Trane Technologies (TT) financials
NYSE · Industrials · Industrial - Machinery · 44,000 employees · CEO David S. Regnery
- Price
- $410.00 -4.89%
- Market cap
- $89.7B
- Enterprise value
- $92.7B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-04 EPS est. $3.51
Revenue (TTM)$23.2B+10.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)17.9%-0.9 pp vs a year agoOperating income $4.16B
Net income (TTM)$3.15B+7.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.82B+50.7% vs a year agoCapex $370M
Diluted EPS (TTM)$14.16+8.9% vs a year agoSum of the last 4 quarters
Net cash-$2.99B+14.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $89.7B EV $92.7B
- Revenue
- $23.2B Trailing 12 months
- Revenue growth
- +13% FY2026 consensus
- Profit margin
- 13.6% Net income / revenue, TTM
- P/E
- 28.8× Forward 26.8× (FY2026)
- P/S
- 3.9× Price / sales, TTM
- EV / EBITDA
- 20.9× TTM
- Free cash flow
- $3.82B Trailing 12 months
- Net income
- $3.15B Trailing 12 months
- Revenue estimate
- $24.1B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $6.05B
- Dividend
- $4.09 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 3.9%, EPS beat by 2.7%Revenue $6.76B vs $6.5B expected (+3.9%); EPS $4.86 vs $4.73 (+2.7%).
- Revenue growth accelerating: 17.7% year on yearQ3 '26 revenue $6.76B, against an average of 6.9% over the four quarters before.
- Operating margin 17.9% (TTM), -0.9 pp on a year agoOperating income grew 5.2% while revenue grew 10.3%.
- Capex 1.6% of revenue (a year ago 1.9%)$370M invested in the last 4 quarters (-8.1% on a year earlier). Free cash flow $3.82B = 121.1% of net income.
- Returned $2.47B to shareholders = 64.8% of free cash flowBuybacks $1.57B (a year earlier $1.63B), dividends $902M, stock-based pay $70.9M (TTM).
- Diluted share count down 1.3% in a year221M diluted shares in Q3 '26, 224M a year earlier.
- Net debt $2.99BCash + short-term investments $1.23B, debt incl. leases $4.22B; a year ago net debt $3.49B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.76B | $5.74B | +17.7% |
| Gross margin | 35.3% | 36.9% | -1.6 pp |
| Operating income | $1.34B | $1.17B | +15.3% |
| Operating margin | 19.9% | 20.3% | -0.4 pp |
| Net income | $1.05B | $848M | +23.7% |
| Diluted EPS | $4.74 | $3.78 | +25.4% |
| Operating cash flow | $1.31B | $1B | +30.8% |
| Capex | $108M | $68.4M | +58.0% |
| Free cash flow | $1.21B | $936M | +28.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $19.9M | -100.0% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.76B | $6.5B | +3.9% |
| EPS (as estimated) | $4.86 | $4.73 | +2.7% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '19 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Climate | $3.18B | +6.1% | 76.7% | $13.1B | +5.9% | |
| Industrial | $967M | +8.2% | 23.3% | $3.52B | +6.0% |
Revenue by region
share of total| Segment | Q4 '19 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $5.65B | +21.1% | 83.6% | $18.9B | +11.6% | |
| EMEA | $756M | +0.8% | 11.2% | $2.86B | +5.2% | |
| Asia Pacific | $356M | +8.0% | 5.3% | $1.43B | +4.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.19B
- Capex
- -$370M
- Buybacks
- -$1.57B
- Dividends
- -$902M
- Acquisitions
- -$823M
- Net debt issued
- -$405M
- Stock-based compensation
- $70.9M
- Free cash flow
- $3.82B
- Returned to shareholders / FCF
- 64.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 28.8× | 29.1× | 22.3× – 33.9× |
| EV / EBITDA | 20.9× | 20.0× | 15.7× – 22.5× |
| EV / Sales | 4.0× | 3.6× | 2.7× – 4.4× |
| Price / FCF | 23.5× | 31.0× | 26.5× – 35.3× |
| Price / Book | 9.9× | 8.6× | 6.4× – 11.1× |
| FCF yield | 4.3% | 3.3% | 2.8% – 3.8% |
| Return on invested capital | 20.8% | 16.6% | 12.1% – 20.3% |
| Return on equity | 36.0% | 29.8% | 22.7% – 34.4% |
Analysts
Consensus target $529.43 (+29.1%)
range $485.00 – $565.00 · rating Buy
Strong buy0
Buy13
Hold13
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $24.1B | +13.0% | $15.28 | +17.7% | 26.8× | 14 |
| FY2027 | $26.6B | +10.4% | $17.72 | +16.0% | 23.1× | 15 |
| FY2028 | $28.9B | +8.8% | $20.35 | +14.8% | 20.1× | 11 |
| FY2029 | $30.8B | +6.6% | $22.69 | +11.5% | 18.1× | 4 |
| FY2030 | $33.2B | +7.6% | $24.63 | +8.6% | 16.6× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 267 figures Trane Technologies plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $3.1B | $2.4B | +29.5% | $2.15B | $2.15B | +0.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $53.9M2025-12-31 | $56.6M | -4.8% | $53.9M | $56.6M | -4.8% |
| Accrual for Environmental Loss Contingencies | $51.8M | $53.9M | -3.9% | $51.8M | $52.4M | -1.1% |
| Accrued Liabilities, Current | $3.66B | $2.82B | +29.8% | $2.83B | $2.79B | +1.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.38B2025-12-31 | $2.18B | +9.1% | $2.38B | $2.18B | +9.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$510M | -$515M | +0.9% | -$439M | -$864M | +49.2% |
