Trane Technologies plc (TT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.26	$4.31	+1.2%	—	—	—
Q4 26	$2.53	$2.63	+4.0%	—	—	—
Q3 26	$2.81	$2.86	+1.8%	—	—	—
Q2 26	$3.78	$3.88	+2.6%	—	—	—
Q1 26	$3.79	$3.88	+2.4%	—	—	—
Q4 25	$2.2	$2.45	+11.4%	—	—	—
Q3 25	$2.54	$2.61	+2.8%	—	—	—
Q2 25	$3.24	$3.37	+4.0%	—	—	—
Q1 25	$3.08	$3.3	+7.1%	—	—	—
Q4 24	$1.65	$1.94	+17.6%	—	—	—
Q3 24	$2.13	$2.17	+1.9%	—	—	—
Q2 24	$2.66	$2.79	+4.9%	—	—	—
Q1 24	$2.56	$2.68	+4.7%	—	—	—
Q4 23	$1.34	$1.41	+5.2%	—	—	—
Q3 23	$1.64	$1.82	+11.0%	—	—	—
Q2 23	$2.12	$2.27	+7.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.2	—	—	$21.3B	—
FY24	—	$11.4	—	—	$19.8B	—
FY23	—	$8.91	—	—	$17.7B	—
FY22	—	$7.68	—	—	$16B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.5B	$14.2B	$12.3B	$13.1B	$12.5B	$14.1B	$16B	$17.7B	$19.8B	$21.3B
YoY change	+1.57%	+5.1%	-13.1%	+5.93%	-4.75%	+13.5%	+13.1%	+10.5%	+12.2%	+7.48%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.5B	14.2B	12.3B	13.1B	12.5B	14.1B	16B	17.7B	19.8B	21.3B
Cost of revenue	9.3B	9.8B	8.6B	9.1B	8.7B	9.7B	11B	11.8B	12.8B	13.6B
Gross profit	4.2B	4.4B	3.8B	4B	3.8B	4.5B	5B	5.9B	7.1B	7.7B
Gross margin	31.1%	30.9%	30.5%	30.5%	30.5%	31.6%	31%	33.1%	35.7%	36.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6B	2.7B	2.2B	2.3B	2.3B	2.4B	2.5B	3B	3.6B	3.7B
Operating expenses	2.6B	2.7B	2.2B	2.3B	2.3B	2.4B	2.5B	3B	3.6B	3.7B
Operating income	1.6B	1.7B	1.5B	1.7B	1.5B	2B	2.4B	2.9B	3.5B	4B
Operating margin	11.9%	11.7%	12.2%	12.8%	12.3%	14.3%	15.1%	16.4%	17.6%	18.6%
Non-operating income, net	351.6M	-41M	-35.7M	-29M	-400K	-2.9M	-32.5M	-107.6M	-55.8M	-71.1M
Pretax income	1.7B	1.4B	1.3B	1.4B	1.3B	1.8B	2.2B	2.6B	3.2B	3.7B
Income tax	281.5M	80.2M	234.9M	238.6M	296.8M	333.5M	375.9M	498.4M	627.6M	705.9M
Net income	1.5B	1.3B	1.4B	1.4B	870M	1.4B	1.8B	2B	2.6B	2.9B
Net margin	11%	9.24%	11%	10.9%	6.99%	10.2%	11.1%	11.5%	13.1%	13.8%
EBITDA	1.9B	2B	1.8B	1.9B	1.8B	2.3B	2.7B	3.2B	3.9B	4.3B
EPS	5.7	5.22	5.53	5.92	3.58	6.05	7.68	8.91	11.4	13.2
