Trane Technologies plc is a global climate innovator specializing in sustainable and efficient solutions for buildings, homes, and transportation through its strategic brands, Trane® and Thermo King® . The company primarily generates revenue through the design, manufacture, sales, and service of solutions for Heating, Ventilation, and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions . Trane Technologies operates in highly competitive markets worldwide, distributing its products through branch sales offices, distributors, and dealers in the U.S., and subsidiary sales and service companies internationally .
- Americas Segment - Offers commercial heating, cooling, ventilation systems, building controls, energy services, residential heating and cooling, and transport refrigeration systems.
- EMEA Segment - Provides similar products and services as the Americas segment, focusing on the Europe, Middle East, and Africa regions.
- Asia Pacific Segment - Delivers HVAC systems, transport refrigeration, and custom refrigeration solutions tailored for the Asia Pacific market.
- Air Conditioners - Designs and manufactures air conditioning units for residential and commercial use.
- Building Management Systems - Develops systems for managing and optimizing building operations and energy efficiency.
- Energy Efficiency Programs - Offers programs aimed at improving energy efficiency in buildings and transportation.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David S. Regnery ExecutiveBoard | Chair of the Board and Chief Executive Officer | Member of the Alliance of CEO Climate Leaders for the World Economic Forum | David S. Regnery has been with TT for his entire career, becoming CEO in 2021. He led the launch of the EcoWise™ portfolio and sharpened TT's strategy in climate solutions. | View Report → |
Christopher J. Kuehn Executive | Executive Vice President and Chief Financial Officer | None | Joined TT in 2015, progressing from Chief Accounting Officer to CFO. He plays a key role in TT's financial strategy. | |
Donald E. Simmons Executive | Group President, Americas | None | Oversees operations across 14 verticals in the Americas, emphasizing innovation. | |
Elizabeth Elwell Executive | Vice President and Chief Accounting Officer | None | Joined TT in 2016, progressing through finance roles to Chief Accounting Officer. | |
Evan M. Turtz Executive | Senior Vice President, General Counsel, and Secretary | None | With TT since 2013, he has held various legal roles, becoming General Counsel in 2019. | |
Mairéad A. Magner Executive | Senior Vice President and Chief Human Resources Officer | None | Joined TT in 2015, focusing on talent and organizational capability. | |
Mauro Atalla Executive | Senior Vice President, Chief Technology and Sustainability Officer | None | Joined TT in 2025, previously served at Collins Aerospace Systems. | |
Raymond D. Pittard Executive | Executive Vice President and Chief Integrated Supply Chain Officer | None | Joined TT in 2021, previously led supply chain, engineering, and IT. | |
Ana P. Assis Board | Independent Director | Director, Junior Achievement Americas | Director since 2023, recognized leader in AI and data responsibility. | |
Ann C. Berzin Board | Independent Director | Exelon Corporation | Director since 2001, brings expertise in finance and energy sector trends. | |
April Miller Boise Board | Independent Director | Executive Vice President and Chief Legal Officer of Intel Corporation | Director since 2020, provides insights into business strategy and governance. | |
Gary D. Forsee Board | Lead Independent Director | Director at Ingersoll Rand Inc. | Director since 2007, former CEO of Sprint Nextel, brings operational and financial expertise. | |
John A. Hayes Board | Independent Director | Director, Kohler Co.; Operating Advisor, Clayton, Dubilier & Rice; Chair, WilsonArt | Director since 2023, former CEO of Ball Corporation, led significant growth and strategic transactions. | |
John P. Surma Board | Independent Director | Marathon Petroleum Corporation, MPLX LP, Public Service Enterprise Group | Director since 2013, former CEO of United States Steel Corporation, brings financial expertise. | |
Kirk E. Arnold Board | Independent Director | Advisor to General Catalyst, Director at Ingersoll Rand Inc., Thomson Reuters | Director since 2018, brings experience in venture capital and corporate governance. | |
Linda P. Hudson Board | Independent Director | Board positions at Bank of America Corporation, TPI Composites, Inc. | Director since 2015, former CEO of BAE Systems, Inc., brings defense and engineering expertise. | |
Mark R. George Board | Independent Director | Norfolk Southern Corporation | Director since 2022, with extensive financial and business development experience. | |
Melissa N. Schaeffer Board | Independent Director | None | Director since 2022, with over 20 years of finance leadership experience. | |
Myles P. Lee Board | Independent Director | None | Director since 2015, former CEO of CRH plc, provides strategic and financial insight. |
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Given that your Thermo King Americas transport business is expected to be down low double digits this year, and your internal models suggest the trailer market could be down even more than ACT's projection of mid-teens decline, what specific measures are you taking to mitigate these impacts and outperform the market in such a challenging environment?
