Jun 2026 (Q2 FY26) — Jul 30, 2026
Trane Technologies Q2 FY26 — Record Backlog and Raised Full-Year Guidance
Read the full callTrane Technologies (TT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Trane Technologies earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,354 | +10.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.3 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 926 | +5.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 19 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 organic revenue growth | approximately 5% | Mar 2026 | Organic revenue grew 9%, led by America's Commercial HVAC and services and residential and adjusted EPS increased 11%. | Achieved |
| FY26 adjusted EPS | $14.65 to $14.85 | Dec 2025 | our adjusted EPS guidance to a range of $15.20 to $15.30 | Revised Up |
| FY26 CapEx intensity | 2% to 3% of revenue (raised from 1% to 2%) | Mar 2026 | we've guided CapEx to 2% to 3% of revenue for the year. | On Track |
3 of Trane Technologies plc's 38 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Enterprise organic bookings increased 37%, driving a record backlog of $12.1 billion.
- Americas Commercial HVAC bookings reached an all-time high, up 50% year-over-year.
- Applied bookings surged 130%, marking the fourth consecutive quarter of growth above 100%.
- Organic revenue grew 9%, and adjusted EPS increased 11%.
- Full-year organic revenue growth guidance was raised to approximately 9%, and adjusted EPS guidance to $15.20-$15.30.
Qualified
- EMEA margins were impacted by the Middle East conflict, with revenues in the region down about 30% in Q2.
- Price versus all inflation was a headwind in Q2 and is expected to continue in the second half of the year.
- The Stellar acquisition is now expected to be flat for the year from an EPS standpoint, revised from modestly accretive, due to pulled-forward investments.
Price
$465.04 +1.34% · +$6.15
Performance +11.8% 1Y
1Y: $415.82 on 17 Oct 2025 → $465.04. High $503.46 (25 Jun 2026), low $376.43 (7 Jan 2026).
- Previous close
- $458.89
- 52-week range
- $376.43 – $503.46
- One year
- +11.16%
Overview
- Symbol
- TT
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 19 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 organic revenue growth | approximately 5% | Mar 2026 | Organic revenue grew 9%, led by America's Commercial HVAC and services and residential and adjusted EPS increased 11%. | Achieved |
| FY26 adjusted EPS | $14.65 to $14.85 | Dec 2025 | our adjusted EPS guidance to a range of $15.20 to $15.30 | Revised Up |
| FY26 CapEx intensity | 2% to 3% of revenue (raised from 1% to 2%) | Mar 2026 | we've guided CapEx to 2% to 3% of revenue for the year. | On Track |
Claimed
- Enterprise organic bookings increased 37%, driving a record backlog of $12.1 billion.
- Americas Commercial HVAC bookings reached an all-time high, up 50% year-over-year.
- Applied bookings surged 130%, marking the fourth consecutive quarter of growth above 100%.
- Organic revenue grew 9%, and adjusted EPS increased 11%.
- Full-year organic revenue growth guidance was raised to approximately 9%, and adjusted EPS guidance to $15.20-$15.30.
Qualified
- EMEA margins were impacted by the Middle East conflict, with revenues in the region down about 30% in Q2.
- Price versus all inflation was a headwind in Q2 and is expected to continue in the second half of the year.
- The Stellar acquisition is now expected to be flat for the year from an EPS standpoint, revised from modestly accretive, due to pulled-forward investments.
