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Trane Technologies Plc Financials

TT
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Trane Technologies Plc (TT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 61 / 100
Financial Profile 61/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
64

Trane Technologies Plc has an operating margin of 18.6%, meaning the company retains $19 of operating profit per $100 of revenue. This results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. This is up from 17.6% the prior year.

Growth
46

Trane Technologies Plc's revenue grew 7.5% year-over-year to $21.3B, a solid pace of expansion. This earns a growth score of 46/100.

Leverage
93

Trane Technologies Plc carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
20

Trane Technologies Plc's current ratio of 1.25 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow
58

Trane Technologies Plc has a free cash flow margin of 13.2%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
87

Trane Technologies Plc earns a strong 34.0% return on equity (ROE), meaning it generates $34 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100. This is down from 34.4% the prior year.

Altman Z-Score Safe
6.56

Trane Technologies Plc scores 6.56, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($89.4B) relative to total liabilities ($12.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
8/9

Trane Technologies Plc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.09x

For every $1 of reported earnings, Trane Technologies Plc generates $1.09 in operating cash flow ($3.2B OCF vs $2.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
17.5x

Trane Technologies Plc earns $17.5 in operating income for every $1 of interest expense ($4.0B vs $226.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$21.3B
YoY+7.5%
5Y CAGR+11.4%
10Y CAGR+4.8%

Trane Technologies Plc generated $21.3B in revenue in fiscal year 2025. This represents an increase of 7.5% from the prior year.

EBITDA
$4.3B
YoY+12.0%
5Y CAGR+18.9%
10Y CAGR+8.9%

Trane Technologies Plc's EBITDA was $4.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.0% from the prior year.

Net Income
$2.9B
YoY+13.7%
5Y CAGR+27.8%
10Y CAGR+15.9%

Trane Technologies Plc reported $2.9B in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
$2.8B
YoY+1.3%
5Y CAGR+16.9%
10Y CAGR+16.0%

Trane Technologies Plc generated $2.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.3% from the prior year.

Cash & Debt
$1.8B
YoY+10.9%
5Y CAGR-11.7%
10Y CAGR+9.1%

Trane Technologies Plc held $1.8B in cash against $3.9B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
221M
YoY-1.3%
5Y CAGR-1.5%
10Y CAGR-1.5%

Trane Technologies Plc had 221M shares outstanding in fiscal year 2025. This represents a decrease of 1.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
18.6%
YoY+1.0pp
5Y CAGR+6.3pp
10Y CAGR+7.4pp

Trane Technologies Plc's operating margin was 18.6% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.

Net Margin
13.7%
YoY+0.8pp
5Y CAGR+6.8pp
10Y CAGR+8.7pp

Trane Technologies Plc's net profit margin was 13.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.

Return on Equity
34.0%
YoY-0.4pp
5Y CAGR+20.7pp
10Y CAGR+22.6pp

Trane Technologies Plc's ROE was 34.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$347.6M
YoY+12.3%
5Y CAGR+16.1%
10Y CAGR+5.4%

Trane Technologies Plc invested $347.6M in research and development in fiscal year 2025. This represents an increase of 12.3% from the prior year.

Share Buybacks
$1.5B
YoY+15.7%
5Y CAGR+42.7%
10Y CAGR+19.5%

Trane Technologies Plc spent $1.5B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 15.7% from the prior year.

Capital Expenditures
$383.0M
YoY+3.3%
5Y CAGR+21.2%
10Y CAGR+4.4%

Trane Technologies Plc invested $383.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.3% from the prior year.

