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Trane TechnologiesTT

Legal name
Trane Technologies plc
Sector
Other
Industry
Auto Controls For Regulating Residential & Comml Environments
Exchange
NYSE

Stock Price $TT

Latest filings

You are here#21 of 116 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K114

TT filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 114 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Dec ’16Dec ’16
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Jun ’21Jun ’21
  4. Material agreement8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $21.32B
YoY changeLargest recent move+13.5%in FY21Latest +7.5%

1 older move runs past ±20% (largest +48.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TT Financial Metrics62 metrics

Income Statement15

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Trane Technologies Financial Overview 2021–2025

Updated Nov 2, 2026

Trane Technologies defied peak industrial inflation by engineering a relentless expansion in profitability, driving its gross profit margin from 31.6%a in FY2021 to 36.2% in FY2025. This pricing power proves the company is successfully monetizing global demand for sustainable climate systems, transforming a traditional hardware manufacturer into a high-margin compounder.

The commercial HVAC giant steadily expanded its top line, as net revenues grew from $14.1 billion in FY2021 to $21.3 billionb in FY2025. This trajectory was anchored by the Americas segment, where intense demand and strategic acquisitions allowed Trane to capture both volume and price increases. Consequently, operating income jumped 13.4% year-over-year to hit $4.0 billion in FY2025. The company aggressively returned this cash generation to shareholders, executing $1.5 billion in share repurchases and paying out $837.3 million in dividends during the same year.

The market rewarded this consistent operational execution with a premium valuation. By the close of FY2025, the stock traded at $389.20c per share, commanding a 30.0x price-to-earnings multiple on $12.98 in annual earnings per share.

Recent Developments (Q2 and Q3 2026)

Trane Technologies accelerated its momentum through Q3 2026, highlighted by a 73% year-over-year backlog expansion to $12.5 billiond. Q3 net revenues increased 17.7% to $6.76 billion, while diluted earnings per share reached $4.74. To capture AI-driven data center cooling demand, the company acquired Stellar Energy Americas and LiquidStack, and promoted veteran Donny Simmons to Chief Operating Officer in July 2026.

Bulls note that organic bookings growth, up 20%e in Q3 2026, secures substantial revenue visibility and cash flow generation. Conversely, bears point out that inflationary pressures and integration costs caused recent margin compression, with EMEA adjusted operating margins dropping 420 bps in Q2 2026, leaving the stock richly valued at 33.2x earnings as of the October 29, 2026 reporting date.

What to watch: execution of data center cooling integrations; EMEA margin recovery amid ongoing inflation

