NYSE : TT
Trane Technologies plc — Financial statements
Industrials · Building Products & Equipment · Ireland
Last price 431.1 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 94.85B
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Financial statements
Trane Technologies plc (TT) reported revenue of 23.23B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 23.23B | 21.32B | 19.84B | 17.68B | 15.99B | 14.14B |
| Cost of Revenue | 15.10B | 13.61B | 12.76B | 11.82B | 11.03B | 9.67B |
| Gross Profit | 8.13B | 7.71B | 7.08B | 5.86B | 4.96B | 4.47B |
| Selling, General & Admin | 3.99B | 3.84B | 3.62B | 3.03B | 2.60B | 2.45B |
| Operating Expenses | 3.99B | 3.84B | 3.62B | 3.03B | 2.60B | 2.45B |
| Operating Income | 4.13B | 3.87B | 3.46B | 2.82B | 2.37B | 2.02B |
| Interest Expense | -216.70M | -226.70M | -238.40M | -234.50M | -223.50M | -233.70M |
| Interest & Investment Income | 18.10M | 9.00M | 35.90M | 15.40M | 9.20M | 4.00M |
| Currency Exchange Gain (Loss) | -9.20M | -15.40M | -24.10M | -20.10M | -17.90M | -10.70M |
| Other Non Operating Income (Expenses) | -23.00M | -20.90M | -20.10M | -67.50M | 4.80M | 3.80M |
| EBT Excluding Unusual Items | 3.90B | 3.62B | 3.22B | 2.52B | 2.14B | 1.79B |
| Other Unusual Items | 22.60M | 61.20M | 25.00M | 49.30M | 31.90M | 5.60M |
| Pretax Income | 3.93B | 3.68B | 3.24B | 2.57B | 2.17B | 1.79B |
| Income Tax Expense | 697.20M | 705.90M | 627.60M | 498.40M | 375.90M | 333.50M |
| Earnings From Continuing Operations | 3.23B | 2.97B | 2.61B | 2.07B | 1.80B | 1.46B |
| Earnings From Discontinued Operations | -52.60M | -37.00M | -24.70M | -27.20M | -21.50M | -20.60M |
| Net Income to Company | 3.18B | 2.94B | 2.59B | 2.04B | 1.77B | 1.44B |
| Minority Interest in Earnings | -25.60M | -17.10M | -21.60M | -17.80M | -18.20M | -13.20M |
| Net Income | 3.15B | 2.92B | 2.57B | 2.02B | 1.76B | 1.42B |
| Net Income to Common | 3.15B | 2.92B | 2.57B | 2.02B | 1.76B | 1.42B |
| Shares Outstanding (Basic) | 221.05M | 223.00M | 226.20M | 228.60M | 232.60M | 238.70M |
| Shares Outstanding (Diluted) | 222.65M | 224.90M | 228.40M | 230.70M | 234.90M | 242.30M |
| EPS (Basic) | 14.25 | 13.09 | 11.35 | 8.85 | 7.55 | 5.96 |
| EPS (Diluted) | 14.14 | 12.98 | 11.24 | 8.77 | 7.48 | 5.87 |
| Free Cash Flow | 3.82B | 2.81B | 2.77B | 2.09B | 1.21B | 1.37B |
| Free Cash Flow Per Share | 17.14 | 12.50 | 12.15 | 9.05 | 5.16 | 5.63 |
| Dividend Per Share | 4.09 | 3.76 | 3.36 | 3.00 | 2.68 | 2.36 |
| Gross Margin | 34.99% | 36.16% | 35.69% | 33.13% | 31.05% | 31.62% |
| Operating Margin | 17.80% | 18.16% | 17.46% | 15.98% | 14.80% | 14.30% |
| Profit Margin | 13.56% | 13.69% | 12.94% | 11.45% | 10.98% | 10.07% |
| Free Cash Flow Margin | 16.43% | 13.19% | 13.99% | 11.82% | 7.58% | 9.66% |
| EBITDA | 4.51B | 4.21B | 3.80B | 3.14B | 2.65B | 2.28B |
| EBITDA Margin | 19.40% | 19.76% | 19.18% | 17.74% | 16.56% | 16.10% |
| D&A For EBITDA | 372.10M | 341.50M | 341.20M | 311.60M | 281.50M | 253.70M |
| EBIT | 4.13B | 3.87B | 3.46B | 2.82B | 2.37B | 2.02B |
| EBIT Margin | 17.80% | 18.16% | 17.46% | 15.98% | 14.80% | 14.30% |