TT Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $5.1B-10.4% $5.7B-0.1% $5.7B+22.6% $4.7B-3.8% $4.9B-10.4% $5.4B+2.5% $5.3B+25.9% $4.2B
Cost of Revenue N/A $3.6B+1.1% $3.6B+19.1% $3.0B N/A $3.5B+2.8% $3.4B+22.4% $2.8B
Gross Profit N/A $2.1B-2.0% $2.2B+28.8% $1.7B N/A $2.0B+2.0% $1.9B+32.6% $1.5B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $934.9M-1.9% $952.9M-4.4% $996.4M+16.0% $858.6M-4.9% $903.2M-4.9% $949.8M+5.4% $901.3M+9.1% $826.1M
Operating Income $819.0M-29.7% $1.2B+0.1% $1.2B+42.2% $818.9M+1.4% $807.5M-21.2% $1.0B-0.9% $1.0B+63.2% $633.8M
Interest Expense $55.6M0.0% $55.6M-3.1% $57.4M-1.2% $58.1M-2.8% $59.8M-5.1% $63.0M+9.6% $57.5M-1.0% $58.1M
Income Tax $122.8M-47.0% $231.5M+6.8% $216.7M+60.6% $134.9M-0.2% $135.2M-25.3% $181.1M-12.0% $205.8M+95.1% $105.5M
Net Income $591.3M-30.2% $847.6M-3.1% $874.8M+44.6% $604.9M+0.1% $604.3M-21.7% $772.0M+2.2% $755.3M+73.1% $436.3M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

TT Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $21.4B+0.2% $21.4B+1.8% $21.0B+4.3% $20.1B-0.1% $20.1B-3.6% $20.9B+3.5% $20.2B+4.4% $19.3B
Current Assets $7.9B0.0% $7.9B+4.7% $7.5B+8.2% $6.9B-5.5% $7.3B-9.4% $8.1B+5.0% $7.7B+12.0% $6.9B
Cash & Equivalents $1.8B N/A N/A N/A $1.6B N/A N/A N/A
Inventory $2.1B-10.7% $2.4B-0.2% $2.4B+6.3% $2.2B+12.7% $2.0B-3.0% $2.0B-7.7% $2.2B-7.5% $2.4B
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $6.5B+0.2% $6.4B0.0% $6.4B+1.4% $6.4B+3.8% $6.1B-1.4% $6.2B+2.6% $6.1B0.0% $6.1B
Total Liabilities $12.8B-1.6% $13.0B-0.8% $13.1B+4.2% $12.6B-0.5% $12.7B-4.7% $13.3B+0.4% $13.2B+6.4% $12.4B
Current Liabilities $6.3B-3.6% $6.5B-4.1% $6.8B+6.8% $6.4B+4.9% $6.1B-8.4% $6.6B+0.6% $6.6B+8.0% $6.1B
Long-Term Debt $3.9B0.0% $3.9B0.0% $3.9B0.0% $3.9B-9.2% $4.3B0.0% $4.3B0.0% $4.3B+8.5% $4.0B
Total Equity $8.6B+3.0% $8.3B+6.3% $7.8B+4.6% $7.5B+0.5% $7.5B-1.8% $7.6B+9.3% $6.9B+0.8% $6.9B
Retained Earnings $10.4B+1.0% $10.3B+5.2% $9.8B+1.1% $9.7B-0.9% $9.8B+1.0% $9.7B+5.5% $9.2B+1.0% $9.1B

TT Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $1.2B+15.4% $1.0B+45.1% $692.1M+103.9% $339.5M-62.3% $899.9M-30.9% $1.3B+87.2% $695.9M+181.5% $247.2M
Capital Expenditures $105.8M+54.7% $68.4M-23.9% $89.9M-24.4% $118.9M-5.3% $125.6M+42.2% $88.3M+21.1% $72.9M-13.0% $83.8M
Free Cash Flow $1.1B+12.6% $935.6M+55.4% $602.2M+173.0% $220.6M-71.5% $774.3M-36.2% $1.2B+94.9% $623.0M+281.3% $163.4M
Investing Cash Flow -$85.4M-24.5% -$68.6M+32.0% -$100.9M+73.8% -$385.1M-219.0% $323.7M+224.5% -$260.0M+52.3% -$544.9M-567.0% -$81.7M
Financing Cash Flow -$438.7M+23.9% -$576.2M+24.0% -$757.8M-4.8% -$723.1M+29.8% -$1.0B-112.1% -$485.9M-313.2% -$117.6M+69.6% -$386.7M
Dividends Paid $208.2M-0.4% $209.1M-0.5% $210.1M+0.1% $209.9M+11.2% $188.7M-0.4% $189.4M-0.3% $189.9M+0.2% $189.5M
Share Buybacks $231.3M-37.6% $370.4M-7.9% $402.1M-15.8% $477.5M+34.6% $354.7M+17.6% $301.7M-6.9% $324.1M+7.9% $300.3M