Diluted EPS	5.65	5.05	5.35	5.77	3.52	5.87	7.48	8.77	11.2	13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.9B	4.4B	4.2B	5.3B	5.4B	4.9B	4.7B	5.7B	5.7B	5.1B	5B	6.4B
Cost of revenue	3.2B	3B	2.8B	3.4B	3.5B	3.2B	3B	3.6B	3.6B	3.4B	3.2B	4.1B
Gross profit	1.7B	1.5B	1.5B	1.9B	2B	1.7B	1.7B	2.2B	2.1B	1.8B	1.7B	2.3B
Gross margin	34%	33.3%	34.6%	36.5%	36.3%	35.1%	35.8%	37.6%	36.9%	34.1%	34.8%	35.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	793.9M	783.7M	828.8M	904M	949.8M	903.2M	858.6M	996.4M	952.9M	934.9M	952M	1B
Operating expenses	793.9M	783.7M	828.8M	904M	949.8M	903.2M	858.6M	996.4M	952.9M	934.9M	952M	1B
Operating income	864.2M	687.6M	631.1M	1B	1B	807.6M	818.9M	1.2B	1.2B	819M	776.1M	1.2B
Operating margin	17.7%	15.5%	15%	19.4%	18.8%	16.6%	17.5%	20.3%	20.3%	15.9%	15.6%	19.3%
Non-operating income, net	-13.6M	-19.7M	-26M	-6.8M	-9M	-8.6M	-11.2M	-13.3M	-19.2M	-27.4M	10.7M	-11.1M
Pretax income	796.3M	614.8M	550.7M	972.6M	967.9M	750.6M	752.9M	1.1B	1.1B	741.3M	735.8M	1.2B
Income tax	157.5M	98.2M	105.5M	205.8M	181.1M	135.3M	134.9M	216.7M	231.5M	122.8M	136.3M	218.2M
Net income	632.3M	507.6M	439.8M	759.9M	777.9M	611.9M	609.1M	878.9M	850.8M	596.9M	589.5M	935.3M
Net margin	12.9%	11.5%	10.4%	14.3%	14.3%	12.6%	13%	15.3%	14.8%	11.6%	11.9%	14.7%
EBITDA	952M	767.8M	714.2M	1.1B	1.1B	911.4M	912.1M	1.3B	1.2B	891.4M	893.8M	1.3B
EPS	2.72	2.22	1.92	3.33	3.43	2.69	2.71	3.93	3.82	2.67	2.64	4.19
Diluted EPS	2.72	2.19	1.9	3.3	3.39	2.66	2.67	3.89	3.78	2.64	2.62	4.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	15.1B	17.3B	17.1B	24.6B	34.7B	47.5B	38.5B	55.4B	82.9B	86.2B	99.5B
Enterprise value	17.4B	19.8B	20.3B	28.9B	36.6B	50.2B	42.1B	59.1B	86.1B	89B	103.3B
Shares outstanding	259M	249.5M	241.9M	238.3M	238.8M	235.2M	228.8M	227.2M	224.5M	221.5M	221.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.1	13.2	12.6	17.2	39.8	33.1	21.7	27.1	32	29.4	33.7
P/S	1.12	1.22	1.39	1.88	2.78	3.36	2.41	3.13	4.18	4.04	4.48
P/B	2.24	2.4	2.42	3.36	5.39	7.57	6.3	7.9	11.1	10	11.5