| Effective Tax Rate | 17.76% | 19.19% | 19.36% | 19.41% | 17.31% | 18.62% |
| Revenue as Reported | 21.32B | 21.32B | 19.84B | 17.68B | 15.99B | 14.14B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.23B | 1.76B | 1.59B | 1.10B | 1.22B | 2.16B |
| Cash & Short-Term Investments | 1.23B | 1.76B | 1.59B | 1.10B | 1.22B | 2.16B |
| Accounts Receivable | 4.54B | 3.70B | 3.52B | 3.42B | 2.98B | 2.59B |
| Receivables | 4.54B | 3.70B | 3.52B | 3.42B | 2.98B | 2.59B |
| Inventory | 2.60B | 2.10B | 1.97B | 2.15B | 1.99B | 1.53B |
| Other Current Assets | 342.10M | 295.80M | 258.70M | 207.30M | 183.60M | 186.70M |
| Total Current Assets | 8.71B | 7.86B | 7.34B | 6.87B | 6.38B | 6.47B |
| Property, Plant & Equipment | 2.46B | 3.06B | 2.63B | 2.29B | 2.00B | 1.84B |
| Goodwill | 7.08B | 6.46B | 6.13B | 6.10B | 5.50B | 5.50B |
| Other Intangible Assets | 3.48B | 3.24B | 3.31B | 3.44B | 3.26B | 3.31B |
| Long-Term Accounts Receivable | 239.60M | 218.50M | ||||
| Other Long-Term Assets | 2.16B | 803.00M | 745.70M | 701.60M | 696.50M | 724.40M |
| Total Assets | 23.89B | 21.42B | 20.15B | 19.39B | 18.08B | 18.06B |
| Accounts Payable | 3.10B | 2.15B | 2.15B | 2.03B | 2.09B | 1.79B |
| Accrued Expenses | 1.96B | 1.46B | 1.66B | 1.49B | 1.15B | 1.42B |
| Current Portion of Long-Term Debt | 293.10M | 693.00M | 452.20M | 801.90M | 1.05B | 350.40M |
| Current Portion of Leases | 222.00M | 173.50M | 155.40M | 155.80M | 147.30M | |
| Current Unearned Revenue | 2.18B | 1.55B | 1.45B | 1.43B | 1.12B | 920.80M |
| Other Current Liabilities | 221.00M | 207.70M | 185.30M | 157.60M | 120.40M | 123.50M |
| Total Current Liabilities | 7.75B | 6.29B | 6.07B | 6.05B | 5.69B | 4.75B |
| Long-Term Debt | 3.92B | 3.92B | 4.32B | 3.98B | 3.79B | 4.49B |
| Long-Term Leases | 602.70M | 441.20M | 367.30M | 313.50M | 296.00M | |
| Long-Term Unearned Revenue | 967.80M | 672.40M | 560.90M | 472.80M | 678.60M | 642.90M |
| Pension & Post-Retirement Benefits | 485.60M | 541.50M | 561.90M | 596.90M | 667.00M | 810.90M |
| Long-Term Deferred Tax Liabilities | 849.00M | 535.40M | 404.60M | 513.20M | 526.60M | 581.50M |
| Other Long-Term Liabilities | 778.40M | 259.00M | 304.20M | 393.30M | 315.60M | 211.30M |
| Total Liabilities | 14.76B | 12.82B | 12.66B | 12.37B | 11.98B | 11.79B |
| Common Stock | 242.60M | 245.00M | 249.00M | 251.70M | 253.30M | 259.70M |
| Retained Earnings | 11.03B | 10.42B | 9.79B | 9.13B | 8.32B | 8.35B |
| Treasury Stock | -1.65B | -1.65B | -1.72B | -1.72B | -1.72B | -1.72B |
| Comprehensive Income & Other | -510.20M | -438.80M | -864.10M | -670.80M | -766.20M | -637.60M |
| Total Common Equity | 9.11B | 8.58B | 7.46B | 7.00B | 6.09B | 6.26B |
| Minority Interest | 22.80M | 21.70M | 29.50M | 21.80M | 16.60M | 17.20M |
| Shareholders' Equity | 9.13B | 8.60B | 7.49B | 7.02B | 6.11B | 6.27B |
| Total Liabilities & Equity | 23.89B | 21.42B | 20.15B | 19.39B | 18.08B | 18.06B |
| Total Debt | 4.22B | 5.44B | 5.38B | 5.30B | 5.31B | 5.29B |
| Net Cash (Debt) | -2.99B | -3.68B | -3.79B | -4.21B | -4.09B | -3.13B |
