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Trane Technologies
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Updated Oct 29, 2026
Trane Technologies raises FY2026 revenue guidance to ~11% organic growth as Q3 bookings surge 20% and backlog reaches $12.5B record.
Trane Technologies delivered a standout Q3 2026 with 20% enterprise organic bookings growth and 16% organic revenue growth, driving backlog to a record $12.5 billion — over $8 billion of which is already committed for 2027 and beyond. Management raised full-year organic revenue guidance to approximately 11% while reaffirming the $15.20-$15.30 adjusted EPS range, absorbing near-term supply chain disruptions from a UFLPA-triggered component shortage and inflationary headwinds that compressed organic leverage to the low 20s. The 2027 setup is structurally constructive: commercial HVAC applied backlog is up more than 70% year-over-year, transport markets are inflecting after a multiyear trough, and the Stellar modular chiller business is on track to reach $1 billion in revenue at mid-teens EBITDA margins within two years.
Tone: bullishRevenue
$21.3B
TT 10-K · FY 2025
Employees
44,000
Revenue FY2024
$19.8B
Founded
2009
Profile
TT 10-K Item 1 · Feb 5, 2026Trane Technologies plc is a global climate innovator that designs, manufactures, and services HVAC, transport refrigeration, and custom refrigeration solutions under the Trane and Thermo King brands. The company operates across three geographic segments — Americas, EMEA, and Asia Pacific — serving commercial, residential, and transportation end markets. Its growth strategy centers on sustainability-focused innovation, recurring service revenue, and expanding its connected intelligent controls portfolio.
Read filing description ↓ Collapse description ↑
Trane Technologies plc, a public limited company incorporated in Ireland in 2009, is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane and Thermo King, and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and cash flow growth. Through our sustainability-focused strategy and purpose to boldly challenge what's possible for a sustainable world, we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling more efficient buildings and industry, and reliable delivery of essential temperature-controlled cargo. We have announced certain defined sustainability commitments with a goal of achieving these commitments by 2030 (2030 Sustainability Commitments). Trane Technologies' 2030 Sustainability Commitments include our 'Gigaton Challenge' to reduce customer greenhouse gas emissions by a billion metric tons; 'Leading by Example' through reducing embodied carbon by 40%, and designing products for circularity; and creating 'Opportunity for All' by investing in our people and our communities.
Primary products
- Air conditioners
- Air exchangers
- Air handlers
- Airside and terminal devices
- Air-sourced heat pumps
- Asset management systems
Business segments
End markets
Geographies
Named customers
We have no single external customer that accounted for more than 10% of our consolidated net revenues in 2025, 2024 or 2023. No material part of our business is dependent upon a single customer or a small group of customers; therefore, the loss of any one customer would not have a material adverse effect on our results of operations or cash flows.
Named competitors
“We are one of the leading manufacturers in the world of HVAC systems and services and transport temperature control products and services.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues increased from $19,838.2 million in 2024 to $21,321.9 million in 2025, driven by growth in both Products and Services across all three geographic segments.
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