Friday 6 November 2026 Export TT’s income statement to Excel — free account

Trane Technologies plc

TT Industrials Building Products & Equipment

Trane Technologies plc’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 7.48% from fiscal 2024.

Revenue: +17.7%
EPS: +25.4%
Free cash flow: +28.8%
Total debt: −8.63%

Quarter to September 2026, against a year earlier

394.05 16.43 −4.00%

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Market cap: $85.9B
P/E: 27.8×
Fwd P/E: 27.1×
Dividend yield: 1.04%
F-score: 9/9
Altman Z: 6.44
Beneish M: −2.46
Dividend safety: 89/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Trane Technologies plc (TT) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Product	13,982	65.58%
Service	7,340	34.42%
Gross margin		36.16%
Operating margin		18.61%
Pre-tax margin		17.25%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Product	13,982 65.58%	13,315 67.12%	11,975 67.74%	10,931 68.35%	9,499 67.19%	8,373 67.22%	8,968 68.58%
Service	7,340 34.42%	6,524 32.88%	5,702 32.26%	5,061 31.65%	4,638 32.81%	4,082 32.78%	4,108 31.42%
Revenue	21,322	19,838	17,678	15,992	14,136	12,455	13,076

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Product	‡	‡	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Commercial HVAC	—	—	6,234 46.87%	6,050 46.93%	5,875 47.57%	5,609 46.78%	—	—	—
Transport Refrigeration	—	—	2,148 16.15%	2,089 16.21%	1,895 15.34%	1,792 14.95%	—	—	—
Compressed Air Systems & Services	—	—	1,933 14.53%	1,812 14.06%	1,762 14.27%	1,783 14.87%	—	—	—
Residential HVAC	—	—	1,843 13.85%	1,741 13.50%	1,644 13.31%	1,642 13.70%	—	—	—
All Other	—	—	1,144 8.60%	1,199 9.30%	1,175 9.51%	1,163 9.70%	—	—	—
Climate Solutions	—	—	—	—	—	—	—	7,801 55.72%	7,211 55.43%
Residential Solutions	—	—	—	—	—	—	—	2,122 15.15%	2,002 15.39%
Security Technologies	—	—	—	—	—	—	—	1,593 11.38%	1,626 12.50%
Climate	—	—	10,224	9,880	9,414	9,043	—	—	—
Industrial	—	—	3,076	3,012	2,937	2,946	—	—	—
Revenue	14,198	13,509	13,301	12,891	12,351	11,988	12,761	14,001	13,009

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Americas	17,169 80.52%	15,903 80.16%	13,832 78.25%	12,641 79.05%	10,957 77.51%	9,686 77.77%	10,060 76.93%	9,219 74.69%	—	—	—	—	—	—	—
EMEA	2,802 13.14%	2,557 12.89%	2,401 13.58%	2,035 12.72%	1,945 13.76%	1,648 13.23%	1,763 13.48%	1,831 14.83%	—	—	—	—	—	—	—
Asia Pacific	1,351 6.34%	1,378 6.95%	1,444 8.17%	1,316 8.23%	1,234 8.73%	1,121 9.00%	1,254 9.59%	1,293 10.48%	—	—	—	—	—	—	—
United States	—	—	—	—	—	—	—	—	9,215 64.91%	8,721 64.56%	8,291 62.34%	7,693 59.68%	7,298 59.09%	7,039 58.72%	7,442 58.32%
Non-US	—	—	—	—	—	—	—	—	4,982 35.09%	4,788 35.44%	5,010 37.66%	5,198 40.32%	5,053 40.91%	4,949 41.28%	5,318 41.68%
Revenue	21,322	19,838	17,678	15,992	14,136	12,455	13,076	12,344	14,198	13,509	13,301	12,891	12,351	11,988	12,761

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
EMEA	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia Pacific	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Backlog	Q3 FY2026	$12.5B	$7.2B	+73.61%
Bookings	Q3 FY2026	$7.2B	$6.0B	+21.22%
Book-to-bill	Q3 FY2026	107.0%	—	—
Days Payable Outstanding	Q3 FY2026	64.70	60.30	+7.30%
Days Sales Outstanding	Q3 FY2026	55.20	57.30	−3.66%
Inventory Turns	Q3 FY2026	6.7×	6.2×	+8.06%
Organic bookings	Q3 FY2026	20.0%	13.0%	—
Working Capital/Revenue	Q3 FY2026	0.30%	3.90%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Book-to-bill	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days Payable Outstanding	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days Sales Outstanding	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Inventory Turns	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Organic bookings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Working Capital/Revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.