Earnings summaries and quarterly performance for Trane Technologies.
Executive leadership at Trane Technologies.
David Regnery
Detailed
Chief Executive Officer
CEO
CK
Christopher Kuehn
Detailed
Executive Vice President and Chief Financial Officer
DS
Donald Simmons
Detailed
Group President, Americas
EE
Elizabeth Elwell
Detailed
Vice President and Chief Accounting Officer
MM
Mairéad Magner
Detailed
Senior Vice President, Chief Human Resources Officer
MA
Mauro Atalla
Detailed
Senior Vice President, Chief Technology and Sustainability Officer
RP
Raymond Pittard
Detailed
Executive Vice President, Chief Integrated Supply Chain Officer
Board of directors at Trane Technologies.
AA
Ana Assis
Detailed
Director
AB
Ann Berzin
Detailed
Director
AM
April Miller Boise
Detailed
Director
JH
John Hayes
Detailed
Director
JS
John Surma
Detailed
Lead Independent Director
KA
Kirk Arnold
Detailed
Director
LH
Linda Hudson
Detailed
Director
MG
Mark George
Detailed
Director
MP
Matthew Pine
Detailed
Director
MS
Melissa Schaeffer
Detailed
Director
ML
Myles Lee
Detailed
Director
Research analysts who have asked questions during Trane Technologies earnings calls.
Christopher Snyder
Morgan Stanley
6 questions for TT
Also covers: ALH, ALLE, AME +20 more
JM
Julian Mitchell
Barclays Investment Bank
6 questions for TT
Also covers: AIRJ, ALLE, AME +26 more
NC
Nigel Coe
Wolfe Research, LLC
6 questions for TT
Also covers: AME, CARR, CNM +28 more
SD
Scott Davis
Melius Research
6 questions for TT
Also covers: CARR, DD, DHR +16 more
Amit Mehrotra
UBS
5 questions for TT
Also covers: CARR, CR, DOV +12 more
Noah Kaye
Oppenheimer & Co. Inc.
5 questions for TT
Also covers: AAON, AMRC, BWA +16 more
Andrew Kaplowitz
Citigroup
4 questions for TT
Also covers: ACM, AOS, APG +29 more
AO
Andrew Obin
Bank of America
4 questions for TT
Also covers: ALH, ALLE, AME +17 more
Deane Dray
RBC Capital Markets
3 questions for TT
Also covers: AME, ATKR, CARR +20 more
JS
Jeffrey Sprague
Vertical Research Partners
3 questions for TT
Also covers: ALLE, AME, AYI +23 more
Joe Ritchie
Goldman Sachs
3 questions for TT
Also covers: ALLE, ATS, CARR +18 more
Joseph Ritchie
Goldman Sachs
3 questions for TT
Also covers: ALLE, CARR, CGNX +22 more
ST
Steve Tusa
JPMorgan Chase & Co.
3 questions for TT
Also covers: AIN, ALTR, CARR +15 more
Thomas Moll
Stephens Inc.
3 questions for TT
Also covers: CARR, CGNX, DGII +13 more
Andy Kaplowitz
Citigroup Inc.
2 questions for TT
Also covers: ACM, APG, ATKR +12 more
CS
C. Stephen Tusa
JPMorgan Chase & Co.
2 questions for TT
Also covers: ADSK, ANSS, APG +17 more
Jeffrey Hammond
KeyBanc Capital Markets
2 questions for TT
Also covers: AOS, ETN, GGG +19 more
JS
Jeff Sprague
Vertical Research
2 questions for TT
Also covers: CR, LII, OTIS
Tommy Moll
Stephens Inc.
2 questions for TT
Also covers: CGNX, DGII, DSGR +10 more
SM
Sahil Manocha
RBC Capital Markets
1 question for TT
Also covers: JCI
Recent press releases and 8-K filings for TT.
Trane Technologies reports Q4 2025 results and 2026 guidance
TT
Earnings
Guidance Update
M&A
- Record bookings: Enterprise organic bookings up 22%, driving a record backlog of $7.8 billion at year-end, with Americas Commercial HVAC bookings +35% and Applied Solutions bookings +120% (200% book-to-bill).