03—Filings

Recent SEC Filings

  1. 8-KTrane Technologies 8-K Report, Financial Results (Oct 29, 2026)Trane Technologies plc (TT) reported robust third-quarter 2026 financial results, exceeding expectations and prompting an upward revision of its full-year revenue guidance while reaffirming earnings per share (EPS) guidance. The company demonstrated significant growth across key metrics, with organic bookings up 20% and reported revenues increasing by 18% year-over-year. This strong performance is underpinned by a substantial backlog of $12.5 billion, up 73%, indicating robust demand for its climate solutions. Notably, both GAAP and adjusted continuing EPS saw a strong 25% increase, highlighting operational efficiency and effective cost management. The company also delivered exceptional year-to-date free cash flow of $2.8 billion, a 60% increase, demonstrating strong cash generation capabilities. These results reflect the continued resonance of Trane Technologies' focus on sustainability and energy efficiency with its customer base, positioning the company favorably to navigate ongoing supply chain and inflationary pressures.
  2. 8-KTrane Technologies 8-K Report, Financial Results (Jul 30, 2026)Trane Technologies reported a strong second quarter of 2026, with reported revenue of $6.35 billion (up 11%, or 9% organic) and GAAP continuing EPS of $4.20, up 9% from $3.87. Adjusted continuing EPS was $4.31, up 11%. The headline story is demand: bookings reached a record $7.8 billion (up 39%), book-to-bill was 123%, and backlog hit a record $12.1 billion (up 70%). Americas Commercial HVAC was the standout, with bookings up 50% and backlog up 90%. Profitability was mixed. GAAP operating margin fell 100 basis points to 19.3%, and adjusted operating margin fell 60 basis points to 19.7%, with adjusted EBITDA margin down 70 basis points to 21.1%. EMEA was the weak spot, with organic revenue down 4% and adjusted operating margin down 420 basis points to 13.1%. Americas and Asia Pacific were more resilient. Margin pressure despite higher volume is the key question for investors to weigh against the bookings momentum. Management raised full-year 2026 guidance, now calling for reported revenue growth of about 11.5% and organic growth of about 9%, with GAAP continuing EPS of $15.00 to $15.10 and adjusted continuing EPS of $15.20 to $15.30. Cash generation was solid, with year-to-date free cash flow of $1.6 billion, and capital deployment included $840 million of share repurchases and $690 million of dividends through July. Note that this summary is based on the press release exhibit included in the 8-K, not the full financial statements.
  3. 8-KTrane Technologies 8-K Report, Executive Changes (Jul 22, 2026)Trane Technologies plc (TT) announced the departure of Mingxiao (Gary) Guo, Senior Vice President and Chief Global Integrated Supply Chain Officer, effective August 1, 2026. This departure was mutually agreed upon and is not attributed to any disagreements regarding the company's operations, policies, or financial matters, which should be reassuring to investors concerned about internal stability. The key financial aspect of this executive transition involves a Separation Agreement where the company has opted to forego the clawback of certain sign-on bonus payments made to Mr. Guo. While the specifics of the bonus are not detailed in this filing, this decision by the company, as outlined in Exhibit 10.1, represents a specific financial outlay or waiving of potential recovery by Trane Technologies in relation to Mr. Guo's departure. Investors should note that the full terms of the Separation Agreement are available in the referenced exhibit.
  4. 8-KTrane Technologies 8-K Report, Executive Changes (Jun 10, 2026)Trane Technologies plc (NYSE: TT) has named Donald "Donny" Simmons Executive Vice President and Chief Operating Officer, effective July 1, 2026. The Board made the appointment on June 4, 2026, and the company announced it in a press release on June 10. Simmons reports to Chair and CEO Dave Regnery. In the expanded role he will oversee the company's regional business units and operations, which management says will improve business and operational alignment and speed up execution of its growth strategy. Simmons has been with the company since 2001 and most recently served as Group President, Americas, from January 2024. The filing presents the move as a leadership structure change tied to the company's larger scale, not as a response to a disclosed problem. The 8-K discloses Simmons's compensation under an offer letter dated June 5, 2026 (Exhibit 10.1). Starting July 1, he will receive a base salary of $950,000, a 100% target under the Annual Incentive Matrix Program, and an annual equity award target of $4.3 million. He will also receive a one-time long-term incentive grant of $400,000 in restricted stock units and $400,000 in stock options, each vesting ratably over three years. The filing states that he has no material related-person transaction interest beyond what was already disclosed in the 2026 Proxy Statement filed April 23, 2026. For investors, the filing is mainly a governance and management-succession update. It does not include financial results, guidance, or changes to segment reporting. The main items to watch are whether consolidating regional businesses and operations under one COO changes reporting or margin trends in future periods, and how the new role affects the division of responsibilities among senior leadership, since the filing does not describe any change to the Americas leadership structure that follows from his promotion.
  5. 8-KTrane Technologies 8-K Report, Shareholder Vote Results (Jun 5, 2026)Trane Technologies plc (TT) held its 2026 Annual General Meeting on June 5, 2026, where shareholders overwhelmingly approved key corporate governance matters and executive proposals. The meeting saw the re-election of all eleven director nominees, reinforcing the current board's composition. Shareholders also provided advisory approval for the compensation of named executive officers and ratified the appointment of PricewaterhouseCoopers as the independent auditor for the fiscal year ending December 31, 2026, granting the Audit Committee authority over their remuneration. Furthermore, the company secured shareholder approval for critical authorities related to share issuance. This includes the renewal of the Directors' existing authority to issue shares, as well as the specific authority to issue shares for cash without a prior offering to existing shareholders. The determination of the price range for reallotting treasury shares was also approved. These approvals provide the company with flexibility in capital management and governance for the upcoming fiscal year.
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04—See also

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