Trane Technologies (TT) Q4 FY2025 earnings: revenue $5.1 billion, up 5.5% on the year

Trane Technologies plc (TT) reported revenue of $5.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.5% on the same quarter a year earlier. Net income was $591 million, down 2.2% on the year, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue

$5.1 billion

+5.5% on the year · -10.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

15.9%

16.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$591 million

-2.2% on the year · -30.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.64

-0.8% on the year · -30.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new, 1 kept.

Fourth-quarter bookings grew 24 percent: Bookings were $5.8 billion, up 24 percent, with organic bookings up 22 percent.
Full-year adjusted EPS up 16 percent: Full-year GAAP continuing EPS was $13.14 and adjusted continuing EPS was $13.06, up 16 percent.
Americas bookings led by commercial HVAC: Americas bookings were $4.7 billion, up 27 percent, led by Americas Commercial HVAC, which was up more than 35 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	5,144	5,742	4,874	-10.4%	+5.5%
Cost of revenue	3,391	3,624	3,163	-6.4%	+7.2%
Gross profit	1,754	2,118	1,711	-17.2%	+2.5%
Gross margin	34.1%	36.9%	35.1%
Selling, general and administrative	935	953	903	-1.9%	+3.5%
Operating income	819	1,165	808	-29.7%	+1.4%
Operating margin	15.9%	20.3%	16.6%
Interest expense	55.6	55.6	59.8	0.0%	-7.0%
Pre-tax income	741	1,092	751	-32.1%	-1.2%
Income tax	123	232	135	-47.0%	-9.2%
Effective tax rate	16.6%	21.2%	18.0%
Net income	591	848	604	-30.2%	-2.2%
Net margin	11.5%	14.8%	12.4%
Diluted EPS	$2.64	$3.78	$2.66	-30.2%	-0.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,159	1,004	900	+15.4%	+28.8%
Capital expenditure	106	68.4	126	+54.7%	-15.8%
Free cash flow	1,053	936	774	+12.6%	+36.0%
Free cash flow margin	20.5%	16.3%	15.9%
Cash from investing	-85.4	-68.6	324
Cash from financing	-439	-576	-1,030
Depreciation and amortisation	90.8	88.3	96.7	+2.8%	-6.1%
Share-based compensation	19.3	20.3	19.3	-4.9%	0.0%
Buybacks	231	370	355	-37.6%	-34.8%
Dividends paid	208	209	189	-0.4%	+10.3%
Dividend per share	n/a	$0.00	n/a
Diluted shares, weighted	224m	224m	227m	-0.4%	-1.6%
Shares outstanding at period end	221m	222m	249m	-0.2%	-11.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,579	8,326	7,457	+3.0%	+15.0%
Non-controlling interest	21.7	20.0	29.5	+8.5%	-26.4%
Debt	4,615	4,616	4,770	-0.0%	-3.3%
Other liabilities	8,205	8,412	7,890	-2.5%	+4.0%
Total liabilities and equity	21,421	21,374	20,147	+0.2%	+6.3%
Fixed assets	2,251	2,211	2,024	+1.8%	+11.2%
Goodwill	6,457	6,444	6,128	+0.2%	+5.4%
Intangible assets	3,237	3,271	3,308	-1.1%	-2.2%
Cash and equivalents	1,763	1,126	1,590	+56.6%	+10.9%
Receivables	3,235	3,603	3,090	-10.2%	+4.7%
Inventory	2,104	2,355	1,972	-10.7%	+6.7%
Other assets	2,374	2,363	2,034	+0.4%	+16.7%
Total assets	21,421	21,374	20,147	+0.2%	+6.3%

Questions

What was Trane Technologies' revenue in Q4 FY2025?

Trane Technologies (TT) reported revenue of $5.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.5% on the same quarter a year earlier.

How much did Trane Technologies earn in Q4 FY2025?

Net income for Q4 FY2025 was $591 million, down 2.2% on the year, and diluted earnings per share $2.64.

When did Trane Technologies report Q4 FY2025 results?

Trane Technologies filed its 10-K for the year that ended with the quarter on 5 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,569	3,356	4,190	4,372	4,074	3,666	4,705	4,883	4,424	4,216	5,307	5,441	4,874	4,688	5,746	5,742	5,144	4,969	6,354	6,760
Cost of revenue	2,528	2,366	2,867	2,939	2,854	2,522	3,120	3,225	2,953	2,756	3,372	3,467	3,163	3,011	3,586	3,624	3,391	3,241	4,094	4,375
Gross profit	1,042	989	1,323	1,433	1,220	1,144	1,584	1,658	1,471	1,460	1,936	1,974	1,711	1,678	2,161	2,118	1,754	1,728	2,260	2,385
Gross margin	29%	29%	32%	33%	30%	31%	34%	34%	33%	35%	36%	36%	35%	36%	38%	37%	34%	35%	36%	35%
SG&A	606	601	613	693	639	687	699	794	784	826	901	950	903	859	996	953	935	952	1,035	1,042
Operating income	436	388	711	740	581	457	885	864	688	634	1,034	1,025	808	819	1,164	1,165	819	776	1,224	1,343
Operating margin	12%	12%	17%	17%	14%	12%	19%	18%	16%	15%	19%	19%	17%	17%	20%	20%	16%	16%	19%	20%
Interest expense	56.0	56.0	55.9	55.8	55.8	57.6	61.6	57.9	57.4	58.1	57.5	63.0	59.8	58.1	57.4	55.6	55.6	55.6	53.1	52.4
Pre-tax income	395	332	653	665	522	390	766	796	615	551	973	968	751	753	1,093	1,092	741	n/a	n/a	1,285
Tax rate	17%	18%	21%	16%	14%	19%	22%	20%	16%	19%	21%	19%	18%	18%	20%	21%	17%	n/a	n/a	17%
Net income	318	260	509	548	439	307	586	626	504	436	755	772	604	605	875	848	591	584	926	1,049
Net margin	9%	8%	12%	13%	11%	8%	12%	13%	11%	10%	14%	14%	12%	13%	15%	15%	11%	12%	15%	16%
Diluted EPS	$1.31	$1.10	$2.16	$2.34	$1.89	$1.33	$2.55	$2.72	$2.19	$1.90	$3.30	$3.39	$2.66	$2.67	$3.89	$3.78	$2.64	$2.62	$4.16	$4.74
Operating cash flow	427	-188	422	510	760	8.5	524	922	935	247	696	1,303	900	340	692	1,004	1,159	626	1,088	1,313
Capital expenditure	101	74.8	69.1	58.9	89.0	77.1	56.9	83.2	83.5	83.8	72.9	88.3	126	119	89.9	68.4	106	79.7	76.4	108
Free cash flow	326	-263	353	451	671	-68.6	467	839	851	163	623	1,214	774	221	602	936	1,053	546	1,011	1,205
Buybacks	500	350	300	250	300	300	0.0	160	210	300	324	302	355	478	402	370	231	287	469	582
Dividends paid	139	156	155	156	153	170	171	172	171	190	190	189	189	210	210	209	208	232	232	230
Shares outstanding	234m	234m	232m	230m	253m	228m	228m	228m	252m	226m	226m	225m	249m	223m	223m	222m	221m	221m	220m	219m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 5 February 2026: the filing.