Company file · TT

Trane Technologies

Trane Technologies' revenue rose 7.5% in FY2025, to $21.3B, and net income rose 13.7% to $2.9B

Revenue rose 7.5% to $21.3B in FY2025, from $19.8B in FY2024. Net income rose 13.7% to $2.9B. Products was the largest product or service, at 66% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 5, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 28, 2026

Key facts

Trane Technologies (NYSE: TT) reported revenue of $21.3B for fiscal 2025, the year ended Dec 31, 2025, up 7.5% from fiscal 2024. Net income was $2.9B, up 13.7%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $6.4B, up 10.6% from the same quarter a year earlier, and net income was $926M. The largest piece by product or service was Products, at 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 5, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$21.3BFY2025 · +7.5% vs FY2024

Net income$2.9BFY2025 · +13.7% vs FY2024

Operating cash flow$3.2BFY2025 · +1.6% vs FY2024

Cash & equivalents$1.8BFY2025 end · +10.9% vs FY2024

Total debt$4.6Bat Jun 30, 2026 · +0.0% vs FY2025 end

Diluted shares225MFY2025 avg · −1.5% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 5, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Products$14.0B66%+5.0%
Services$7.3B34%+12.5%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Products (66%) and Services (34%), as shares of total revenue. Total revenue was $21.3B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

68%32%

FY2024

67%33%

FY2025

66%34%

ProductsServices

Source: 10-K FY2025

By region, FY2025

Americas$17.2B81%+8.0%

EMEA$2.8B13%+9.6%

Asia Pacific$1.4B6%−2.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$6.4B Q2 2026

$5.7B Q2 2025

10.6% increase

Net income

$926M Q2 2026

$875M Q2 2025

5.8% increase

Source: Trane Technologies 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Total debt $4.6B at Jun 30, 2026, vs $4.6B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.7B vs $1.0B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.5% in FY2025 to $21.3B, from $19.8B a year earlier. 10-K, FY2025
Net income rose 13.7% in FY2025 to $2.9B, from $2.6B. 10-K, FY2025
Operating cash flow rose 1.6% in FY2025 to $3.2B. 10-K, FY2025
Diluted shares fell 1.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Asia Pacific revenue fell 2.0% in FY2025 to $1.4B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Trane Technologies is in the building products industry, part of the industrials sector. The SEC files it under Auto Controls For Regulating Residential & Comml Environments.

The full description of Trane Technologies' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the building products industry. They are not a summary of Trane Technologies’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$17.7B	$19.8B	$21.3B
Net income	$2.0B	$2.6B	$2.9B
Operating cash flow	$2.4B	$3.1B	$3.2B
Cash & equivalents (year end)	$1.1B	$1.6B	$1.8B
Total debt (year end)	$4.8B	$4.8B	$4.6B
Diluted shares	231M	228M	225M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Apr 23, 2026	Jun 4, 2026
10-K	Feb 5, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Trane Technologies

How does Trane Technologies make money?

Trane Technologies's revenue was $21.3B in fiscal 2025. By product or service in FY2025: Products (66%) and Services (34%), as shares of total revenue. Total revenue was $21.3B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What was Trane Technologies's revenue in fiscal 2025?

$21.3B of revenue for the fiscal year ended Dec 31, 2025, up 7.5% from $19.8B in fiscal 2024. Fiscal 2023 was $17.7B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

Is Trane Technologies profitable?

Trane Technologies reported net income of $2.9B for fiscal 2025, up 13.7% from $2.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $926M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What did Trane Technologies report in its latest quarterly filing?

Revenue was $6.4B in the quarter ended Jun 30, 2026, up 10.6% from $5.7B a year earlier. Net income was $926M, up 5.8% from $875M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

What are the main risks Trane Technologies faces?

Trane Technologies's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 5, 2026. Risks that are common among companies in the building products industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Trane Technologies numbers come from?

From Trane Technologies's own SEC filings: the 10-K for fiscal 2025 (filed Feb 5, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in TT: The editor holds no position in Trane Technologies (TT). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell TT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Trane TechnologiesTT	FY2025	$21.3B	+7.5%	$2.9B
Johnson ControlsJCI	FY2025	$23.6B	+2.8%	$3.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.