T 
Trane Technologies TT · USD
Industrials · Building Products · US listing · 🇺🇸 United States
S&P 500
420.56
+4.68%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$21.32bn
FY2016FY2025
Net income
$2.92bn
FY2016FY2025
Free cash flow
$2.81bn
FY2016FY2025
Shareholders' equity
$8.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.32bn | $19.84bn | $17.68bn | $15.99bn | $14.14bn | $12.45bn | $13.08bn | $12.34bn | $14.20bn | $13.51bn |
| Gross profit | $7.71bn | $7.08bn | $5.86bn | $4.96bn | $4.47bn | $3.80bn | $4.03bn | $3.76bn | $4.39bn | $4.20bn |
| Research and development | $347.6m | — | $252.3m | $211.2m | $193.5m | $165.0m | $174.2m | $166.7m | $210.8m | $207.9m |
| Operating income | $3.97bn | $3.50bn | $2.89bn | $2.42bn | $2.02bn | $1.53bn | $1.67bn | $1.51bn | $1.67bn | $1.96bn |
| Net income | $2.92bn | $2.57bn | $2.02bn | $1.76bn | $1.42bn | $854.9m | $1.41bn | $1.34bn | $1.30bn | $1.48bn |
| Diluted earnings per share | 13.05 | 11.30 | 8.80 | 7.56 | 5.91 | 3.50 | 5.81 | 5.40 | 5.13 | 5.62 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $21.42bn | $20.15bn | $19.39bn | $18.08bn | $18.06bn | $18.16bn | $20.49bn | $17.91bn | $18.17bn | $17.40bn |
| Cash and short-term investments | $1.76bn | $1.59bn | $1.10bn | $1.22bn | $2.16bn | $3.29bn | $1.30bn | $903.4m | $1.55bn | $1.71bn |
| Total liabilities | $12.82bn | $12.66bn | $12.37bn | $11.98bn | $11.79bn | $11.73bn | $13.18bn | $10.85bn | $10.97bn | $10.68bn |
| Debt | $4.62bn | $4.77bn | $4.78bn | $4.84bn | $4.84bn | $5.27bn | $5.57bn | $4.09bn | $4.06bn | $4.07bn |
| Shareholders' equity | $8.60bn | $7.46bn | $7.00bn | $6.11bn | $6.27bn | $6.43bn | $7.31bn | $7.06bn | $7.21bn | $6.72bn |
| Shares outstanding | 224m | 227m | 230m | 232m | 241m | 244m | 243m | 248m | 254m | 263m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.19bn | $3.15bn | $2.39bn | $1.50bn | $1.59bn | $1.44bn | $1.92bn | $1.41bn | $1.52bn | $1.52bn |
| Capital spending | −$383.0m | −$370.6m | −$300.7m | −$291.8m | −$223.0m | −$146.2m | −$254.1m | −$365.6m | −$221.3m | −$182.7m |
| Free cash flow | $2.81bn | $2.77bn | $2.09bn | $1.21bn | $1.37bn | $1.29bn | $1.67bn | $1.04bn | $1.30bn | $1.34bn |
| Dividends paid | −$837.3m | −$757.5m | −$683.7m | −$620.2m | −$561.1m | −$507.3m | −$510.1m | −$479.5m | −$430.1m | −$348.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.35bn | $4.97bn | $5.14bn | $5.74bn | $5.75bn | $4.69bn | $4.87bn | $5.44bn |
| Gross profit | $2.26bn | $1.73bn | $1.75bn | $2.12bn | $2.16bn | $1.68bn | $1.71bn | $1.97bn |
| Operating income | $1.22bn | $776.1m | $819.0m | $1.17bn | $1.16bn | $818.9m | $807.6m | $1.03bn |
| Net income | $925.7m | $584.4m | $591.3m | $847.6m | $874.8m | $604.9m | $604.3m | $772.0m |
| Diluted earnings per share | 4.15 | 2.62 | 2.64 | 3.79 | 3.91 | 2.71 | 2.66 | 3.40 |
