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How Trane Technologies (TT) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/30/2026
Trane Technologies plc is an Irish domiciled company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. · Wikipedia
More about the company
The company traces its corporate history back more than 150 years and was created after a series of mergers and spin-offs. In 2008, HVAC manufacturer Trane was acquired by Ingersoll Rand, a US industrial tools manufacturer. In 2020, the tools business was spun off as Ingersoll Rand and the remaining company was renamed Trane Technologies.
Key growth driver: Americas — the fastest-growing revenue line: $5,271, +12% y/y. · by the Q2 2026 report
How does Trane Technologies make money?
Trane Technologies brought in $6.35 billion of revenue in Q2 2026, up 11% year over year. The largest source was Americas: $5.27 billion, or 83% of the total, followed by EMEA ($698M, 11%) and Asia Pacific ($385M, 6%). Net income for the quarter was $926 million, up 6% year over year.
Revenue by source, Q2 2026
- Americas$5.27B · 83% · +12%
- EMEA$698M · 11% · −1%
- Asia Pacific$385M · 6% · +11%
Shares of $6.35B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TT’s next earnings date?
Thursday, October 29, 2026estimated
Trane Technologies (TT) has not confirmed the date yet; Oct 29, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $4.74 (5 analysts), vs $3.88 in the same quarter last year.
What time does TT report? Usually before market open: the last 4 results releases reached the SEC at 6:00 am, 6:01 am, 6:00 am, 6:00 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$6,354
+11%
organic +9%
Gross profit
$2,260
+7%
margin 35.6%
Operating income
$1,224
+5%
margin 19.3%
Net income
$926
+6%
EPS $4.16 diluted
Verdict: a strong quarter with 11% revenue growth, record bookings and backlog led by Americas Commercial HVAC, offset by margin compression from cost inflation, M&A/amortization charges and a sharp EMEA operating income decline.
YTD operating cash flow $1,735M; YTD free cash flow* $1,603M; YTD capital deployed ≈$1.9B incl. $690M dividends, $840M buybacks, $340M M&A; FY26 guidance raised: reported revenue growth ≈11.5%, adjusted EPS $15.20-$15.30.
Source and notation
* marks non-cash / ≈ estimated. Source: Trane Technologies press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
TT earnings history: past report dates
| Jul 30, 2026 Thu | 6:00 ambefore market open | Jun 30, 2026 | $6.4B+11% y/y | $4.16+7% y/y |
| Apr 30, 2026 Thu | 6:01 ambefore market open | Mar 31, 2026 | $5.0B+6% y/y | $2.62−2% y/y |
| Jan 29, 2026 Thu | 6:00 ambefore market open | Dec 31, 2025 | ≈$5.1B+6% y/y | ≈$2.64−0% y/y |
| Oct 30, 2025 Thu | 6:00 ambefore market open | Sep 30, 2025 | $5.7B+6% y/y | $3.78+12% y/y |
| Jul 30, 2025 Wed | 6:00 ambefore market open | Jun 30, 2025 | $5.7B+8% y/y | $3.89+18% y/y |
| Apr 30, 2025 Wed | 6:00 ambefore market open | Mar 31, 2025 | $4.7B+11% y/y | $2.67+41% y/y |
| Jan 30, 2025 Thu | 6:00 ambefore market open | Dec 31, 2024 | ≈$4.9B+10% y/y | ≈$2.65+22% y/y |
| Oct 30, 2024 Wed | 6:00 ambefore market open | Sep 30, 2024 | $5.4B+11% y/y | $3.39+25% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Trane Technologies: 5-year financials
| 2025 | 21,322 | 3,967 | 2,919 | — | 837 |
| 2024 | 19,838 | 3,500 | 2,568 | 2,775 | 758 |
| 2023 | 17,678 | 2,894 | 2,024 | 2,089 | 684 |
| 2022 | 15,992 | 2,419 | 1,757 | 1,212 | 620 |
| 2021 | 14,136 | 2,023 | 1,423 | 1,365 | 561 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025 cover: a single class of ordinary shares; Legal Proceedings covers the Aldrich and Murray asbestos bankruptcies and commercial and tax disputes — no shareholder suits and no SEC cases. sec.gov ↗
- Jan 2026Shares outstanding of 221.3M vs. 238.4M in February 2021 (−7.2%); SBC 0.4% of revenue. data.sec.gov ↗
- Dec 2025Dividend per share: $2.12 (2020) → $3.76 (2025); buybacks of $1.28B (2024) and $1.48B (2025). data.sec.gov ↗
- Apr 20262026 proxy: the only related-party transaction is the employment of the Americas president's son, paid $165.6K; the company did not buy back shares from directors or management. sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count −7% over 5 years, dividend raised every year, no shareholder suits or SEC cases = 2.0
- Share classes
- Single class — Ordinary Shares (NYSE: TT), an Irish plc.
- Dilution
- Shares 238.4M (February 2021) → 221.3M (January 2026), −7.2%; SBC 0.4% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend $2.12 (2020) → $3.76 (2025), raised every year; buybacks of $0.7–1.5B a year.
- Lawsuits & regulators
- The main dispute is the asbestos bankruptcies of subsidiaries Aldrich and Murray (product liability); no shareholder suits and no SEC cases.
- Related parties
- 2026 proxy: the only transaction is the son of the Americas segment president, salary $165.6K on the standard scale; no shares were bought back from directors or management.
How the score works · checked as of Sep 2026
Trane Technologies (TT) earnings: FAQ
How does Trane Technologies make money?
Trane Technologies brought in $6.35 billion of revenue in Q2 2026, up 11% year over year. The largest source was Americas: $5.27 billion, or 83% of the total, followed by EMEA ($698M, 11%) and Asia Pacific ($385M, 6%). Net income for the quarter was $926 million, up 6% year over year.
When is TT's next earnings date?
Trane Technologies (TT) has not confirmed the date yet; Oct 29, 2026 is an estimate based on its past reporting schedule.
What time does TT report earnings?
Trane Technologies usually reports before market open: its latest results release was filed with the SEC at 6:00 am ET on Jul 30, 2026.
When did TT last report earnings?
Trane Technologies reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for TT's next earnings?
The consensus EPS forecast is $4.74 (5 analysts), vs $3.88 in the same quarter last year.
Where can I find Trane Technologies's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TT's filings; this page breaks the latest report down in a Sankey chart.
What was TT's net income in Q2 2026?
Trane Technologies reported net income of $926M for Q2 2026 (+6% year over year), under US GAAP.
Does Trane Technologies pay dividends?
Yes. In 2025, Trane Technologies paid $837M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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