EV/EBITDA	9.08	9.91	11.4	14.9	19.9	21.5	15.4	18.6	22.2	20.7	24
EV/Sales	1.29	1.39	1.65	2.21	2.94	3.55	2.63	3.34	4.34	4.18	4.65
Earnings yield	9.9%	7.6%	7.93%	5.81%	2.51%	3.02%	4.61%	3.68%	3.12%	3.41%	2.97%
FCF yield	8.88%	7.54%	6.56%	6.98%	3.72%	2.87%	3.15%	3.77%	3.35%	3.26%	3.14%
PEG	—	—	—	—	—	—	—	—	—	—	5.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31.1%	30.9%	30.5%	30.5%	30.5%	31.6%	31%	33.1%	35.7%	36.2%	35.6%
Operating margin	11.9%	11.7%	12.2%	12.8%	12.3%	14.3%	15.1%	16.4%	17.6%	18.6%	19.3%
Net margin	11%	9.24%	11%	10.9%	6.99%	10.2%	11.1%	11.5%	13.1%	13.8%	13.3%
ROE	22.2%	18.2%	19.2%	19.5%	13.5%	22.9%	29.1%	29.1%	34.6%	34.1%	36.6%
ROA	8.58%	7.22%	7.58%	6.97%	4.79%	7.95%	9.81%	10.5%	12.9%	13.7%	11%
ROIC	14.8%	16.2%	12%	11.9%	14%	18.4%	20.6%	21.8%	26.5%	28%	27%
Return on tangible assets	-100.2%	-110.8%	-106.6%	39.8%	96.8%	327.2%	324.9%	634.7%	203.2%	144.4%	105.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.55	1.27	1.33	1.77	1.59	1.36	1.12	1.13	1.21	1.25	1.07
Quick ratio	1.17	0.95	0.94	1.53	1.32	1.04	0.77	0.78	0.88	0.92	0.76
Debt / equity	0.61	0.56	0.58	0.76	0.82	0.77	0.79	0.68	0.64	0.54	0.53
Debt / assets	0.23	0.22	0.23	0.27	0.29	0.27	0.27	0.25	0.24	0.22	0.19
Net debt / EBITDA	1.23	1.26	1.8	2.21	1.08	1.15	1.32	1.16	0.82	0.66	0.76
Interest coverage	8.86	7.57	6.69	6.76	6.18	8.66	10.7	11.9	14.6	17.2	18
Effective tax rate	16.2%	5.66%	18.7%	17.1%	23%	18.6%	17.3%	19.4%	19.4%	19.2%	19%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	52.2	56.9	51	54.9	52.2	60.1	69.9	77.8	88.4	96.3	100.2
EPS (basic)	5.7	5.22	5.53	5.92	3.58	6.05	7.68	8.91	11.4	13.2	13.2
EPS (diluted)	5.65	5.05	5.35	5.77	3.52	5.87	7.48	8.77	11.2	13	13.4
Book value per share	25.9	28.9	29.2	30.7	26.9	26.7	26.7	30.9	33.4	38.8	39.1
FCF per share	5.17	5.22	4.64	7.19	5.4	5.8	5.3	9.2	12.4	12.7	15.9
Cash per share	6.62	6.21	3.73	5.37	13.8	9.18	5.33	4.82	7.08	7.96	5.99
Capex per share	0.04	0.01	0.04	0.01	0	0.06	0.04	0.04	0.02	1.73	1.48

