NYSE: TT
Trane Technologies
Industrials · Auto Controls For Regulating Residential & Comml Environments
52-week range
$348.06$505.87
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$98.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.5B |
| FY2017, ended Dec 31, 2017 | $22.3B |
| FY2018, ended Dec 31, 2018 | $22.1B |
| FY2019, ended Dec 31, 2019 | $31.7B |
| FY2020, ended Dec 31, 2020 | $34.6B |
| FY2021, ended Dec 31, 2021 | $47.2B |
| FY2022, ended Dec 31, 2022 | $38.5B |
| FY2023, ended Dec 31, 2023 | $55.4B |
| FY2024, ended Dec 31, 2024 | $82.8B |
| FY2025, ended Dec 31, 2025 | $86.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $98.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$23.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.5B |
| FY2017, ended Dec 31, 2017 | $14.2B |
| FY2018, ended Dec 31, 2018 | $12.3B |
| FY2019, ended Dec 31, 2019 | $13.1B |
| FY2020, ended Dec 31, 2020 | $12.5B |
| FY2021, ended Dec 31, 2021 | $14.1B |
| FY2022, ended Dec 31, 2022 | $16.0B |
| FY2023, ended Dec 31, 2023 | $17.7B |
| FY2024, ended Dec 31, 2024 | $19.8B |
| FY2025, ended Dec 31, 2025 | $21.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $23.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.48B | $1.34B |
| FY2017, ended Dec 31, 2017 | $1.30B | $1.30B |
| FY2018, ended Dec 31, 2018 | $1.34B | $1.12B |
| FY2019, ended Dec 31, 2019 | $1.41B | $1.71B |
| FY2020, ended Dec 31, 2020 | $855M | $1.29B |
| FY2021, ended Dec 31, 2021 | $1.42B | $1.37B |
| FY2022, ended Dec 31, 2022 | $1.76B | $1.21B |
| FY2023, ended Dec 31, 2023 | $2.02B | $2.09B |
| FY2024, ended Dec 31, 2024 | $2.57B | $2.77B |
| FY2025, ended Dec 31, 2025 | $2.92B | $2.81B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.15B | $3.82B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.71B |
| FY2017, ended Dec 31, 2017 | $1.52B |
| FY2018, ended Dec 31, 2018 | $878M |
| FY2019, ended Dec 31, 2019 | $1.28B |
| FY2020, ended Dec 31, 2020 | $3.29B |
| FY2021, ended Dec 31, 2021 | $2.16B |
| FY2022, ended Dec 31, 2022 | $1.22B |
| FY2023, ended Dec 31, 2023 | $1.10B |
| FY2024, ended Dec 31, 2024 | $1.59B |
| FY2025, ended Dec 31, 2025 | $1.76B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.22B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.20B |
| FY2017, ended Dec 31, 2017 | $4.06B |
| FY2018, ended Dec 31, 2018 | $4.09B |
| FY2019, ended Dec 31, 2019 | $5.57B |
| FY2020, ended Dec 31, 2020 | $5.27B |
| FY2021, ended Dec 31, 2021 | $4.84B |
| FY2022, ended Dec 31, 2022 | $4.84B |
| FY2023, ended Dec 31, 2023 | $4.78B |
| FY2024, ended Dec 31, 2024 | $4.77B |
| FY2025, ended Dec 31, 2025 | $4.62B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.22B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 15.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.219M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 260M |
| FY2017, ended Dec 31, 2017 | 250M |
| FY2018, ended Dec 31, 2018 | 242M |
| FY2019, ended Dec 31, 2019 | 238M |
| FY2020, ended Dec 31, 2020 | 238M |
| FY2021, ended Dec 31, 2021 | 234M |
| FY2022, ended Dec 31, 2022 | 229M |
| FY2023, ended Dec 31, 2023 | 227M |
| FY2024, ended Dec 31, 2024 | 224M |
| FY2025, ended Dec 31, 2025 | 221M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 219M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.47B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $250M | $69.6M |
| FY2017, ended Dec 31, 2017 | $1.02B | $70.8M |
| FY2018, ended Dec 31, 2018 | $900M | $78.8M |
| FY2019, ended Dec 31, 2019 | $750M | $66.4M |
| FY2020, ended Dec 31, 2020 | $250M | $69.5M |
| FY2021, ended Dec 31, 2021 | $1.10B | $66.5M |
| FY2022, ended Dec 31, 2022 | $1.20B | $56.3M |
| FY2023, ended Dec 31, 2023 | $669M | $64.3M |
| FY2024, ended Dec 31, 2024 | $1.28B | $82.9M |
| FY2025, ended Dec 31, 2025 | $1.48B | $86.6M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.57B | $97.6M |
Revenue (TTM)
$23.2B
+10.3% YoY
Net income (TTM)
$3.15B
+7.5% YoY
Cash
—
—
Total debt
$4.22B
−8.6% YoY
Valuation
At current price- Market Cap
- $89.7B
- P/E
- 28.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.9×
- Price / Book
- 9.9×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $23.2B
- Revenue Growth YoY
- 10.3%
- Revenue CAGR 3Y
- 10.1%
- Revenue CAGR 5Y
- 11.4%
- EPS Growth YoY
- 9.1%
- Net Income Growth YoY
- 7.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 17.9%
- Net Margin
- 13.6%
- FCF Margin
- 16.4%
- Return on Equity
- 36.1%
Earnings
Trailing 12 months- Net Income
- $3.15B
- EPS (diluted)
- $14.16
- EBITDA
- $4.57B
- Operating Income
- $4.16B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- —
- Total Debt
- $4.22B
- Net Cash
- —. Cash − total debt
- Total Assets
- $23.9B
- Total Liabilities
- $14.8B
- Shareholders' Equity
- $9.11B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.19B
- Capital Expenditure
- $370M
- Free Cash Flow
- $3.82B
Dividends and risk
Last 12 months- Dividend Yield
- 0.8%
- Dividend / Share
- $3.15
- Beta (5Y)
- 1.15
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 10.3% year over year, at $23.2B.