TT Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A 36.9%-0.7pp 37.6%+1.8pp 35.8% N/A 36.3%-0.2pp 36.5%+1.8pp 34.6%
Operating Margin 15.9%-4.4pp 20.3%+0.0pp 20.3%+2.8pp 17.5%+0.9pp 16.6%-2.3pp 18.8%-0.7pp 19.5%+4.5pp 15.0%
Net Margin 11.5%-3.3pp 14.8%-0.5pp 15.2%+2.3pp 12.9%+0.5pp 12.4%-1.8pp 14.2%-0.0pp 14.2%+3.9pp 10.3%
Return on Equity 6.9%-3.3pp 10.2%-1.0pp 11.2%+3.1pp 8.1%-0.0pp 8.1%-2.1pp 10.2%-0.7pp 10.9%+4.5pp 6.3%
Return on Assets 2.8%-1.2pp 4.0%-0.2pp 4.2%+1.2pp 3.0%0.0pp 3.0%-0.7pp 3.7%-0.1pp 3.7%+1.5pp 2.3%
Current Ratio 1.25+0.0 1.20+0.1 1.10+0.0 1.09-0.1 1.21-0.0 1.22+0.1 1.17+0.0 1.13
Debt-to-Equity 0.46-0.0 0.47-0.0 0.50-0.0 0.52-0.1 0.58+0.0 0.57-0.1 0.62+0.0 0.58
FCF Margin 20.5%+4.2pp 16.3%+5.8pp 10.5%+5.8pp 4.7%-11.2pp 15.9%-6.4pp 22.3%+10.6pp 11.7%+7.9pp 3.9%

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Frequently Asked Questions

Trane Technologies Plc (TT) reported $21.3B in total revenue for fiscal year 2025. This represents a 7.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Trane Technologies Plc (TT) revenue grew by 7.5% year-over-year, from $19.8B to $21.3B in fiscal year 2025.

Yes, Trane Technologies Plc (TT) reported a net income of $2.9B in fiscal year 2025, with a net profit margin of 13.7%.

Trane Technologies Plc (TT) had EBITDA of $4.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Trane Technologies Plc (TT) had $1.8B in cash and equivalents against $3.9B in long-term debt.

Trane Technologies Plc (TT) had an operating margin of 18.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Trane Technologies Plc (TT) had a net profit margin of 13.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Trane Technologies Plc (TT) has a return on equity of 34.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Trane Technologies Plc (TT) generated $2.8B in free cash flow during fiscal year 2025. This represents a 1.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Trane Technologies Plc (TT) generated $3.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Trane Technologies Plc (TT) had $21.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Trane Technologies Plc (TT) invested $383.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Trane Technologies Plc (TT) invested $347.6M in research and development during fiscal year 2025.

Yes, Trane Technologies Plc (TT) spent $1.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Trane Technologies Plc (TT) had 221M shares outstanding as of fiscal year 2025.

Trane Technologies Plc (TT) had a current ratio of 1.25 as of fiscal year 2025, which is considered adequate.

Trane Technologies Plc (TT) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Trane Technologies Plc (TT) had a return on assets of 13.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Trane Technologies Plc (TT) has an Altman Z-Score of 6.56, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Trane Technologies Plc (TT) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Trane Technologies Plc (TT) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Trane Technologies Plc (TT) has an interest coverage ratio of 17.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Trane Technologies Plc (TT) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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