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Trane Technologies (TT) stock

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NYSE: TT NYSE Building Products Next results ~January 28, 2027

B+ Fundamentals grade

Trane Technologies is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$390

Cash-flow model

Base case. Range ~$290–$530 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $413.33, November 2, 2026

Trane Technologies valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 5 selling1 purchase and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds869 adding, 666 cuttingOf 86 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Trane Technologies files

10-Q filed October 29: Trane Technologies

Rating: Sell to Hold

Trane Technologies grew revenue 10.3% over the twelve months to September 2026, reaching $23.2bn and accelerating from the 7.0% pace recorded a quarter earlier. Free-cash-flow margin improved markedly too, climbing to 16.4% from 12.0% a year before. These gains lift the fundamentals grade from B to B+. Our model value, however, barely shifts, sitting at $351 a share against a market price of $429. That gap moves the rating from Sell to Hold. At the current price, the market appears to be pricing in cash-flow growth of roughly 12.5% a year over the next five years, a faster clip than the 10.4% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Trane Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $22.2bn, up 7.0% on a year earlier, faster than 6.4% a quarter earlier. Free-cash-flow margin rose to 16.0% from 13.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $322 a share, against a share price of $461. At that price, our model says the market is pricing in about 14.7% a year of cash-flow growth for five years, faster than the 9.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Trane Technologies's trailing-twelve-month revenue grew 10.3% year on year, with a free-cash-flow margin of 16.4%. Where it stands out: free-cash-flow margin of 16.4% ranks 7 of 46 building products companies we cover.

Our discounted-cash-flow model values the business at ~$390 per share in the base case (~$290–$530 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 50.7% while net income grew 7.5%: a 43pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

No figure in Trane Technologies's latest results trips our warning thresholds.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$4.86 against an average estimate of $4.74: beat by 2.6%
Revenue
$6.76bn, up 17.7% on a year earlier
Share reaction
-8.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
full-year reported revenue growth growth 11.5% (full-year 2026); full-year organic revenue growth growth 9% (full-year 2026)
Next report
January 28, 2027; average EPS estimate $3.48

Trane Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week-9.2%
  • 1 month-10.9%
  • This year+6.9%
  • 1 year-7.2%
  • 5 years+146.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$23.2B
Operating margin
17.9%
Net margin
13.6%
EPS (TTM, diluted)
$14.15

Growth

Revenue growth
+10.3%
Change in growth rate
+3.3 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$3.8B
FCF margin
16.4%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Results
  3. Deal
  4. Dividend
  5. Partnership
  6. Insider trade
  7. Announcement
  8. Announcement
  9. Product
  10. Announcement
  11. Insider trade
  12. Results
  13. Guidance
  14. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trane Technologies valuation models and calculator

What the price is pricing in

The share price implies about 11.3% a year of cash-flow growth for five years.That is close to the 10.4% a year revenue growth Trane Technologies has delivered.

  • Priced in11.3%
  • Last 12 months10.3%
  • 3 years a year10.3%
  • 5 years a year10.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($418.96, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$390
Price used
$418.96close November 3, 2026
Implied change
▼ 6%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Trane Technologies's free cash flow after stock-based pay with after-tax interest added back ($3.5B, FY2026 Q3 TTM), growing 10.4% and 10.1% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$290–~$530 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Trane Technologies's free cash flow after stock-based pay ( $3.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Trane Technologies as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$390 ~$290–$530 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$250–$360 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$220 ~$170–$300 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$160–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$290 ~$180–$390 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trane Technologies with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +37%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $205$285$392$533$716$953
8.5% $152$210$287$388$519$687
10% $120$165$224$301$401$529

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$36.25$50.23$60.91$63.60$94.33$135.28$190.76$161.50$238.04$364.12$386.47$413.33
Market value$9.7bn$13.1bn$15.7bn$15.9bn$23.1bn$32.9bn$46.2bn$37.9bn$54.9bn$83.2bn$86.9bn$92.0bn
+ Net debt (− = net cash)$3.5bn$2.5bn$2.5bn$3.2bn$4.3bn$2.0bn$2.7bn$3.6bn$3.7bn$3.2bn$2.9bn$0
Enterprise value$13.2bn$15.6bn$18.3bn$19.1bn$27.3bn$34.9bn$48.9bn$41.6bn$58.6bn$86.3bn$89.8bn$92.0bn
Multiples
Price / sales 0.7x1.0x1.1x1.3x1.8x2.6x3.3x2.4x3.1x4.2x4.1x4.0x
Price / earnings 14.6x8.9x12.1x11.9x16.3x38.5x32.5x21.6x27.1x32.4x29.8x29.2x
Price / free cash flow 15.2x9.8x12.1x14.2x13.4x25.5x33.9x31.3x26.3x30.0x30.9x24.1x
EV / EBITDA 7.1x8.0x9.0x10.2x13.2x19.1x21.1x15.2x18.1x22.3x20.7x20.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