The full ledger
Open Trane Technologies plc’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Trane Technologies Q1 FY26 — Record Backlog and Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Trane Technologies Q4 FY25 — Record Bookings and Strong 2026 Outlook
Read the full callEvery analysed call
Trane Technologies earnings calls (TT)
Financials
What the filings say
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,441 | 4,874 | 4,689 | 5,746 | 5,743 | 5,145 | 4,969 | 6,354 |
| Operating profit | 1,025 | 808 | 819 | 1,164 | 1,165 | 819 | 776 | 1,224 |
| Operating margin | 18.8% | 16.6% | 17.5% | 20.3% | 20.3% | 15.9% | 15.6% | 19.3% |
| Other income | 6 | 3 | -8 | -14 | -18 | -22 | 15 | -8 |
| Interest | 63 | 60 | 58 | 57 | 56 | 56 | 56 | 53 |
| Profit before tax | 968 | 751 | 753 | 1,093 | 1,092 | 741 | — | — |
| Tax rate | 18.7% | 18.0% | 17.9% | 19.8% | 21.2% | 16.6% | — | — |
| Net profit | 772 | 604 | 605 | 875 | 848 | 591 | 584 | 926 |
| EPS ($ per share) | 3.42 | — | 2.70 | 3.92 | 3.81 | — | 2.64 | 4.19 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 266 | 263 | 263 | 260 | 253 | 252 | 249 | 245 |
| Reserves | 9,440 | 9,731 | 8,495 | 8,353 | 8,321 | 9,134 | 9,792 | 10,422 |
| Total liabilities | 10,850 | 13,180 | 11,730 | 11,787 | 11,976 | 12,375 | 12,660 | 12,820 |
| Fixed assets | 1,731 | 1,352 | 1,350 | 1,399 | 1,536 | 1,772 | 2,025 | 2,251 |
| Total assets | 17,915 | 20,492 | 18,157 | 18,060 | 18,082 | 19,392 | 20,147 | 21,421 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,408 | 1,920 | 1,435 | 1,588 | 1,504 | 2,390 | 3,146 | 3,195 |
| Cash from investing | -629 | -1,780 | -376 | -546 | -540 | -1,172 | -563 | -640 |
| Cash from financing | -1,379 | 271 | 884 | -2,128 | -1,852 | -1,350 | -2,021 | -2,496 |
| Net cash flow | -646 | 400 | 2,011 | -1,131 | -939 | -125 | 495 | 173 |
| Capital expenditure | -285 | -205 | -146 | -223 | -292 | -301 | -371 | -383 |
| Free cash flow | 1,123 | 1,714 | 1,289 | 1,365 | 1,212 | 2,089 | 2,775 | 2,812 |
TT revenue by segment
Product grew from 66% to 67% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product | 66% | 67% | 68% | 67% | 64% | 64% | 65% | 67% | +11.7% |
| Service | 34% | 33% | 32% | 33% | 36% | 36% | 35% | 33% | +8.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TT operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $6.75BThis contributed to a highly elevated backlog of $6.75 billion entering 2025.Source: earnings call transcript | — | $7.8BWe delivered strong fourth quarter performance, highlighted by exceptional enterprise organic bookings up 22%, driving record backlog of $7.8 billion.Source: earnings call transcript | $10.7BQ1 was another strong quarter, marked by exceptional enterprise organic bookings, up 24% and a record backlog of $10.7 billion, up over 30% versus year-end 2025.Source: earnings call transcript | $12.1BEnterprise organic bookings were up 37%, driving record backlog of $12.1 billion, up 70% year-over-year.Source: earnings call transcript | +13.1% |
| Manufacturing plants United States | 20+We have over 20 plants in the United States.Source: earnings call transcript | ~20We have about 20 plants in the United States.Source: earnings call transcript | — | 21+So look, we have -- as Chris said, we have over 21 plants now in the United States, for real shortly like that, and we are very, very competitive, as you could see with our results.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Americas 83% ↑ 1 pt
- EMEA 11% ↓ 1 pt
- Asia Pacific 6% ↑ 1 pt
As TT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
80 filings between Oct 30, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
$172.2K
1 purchase by 1 insider
Sales
$75.92M
18 sales by 5 insiders
94% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 25
- Award — granted as compensation
- 5
- Option exercise — converted options into shares
- 31
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Regnery David S | — | $62.14M | Oct 6, 2026 |
| Simmons Donald E. | — | $8.10M | Apr 30, 2026 |
| Kuehn Christopher J | — | $4.98M | Apr 8, 2026 |
| Elwell Elizabeth A. | — | $616.5K | Mar 6, 2026 |
| HAYES JOHN A | $172.2K | — | Mar 5, 2026 |
| Schaeffer Melissa N. | — | $68.5K | Aug 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Regnery David S Chair and CEO | Sale 10b5-1 plan | 48,091 | $23.08M |