| Amortization of Intangible Assets | $42M | $36.1M | +16.3% | $165M | $181M | -9.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200K | 200K | 0.0% | 300K | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $26.7M | $7.8M | +242.3% | $84M | $80.1M | +4.9% |
| Assets | $23.9B | $21.4B | +11.8% | $21.4B | $20.1B | +6.3% |
| Assets, Current | $8.71B | $7.86B | +10.8% | $7.86B | $7.34B | +7.2% |
| Bankruptcy Claims, Amount Paid to Settle Claims | – | – | – | $545M2021-08-26 | – | – |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $0 | $0 | – | $61.2M | $25M | +144.8% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $02025-12-31 | -$16.1M | +100.0% | -$61.2M | -$25M | -144.8% |
| Business Combination, Contingent Consideration, Liability | – | – | – | $61.2M2024-12-31 | $90.3M | -32.2% |
| Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | – | – | – | $0 | -$4.1M | +100.0% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $323M2026-03-31 | – | – | $73.9M2025-01-02 | $330M | -77.6% |
| BusinessCombinationPriceOfAcquisitionExpected | $38.6M | – | – | – | – | – |
| Capital Units, Authorized | 1.19B | 1.19B | 0.0% | 1.19B | 1.19B | 0.0% |
| Capitalized Computer Software, Amortization | – | – | – | $34.8M | $38.2M | -8.9% |
| Cash and Cash Equivalents, at Carrying Value | $1.76B2025-12-31 | $1.59B | +10.9% | $1.76B | $1.59B | +10.9% |
| Cash Divested from Deconsolidation | – | – | – | $02022-12-31 | $0 | – |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | -$12.2M | -$6.6M | -84.8% | -$25.9M | -$32.1M | +19.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.76B2025-12-31 | $1.59B | +10.9% | $1.76B | $1.59B | +10.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $1.23B | $1.13B | +9.0% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$90.9M | $352M | -125.9% | $173M | $495M | -65.0% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | $3.76 | $3.36 | +11.9% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares, Issued | 245M2025-12-31 | 249M | -1.6% | 245M | 249M | -1.6% |
| Common Stock, Value, Issued | $243M | $247M | -1.6% | $245M | $249M | -1.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $5.1M | $3.4M | +50.0% | $18.9M | $21M | -10.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.04B | $834M | +24.2% | $3.34B | $2.37B | +40.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.04B | $838M | +24.3% | $3.36B | $2.4B | +40.4% |
| Contract with Customer, Liability | $579M | – | – | $1.08B2020-12-31 | $942M | +14.3% |
| Contract with Customer, Liability, Current | $1.98B | – | – | – | – | – |
| Contract with Customer, Liability, Noncurrent | $0.23 | $0.21 | +9.5% | $0.2 | $0.18 | +11.1% |
| Contract with Customer, Liability, Revenue Recognized | $0.12 | $0.12 | 0.0% | $0.71 | $0.72 | -1.4% |
| Contract with Customer, Receivable, after Allowance for Credit Loss | $450M | – | – | – | – | – |
| Cost of Goods and Services Sold | $4.37B | $3.62B | +20.7% | $8.65B2020-12-31 | $9.09B | -4.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $592M | $757M | -21.7% |
| Debt Instrument, Fair Value Disclosure | $3.9B | $4.6B | -15.2% | $4.6B | $4.6B | 0.0% |
| Debt Instrument, Interest Rate, Stated Percentage | 7.2%2025-12-31 | 7.2% | 0.0% | 7.2% | 7.2% | 0.0% |
| Debt, Current | $293M | $695M | -57.8% | $693M | $452M | +53.3% |
| Deconsolidation, Gain (Loss), Amount | – | – | – | $24.9M2020-12-31 | – | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $114M | -$129M | +188.0% |
| Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $716M2025-12-31 | $587M | +22.1% | $716M | $587M | +22.1% |
| Deferred Tax Assets, Gross | $886M2025-12-31 | $905M | -2.1% | $886M | $905M | -2.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $809M2025-12-31 | $794M | +1.8% | $809M | $794M | +1.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $161M2025-12-31 | $221M | -27.3% | $161M | $221M | -27.3% |
| Deferred Tax Assets, Other | $21.8M2025-12-31 | $39.9M | -45.4% | $21.8M | $39.9M | -45.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | $234M2025-12-31 | $255M | -8.1% | $234M | $255M | -8.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $250M2025-12-31 | $224M | +11.7% | $250M | $224M | +11.7% |
| Deferred Tax Assets, Valuation Allowance | $77.3M2025-12-31 | $110M | -29.9% | $77.3M | $110M | -29.9% |
| Deferred Tax Liabilities, Gross | $1.34B2025-12-31 | $1.2B | +12.1% | $1.34B | $1.2B | +12.1% |
| Deferred Tax Liabilities, Net | $535M2025-12-31 | $405M | +32.3% | $535M | $405M | +32.3% |
| Deferred Tax Liabilities, Other | $02025-12-31 | $3.2M | -100.0% | $0 | $3.2M | -100.0% |
| Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $402M2025-12-31 | $316M | +27.2% | $402M | $316M | +27.2% |
| Defined Benefit Plan, Accumulated Benefit Obligation | $2.03B2025-12-31 | $2.2B | -7.7% | $2.03B | $2.2B | -7.7% |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | -$1.3M | -$4.2M | +69.0% | -$34.8M | -$11.6M | -200.0% |
| Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $1.64B2025-12-31 | $1.83B | -10.6% | $1.64B | $1.83B | -10.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01