TT · Q2 2026

Archived report (Q2 2026). Latest deep dive →

US GAAP, Q2 2026 · released Jul 30

The quarter in brief

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.

Net Earnings (TT plc)

$926M

up 6% y/y

Net Revenue

$6,354M

up 11% y/y

Operating Income

$1,224M

up 5% y/y

Gross Profit

$2,260M

up 7% y/y

All figures in $M.

Sankey diagram of TT earnings report for Q2 2026: revenue, costs and profit
Line item	Amount and change
Americas	$5,271 · +12% · op margin 21.8%
EMEA	$698 · -1% · op margin 11.8%
Asia Pacific	$385 · +11% · op margin 21.0%
Net Revenue	$6,354 · +11% · organic +9%
Cost of Goods Sold	$4,094 · +14%
Gross Profit	$2,260 · +7% · margin 35.6%
SG&A	$1,035 · +4%
Operating Income	$1,224 · +5% · margin 19.3%
Interest Expense	$53 · -8%
Other Income/(Expense)	-$8 · improved · vs -$14 PY
Pre-Tax Income	$1,163 · +6%
Income Tax	$218 · +1%
Discontinued Ops, net	-$10 · vs +$3 PY
Noncontrolling Interests	$10 · +134%
Net Earnings (TT plc)	$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).

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TT — Trane Technologies manufactures heating, ventilation, air conditioning, and refrigeration systems for residential and commercial use. The company is headquartered in Swords, Ireland, and operates globally.

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TT · Q2 2026

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