- Solid Q4 financials: Organic revenue +4%, adjusted EPS +10%, and robust free cash flow funding strategic M&A, dividend growth, and share repurchases.
- 2026 guidance: Organic revenue growth of 6–7%, adjusted EPS of $14.65–$14.85 (up 12–14%), and reported revenue growth of 8.5–9.5%; Q1 adjusted EPS ~$2.50.
- Capital allocation: Deployed ~$3.2 billion in 2025 (dividends $840 million, M&A $720 million, repurchases $1.5 billion); plans to deploy $2.8–$3.3 billion in 2026, with $4.7 billion remaining under repurchase authorization and closing the Stellar Energy acquisition in Q1.
7 days ago
Trane Technologies reports Q4 2025 results
TT
Earnings
Guidance Update
Share Buyback
- Strong bookings: Q4 enterprise organic bookings up 22%, record backlog of $7.8 billion; Applied Solutions bookings +120%, book-to-bill 200%.
- Q4 organic revenue +4% (Americas +5%), with margins pressured by residential inventory normalization and growth investments.
- 2026 guidance: 6–7% organic revenue growth, Adjusted EPS $14.65–$14.85 (+12–14%); Q1 EPS ~$2.50.
- Capital allocation: 2025 deployed ~$3.2 billion (dividends, M&A, buybacks); 2026 plan $2.8–3.3 billion spend with $4.7 billion remaining buyback authorization.
7 days ago
Trane Technologies reports Q4 2025 results
TT
Earnings
Guidance Update
M&A
- 2025 results: Exceeded adjusted EPS guidance and delivered robust free cash flow, funding strategic M&A, an increasing dividend, and significant share repurchases; commercial HVAC backlog increased by $1.3 billion, up ~25% in Americas and ~40% in EMEA year-over-year.
- Q4 highlights: Enterprise organic bookings rose 22%, driving a record backlog of $7.8 billion; organic revenue grew 4% and adjusted EPS increased 10%.
- 2026 guidance: Initiates organic revenue growth of 6–7%, adjusted EPS of $14.65–$14.85 (up 12–14%), and reported revenue growth of 8.5–9.5%; expects Q1 adjusted EPS of $2.50.
- Capital allocation: Deployed $3.2 billion in 2025 (including $840 million in dividends, $720 million on M&A, and $1.5 billion on share repurchases); plans to deploy $2.8–$3.3 billion in 2026 and close the acquisition of Stellar Energy in Q1.
7 days ago
Trane Technologies reports Q4 2025 results
TT
Earnings
Guidance Update
Share Buyback
- Q4 enterprise organic bookings rose 22%, delivering a record backlog of $7.8 B, while organic revenue grew 4% and adjusted EPS reached $2.86 (+10% YoY).
- FY 2025 organic revenue increased 6%, adjusted EPS grew 16%, and free cash flow was ~$2.9 B with a 98% conversion of adjusted net earnings.
- FY 2026 outlook calls for ~6–7% organic revenue growth, adjusted EPS of $14.65–$14.85, and Q1 EPS of ~$2.50.
- In 2025, the company deployed ~$3.2 B of capital (including $1.5 B in buybacks and $840 M in dividends) and plans $2.8–$3.3 B in 2026.
7 days ago
Trane Technologies reports Q4 and full-year 2025 results
TT
Earnings
Guidance Update
- Q4 2025: organic bookings up 22%, record backlog of $7.8 billion (+15% YoY), revenues of $5.1 billion (+6% reported, +4% organic), GAAP continuing EPS of $2.74 and adjusted EPS of $2.86 (+10%)
- Full-year 2025: organic bookings up 11%, revenues of $21.3 billion (+7% reported, +6% organic), GAAP EPS $13.14 and adjusted EPS $13.06 (+16%), with free cash flow conversion of 98%
- 2026 guidance: revenue growth of 8.5–9.5% (organic 6–7%) and GAAP/adjusted EPS of $14.65–14.85
7 days ago
Trane Technologies reports Q4 and full-year 2025 results
TT
Earnings
- Q4 bookings rose 24% y-o-y to $5.76 billion (organic +22%), and backlog reached a record $7.8 billion (+15%) entering 2026.