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.07%	0.01%	0.08%	0.02%	0%	0.11%	0.06%	0.05%	0.02%	1.8%	1.49%
Capex / operating cash flow	0.52%	0.1%	1.06%	0.15%	0.01%	0.98%	0.59%	0.39%	0.15%	12%	8.52%
Payout ratio	23.4%	32.8%	35.3%	35.7%	58.3%	39.1%	34.9%	33.5%	29.3%	28.5%	29.7%
Dividend yield	2.31%	2.49%	2.8%	2.08%	1.46%	1.18%	1.61%	1.23%	0.91%	0.97%	0.93%

Yield

0.93%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.05

ex-dividend Sep 4, 2026

Payout ratio

30%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$1.05
Jun 5, 2026	$1.05
Mar 6, 2026	$1.05

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.9B	$4.4B	$4.2B	$5.3B	$5.4B	$4.9B	$4.7B	$5.7B	$5.7B	$5.1B	$5B	$6.4B
YoY change	+11.7%	+8.6%	+15%	+12.8%	+11.4%	+10.2%	+11.2%	+8.27%	+5.54%	+5.55%	+5.99%	+10.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.7B	1.5B	903.4M	1.3B	3.3B	2.2B	1.2B	1.1B	1.6B	1.8B
Receivables	2.2B	2.5B	2.7B	2.2B	2.2B	2.4B	2.8B	3B	3.1B	3.2B
Inventory	1.4B	1.6B	1.7B	1.3B	1.2B	1.5B	2B	2.2B	2B	2.1B
Total current assets	5.6B	6.1B	5.7B	9.3B	6.9B	6.5B	6.4B	6.9B	7.3B	7.9B
Property, plant & equipment	802.1M	781.2M	860.1M	692M	672.8M	690.8M	798.4M	939.4M	1.1B	1.2B
Goodwill & intangibles	18.9B	19.4B	19.2B	16.9B	17.3B	17.6B	17.5B	19.1B	18.9B	19.4B
Total assets	17.4B	18.2B	17.9B	20.5B	18.2B	18.1B	18.1B	19.4B	20.1B	21.4B
Accounts payable	1.3B	1.6B	1.7B	1.4B	1.5B	1.8B	2.1B	2B	2.1B	2.2B
Short-term debt	360.8M	1.1B	350.6M	650.3M	775.6M	350.4M	1B	801.9M	452.2M	693M
Total current liabilities	3.6B	4.8B	4.3B	5.2B	4.3B	4.8B	5.7B	6.1B	6.1B	6.3B
Long-term debt	3.7B	3B	3.7B	4.9B	4.5B	4.5B	3.8B	4B	4.3B	3.9B
Total liabilities	10.7B	11B	10.9B	13.2B	11.7B	11.8B	12B	12.4B	12.7B	12.8B
Shareholders' equity	6.7B	7.2B	7.1B	7.3B	6.4B	6.3B	6.1B	7B	7.5B	8.6B
Total debt	4.1B	4.1B	4.1B	5.6B	5.3B	4.8B	4.8B	4.8B	4.8B	4.6B
Net debt	2.4B	2.5B	3.2B	4.3B	2B	2.7B	3.6B	3.7B	3.2B	2.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	960M	1.1B	849.9M	1.3B	1.9B	1.6B	860.5M	774.2M	1.1B	1.8B	1.1B	1.3B
Receivables	3.1B	3B	2.9B	3.4B	3.4B	3.1B	3.2B	3.6B	3.6B	3.2B	3.8B	4.2B
Inventory	2.2B	2.2B	2.4B	2.2B	2B	2B	2.2B	2.4B	2.4B	2.1B	2.4B	2.6B
Total current assets	6.7B	6.9B	6.9B	7.7B	8.1B	7.3B	6.9B	7.5B	7.9B	7.9B	8B	9B
Property, plant & equipment	—	939.4M	—	—	—	1.1B	—	—	—	1.2B	—	—
Goodwill & intangibles	18.1B	19.1B	18.9B	18.8B	19.2B	18.9B	19.4B	19.5B	19.4B	19.4B	21B	21.1B
Total assets	18.9B	19.4B	19.3B	20.2B	20.9B	20.1B	20.1B	21B	21.4B	21.4B	22.8B	23.9B
Accounts payable	2.1B	2B	2B	2.2B	2.2B	2.1B	2.3B	2.5B	2.4B	2.2B	2.4B	3B
Short-term debt	348.3M	801.9M	902.1M	952M	952.2M	452.2M	851.7M	694.6M	694.7M	693M	693.1M	693.1M
Total current liabilities	5.2B	6.1B	6.1B	6.6B	6.6B	6.1B	6.4B	6.8B	6.5B	6.3B	7.3B	8.4B