65 /100

Moderate moat

How hard Trane Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.3% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 30.3%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 14.5%; its worst year was 11.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.4% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $6.0bn and EPS of $3.48 (range $3.45 to $3.51) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $15.28 +17% $23.9bn +12%
Next $17.70 +16% $26.3bn +10%

Next year's EPS estimate has moved +1.7% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Trane Technologies's forecast and 3 cut it.

Consensus EPS forecast Trane Technologies, last 90 days
$15.00 $16.00 $17.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $15.25 Current fiscal year, 60 days ago: $15.25 Current fiscal year, 30 days ago: $15.26 Current fiscal year, 7 days ago: $15.28 Current fiscal year, Now: $15.28 $15.28 Next fiscal year, 90 days ago: $17.40 Next fiscal year, 60 days ago: $17.48 Next fiscal year, 30 days ago: $17.61 Next fiscal year, 7 days ago: $17.66 Next fiscal year, Now: $17.70 $17.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $15.25$17.40
60 days ago $15.25$17.48
30 days ago $15.26$17.61
7 days ago $15.28$17.66
Now $15.28$17.70

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.74 $4.86 +2.6%
Jun 2026 $4.26 $4.31 +1.1%
Mar 2026 $2.53 $2.63 +3.9%
Dec 2025 $2.81 $2.86 +1.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Full-year reported revenue growth full-year 2026 about 11.5% growth Raised
    “The Company expects full-year 2026 reported revenue growth of approximately 11.5 percent and organic revenue growth of approximately 9 percent versus full-year 2025.” source
  • Full-year organic revenue growth full-year 2026 about 9% growth Non-GAAP Raised
    “The Company expects full-year 2026 reported revenue growth of approximately 11.5 percent and organic revenue growth of approximately 9 percent versus full-year 2025.” source
  • GAAP continuing EPS full-year 2026 $15.00 to $15.10 GAAP Raised
    “The Company expects GAAP continuing EPS for full-year 2026 of approximately $15.00 to $15.10, including $0.20 for non-GAAP adjustments.” source
  • Adjusted continuing EPS full-year 2026 $15.20 to $15.30 Non-GAAP Raised
    “The Company expects adjusted continuing EPS for full- year 2026 of $15.20 to $15.30.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Trane Technologies's revenue by +10.4% next year and +10.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.6%, weight 57%) , management guidance (+9.8%, weight 18%) and the company's own record (+10.3%, weight 25%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy1765%
Hold935%
Sell00%

Monthly trend

  1. Oct 2026314926
  2. Sep 20262131025
  3. Aug 20262111124
  4. Jul 20262111124

Counts of recommendations published by analysts covering Trane Technologies, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
2.71
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.3%
of shares
Employees
44,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −7.2%

$445.50 on October 31, 2025 to $413.33

ThenNowEffect
Revenue (last 12 months) $20.8bn $22.2bn +7.0%
Net margin 13.8% 13.3% −3.5%
P/E multiple 35.4x 31.3x −11.5%
Share count 227m 223m +1.5%

Biggest factor: p/e multiple.

Last 3 years +94.9%

$212.04 on November 3, 2023 to $413.33

ThenNowEffect
Revenue (last 12 months) $16.8bn $22.2bn +32.1%
Net margin 11.2% 13.3% +18.7%
P/E multiple 26.2x 31.3x +19.6%
Share count 232m 223m +3.9%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TT+41%−15%+47%+53%+6%+7%
Industry peers (median)+22%−24%+44%+10%−12%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TT67%33%67%83%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TT−18%−40%−16%−12%−21%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 41% from August 3, 2021 to June 17, 2022. Getting back needed a 68% gain, reached on August 2, 2023, 411 days after the low.