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With a competitor announcing plans to push into the emergency replacement unitary market where they currently have little share, how do you anticipate this affecting competitive dynamics, and what strategies are you implementing to defend your market position and margins in this critical segment?
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Considering that your investment in immersion cooling is still facing hurdles and is not yet mainstream, how are you addressing these challenges, and what is your strategy to capitalize on the growing demand for efficient cooling solutions in data centers?
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You've highlighted demand side management as a massive opportunity, noting that buildings operate up to 30% inefficiently and that you're in the early stages of leveraging AI and connected solutions to address this; can you quantify the potential impact on your bookings and revenue, and what is your timeline for making this a significant contributor to your financial performance?
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With over 300 mega projects being tracked, many still in the pipeline, and recognizing the complexity and multiple decision-makers involved, how confident are you in converting these into bookings, and how do you expect these mega projects to influence your growth trajectory in the near and long term?
Research analysts who have asked questions during Trane Technologies earnings calls.
Andrew Kaplowitz
Citigroup
4 questions for TT
Julian Mitchell
Barclays Investment Bank
4 questions for TT
Nigel Coe
Wolfe Research, LLC
4 questions for TT
Scott Davis
Melius Research
4 questions for TT
Amit Mehrotra
UBS
3 questions for TT
Christopher Snyder
Morgan Stanley
3 questions for TT
Deane Dray
RBC Capital Markets
3 questions for TT
Jeffrey Sprague
Vertical Research Partners
3 questions for TT
Joseph Ritchie
Goldman Sachs
3 questions for TT
Noah Kaye
Oppenheimer & Co. Inc.
3 questions for TT
Thomas Moll
Stephens Inc.
3 questions for TT
Andrew Obin
Bank of America
2 questions for TT
C. Stephen Tusa
JPMorgan Chase & Co.
2 questions for TT
Chris Snyder
Morgan Stanley
1 question for TT
Joe Ritchie
Goldman Sachs
1 question for TT
Sahil Manocha
RBC Capital Markets
1 question for TT
Steve Tusa
JPMorgan Chase & Co.
