbents who do not wake up every day and think about trucking. We cannot predict how much we will get, how soon we will get there, but it is the value chain of being on both sides of the transaction, making the payment and owning the bank account on the receiving end, and then building a product that is tailor-made for truckers. That is why we are excited about investing in LoadPay. Eric Bedell: Got it. Thank you very much. Just a quick follow-up on this as well. Where are you seeing more increase in LoadPay use? Is it on the larger account size or some of the smaller account adds that you talked about in the last few quarters? David Vielehr: Absolutely. We've really been quite focused on the small fleet. For us, it's about 7 power units or lower, and we've seen higher adoption, higher utilization of the tools within that. What we've actually seen, though, in the third quarter is that started to ramp up north of 7 power units up through 20 power units, and we're now hearing back from carriers on all the utilization that they're able to do. Some of the things that we unlocked in the first half of this year were larger fleets being able to issue out expense cards to their drivers. When Aaron says we're getting adoption away from the traditional operating bank that they may have been, it's because some of these very bespoke or tailored solutions that are being built that are industry-specific are making even larger fleets move into LoadPay. Eric Bedell: Then just one last quick one, if I can. Should we expect a similar growth rate in the accounts on both the total and the active carrier over the next few quarters? David Vielehr: We think we're running at the same pace for the next couple of quarters. What it looks like, we'll exit this year right around 14,000 accounts, and as we look forward into next year, we'll probably be on a very similar run rate to the remainder of 2027. Eric Bedell: Great. Thank you. Operator: Thank you. As a gentle reminder, if you would like to ask a question, please use the raise hand button at the bottom of your Zoom application. Our next question comes from Joe Yanchunis from Raymond James. Please unmute your line and ask your question. Joe Yanchunis: Hey. Thanks for letting me hop back in here. Just have a couple more. In the shareholder letter, you note that you added 706 new factoring customers year to date, despite the broader carrier population contracting. Without spilling the secret sauce, how are you accomplishing this, and do you believe that the current pace of customer additions will be sustainable throughout 2027? Kim Fisk: Yeah, I'll take that, Joe. I do. I think that when I look at our payments network and the amount of carriers that they pay, and we're paying about 6,000, oh sorry, 8,000 carriers in the factoring business, I think we have a large runway. To your point, without giving away the secret sauce, the one thing we do is we immediately cover liquidity on the factoring side for the carrier. But to pair what David was saying is we've given them a tool to manage their business and their money in one place, and so I feel like that's where the value chain comes in for the carrier. Aaron Graft: Joe, Kim is too kind because what she should have said is she needed her CEO to get out of the way, right? I owned it in the letter. Our caution as we were building the open-loop payments network, we pulled back on factoring growth, and she and that team have been troopers despite their misguided CEO at certain times. So now I'm out of their way and go build because we learn things, right? You have a thesis, you execute on the thesis, and then hopefully you're humble enough to learn when your thesis was wrong, admit when you're wrong, and course correct. The last thing I would say on that, in addition to pursuing factoring This is really important. We have built a tremendous factoring product. There are other really, really good, probably even other tremendous factoring products in the marketplace. Building a product is one thing, distributing it is another. The power of 15 years of doing the same thing under the Triumph brand and being known as people of our word, that's helpful. Number two, the fact that we paid 134,000 carriers last quarter, that's really helpful. Number three, when you have businesses like C.H. Robinson and RXO and more to come, that build factoring as a service on top of our platform, that's all very helpful. Our distribution to the marketplace of 90— Last quarter, we paid 93,000 factored carriers. Almost 70% of all carrier payments went to a factoring company. The distribution we have, the reputation we have, the product we have, and the partners we have, and the excellence with which Kim and her team service our customers, that's the value proposition. Joe Yanchunis: Okay, that was great. Was also kind of hoping to talk about this 2027 framework of low double-digit transportation revenue. Can you help us unpack the segment level growth assumptions embedded in that framework? Specifically, how much growth are you contemplating from factoring versus payments and intelligence and within factoring, how much is driven by continued market share gains versus higher average invoice prices? Aaron Graft: Yeah, let me take that top down and then Brad can clean up in the segments, because there's a purpose that was in there. You've seen our letters. We're not in the business of giving forward guidance. That's not what we do except as it relates to expenses. What we were trying to do with that very simple metric is say, if you assume normal credit costs, which that's what we assume, this quarter didn't love, there were some episodic things, but normal credit costs. Expense discipline that I think we've been very transparent about, and that won't stop going forward, which is a pivot from what we've done historically. Then if you just assume 10% transportation growth, I don't think that's the shot we're going to call for next year. We haven't updated the North Star metrics, but we just did it for purposes of this exercise. I don't think we're ready to go into each individual segment. But Joe, let me tie it to a broader narrative on this 2027 earnings bridge. Every analyst who's asked us a question on this call, save one, is a bank analyst. Right? While we are very different than almost 300 other publicly traded banks, we are a bank. If we look at the last four years, our investors have, some have not liked it, some have given us permission. But as a company, we said we were going to invest, and we had no idea the freight cycle we were about to go into. Right? It was the worst of times to be investing. But once we made the call and we believed in the long-term value, we stuck to the call. But you can't run a financial institution, and we don't want to run a financial institution that's in the bottom quartile of publicly traded companies from an ROA perspective. But on the other hand, we also weren't willing to sacrifice the long-term vision. So if you think about that 2027 earnings bridge, right? If you take the median of all publicly traded banks, and many of them are stabilized business models. Right? 