Trane Technologies
Builds HVAC, building-control, and transport-refrigeration systems under Trane and Thermo King.
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Profile
Sells commercial and residential HVAC systems, building controls, energy services, and transport refrigeration under Trane and Thermo King, with equipment revenue supplemented by installation, parts, rentals, and service agreements. The Americas account for most business, while recent acquisitions broaden data-center cooling and building automation.
Designs, manufactures, sells, and services climate-control systems for buildings, homes, and temperature-controlled transport. The Trane portfolio spans commercial and residential HVAC, chillers, heat pumps, building controls, energy services, and data-center thermal management; Thermo King supplies refrigeration and auxiliary power systems for trucks, trailers, railcars, and marine containers.
Pairs equipment sales with installation, service agreements, rentals, aftermarket parts, retrofits, and connected controls, creating recurring work across a large installed base. Portfolio additions including BrainBox AI, Stellar Energy, and LiquidStack add automation and data-center cooling capabilities.
Operates through Americas, EMEA, and Asia Pacific segments, with the Americas producing most revenue. Demand varies with weather, while refrigerant and energy-efficiency rules influence product development; manufacturing depends on steel, copper, aluminum, and sourced components.
Company facts
Key statistics
Year to date +12.8% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Jefferies | Upgrade | Hold | Buy | ||
| Aug 27, 2026 | Macquarie | Initiate | Outperform | |||
| Aug 18, 2026 | Morgan Stanley | Initiate | Overweight | |||
| Aug 13, 2026 | HSBC | Upgrade | Buy | Hold | ||
| Jul 27, 2026 | UBS | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $4.27 | $4.31 | +0.9% | $6.20B | $6.35B | +2.5% | −1.46% |
| Apr 30, 2026Q1 FY26 | $2.53 | $2.63 | +4.0% | $4.81B | $4.97B | +3.2% | −1.23% |
| Jan 29, 2026Q4 FY25 | $2.81 | $2.86 | +1.8% | $5.09B | $5.14B | +1.1% | −1.29% |
| Oct 30, 2025Q3 FY25 | $3.80 | $3.88 | +2.1% | $5.77B | $5.74B | −0.6% | +0.51% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.69B | $5.75B | $5.74B | $5.14B | $4.97B | $6.35B | |
| Gross profit | $1.68B | $2.16B | $2.12B | $1.75B | $1.73B | $2.26B | |
| Operating income | $818.9M | $1.16B | $1.17B | $819.0M | $776.1M | $1.22B | |
| Net income | $604.9M | $874.8M | $847.6M | $591.3M | $584.4M | $925.7M | |
| Diluted EPS | $2.67 | $3.89 | $3.78 | $2.64 | $2.62 | $4.15 | |
| Gross margin | 35.8% | 37.6% | 36.9% | 34.1% | 34.8% | 35.6% | |
| Operating margin | 17.5% | 20.3% | 20.3% | 15.9% | 15.6% | 19.3% |
Fiscal years (4-quarter sums)FY21 $14.14B · FY22 $15.99B · FY23 $17.68B · FY24 $19.84B · FY25 $21.32B
Revenue by product · FY25
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.32B · Total debt $4.62B · Total assets $23.93B · Shareholders' equity $8.65B
Dividends
Raised for 15 straight years — most recently to $1.05 from $0.94 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 30 | $1.05 | |
| Mar 6, 2026 | Mar 6 | Mar 31 | $1.05 | raised from $0.94 |
| Dec 5, 2025 | Dec 5 | Dec 31 | $0.94 | |
| Sep 5, 2025 | Sep 5 | Sep 30 | $0.94 | |
| Jun 6, 2025 | Jun 6 | Jun 30 | $0.94 | |
| Mar 7, 2025 | Mar 7 | Mar 31 | $0.94 | raised from $0.84 |
| Dec 6, 2024 | Dec 6 | Dec 31 | $0.84 | |
| Sep 6, 2024 | Sep 6 | Sep 30 | $0.84 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 220.02M · Float 219.47M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 21.88M | 9.94% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.44M | 6.56% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 12.56M | 5.71% | 13F | Aug 12, 2026 |
| FMR LLC | 10.09M | 4.58% | 13F | Aug 13, 2026 |
| State Street Corp | 10.08M | 4.58% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | David S. Regnery | director, officer: Chair and CEO | −43,778 | $475.00 |
| Aug 4, 2026 | Melissa N. Schaeffer | director | −145 | $472.27 |
| Mar 5, 2026 | John A. Hayes | director | +400 | $430.44 |
| Apr 30, 2026 | Donald E. Simmons | officer: Group President, Americas | −4,593 | $500.00 |
| Apr 8, 2026 | Christopher J. Kuehn | officer: Executive Vice President & CFO | −8,619 | $450.00 |
Peers
- Carrier Global
Only peer across commercial HVAC, residential HVAC, and transport refrigeration.
- Johnson Controls
Commercial HVAC (York) and building automation (Metasys) in direct contest.
- Lennox International
US residential and light-commercial HVAC rival in the domestic market.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Trane Technologies | $445.75 | −0.75% | $98.78B | 34.0 | 27.3 | 4.4 | +10.6% |
| Carrier Global | $58.46 | −0.55% | $48.46B | 40.8 | 19.2 | 2.2 | +3.9% |
| Johnson Controls | $139.59 | +0.01% | $84.56B | 24.3 | 24.2 | 3.4 | +9.3% |
| Lennox International | $393.40 | −0.01% | $13.60B | 17.8 | 15.8 | 2.6 | +3.0% |
| Median | 24.3 | 19.2 | 2.6 | +3.9% |