Trane Technologies (TT) FY2023 results: revenue $17.7 billion, up 10.5% on the year
Trane Technologies plc (TT) reported revenue of $17.7 billion for fiscal 2023, the year ended 31 December 2023, up 10.5% on the year before. Net income was $2.0 billion, up 15.2%, and diluted earnings per share $8.77. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.
Revenue
$17.7 billion
+10.5% on the year
FY2016FY2023
Operating margin
16.4%
15.1% a year earlier
FY2016FY2023
Net income
$2.0 billion
+15.2% on the year
FY2016FY2023
Diluted EPS
$8.77
+17.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,390
1,504
1,588
+58.9%
Capital expenditure
301
292
223
+3.1%
Free cash flow
2,089
1,212
1,365
+72.3%
Free cash flow margin
11.8%
7.6%
9.7%
Cash from investing
-1,172
-540
-546
Cash from financing
-1,350
-1,852
-2,128
Depreciation and amortisation
348
324
299
+7.6%
Share-based compensation
64.3
56.3
66.5
+14.2%
Buybacks
669
1,200
1,100
-44.2%
Dividends paid
684
620
561
+10.2%
Dividend per share
$3.00
$2.68
$2.36
+11.9%
Diluted shares, weighted
231m
235m
242m
-1.8%
Shares outstanding at period end
252m
253m
n/a
-0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
6,995
6,089
6,256
+14.9%
Non-controlling interest
21.8
16.6
17.2
+31.3%
Debt
4,780
4,836
4,842
-1.2%
Other liabilities
7,595
7,140
6,945
+6.4%
Total liabilities and equity
19,392
18,082
18,060
+7.2%
Fixed assets
1,772
1,536
1,399
+15.4%
Goodwill
6,095
5,504
5,505
+10.7%
Intangible assets
3,440
3,264
3,306
+5.4%
Cash and equivalents
1,095
1,220
2,159
-10.3%
Receivables
2,957
2,780
2,429
+6.4%
Inventory
2,152
1,994
1,531
+7.9%
Other assets
1,880
1,783
1,731
+5.4%
Total assets
19,392
18,082
18,060
+7.2%
10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.