Price behaviour

52-week range
$373.79 – $502.27
From 52-week high
−17.7%
vs 50-day average
−8.1%
vs 200-day average
−8.9%
Volatility (1 year)
30%
Beta vs S&P 500
1.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.3%
After a week
7 up, 4 down
typical move ±5.9%
After a month
7 up, 4 down
typical move ±9.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −8.6% −2.1% — —
July 30, 2026 +1.8% +2.4% +7.1% +0.5%
April 30, 2026 +1.5% +1.3% −2.0% −6.4%
January 29, 2026 +6.7% −0.5% +10.6% +18.3%
October 30, 2025 +5.0% −0.8% +1.9% −4.1%
July 30, 2025 −7.0% −0.5% −9.3% −9.9%
April 30, 2025 +11.1% +0.7% +15.2% +21.7%
January 30, 2025 −0.3% 0.0% −1.7% −4.9%
October 30, 2024 −5.2% −2.3% +0.3% +6.6%
July 31, 2024 +1.4% +0.2% −1.6% +8.0%
April 30, 2024 +4.7% −1.9% +8.3% +8.0%
February 1, 2024 +9.8% +2.4% +7.1% +14.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Trane Technologies’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.32× the last 60 days’ realised volatility , richer than 78% of the 229 stocks we screen today.
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

TT Trane Technologies Grade B+ $412.59

Sell the $380 put expiring December 18, 2026 (46 days) for $7.00 a share — $700 per contract.

Previous session · Bid $7.00, ask $8.60, quoted Mon 2 Nov, 17:38 New York time with TT at $412.59. Option prices move with the shares: check the live chain at your broker before trading.

  • If TT ends above $380: you keep the $700 — 1.8% on the $38,000 set aside, or 14.6% a year at that pace.
  • If it ends below $380: you buy 100 shares at an effective $373, 10% below today's price and 4% below our value of ~$390.
$700 −$7.5k Break-even $373 Our value $390 Price $412.59
Profit or loss per contract at expiry, by share price.
Premium
$700
Annualised
14.6%
Break-even
$373
Max gain
$700
Chance of buying
~23%
TT Trane Technologies Grade B+ $412.59

Own 100 shares, sell the $440 call expiring December 18, 2026 (46 days) for $8.50 a share — $850 per contract.

Previous session · Bid $8.50, ask $10.80, quoted Mon 2 Nov, 17:38 New York time with TT at $412.59. Option prices move with the shares: check the live chain at your broker before trading.

  • If TT ends below $440: you keep your shares and the $850 — 2.1% extra on the position, 16.3% a year at that pace.
  • If it ends above $440: your shares are sold at $440, a total return of 8.7% including the premium — at or above our value of ~$390.
$3.6k $0 −$8.1k Our value $390 Break-even $404.09 Price $412.59
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$850
Annualised
16.3%
Break-even
$404.09
Max gain
$3,591
Chance of selling
~34%