| Oct 6, 2026 | Regnery David S Chair and CEO | Option exercise 10b5-1 plan | 48,091 | $3.80M |
| Aug 5, 2026 | Regnery David S Chair and CEO | Option exercise 10b5-1 plan | 43,778 | $3.07M |
| Aug 5, 2026 | Regnery David S Chair and CEO | Sale 10b5-1 plan | 43,778 | $20.79M |
| Aug 4, 2026 | Schaeffer Melissa N. Director | Sale | 145 | $68.5K |
| Jul 1, 2026 | Simmons Donald E. EVP & Chief Operating Officer | Award | 826 | $0 |
| Jun 5, 2026 | Lee Myles P Director | Tax withheld | 224 | $102.3K |
| Jun 5, 2026 | HAYES JOHN A Director | Award | 438 | $0 |
| Jun 5, 2026 | Arnold Kirk E Director | Award | 438 | $0 |
| Jun 5, 2026 | Arnold Kirk E Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | de Jesus Assis Ana Paula Director | Tax withheld | 224 | $102.3K |
| Jun 5, 2026 | Pine Matthew Francis Director | Award | 438 | $0 |
| Jun 5, 2026 | HAYES JOHN A Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | Lee Myles P Director | Award | 438 | $0 |
| Jun 5, 2026 | Miller Boise April Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | Miller Boise April Director | Award | 438 | $0 |
| Jun 5, 2026 | Schaeffer Melissa N. Director | Award | 438 | $0 |
| Jun 5, 2026 | BERZIN ANN C Director | Award | 438 | $0 |
| Jun 5, 2026 | Schaeffer Melissa N. Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | BERZIN ANN C Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | George Mark R Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | de Jesus Assis Ana Paula Director | Award | 438 | $0 |
| Jun 5, 2026 | SURMA JOHN P Director | Award | 438 | $0 |
| Jun 5, 2026 | SURMA JOHN P Director | Tax withheld | 112 | $51.2K |
| Jun 5, 2026 | George Mark R Director | Award | 438 | $0 |
| Jun 5, 2026 | Pine Matthew Francis Director | Tax withheld | 112 | $51.2K |
| Jun 4, 2026 | HUDSON LINDA P Director | Tax withheld | 112 | $51.9K |
| Apr 30, 2026 | Simmons Donald E. Group President, Americas | Option exercise 10b5-1 plan | 4,593 | $828.8K |
| Apr 30, 2026 | Simmons Donald E. Group President, Americas | Sale 10b5-1 plan | 4,593 | $2.30M |
| Apr 8, 2026 | Kuehn Christopher J Executive Vice President & CFO | Sale 10b5-1 plan | 8,619 | $3.88M |
| Mar 6, 2026 | Regnery David S Chair and CEO | Sale 10b5-1 plan | 36,045 | $15.24M |
| Mar 6, 2026 | Simmons Donald E. Group President, Americas | Sale 10b5-1 plan | 3,762 | $1.59M |
| Mar 6, 2026 | Elwell Elizabeth A. VP & Chief Accounting Officer | Sale 10b5-1 plan | 635 | $268.4K |
| Mar 5, 2026 | HAYES JOHN A Director | Purchase | 400 | $172.2K |
| Mar 4, 2026 | Simmons Donald E. Group President, Americas | Tax withheld | 2,890 | $1.29M |
| Mar 4, 2026 | Elwell Elizabeth A. VP & Chief Accounting Officer | Tax withheld | 253 | $112.6K |
| Mar 4, 2026 | Elwell Elizabeth A. VP & Chief Accounting Officer | Award | 888 | $0 |
| Mar 4, 2026 | Regnery David S Chair and CEO | Award | 63,730 | $0 |
| Mar 4, 2026 | Kuehn Christopher J Executive Vice President & CFO | Tax withheld | 6,621 | $2.95M |
| Mar 4, 2026 | Kuehn Christopher J Executive Vice President & CFO | Award | 15,240 | $0 |
| Mar 4, 2026 | Simmons Donald E. Group President, Americas | Award | 6,652 | $0 |
| Mar 4, 2026 | Magner Mairead Senior Vice President | Award | 4,253 | $0 |
| Mar 4, 2026 | Regnery David S Chair and CEO | Tax withheld | 27,685 | $12.32M |
| Feb 12, 2026 | Simmons Donald E. Group President, Americas | Sale 10b5-1 plan | 7,663 | $3.64M |
| Feb 12, 2026 | Simmons Donald E. Group President, Americas | Option exercise 10b5-1 plan | 7,663 | $1.28M |
| Feb 10, 2026 | Kuehn Christopher J Executive Vice President & CFO | Sale 10b5-1 plan | 831 | $384.4K |
| Feb 10, 2026 | Elwell Elizabeth A. VP & Chief Accounting Officer | Sale 10b5-1 plan | 137 | $63.4K |
| Feb 10, 2026 | Kuehn Christopher J Executive Vice President & CFO | Sale 10b5-1 plan | 1,558 | $721.0K |
| Feb 10, 2026 | Regnery David S Chair and CEO | Sale 10b5-1 plan | 5,588 | $2.59M |
| Feb 10, 2026 | Simmons Donald E. Group President, Americas | Sale 10b5-1 plan | 822 | $380.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Trane Technologies plc
Free account. Everything above stays public.
Write why you follow Trane Technologies plc and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Industrials
Nearest to Trane Technologies by market cap among the sector's top 20 companies at Q2 2026.