- Q4 net revenues were $5.145 billion (+6% reported; +4% organic), with GAAP EPS of $2.74 and adjusted EPS of $2.86 (+10%).
- FY 2025 revenues totaled $21.322 billion (+7% reported; +6% organic), with GAAP EPS of $13.14 and adjusted EPS of $13.06 (+16%).
- FY 2025 adjusted EBITDA margin reached 20.1% (+70 bps), and free cash flow conversion was 98%.
7 days ago
Trading Technologies acquires OpenGamma
TT
M&A
- Trading Technologies International, Inc. has acquired OpenGamma, a leader in derivatives margin analytics for buy-side and sell-side clients, for undisclosed terms.
- Integration of OpenGamma’s margin optimization and capital efficiency tools will enhance TT’s multi-asset platform by enabling automated trading workflows and real-time risk insights.
- The TT platform processed over 2.9 billion derivatives transactions in 2025 and offers access to 100+ global exchanges and venues through its EMS/OMS systems.
- OpenGamma’s top-tier client relationships with banks, hedge funds and CTAs will expand TT’s market reach, while TT’s global distribution will accelerate OpenGamma’s growth.
Dec 17, 2025, 1:00 PM
Trane Technologies outlines strong 2025 outlook and 2026 visibility at Baird conference
TT
Guidance Update
Demand Weakening
- 2025 guidance: 6% organic revenue growth, 7% reported growth, and 15–16% EPS increase, with robust free cash flow conversion.
- Commercial HVAC backlog of $7.2 billion as of Q3, up ~7% year-to-date, with over 90% in applied systems, underpinning 2026 visibility.
- Service segment (≈33% of revenues) is growing low double-digits with accretive margins; investments include two technician training centers and BrainBox AI digital tools delivering 15–40% energy savings.
- Residential HVAC volumes down ~20% in Q3–Q4 due to refrigerant pre-buys, canister shortages, and a shorter season; Thermo King transport in fourth year of downturn, with recovery expected in H2 2026.
- Geographic mix: Americas ~75% of revenue, EMEA ~15% (high single-digit commercial HVAC growth), Asia ~7% (90% commercial HVAC with leading margins).
Nov 12, 2025, 5:25 PM
Trane Technologies lowers 2025 profit forecast as revenue growth slows
TT
Guidance Update
Profit Warning
Demand Weakening
- Reported Q3 2025 adjusted EPS of $3.88, beating expectations, while revenue of $5.74 billion slightly missed forecasts amid weakening residential sales.
- Cut full-year 2025 EPS guidance to $12.95–$13.05 and trimmed revenue growth outlook to 7%, down from about 9%.
- Achieved 5.5% year-over-year revenue growth with gross margin up 60 bps to 36.9%, driven by operational efficiency and strategic acquisitions.
- Generated $992.1 million in operating cash flow and $944.6 million in free cash flow in Q3, supported by a 15% rise in order bookings.
Oct 30, 2025, 4:57 PM
Trane Technologies reports Q3 2025 results
TT
Earnings
Guidance Update
Share Buyback
- Record Q3 bookings of $6 billion (+13% organic YoY); delivered 170 bps adjusted operating margin expansion and 15% adjusted EPS growth.
- Americas commercial HVAC bookings up 30% with applied bookings >100% YoY; Q3 backlog of $7.2 billion, up ~$800 million (15%) vs end-2024.
- Q3 organic revenue growth of 4%; residential revenues down ~20% YoY, resulting in a $100 million Q3 shortfall and a projected $150 million Q4 shortfall.
- 2025 guidance: ~6% organic revenue growth; adjusted EPS range of $12.95–$13.05; Q4 organic growth ~3% with EPS $2.75–$2.85; YTD capital deployment of $2.4 billion, including $1.25 billion in buybacks and $5 billion authorization remaining.
Oct 30, 2025, 2:00 PM
Quarterly earnings call transcripts for Trane Technologies.
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