1 question for TT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Commercial HVAC distributor (Belgium and Luxembourg) | 2025 | Completed in January 2025, this deal involved acquiring a commercial HVAC distributor with sales and service operations in Belgium and Luxembourg, with results reported in the EMEA segment; no purchase price or additional financial details were disclosed. |
Building management platform for HVAC optimization | 2025 | Completed in January 2025, this acquisition brought an advanced AI-driven platform for HVAC optimization into the Americas segment, supporting digital services with inclusion in the consolidated financial statements from the acquisition date. |
Commercial HVAC distributor (United States) | 2024 | Completed in Q3 2024, this acquisition strengthened the Commercial HVAC business through a sales and service platform in the U.S., with its deal (aggregated cash payment of $174.5 million, $51.6 million in intangible assets, and $96.3 million in goodwill) reported in the Americas segment. |
Technology-focused company (Transport Refrigeration) | 2024 | Completed in Q3 2024, this deal expanded Trane Technologies' product offerings in the Transport Refrigeration business, with financial details mirroring those of its complementary acquisition (aggregated cash payment, intangible assets, and goodwill calculated via a multi‐period excess earnings method) and reported in the Americas segment. |
Nuvolo Technologies Corporation | 2023 | Completed on November 2, 2023, Nuvolo was acquired for a total of $442.9 million (including $352.6 million in upfront cash and $90.3 million contingent consideration), bringing developed technology assets valued at $141.0 million and contingent earnouts tied to revenue targets, expected to be EPS accretive by year 3. |
MTA S.p.A | 2023 | Completed on May 2, 2023, this acquisition for approximately $222–224 million (net of cash) enhanced industrial process cooling solutions across the EMEA and Americas segments, with intangible assets valued at about $93 million and non-tax-deductible goodwill of roughly $113 million determined via a multi‐period excess earnings method. |
Helmer Scientific Inc | 2023 | Completed on May 12, 2023, Helmer, a precision temperature cooling business in the life sciences vertical, was acquired for roughly $263–266 million (net of cash), financed with commercial paper and cash, and came with approximately $95.7 million in intangible assets and $125–130 million in tax-deductible goodwill. |
Commercial HVAC independent dealer | 2022 | Completed on April 1, 2022, this acquisition expanded the distribution network and service area in the Americas with an aggregate cash payment of $110.0 million, supported by $52.7 million in intangible assets and $42.5 million in goodwill, using a multi‐period excess earnings method for valuation. |
AL-KO Air Technology | 2022 | Completed on October 31, 2022, AL-KO Air Technology, which designs and services air handling and extraction systems for commercial applications, was acquired to complement Trane Technologies’ Commercial HVAC offerings in Europe and Asia Pacific; it was part of a broader $250 million M&A spend in 2022, with results reported in the EMEA and Asia Pacific segments. |
Recent press releases and 8-K filings for TT.
- 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.
- 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.
- Q3 organic bookings rose 13% and organic revenue grew 4%; adjusted EPS was $3.88 (+15% YoY) and adjusted operating margin expanded to 20.6% (+170 bps).
- Commercial HVAC remains the growth engine, with Americas CHVAC bookings up ~30% and backlog reaching $7.2 B (up >$600 M since YE 2024).
- FY 2025 guidance updated: organic revenue growth of ~6% and adjusted EPS of $12.95–$13.05, with Q4 EPS expected at $2.75–$2.85.
- Strong cash generation: Q3 operating cash flow was 109% of adjusted net earnings, FCF is on track to be ≥100% of adjusted net earnings, and YTD share repurchases totaled $1.25 B.
- Trane delivered record bookings of $6 billion (up 13% YoY), 170 bps of adjusted operating margin expansion, 15% adjusted EPS growth, and strong free cash flow in Q3 2025.
- Americas commercial HVAC bookings rose 30% YoY with applied solutions more than doubling; ending commercial HVAC backlog was $7.2 billion, up ~15% vs. year-end 2024.
- Q3 segment performance: Americas organic revenue +4% (adjusted EBITDA margin +90 bps to >23%), EMEA organic revenue +3% (margin –60 bps), Asia Pacific organic revenue +9% (margin +230 bps).
- 2025 guidance updated to ~6% organic revenue growth, adjusted EPS of $12.95–$13.05 (Q4 EPS $2.75–$2.85), and ~3% Q4 organic growth (ex-residential ~7%).
- Year-to-date through October, Trane deployed $2.4 billion in capital: $840 million dividends, $160 million M&A, $1.25 billion share repurchases, $150 million debt retirement, with $5 billion repurchase authorization remaining.