| Net Cash Per Share | -13.43 | -16.35 | -16.62 | -18.24 | -17.39 | -12.90 |
| Filing Date Shares Outstanding | 218.90M | 221.33M | 224.29M | 227.07M | 229.07M | 233.54M |
| Total Common Shares Outstanding | 219.10M | 221.47M | 224.47M | 227.17M | 228.83M | 235.19M |
| Working Capital | 959.30M | 1.58B | 1.27B | 816.40M | 692.40M | 1.72B |
| Book Value Per Share | 41.58 | 38.74 | 33.22 | 30.79 | 26.61 | 26.60 |
| Tangible Book Value | -1.45B | -1.11B | -1.98B | -2.54B | -2.68B | -2.55B |
| Tangible Book Value Per Share | -6.61 | -5.03 | -8.81 | -11.18 | -11.71 | -10.86 |
| Land | 43.10M | 41.10M | 42.30M | 36.80M | 35.10M | |
| Buildings | 1.03B | 935.80M | 832.80M | 737.70M | 708.00M | |
| Machinery | 2.82B | 2.48B | 2.22B | 2.00B | 1.82B | |
| Order Backlog | 7.77B | 6.75B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.15B | 2.92B | 2.57B | 2.02B | 1.76B | 1.42B |
| Depreciation & Amortization | 372.10M | 341.50M | 341.20M | 311.60M | 281.50M | 253.70M |
| Other Amortization | 34.80M | 34.80M | 38.20M | 36.50M | 42.10M | 45.70M |
| Stock-Based Compensation | 97.60M | 86.60M | 82.90M | 64.30M | 56.30M | 66.50M |
| Other Operating Activities | 196.00M | 120.50M | -91.40M | 63.30M | 112.40M | 48.20M |
| Change in Accounts Receivable | -61.20M | -61.20M | -180.60M | -110.10M | -345.40M | -265.40M |
| Change in Inventory | -84.80M | -84.80M | 162.50M | -96.40M | -466.70M | -348.80M |
| Change in Accounts Payable | -2.60M | -2.60M | 100.90M | -125.30M | 317.90M | 275.30M |
| Change in Other Net Operating Assets | 524.40M | -133.00M | 156.10M | 259.00M | -55.90M | 95.80M |
| Operating Cash Flow | 4.19B | 3.19B | 3.15B | 2.39B | 1.50B | 1.59B |
| Capital Expenditures | -370.00M | -383.00M | -370.60M | -300.70M | -291.80M | -223.00M |
| Sale of Property, Plant & Equipment | 20.60M | 20.60M | 4.70M | 9.20M | 9.70M | 15.10M |
| Cash Acquisitions | -821.50M | -276.00M | -180.30M | -862.80M | -234.70M | -269.20M |
| Other Investing Activities | -4.80M | -1.60M | -16.70M | -17.90M | -23.60M | -68.60M |
| Investing Cash Flow | -1.18B | -640.00M | -562.90M | -1.17B | -540.40M | -545.70M |
| Long-Term Debt Issued | 498.50M | 699.20M | ||||
| Total Debt Issued | 498.50M | 699.20M | ||||
| Short-Term Debt Repaid | -1.90M | |||||
| Long-Term Debt Repaid | -159.10M | -507.50M | -754.60M | -9.60M | -432.50M | |
| Total Debt Repaid | -403.80M | -159.10M | -507.50M | -756.50M | -9.60M | -432.50M |
| Net Debt Issued (Repaid) | -403.80M | -159.10M | -9.00M | -57.30M | -9.60M | -432.50M |
| Issuance of Common Stock | 6.80M | 12.60M | 46.90M | 79.30M | 2.60M | 78.30M |
| Repurchase of Common Stock | -1.57B | -1.48B | -1.28B | -669.30M | -1.20B | -1.10B |
| Common Dividends Paid | -901.90M | -837.30M | -757.50M | -683.70M | -620.20M | -561.10M |
| Other Financing Activities | -26.00M | -30.70M | -20.20M | -19.30M | -24.80M | -112.00M |
| Financing Cash Flow | -2.89B | -2.50B | -2.02B | -1.35B | -1.85B | -2.13B |
| Foreign Exchange Rate Adjustments | -14.10M | 114.50M | -67.30M | 7.70M | -50.10M | -45.70M |