Collar

Own the shares, buy the $380 put and sell the $440 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.10 a share ($10.00 per contract of 100 shares).
  • Worst case at expiry: -7.9%, if the shares fall below $380 (-7.9% from today).
  • Best case at expiry: +6.6%, if the shares rise above $440 (+6.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $390: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Trane Technologies in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Trane Technologies
$16B $18B $20B $22B $24B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $17.7B Revenue (TTM), FY24 Q1: $18.2B Revenue (TTM), FY24 Q2: $18.8B Revenue (TTM), FY24 Q3: $19.4B Revenue (TTM), FY24 Q4: $19.8B Revenue (TTM), FY25 Q1: $20.3B Revenue (TTM), FY25 Q2: $20.8B Revenue (TTM), FY25 Q3: $21.1B Revenue (TTM), FY25 Q4: $21.3B Revenue (TTM), FY26 Q1: $21.6B Revenue (TTM), FY26 Q2: $22.2B Revenue (TTM), FY26 Q3: $23.2B $23.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $17.7B
FY24 Q1 $18.2B
FY24 Q2 $18.8B
FY24 Q3 $19.4B
FY24 Q4 $19.8B
FY25 Q1 $20.3B
FY25 Q2 $20.8B
FY25 Q3 $21.1B
FY25 Q4 $21.3B
FY26 Q1 $21.6B
FY26 Q2 $22.2B
FY26 Q3 $23.2B
Revenue growth, TTM YoY Trane Technologies
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 10.5% Revenue growth, TTM YoY, FY24 Q1: 11.8% Revenue growth, TTM YoY, FY24 Q2: 12.0% Revenue growth, TTM YoY, FY24 Q3: 11.9% Revenue growth, TTM YoY, FY24 Q4: 12.2% Revenue growth, TTM YoY, FY25 Q1: 11.4% Revenue growth, TTM YoY, FY25 Q2: 10.2% Revenue growth, TTM YoY, FY25 Q3: 8.6% Revenue growth, TTM YoY, FY25 Q4: 7.5% Revenue growth, TTM YoY, FY26 Q1: 6.4% Revenue growth, TTM YoY, FY26 Q2: 7.0% Revenue growth, TTM YoY, FY26 Q3: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 10.5%
FY24 Q1 11.8%
FY24 Q2 12.0%
FY24 Q3 11.9%
FY24 Q4 12.2%
FY25 Q1 11.4%
FY25 Q2 10.2%
FY25 Q3 8.6%
FY25 Q4 7.5%
FY26 Q1 6.4%
FY26 Q2 7.0%
FY26 Q3 10.3%
Operating margin (TTM) Trane Technologies
16% 17% 18% 19% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.4% Operating margin (TTM), FY24 Q1: 16.8% Operating margin (TTM), FY24 Q2: 17.1% Operating margin (TTM), FY24 Q3: 17.4% Operating margin (TTM), FY24 Q4: 17.6% Operating margin (TTM), FY25 Q1: 18.1% Operating margin (TTM), FY25 Q2: 18.4% Operating margin (TTM), FY25 Q3: 18.8% Operating margin (TTM), FY25 Q4: 18.6% Operating margin (TTM), FY26 Q1: 18.2% Operating margin (TTM), FY26 Q2: 17.9% Operating margin (TTM), FY26 Q3: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.4%
FY24 Q1 16.8%
FY24 Q2 17.1%
FY24 Q3 17.4%
FY24 Q4 17.6%
FY25 Q1 18.1%
FY25 Q2 18.4%
FY25 Q3 18.8%
FY25 Q4 18.6%
FY26 Q1 18.2%
FY26 Q2 17.9%
FY26 Q3 17.9%
FCF margin (TTM) Trane Technologies
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.8% FCF margin (TTM), FY24 Q1: 12.7% FCF margin (TTM), FY24 Q2: 13.2% FCF margin (TTM), FY24 Q3: 14.7% FCF margin (TTM), FY24 Q4: 14.0% FCF margin (TTM), FY25 Q1: 13.9% FCF margin (TTM), FY25 Q2: 13.5% FCF margin (TTM), FY25 Q3: 12.0% FCF margin (TTM), FY25 Q4: 13.2% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 16.0% FCF margin (TTM), FY26 Q3: 16.4% 16.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.8%
FY24 Q1 12.7%
FY24 Q2 13.2%
FY24 Q3 14.7%
FY24 Q4 14.0%
FY25 Q1 13.9%
FY25 Q2 13.5%
FY25 Q3 12.0%
FY25 Q4 13.2%
FY26 Q1 14.5%
FY26 Q2 16.0%
FY26 Q3 16.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Trane Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $21.3B
  2. Research and development $348M · 1.6%
  3. Selling, general and admin $3.7B · 17.6%
  4. Other operating costs $13.3B · 62.2%
  5. Operating income $4B · 18.6%
  6. Income tax $706M · 3.3%
  7. Interest and other $343M · 1.6%
  8. Net income $2.9B · 13.7%