| Cash from operations | $1.11bn | $621.0m | $1.17bn | $1.02bn | $692.0m | $339.0m | $899.0m | $1.30bn |
| Capital spending | −$79.0m | −$79.0m | −$105.0m | −$68.0m | −$89.0m | −$118.0m | −$125.0m | −$88.0m |
| Free cash flow | $1.03bn | $542.0m | $1.06bn | $954.0m | $603.0m | $221.0m | $774.0m | $1.21bn |
| Total assets | $23.93bn | $22.75bn | $21.42bn | $21.37bn | $20.99bn | $20.12bn | $20.15bn | $20.90bn |
| Cash and short-term investments | $1.32bn | $1.07bn | $1.76bn | $1.13bn | $774.2m | $860.5m | $1.59bn | $1.93bn |
| Debt | $4.62bn | $4.62bn | $4.62bn | $4.62bn | $4.62bn | $4.77bn | $4.77bn | $5.27bn |
| Shareholders' equity | $8.65bn | $8.61bn | $8.60bn | $8.35bn | $7.83bn | $7.49bn | $7.46bn | $7.59bn |
Financial ratios
Data as of 9 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 36.2% | 35.7% | 33.1% | 31.0% | 31.6% | 30.5% | — |
| Operating margin | 18.6% | 17.6% | 16.4% | 15.1% | 14.3% | 12.3% | — |
| Net margin | 13.7% | 12.9% | 11.4% | 11.0% | 10.1% | 6.9% | — |
| Return on equity | 33.9% | 34.4% | 28.9% | 28.8% | 22.7% | 13.3% | — |
| Return on assets | 13.6% | 12.7% | 10.4% | 9.7% | 7.9% | 4.7% | — |
| Free cash flow yield | 3.6% | 3.5% | 2.6% | 1.7% | 1.7% | 1.5% | — |
| Revenue growth | 7.5% | 12.2% | 10.5% | 13.1% | 13.5% | -4.8% | — |
| Earnings growth | 13.7% | 26.9% | 15.2% | 23.4% | 66.5% | -39.4% | — |
| Current ratio | 1.25x | 1.21x | 1.13x | 1.12x | 1.36x | 1.59x | — |
| Debt to equity | 0.54x | 0.66x | 0.68x | 0.79x | 0.77x | 0.82x | — |
| Equity ratio | 40.2% | 37.0% | 36.1% | 33.8% | 34.7% | 35.4% | — |
| Interest coverage | 17.44x | 14.68x | 12.34x | 10.82x | 8.66x | 6.16x | — |
| R&D as a share of sales | 1.6% | — | 1.4% | 1.3% | 1.4% | 1.3% | 1.3% |
| Buybacks as a share of market value | 1.6% | 1.1% | 1.1% | 3.4% | 1.5% | -0.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.1% | 11.4% | 4.8% |
| Operating income | 17.9% | 20.9% | 10.5% |
| Net income | 18.4% | 27.8% | 15.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.9% | 34.2% | 33.4% | 32.3% |
| Operating margin | 18.1% | 17.1% | 16.1% | 14.7% |
| Net margin | 13.3% | 12.4% | 11.4% | 10.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.8 | 32.7 | 27.7 | 22.2 | 34.2 | 41.5 | 17.5 | 12.7 | 12.8 | 9.6 |
| Price to sales | 4.1 | 4.2 | 3.2 | 2.4 | 3.4 | 2.9 | 1.9 | 1.4 | 1.2 | 1.1 |
Market value over time
31 Oct 2016 to 8 Sept 2026, in USD
$13.68bn$99.50bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 2% | 57% | 43% | -12% | 35% | 38% | 51% | 7% | 15% | 43% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 4 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.15 | 3.76 | 3.36 | 3.00 | 2.68 | 2.36 | 2.12 | 2.12 |
- 1-to-1 reverse split · 1 Jul 2009
- 2-for-1 split · 2 Sept 2005
- 3-for-2 split · 3 Sept 1997
- 2-for-1 split · 2 Jun 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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