- Record Q3 bookings of $6 billion, organic bookings up 13% YoY; Americas commercial HVAC bookings surged 30%, ending backlog at $7.2 billion (+15% vs. YE 2024)
- Q3 organic revenue growth of 4%; Americas adjusted EBITDA margin rose to 23% (+90 bps); EMEA and Asia Pacific revenue grew 3% and 9%, respectively
- 2025 guidance revised to 6% organic revenue growth (–2 ppt vs. July) and adjusted EPS of $12.95–$13.05 (+15–16% YoY); Q4 organic growth expected at 3% with EPS of $2.75–$2.85
- YTD through October deployed $2.4 billion in capital: $1.25 billion in share repurchases (with $5 billion remaining authorization), $840 million in dividends, $160 million in M&A, and $150 million in debt retirement
- Record enterprise bookings of $6.0 billion, up 15% year-over-year; organic bookings increased 13%
- Net revenues of $5.743 billion, up 6% (4% organically) versus Q3 2024
- GAAP continuing EPS of $3.82; adjusted continuing EPS of $3.88, a 15% increase
- Americas Commercial HVAC bookings surged approximately 30%, driving segment leadership
- Full-year 2025 guidance: reported revenue growth of ~7% (organic ~6%); GAAP EPS of $13.15–13.25 and adjusted EPS of $12.95–13.05
- Record enterprise bookings of $6.0 billion, up 15 percent year-over-year (13 percent organically)
- Net revenues of $5.74 billion, up 6 percent (4 percent organically); GAAP operating margin of 20.3 percent (+150 bps) and adjusted operating margin of 20.6 percent (+170 bps)
- GAAP continuing EPS of $3.82; adjusted continuing EPS of $3.88, up 15 percent; enterprise backlog of $7.2 billion, up 7 percent versus year-end 2024
- Full-year 2025 guidance: reported revenue growth ~7 percent (organic ~6 percent); GAAP continuing EPS $13.15–13.25; adjusted EPS $12.95–13.05
- Trane Technologies launched the industry’s first comprehensive thermal management system reference design for gigawatt-scale NVIDIA AI factories, integrating with the NVIDIA Omniverse DSX Blueprint to deliver performance, scalability and rapid deployment in next-generation data centers.
- Developed in collaboration with NVIDIA, the design enables simultaneous management of power, water and land resources to enhance performance, energy efficiency and sustainability for Blackwell and upcoming Vera Rubin infrastructure.
- The reference design supports the advanced power and cooling needs of NVIDIA GB300 NVL72 systems and can flexibly scale to meet increasing rack density as per NVIDIA’s roadmap.
- Over the past five years, revenue increased from $12.5 billion to over $21 billion, market cap nearly tripled from $35 billion to over $90 billion, and the company achieved a 12% reported CAGR on sales.
- The residential segment (≈15% of enterprise revenue) is now expected to decline up to 20% in Q3 and high-single digits for the full year, exerting modest EPS pressure, primarily in Q4.
- The service business (~33% of revenue) has delivered low-double-digit CAGR over four years; investments include a new North Carolina training facility and the BrainBox AI acquisition, enhancing digital and remote service capabilities.
- Trane emphasizes regional manufacturing (25 U.S. plants) and local supply chains, while broadening its commercial pipeline across 13 verticals and strengthening data center offerings with new cooling distribution units and system-level solutions.
- Over the past five years, revenue grew from $12.5 billion to over $21 billion, market cap rose from $35 billion to over $90 billion, stock price increased above $400, and employees grew from 35,000 to 46,000, yielding a 12% compound annual growth rate.
- The residential segment (about 15% of the enterprise) faced a 30% market decline in July and soft August, with third-quarter dollar revenues now expected to fall up to 20% and full-year decline in the high single digits; long-term investments remain intact.
- The service business, representing one-third of sales, has delivered low double-digit CAGR over five years; TT is expanding its digital capabilities and technician pool, including a new state-of-the-art training facility in North Carolina.
- Digital and energy-efficiency initiatives now cover 80,000 connected buildings and millions of assets, bolstered by the BrainBox AI acquisition, to drive demand-side management and reduce customers’ energy waste by ~30%.