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Trane Technologies
Trane Technologies (TT) investor relations material
Trane Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved strong 2025 results, exceeding adjusted EPS guidance and bottom-line commitments, with robust bookings and record backlog for 2026 despite softness in residential and transport refrigeration markets.
Maintained a focused strategy on innovation, digitalization, sustainability, operational excellence, and balanced capital deployment, supporting long-term growth.
Compound annual revenue growth of 11% and adjusted EPS growth of 24% since 2020.
Financial highlights
Q4 2025 organic bookings up 22% year-over-year, driving record backlog of $7.8 billion; full-year organic bookings up 11%.
Organic revenue grew 6% in 2025; Q4 organic revenue up 4%; excluding residential, Q4 growth was 7%.
Adjusted EPS grew 16% to $13.06 in 2025; Q4 adjusted EPS up 10% year-over-year.
Free cash flow reached $2.9 billion in 2025, with 98% conversion; average conversion since 2020 is 106%.
Adjusted EBITDA margin for 2025 at 20.1%, up 70 bps; Q4 adjusted EBITDA margin 17.9%.
Outlook and guidance
2026 guidance: 6%-7% organic revenue growth, adjusted EPS of $14.65-$14.85 (up 12%-14%).
Reported revenue growth expected at 8.5%-9.5% including FX and M&A.
Q1 2026 organic revenue expected to be flat, with adjusted EPS of ~$2.50.
Residential market expected flat to down 5% for 2026, with Q1 as the trough and recovery in 2H 2026.
Transport markets expected to decline 7% in 2026, with recovery late 2026 into 2027.
2026 outlook for residential/transport markets?
Explain EMEA Q4 adjusted operating margin drop.
Reasons for 2025 FCF conversion decrease?
Data center chiller service tail outlook?
2026 residential pricing outlook?
Applied capacity expansion strategy?
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Next Trane Technologies earnings date
Q1 202629 Apr, 2026
Trane Technologies
Next Trane Technologies earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Heating, Ventilation, and Air Conditioning
Trane Technologies plc is an American company domiciled in Ireland that specializes in HVAC (heating, ventilation, and air conditioning) and refrigeration solutions. Trane Technologies operates primarily through two well-known subsidiary brands: Trane and Thermo King. Trane specializes in designing, manufacturing, and servicing climate control products and systems for homes, buildings, and industrial spaces, while ThermoKing is focused on transport temperature systems. The company is headquartered in Davidson, North Carolina, and its shares are traded on the NYSE.
Merger and Subsequent Spin-off
Trane Technologies started as a family plumbing business in 1885. It evolved into a heating company by 1916, eventually diversifying into air conditioning. The company, known for its reliable heating and cooling systems, experienced significant growth over the years and expanded its area of expertise as the decades rolled on. In 2008, Ingersoll Rand, a diversified industrial company, acquired Trane and subsequently integrated it into its portfolio of brands. In 2020 Ingersoll Rand sold its non-refrigeration businesses to Gardner Denver, rebranding itself as Trane Technologies, and shifting its focus to the company’s current areas of operations.
HVAC
Trane Technologies, a global climate innovator, provides a broad range of heating, ventilation, and air conditioning solutions for both residential and commercial markets. For residential environments, Trane offers energy-efficient heating and cooling systems, including air conditioners, heat pumps, furnaces, and thermostats.
In the commercial sector, Trane's HVAC solutions cater to a diverse range of buildings and applications, from small businesses to large industrial facilities. Their commercial offerings include chillers, rooftop units, air handling systems, and building management systems. These products are engineered to deliver optimal performance, energy efficiency, and sustainability, tailored to meet the specific needs of each commercial space.
Thermo King
Thermo King, which is a subsidiary of Trane Technologies, is a manufacturer of transport temperature control systems for a variety of mobile applications, including trailers, trucks, buses, shipboard containers, and railway cars. Thermo King's product range includes refrigeration and heating units that are designed to maintain specific climate conditions, crucial for food safety and quality in transit. One of the closest competitors the subsidiary is Carrier Global.
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