Long-term debt	4.5B	4B	4B	4.3B	4.3B	4.3B	3.9B	3.9B	3.9B	3.9B	3.9B	3.9B
Total liabilities	12.2B	12.4B	12.4B	13.2B	13.3B	12.7B	12.6B	13.1B	13B	12.8B	14.1B	15.3B
Shareholders' equity	6.7B	7B	6.9B	7B	7.6B	7.5B	7.5B	7.9B	8.3B	8.6B	8.6B	8.6B
Total debt	4.8B	4.8B	4.9B	5.3B	5.3B	4.8B	4.8B	4.6B	4.6B	4.6B	4.6B	4.6B
Net debt	3.9B	3.7B	4B	4.4B	3.8B	3.2B	3.9B	3.8B	3.5B	2.9B	3.5B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	1.3B	1B	1.2B	991.4M	1.5B	1.8B	2.1B	2.6B	3B
Depreciation & amortization	352.2M	353.3M	282.3M	288.8M	294.3M	299.4M	323.6M	348.1M	379.4M	376.3M
Stock-based compensation	—	70.8M	78.8M	66.4M	69.5M	66.5M	56.3M	64.3M	82.9M	86.6M
Change in working capital	-16.8M	-191.3M	-372.5M	-70.3M	343.7M	-243.1M	-550.1M	-72.8M	238.9M	-281.6M
Operating cash flow	1.8B	1.4B	912.3M	1.4B	1.7B	1.5B	1.6B	2.4B	3.1B	3.2B
Capital expenditure	9.5M	1.5M	9.7M	2.2M	100K	15.1M	9.7M	9.2M	4.7M	-383M
Investing cash flow	422.8M	-153.4M	-277.2M	-76.4M	-192.3M	-322.7M	-248M	-871.5M	-192.3M	-660.6M
Dividends paid	-348.6M	-430.1M	-479.5M	-510.1M	-507.3M	-561.1M	-620.2M	-683.7M	-757.5M	-837.3M
Share repurchases	-250.1M	-1B	-900.2M	-750.1M	-250M	-1.1B	-1.2B	-669.3M	-1.3B	-1.5B
Financing cash flow	-789.8M	-1.5B	-1.4B	199.5M	819.8M	-2.2B	-1.9B	-1.4B	-2.1B	-2.5B
Net change in cash	1.5B	-214M	-783.9M	1.6B	2.3B	-985M	-459.7M	74.7M	877.3M	25.5M
Free cash flow	1.3B	1.3B	1.1B	1.7B	1.3B	1.4B	1.2B	2.1B	2.8B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	638.9M	516.6M	445.2M	766.8M	786.9M	615.3M	618M	876M	860.2M	618.5M	599.5M	944.9M
Depreciation & amortization	92M	87.9M	91.5M	96.2M	95M	96.7M	99.1M	98.1M	88.3M	90.8M	101.1M	110M
Stock-based compensation	13.4M	10.4M	19.8M	23.5M	20.3M	19.3M	22.2M	25.2M	19.9M	19.3M	26.8M	24.8M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	739.3M	592.6M	574M	863.5M	873.8M	586.9M	671.8M	692.1M	1B	1.2B	626.2M	1.1B
Capital expenditure	—	—	—	—	—	—	—	-89.9M	-68.4M	-105.8M	-79.7M	-76.4M
Investing cash flow	-5.9M	-361.8M	2.1M	-16.8M	-171.7M	-5.4M	-266.2M	-100.9M	-66.9M	-106M	-755.7M	-146.6M
Dividends paid	-171.6M	-170.7M	-189.5M	-189.9M	-189.4M	-188.7M	-209.9M	-210.1M	-209.1M	-208.2M	-231.5M	-231.7M
Share repurchases	-159.8M	-209.5M	-300.3M	-324.1M	-301.7M	-354.7M	-477.5M	-402.1M	-370.4M	-231.3M	-287.3M	-469.1M
Financing cash flow	-537.9M	-426.5M	-392.8M	-133.1M	-497.1M	-1B	-695M	-784M	-741.2M	-445.5M	-522.5M	-713.5M
Net change in cash	195.5M	-195.7M	183.3M	713.6M	205M	-463M	-289.4M	-192.8M	195.9M	607.4M	-652M	227.6M
Free cash flow	839.1M	851.3M	163.4M	623M	1.2B	774.3M	220.6M	602.2M	935.6M	1.1B	546.5M	1B

Date	Ratio
Mar 2, 2020	1289:1000
Dec 2, 2013	1252:1000
Sep 2, 2005	2:1
Sep 3, 1997	3:2
Jun 2, 1992	2:1
Jul 13, 1987	5:2

Trane Technologies plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history