Trane Technologies
TT · NYSEAuto Controls For Regulating Residential & Comml Environments · Fiscal year ends Dec 31
Trane Technologies reported revenue of $21.3B in the fiscal year ended Dec 2025, up 7.5% from the year before. Operating income was $4B, an operating margin of 18.6%, and net income was $2.9B. Operating cash flow of $3.2B less capital expenditure of $383M left free cash flow of $2.8B. Net debt was $2.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $14.1B | $16B | $17.7B | $19.8B | $21.3B |
| Research & development | $194M | $211M | $252M | $310M | $348M |
| Selling, general & admin | $2.4B | $2.5B | $3B | $3.6B | $3.7B |
| Operating income | $2B | $2.4B | $2.9B | $3.5B | $4B |
| Interest expense | $234M | $224M | $235M | $238M | $227M |
| Pre-tax income | $1.8B | $2.2B | $2.6B | $3.2B | $3.7B |
| Income tax | $334M | $376M | $498M | $628M | $706M |
| Net income | $1.4B | $1.8B | $2B | $2.6B | $2.9B |
| Diluted EPS | 5.87 | 7.48 | 8.77 | 11.24 | 12.98 |
| Diluted shares | 242M | 235M | 231M | 228M | 225M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.2B | $1.2B | $1.1B | $1.6B | $1.8B |
| Receivables | $2.4B | $2.8B | $3B | $3.1B | $3.2B |
| Inventory | $1.5B | $2B | $2.2B | $2B | $2.1B |
| Current assets | $6.5B | $6.4B | $6.9B | $7.3B | $7.9B |
| Net PP&E | $1.4B | $1.5B | $1.8B | $2B | $2.3B |
| Goodwill | $5.5B | $5.5B | $6.1B | $6.1B | $6.5B |
| Total assets | $18.1B | $18.1B | $19.4B | $20.1B | $21.4B |
| Payables | $1.8B | $2.1B | $2B | $2.1B | $2.2B |
| Deferred revenue | – | – | – | – | $1.4B |
| Current liabilities | $4.8B | $5.7B | $6.1B | $6.1B | $6.3B |
| Short-term debt | $350M | $1B | $802M | $452M | $693M |
| Long-term debt | $4.5B | $3.8B | $4B | $4.3B | $3.9B |
| Total liabilities | $11.8B | $12B | $12.4B | $12.7B | $12.8B |
| Shareholders' equity | $6.3B | $6.1B | $7B | $7.5B | $8.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.5B | $2.4B | $3.1B | $3.2B |
| Capital expenditure | $223M | $292M | $301M | $371M | $383M |
| Free cash flow | $1.4B | $1.2B | $2.1B | $2.8B | $2.8B |
| Depreciation & amortisation | $299M | $324M | $348M | $379M | $376M |
| Stock-based compensation | $67M | $56M | $64M | $83M | $87M |
| Acquisitions | $269M | $235M | $863M | $180M | $276M |
| Share buybacks | $1.1B | $1.2B | $669M | $1.3B | $1.5B |
| Dividends paid | $561M | $620M | $684M | $758M | $837M |
| Dividend per share | 2.36 | 2.68 | 3.00 | 3.36 | 3.76 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.1% | 10.5% | 12.2% | 7.5% |
| Operating income growth (YoY) | – | 19.6% | 19.6% | 20.9% | 13.4% |
| EPS growth (YoY) | – | 27.4% | 17.2% | 28.2% | 15.5% |
| Operating margin | 14.3% | 15.1% | 16.4% | 17.6% | 18.6% |
| Net margin | 10.1% | 11.0% | 11.4% | 12.9% | 13.7% |
| Return on equityBlank when equity is negative | 22.8% | 28.8% | 28.9% | 34.4% | 34.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.2% | 19.5% | 21.7% | 24.9% | 26.2% |
| Free cash flow margin | 9.7% | 7.6% | 11.8% | 14.0% | 13.2% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.86x | 1.18x | 1.22x | 1.09x |
| Receivable days | 63 | 63 | 61 | 57 | 55 |
| Interest cover | 8.66x | 10.8x | 12.3x | 14.7x | 17.5x |
| Debt ÷ equity | 0.77x | 0.79x | 0.68x | 0.64x | 0.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $3.6B | $3.7B | $3.2B | $2.9B |
| Current ratio | 1.36x | 1.12x | 1.13x | 1.21x | 1.25x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.