Shares of revenue. Source: Trane Technologies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 13.0 14.0 12.8 12.0 12.4 12.9 13.3 13.5 14.2 12.3 13.1 12.5 14.1 16.0 17.7 19.8 21.3 23.2
Gross profit 3.6 3.9 3.5 3.5 3.6 3.9 4.0 4.2 4.4 3.8 4.0 3.8 — — — — — —
EBITDA 1.3 1.7 0.8 1.4 1.4 1.7 1.9 2.0 2.0 1.9 2.1 1.8 2.3 2.7 3.2 3.9 4.3 4.6
Operating income 0.9 1.3 0.4 1.1 1.1 1.4 1.5 1.6 1.7 1.5 1.7 1.5 2.0 2.4 2.9 3.5 4.0 4.2
Net income 0.5 0.6 0.3 1.0 0.6 0.9 0.7 1.5 1.3 1.3 1.4 0.9 1.4 1.8 2.0 2.6 2.9 3.2
Diluted EPS $1.37 $1.89 $1.01 $3.28 $2.07 $3.40 $2.48 $5.65 $5.05 $5.35 $5.77 $3.52 $5.87 $7.48 $8.77 $11.24 $12.98 $14.15
Growth (year on year)
Revenue −0.3% +7.6% −8.9% −6.1% +3.0% +4.4% +3.2% +1.6% +5.1% −13.1% +5.9% −4.8% +13.5% +13.1% +10.5% +12.2% +7.5% +10.3%
EBITDA — +30.0% −53.1% +76.3% +2.3% +20.7% +6.8% +5.4% +3.2% −7.2% +10.3% −11.6% +27.1% +18.1% +18.2% +19.7% +12.0% +5.3%
Operating income — +42.5% −65.2% +144.3% +3.1% +27.1% +6.2% +7.5% +3.9% −9.2% +10.4% −8.2% +32.0% +19.6% +19.6% +20.9% +13.4% +5.2%
Net income — +42.3% −46.6% +196.8% −39.3% +50.6% −28.7% +122.1% −11.8% +2.7% +5.5% −39.4% +66.5% +23.4% +15.2% +26.9% +13.7% +7.5%
Diluted EPS — +38.0% −46.6% +224.8% −36.9% +64.3% −27.1% +127.8% −10.6% +5.9% +7.9% −39.0% +66.8% +27.4% +17.2% +28.2% +15.5% +9.0%
Margins
Gross margin 27.5% 28.1% 27.3% 28.8% 29.4% 30.3% 30.2% 31.1% 30.9% 30.5% 30.5% 30.5% — — — — — —
EBITDA margin 10.0% 12.1% 6.2% 11.7% 11.6% 13.5% 14.0% 14.5% 14.2% 15.2% 15.8% 14.7% 16.4% 17.1% 18.3% 19.6% 20.4% 19.7%
Operating margin 6.8% 9.0% 3.4% 8.9% 8.9% 10.9% 11.2% 11.9% 11.7% 12.2% 12.8% 12.3% 14.3% 15.1% 16.4% 17.6% 18.6% 17.9%
Net margin 3.5% 4.6% 2.7% 8.5% 5.0% 7.2% 5.0% 10.9% 9.2% 10.8% 10.8% 6.9% 10.1% 11.0% 11.4% 12.9% 13.7% 13.6%
Free-cash-flow margin 11.9% 3.7% 7.9% 7.9% 6.9% 5.7% 4.8% 9.9% 9.2% 9.1% 13.1% 10.3% 9.7% 7.6% 11.8% 14.0% 13.2% 16.4%
Cash flow
Cash from operations 1.8 0.7 1.2 1.2 1.1 1.0 0.9 1.5 1.5 1.4 1.9 1.4 1.6 1.5 2.4 3.1 3.2 4.2
Capital spending 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.1 0.2 0.3 0.3 0.4 0.4 0.4
Free cash flow 1.6 0.5 1.0 1.0 0.8 0.7 0.6 1.3 1.3 1.1 1.7 1.3 1.4 1.2 2.1 2.8 2.8 3.8
Stock-based pay 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.5 0.4 1.0 0.9 0.8 0.7 0.6 1.3 1.2 1.0 1.6 1.2 1.3 1.2 2.0 2.7 2.7 3.7
Balance sheet
Cash 0.8 0.8 1.0 0.7 1.9 1.7 0.7 1.7 1.5 0.9 1.3 3.3 2.2 1.2 1.1 1.6 1.8 —
Total debt 4.1 4.4 4.3 3.2 3.5 4.2 4.2 4.2 4.1 4.1 5.6 5.3 4.8 4.8 4.8 4.8 4.6 4.2
Net debt (negative = net cash) 3.3 3.6 3.4 2.5 1.6 2.5 3.5 2.5 2.5 3.2 4.3 2.0 2.7 3.6 3.7 3.2 2.9 —
Diluted shares 329m 340m 339m 311m 298m 274m 268m 262m 258m 250m 244m 243m 242m 235m 231m 228m 225m 223m
Returned to shareholders
Dividends 0.2 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.8 0.8 0.9
Buybacks 0.0 0.0 1.2 0.8 1.2 1.4 0.3 0.3 1.0 0.9 0.8 0.3 1.1 1.2 0.7 1.3 1.5 1.6
Total returned 0.2 0.1 1.3 1.0 1.5 1.6 0.6 0.6 1.4 1.4 1.3 0.8 1.7 1.8 1.4 2.0 2.3 2.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · September 30, 2026
What it owns · $23.9bn
Short-term assets $8.7bnLonger-term assets $15.2bn
What it owes, and who funded it · $23.9bn
Short-term liabilities $7.8bnLonger-term liabilities $7.0bnShareholders' equity $9.1bn
  • Short-term assets cover short-term liabilities $8.7bn of assets due within a year against $7.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.7bn short-term assets against $7.0bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Debt is 46% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 75% to 46% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $4.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.2bn against $217m of interest.