1.2% ROA is rough median right now, and I'm not telling you anything you don't know. So I think our earnings bridge in 2027, if you assume invoices remain flat, gets somewhere between 1% and 1.2%. That's what we already wrote in the letter, so I might as well say it out loud here. The point I want everyone to understand is if you get there at a time when LoadPay and intelligence are still a drag on earnings, and you believe that LoadPay and intelligence have a future where they don't just break even, but they actually are meaningful contributors. On top of that, you believe there is a lot of opportunity to grow factoring, which is running at an over 5% pre-tax ROA right now. Then you start to see the earnings power of what we've built is very different than our quote unquote peer group of banks. So, I said a lot, but that's the reason it's in there. That's what's driving our thinking on operating efficiency and profitability, and it will be in next quarter's letter where we get a little more specific on giving you any updated targets for 2027. But we didn't assume that invoices were going to continue to go up because we can't make that prediction. What we can tell you is October quarter-to-date, invoices have continued to rise and new clients have continued to join, and so that's obviously meaningful for factoring. So I hope I answered your question, but I hope I also did it in a way that's helpful for people to understand the context behind it. Joe Yanchunis: No, I appreciate it. That was a thoughtful response. The last question I had was on the incentive comp. You had talked about potentially there being $6 million that was going to be spread across the back half of the year. In the same vein, you talked about how in this quarter you outperformed on a lot of the several operating metrics which determine this. I guess, how much of that should we expect to be accrued in the fourth quarter? Aaron Graft: So an interesting thing. We try to be extremely transparent, right? We've been wrong many times. I think this is my 47th earning call, which is hard to believe. We always try to be transparent. We're wrong often, but if we tell you something, that's what we believe at the time. This is where I suppose transparency came back to bite us because we tried to give you that guidance that we were thinking because I didn't want anyone to be surprised. In the real world, you have to react to what's happening. Frankly, delivering 70 basis points of ROA this quarter and all the things with the credit noise, it did not seem appropriate to take that additional bonus expense in the quarter, even though many things are going well. It's our job, right? The permanent tension that exists between capital and labor, between investors and the team, is to manage that. I can't tell you with any specificity what we're going to do in Q4. What I would tell our team is we've done certain things remarkably well this year. We've done other things not so well this year. We're always trying to think about how do we reward the team for what went right, but also make sure we're rewarding investors for taking the risk and investing in us. So we gave you $100 million of guidance for Q4. That's as specific as we're going to get as it relates to what we do compensation-wise for that quarter. Joe Yanchunis: Understood. I appreciate you taking all my questions. Operator: Thank you. Our next question is from Eric Bedell from Bloomberg Intelligence. Please unmute your line and ask your question. Eric Bedell: Hi, thanks. Just had a few follow-ups. Number one, I am curious how you are thinking about a freight market where we might see more broker consolidations. Has anything changed in your approach to how you serve your clients? Todd Ritterbusch: Nothing has changed in the approach that we take to serve our clients. As we have reported, a lot of our business comes from the largest freight brokers. That tends to be the sweet spot for us. More broker consolidation is exactly what we expect and exactly where we aim to play. Eric Bedell: If I could just get one more quick one on the LoadPay-based side. Was the tick down in the revenue per account just primarily due to that late adds in the quarter that you talked about? Also, do you still have the same target for annualized revenue per account? David Vielehr: Yeah, so what we see there, and we highlighted it in a footnote underneath that chart. What you are looking at is a month-over-month comparison for that one, but if we actually dive into the third quarter, what we saw was we saw a continued growth on a month-over-month basis. We did not have a down quarter. We just had that tough comparable with the number of accounts being open, the number of active accounts on a June to September. It was just a little bit of noise, a touch of seasonality, and the account issue. We still have high levels of confidence in our target rate, and if we look at the accounts that have been open over 120 days, we are still at north of $1,200 in revenue on an annualized basis per account. We feel very confident as we move forward. Eric Bedell: Great. Thank you so much. Operator: Thank you. David Vielehr: Sure. Operator: There are no more questions at this time. I would now like to turn the call back over to management for closing remarks. Aaron Graft: Thank you, everyone, for joining us. We look forward to seeing you next quarter. Have a great day. Before you buy stock in Triumph Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Triumph Financial wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Triumph Financial (TFIN) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Triumph Financial (TFIN) came out with quarterly earnings of $0.54 per share, missing the Zacks Consensus Estimate of $0.6 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.00%. A quarter ago, it was expected that this financial holding company