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Trane Technologies (TT) investor relations material
Trane Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 enterprise bookings of $6B, up 13%–15% year-over-year, with commercial HVAC in the Americas driving growth and applied solutions bookings more than doubling.
Net revenues for Q3 2025 increased 5.5%–6% to $5.74B, with organic revenue up 4% and adjusted EPS up 15% to $3.88.
Enterprise backlog reached $7.2B, with over 90% in commercial HVAC, providing strong visibility into 2026.
Residential bookings and revenues declined ~30% and ~20% respectively, while Americas transport refrigeration bookings rose low teens but revenues were flat.
Recent acquisitions, including BrainBox AI and EMEA distributors, expanded technology and service capabilities.
Financial highlights
Q3 net revenue was $5.74B, up 4%–6% organically; adjusted operating margin expanded by 170 bps to 20.6%–20.7%; adjusted EBITDA margin rose to 21.8%.
Adjusted continuing EPS increased 15% to $3.88; GAAP operating margin improved by 150 bps to 20.3%.
Free cash flow year-to-date was $1.79B, with conversion at 100%+ of adjusted net earnings.
Cash and cash equivalents at September 30, 2025 were $1.13B; debt balance at $4.62B.
Gross profit margin improved to 36.9% in Q3.
Outlook and guidance
2025 organic revenue growth expected at ~6%, with adjusted EPS guidance of $12.95–$13.05, up 15–16% year-over-year.
Q4 organic revenue growth expected at ~3% (ex-residential: ~7%), with adjusted EPS of $2.75–$2.85.
2026 outlook remains strong, with elevated backlog and robust commercial HVAC demand; Americas transport market forecast to bottom in H1 2026 and grow over 20% in 2027.
Full-year 2025 reported revenue growth expected at ~7%; free cash flow expected to be ≥100% of adjusted net earnings.
Explain EMEA's operating margin decline.
Address working capital/revenue increase YTD.
What is the strategy for residential markets?
Data center growth drivers beyond large orders?
Key indicators for Residential market recovery?
Connected services impact on future margins?
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Next Trane Technologies earnings date
Q4 202530 Jan, 2026
Next Trane Technologies earnings date
Q4 202530 Jan, 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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