From Trane Technologies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.6B
Dividends (TTM)
$902M
Returned to shareholders
65%
of free cash flow
Buybacks, last 3 fiscal years
$3.4B
Diluted share count
−1.4%
year over year
Total shareholder yield
2.7%
dividends 1.0% + buybacks 1.7% of market value
Dividend payout ratio
29%
of net income paid out
Sales & admin spending
17.1%
of revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated TT CARR JCI BLDR OC MAS Median
Revenue, last 12 months $23.2bn $22.8bn $25.0bn $14.4bn $9.8bn $7.7bn $1.8bn
Revenue growth, last 12 months 10.3% 3.3% 6.8% −8.3% −7.2% 0.9% 3.7%
Revenue growth, 3-year average 10.3% 11.1% 4.4% −6.0% 0.5% −1.4% 3.6%
Revenue growth, latest quarter 17.7% 12.3% 9.3% −2.2% 0.3% 2.6% 8.0%
Gross margin 31.8% — 36.7% 28.5% 26.0% 37.6% 32.0%
Operating margin 17.9% −4.8% 5.6% 2.1% 0.5% 17.9% 7.0%
Operating margin, 3-year average 18.0% 6.4% 7.2% 6.4% 11.1% 17.2% 10.7%
Net margin 13.6% −7.9% 14.3% 0.3% −6.8% 12.1% 5.1%
Cash from operations / revenue 18.0% 12.5% 14.2% 3.5% 17.8% 15.7% 12.4%
Free-cash-flow margin 16.4% 10.4% 12.7% 1.8% 9.1% 13.6% 8.9%
Free-cash-flow margin, 3-year average 14.4% 6.7% 9.3% 6.2% 11.5% 12.4% 8.5%
Stock pay / revenue 0.4% 0.3% 0.5% 0.3% 0.7% 0.3% 0.7%
Change in share count −1.4% −4.5% −6.8% −3.6% −6.1% −5.2% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 10.3% 4.0% 12 of 46
Change in growth rate Growth +3.3pp +0.8pp 8 of 46
Operating margin Profitability 17.9% 7.2% 11 of 45
Net margin Profitability 13.6% 5.6% 13 of 46
Free-cash-flow margin Cash generation 16.4% 9.1% 7 of 46
Stock pay as % of revenue Cash generation 0.4% 0.7% 11 of 41
Long-term debt as % of assets Balance sheet 16.4% 25.7% 9 of 37
Change in share count Balance sheet -1.4% -0.6% 17 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $14B 65.6% ▲ 5.0%
Services $7.3B 34.4% ▲ 12.5%
Geography
Region Revenue Share YoY
Americas $17.2B 80.5% ▲ 8.0%
EMEA $2.8B 13.1% ▲ 9.6%
Asia Pacific $1.4B 6.3% ▼ 2.0%

From Trane Technologies's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$94.1B
Institutions reporting
1,802
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
159 / 87

