Results
Trane Technologies Reports Strong Second Quarter Results;
Outlook
Raises Full-Year Revenue and EPS GuidanceGuidance raised
Results
Highlights (second-quarter 2026 versus second-quarter 2025, unless otherwise noted):Guidance raised
Outlook
2lOrganic bookings* up 37 percent, led by Americas Commercial HVAC, up 50 percentGuidance raised
lBook-to-bill of 123 percent and greater than 100 percent in all segments
Results
1lRecord backlog of $12.1 billion, up 70 percent; Americas Commercial HVAC up 90 percentGuidance raised
lReported revenues of $6.4 billion, up 11 percent; organic revenues* up 9 percent
Outlook
4lGAAP continuing EPS of $4.20; adjusted continuing EPS* of $4.31, up 11 percentGuidance raised
Results
SWORDS, Ireland, July 30, 2026 - Trane Tech nologies plc (NYSE:TT), a global climate innovator, today reported diluted earnings per share (EPS) from continuing operations of $4.20 for the second quarter of 2026.
5Adjusted continuing EPS was $4.31, up 11 percent.Guidance raised
Outlook
Second-Quarter 2026 ResultsGuidance raised
Results
Financial Comparisons - Second-Quarter Continuing Operations
Management commentary
"We delivered another outstanding quarter, driven by strong execution of our strategy and the dedication of our global team," said Dave Regnery, Chair and CEO of Trane Technologies.
7"We continue to see heightened demand for our sustainable, energy-efficient solutions, resulting in strong organic revenue growth, exceptional bookings strength, and a record backlog of $12.1 billion.
6Our Americas Commercial HVAC business delivered a standout performance, with bookings growth of 50 percent and organic revenue growth in the low teens.
Results
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Outlook
With continued strength across commercial HVAC and improving residential and transport dynamics, we are carrying solid momentum into the second half of the year.
8Accordingly, we are raising our full-year revenue and EPS guidance and remain confident in our ability to deliver continued market outperformance and long-term shareholder value."Guidance raised
Results
Record bookings of $7.8 billion, up 39 percent; organic bookings up 37 percent.
Book-to-bill was 123 percent, led by Commercial HVAC across all regions.
Enterprise reported revenues were up 11 percent; organic revenues were up 9 percent.
GAAP operating margin was down 100 basis points, adjusted operating margin was down 60 basis points and adjusted EBITDA margin was down 70 basis points.
All-time high bookings of $6.6 billion, up 44 percent; organic bookings up 43 percent.
Book-to-bill of 124 percent.
Bookings strength led by Commercial HVAC, up 50 percent, with applied equipment bookings up 130 percent.
Reported revenues were up 12 percent, including approximately 1 percentage point related to acquisitions.
Organic revenues were up 11 percent.
GAAP operating margin was down 60 basis points, adjusted operating margin was down 30 basis points and adjusted EBITDA margin was down 50 basis points.
Bookings up 7 percent; organic bookings were up 4 percent.
Book-to-bill of 108 percent.
Reported revenues were down approximately 1 percent, including approximately 2 percentage points of positive foreign exchange impact.
Organic revenues were down 4 percent.
GAAP operating margin was down 550 basis points; adjust ed operating margin was down 420 basis points and adjusted EBITDA margin was down 360 basis points.
Strong bookings up 33 percent, organic bookings up 31 percent.
Book-to-bill of 131 percent.
Reported revenues were up 11 percent, including approximately 1 percentage point of positive foreign exchange impact.
Organic revenues were up 10 percent.
GAAP operating margin was down 30 basis points, adjusted operating margin was down 60 basis points, adjusted EBITDA margin was down 150 basis points.
Balance Sheet and Cash Flow
$, millionsQ2 2026Q2 2025Y-O-Y Change
Cash From Continuing Operating Activities Y-T-D$1,735$1,044$691
Free Cash Flow Y-T-D*$1,603$841$762
Working Capital/Revenue*0.9%3.7%(280) bps
Cash Balance June 30$1,318$774$544
Debt Balance June 30$4,617$4,615$2
Through June 30, 2026, cash flow from continuing operating activities was approximately $1.7 billion and free cash flow was approximately $1.6 billion.
Capital return
Year-to-date through July, the Company deployed or committed approximately $1.9 billion of capital including approximately $690 million for dividends, $340 million for M&A and $840 million for share repurchases.
The Company expects to pay a competitive and growing dividend and to deploy 100 percent of excess cash to shareholders over time.
Outlook
Company Raises Full-Year 2026 GuidanceGuidance raised
3The Company expects full-year 2026 reported revenue growth of approximately 11.5 percent and organic revenue growth of approximately 9 percent versus full-year 2025.Guidance raised
The Company expects GAAP continuing EPS for full-year 2026 of approximately $15.00 to $15.10, including $0.20 for non-GAAP adjustments.Guidance raised
The Company expects adjusted continuing EPS for full- year 2026 of $15.20 to $15.30.Guidance raised
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(b) Restructuring/Other within Corporate in 2026 includes $2.2 million of M&A transaction costs.
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