| Net Cash Flow | 101.60M | 173.20M | 494.80M | -125.20M | -938.70M | -1.13B |
| Free Cash Flow | 3.82B | 2.81B | 2.77B | 2.09B | 1.21B | 1.37B |
| Free Cash Flow Margin | 16.43% | 13.19% | 13.99% | 11.82% | 7.58% | 9.66% |
| Free Cash Flow Per Share | 17.14 | 12.50 | 12.15 | 9.05 | 5.16 | 5.63 |
| Levered Free Cash Flow | 3.46B | 1.94B | 2.48B | 1.73B | 795.76M | 1.40B |
| Unlevered Free Cash Flow | 3.60B | 2.08B | 2.63B | 1.88B | 935.45M | 1.54B |
| Cash Interest Paid | 222.00M | 222.00M | 233.30M | 217.40M | 218.00M | 234.90M |
| Cash Income Tax Paid | 647.10M | 647.10M | 717.20M | 526.10M | 321.30M | 356.90M |
| Change in Working Capital | 375.80M | -281.60M | 238.90M | -72.80M | -550.10M | -243.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 89.75B | 86.30B | 83.11B | 55.50B | 38.71B | 47.99B |
| Enterprise Value | 92.74B | 89.81B | 86.48B | 59.38B | 42.48B | 50.11B |
| Last Close Price | 410.00 | 386.47 | 363.28 | 237.48 | 161.12 | 190.32 |
| PE Ratio | 28.99 | 29.57 | 32.37 | 27.42 | 22.04 | 33.72 |
| Forward PE | 24.00 | 27.07 | 29.92 | 24.78 | 21.52 | 29.85 |
| PS Ratio | 3.86 | 4.05 | 4.19 | 3.14 | 2.42 | 3.40 |
| PB Ratio | 9.86 | 10.03 | 11.10 | 7.91 | 6.34 | 7.65 |
| P/FCF Ratio | 23.52 | 30.70 | 29.95 | 26.57 | 31.94 | 35.15 |
| P/OCF Ratio | 21.44 | 27.02 | 26.42 | 23.23 | 25.74 | 30.21 |
| PEG Ratio | 1.58 | 2.17 | 1.95 | 1.81 | 1.96 | 1.87 |
| EV/Sales Ratio | 3.99 | 4.21 | 4.36 | 3.36 | 2.66 | 3.54 |
| EV/EBITDA Ratio | 20.58 | 21.32 | 22.73 | 18.93 | 16.04 | 22.02 |
| EV/EBIT Ratio | 22.43 | 23.20 | 24.97 | 21.02 | 17.94 | 24.78 |
| EV/FCF Ratio | 24.30 | 31.94 | 31.16 | 28.43 | 35.04 | 36.70 |
| Debt / Equity Ratio | 0.46 | 0.63 | 0.72 | 0.76 | 0.87 | 0.84 |
| Debt / EBITDA Ratio | 0.88 | 1.21 | 1.33 | 1.58 | 1.86 | 2.14 |
| Debt / FCF Ratio | 1.10 | 1.94 | 1.94 | 2.54 | 4.38 | 3.87 |
| Net Debt / Equity Ratio | 0.33 | 0.43 | 0.51 | 0.60 | 0.67 | 0.50 |
| Net Debt / EBITDA Ratio | 0.66 | 0.87 | 1.00 | 1.34 | 1.54 | 1.37 |
| Net Debt / FCF Ratio | 0.78 | 1.31 | 1.37 | 2.01 | 3.37 | 2.29 |
| Asset Turnover | 1.03 | 1.03 | 1.00 | 0.94 | 0.89 | 0.78 |
| Inventory Turnover | 6.09 | 6.68 | 6.19 | 5.70 | 6.26 | 7.11 |
| Quick Ratio | 0.74 | 0.87 | 0.84 | 0.74 | 0.74 | 1.00 |
| Current Ratio | 1.12 | 1.25 | 1.21 | 1.14 | 1.12 | 1.36 |
| Return on Equity (ROE) | 36.94% | 36.96% | 36.05% | 31.53% | 29.02% | 22.95% |
| Return on Assets (ROA) | 11.42% | 11.64% | 10.95% | 9.42% | 8.19% | 6.98% |
| Return on Invested Capital (ROIC) | 28.25% | 26.56% | 24.82% | 21.26% | 19.99% | 18.05% |
| Return on Capital Employed (ROCE) | 25.60% | 25.60% | 24.60% | 21.20% | 19.10% | 15.20% |
| Earnings Yield | 3.45% | 3.38% | 3.09% | 3.65% | 4.54% | 2.97% |
| FCF Yield | 4.25% | 3.26% | 3.34% | 3.76% | 3.13% | 2.84% |
| Dividend Yield | 1.02% | 0.97% | 0.91% | 1.23% | 1.58% | 1.16% |
| Payout Ratio | 29.69% | 28.69% | 29.50% | 33.78% | 35.31% | 39.42% |
| Buyback Yield / Dilution | 1.38% | 1.53% | 1.00% | 1.79% | 3.05% | 0.33% |
| Total Shareholder Return | 2.41% | 2.50% | 1.90% | 3.02% | 4.64% | 1.49% |