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Trojan horses are almost always designed to do various harmful things, but could be harmless. Examples are

erasing or overwriting data on a computer.
encrypting files in a cryptoviral extortion attack.
corrupting files in a subtle way.
upload and download files.
spreading other malware, such as viruses. In this case the Trojan horse is called a 'dropper' or 'vector'.
setting up networks of zombie computers in order to launch DDoS attacks or send spam.
spying on the user of a computer and covertly reporting data like browsing habits to other people (see the article on spyware).
make screenshots.
logging keystrokes to steal information such as passwords and credit card numbers (also known as a keylogger).
phish for bank or other account details, which can be used for criminal activities.
installing a backdoor on a computer system.

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