would post earnings of $0.44 per share when it actually produced earnings of $0.44, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Triumph Financial, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $125.67 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 2.22%. This compares to year-ago revenues of $109.28 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Triumph Financial shares have lost about 0.7% since the beginning of the year versus the S&P 500's gain of 12.7%. While Triumph Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Triumph Financial was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.69 on $125.58 million in revenues for the coming quarter and $1.92 on $474.29 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, American Express (AXP), has yet to report results for the quarter ended September 2026. The results are expected to be released on October 23. This credit card issuer and global payments company is expected to post quarterly earnings of $4.47 per share in its upcoming report, which represents a year-over-year change of +8%. The consensus EPS estimate for the quarter has been revised 0.6% higher over the last 30 days to the current level. American Express' revenues are expected to be $20.13 billion, up 9.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Triumph Financial, Inc. (TFIN) : Free Stock Analysis Report American Express Company (AXP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

DALLAS, October 21, 2026--(BUSINESS WIRE)--Triumph Financial, Inc. (NYSE: TFIN) has released its third quarter 2026 financial results. The 3Q 2026 financial results and shareholder letter are available on the Company's website at ir.triumph.io through the Financial Results link. Aaron P. Graft, Vice Chairman & CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Thursday, October 22, 2026. The live video conference may be accessed directly through this link, https://triumph-financial-q3-2026-earnings.open-exchange.net/ or via the Company's IR website at ir.triumph.io through the Financial Results link. An archive of this video conference will subsequently be available at the same location, referenced above, on the Company's website. About Triumph Triumph (NYSE: TFIN) is a transportation-focused financial and technology company that delivers payments, factoring, banking, and intelligence solutions designed to simplify and modernize freight transactions for brokers, carriers, shippers and factors. The company develops technology and financial products that improve operational efficiency, increase transparency and security in transactions, and expand access to working capital across the transportation industry. Headquartered in Dallas, Texas, Triumph's portfolio includes Triumph, LoadPay and TBK Bank. Learn more at triumph.io. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2026. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information. View source version on businesswire.com: https://www.businesswire.com/news/home/20261021434775/en/ Contacts Investor Relations: Luke Wyse Executive Vice President, Head of Investor Relations [email protected] 214-365-6936 Media Contact: Amanda Tavackoli Senior Vice President, Director of Corporate Communication [email protected] 214-365-6930

For the quarter ended September 2026, Triumph Financial (TFIN) reported revenue of $125.67 million, up 15% over the same period last year. EPS came in at $0.54, compared to $0.19 in the year-ago quarter. The reported revenue represents a surprise of +2.22% over the Zacks Consensus Estimate of $122.94 million. With the consensus EPS estimate being $0.60, the EPS surprise was -10%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Triumph Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: - Net charge-offs to average loans: 0% compared to the 0.2% average estimate based on three analysts. - Net Interest Margin: 5.9% versus 6.1% estimated by three analysts on average. - Average Balance - Total interest earning assets: $6.9 billion versus the two-analyst average estimate of $6.53 billion. - Net Interest Income: $103.13 million versus $100.65 million estimated by four analysts on average. - Total Noninterest Income: $22.55 million compared to the $22.27 million average estimate based on four analysts. - Other: $1.2 million versus the two-analyst average estimate of $2.16 million. - Service charges on deposits: $1.87 million versus $1.74 million estimated by two analysts on average. - Card income: $2.14 million versus $2.18 million estimated by two analysts on average. - Fee income: $15.7 million versus $15.35 million estimated by two analysts on average. View all Key Company Metrics for Triumph Financial here>>> Shares of Triumph Financial have returned -0.1% over the past month versus the Zacks S&P 500 composite's +1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Triumph Financial, Inc. (TFIN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Financial services company Triumph Financial (NYSE:TFIN) will be reporting earnings this Wednesday afternoon. Here's what to expect. Triumph Financial beat analysts' revenue expectations last quarter, reporting revenues of $120.3 million, up 12% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts' net interest income estimates but a significant miss of analysts' tangible book value per share estimates. Is Triumph Financial a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members. This quarter, the market is expecting Triumph Financial's revenue to grow 13.3% year on year, improving from the 2.7% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Triumph Financial has missed Wall Street's revenue estimates multiple times over the last two years. Looking at Triumph Financial's peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Washington Trust Bancorp delivered year-on-year revenue growth of 15%, beating analysts' expectations by 4.1%, and Independent Bank reported revenues up 7.4%, topping estimates by 0.6%. Independent Bank traded up 3.6% following the results. Read our full analysis of Washington Trust Bancorp's results here and Independent Bank's results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.7% on average over the last month. Triumph Financial is down 1.4% during the same time and is heading into earnings with an average analyst price target of $75 (compared to the current share price of $61.49). ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you're unstoppable. These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.