Top buyers and sellers, Q2 2026: 869 institutions bought and 666 sold ; the biggest buyer was Alliancebernstein L.P (+1.5M shares) and the biggest seller Jpmorgan Chase & Co (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $10.7B 21.9M 11.4% ▲ 1.1%
Vanguard Capital Management LLC $7.1B 14.4M 7.5% ▲ 0.4%
Jpmorgan Chase & Co $6B 12.6M 6.4% ▼ 24.9%
FMR LLC $5B 10.1M 5.3% ▲ 2.2%
State Street Corp $4.9B 10.1M 5.3% ▼ 0.3%
Morgan Stanley $2.7B 5.4M 2.8% ▲ 2.1%
Geode Capital Management, LLC $2.5B 5.2M 2.7% ▲ 0.2%
Vanguard Portfolio Management LLC $1.8B 3.6M 1.9% ▲ 1.6%
Franklin Resources Inc $1.6B 3.3M 1.7% ▲ 54.0%
Nuveen, LLC $1.5B 3.0M 1.6% ▲ 7.1%
Norges Bank $1.4B 2.9M 1.5% —
Northern Trust Corp $1.2B 2.5M 1.3% ▼ 1.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Trane Technologies's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $172,176 1 trade by 1 insider, last 12 months Insider sales History → $75.7M 17 trades by 5 insiders · 100% under pre-set plans
Net ▼ $75.5M net selling
Insider Date Trade Shares Price Value
Regnery David S Chair and CEO October 6, 2026 Sell pre-set plan 48,091 $480.00 $23.1M
Regnery David S Chair and CEO August 5, 2026 Sell pre-set plan 43,778 $475.00 $20.8M
Schaeffer Melissa N. Director August 4, 2026 Sell 145 $472.27 $68,479
Simmons Donald E. Group President, Americas April 30, 2026 Sell pre-set plan 4,593 $500.00 $2.3M
Kuehn Christopher J Executive Vice President & CFO April 8, 2026 Sell pre-set plan 8,619 $450.00 $3.9M
Simmons Donald E. Group President, Americas March 6, 2026 Sell pre-set plan 3,762 $422.70 $1.6M
Regnery David S Chair and CEO March 6, 2026 Sell pre-set plan 36,045 $422.69 $15.2M
Elwell Elizabeth A. VP & Chief Accounting Officer March 6, 2026 Sell pre-set plan 635 $422.71 $268,421
Hayes John A Director March 5, 2026 Buy 400 $430.44 $172,176
Simmons Donald E. Group President, Americas February 12, 2026 Sell pre-set plan 7,663 $475.00 $3.6M
Elwell Elizabeth A. VP & Chief Accounting Officer February 10, 2026 Sell pre-set plan 137 $462.48 $63,360
Simmons Donald E. Group President, Americas February 10, 2026 Sell pre-set plan 822 $462.57 $380,233

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 40 trades and filings

No trades in Trane Technologies disclosed in the last 12 months; 40 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $50,001 - $100,000, traded April 7, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Trane Technologies was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trane Technologies in brief

What does Trane Technologies do?
Trane Technologies is a US-listed company in the building products industry. Its financial year ends in December.
What is Trane Technologies's stock ticker?
Trane Technologies trades under the ticker TT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trane Technologies's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trane Technologies reported revenue of $23.2B, 10.3% higher than a year earlier, according to its SEC filings.
What is Trane Technologies's free cash flow?
Trane Technologies's free-cash-flow margin is 16.4% of revenue over the trailing twelve months, ranking 7 of the 46 building products companies we cover.
What is Trane Technologies's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Trane Technologies's free cash flow after stock-based pay gives ~$390 per share in the base case, and ~$290–$530 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Trane Technologies's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Trane Technologies buying back stock, and does it pay a dividend?
Trane Technologies spent $1.6B on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Trane Technologies's market cap?
On November 2, 2026, Trane Technologies's market capitalisation was about $92B, with a price-to-earnings ratio of 29.2 and net debt of $0. Market figures come from third-party market data and may be delayed.
Does Trane Technologies pay a dividend?
Yes: Trane Technologies paid $902M in dividends over the trailing twelve months, a dividend yield of 0.99% and a payout ratio of 28.6%.
How much debt does Trane Technologies have?
Trane Technologies's debt-to-equity ratio is 46.3%, from its latest balance sheet (74.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Trane Technologies's competitors?
In our Building Products peer group, the companies closest to Trane Technologies are Carrier Global, Johnson Controls, Builders Firstsource, Inc., Owens Corning and Masco. The side-by-side comparison below sets their revenue, margins and growth against Trane Technologies's.
Are insiders buying or selling Trane Technologies stock?
Over the last 12 months, Trane Technologies's directors and officers reported 1 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Trane Technologies's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Trane Technologies announces its own schedule.