Trane Technologies (TT) Q2 FY2026 earnings: revenue $6.4 billion, up 10.6% on the year

Trane Technologies plc (TT) reported revenue of $6.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.6% on the same quarter a year earlier. Net income was $926 million, up 5.8% on the year, and diluted earnings per share $4.16. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$6.4 billion

+10.6% on the year · +27.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

19.3%

20.3% a year earlier

Q3 FY2024Q2 FY2026

Net income

$926 million

+5.8% on the year · +58.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.16

+6.9% on the year · +58.8% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 4 raised, 1 new, 1 kept.

Revenue and EPS grew: Net revenues were $6,354 million, up 11 percent reported and 9 percent organic. GAAP continuing EPS was $4.20, up 9 percent; adjusted continuing EPS was $4.31, up 11 percent.
Commercial HVAC bookings led: Americas bookings were a record $6.6 billion, with Commercial HVAC bookings up 50 percent and applied equipment bookings up 130 percent. Americas adjusted operating margin was 22.1 percent, down 30 basis points.
Bookings reached a record: Bookings were $7.8 billion, up 39 percent and up 37 percent organic, with book-to-bill of 123 percent led by Commercial HVAC across all regions.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	6,354	4,969	5,746	+27.9%	+10.6%
Cost of revenue	4,094	3,241	3,586	+26.3%	+14.2%
Gross profit	2,260	1,728	2,161	+30.8%	+4.6%
Gross margin	35.6%	34.8%	37.6%
Selling, general and administrative	1,035	952	996	+8.8%	+3.9%
Operating income	1,224	776	1,164	+57.8%	+5.2%
Operating margin	19.3%	15.6%	20.3%
Interest expense	53.1	55.6	57.4	-4.5%	-7.5%
Pre-tax income	n/a	n/a	1,093
Income tax	218	136	217	+60.1%	+0.7%
Effective tax rate	n/a	n/a	19.8%
Net income	926	584	875	+58.4%	+5.8%
Net margin	14.6%	11.8%	15.2%
Diluted EPS	$4.16	$2.62	$3.89	+58.8%	+6.9%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,088	626	692	+73.7%	+57.2%
Capital expenditure	76.4	79.7	89.9	-4.1%	-15.0%
Free cash flow	1,011	546	602	+85.1%	+67.9%
Free cash flow margin	15.9%	11.0%	10.5%
Cash from investing	-147	-756	-101
Cash from financing	-697	-546	-758
Depreciation and amortisation	110	101	98.1	+8.8%	+12.1%
Share-based compensation	25.5	26.8	26.0	-4.9%	-1.9%
Buybacks	469	287	402	+63.3%	+16.7%
Dividends paid	232	232	210	+0.1%	+10.3%
Dividend per share	$2.10	$1.05	$1.88	+100.0%	+11.7%
Diluted shares, weighted	222m	223m	225m	-0.3%	-1.2%
Shares outstanding at period end	220m	221m	223m	-0.5%	-1.1%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	8,623	8,591	7,834	+0.4%	+10.1%
Non-controlling interest	22.2	21.6	21.0	+2.8%	+5.7%
Debt	4,617	4,616	4,615	+0.0%	+0.0%
Other liabilities	10,664	9,526	8,520	+11.9%	+25.2%
Total liabilities and equity	23,926	22,755	20,990	+5.1%	+14.0%
Fixed assets	2,393	2,340	2,178	+2.3%	+9.9%
Goodwill	7,032	6,957	6,446	+1.1%	+9.1%
Intangible assets	3,518	3,563	3,309	-1.3%	+6.3%
Cash and equivalents	1,318	1,074	774	+22.7%	+70.3%
Receivables	4,235	3,770	3,607	+12.3%	+17.4%
Inventory	2,617	2,399	2,361	+9.1%	+10.8%
Other assets	2,813	2,651	2,316	+6.1%	+21.5%
Total assets	23,926	22,755	20,990	+5.1%	+14.0%

Questions

What was Trane Technologies' revenue in Q2 FY2026?

Trane Technologies (TT) reported revenue of $6.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.6% on the same quarter a year earlier.

How much did Trane Technologies earn in Q2 FY2026?

Net income for Q2 FY2026 was $926 million, up 5.8% on the year, and diluted earnings per share $4.16.

When did Trane Technologies report Q2 FY2026 results?

Trane Technologies filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 2026.

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-Q for the period ended 30 June 2026, filed 30 July 2026: the filing.