Note
Net margin of 13.6% over the last 12 months.
Strength
Turns 16.4% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K61Nothing notable
61Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 5, 2026 · Read the filing on EDGAR
- Revenue rose 7.5% to $21.3 billion and operating income rose 13% to $3.97 billion, driven by strong commercial HVAC demand in the Americas and Europe.
- Home heating and cooling sales weakened considerably in 2025, transport refrigeration stayed soft, and Asia Pacific sales fell 2% on weaker China volumes.
- S&P upgraded Trane's credit rating to A-, the company bought back $1.5 billion of shares, and it raised its quarterly dividend 12% for 2026.
- The asbestos bankruptcy court will start hearings to estimate the asbestos liabilities in August 2026. The cases are still pending.
Business momentum
Improving
“Net revenues for the year ended December 31, 2025 increased by 7.5%, or $1,483.7 million, compared with the same period of 2024.”
Outlook
Cautious
“Conditions remain mixed across our served end markets and geographies.”
Financial stress
Low
“Net cash provided by continuing operating activities for the year ended December 31, 2025 was $3,220.4 million”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“On December 17, 2025, the Bankruptcy Court granted the FCR's motion to streamline the Bankruptcy Court proceedings to estimate the Debtors' asbestos-related liabilities.”
Positives
Higher margins and profits
“Gross profit margin for the year ended December 31, 2025 increased 50 basis points to 36.2% compared to 35.7% for the same period of 2024”
Credit rating upgraded
“On December 22, 2025, Standard and Poor's announced that it upgraded our long-term credit rating of BBB+ to A- and upgraded our short-term credit rating of A-2 to A-1.”
Dividend raised 12% again
“In February 2026, our Board of Directors declared an increase in our quarterly share dividend by 12%, from $0.94 to $1.05 per ordinary share”
Concerns
Weak residential and transport refrigeration demand
“Transport refrigeration markets continue to experience weaker demand, particularly in the United States.”
China sales declining
“The decrease in organic revenue was primarily driven by lower volumes in China, partially offset by higher volumes in the rest of Asia.”
Tariff and trade policy uncertainty
“These global trade policy changes continue to be dynamic and, as a result, we may experience supply chain challenges, commodity cost volatility, and consumer and economic uncertainty.”
New risks since the previous report
Court hearings to set asbestos liability begin August 2026
“The first phase of the estimation hearing will commence the week of August 10, 2026.”
Home heating and cooling market weakened sharply
“Residential markets have weakened considerably throughout 2025 due to navigating a regulatory refrigerant transition and softer consumer demand”
Two business units have little cushion against goodwill write-downs
“The combined goodwill of these two reporting units was $355.0 million as of December 31, 2025.”
Lower Europe profit margins from integrating acquisitions
“Segment Adjusted EBITDA margin for the year ended December 31, 2025 decreased by 150 basis points to 18.3% compared to 19.8%”
AI could bring competitive, reputational or legal harm
“AI also presents emerging issues and the pace presents uncertainties, and we may experience competitive harm, harm to our reputation, or legal liability.”
Biggest risks named
- Cost and outcome of the asbestos subsidiaries' bankruptcy
- Weak residential HVAC demand during the refrigerant transition
- Tariffs and trade policy changes
- Weak transport refrigeration and China markets
- Tax law changes, including the global minimum tax
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 5, 2026 | 61 | Improving | 1 minor | |
| 10-K | Feb 6, 2025 | 68 | Strong improvement | None | |
| 10-K | Feb 8, 2024 | 70 | Strong improvement | None | |
| 10-K | Feb 10, 2023 | 68 | Strong improvement | None | |
| 10-K | Feb 7, 2022 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 9, 2021 | 52 | Weakening | 1 medium1 minor | |
| 10-K | Feb 18, 2020 | 66 | Improving | 1 minor | |
| 10-K | Feb 12, 2019 | 70 | Improving | None | |
| 10-K | Feb 12, 2018 | 69 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR